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2021-03-31-accounts

Charity Registration No. 510322 Company Registration No. 01495927

SITE GALLERY LTD.

REPORTS AND FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2021

SITE GALLERY LTD.

CONTENTS

FOR THE YEAR ENDED 31 MARCH 2021

Page
Legal and administrative details 1
Trustees’ report 2-6
Independent Auditors’ Report to the Trustees 7
Statement of Financial Activities 8
Balance Sheet 9
Cash flow statement 10
Notestothefinancialstatements 11-20

SITE GALLERY LTD.

LEGAL AND ADMINISTRATIVE DETAILS FOR THE YEAR ENDED 31 MARCH 2021

Legal status Site Gallery Ltd is a charity (No. 510322) and a company limited by guarantee (No.
01495927)
Trustees The Trustees ofthe charity during the year were as follows:
Abhay Adhikari
David Bailey (resigned 4 December 2020)
Catherine Baxendale
Kerry Campbell (resigned 5 March 2021)
Saul Cozens (resigned 4 December 2020)
Thomas Fleming
Silas Hand
Nicola Hill
Auriel Majumdar
Christina Makris
Catherine Powell
Victoria Tillotson
Chief Executive Judith Harry
Artistic Director Sharna Jackson (to 31 October 2020)
Registered office 1 Brown Street
Sheffield
$1 2BS
Independent examiner Philip Allsop FCA
BHP LLP
2 Rutland Park
Sheffield
S10 2PD
Bankers Virgin Money
Fargate
Sheffield
$12HE

page 1

TRUSTEES’ REPORT FOR THE YEAR ENDED 31 MARCH 2021

The Trustees, who are also Directors for the purpose of company law, are pleased to present their report together with the financial statements of the Charity for the year ended 31 March 2021.

Objectives and activities

The object of the charity is to promote, for the benefit of the public at large, contemporary art through a programme of free exhibitions, education events and workshops. The trustees confirm that they have referred to the guidance contained in the Charity Commission’s general guidance on public benefit when reviewing the Charity’s aims and objectives and in planning future activities.

Site Gallery aims to:

Structure, governance and management

The Trustees are also Directors for the purpose of company law. The Board of Trustees meet on a quarterly basis and are responsible in law for setting the strategy and the running of Site Gallery. Site Gallery’s Board consists of 9 Trustees who bring a wealth of experience from a range of backgrounds.

Site Gallery’s main public funding body, Arts Council England, receives copies of board papers for each meeting. They may choose to attend a meeting as an observer if they wish. They do not have voting rights.

The Chief Executive (with the Artistic Director until 31 October 2020) is responsible for the day-to-day operation of the charity and manages the staff of the charity on behalf of the trustees. Working with the staff team they design, advise on and deliver the strategy, business plan and programmes of Site Gallery.

The salary level for Chief Executive posts is reviewed regularly within the industry standard for publicly funded arts organisations.

page 2

SITE GALLERY LTD.

TRUSTEES’ REPORT FOR THE YEAR ENDED 31 MARCH 2021

The process for the appointment of new trustees is led by the Nominations Committee; a sub-group of the board. Vacancies are advertised or applications invited, in line with a skills and diversity audit, with candidates interviewed by a panel of board members. The trustees examine the major risks that the charity faces on an ongoing basis.

Achievements and performance:

The Covid pandemic impacted every aspect of Site’s programme, audience engagement and business activity this year, with the gallery open for only 8 weeks during the autumn.

Positively, the situation expediated the work the Charity had already begun in terms of creating and distributing digital online content. We responded swiftly in launching a new curated online programme and re-shaped or re-scheduled existing plans. Despite the multiple challenges faced by arts organisations during 2020/21, Site Gallery ends the year having delivered an innovative and international online programme, reflected on the way we engage with communities, the importance of care and wellbeing, and working towards a better Sheffield with art and culture at the heart of the city’s recovery.

