Registered number.. 01329092
Charity numbèr.. 274803
NORWICH ARTS CENTRE LIMITED
(A company limited by guarantee)
TRUSTEES, REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

NORWICH ARTS CENTRE LIMITED
IA ¢ompany 11m1t￿ by guarants¢l
CONTENTS
Page
Reference and administrative details of the company. its Trustees and advisers
Trusts¢$' roport
Independent audltors. report on the flnanclal Statements
8-11
statement of flnancial activities
12
Balance $h••t
Stat•m•nt of cash flows
14
Notes to tho financlal statements
15.31

NORWICH ARTS CENTRE LIMITED
IA ¢ompany 11m1t￿ by guarants¢l
REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY. ITS TRUSTEES AND ADVISERS
FOR THE YEAR ENDED 31 MARCH 2024
Trustees
R Drury
L Farranl
M Figura (resigned 31 OCto￿r 20241
S Forster
K Radley
G Tucker
M Uzor
K J Went Ires*3ne(131 October 20241
Company rogS$t•red
numbor
01329092
Charlty reglstered
numbor
274803
Roglstered offl
51 Sl Benedict's Streel
Norwch
NR2 4PG
Ind•p•nd•nt audltorn
Larking Gowen LLP
Chartered Accoun¢8nls
1st Floor, ProsF4cl House
Rouen Road
Norwch
NR1 1RE
Bankers
Barclays Bank plc
Small btjsiness banking
Leicester
LE87 2BR
Page 1

NORWICH ARTS CENTRE LIMITED
IA ¢ompany 11m1t￿ by guarants¢l
TRUSTEES. REPORT
FOR THE YEAR ENDED 31 MARCH 2024
The Trustees present their annual report tr)gether vAth the audited financial statements of the company for 1
April 2023 to 31 March 2024. The Annual report serves ihe purposes of both a Trustees. report and a directors.
report under company law. The Trustees confirni that the Annual report and financial statements of the
charitsble company comply wrth the current statutory requirements. the requirements of the charitable companls
goveming document and the provisions of the Slalement of Recommended Pracb"ce ISORPI applicable lo
¢harib'es preparing their 8cwunts in accordance with the Financial Reporting Stsndard applicable in the UK and
Republic of Ireland IFRS1021 leffedive 1 January 20191.
Since the company qualtfie5 as small urKler section 382 of the Companies Act 2006, the Strategic report
requirod of metlium and larg8 companies under the Companies Act 2006 IStr8legic Report and Directors,
Report) Regulaty'ons 2013 has been omitted.
Oblectlves and actlvltles
4. Pollcl•8 and obl8Ctlve$
The charitable objects are to promole, maintsin, improve and advarbce the arts, espxcially th098 activities whlch
seek lo makg the arts relevant lo the community wlh paiffjcular reference lo the county of Norfolk and the city of
Notwich and the provision of facilities in the inlerest of srKial edu¢alion with the obje¢l of improving the
conditions of life of those persons for whom such facilities are primarily intended.
Norwch Arts Centre employs the Director. Paseo Q Kevlin, together a numbèr of full and part lime stsff
nvolved In education, promotion, catering arKJ a(Jministr8tion.
The subsidiary, NAC Cafe Bar Limited. was dormant the year so made neither profil nor loss.
b. Report fr¢m the Chalr for the year end￿ 31 March 2024
'Thls Is one of the best arts contres In the country. Benjamin Zephaniah
Nonfirich Arts Centre has Ir8ded successfully in the financial year 202314.
There have of course been challenges as difficull trading dimates continue trwjt the charity has met these
challenges and has achieved a modest unrestricted fund surplus of just over £17,000 Ifollowing a small deficit
last yearl lo help trading in the coming year. Costs of pretty much eVe￿hIng have conts'nued to rise and this ha5
affected our oulgoings, raising the amoun15 we pay for all serwce5 from ulilib.es and power lo artist fees.
l am vgry pleased to Say that despite these cost increases we have continued to pay all casual staff tho rgal
living wage. This has increased by 10°k. which of course necessrtates increases to permanent staff
renumeration so our wages bill conlinues to increase bul the continued commitmenl of our workforce shows the
prudence of this.
The financial result h8$ been 8chieve(I by strong economic discipline combined wilh bold and ambitious
programming. While smaller venues are continuing to suffer under the prevailing economic climate it is gratifying
and a great testimony to the management team and siaff lo see Norwich Arts Cenire in relatively strong heallh.
Margins do of course continue to be tight and there is no room for complacency but this is very encouraging.
We continued our strong. adventurous and varie(18rtislic programme which has been well received by patrons
old and ngw and demonstrates that Iherg is an appetitg for events be￿)nd the mainstream.
Page 2

