OpenCharities

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

2023-03-31-accounts

Charity Registration No. 510322 Company Registration No. 01495927

SITE GALLERY LTD.

REPORTS AND FINANCIAL STATEMENTS

YEAR ENDED 31 MARCH 2023

SITE GALLERY LTD.

CONTENTS

FOR THE YEAR ENDED 31 MARCH 2023

Page
Legal and administrative details 1
Trustees’ report 2 – 5
Independent examiner’s report to the trustees of Site Gallery 6
Statement of Financial Activities 7
Balance Sheet 8
Cash flow statement 9
Notes to the financial statements 10 -19

SITE GALLERY LTD .

LEGAL AND ADMINISTRATIVE DETAILS FOR THE YEAR ENDED 31 MARCH 2023

Legal status Site Gallery Ltd is a charity (No. 510322) and a company limited by guarantee (No.
01495927)
Trustees The Trustees of the charity during the year were as follows:
Abhay Adhikari (resigned 17 April 2023)
Catherine Baxendale
Kerry Campbell
Thomas Fleming
Silas Hand
Nicola Hill
Auriel Majumdar
Christina Makris
Catherine Powell
Victoria Tillotson
Chief Executive Judith Harry
Registered office 1 Brown Street
Sheffield
S1 2BS
Independent examiner Philip Allsop FCA
BHP LLP
2 Rutland Park
Sheffield
S10 2PD
Bankers Virgin Money
Fargate
Sheffield
S1 2HE

page 1

SITE GALLERY LTD.

TRUSTEES’ REPORT FOR THE YEAR ENDED 31 MARCH 2023

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 2023.

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 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 post is reviewed regularly within the industry standard for publicly funded arts organisations.

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.

page 2

SITE GALLERY LTD.

TRUSTEES’ REPORT FOR THE YEAR ENDED 31 MARCH 2023

Achievements and performance:

This year Site Gallery returned to pre-Covid levels of programme activity, hosting seven gallery and studio exhibitions plus a series of outdoor Weekend micro festivals designed to help support the recovery of Sheffield’s Cultural Industries Quarter (CIQ) following the impact of Covid during the previous two years.

Artistic Activity

Site Gallery’s artistic activity is realised through its exhibition and participation programmes which are delivered through partnership and collaboration. We commissioned 14 new works this year from 13 artists, delivered a residency programme for 10 participating artists and created paid employment for 50 artists in the delivery of our programme activity.

Highlights of the 2022/23 programme included:

Participation

The Society of Explorers: Site Gallery’s group of 14-19s continued to meet weekly to develop their interests and skills: they curated Freshly Squeezed as part of Out & About in the CIQ, created a gender awareness zine with Andro & Eve, collaborated with Chol Theatre and their young people’s group on an environmental project, and road-tested family workshops. During the Platform Residencies Exhibition the Society of Explorers made 3 digital products interviewing artists in residence and these resources were promoted to the public to support their interpretation of the exhibition.

page 3

SITE GALLERY LTD.

TRUSTEES’ REPORT FOR THE YEAR ENDED 31 MARCH 2023

Audience engagement work included:

Reach

Since re-opening during 2021/22 after closures due to Covid-19, Site has worked hard to get back to pre-pandemic programme delivery and audience numbers. By the second quarter we were open fully from Tuesday to Sunday and over the year visitor and engagement numbers increased steadily, reaching pre-pandemic levels by the year end. We recorded a total of 42,000 physical visits to the gallery and delivered 3,900 learning and engagement opportunities.

Financial review

Site Gallery’s principal funders are Arts Council England (ACE) and Sheffield City Council who continued to provide revenue support. 2022/23 was an extension year to the previous four-year funding agreement from Arts Council England added due to Covid-19, and Site Gallery has successfully applied to ACE for the new funding period 2023-26.