Artistic Activity

Site Gallery’s artistic activity is realised through its exhibition and participation programmes which are delivered through partnership and collaboration. Following closure due to lockdown in March 2020, a new series of online work and engagement was launched under the banner WEB/SITE in April, which ran the full year including whilst the gallery was open for 8 weeks during the autumn. Highlights of the 2020/21 programme included:

page 3

SITE GALLERY LTD.

TRUSTEES’ REPORT FOR THE YEAR ENDED 31 MARCH 2021

City of Ideas

Final activity of this 4-year placemaking programme was initially postponed due to lockdown, resuming during the summer with the installation of Bounce!, Florence Blanchard’s floor installation on Site Square and the completion of street signage in the Cultural Industries Quarter.

Participation

Activity and dedicated staff are now funded as part of Site Gallery’s core activity, which moved online due to Covid-19, offering a high-quality engagement programme for young people and families and which attracted participants from across the UK and internationally.

Reach

Whilst we were only able to welcome just over 2000 visitors to the gallery this year, we reached 33,300 people who interacted with new online content created this year, we delivered 11 online projects reaching 7,700 and delivered 34 online workshops and live events for 290 individuals. Through our programming we were able to employ 20 artists who delivered 30 of our public events.

Financial review

Site Gallery’s principal funders are Arts Council England and Sheffield City Council who continued to provide revenue support. 2020/21 was the third year of a four-year funding agreement from Arts Council England with an inflationary increase of 1.84% applied to the year.

Both stakeholders offered support to the Charity which enabled it to survive the impact of the pandemic with funding to replace lost earned income and provide capacity to work online and postpone physical programme.

Site Gallery also accessed the HMRC Job Retention Scheme, receiving grants totalling £33,713. An £8,438 incentive payment was received through the Royal Bank of Scotland Business Banking Switch, for which the Charity was eligible for switching business banking to Yorkshire Bank (now Virgin Money).

In the year ended 31 March 2021, the charity made a surplus of £152,120 on unrestricted funds (2020: £58,442) anda deficit of £83,482 (2020: £198,754) on restricted funds giving an overall surplus of £68,638 (2020: deficit of £140,312).

page 4

SITE GALLERY LTD.

TRUSTEES’ REPORT FOR THE YEAR ENDED 31 MARCH 2021

During 2020/21 Site Gallery claimed Museum and Galleries Exhibition Tax Relief totalling £24,740 for eligible exhibitions which took place in 2019/20. The relief is designed to support the development of new exhibitions and the Charity’s Trustees have directed the tax relief to the Exhibition Designated Fund which will support exhibitions in future years. After deducting the cost of making the claim from the relief received and with an additional contribution to the fund of £65,987, the Exhibition Designated Fund stands at £132,389.

The largest areas of expenditure this year related to programme, staff and premises, all of which relate directly to the Charity’s key objectives of providing public access to contemporary visual art.

Reserves policy

It is the policy of the trustees to maintain free reserves (unrestricted funds not committed) up to a level that equates to three months operational expenditure plus redundancy costs for staff. The minimum level should be no less than £77,000 with the upper limit £150,000. This year, the level of unrestricted reserves were £104,394.

Risk Management

The charity has developed systems to monitor and control risks to mitigate any impact they may have on the gallery in the future. A risk management plan is incorporated into its Business Plan and monitored at Chief Executive level throughout the year, with any areas of high risk taken to the Board for discussion. Plans are reviewed by the Trustees annually. Specific risk management plans are developed for major projects such as the current capital expansion, and these are regularly reviewed at CE level and reported to the Trustees.

