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Charity Registration No. 510322 Company Registration No. 01495927
SITE GALLERY LTD.
REPORTS AND FINANCIAL STATEMENTS
YEAR ENDED 31 MARCH 2024
Document ID: af7f117f6653d5aa1b75eb54db0e0f457d697902d9fed4fca66ff0c46a64d4c9
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SITE GALLERY LTD.
CONTENTS FOR THE YEAR ENDED 31 MARCH 2024
| Page | |
|---|---|
| Legal and administrative details | 1 |
| Trustees’ report | 2 – 6 |
| Independent examiner’s report to the trustees of Site Gallery | 7 |
| Statement of Financial Activities | 8 |
| Balance Sheet | 9 |
| Cash flow statement | 10 |
| Notes to the financial statements | 11 - 20 |
Document ID: af7f117f6653d5aa1b75eb54db0e0f457d697902d9fed4fca66ff0c46a64d4c9
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SITE GALLERY LTD .
LEGAL AND ADMINISTRATIVE DETAILS FOR THE YEAR ENDED 31 MARCH 2024
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 Katharine Davies (appointed 8 December 2023) Thomas Fleming Silas Hand Nicola Hill Mark Londesborough (appointed 8 December 2023) Auriel Majumdar (resigned 8 December 2023) Christina Makris (resigned 8 December 2023) Catherine Powell Paul Reardon (appointed 8 December 2023) Christie Rossiter (appointed 8 December 2023) 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
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Document ID: af7f117f6653d5aa1b75eb54db0e0f457d697902d9fed4fca66ff0c46a64d4c9
SITE GALLERY LTD.
TRUSTEES’ REPORT FOR THE YEAR ENDED 31 MARCH 2024
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 2024.
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:
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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.
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Create an innovative and exploratory environment in which to explore all aspects of contemporary art, with a particular focus on cultural practices that are evolving within the framework of new technologies.
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Promote the work of artists through new kinds of projects, exhibitions and events that facilitate contact and understanding between artists and the public.
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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.
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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.
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Create access to relevant practical and critical skills and facilitate a wider understanding and participation in the potential for visual art and digital technology 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 11 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.
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Document ID: af7f117f6653d5aa1b75eb54db0e0f457d697902d9fed4fca66ff0c46a64d4c9
SITE GALLERY LTD.
TRUSTEES’ REPORT FOR THE YEAR ENDED 31 MARCH 2024
Achievements and performance:
During the year Site Gallery hosted six gallery and studio exhibitions and a programme of engagement activity which included open workshops, school holiday projects, reading groups, curator tours, masterclasses and work throughout the year with Site’s youth collective Society of Explorers which included the group’s first main gallery exhibition.
Artistic Activity
Site Gallery’s artistic activity is realised through its exhibition and participation programmes which are delivered through partnership and collaboration. We commissioned 4 new works this year from 4 artists, and created paid employment for 30 artists in the delivery of our programme activity. The year also saw the completion of the Freelands residency programme which has supported four cohorts of 5 Sheffield artists since 2019. Engagement work during the year informed the development of a major new programme of work with care-experienced young people for which we secured funding for the coming 4 years from the Esmee Fairbairn Foundation.
2023/24 programme highlights included:
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Before, During & After: Here Now (How To Keep The Balance): an exhibition by Appau Jnr Boakye-Yiadom comprising audio recordings, moving image and photography. Collaborating with photographers and videographers, the work explored different ways of capturing live learning without the body in the frame or main subject of focus.
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Wishful Thinking: an immersive sensory exhibition designed by Site Gallery’s youth collective Society of Explorers with artists Lucie Kordacova and Gregory Herbert. Taking inspiration from nature, artworks provided visitors with a space for reflection, immersion and rest and framed a programme of concerts, intergenerational workshops and community group events.
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False Note: Freya Dooley’s three separate but interconnected works explored themes of replacement and connection, encompassing sound, moving-image, writing and performance. The exhibition ran until May 2024, closing with a live performance by Freya Dooley with musician Emma Daman Thomas.
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Sheffield International Documentary Festival’s 2023 Alternate Realities exhibition showcasing innovative nonfiction and immersive documentary in all forms.
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Studio I exhibitions were The going towards by Elisa Larvego, a three-screen video and audio installation focused on the refugee context of Calais and presented with the University of Sheffield, and Foka Wolf’s installation Why Are We Stuck In Hospital? illustrating the invisibility of people with learning disabilities and/or autistic people in long-stay hospitals.