During 2022/23 Site Gallery claimed Museum and Galleries Exhibition Tax Relief totalling £21,244 for eligible exhibitions which took place in 2021/22. The relief is designed to support the development of new exhibitions and the Charity’s Trustees have directed some of the tax relief to the Exhibition Designated Fund to support exhibitions in future years. The fund contributed to the cost of exhibitions during the year, and stands at £75,389 at the year end.

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.

Unrestricted general funds increased to £120,216 (2022: £117,912) and is in line the reserves policy. The Exhibition Designated Fund made a net contribution of £32,000 to costs, with a closing balance of £75,389 as above and planned use of Restricted Income Funds saw the balance reduce to £15,749 (2022: £30,043) at the year end.

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 is £120,216.

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, and these are regularly reviewed at CE level and reported to the Trustees.

page 4

SITE GALLERY LTD.

TRUSTEES’ REPORT FOR THE YEAR ENDED 31 MARCH 2023

Plans for future periods

Site Gallery’s focus for the year ahead is on developing a cohesive and collaborative programme of exhibitions, participation and engagement, which reaches new audiences as well as existing visitors. We will deliver:

Taxation

As a charity, Site Gallery Ltd is exempt from tax on income and gains falling within the available tax exemptions to the extent that these are applied to its charitable objects. No tax charges have arisen in the charity.

Trustees and Trustees' interests

The trustees holding office during the year are listed on page 1. The company is a company limited by guarantee and not having a share capital. The trustees therefore do not have any interest in the capital of the company.

Trustees' responsibilities statement

The trustees (who are also directors of Site Gallery Ltd for the purposes of company law) are responsible for preparing the Trustees’ Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). 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, including the income and expenditure, of the charitable company for that period. In preparing these financial statements, the trustees are required to:

The trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

By Order of the Board

Tom Fleming

Tom Fleming (Dec 13, 2023 13:20 GMT) Thomas Fleming, Chair Dated: 8 December 2023

page 5

SITE GALLERY LTD.

INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES OF SITE GALLERY FOR THE YEAR ENDED 31 MARCH 2023

I report to the charity trustees on my examination of the accounts of the company for the year ended 31 March 2023 which are set out on pages 7 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, I 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 I 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. I confirm that I am qualified to undertake the examination because I am a member of The Institute of Chartered Accountants in England and Wales, which is one of the listed bodies.

I have completed my examination. I 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).

I 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.

Philip Allsop

Philip Allsop (Dec 13, 2023 13:29 GMT)

Philip Allsop FCA BHP LLP 2 Rutland Park Sheffield S10 2PD

Dated: Dec 13, 2023

page 6

SITE GALLERY LTD.

STATEMENT OF FINANCIAL ACTIVITIES (INCLUDING INCOME AND EXPENDITURE ACCOUNT)

FOR THE YEAR ENDED 31 MARCH 2023

----- Start of picture text -----
Restricted Restricted
Unrestricted income capital Total Total
funds funds funds 2023 2022
£ £ £ £ £
Note
Income and endowments from:
Donations and legacies 414 - - 414 347
Income from charitable
activities 3 341,587 182,000 - 523,587 465,764
Other trading activities 4 51,154 - - 51,154 17,291
Investments 5 71,446 - - 71,446 58,767
Other income 6 - - - - 69,938
Total income and endowments 464,601 182,000 - 646,601 612,107
Expenditure on:
Raising funds 9 9,676 - - 9,676 4,385
Charitable activities 7 518,869 195,093 76,296 790,258 702,526
Total expenditure 528,545 195,093 76,296 799,934 706,911
Net (expenditure)/ income (63,944) (13,093) (76,296) (153,333) (94,804)
before taxation
Transfers 1,201 (1,201) - - -
Taxation 13 21,244 - - 21,244 16,416
Net movement in funds (41,499) (14,294) (76,296) (132,089) (78,388)
Reconciliation of funds:
Total funds brought forward 268,377 30,043 1,303,739 1,602,159 1,680,547
Total funds carried forward 226,878 15,749 1,227,443 1,470,070 1,602,159
----- End of picture text -----

All income and expenditure derive from continuing activities.