NORWICH ARTS CENTRE LIMITED
IA ¢ompany 11m1t￿ by guarants¢l
TRUSTEES. REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
Oblèctlvès and a¢tlvltl•$ {contlnu•dl
A significant source of extra income were the events that took Norwich Arts Centre outside its own building and
into other venues. As well as making signrficant contributions to income, these events at Epic and The Halls also
served lo introduce new audiences lo the Art5 Centre. bringing our other events lo the attention of people who
may not otherwise h8ve been aware ol them. This area is being expanded into 202415.
For part of the year we also continued to Provide bar facilities to The Halls lin partnership wth Norwich Cty
Council) which made further contributions to our bottom line. This was ended when The Halls closed for an
extensive renovation project. As I write in November 2024 we are bidding lo renew our partnership with the Cty
Council when the building reopens in 2025.
Further artistic partngrships have begn establishgd with OutThereArts in Great Yamioulh lo programme rock
gigs in the town, and wth the internationally renowned Electronic Sound Magaane to create the Synth East
electronic music convention and festival which is intended to b8 an annual event.
Another significant partnership is that with National Centre for Wrib"ng. Young Norfolk Arts Trust, The Forum
Trust, University of East Anglia and Norwich University ol the Arts. This has enabled the erealion of The Young
Nonfifich Crgalive Awards, celebrating original work Irom youn9 creatives aged I￿25 in Nomch. Winners in the
various categorigs each receivod a cash awar¢J.
A Comrnunily Hot Slot grant was used to create the Tilted Women Reading Group, weekly pay what you can
events which have proved very popular. As pioneer5 in Norwich of the pay what you can model it is gratifying lo
see this being taken up by other venues in the city.
Our weddings offer continugd to provwje valuable additional income aThJ this ha$ bgcomg a valued resource lo
many in our communities.
Throughout the year we continued to support artists. both financially and in kind. For the 2023 Edinburgh
Festival. Norwch Arts Cenlre SUPFK)rted four hugely well received shows. KlangHavs'. InHaus and Darkroom by
The Neutrinos and Sal Pittman. Luke Wright's Silver Jubilee and Lucy and Friends by Lucy M¢Comiick. All
recgived rgmarkable national attention. 4 aThJ 5 star rewgws aThJ signrficant intemational industry attention as
well as strong ticket sales.
Arb'slically NAC continued to Programme ever more diverse and varied even15. The music progamme is one of
the most adventurou5 in the country bvhile also maintaining 8 strong blend of better known, established and up
and Coming acts while new inilialives have further exp8n¢Je¢J the diversity of the shows on offer and intr￿u¢ed
now audignces.
Thanks to the capital project we have a building thal offers unrivalled accessibility for performers and audiences
alike. It is also one of the most sustainable in the country in terms of energy use and carbon footprint reduction
while proV￿1ng technical stsndaids that are the envy of many of not only oui peels but many larger facilits.es 100.
Page 3

NORWICH ARTS CENTRE LIMITED
IA ¢ompany 11m1t￿ by guarants¢l
TRUSTEES. REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
Oblèctlv•$ and actlvltl•$ {¢ontlnu•dl
As always we maintain a strong commitment to what we see as our most valLtable asset, our committed,
enlhusiaslic, knowledgeable and loyal workforce. Under the leadership of Director Pasco Q Kevlin and his senior
management team (Bradley Gla5spole and Ja￿e Slewardl. the stsffing structure has remained stsble and able
lo grow and 8d8pl lo ¢hange18nd expansion) smoothly and seamlessly. Whiltr we a¢cepl we Cannot P8y salaries
to a level we WOLJld ideally like to, as a caring employer we are committed to pay the real living wage as a
minimum to casual siaff and increase salaries as much as we prudenuy can.
I strongly believe that by doing all we can to create a safe and welcoming environment for staff with fair pay and
conditions we have fostered a degree of commitment that ha5 reap8(I rewards for both the organi5alion and the
employees.
I should also like to thank my fellow Iruslees for their continl￿1 commitment. support, foresight, wisdom and
efforts throughout the year.
The enviable reputslion that has been generated by NAC over the years continue5 to be significantly
strengthened as we approach our 45th year. 11 continues to be a Pleasu￿ lo greet both returning and new
audigncgs who continue lo be oveTh¥helmingly enlhusiaslic, suppor1ive and appreciative.
At the year's end, I feel thal NAC is in good shape to face the fulure and the challeroes it offers with an efficient
monitoring process in place lo alert the management and board lo any potential issues.
Of course, 202415 will undoubtably produce further operational and financial challenges bul we are In a stronger
position lo lace them than ever.
Stephen A Forster, Chalr
4. Fundral$lng a¢tlvltl•$ and Incom• g•n•rallon
NoNich Arts Centre does not vndertake conventional charrtable fundraising activities. il tJoe8 not have any thlrd-
paty fundraisers acting on its behalf and has not weived any complaints al)oul its fvndr8ising activity over the
last year.
Flnancial review
a. Golng concorn
After making appropriate enquiries, the Tnjstees have a ￿asOnable expectation that the company has adgquate
resources to continue in operats'onal existence for the foreseeable future. For this reason, they continue to adopt
the going concern basis in preparing the financial siatemenis. Further details regarding the adopts'on of the going
concern basis can be found in the accounling policies.
Page 4

NORWICH ARTS CENTRE LIMITED
IA ¢ompany 11m1t￿ by guarants¢l
TRUSTEES. REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
b. Ro$orvo$ p¢ll¢y
The notes lo the financial stslements sTrw)w the assets arvj liabilities attributable to the varw)us funds by type.
At the 31 March 2024 total funds amounted to £483,46612023". £556,416). The Charity has unrestricted reserves
of £89,788 12023.. £72,201) and restricted reseThes of £393,678 12023.. £484,215). The free resetves of the
charity al 31 March 2024 Ibeing the unrestricted current assets less unrestricted current liabilities) amount to
£62,551 12023.. £39,480).
Thts Iruslees, ongoing policy is lo maintain a sufficienl level of reserves so as lo 8n8ble th& Arts Centre to meet
ils commitments as they fall due. Reserves should also enable the company to ride out fluctuations in results and
unexpected evenis, and to lake opw)rtunities that may arise. In addition sufficient resetves need to be
maintained to meet any potential redundancy payments thal may be needed for employees should the Centre be
forced lo close. The free reserves target is £SOk . £70k which is in line wth Ihe NPO forecast for the next two
year5. The Iruslees are comfortable with the year end level of free reserve5. however. they consider that
reserves need lo rise in the medium term 8ntl they have sel a tsrgel of £85k lo be achieved by March 2028.
c. Flnanclal revlew
Total income for the year ended 31 March 2024 was £1,179.226 compared lo £973,878 for the previous year.
Expenditure was £1,252,176 12023.. £1,121,673). This has decreasfjd the lotsl fvnds held by the Charity lo
£483,466 at 31 March 2024, compared to £556,416 al 31 March 2023.
Stru¢tur•, governan¢• and management
Constitutlon
Norwch Arts Centre Limited 1$ rggislered a$ a ¢haritabl8 wnpany limitfjd by guarant99 and was $gt up by a
Memorandum ol Association on 19 May 1977.
The company is Consliluted under a Memorandum ol Association dated 19 May 1977 and is a registered charity
number 274803.
b. Methods of recrultment and appolntment of Trustees
The managgmgnt of the ￿MpanY is the responsibility of the Twstees. Potential Trusto0s are gxpodod to bring
specific skills andlor experience to the company and a Board skills audit is conducted annually lo identify gaps.
Potenlial trustees are identified to fill ihose gaps after seeking recommendations from partners and others.
The members of the Company apFK)inl the CcKJncil of Management. Each member services for three years after
whi¢h they retire. Retiring members may stand for re-eleth"on.
c. Policies adopted for the induction and training of Trustees
The charity trustees will make available trj each new charity trustee. on or before his or her first aprK)intment'.
lal a copy of the current version of the Artides of Association.,
Ibl a copy of the latest Trustees, Annual ReFK)rt and statement of acwun15.' and
1¢18re made aware of the guidance available al Charity Commission inGluding CC3 The essential Iruslee,.
Page 5

