2025-03-31-accounts

Charity Registration No. 510322 Company Registration No. 01495927

SITE GALLERY LTD.

REPORTS AND FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2025

SITE GALLERY LTD.

CONTENTS

FOR THE YEAR ENDED 31 MARCH 2025

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||||||| |---|---|---|---|---|---| |Page| |Legal|and|administrative|details|1| |Trustees’|report|2-7| |Independent|examiner’s|report to the trustees|of Site|Gallery|8| |Statement|of|Financial|Activities|9| |Balance|Sheet|10| |Cash|flow statement|11| |Notes|to the|financial|statements|12-21|

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LEGAL AND ADMINISTRATIVE DETAILS FOR THE YEAR ENDED 31 MARCH 2025

SITE GALLERY LTD.

a

Legal status	SiteGallery Ltd. isacharity(No.510322)and acompanylimited byguarantee (No.
	01495927)
Trustees	TheTrustees ofthecharity duringtheyearwere asfollows:
	Kate Brindley— Chair (appointed 13 December 2024)
	Catherine Baxendale
	Kerry Campbell
	Katharine Davies
	Thomas Fleming (resigned 13 December 2024)
	Silas Hand
	Nicola Hill
	Mark Londesborough
	Catherine Powell
	Paul Reardon
	Christie Rossiter
	Victoria Tillotson
ChiefExecutive	Judith Harry
Registered office	1Brown Street
	Sheffield
	$1 2BS
Independent examiner	Rachel Heath FCCA DChA
	BHP LLP
	Albert Works
	Sidney Street
	Sheffield
	$1 4RG
Bankers	Virgin Money
	Fargate
	Sheffield
	$12HE

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SITE GALLERY LTD.

TRUSTEES’ REPORT FOR THE YEAR ENDED 31 MARCH 2025

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 2025. The trustees have adopted the provisions of the Statement of Recommended Practice: (SORP) "Accounting and Reporting by Charities" (FRS102) in preparing the trustees' report and financial statements of the charity. The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the charity’s governing document, the Charities Act 2011 and 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 (FRS102) published in October 2019. -

Objectives and activities

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

Site Gallery aims to:

• e Challenge perceptions and provoke constructive debate about visual art which recognises the process of its production, participation, and reception within a changing cultural, social and historic framework.

• ¢ Create an innovative and exploratory environment in which to explore all aspects of contemporary art, with a particular focus on cultural practices that are evolving within the framework of new technologies.

• e Promote the work of artists through new kinds of projects, exhibitions and events that facilitate contact and understanding between artists and the public.

• ¢ Create a more diverse audience and participation base for its work by programming and supporting cultural practice that positively addresses issues of diversity, class and gender.

• e Reflect significant developments in visual art, commissioning, producing and presenting work by diverse emergent and established artists, engaging in collaborative projects, touring, conferencing and publishing.

• e Create access to relevant practical and critical skills and facilitate a wider understanding and participation in the potential for visual art and 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.

A Finance Committee has been established to support financial management, income generation and risk management. The Finance Committee is made up of a number of Trustees with financial, commercial and fundraising acumen. The committee meets four times a year prior to each board meeting and reports back urgent matters to the full board.

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.

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SITE GALLERY LTD.

TRUSTEES’ REPORT

FOR THE YEAR ENDED 31 MARCH 2025

a 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.

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.

Achievements and performance:

During the year Site Gallery hosted seven gallery and studio exhibitions and a programme of engagement activity which included open workshops, reading groups, masterclasses family-friendly and early year sessions and work throughout the year with Site’s youth collective Society of Explorers who this year collaborated on the main gallery summer exhibition. We secured funding and launched a new weekly group for care experienced young people, called Creative Producers.

We recruited a new Chair in December 2024; Kate Brindley. During the year, we recruited a further five new members to our team, including a new role.

Artistic Activity

Site Gallery’s artistic activity is realised through its exhibition and participation programmes which are delivered through partnership and collaboration. We commissioned 11 new works this year from 13 artists, and created paid employment for 19 artists in the delivery of our programme activity.

• 2024/25 programme highlights included: - Jerwood Survey III: a biennial touring exhibition presenting artworks by 10 early-career artists which explored ideas of kinship and love; drew on science fiction; centred feminist and queer perspectives, and invoked spiritual, folkloric and cultural traditions to tell stories and imagine other worlds. Performances by Jerwood Survey III artists Paul Nataraj and Alliyah Enyo took place during the exhibition’s run.

• Cyber Cafe: Site’s youth collective Society of Explorers’ second annual summer exhibition was designed with artists Antonio Roberts and Lucy Cheesman. Taking inspiration from the optimism and excitement of the first internet cafes, together they designed an interactive exhibition reimagining the creative potential of the internet cafe of today.