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

The Statement of Financial Activities complies with the requirements for an income and expenditure account under the Companies Act 2006 and includes all gains and losses recognised in the year.

Page 7

SITE GALLERY LTD.

BALANCE SHEET

FOR THE YEAR ENDED 31 MARCH 2023

----- Start of picture text -----
2023 2022
Note £ £ £
Tangible fixed assets 14 1,234,716 1,327,815
Current assets
Stock 5,152 4,925
Debtors 15 104,379 135,952
Cash at bank and in hand 186,626 225,523
296,157 366,400
Creditors : amounts falling due
within one year 16 (60,803) (92,056)
Net current assets 235,354 274,344
Net assets 1,470,070 1,602,159
Funds
Restricted capital funds 17 1,227,443 1,303,739
Restricted income funds 17 15,749 30,043
1,243,192 1,333,782
Unrestricted income funds:
Designated funds 18 106,662 150,465
General reserves 19 120,216 117,912
226,878 268,377
1,470,070 1,602,159
----- End of picture text -----

The charity was entitled to exemption from audit under section 477 of the Companies Act 2006. The members have not required the company obtain an audit for the year in question in accordance with section 476 of Companies Act 2006. The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements. The financial statements have been prepared in accordance with the special provisions in Part 15 of the Companies Act 2006 relating to small companies.

The financial statements on pages 7 to 19 were approved by the Board of Trustees and are signed on their behalf by:

Tom Fleming

Tom Fleming (Dec 13, 2023 13:20 GMT)

Thomas Fleming

Trustee

Dated: 8 December 2023 Company Registration No. 1495927

________________�

Page 8

SITE GALLERY LTD.

CASHFLOW STATEMENT

FOR THE YEAR ENDED 31 MARCH 2023

----- Start of picture text -----
2023 2022
Note £ £
Cash flows from operating activities
Net cash provided by operating activities 22 (36,976) (36,516)
Cash flows from investing activities:
Purchase of tangible fixed assets (1,921) (14,635)
Proceeds of sale of tangible fixed assets - -
Net cash used in investing activities (1,921) (14,635)
Change in cash and cash equivalents in the year (38,897) (51,151)
Cash and cash equivalents brought forward 225,523 276,674
Cash and cash equivalents carried forward 186,626 225,523
----- End of picture text -----

Page 9

SITE GALLERY LTD.

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

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[1] /3% straight line Other Equipment 20% straight line

___________ _______ ________

Page 10

SITE GALLERY LTD.

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

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 in a 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 1.11 Tax

Rentals payable under operating leases are charged against income on a straight line basis over the lease term.

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.

As a charitable company, the charity is able to make a claim in relation to museums and exhibitions tax reliefs. The tax credit is recognised in the accounts on an accruals basis, where the amounts can be reliably measured by the date of approval of the accounts.

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 11

SITE GALLERY LTD.

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

----- Start of picture text -----
2 SOFA prior year
Restricted Restricted
Unrestricted income capital Total
funds funds funds 2022
£ £ £ £
Income and endowments from:
Donations and legacies 347 - - 347
Income from charitable
activities 3 341,587 124,177 - 465,764
Other trading activities 4 17,291 - - 17,291
Investments 5 58,767 - - 58,767
Other income 6 69,938 - - 69,938
Total income and endowments 487,930 124,177 - 612,107
Expenditure on:
Raising funds 9 4,385 - - 4,385
Charitable activities 7 504,900 121,330 76,296 702,526
Total expenditure 509,285 121,330 76,296 706,911
Net income/ (expenditure) (21,355) 2,847 (76,296) (94,804)
before taxation
Transfers 8,488 (8,488) - -
Taxation 13 16,416 - - 16,416
Net movement in funds 3,549 (5,641) (76,296) (78,388)
Reconciliation of funds:
Total funds brought forward
264,828 35,684 1,380,035 1,680,547
Total funds carried forward 268,377 30,043 1,303,739 1,602,159
----- End of picture text -----

____________ ____________ ___

Page 12

SITE GALLERY LTD.