Plans for future periods

Site Gallery’s focus for the year ahead is on re-opening and re-building the business as the Covid situation becomes more under control and to embedding the learning of the past year into a reframed programme and delivery model. Online activity will continue alongside an integrated programme of exhibition and engagement, as we continue to respond to the issues of Covid, keeping audiences, participants, artists, staff and volunteers safe.

page 5

SITE GALLERY LTD. TRUSTEES, REPORT FOR THE YEAR ENDED 31 MARCH 2021 Taxation As a charity, Site Gallery Ltd is exempt from tax on income and gains lalling within the available tax exemptions to the extent thattheseare applied to its charitable objects. No tsx charges have arisen in the charitv. Trusièes •nd Trusièes. Intèrests The trustees holdin8 during the year are listed on page l. The company is a company limited by guarantee and not havin8 a share capital. The trustees therefore do not have any interest in the capital of the company. Trustees, responsibilities slatement The trustees (who are also directors of Site Gallery Ltd for the purpose5 of company lawl are responsible for preparin8 the Trustees. Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kin8dom GenerallyAcceptedAccounting Practicel- Company law requires the trustees to prepare financial statements for each financial year. which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources. includin8 the income and expenditure, of the charitsble company for that period. In preparing these financial statements. the trustees are required to- sele¢t SLlltable accounting policies and then apply them consistentlv- observe the methods and principles in the Charitie5 SORP: make judgements and estimates that are reasonable and prudent; state whether applicable UK Accounting Standards have been followed. subject to any material departures disc105ed and explained in the financial statements,. prepare the financial stètements on the going con￿rn basis unless It is Inappropriate to presume that the Charitable company will continue in operation. The trustees are responsible for keeping adequate accounting record5 that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements tomply with the Companies Act 2006. They are a150 responsible for safeguarding the asset5 of the charitable company and hencèfor taklng reasonable Steps for the prevention and detection of fraud and other irregularities. By Order of the Board Thomas FlemSng. Chalr 16 Dècember 2021 pa8e 6

SITE GALLERY LTD.

INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES OF SITE GALLERY FOR THE YEAR ENDED 31 MARCH 2021

| report to the charity trustees on my examination of the accounts of the company for the year ended 31 March 2021 which are set out on pages 8 to 20.

Responsibilities and basis of report

As the charity trustees of the company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 (‘the 2006 Act’).

Having satisfied myself that the accounts of the company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, | report in respect of my examination of your company’s accounts as carried out under section 145 of the Charities Act 2011 (‘the 2011 Act’). In carrying out my examination | have followed the Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.

Independent examiner's statement

Since the company’s gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. | confirm that | am qualified to undertake the examination because | am a member of The Institute of Chartered Accountants in England and Wales, which is one of the listed bodies.

| have completed my examination. | confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

  1. accounting records were not kept in respect of the company as required by section 386 of the 2006 Act; or 2. the accounts do not accord with those records; or

  2. the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a ‘true and fair view’ which is not a matter considered as part of an independent examination; or

  3. the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).

| have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.

PhiliphllypAllfop (DecAUSOD17, 2021 10:21 GMT) Philip Allsop FCA BHP LLP

2 Rutland Park Sheffield $10 2PD

Dated: pee 11,2021

page 7

SITE GALLERY LTD.

STATEMENT OF FINANCIAL ACTIVITIES (INCLUDING INCOME AND EXPENDITURE ACCOUNT)

FOR THE YEAR ENDED 31 MARCH 2021

Restricted Restricted
Unrestricted income capital Total Total
funds funds funds 2021 2020
£ £ £ £ £
Note
Income and endowments from:
Donations and legacies 24 - - 24 792
Income from charitable
activities 3 341,587 272,778 - 614,365 668,543
Other trading activities 4 7,585 - 7,585 66,369
Investments 5 45,483 - - 45,483 67,094
Other income 6 67,608 - - 67,608 9,486
Total income and endowments 462,287 272,778 - 735,065 812,284
Expenditure on:
Raising funds 9 694 - - 694 8,239
Charitable activities 7 374,497 239,100 76,876 690,473 994,639
Total expenditure 375,191 239,100 76,876 691,167 1,002,878
Net income/ (expenditure) 87,096 33,678 (76,876) 43,898 (190,594)
before taxation
Transfers 40,284 (40,284) - . :
Taxation 13 24,740 - - 24,740 50,282
Netmovement infunds 152,120 (6,606) (76,876) 68,638 (140,312)
Reconciliation of funds:
Total funds brought forward 112,708 42,290 1,456,911 1,611,909 1,752,221
Totalfundscarriedforward 264,828 35,684 1,380,035 1,680,547 1,611,909

All income and expenditure derive from continuing activities.