NORWICH ARTS CENTRE LIMITED
IA ¢ompany 11m1t￿ by guarants¢l
TRUSTEES. REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
Structurè. gov•rnanc• and managomènt Icontlnu¢d)
d. Pay policy for key management personnel
Salaries for all NAC employees are decided by a wages sub Committee Consisting of the Chair, Treasurer and
one other board member. Advised by the Director. General Manager and Finance Manager. Factors considered
by the sub committee include trading posibon and reserves, current inflationlcost of living and market forces in
our industry.
e. Rl$k manag•mont
The Trustees have assessed the major risks lo whith the company is exposed, in particular those related to thè
operations and finances of the company, and are $81isfied that s￿1￿m$ and procedures are in p18ce lo milig8le
exposure lo the major risks.
Key risks are identified in our business plan as=
Low9r than forecast ticket incomg is managed wilh weeklylmonlhly and quarterfy moniloring. increasing
efficiency and adjusting staffing levels as appropriate.
Grant income from Arts Council England and other regular funding bodles falling below expected levels.
managed by ongoing research into other sources of funding, investigations into diversifying into new markets
and close monitoring of income expectations. Currenuy ACE income is decided on a 3 year b851$ via thèir
National Portfolio Organisation programme.
Insufficient reserves al end of financial year, managed quarterly accounts forecasts, monitoring acluals
againsl budget forecast. Re-lorc8sts'ng where necessary and adjusting expenditure as a result, Increaslng
efficiency and adjusii'ng staffing levels as appropriate.
Resignalionlloss for other re850n ol Directorlkey peT50nnel managed by ongoing strength of Staff slruclurè
and ensuring that a dgPLJtising and succession plan is in place. 8oard is sufficiently 'floot of foot, to act
quickly on recruitment.
National emergency managed by swift aclion by Senior Management Team and Board to ￿a¢1 lo ch8nglng
circumstances and follow government advice. Maximising use of govemment assistance and adjusting
trading plans as required by govemmenl and bL￿etary forecasts and business plan as 8pproprialè.
Plan$ for futur• p•rlod$
Norwch Arts Centre continues lo receive the Nation81 Portfolio Organisation investment from Arts Council
England which is se¢ur&d until al least 2026. Our experienced Core team remains in place, Ihtr building is in
gx¢ellent ¢ondition, relationships arts'sts and the creative community are strong. our audiences continug to
trust us and we all have the passion to continue to do what we love.
Finance will continue lo be the ￿ntral focus for every small cultural organisation in the country, but we have
experienced personnel and lesled systems in Pla￿ lo allow us to move forward with a level of confidence. Al the
lime of 8c¢ounts approv81, we a￿ in 8 lender process with Norw¢h City Council to run another venue in the cty.
We will continLJe in all areas of our artistic talent developmenl trj regularty support new work to be created,
produced, toured, and enjoyed by audiences.
Our programme of events wll continue lo be amongst the m051 exctbng in our region. always Irwng to ensure on
8 month by month there is sornething that is affotdable for everyone in the community we serve.
Page 6

NORWICH ARTS CENTRE LIMITED
IA ¢ompany 11m1t￿ by guarants¢l
TRUSTEES. REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
Statom•nt of TW$1￿$. rospon$lbllltl•$
The Trustees (who are also the directors of the company for the purposes of company lawl are responsible for
preparing the Trusle8s' report 8nd the financial stslements in a¢cordan¢e with 8pplicable law and Uniltrd
lQngdom Accounting Stsndards IUni18d Kingdom Generally Awpted Accounting Practice).
Company law requires the Trustees to prepare financial statements for each financhql . Under company law, the
Trustees musl not approve the fin8nci815t8lements unless they 8re sab"sfied th81 they give 8 true and fair view of
the stale of affairs of the company and of its incoming resoufces and application ol resources, including ils
income and expenditure. for that period. In preparing these financial statements, ihe Tnjstees are required to..
select suitable accounting policies and then apply them consi$lenUy'.
observe the methods and principles of the Charities SORP IFRS 1021.,
make judgmen15 and accounting eslimales th818re re8son8ble and prudent..
statè whgth&r applicable UK Accounling Standards IFRS 1021 have been lollowed. subject lo any material
departures disclosed and explained in the financial statements..
prepare the financial slalemenls on the going concem basis unless il is inappropriate to presume that the
ompany will continue in business.
The Trusl8e$ are responsible lor keeping adequate 8cctyJnling records that are sufficient to show and explain
the comp8nls transactions and disclose wlh re8sonable 8ccuracy 8t any lime the financial posilion of the
company and enablg them lo ensure Ihal the financial statements comply with the Companies Act 2006. They
are also responsible for safeguarding the asseis of the wmpany and hence for taking reasonable steps for the
prevention and detection of fraud and other irregularities.
Dlsclosure of Informatlon to audltorn
Each ol the persons who are Trustees at the time when this TnJstees' report is approved has confirmed that..
so far as that Trustee is aware. there is no relevant audil inlomiation of which ihe charitys auditors are
unaware, and
that Trustee has tsken all the steps that oughl to have been taken a$ a Trusteg in order to be aware of
any relevant audit information and to establish that Ihe chariws auditors are aware of that information.
Audltors
The auditors, Larking Gowen LLP, have indicated their willingness to continue in office. The designated Trustee5
11 propose a motion reappointsng the auditors at a meeting of the Trustees.
Approvtrd by order of the members of the boar(l of Trustees 8fKI signed on their beh8lf by..
Stephen A Forster
Chair
Date..
08 Dec 2024
Page 7

## **NORWICH ARTS CENTRE LIMITED (A company limited by guarantee)** 

## **INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF NORWICH ARTS CENTRE LIMITED** 

## **Opinion** 

We have audited the financial statements of Norwich Arts Centre Limited (the 'charitable company') for the year ended 31 March 2024 which comprise the Statement of financial activities, the Balance sheet, the Statement of cash flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). 

