` **Charity Registration No. 510322 Company Registration No. 01495927** **SITE GALLERY LTD.** **REPORTS AND FINANCIAL STATEMENTS** **YEAR ENDED 31 MARCH 2024** Document ID: af7f117f6653d5aa1b75eb54db0e0f457d697902d9fed4fca66ff0c46a64d4c9 ` ## **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 ` ## **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 page 1 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: - 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 practices that are evolving within the framework of new technologies. - 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. - 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. page 2 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: - 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. - 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. - 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. - Sheffield International Documentary Festival’s 2023 Alternate Realities exhibition showcasing innovative nonfiction and immersive documentary in all forms. - 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. - 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. page 3 Document ID: af7f117f6653d5aa1b75eb54db0e0f457d697902d9fed4fca66ff0c46a64d4c9 ## **SITE GALLERY LTD.** ## **TRUSTEES’ REPORT** _**FOR THE YEAR ENDED 31 MARCH 2024**_ ## Audience engagement work included: - 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. - Open sessions in Introduction to DJing with local music collective Gut Level, and Selfie Choreography with Harold Offeh - 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 - 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. - 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. page 4 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: - Sheffield Doc/Fest 2024 - Alternate Realities in June 2024 - Cyber Cafe - main gallery summer 2024 exhibition designed by Site’s youth collective Society of Explorers - Jerwood Survey III – a major biennial touring exhibition presenting new commissions by early-career artists from across the UK in autumn 2024 - 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 - 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 - ongoing development of work with young people, schools and families, including the Society of Explorers, family workshops and artistic commissions within communities. - 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: - select suitable accounting policies and then apply them consistently; - - - observe the methods and principles in the Charities SORP 2019; - make judgements and estimates that are reasonable and prudent; - state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; - prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in operation. page 5 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 page 6 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: 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). 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 page 7 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. ___________________________________________________________________________________________________________________________________________________ Page 8 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** ____________________________________________________________________________________________________ Page 9 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 -----**
___________________________________________________________________________________________________ _ Page 10 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 ___________________________________________________________________________________________________________________________________________________ Page 11 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. ________________________________________________________________________________ **________________** ___________________________________ Page 12 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 -----**
________________________________________________ **________________________________________________** ___ Page 13 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** ___________________________________________________________________________________________________________________________________________________ Page 14 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** **----- Start of picture text -----**
|||| |---|---|---| |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