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Screenings in Studio I included In The Same Breath, six short film works by artists in the Freelands Artist Programme, The Work We Share: A Question of Choice by Sheffield Film Co-op, and Nature Matters, archive film with environmental perspective from Yorkshire and North East Film Archives.
Participation
The Society of Explorers: Site Gallery’s group of 14-19s continued to meet weekly to develop their interests and skills. The collaboration with Gregory Herbert and Lucie Kordacova to design Wishful Thinking marked their tenth anniversary and the group also worked with artists including Joseph Bond, made field recordings, took part in consultations for Sheffield’s cultural strategy and saw exhibitions at other venues in the city.
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Document ID: af7f117f6653d5aa1b75eb54db0e0f457d697902d9fed4fca66ff0c46a64d4c9
SITE GALLERY LTD.
TRUSTEES’ REPORT FOR THE YEAR ENDED 31 MARCH 2024
Audience engagement work included:
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Family workshops in experimental photography with Martha Cattell, experiential sonic with Kelly Jayne Jones, dance and movement with Sam Underwood and Concerteenies play and sensory concerts for 0-5 year olds linked to gallery exhibitions.
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Open sessions in Introduction to DJing with local music collective Gut Level, and Selfie Choreography with Harold Offeh
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New Tricks workshops for creative practitioners in digital animation with Gregory Herbert, sound composition with Kelly Jayne Jones, field recording using Zoom H4N recorders and microphones, and subversive poster making with Foka Wolf
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Holidays Activities and Food (HAF): school holiday sessions at Site and community venues delivered by the Site team and artists during April, August and December for Sheffield City Council’s HAF programme, which supported young people who receive free school meals by providing creative workshops and meals.
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The Community Editing Suite continues to be available as a resource for artists and creatives to access digital production, participants in digital workshops can continue to build on their new knowledge and individuals in the city have a space to pursue creative workshops.
Reach
Over the course of the year, we reached our target audience attendance, recording 40,600 visits. Additionally, 1570 benefited from our participatory and educational activity.
We created volunteering opportunities for 92 individuals and supported 2 paid internships.
Financial review
Site Gallery’s principal funders are Arts Council England (ACE) and Sheffield City Council who continued to provide revenue support. 2023/24 was the first year of the new funding agreement with Arts Council England which has now been extended to 2026/27.
As in previous years, the largest areas of expenditure this year supported programme, staff and premises, all of which relate directly to the Charity’s key objectives of providing public access to contemporary visual art.
Museum and Galleries Exhibition Tax Relief totalling £41,572 was claimed during the year for eligible exhibitions which took place in 2022/23. The relief is designed to support new exhibitions and the Charity’s Trustees directed some of the tax relief to the Exhibition Designated Fund to support exhibitions in future years. The fund made a net contribution of £10,107 to cost, with a closing balance of £65,282 at the year end.
Unrestricted general funds increased to £130,901 (2023: £120,216) which remains in line with the reserves policy.
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 £130,901.
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.
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Document ID: af7f117f6653d5aa1b75eb54db0e0f457d697902d9fed4fca66ff0c46a64d4c9
SITE GALLERY LTD.
TRUSTEES’ REPORT FOR THE YEAR ENDED 31 MARCH 2024
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:
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Sheffield Doc/Fest 2024 - Alternate Realities in June 2024
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Cyber Cafe - main gallery summer 2024 exhibition designed by Site’s youth collective Society of Explorers
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Jerwood Survey III – a major biennial touring exhibition presenting new commissions by early-career artists from across the UK in autumn 2024
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a new solo exhibition in spring 2025 with Rhea Storr, a UK based artist filmmaker which will be delivered in partnership with Film and Video Umbrella
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the first of four years of Site’s new programme with care-experienced young people, working with Sheffield City Council’s Voice and Influence team
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ongoing development of work with young people, schools and families, including the Society of Explorers, family workshops and artistic commissions within communities.
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further development of Site’s hires and business-let income and provide marketing support for the commercial partner running the café at Site.
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:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charities SORP 2019;
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make judgements and estimates that are reasonable and prudent;
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state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in operation.
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Document ID: af7f117f6653d5aa1b75eb54db0e0f457d697902d9fed4fca66ff0c46a64d4c9
SITE GALLERY LTD.