The amounts in the ‘Restricted capital funds' column represent fixed assets rather than cash.

Page 8

SITE GALLERY LTD. BALANCE SHEET FOR THE YEAR ENDED 31 MARCH 2021 2021 2020 Not TangIb￿ Ilxed assets 14 1,408,080 1.488.212 Current assets Stock Debtors Cash at bank and In hand 5,576 82,341 125.813 6,300 141,186 276,674 15 424,160 213,730 Credltors: amounts falling due wlthin one year 16 1151,6931 190,033) Net current assets 272,467 123,697 1.680,547 1,611,909 Net assets Funds Restricted capital ftJnd5 Restricted intomp. funds 17 17 1,380.035 35,684 1.456,911 42.2 1,415,719 1.499,201 Unrestricted income funds.. Designated funds General ieserves 160,434 104.394 76.905 35,803 19 264.828 112,709 1,680,547 1.611.909 The financial statements have been prepared in aicordance with the special provisions within Part 15 of the Companies Act 2CO6 relatine to small companies. The financlal statements page5 8 O were iipproved by the Board of Trustees and are si8ned on their behalf by.. Thomas Flemlng Trustee Company Registration NO. 1495927 Pdge 9

SITE GALLERY LTD.

CASHFLOW STATEMENT

FOR THE YEAR ENDED 31 MARCH 2021

2021 2020
Note £ £
Cash flowsfrom operating activities
Net cash provided by operating activities 22 161,419 27,023
Cash flowsfrom investing activities:
Purchase oftangible fixed assets (10,558) (5,891)
Proceeds ofsale oftangible fixed assets ss 2,463
Net cash used in investing activities (10,558) (3,428)
Change in cash and cash equivalents in the year 150,861 23,595
Cash and cash equivalents brought forward 125,813 102,218
Cashandcashequivalentscarriedforward 276,674 125,813

Page 10

SITE GALLERY LTD. NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

1 ~—— Accounting Policies

1.1 General information and basis of preparation

Site Gallery Ltd is a company limited by guarantee. In the event of the charity being wound up, the liability in respect of the guarantee is limited to £2 per member of the charity. The address of the registered office is given in the charity information on page 1 of these financial statements. The nature of the charity’s operations and principal activities are that of an art gallery.

The charity constitutes a public benefit entity as defined by FRS 102. The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Charities Act 2011, the Companies Act 2006 and UK Generally Accepted Practice as it applies from 1 January 2015.

The financial statements are prepared on a going concern basis under the historical cost convention. The financial statements are prepared in sterling which is the functional currency of the charity and rounded to the nearest £.

The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

1.2. Funds

Funds held by the charity are:

(i) | Unrestricted income fund - general reserves

These are expendable at the discretion of the trustees in the furtherance of the objects of Site Gallery.

(ii) | Unrestricted income fund - designated funds These are funds set aside by the trustees out of unrestricted general funds for specific future purposes or projects.

(iii) Restricted income funds These are income funds that are required to be used for specific projects. Any shortfall in funding is financed by a fund transfer from unrestricted income.

These are capital funds that are required to be invested in fixed assets for charity use.

1.3 Tangible fixed assets

Fixed assets are stated at cost less accumulated depreciation. Individual fixed assets costing £500 or more are capitalised at cost.