In our opinion the financial statements: 

- give a true and fair view of the state of the charitable company's affairs as at 31 March 2024 and of its incoming resources and application of resources, including its income and expenditure for the year then ended; 

- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and 

- have been prepared in accordance with the requirements of the Companies Act 2006. 

## **Basis for opinion** 

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. 

## **Conclusions relating to going concern** 

In auditing the financial statements, we have concluded that the Trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. 

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. 

Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report. 

Page 8 



## **NORWICH ARTS CENTRE LIMITED** 

## **(A company limited by guarantee)** 

## **INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF NORWICH ARTS CENTRE LIMITED (CONTINUED)** 

## **Other information** 

The other information comprises the information included in the Annual report other than the financial statements and our Auditors' report thereon. The Trustees are responsible for the other information contained within the Annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. 

We have nothing to report in this regard. 

## **Opinion on other matters prescribed by the Companies Act 2006** 

In our opinion, based on the work undertaken in the course of the audit: 

- the information given in the Trustees' report for the financial year for which the financial statements are prepared is consistent with the financial statements. 

- the Trustees' report has been prepared in accordance with applicable legal requirements. 

## **Matters on which we are required to report by exception** 

In the light of our knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees' report. 

We have nothing to report in respect of the following matters in relation to which Companies Act 2006 requires us to report to you if, in our opinion: 

- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or 

- the financial statements are not in agreement with the accounting records and returns; or 

- certain disclosures of Trustees' remuneration specified by law are not made; or 

- we have not received all the information and explanations we require for our audit; or 

- the Trustees were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemptions in preparing the Trustees' report and from the requirement to prepare a Strategic report. 

Page 9 



## **NORWICH ARTS CENTRE LIMITED (A company limited by guarantee)** 

## **INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF NORWICH ARTS CENTRE LIMITED (CONTINUED)** 

## **Responsibilities of trustees** 

As explained more fully in the Trustees' responsibilities statement, the Trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. 

In preparing the financial statements, the Trustees are responsible for assessing the charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so. 

## **Auditors' responsibilities for the audit of the financial statements** 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. 

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: 

Due to the field in which the charitable company operates, we identified the following areas as those most likely to have a material impact on the financial statements: health and safety; employment law; GDPR, compliance with the UK Companies Act and Charity law. 

The specific procedures for this engagement and the extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: 

- Enquiry with management regarding any known or suspected instances of non-compliance with laws and regulations, accidents in the workplace and fraud; 

- Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations; 

- Challenging assumptions and judgements made by management in their significant accounting estimates; and 

- Auditing the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness, and evaluating the business rationale of significant transactions outside the normal course of business. 

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any. 

Page 10 



## **NORWICH ARTS CENTRE LIMITED (A company limited by guarantee)** 

## **INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF NORWICH ARTS CENTRE LIMITED (CONTINUED)** 

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' report. 

## **Other matters** 

The financial statements of Norwich Arts Centre Limited for the year ended 31 March 2023 were not audited and, as such, the corresponding amounts in these financial statements have not been audited. 

## **Use of our report** 

This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an Auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and its members, as a body, for our audit work, for this report, or for the opinions we have formed. 


**Giles Kerkham FCA DChA (Senior statutory auditor)** for and on behalf of **Larking Gowen LLP** Chartered Accountants Statutory Auditors 1st Floor, Prospect House Rouen Road Norwich NR1 1RE 

Date: 12 December 2024 

Page 11 



NORWICH ARTS CENTRE LIMITED
IA ¢ompany 11m1t￿ by guarants¢l
STATEMENT OF FINANCIAL ACTIVITIES IINCORPORATING INCOME ANO EXPEND￿uRE ACCOUNTI
FOR THE YEAR ENDED 31 MARCH 2024
Unrnstrlctsd
funds
2024
R•strlct•d
funds
2024
Total
funds
2024
Total
fvnds
2023
Note
In¢omo from:
Donations and legacies..
Grants
Other donations and legacies
Charitablg activits'es
Other trading actiwts'es
Investments
226.158
24.742
500.880
416.889
57
10.500
236,658
24,742
500,880
416,889
57
232, 750
22,477
433,423
285,228
Tolal Ineom•
1,168.726
10,500
1.179,226
973,878
Expondlture on:
Raising funds
Charitable aclivitses
318,276
832.863
318,276
933,900
256,352
865,321
101.037
Total exp•ndltur•
1,151.139
101,037
1,252,176
1, 121,673
Not movement In funds
17.587
190,5371
172,9501
(147, 795)
Reconclllatlon ¢f fund$',
Total funds brought forward
Nel movement in funds
72,201
17.587
484.215
190,5371
556,416
172,9501
704,211
(147, 795)
Total funds ¢arrl•d f¢Trward
89.788
393,678
483,466
556,416
The Statement of financial activities includes all gains and losses recognised in the year.
The notes on pages 15 to 31 form part ol these financial stalements.
Page 12