TRUSTEES’ REPORT FOR THE YEAR ENDED 31 MARCH 2024
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
Signer ID: 4WKHUP21L2... Thomas Fleming, Chair Dated: 15/12/2024 GMT
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Document ID: af7f117f6653d5aa1b75eb54db0e0f457d697902d9fed4fca66ff0c46a64d4c9
SITE GALLERY LTD.
INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES OF SITE GALLERY FOR THE YEAR ENDED 31 MARCH 2024
I report to the charity trustees on my examination of the accounts of the company for the year ended 31 March 2024 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, 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:
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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
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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
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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.
Signer ID: YHZA7ZGW8B... Philip Allsop FCA BHP LLP 2 Rutland Park Sheffield S10 2PD
Dated: 15/12/2024 GMT
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Document ID: af7f117f6653d5aa1b75eb54db0e0f457d697902d9fed4fca66ff0c46a64d4c9
SITE GALLERY LTD.
STATEMENT OF FINANCIAL ACTIVITIES (INCLUDING INCOME AND EXPENDITURE ACCOUNT)
FOR THE YEAR ENDED 31 MARCH 2024
----- Start of picture text -----
Restricted Restricted
Unrestricted income capital Total Total
funds funds funds 2024 2023
£ £ £ £ £
Note
Income and endowments from:
Donations and legacies 642 - - 642 414
Income from charitable
activities 3 341,587 14,000 - 355,587 523,587
Other trading activities 4 75,987 - - 75,987 51,154
Investments 5 65,705 - - 65,705 71,446
Total income and endowments 483,921 14,000 - 497,921 646,601
Expenditure on:
Raising funds 8 12,332 - - 12,332 9,676
Charitable activities 6 525,918 29,749 76,296 631,963 790,258
Total expenditure 538,250 29,749 76,296 644,295 799,934
Net expenditure (54,329) (15,749) (76,296) (146,374) (153,333)
before taxation
Transfers 44,002 - (44,002) - -
Taxation 12 41,572 - - 41,572 21,244
Net movement in funds 31,245 (15,749) (120,298) (104,802) (132,089)
Reconciliation of funds:
Total funds brought forward 226,878 15,749 1,227,443 1,470,070 1,602,159
Total funds carried forward 258,123 - 1,107,145 1,365,268 1,470,070
----- 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.
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Document ID: af7f117f6653d5aa1b75eb54db0e0f457d697902d9fed4fca66ff0c46a64d4c9
SITE GALLERY LTD.
BALANCE SHEET
FOR THE YEAR ENDED 31 MARCH 2024
| Note Tangible fixed assets 13 Current assets Stock Debtors 14 Cash at bank and in hand Investments 15 |
£ 6,997 76,302 220,363 75,120 |
£ 1,145,085 2024 |
2023 £ 1,234,716 5,152 104,379 186,626 - |
|---|---|---|---|
| Creditors : amounts falling due within one year 16 |
378,782 (158,598) |
296,157 (60,803) |
|
| Net current assets | 220,184 | 235,354 | |
| Net assets | 1,365,269 | 1,470,070 | |
| Funds Restricted capital funds 17 Restricted income funds 17 |
1,107,145 - |
1,227,443 15,749 |
|
| 1,107,145 | 1,243,192 | ||
| Unrestricted income funds: Designated funds 18 General reserves 19 |
127,223 130,901 |
106,662 120,216 |
|
| 258,124 | 226,878 | ||
| 1,365,269 | 1,470,070 |
For the financial year in question the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies. No members have required the company to obtain an audit of its accounts for the
The directors acknowledge their responsibility for complying with the requirements of the Act with respect to accounting records and for the preparation of the accounts.
These accounts which have been prepared in accordance with the special provisions relating to small companies subject to the small companies regime within Part 15 of the Companies Act 2006, were approved and authorised for issue by the board.
Signer ID: 4WKHUP21L2...
Thomas Fleming Trustee
15/12/2024 GMT Company Registration No. 1495927
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Document ID: af7f117f6653d5aa1b75eb54db0e0f457d697902d9fed4fca66ff0c46a64d4c9
SITE GALLERY LTD.