Depreciation of fixed assets is provided at rates estimated to write off each asset over the term of its useful life. The annual rates used are :-

Leasehold improvements 2-6% straight line Fixtures and Fittings 20% straight line Computer equipment 33°/3% straight line Other Equipment 20% straight line

Page 11

SITE GALLERY LTD.

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2021

1 Accounting policies - continued 1.4 Stock Stock is valued at the lower of cost and net realisable value. 1.5. Grants, donations and similar incoming resources All incoming resources are included in the Statement of Financial Activities (SoFA) when the charity is legally entitled to the income after any performance conditions have been met, the amount can be measured reliably and it is probable that the income will be received. Revenue grants receivable are recognised in the Statement of Financial Activities when the conditions for receipt have been complied with. Grants are deferred only when the charity has to fulfil conditions before becoming entitled to it or where the donor has specified that the income is to be expended ina future period. Capital grants received for the acquisition of fixed assets are accounted for as restricted funds. Amounts are released to unrestricted income funds as a fund transfer over the life of the assets. 1.6 Income from operating activities in furtherance of the charity's objects Income from operating activities is included in the year in which the charity is entitled to receipt and the amount can be measured with reasonable certainty. 1.7 Interest receivable Interest is included when receivable by the charity. 1.8 Employment benefits When employees have rendered service to the charity, short term employee benefits to which the employees are entitled are recognised at the undiscounted amount expected to be paid in exchange for that service. The charity operates a group personal pension plan and also contributes to employees’ personal pension plans. Contributions are charged to the income and expenditure account as they become payable. 1.9 Resources expended All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Management and administration costs are those incurred in connection with administration of the charity and compliance with constitutional and statutory requirements.

1.10 Operating leases Rentals payable under operating leases are charged against income ona straight line basis over the lease term. 1.11 Tax The charity is an exempt charity within the meaning of schedule 3 of the Charities Act 2011 and is considered to pass the tests set out in Paragraph 1 Schedule 6 Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. 1.12 Going Concern

The financial statements have been prepared on a going concern basis as the trustees believe that no material uncertainties exist. The trustees have considered the level of funds held and the expected level of income and expenditure for 12 months from authorising these financial statements. The budgeted income and expenditure is sufficient with the level of reserves for the charity to be able to continue as a going concern.

1.13 Agency arrangements

The charity acts as agent in distributing funds in relation to funding to Sheffield Freelance Art and Cultural Workers. The receipts and subsequent disbursements are excluded from the statement of financial activities as the charity does not have control over the application of the funds. The balances held at the year end are disclosed in note 16.

Page 12

SITE GALLERY LTD.

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2021

2 SOFA prior year
Restricted Restricted
Unrestricted income capital Total
funds funds funds 2020
£ £ £ £
Income and endowments from:
Donations and legacies 792 - - 792
Income
from —		 charitable
activities 336,207 310,514 21,822 668,543
Other trading activities 66,369 - - 66,369
Investments 67,094 - - 67,094
Other income 9,486 9,486
Total income and endowments 479,948 310,514 21,822 812,284
Expenditure on:
Raising funds 8,239 - - 8,239
Charitable activities 463,549 453,409 77,681 994,639
Total expenditure 471,788 453,409 77,681 1,002,878
Net income/ (expenditure) 8,160 (142,895) (55,859) (190,594)
before transfers
Taxation 50,282 - - 50,282
Netmovement infunds 58,442 (142,895) (55,859) (140,312)
Reconciliation of funds:
Total funds brought forward 54,266 185,185 1,512,770 1,752,221
Totalfundscarriedforward 112,708 42,290 1,456,911 1,611,909

Page 13

SITE GALLERY LTD.