NORWICH ARTS CENTRE LIMITED
IA company limitèd by guarantèè)
REGISTERED NUMBER.. 01329092
BALANCE SHEET
AS AT 31 MARCH 2024
2024
2023
Note
Flxed assets
Tangible assets
Investments
12
420,913
516,934
13
420,91S
518,936
Currènt assets
Stocks
Debtors
Cash al bank and in hand
9,213
30,250
209,556
18, 770
24,664
130,909
14
249,019
174,343
Creditors.. amounts falling due within one
year
15
{186,4681
(134,863)
Not current a880ts
62,551
39,480
Total assets less ¢urrent Ilabllltl•$
483,466
558,416
Total not ass•ts
483,466
556,416
Charlty funds
Reslricltrd funds
Unrestridgd funds
16
16
393,678
89,788
484,215
72,201
Total funds
483,466
556,416
The Trustees acknovledge their responsibilities for (y)mplying the requirements of the Act with respect lo
accounting records and Preparation of financial stslements.
The financial statements have been prepared in aCc￿[danCe vAih the provisions applicable to entities subject to
the small companies regime.
The financial slalemenls were approved ar￿ aulhorised for issue by the Trustees and signed on their behalf by..
5tev6 •ter
S Forster
Chair
D81e-. 08 Dec 2024
The notes on pages 15 to 31 fomi part of these financial statements.
Page 13

NORWICH ARTS CENTRE LIMITED
IA ¢ompany 11m1t￿ by guarants¢l
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2024
2024
2023
Cash flows from oporatlng actlYltl•s
Nel cash used in operatsng activities
86.418
(63,449)
Cash flows from Invèstlng actlvltlos
Purchase of tangible fixed assets
{7.7711
(9,396)
Not cash us•d In Inv•stlng a¢tlvltl•s
{7,7711
{9,3961
Chango In cash and cash equlvalents In the year
Cash and cash equivalents al the beginning ol the year
78,647
{72,8451
203, 754
130,909
Cash and cash •qulval•nts at th• •nd of the y•ar
209,556
130,909
The notes on paggs 15 10 31 form part of these financial stslfrments
Page 14

NORWICH ARTS CENTRE LIMITED
IA ¢ompany 11m1t￿ by guarants¢l
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
General information
The company is a ¢ompany limited by guarantee, incorporated in England and Wales. The registered
office is 51 Sl Benedict's Street, Norwch. Norfolk. NR2 4PG. The reglstered company number is
01329092. The members of the company are the Trustees named on page 1. In the event of the company
being wound up, the liability in respect of the guarantee is limited to £1 per rnernber of the company.
Accountlng polici•s
2.1 Bisls of prepar*tlon of flnanclal stattments
The financial statements have been prepared in accordance wth the Charities SORP IFRS 1021-
Accounting and Repx)rting by Charities.. Statement of Recommended Practice applicable to charities
preparing their accounts in accordance the Financial Reporting Standard applicable in the UK
and Republic of Ireland IFRS 1021 leffeclive 1 January 20191, the Financial Reporting Standard
applicable in the UK and Republic of Ireland IFRS 1021 and the Companies Act 2006.
Norwich Arts Centre Limited meets the definiti￿ of a publ￿ ￿nefIt entity under FRS 102. Assets and
liabilities are initially recognisod at historical cost or tranwhon valug unle$$ otherwise stated in the
relevant accounting policy.
2.2 Company statu¥
The company is a company limited by guarantee. the members of Ihe company are th8 Trustees
named on page 1. In the event of the company being wound up. the liability in respect of the
guarantee is limited to £1 per member of the company.
2.3 Golng concem
The Trustees have conside￿0 the Charivs p)sition and forecasts al the time of signing th8 financial
statements. The Charity continues to receive the NPO grant amounting to £185k per annum which is
in place until at least March 2026 and Ihe Trustees are confident ihat Ihe Charity is well positioned to
weather challenges and to continue io deliver its servi￿.
Based on this, the Trustees have conclutle(I that they are confident that the Charity will have
adequate resources to ￿ntinue in operational existence for Ihe fO￿Seeable future, bging at least
twelve months from the date of signing these financial statements, and they therefore continue to
adopl the going concem basis of accounting in preparing these financial statements.
Page 15

NORWICH ARTS CENTRE LIMITED
IA ¢ompany 11m1t￿ by guarants¢l
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
A¢¢ountlng p¢ll¢l•s {¢ontlnu•d}
2.4 Income
All income is recognised once the company has entiuement lo the income. il is probable that the
income will be r￿e1Ved and the amount of inwne receivable can be measured reliably.
Grants are included in the Statement of financial activities on a receivable basis. The balance of
income received for specrfic purposes but not expended during the period is shown in the relevant
fund5 on the Balance sheet. Where income is receive(l in 8dv8nce ol entiuemenl of r8ceipl, ils
rewgnilion is deferred and included in cre(lilors as deferred income. Where entidement occurs
before incomg is re¢eived, the income is a¢cnJed.
Donated services or faciliti'es are recognised when th8 company has control over the item, any
conditions associated with the donated item have been met. the receipt of economic benefit from the
use ol the comp8ny of the item is probable and th81 economic b8nefil can be me8sured reliably. In
accordanc8 wth the Charities SORP IFRS 1021, the genefal volvnleer time ol Ihe Friends is not
recognised and refer lo Ihe Tnjslees, report for more inlomialion about their contribution.
On receipt, donated professional serwces and faciliknes are recognised on the basis ol the value of
the gift lo the company which is the amounl il would have been willing to pay lo obtain services or
facilitie5 01 equivalent economic benefit on Ihe open market.. a corresponding amount is thèn
reccKJnlsed In expendllure in the PerIc￿ of receipt.
2.5 Expendlture
Expenditure is recognised on an accruals basis once there 15 a legal or constructive obligation to
transfer eeonomic benefit lo a third party. il is probable that a transfer of economic benefits will be
required in settlement and the am¢xJnl of the obligation can be measured reliably. Expenditure is
classified by actiwty. The costs of each aCt￿lty are made up of the total of direct costs and shared
costs, including SUp￿rt costs involved in undertaking each activity. Direct costs attributable to a
single acb'vity are allocated direcuy lo thal acb'vity. Shared cosls which coniribute to more than one
activity and support costs which are r￿1 attributable lo a single activity are apportioned between those
activities on a basis consislenl with the use ol resources. Central staff costs are allocated on the
basis of time spent, and depreciation charges allocated on the portion of the asset's use.
Fundraising costs are those incurred in seeking voluntary contributions and do not include the costs
ol disseminaling inforniation in SUPPDrt of ihe charitable activilies. Support costs are those costs
incurred direcuy in support of expendilure on ihe objecis of the company and include project
management carried out al Headquarters. Govemance costs are those incurred in connection with
adminislr8lion of the company and compliance wlh corb51ilulional and stslutory requirements.
Charitable activities and Govemance costs are costs incurred on the companls educational
operations, including suppx)rt costs and cosls relaling to ihe govemance of Ihe company apportioned
to charitable activits'es.
2.6 Interest receivable
Interest on funds held on deposit is induded when receivable and the amount can be measLJred
reliably by the cornpany, this is nom)ally UFM)n notification of the interest paid or payable by the
institution wth whom the funds are deposited.
Page 16