CASHFLOW STATEMENT
FOR THE YEAR ENDED 31 MARCH 2024
----- Start of picture text -----
2024 2023
Note £ £
Cash flows from operating activities
Net cash provided by operating activities 21 111,197 (36,976)
Cash flows from investing activities:
Purchase of tangible fixed assets (2,341) (1,921)
Transfers from cash and cash equivalents to investments (75,120) -
Net cash used in investing activities (77,461) (1,921)
Change in cash and cash equivalents in the year 33,736 (38,897)
Cash and cash equivalents brought forward 186,626 225,523
Cash and cash equivalents carried forward 220,362 186,626
----- End of picture text -----
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Document ID: af7f117f6653d5aa1b75eb54db0e0f457d697902d9fed4fca66ff0c46a64d4c9
SITE GALLERY LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
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
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Document ID: af7f117f6653d5aa1b75eb54db0e0f457d697902d9fed4fca66ff0c46a64d4c9
SITE GALLERY LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
1 Accounting policies - continued
1.4 Stock Stock is valued at the lower of cost and net realisable value. 1.5 Investments Current asset investments are held at fair value at the balance sheet date 1.6 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.
1.7 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.
1.8 Interest receivable Interest is included when receivable by the charity. 1.9 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.
1.10 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.
1.11 Operating leases 1.12 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.
1.13 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.
1.14 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.
___________ ____ ________
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Document ID: af7f117f6653d5aa1b75eb54db0e0f457d697902d9fed4fca66ff0c46a64d4c9
SITE GALLERY LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
----- Start of picture text -----
2 SOFA prior year
Restricted Restricted
Unrestricted income capital Total
funds funds funds 2023
£ £ £ £
Income and endowments from:
Donations and legacies 414 - - 414
Income from charitable
activities 3 341,587 182,000 - 523,587
Other trading activities 4 51,154 - - 51,154
Investments 5 71,446 - - 71,446
Other income 6 - - - -
Total income and endowments 464,601 182,000 - 646,601
Expenditure on:
Raising funds 9 9,676 - - 9,676
Charitable activities 7 518,869 195,093 76,296 790,258
Total expenditure 528,545 195,093 76,296 799,934
Net expenditure (63,944) (13,093) (76,296) (153,333)
before taxation
Transfers 1,201 (1,201) - -
Taxation 13 21,244 - - 21,244
Net movement in funds (41,499) (14,294) (76,296) (132,089)
Reconciliation of funds:
Total funds brought forward
268,377 30,043 1,303,739 1,602,159
Total funds carried forward 226,878 15,749 1,227,443 1,470,070
----- End of picture text -----
____________ ____________ ___
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Document ID: af7f117f6653d5aa1b75eb54db0e0f457d697902d9fed4fca66ff0c46a64d4c9
SITE GALLERY LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
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:-
| Arts Council England - National Portfolio Funding Sheffield City Council - Economic Recovery Fund: Summer in the CIQ weekenders Henry Moore Foundation Freelands Foundation - Artist Platform Programme |
Unrestricted funds £ 319,887 21,700 - - - 341,587 |
Restricted income funds £ - - - 14,000 - 14,000 |
Restricted capital funds £ - - - - - |
2024 Total £ 319,887 21,700 - 14,000 - 355,587 |
2023 Total £ 319,887 21,700 100,000 78,000 4,000 523,587 |
|---|---|---|---|---|---|
4 Income from other trading activities
| Shop sales Income from Investments Rent received Café franchise Bank interest Space hire & exhibition sales Other earned income |
2024 £ 16,645 18,371 40,971 75,987 2024 £ 47,678 17,678 349 65,705 |
2023 £ 14,113 9,062 27,979 51,154 2023 £ 54,207 17,218 21 71,446 |
|---|---|---|
5 Income from Investments
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Document ID: af7f117f6653d5aa1b75eb54db0e0f457d697902d9fed4fca66ff0c46a64d4c9