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2021

3 Income from charitable activities

All the funds of the charity are income funds. There are no endowment funds. The total grants received are made up as follows:-

up as follows:-
Restricted Restricted
Unrestricted income capital 2021 2020
funds funds funds Total Total
£ £ £ £ £
Arts Council England
- National Portfolio Funding 319,887 - - 319,887 314,107
Sheffield City Council 21,700 - - 21,700 21,700
Paul Hamlyn- Education project - - - - 80,500
Arts Council England - Culture Recovery Fund - 112,266 - 112,266 -
Sheffield City Council - Capital Project - - - - 21,822
Arts Council England - City of Ideas - 70,431 - 70,431 125,000
Jerwood Foundation - Bursary - 6,581 - 6,581 -
Elephant Trust - Rewriting the Future Exhibitio - - - - 2,000
Freelands Foundation - Artist Platform - - - - 83,682
Programme - 83,500 - 83,500 -
Grant support - Phoebe Davis - - - - 19,332
Ignite Imaginations - - - - 400
341,587 272,778 - 614,365 668,543

4 Income from other trading activities

2021 2020
£ £
Shop sales 556 15,596
Equipment hire - 598
Space hire& exhibition sales 94 11,376
Other earned income 6,975 30,880
Seminars, talks&workshops - 7,919
7,585 66,369
2021 2020
£ £
Rent received 43,167 51,363
Café franchise 2,316 15,678
Bank interest - 53
45,483 67,094

Page 14

SITE GALLERY LTD.

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2021

6 Other income

2021 2020
£ £
Coronavirus Job Retention Scheme 33,713 -
Sheffield City Council Business Lockdown Grant 25,457 -
Bank incentive receipt 8,438 9,282
Profit on disposal offixed assets - 204
67,608 9,486
Charitable Activities expenditure
Unrestricted funds Restricted Restricted
Direct Support income capital 2021 2020
costs costs funds funds Total Total
£ £ £ £ £ £
Publicity 3,302 - - - 3,302 11,535
Exhibition costs 8,707 - 15,752 - 24,459 141,704
Artists fees 9,750 - 64,250 - 74,000 78,200
Educational projects 8,718 - 6,424 - 15,142 60,724
Salaries 137,484 119,532 3,018 - 260,034 208,518
Rent and rates 865 - - - 865 11,836
Light, heat and water 11,378 - - - 11,378 23,902
Insurance 11,856 - - - 11,856 11,687
Premises maintenance 22,787 - - - 22,787 37,204
Photocopying, postage and telephone 8,866 - - - 8,866 11,026
Sundry office supplies 7,634 - - - 7,634 5,079
Stafftraining 798 - - - 798 3,101
Recruitment 796 - - - 796 854
Staff entertaining - - - - - 745
Travel and subsistence 13 - - - 13 772
Professional fees - 3,955 - - 3,955 4,686
Bank charges 80 - - - 80 702
Depreciation 13,814 - - 76,876 90,690 90,885
Organisational development 1,098 - - - 1,098 3,100
Arts Council England - City of Ideas - - 77,674 - 77,674 283,837
Arts Council England - Culture Recovery Fund - - 71,982 - 71,982 -
Governance costs (Note 8) 3,064 - - - 3,064 4,542
251,010 123,487 239,100 76,876 690,473 994,639

7 Charitable Activities expenditure

8 Governance costs

2021 2020
£ £
Trustees meeting costs - 1,031
Independent Examiners fee 3,064 -
Audit fee - 3,511
3,064 3,511

Page 15

SITE GALLERY LTD.

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2021

9 Costs of raising funds

2021 2020
£ £
Shop purchases 412 7,866
Cafe purchases - -
Gallery hire costs 282 373
694 8,239
Staff costs and trustee and key management personnel remuneration
2021 2020
£ £
Staff emoluments:
Wages and salaries 232,628 174,664
Social security costs 17,274 19,727
Pension costs 10,002 10,561
259,904 204,952

10 Staff costs and trustee and key management personnel remuneration

No employee earned more than £60,000 per annum (2020: Nil).