• Subjects of State, Labours of Love: artist filmmaker Rhea Storr’s immersive multi-channel video installation presented an intimate portrait of Caribbean Associations in 1980’s Wolverhampton to the present day, and Sheffield African and Caribbean Community Association, SADACCA. Co-commissioned with Film and Video Umbrella, Site Gallery and Wolverhampton Art Gallery, the work captured the shared joys, celebrations, struggles, oppressions and complexities experienced by Caribbean heritage.

• = Sheffield Internationa! Documentary Festival’s 2024 Alternate Realities exhibition showcased innovative nonfiction and immersive documentary in all forms.

• Studio | exhibitions were Which Way Now? which explored the lives of young men from South Yorkshire in the post-pandemic world, No Bounds Festival’s Base Notes and Place Holders which brought together ideas from international artists in sculpture and sound, and Exploring the Archive, featuring archival materials from Site’s history since 1978 curated by Site’s Programme Producer Robyn Haddon.

• • Screenings in Studio | by local network DIY Filmmakers to share their work and QTIBPOC Cinema Club who meet monthly to watch and discuss films collectively.

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SITE GALLERY LTD.

TRUSTEES’ REPORT

FOR THE YEAR ENDED 31 MARCH 2025

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Participation

The year saw the launch of the Creative Producers four-year programme supported by a multi-year grant from the Esmee Fairbairn Foundation and funders including theJG Graves Charitable Trust. Through the programme Site will work with 30 care experienced young people aged 18 - 25 to develop their skills as Creative Producers and gain understanding of the creative industries. Working with a range of artists, participants will explore their own creative practice, produce their own events, and visit arts organisations in Sheffield and beyond. The programme is created and delivered in partnership with Sheffield City Council’s Voice and Influence Team, a group of care experienced workers employed to gather the views and represent the voices of care experienced children and young people.

The Society of Explorers: Site Gallery's group of 14-19s continued to meet weekly to develop their interests and skills. The collaboration with Antonio Roberts and Lucy Cheesman to create Cyber Cafe was the group’s second main gallery summer exhibition and the group also worked with artists including M V Brown, Sophie Rodgers and Lucy Brown to road test workshops, produced film interviews with artists and visited other artists, organisations and events.

Audience engagement work included:

• New Tricks workshops for creative practitioners in video with Lucy Vann, digital animation with M V Brown, live coding with Lucy Cheesman and Antonio Roberts, creating performance vignettes with Soraya Nabipour, poster making with Foka Wolf and sessions led by the Site team including field recording and Gameboy photography.

• Online and in-person reading groups exploring the research behind the exhibition programme.

• • Holidays Activities and Food (HAF) school holiday sessions at Site and community venues delivered in April and August for Sheffield City Council’s HAF programme, which supported young people who receive free school meals by providing creative workshops and food.

• ~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.

• ~ Site’s Digital Workshop Library was launched during the year, offering online tutorials in digital skills. The Library will continue to grow with new workshops as they are developed through Site’s New Tricks programme.

Reach

Over the course of the year, we recorded 44,081 visits to the gallery, with an additional 1,712 benefiting from our participatory and educational activity.

We created volunteering opportunities for 165 individuals and supported 3 paid internships.

Financial review

Site Gallery’s principal funders are Arts Council England (ACE) and Sheffield City Council who continued to provide revenue support. 2024/25 was the second year of the new funding agreement with Arts Council England which has 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 £31,244 was claimed during the year for eligible exhibitions which took place in 2023/24. 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 £32,541 to costs, with a closing balance of £32,741 at the year end.

The unrestricted general funds balance is £101,585 at the year end (2024: £130,901) which remains in line with the reserves policy.

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SITE GALLERY LTD.

TRUSTEES’ REPORT

FOR THE YEAR ENDED 31 MARCH 2025

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Reserves policy

It is the policy of Site Gallery’s Board of Trustees to maintain financial reserves to mitigate the risks to the Charity and to invest in its strategic growth. The Charity maintains a Risk Register through which it monitors financial pressures, capital requirements and investment needs. The level of reserves are calculated accordingly.

Funds are transferred into savings accounts when cashflow allows to maximise interest income. The reserves policy along with the target level of reserves is reviewed annually by trustees.

Free Reserves

Free reserves (unrestricted funds not committed) equating to three months operational expenditure plus redundancy costs for staff and outstanding lease costs are maintained. The minimum level should be no less than £80,000 with the upper limit £120,000. It is accepted that this level may fluctuate and temporarily drop when the reserve is utilised. This year, the level of unrestricted reserves is £101,585.