SITE GALLERY LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
6 Charitable Activities expenditure
| Publicity Exhibition costs Artists fees Educational projects Salaries Rent and rates Light, heat and water Insurance Premises maintenance Photocopying, postage and telephone Sundry office supplies Staff training Recruitment Travel and subsistence Professional fees Bank charges Depreciation Organisational development Sheffield City Council: Economic Recovery Fund: Summer in the CIQ Governance costs (Note 7) |
Direct Support costs costs £ £ 5,502 - 53,692 - 11,543 - 15,334 - 179,000 131,834 8,389 - 17,985 - 12,251 - 40,611 - 9,130 - 7,996 - 5,119 - 1,344 - 324 - 3,727 - 468 - 15,676 - 753 - - - 5,239 - 394,083 131,834 Unrestricted funds |
Restricted income funds £ - 9,713 12,000 1,398 6,638 - - - - - - - - - - - - - - - 29,749 |
Restricted capital funds £ - - - - - - - - - - - - - - - - 76,296 - - - 76,296 |
2024 Total £ 5,502 63,405 23,543 16,732 317,472 8,389 17,985 12,251 40,611 9,130 7,996 5,119 1,344 324 3,727 468 91,972 753 - 5,239 631,962 |
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 |
|---|---|---|---|---|---|
- 7 Governance costs
| Trustees meeting costs Independent Examiners fee |
2024 £ 1,193 4,046 5,239 |
2023 £ 1,183 3,676 4,859 |
|---|---|---|
Page 15
Document ID: af7f117f6653d5aa1b75eb54db0e0f457d697902d9fed4fca66ff0c46a64d4c9
SITE GALLERY LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
8 Costs of raising funds
----- Start of picture text -----
||||
|---|---|---|
|2024|2023|
|£|£|
|Shop purchases|12,238|9,676|
|Gallery hire costs|94|-|
|12,332|9,676|
----- End of picture text -----
- 9 Staff costs and trustee and key management personnel remuneration
----- Start of picture text -----
||||
|---|---|---|
|2024|2023|
|£|£|
|Staff emoluments:|
|Wages and salaries|283,482|287,409|
|Social security costs|20,031|22,334|
|Pension costs|13,959|13,942|
|317,472|323,685|
----- End of picture text -----
No employee earned more than £60,000 per annum (2023 : 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 £94,882 (2023: £112,671).
No trustees were paid any remuneration for their services as a trustee. Six trustees were reimbursed for expenses during the year in that respect and total expenses reimbursed were £689 (2023: £457 to three trustees).
10 Employee information
The average number of employees during the year was 9 (2023: 10).
11 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 £13,884 (2023: £13,942).
12 Taxation
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||||
|---|---|---|
|2024|2023|
|£|£|
|HMRC Museum & Gallery Exhibition tax relief|41,572|21,244|
----- End of picture text -----
________ __________ _____
Page 16
Document ID: af7f117f6653d5aa1b75eb54db0e0f457d697902d9fed4fca66ff0c46a64d4c9
SITE GALLERY LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
13 Tangible fixed assets
| Leasehold property and improvements £ Cost At 1 April 2023 2,911,654 Additions - Disposals - At 31 March 2024 2,911,654 Depreciation At 1 April 2023 1,693,669 Charge 82,668 Disposals - At 31 March 2024 1,776,337 Net book value At 31 March 2024 1,135,317 At 31 March 2023 1,217,985 14 Trade debtors Prepayments Accrued income 15 Investments 120 Day notice account 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 - - 139,636 138,170 1,465 - 139,635 1 1,466 |
Computer equipment £ 130,695 2,341 - 133,036 123,295 4,578 - 127,873 5,163 7,400 |
Other equipment £ 60,038 - - 60,038 52,173 3,261 - 55,434 4,604 7,865 2024 £ 5,475 23,810 47,017 76,302 2024 £ 75,120 75,120 2024 £ 19,510 9,492 109,029 20,567 158,598 |
Total £ 3,242,023 2,341 - 3,244,364 2,007,307 91,972 - 2,099,279 1,145,085 1,234,716 2023 £ 45,668 11,716 46,995 104,379 2023 £ - - 2023 £ 15,505 8,008 16,901 20,389 60,803 |
|---|---|---|---|---|
Included in other creditors is a balance of £91,350 (2023: £nil) which relates to funds held at the balance sheet date in relation to funding payable to arts organisations through the Sheffield City Council Shared Prosperity grants sceme. Grant recipients submitted invoices in March which were paid after the year end in early April following funding applications on behalf of Sheffield City Council.