The charity considers its key management personnel to consist of the Chief Executive Officer and Artistic Director/Director of Programme (Artistic Director to 31 Oct 2020, Director of Programme from 1 Nov 2020). Their aggregate remuneration including employer's NI was £104,612 (2020: £115,933).

No trustees were paid any remuneration for their services as a trustee. No trustees were reimbursed for expenses during the year in that respect and total expenses reimbursed were fnil (2020: £307 to 2 trustees).

11 Employee information

The average number of employees during the year was 10 (2020: 13).

12 Pension costs

The charity operates a group personal pension plan. The assets of these schemes are held separately from those of the charity in independently administered funds. The pension cost charge in the Statement of Financial Activities represents contributions payable by the charity to the funds and amounts to £9,769 (2020: £10,561). Contributions amounting to £1,037 (2020: £1,258) were payable at the year end and are included in creditors.

13 Taxation

----- Start of picture text -----
2021 2020
£ £
HMRC Museum & Gallery Exhibition tax relief 24,740 50,282
----- End of picture text -----

Page 16

SITE GALLERY LTD.

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2021

14 Tangible fixed assets

Leasehold property Fixtures& Computer Other
and improvements fittings equipment equipment Total
£ £ £ £ £
Cost
At 1 April 2020 2,911,654 139,636 114,139 49,480 3,214,909
Additions - - - 10,558 10,558
Disposals - - - - -
At 31 March 2021 2,911,654 139,636 114,139 60,038 3,225,467
Depreciation
At 1 April 2020 1,444,089 128,561 111,923 42,124 1,726,697
Charge 83,634 3,203 1,780 2,073 90,690
Disposals - - - - -
At 31 March 2021 1,527,723 131,764 113,703 44,197 1,817,387
Net book value
At 31 March 2021 1,383,931 7,872 436 15,841 1,408,080
At 31 March 2020 1,467,565 11,075 2,216 7,356 1,488,212
15 Debtors 2021 2020
£ £
All amounts falling due within one year
Trade debtors 14,490 7,214
Prepayments 13,950 20,394
VAT recoverable 2,101 605
Accrued income 110,645 54,128
141,186 82,341
16 Creditors:Amounts falling due within one year 2021 2020
£ £
Trade creditors 14,488 37,836
Other taxation and social security 6,468 8,169
Other creditors 91,079 18,456
Accruals 39,658 25,572
151,693 90,033

Included in other creditors is a balance of £77,181 which relates to funds held at the balance sheet date in relation to funding to support Sheffield Freelance Art and Cultural Workers, which was distributed after the year end following funding applications behalf of Sheffield Culture Consortium, of which Site Gallery is a member, and Sheffield City Council

Page 17

SITE GALLERY LTD.

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2021

17 ‘Restricted funds - current year Movement in resources Movement in resources Movement in resources
At At
31March
2020		 Incoming
resources		 Outgoing
resources		 Teansexs
=		 31 March
2021
£ £ £ £ £
Restricted income funds
Paul Hamlyn 8,068 - (4,342) - 3,726
Arts Council England - City of Ideas 7,243 70,431 (77,674) - -
Arts Council England - Culture Recovery Fund - 112,266 (71,982) (40,284) -
Freelands Foundation - Artist Platform Programme 26,979 83,500 (82,084) - 28,395
Jerwood Arts Creative Bursary - 6,581 (3,018) - 3,563
42,290 272,778 (239,100) (40,284) 35,684
Restricted capital funds 1,456,911 - (76,876) - 1,380,035
1,499,201 272,778 (315,976) (40,284) 1,415,719

The transfer from the Culture Recovery Fund to general funds relates to the amount specified within the grant to restore free reserves used as a result of the pandemic.