Designated Reserves

• Additional unrestricted funds designated by the board for specific purposes with balances at March 2025 are: e Exhibition designated fund - to mitigate risk of reduced income or higher costs for exhibitions, maintained through annual Museum and Galleries Exhibition Tax Relief claims: £32,741

• e Fixed Assets designated fund - to support depreciation costs: £68,448 * Strategic Development Fund to proactively manage risk and invest in the implementation of Site Gallery’s Strategic Plan: £30,000

Any allocation and spending of Reserve Funds will be discussed within the Finance Committee who will report and make recommendations to the Full Board of Trustees for discussion and approval.

In case of emergency the Finance Committee may recommend funds be released from Designated Funds for the purpose of dealing with said emergency which may not be related to the intended purpose of the designation.

Designated income is raised through earned income, revenue funding and tax relief claims. In the event of the organisation closing, these funds can be undesignated by the board to support wind up costs.

Restricted Funds

Restricted reserves are subject to conditions imposed by funders and expectations set by fundraising campaigns, and only used for the purpose funds are raised for. Trustees oversee the fundraising plan, setting targets annually and monitoring income raised at quarterly meetings.

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 Strategic Plan and reviewed by the Nominations Committee every six months. Any areas of high risk are taken to the Board for discussion. 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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SITE GALLERY LTD.

TRUSTEES’ REPORT

FOR THE YEAR ENDED 31 MARCH 2025

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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. In 2025/26 we will deliver: - Sheffield Doc/Fest - Alternate Realities in June 2025 * Fake Fans - main gallery summer 2025 exhibition designed by Site’s youth collective Society of Explorers - Slime Mother - a multi-sensory solo exhibition presented in autumn 2025 by artist and writer Abi Palmer. By monumentalising slug-life, Slime Mother creates a space of resistance and embraces alternative ways of moving through, communing with, and inhabiting a world where the marginalised fight to survive.

• ~ Plot & Plantation - a new multi-channel installation in spring 2025 by Rehana Zaman, centred on the figure of the migrant agricultural worker in contrasting contexts in Scotland and Pakistan. Sculptural structures will house the moving image work and provide a gathering space for engagement work.

• ~ the second year of the Creative Producers programme, working with care-experienced young people in collaboration 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
• • the first of two years of major strategic development work focusing on business planning, income generation and communications supported by the Fidelity UK Foundation.

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 an 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; and ° 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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SITE GALLERY LTD.

TRUSTEES’ REPORT FOR THE YEAR ENDED 31 MARCH 2025

es

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 Kate Brindley, Chair Dated: :

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SITE GALLERY LTD.

INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES OF SITE GALLERY LTD. FOR THE YEAR ENDED 31 MARCH 2025

a | report to the charity trustees on my examination ofthe[ accounts][of][ the] company[for][ the][ year][ ended][31][March][2025] which are set out on pages 9 to 21.

Responsibilities and basis of report

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

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

Independent examiner's statement

Since the company’s gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. | confirm that | am qualified to undertake the examination because | am a member of The Institute of Chartered Accountants in England and Wales, which is one of the listed bodies. | have completed my examination. | confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

1. accounting records were not kept in respect of the company as required by section 386 of the 2006 Act; or 2. the accounts do not accord with those records; or 3. the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a ‘true and fair view’ which is not a matter considered as part of an independent examination; or

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

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

Rachel Heath FCCA DChA BHP LLP Albert Works Sidney Street Sheffield S14RG

Dated: 5 Decemiaek 2426

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SITE GALLERY LTD.

STATEMENT OF FINANCIAL ACTIVITIES (INCLUDING INCOME AND EXPENDITURE ACCOUNT)

FOR THE YEAR ENDED 31 MARCH 2025

a	a	a	a	a	a	a
		Unrestricted	Restricted income	Restricted capital	Total	As restated total
		funds	funds	funds	2025	2024
		£	£	£	£	£
	Note
Income and endowments from:
Donations and legacies		1,449	-	-	1,449	642
Income from charitable
activities	3	341,587	57,453	25,658	424,698	355,587
Othertrading activities	4	40,934	-	-	40,934	75,987
Investments	5	66,545	:	-	66,545	65,705
Otherincome	6	31,244	-	-	31,244	41,572
Total income and endowments		481,759	57,453	25,658	564,870	539,493
Expenditure on:
Raisingfunds	9	13,932	-	-	13,932	12,332
Charitable activities	7	518,835	45,018	76,422	640,275	631,962
Total expenditure		532,767	45,018	76,422	654,207	644,294
Netexpenditure		(51,008)	12,435	(50,764)	(89,337)	(104,801)
Transfers		25,658	-	(25,658)	-	-
Netmovementinfunds		(25,350)	12,435	(76,422)	(39,337)	(104,801)
Reconciliation of funds:
Total funds brought forward		258,124	-	1,107,145	1,365,269	1,470,070
Totalfundscarriedforward		232,774	12,435	1,030,723	1,275,932	1,365,269

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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SITE GALLERY LTD.