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

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:-

Unrestricted
funds
£
Arts Council England
- National Portfolio Funding
319,887
Sheffield City Council
21,700
Sheffield City Council - Economic Recovery
Fund: Summer in the CIQ weekenders
-
Arts Council England - Culture Recovery Fund
-
Arts Council England - City of Ideas
-
Jerwood Foundation - Bursary
-
Henry Moore Foundation
-
Mondriaan Fund
-
Clore Leadership Fellowship Support
-
Freelance Arts & Cultural Workers in Sheffield
Funding Scheme 2 21-22
-
Dept for Education - Holiday Activities and Food
Winter Capital Grant
-
341,587
Freelands Foundation - Artist Platform
Programme		 Restricted
income
funds
£
-
-
100,000
-
-
-
78,000
4,000
-
-
-
-
182,000		 Restricted
capital
funds
£
-
-
-
-
-
-
-
-
-
-
-
-		 2023
Total
£
319,887
21,700
100,000
-
-
-
78,000
4,000
-
-
-
-
523,587		 2022
Total
£
319,887
21,700
-
-
4,569
8,394
80,400
-
11,457
10,000
4,583
4,774
465,764

4 Income from other trading activities

Shop sales
Space hire & exhibition sales
Other earned income		 2023
£
14,113
9,062
27,979
51,154		 2022
£
6,781
609
9,901
17,291

5 Income from Investments

Rent received
Café franchise
Bank interest		 2023
£
54,207
17,218
21
71,446		 2022
£
43,965
14,773
29
58,767

________ __________ _____

Page 13

SITE GALLERY LTD.

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

6 Other income

Coronavirus Job Retention Scheme
Sheffield City Council Business Lockdown Grant
Insurance Claim receipt		 2023
£
-
-
-
-		 2022
£
8,632
12,000
49,306
69,938

7 Charitable Activities expenditure

Direct
Support
costs
costs
£
£
Publicity
5,898
-
Exhibition costs
41,000
-
Artists fees
11,016
-
Educational projects
30,732
-
Salaries
187,220
128,410
Rent and rates
3,291
-
Light, heat and water
7,543
-
Insurance
10,982
-
Premises maintenance
37,432
-
Photocopying, postage and telephone
8,599
-
Sundry office supplies
13,334
-
Staff training
3,891
-
Recruitment
-
-
Travel and subsistence
220
-
Professional fees
-
3,254
Bank charges
408
-
Depreciation
18,724
-
Organisational development
2,056
-
Sheffield City Council: Economic Recovery Fund: Summ
-
-
Arts Council England - City of Ideas
-
Governance costs (Note 8)
4,859
-
387,205
131,664
Unrestricted funds		 Restricted
income
funds
£
-
38,756
47,300
2,183
8,055
-
-
-
-
-
-
-
-
-
-
-
-
-
98,799
-
-
195,093		 Restricted
capital
funds
£
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
76,296
-
-
-
-
76,296		 2023
Total
£
5,898
79,756
58,316
32,915
323,685
3,291
7,543
10,982
37,432
8,599
13,334
3,891
-
220
3,254
408
95,020
2,056
98,799
-
4,859
790,258		 2022
Total
£
6,591
70,857
74,142
14,908
341,078
4,322
15,024
11,773
35,829
8,820
5,885
1,492
591
140
7,071
39
94,900
877
-
4,569
3,618
702,526

8 Governance costs

Trustees meeting costs
Independent Examiners fee		 2023
£
1,183
3,676
4,859		 2022
£
275
3,343
3,618

Page 14

SITE GALLERY LTD.