NORWICH ARTS CENTRE LIMITED
IA ¢ompany 11m1t￿ by guarants¢l
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
A¢¢ountlng p¢ll¢l•s {¢ontlnu•d}
2.7 Tangible fixed assets and depreciation
Tangible fixed assets costing £500 or more are ¢apitalised and re¢LyJnised when future economic
benefits are probable and the Cost ￿ value of the asset Can be mea$ured reliably.
Tangible fixed assets are initially Tecognised at cost. After recognition, under the cost model, tangible
fixed assets are measured at cost less accumulated depreciabon and any accumulated impairment
1055es. All costs incurred to bnng 8 tsngible fwed 8ssel into ils intended working conditson should b&
included in the measurement of cosL
A review for impaiment of a fixed asset is carried out rf evenis or changes in circumstances indicate
that the Car￿n￿ value of any fixed asset may not be recoverable. Shortfalls be￿en the carrying
value of fixed assets and their recoverable amounts are recogni5ed a5 impaimients. Impairment
1055es are recognised in the Stslement of financial 8cb"vits"e8 irKorpK)raling income 8nd expenditure
account.
Dgprgciation is chargfjd so a$ to all￿18 the cost of langible fixod assets 19$$ their rgsidual value
over their estimated useful lives.
Depreciation is provided on thè following bases..
Freehold propety
Long-term leasehold propety
Freehold land
General equipment
50 yeafs straight line
Over the life of thg rgmaininglgase pgric*J
Nol depreciated
4-7 years straighl line
2.8 Inve8tmtnts
Inv8Stmants in subsidiarigs are vall￿￿ at cost1gs$ provisicffl for impaimont.
2.9 Stocks
Stocks are valued at the lower of ¢os18nd net realisable value after making due allowance for
obsolete and slow-moving slocks. Cost indudes all dired Costs and an appropriate proportion ol fixed
and variable overheads.
2.10 Debtors
Trade and other debtors are Tec(NJnise(l at the settlement am¢xJnl after any trade discount offered.
Prepayments are valued al the amount p￿paid nel of any trade discounts due.
2.11 Cash at bank and In hand
Cash al bank and in hand indLvJes cash and short-terrn highly liquid investments wf(h a short maturity
of three months or less from the dale of wuls￿"¢￿ or opening of the ¢JeFwiI or simi18r 8ccount.
Page 17

NORWICH ARTS CENTRE LIMITED
IA ¢ompany 11m1t￿ by guarants¢l
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
A¢¢ountlng p¢ll¢l•s {¢ontlnu•d}
2.12 Liabilities and provisions
Liabililigs are recognised when there is an obligation al the Balance sheet date as 8 result of a past
event, it is probable that a transler of economic ￿nefIt wll be required in setuement. and the amount
of the settlement can be estimated reliably.
Liabilities are recognised al the amount that the company anticipatss il will pay lo settle the debt or
the amount il has receive(18s advanced PayTnents for the goods or services it mu51 provide.
Provisions are measured al the besl estimale of Ihe amounts required to settle the obligation. Where
the effect of the time value of money is material. the provision is based on the present value of those
amounts, discounted at the pr&tax discount rate that reflects the risks specific to the liability. The
unwinding of the discount is recognised in the Statement of financial aclivilie5 as a finance cost.
2.13 Flnanclal In8trum•nts
The wmpany only has financial 3$$gts and financial IBbilitigs of a kind that qualify as ba$1¢ financial
instruments. Basic financial instruments are initially recognised at transaction value and subsequently
measured al their settlement value wth the exception of bank loans which are subsequently
measured al amortised cost using the effective intere51 method.
2.14 Operatlng leases
Rentals paid under operatir¥J 18ases are charged to the Statement of financial actiV￿.eS on a straight
line basis over the lease term.
2.15 P6n$lons
Tha company op8rat8s a definad conlribution ponsion schema and the ponsion Chargg ropresents
the amounts payable by the company lo ihe lund in respect of the year.
2.16 Fund accountlng
General funds are unreStr￿le(l funds vthich are 8V8i18IAe for use at the discretion of the Trustees In
furtherance of the general objectives of the company and which have not been designated for other
purposes.
Reslricled funds are funds which are lo be used in accordance wlh specific reslriclions imposed by
donors or which have been raised by the cownpany f¢y particular purposes. The costs of raising and
administering such funds are Charged against the specific fund. The aim and use of each r8stricled
fund is set out in the notes to the financial statements.
Investment income, gains and105ses are allocated to the appropriate fund.
Page 18

NORWICH ARTS CENTRE LIMITED
IA ¢ompany 11m1t￿ by guarants¢l
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
Income from donations and legacies
Unrnstrlct8d R8strlct8d
funds
funds
2024
2024
Total
funds
2024
Total
funds
2023
Arts Council England- National Portlolio
Organisation
Donations
Local authority grants
Arts Council England- Other
PRS Foundation grant
185,421
24,742
40.737
185.421
24,742
40,737
185,421
22,477
44.437
2,892
10,5Tr)
10,SOO
Totsl 2024
250,9
10,5fy)
261,400
255,227
Total 2023
252,335
2,892
255,227
Income from ¢hadtabl• a¢tlvltles
UnrnstrSct•d
fund5
2024
Total
fund5
2024
Total
fvnds
2023
Box office income
Premises hire
Other income
463,898
29,182
463,898
29,182
7.800
388, 704
20,425
24,294
Total 2024
500,880
500,880
433,423
Total 2023
433,423
433,423
Page 19

