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:
- e Challenge perceptions and provoke constructive debate about visual art which recognises the process of its production, participation, and reception within a changing cultural, social and historic framework.
- ° Create an innovative and exploratory environment in which to explore all aspects of contemporary art, with a particular focus on cultural practice that are evolving within the framework of new technologies.
- e Promote the work of artists through new kinds of projects, exhibitions and events that facilitate contact and understanding between artists and the public.
- ° Create a more diverse audience and participation base for its work by programming and supporting cultural practice that positively addresses issues of diversity, class and gender.
- ° Reflect significant developments in visual art, commissioning, producing and presenting work by diverse emergent and established artists, engaging in collaborative projects, touring, conferencing and publishing.
- e Create access to relevant practical and critical skills and facilitate a wider understanding and participation in the potential for visual art and lens-based press as a creative, expressive and influential media.
## 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:
- Dutch-Brazillian artist Rafaél Rozendaal was commissioned to create a series of online works, Websites, released every two months in advance of his first UK solo exhibition at Site Gallery which had to be postponed from September 2020 to 2021.
- Welsh artist Phoebe Davies’ Points of Rupture main gallery exhibition, which closed early due to lockdown, re-opened in September for an extended run until October while the building was able to open and a new film The Sprawl was launched as an online edition of the exhibition.
- The online WEB/SITE programme included Site Salons ‘in conversation’ events, reading groups, Instagram artist takeovers, films, talks, open calls for artist commissions, online collaborations including Ghosts & Apparitions series of audio, video and XR performative artworks with Sheffield Doc/Fest, live online workshops, tutorial and family-friendly sessions
- Five new artists from the region were appointed to the Platform Residency programme: Rachael Colley, Jan Hopkins, Seiko Kinoshita, Lea Torp Nielsen and Anisa Nuh-Ali. These represent the third of four cohorts funded by the Freelands Foundation. Their residencies began in January 21.
- We were successful in our bid to Weston Jerwood Creative Bursary programme and Site Gallery is one of 50 organisations hosting a one-year placement from January 2021. The scheme enables us to employ a recent graduate from socio-economic backgrounds that are currently under-represented across the arts and provides a training programme for both the bursary holder and organisations participating.
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.
- The Society of Explorers: Site Gallery’s group of c15 young people moved online, meeting weekly to develop their interests and skills with activity including making a film about the high street with local poet Otis Mensah funded through Future High Street/Historic England and recruiting artists to run future Family Workshops via an open international call.
- Family online workshops, a listening session with Flaw Collective, an interactive session with artist Julia Tsai, and introduction to photography.
- New Tricks workshops aiming to demystify technology employed by artists and equip participants with skills for creative exploration. Workshops in video editing and digital photography, using Site Gallery’s camera equipment, took place online,
## 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.
- A grant of £112,266 from the government’s Culture Recovery Fund through Arts Council England included funding to invest in equipment to deliver more engagement activity online including delivering live events. It supported additional front of house roles to ensure we could open to the public and enabled us to invest in artists and freelancers as well as bring in business development support.
- Sheffield City Council supported through Business Lockdown Grants of £25,457 and through the Business Rates Retail Discount scheme.
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.
- The first season of[the][year][will][comprise][three][separate][exhibitions][in][the][main][gallery,][delivered][in] partnership: Sheffield Doc/Fest - Alternate Realities; Children’s Media Conference - CMC Playground; Platform — exhibition by Cohorts 2 residency artists with our local arts partners
- Dutch-Brazillian artist Rafael Rozendaal’s main gallery exhibition ‘Permanent Distraction’, September - December 2021
- Platform Cohort 3 January - February 2022
- Survey Il: Touring partnership with Jerwood Visual Arts, a showcase for early-career artists, opening March 2022.
- Ongoing development of work with young people, schools and families, including the Society of Explorers, family workshops and artistic commissions within communities.
- We will work to re-build our hires and business-let income and providing marketing support for the commercial partner running the café at Site following the disruption of Covid-19.
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 conrn 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
3. 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
4. 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.
- (iv) Restricted capital funds
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|
- 5 Income from Investments
|||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|
- Paul Hamlyn - funding for young people's programme
- Arts Council England - funding for City of Ideas Project
- Arts Council England - Culture Recovery Fund grant to support re-opening after lockdown
- Freelands Foundation - funding towards 5 year Artist Platform Programme
- Jerwood Arts Creative Bursary - funds received for the Jerwood creative scheme
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|
Page 18
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
Page 19
## 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|
23. ~=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