Restricted funds - prioryear Movement in resources Movement in resources Movement in resources
At At
31March
2019		 Incoming
resources		 Outgoing
resources		 Transfer
sers		 31 March
2020
£ £ £ £ £
Restricted income funds
Paul Hamlyn 19,105 80,500 (91,537) - 8,068
Arts Council England - City of Ideas 166,080 125,000 (283,837) - 7,243
Freelands Foundation - Artist Platform Programme - 83,682 (56,703) - 26,979
Phoebe Davis - 19,332 (19,332) - -
Elephant Trust - Rewriting the Future exhibition - 2,000 (2,000) - -
185,185 310,514 (453,409) - 42,290
Restricted capital funds 1,512,770 21,822 (77,681) - 1,456,911
1,697,955 332,336 (531,090) - 1,499,201

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SITE GALLERY LTD.

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2021

18 Designated funds - current year

The income funds of the charity include the following designated funds which have been set aside out of unrestricted funds by the trustees for a specific purpose:

Balance Balance
at 31 March Resources Changesto at31 March
2020 expended designations 2021
£ £ £ £
Fixed assets 31,301 (13,814) 10,558 28,045
Exhibition designated fund 45,604 - 86,785 132,389
76,905 (13,814) 97,343 160,434

Fixed assets - This reflects the extent to which unrestricted funds are represented by fixed assets.

Exhibition designated fund - the Trustees have established this new designated fund, transferring tax credit claimed through Museums and Galleries Exhibitions Tax Relief (net of costs). Funds raised are designated for future Site Gallery exhibition and artistic programmes in order to support longer term planning.

Designated funds - prior year Balance Balance
at 31 March Resources Changesto at31 March
2019 expended designations 2020
£ £ £ £
Fixed assets 29,958 (13,204) 14,547 31,301
Exhibition designated fund - - 45,604 45,604
29,958 (13,204) 60,151 76,905

19 Analysis of accumulated fund balances between net assets as at 31 March 2021

Unrestricted Unrestricted Restricted Restricted
General Designated Income Capital Total
Funds Funds Funds Fund Funds
£ £ £ £ £
Tangible fixed assets - 28,045 - 1,380,035 1,408,080
Current assets 256,087 132,389 35,684 - 424,160
Current liabilities (151,693) - - - (151,693)
104,394 160,434 35,684 1,380,035 1,680,547
Analysis ofaccumulated fund balances between net assets as at 31 March 2020
Unrestricted Unrestricted Restricted Restricted
General Designated Income Capital Total
Funds Funds Funds Fund Funds
£ £ £ £ £
Tangible fixed assets - 31,301 - 1,456,911 1,488,212
Current assets 125,836 45,604 42,290 - 213,730
Current liabilities (90,033) 2 - 2 (90,033)
35,803 76,905 42,290 1,456,911 1,611,909

Analysis of accumulated fund balances between net assets as at 31 March 2020

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SITE GALLERY LTD.

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

20 Commitments under operating leases

Total future minimum lease payments under non-cancellable operating leases are as follows:

2021 2020
£ £
Not later than one year 2,202 4,356
Later than one and not later than five years 2,485 11,939
4,687 16,295

21 ~+Related Party Transactions

Sharna Jackson (Artistic Director until 31 Oct 2020) is a Director of International Documentary Festival Sheffield Limited. During the year, £nil (2020: £2,500) expenditure was incurred by Site Gallery to International Documentary Festival Sheffield Limited. £nil was owed to International Documentary Festival Sheffield Limited at the year end. (2020: Enil)

22 Reconciliation of net movement in funds to net cashflow from operating activities

2021 2020
£ £
Net income/ (expenditure) forthe year 68,638 (140,312)
Adjustment for:
Profit on disposal offixed assets - (204)
Depreciation charge 90,690 90,885
Decrease in stock (724) (2,051)
(Increase)/ decrease in debtors (58,845) 81,121
(Decrease)/ increase in creditors 61,660 (2,416)
161,419 27,023
  1. ~=Analysis of changes in net debt
At 1 April At 31 March
2020 Cashflows 2021
£ £ £
Cash at bank and in hand 125,813 150,861 276,674

Page 20