NORWICH ARTS CENTRE LIMITED
IA ¢ompany 11m1t￿ by guarants¢l
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
Income from other trading activities
Unrestricted
fund5
2024
Total
fund5
2024
Total
fvnds
2023
Cafe Bar sales
Corporate SFK)nsorship
Other fundraising income
The Halls Bar sales
299,931
299,931
3,500
10,040
103,418
233,862
13.500
8, 795
29,071
10,040
103,418
Totsl 2024
416,889
416,889
285,228
Total 2023
285,228
285,228
The Company op8rale(i the Halls Bar from January 2023 to December 2024.
Inv8Stm•nt Incom•
Unrostrlcted
funds
2024
Total
funds
2024
Total
fvnds
2023
Bank interest
57
57
Page 20

NORWICH ARTS CENTRE LIMITED
IA ¢ompany 11m1t￿ by guarants¢l
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
Expenditure on raising funds
Fundraising trading expenses
Unr•strlctsd
funds
2024
Total
funds
2024
Total
funds
2023
Cafe Bar purchases
The Halls Bar purchases
Staff costs
120,878
61,001
136,397
120,878
61,001
136,397
92,507
18,595
145,250
Total 2024
318,276
318,276
256,352
Total 2023
256,352
256,352
Analysls of •xp•ndlturn by aetlvltl•$
Activltles
undertsken
dlrèctly
2024
Support
¢o$ts
2024
Total
funds
2024
Total
fvnds
2023
Charitable acliwties
527.156
406.744
933,900
865,321
Total 2023
484.111
381,210
865,321
Page 21

NORWICH ARTS CENTRE LIMITED
IA ¢ompany 11m1t￿ by guarants¢l
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
Analysi5 of expenditure by activities (continued)
Analys1$ of dlr•¢t ¢osts
Total
fund5
2024
Total
fvnds
2023
Dlrect costs
2024
Staff costs
Technical costs
Equipment & materials
Security
Training
Travel & subslslence
P9rformer lees & expenses
Performer Rights Society
Bank charges
Online ticket sales exwnses
182,549
14.799
4,632
22,705
1,903
10,122
248,￿9
9,736
15,615
16,186
182,549
14,799
4,632
22,705
1,903
10,122
248,909
9,736
15,615
16,1B6
155, 188
11.088
12,546
17,638
965
8,388
246,413
5,540
12, T87
13,558
Total 2024
527,156
527,156
484,111
To1812023
484.111
484,111
Page 22

NORWICH ARTS CENTRE LIMITED
IA ¢ompany 11m1t￿ by guarants¢l
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
Analysi5 of expenditure by activities (continued)
Analys1$ of support ¢o$ts
Support
cost5
2024
Total
fund5
2024
Total
fvnds
2023
Staff costs
Cleaning
Rgnl and r81es
128,667
11.922
24,841
128,667
11,922
24,841
114,221
11.2T2
25,069
b ill
Insurances
12,674
32,202
26,067
16,820
6,727
15,S12
118,057
13,255
12,674
32,202
26,067
16,820
6,727
15,512
118,057
13,2SS
10, 731
29, 149
26,092
3, 720
10,875
12,922
124,571
12,588
Heat, light and water
Office costs and admin
Legal and professional
Advertising
Other building charges
Irrecoverable VAT
Depreciation
Total 2024
406.744
406,744
381,210
Tol812023
381.270
381,270
Audltors. remuneration
2024
2023
Fee payable to the companls auditor lor the audtt of the companys annual
accounts
13.800
Fees payable to the companys independenl examiner for the independent
examination of the companys annual accounts
Al non-audil servi￿5 1101 induded 8iK)ve
3,300
1,670
Page 23

NORWICH ARTS CENTRE LIMITED
IA ¢ompany 11m1t￿ by guarants¢l
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
10. Staff costs
2024
2023
Wages and salaries
Social security costs
Contribution to defined contribution pension scheme$
411,343
30,863
5,407
384,259
28,554
3,846
447,613
414.659
The average number of persons employed by the cLJmpany during the year was as fdlows..
2024
No.
2023
No.
Employees
28
27
No employee received remuneration amounting lo more ihan £60,(KKI in either year.
Key management personnel include5 the Trustees. the Director. the General Manager and the Financè
Manager. The total amount of employee benefits received by key managemènt personnel for their
8ervlces was £150,98612023'. £132,069}.
11. Trustees, rnrnuneratlon and Oxpenses
During the year, no Trustees receive(1 any remLJneralifth or other ￿nefitS f2023- £NIL).
During the year ended 31 Mar¢h 2024. expenses totalling £NIL were reimbursod or paid diredy to 1
Trustee (2023- £78 to 1 Trusleel.
Page 24

NORWICH ARTS CENTRE LIMITED
IA ¢ompany 11m1t￿ by guarants¢l
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
12. Tangible fixed assets
Long-tern)
leasehold
property
Freehold
property
Freehold
General
land equipment
Total
Cost
At 1 April 2023
Additions
381.034
254.384
7.033
978,550
7,771
1,621.001
7.771
At 31 March 2024
381,034
254,384
7,033
986,321
1,628,772
Dopro¢latlon
At 1 April 2023
Charge for the year
294,997
3.187
213,379
5,021
595,691
95,584
1,104,067
103,792
Al 31 March 2024
298,184
218,400
691,275
1,207,859
N•t book value
At 31 March 2024
82,850
35,984
7,033
295,046
420,913
At 31 March 2023
86,037
41,005
7,033
382,859
516,934
Page 25