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

9 Costs of raising funds

----- Start of picture text -----
|||| |---|---|---| |2023|2022| |£|£| |Shop purchases|9,676|4,350| |Gallery hire costs|-|35| |9,676|4,385|

----- End of picture text -----

10 Staff costs and trustee and key management personnel remuneration

----- Start of picture text -----
|||| |---|---|---| |2023|2022| |£|£| |Staff emoluments:| |Wages and salaries|287,409|305,050| |Social security costs|22,334|21,922| |Pension costs|13,942|14,106| |323,685|341,078|

----- End of picture text -----

No employee earned more than £60,000 per annum (2022 : Nil).

The charity considers its key management personnel to consist of the Chief Executive and Director of Programme. Their aggregate remuneration including employer's NI was £112,671 (2022: £108,264).

No trustees were paid any remuneration for their services as a trustee. Three trustees were reimbursed for expenses during the year in that respect and total expenses reimbursed were £457 (2022: £nil). One Trustee was paid a freelance fee of £4,088 plus project expenses of £28 for work as Executive Producer of the Out & About in the CIQ project led by Site Gallery alongside additional partners The Showroom Workstation, Yorkshire Artspace and Bloc Projects.

11 Employee information

The average number of employees during the year was 10 (2022: 10).

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 £13,942 (2022: £14,106).

13 Taxation

----- Start of picture text -----
|||| |---|---|---| |2023|2022| |£|£| |HMRC Museum & Gallery Exhibition tax relief|21,244|16,416|

----- End of picture text -----

________ __________ _____

Page 15

SITE GALLERY LTD.

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

14 Tangible fixed assets

Leasehold property
and improvements
£
Cost
At 1 April 2022
2,911,654
Additions
-
Disposals
-
At 31 March 2023
2,911,654
Depreciation
At 1 April 2022
1,610,739
Charge
82,930
Disposals
-
At 31 March 2023
1,693,669
Net book value
At 31 March 2023
1,217,985
At 31 March 2022
1,300,915
15
Trade debtors
Prepayments
VAT recoverable
Accrued income
16
Creditors: Amounts falling due within one year
Trade creditors
Other taxation and social security
Other creditors
Accruals
All amounts falling due within one year
Debtors		 Fixtures &
fittings
£
139,636
-
-
139,636
134,967
3,203
-
138,170
1,466
4,669		 Computer
equipment
£
128,774
1,921
-
130,695
118,377
4,918
-
123,295
7,400
10,397		 Other
equipment
£
60,038
-
-
60,038
48,204
3,969
-
52,173
7,865
11,834
2023
£
45,668
11,716
-
46,995
104,379
2023
£
15,505
8,008
16,901
20,389
60,803		 Total
£
3,240,102
1,921
-
3,242,023
1,912,287
95,020
-
2,007,307
1,234,716
1,327,815
2022
£
5,287
26,666
6,632
97,367
135,952
2022
£
26,969
5,726
20,467
38,894
92,056

Included in other creditors is a balance of £nil (2022: £4,550) 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 16

SITE GALLERY LTD.

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

17
Restricted funds - current year
Restricted income funds
Freelands Foundation - Artist Platform Programme
Sheffield City Council - Economic Recovery
Fund: Summer in the CIQ weekenders
Henry Moore Foundation
Restricted capital funds		 At
31 March
2022
£
30,043
-
-
30,043
1,303,739
1,333,782		 Incoming
Outgoing
resources
resources
£
£
78,000
(92,294)
100,000
(98,799)
4,000
(4,000)
182,000
(195,093)
-
(76,296)
182,000
(271,389)
Movement in reso		 £
-
(1,201)
-
(1,201)
-
(1,201)
urces
Transfers		 At
31 March
2023
£
15,749
-
-
15,749
1,227,443
1,243,192
Restricted funds - prior year
Restricted income funds
Paul Hamlyn
Arts Council England - City of Ideas
Freelands Foundation - Artist Platform Programme
Jerwood Arts Creative Bursary
Mondriaan Fund
Department for Education Holiday Activities and Food
Freelance Arts & Cultural Workers in Sheffield Funding
Clore Leadership
Restricted capital funds		 At
31 March
2021
£
3,726
-
28,395
3,563
-
-
-
-
35,684
1,380,035
1,415,719		 Incoming
Outgoing
resources
resources
£
£
-
(3,726)
4,569
(4,569)
80,400
(78,752)
8,394
(10,900)
11,457
(11,457)
4,774
(574)
4,583
(1,352)
10,000
(10,000)
124,177
(121,330)
-
(76,296)
124,177
(197,626)
Movement in reso		 £
-
-
-
(1,057)
-
(4,200)
(3,231)
-
(8,488)
-
(8,488)
urces
Transfers		 At
31 March
2022
£
-
-
30,043
-
-
-
-
-
30,043
1,303,739
1,333,782