Page 17
Document ID: af7f117f6653d5aa1b75eb54db0e0f457d697902d9fed4fca66ff0c46a64d4c9
SITE GALLERY LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
| 17 Restricted funds - current year At At 31 March Incoming Outgoing 31 March 2023 resources resources 2024 £ £ £ £ £ Restricted income funds Freelands Foundation - Artist Platform Programme 15,749 14,000 (29,749) - - Movement in resources Transfers |
|---|
| 15,749 14,000 (29,749) - - Restricted capital funds 1,227,443 - (76,296) (44,002) 1,107,145 |
| 1,243,192 14,000 (106,045) (44,002) 1,107,145 |
| - Freelands Foundation - funding towards 5 year Artist Platform Programme - Henry Moore Foundation - grants towards Inside Outside In exhibition - Restricted funds - prior year At At 31 March Incoming Outgoing 31 March 2022 resources resources 2023 £ £ £ £ £ Restricted income funds Freelands Foundation - Artist Platform Programme 30,043 78,000 (92,294) - 15,749 Sheffield City Council - Economic Recovery Fund: Summer in the CIQ weekenders - 100,000 (98,799) (1,201) - Henry Moore Foundation - 4,000 (4,000) - - Movement in resources Transfers Sheffield City Council Economic Recovery Fund - funding for Summer in the CIQ weekenders. The transfer to unrestricted relates to contributions to the charity's administration costs as permitted by the funder. |
| 30,043 182,000 (195,093) (1,201) 15,749 Restricted capital funds 1,303,739 - (76,296) - 1,227,443 |
| 1,333,782 182,000 (271,389) (1,201) 1,243,192 |
___________ _______ ________
Page 18
Document ID: af7f117f6653d5aa1b75eb54db0e0f457d697902d9fed4fca66ff0c46a64d4c9
SITE GALLERY LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
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 2023 £ 12,273 75,389 19,000 106,662 |
Resources expended £ (15,676) (48,000) - (63,676) |
Changes to designations £ 46,344 37,893 - 84,237 |
Balance at 31 March 2024 £ 42,941 65,282 19,000 127,223 |
|---|---|---|---|---|
Fixed assets - This reflects the extent to which unrestricted funds are represented by fixed assets, plus a fund of £5k from general funds in the prior 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 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 |
|---|---|---|---|---|
19 Analysis of accumulated fund balances between net assets as at 31 March 2024
| Unrestricted Unrestricted General Designated Funds Funds £ £ Tangible fixed assets - 37,940 Current assets 289,499 89,283 Current liabilities (158,598) - 130,901 127,223 Analysis of accumulated fund balances between net assets as at Unrestricted Unrestricted General Designated Funds Funds £ £ Tangible fixed assets - 7,273 Current assets 181,019 99,389 Current liabilities (60,803) - 120,216 106,662 |
Restricted Income Funds £ - - - - 31 March 2023 Restricted Income Funds £ - 15,749 - 15,749 |
Restricted Capital Fund £ 1,107,145 - - 1,107,145 Restricted Capital Fund £ 1,227,443 - - 1,227,443 |
Total Funds £ 1,145,085 378,782 (158,598) 1,365,269 Total Funds £ 1,234,716 296,157 (60,803) 1,470,070 |
|---|---|---|---|
Page 19
Document ID: af7f117f6653d5aa1b75eb54db0e0f457d697902d9fed4fca66ff0c46a64d4c9
SITE GALLERY LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
20 Commitments under operating leases
Total future minimum lease payments under non-cancellable operating leases are as follows:
----- Start of picture text -----
||||
|---|---|---|
|2024|2023|
|£|£|
|Not later than one year|533|918|
|Later than one and not later than five years|-|533|
|533|1,451|
----- End of picture text -----
21 Related Party Transactions
There are no related party transactions in the year (2023: nil).
22 Reconciliation of net movement in funds to net cashflow from operating activities
----- Start of picture text -----
||||
|---|---|---|
|2024|2023|
|£|£|
|Net (expenditure) for the year|(104,802)|(132,089)|
|Adjustment for:|
|Depreciation charge|91,972|95,020|
|(Increase) in stock|(1,845)|(227)|
|Decrease in debtors|28,077|31,573|
|Increase/ (decrease) in creditors|97,795|(31,253)|
|111,197|(36,976)|
----- End of picture text -----
23 Analysis of changes in net debt
----- Start of picture text -----
|||||
|---|---|---|---|
|At 1 April|At 31 March|
|2023|Cashflows|2024|
|£|£|£|
|Cash at bank and in hand|186,626|33,737|220,363|
----- End of picture text -----
Page 20
Document ID: af7f117f6653d5aa1b75eb54db0e0f457d697902d9fed4fca66ff0c46a64d4c9