NORWICH ARTS CENTRE LIMITED
IA ¢ompany 11m1t￿ by guarants¢l
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
13.
Fixed asset investments
Shares In
group
undertaking
Cost
At 1 April 2023
Al 31 March 2024
Prlnclpal 8ub8ldlarl•s
The following was a SUbs￿lary undertaking of the company.
Namo
Company
numbor
Prln¢lpal actlvlty
Class of Holdlng
shares
NAC Cafe Bar Limited
03716749
Dormant
Ordinary
100%
The subsidiary was dormant during the current and preceding financial year. During these periods, the
8ubsidi8ry received no income and incurred no expenditure 8nd therefore made ntrilher profit or loss.
Name
Not a$$•t$
NAC Cafe Bar Limited
14. Debtors
2024
2023
Due wlthln on• year
Trade debtors
6,869
23.381
12,251
12,413
Prepayments and accrued income
30,250
24,664
Page 26

NORWICH ARTS CENTRE LIMITED
IA ¢ompany 11m1t￿ by guarants¢l
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
15. Creditors.. Amounts falling due within one year
2024
2023
Trade creditors
Other taxation and So￿al security
Other creditors
Accruals and deferred income
35,553
17,785
21,343
111,787
14,039
14,807
15,642
90,375
186,468
134,863
2024
2023
Deferred income al 1 April 2023
Resources deferred during the year
Amounts released from previous periods
88,540
98,193
{88,S401
104, 779
88,540
(104, 179)
Dtfèrr¢d Inc¢m• at 31 March 2024
98,193
88,540
Deferred income relates lo advance lickel sales and hire of the centre for future bookings.
Page 27

NORWICH ARTS CENTRE LIMITED
IA ¢ompany 11m1t￿ by guarants¢l
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
16. Statement of funds
Stat¢m•nt of fund$ - ¢urr¢nt y¢ar
Balance at
31 March
2024
Balance at 1
Aprll 2023
Income Expendlture
Unr8strlct8d funds
General funds
72,201
1,168,726 11,151,139)
89.788
Rostrl¢tod funds
Restricted funds
PRSF- Music lalenl development
484,215
{90,S371
{10,$001
393.678
10,500
484,215
10,500
{101,0371
393,678
Total of funds
556,416
1,179,226 11,252,176)
483,486
Statoment of funds - prfor ￿•r
881ance al
31 March
2023
Balance 81
l Apnl 2022
Income Expenditur&
Unrestrlct•d funds
General funds
119.907
970,986 (1.018,686)
72,207
Restrfcted funds
Reslricled funds
584.310
2,892
(102,987)
484,215
Total of fund$
704.211
973.8T8 (7, 121,6T3)
556,416
Reslricled funds represent improvements to buiklings ar￿ facilitie5 funded by National Lottery and Arts
Council grants.
The Performing Rights Society FOundat￿n IPRSF) grant was received (o fund aCtivi￿S in relation to
music talent development lo enable talented music creators to realise their potential.
Page 28

NORWICH ARTS CENTRE LIMITED
IA ¢ompany 11m1t￿ by guarants¢l
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
17. Analysi5 of net assets between funds
Analys1$ of not a$$•t$ b¢tw¢•n funds - ¢urr•nl porlod
Unrestricted Restricted
funds
funds
2024
2024
Total
funds
2024
Tangible fixed assets
Fixed asset investments
Current assets
Creditors dug vAlhin one year
27,235
393,678
420,913
249.019
{186,4681
249,019
{186,4681
Total
89,788
393,678
483,466
Analysls of not ass•t$ b¢tw••n lund• - prlor ￿rfjod
Unr9slrided
funds
2023
Restricled
funds
2023
Tol81
funds
2023
Tangible fixed assets
Fixed asset investments
Current assets
Creditors due within one year
32,719
484,215
518,934
174.343
(134,863)
174,343
(134,863)
Total
72,201
484,215
556,416
Page 29

NORWICH ARTS CENTRE LIMITED
IA ¢ompany 11m1t￿ by guarants¢l
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
18. Reconciliation of net movement in funds to net cash flow from operating activities
2024
2023
Nel expenditure for the period las p*r Statement of Fin8nci81 Acts"v￿"0$I
{72,9501 (147. 795)
Adjustments for:
Depreciation charges
D8cr8asellincreasel in stocks
Ilncreaselldecrease in debtors
Increaselldecreasel in creditors
103,792
9,557
{5.5861
51,605
112,683
(10,679?
1,848
(19,506)
N•t cash provld•d byllu$•d In) owratlng 4¢tlvltl•$
86,418
(63,449?
19. Analysls of cash and cash •qulval•nts
2024
2023
Cash in hand
209,556
130,909
Total cash and cash equlvalonts
209,556
130,909
20. Analysis of Changes In net debt
At 1 Apr51
2023 Cash flows
At 31 March
2024
Cash at bank and in hand
130,909
78,647
209,556
21.
Pension commitments
The company oper8les a defined contn"bulion pension ￿herne_ The assets of the ￿herne are held
sèparatèly from thosè of the company in an independendy administered fund. The pènsion ¢ost charge
represents contributions payable by the company to the fund and amounted to £5,407 12023.. £3,846).
Contributions toialling £1,047 12023.. £Nill were payable to the frjnd at the balance sheet date and are
induded in other creditors.
Page 30

NORWICH ARTS CENTRE LIMITED
IA ¢ompany 11m1t￿ by guarants¢l
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
22. Operating lease cornmitrnents
At 31 March 2024 the company had ¢ommitments to make fvttAre minimum lease payments under non-
cancellable operating leases as follows..
2024
2023
Not later than 1 year
Later than 1 year and not later than 5 years
17.000
17,000
17,000
17,000
34,000
23, Rolatod party transa¢tlon¥
During the year. the company made sales of £50012023.. £5701 and purchases of £4.22712023'. £3,660)
in relation to services prOv￿ed to and from LJ Hope ProdUC￿.0ns. of which Lucy Farranl is sole proprietor.
The balance due from the company al the year end was £25012023.. £Nill.
I Iransaclions were made on an OFen markel basis.
The balance due lo the company from the Director amounted to £1.60212023.' £1,481). No interest is
charged on the loan and the whole balance is considered repayable on demand. Since the financial year
end, the amount due Irom the Director has repaid in full.
Page 31