___________ _______ ________

Page 17

SITE GALLERY LTD.

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

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:

Fixed assets
Exhibition designated fund
Capital equipment designated fund		 Balance
at 31 March
2022
£
24,076
107,389
19,000
150,465		 Resources
expended
£
(18,724)
(50,000)
-
(68,724)		 Changes to
designations
£
6,921
18,000
-
24,921		 Balance
at 31 March
2023
£
12,273
75,389
19,000
106,662

Fixed assets - This reflects the extent to which unrestricted funds are represented by fixed assets, plus a transfer of £5k from general funds in the year.

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.

Capital Equipment designated fund - the Trustees have established this new designated fund, transferring receipts from insurance claims received as a result of business interruption due to the Covid-19 pandemic. Funds raised are designated for future capital repairs and purchases.

Designated funds - prior year
Fixed assets
Exhibition designated fund
Capital equipment designated fund		 Balance
at 31 March
2021
£
28,045
132,389
-
160,434		 Resources
expended
£
(18,604)
(50,000)
-
(68,604)		 Changes to
designations
£
14,635
25,000
19,000
58,635		 Balance
at 31 March
2022
£
24,076
107,389
19,000
150,465

19 Analysis of accumulated fund balances between net assets as at 31 March 2023

Tangible fixed assets
Current assets
Current liabilities		 Unrestricted
General
Funds
£
-
181,019
(60,803)
120,216		 Unrestricted
Designated
Funds
£
7,273
99,389
-
106,662		 Restricted
Income
Funds
£
-
15,749
-
15,749		 Restricted
Capital
Fund
£
1,227,443
-
-
1,227,443		 Total
Funds
£
1,234,716
296,157
(60,803)
1,470,070

Analysis of accumulated fund balances between net assets as at 31 March 2022

Tangible fixed assets
Current assets
Current liabilities		 Unrestricted
General
Funds
£
-
209,968
(92,056)
117,912		 Unrestricted
Designated
Funds
£
24,076
126,389
-
150,465		 Restricted
Income
Funds
£
-
30,043
-
30,043		 Restricted
Capital
Fund
£
1,303,739
-
-
1,303,739		 Total
Funds
£
1,327,815
366,400
(92,056)
1,602,159

___________ _______ ________

Page 18

SITE GALLERY LTD.

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

20 Commitments under operating leases

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

----- Start of picture text -----
|||| |---|---|---| |2023|2022| |£|£| |-| |Not later than one year|1,276| |Later than one and not later than five years|1,451|1,451| |1,451|2,727|

----- End of picture text -----

21 Related Party Transactions

There are no related party transactions in the year (2022: nil).

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

----- Start of picture text -----
|||| |---|---|---| |2023|2022| |£|£| |Net (expenditure) for the year|(132,089)|(78,388)| |Adjustment for:| |Depreciation charge|95,020|94,900| |(Increase)/ decrease in stock|(227)|1,375| |Decrease in debtors|31,573|5,234| |(Decrease)/ increase in creditors|(31,253)|(59,637)| |(36,976)|(36,516)|

----- End of picture text -----

23 Analysis of changes in net debt

----- Start of picture text -----
||||| |---|---|---|---| |At 1 April|At 31 March| |2022|Cashflows|2023| |£|£|£| |Cash at bank and in hand|225,523|(38,897)|186,626|

----- End of picture text -----

Page 19