BALANCE SHEET

FOR THE YEAR ENDED 31 MARCH 2025

SS

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			2025	2024
	Note	£	£	£
Tangiblefixed assets	13		1,099,171	1,145,085
Current assets
Stock		5,234		6,997
Debtors	14	98,499		76,302
Cash at bank and in hand		30,760		220,363
Investments	15	101,456		75,120
		235,949		378,782
Creditors : amounts falling due
within oneyear	16	(59,188)		(158,598)
Net current assets			176,761	220,184
Net assets			1,275,932	1,365,269
Funds
Restricted capital funds	17	1,030,723		1,107,145
Restricted income funds	17	12,435		-
			1,043,158	1,107,145
Unrestricted income funds:
Designated funds	18	131,189		127,223
General reserves	19	101,585		130,901
			232,774	258,124
			1,275,932	1,365,269

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 year in question in accordance with section 476 of the Companies Act 2006.

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.

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4
CLaZiZay
Katé Brindley -
TrusteeSli2\ 25
Company Registration No. 1495927
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SITE GALLERY LTD.

CASHFLOW STATEMENT

FOR THE YEAR ENDED 31 MARCH 2025 ——————————— SS —————E—E——=E_ SS SS

		2025	2024
	Note	£	£
Cash flowsfrom operating activities
Net cash (used in)\provided by operating activities	22	(122,119)	111,197
Cash flows from investing activities:
Purchase oftangible fixed assets		(41,148)	(2,340)
Transfersfrom cash and cash equivalentsto investments		(26,336)	(75,120)
Netcash used in investing activities		(67,484)	(77,460)
Change in cash and cash equivalents inthe year		(189,603)	33,737
Cash and cash equivalents brought forward		220,363	186,626
Cashandcashequivalentscarriedforward	23	30,760	220,363

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SITE GALLERY LTD.

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

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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 an 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 331/5% straight line Other Equipment 20% straight line

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SITE GALLERY LTD. NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

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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 fram 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 emplayee 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.
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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.

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

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

_————————————————eee

2	SOFA prior year
				Asrestated	Restricted	Restricted	As restated
				unrestricted	income	capital	total
				funds	funds	funds	2024
				£	£	£	£
	Income and endowments from:
	Donations and legacies			642	-	-	642
	Income from	charitable
	activities		3	341,587	14,000	-	355,587
	Othertrading activities		4	75,987	-	-	75,987
	Investments		5	65,705	-	-	65,705
	Other income			41,572	-	.	41,572
	Total income and endowments			525,493	14,000	-	539,493
	Expenditure on:
	Raising funds		9	12,332	-	-	12,332
	Charitable activities		7	525,917	29,749	76,296	631,962
	Total expenditure			538,249	29,749	76,296	644,294
	Netexpenditure			(12,756)	(15,749)	(76,296)	(104,801)
	Transfers			44,002	-	(44,002)	-
	Netmovement in funds			31,246	(15,749)	(120,298)	(104,801)
	Reconciliation of funds:
	Total funds brought forward
				226,878	15,749	1,227,443	1,470,070
	Totalfundscarriedforward			258,124	-	1,107,145	1,365,269

a

Page 14

SITE GALLERY LTD. NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

a 3Income 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:-		Restricted	_—_Restricted
		Unrestricted funds	income funds	capital funds	2025 Total	2024 Total
		£	£	£	£	£
	Arts Council England
	- National Portfolio Funding	319,887	-	-	319,887	319,887
	Sheffield City Council	21,700	-	-	21,700	21,700
	Creative Producers Project
	- Esmée Fairbairn Foundation	-	37,500	-	37,500	-
	- 1 G Graves Charitable Trust	-	5,000	-	5,000	-
	University ofSheffield Summer Internship
	Programme	-	3,000	-	3,000	:
	Sheffield City Council Low Carbon Capital
	Project	-	-	25,658	25,658	-
	Jerwood Arts & Southwark Park Galleries	-	4,000	-	4,000	-
	Esmée Fairbairn Foundation - conference atte	-	1,100	-	1,100	-
	AccessTo WorkScheme	-	6,853	-	6,853	-
	Freelands Foundation - Artist Platform
	Programme	-	-	-	-	14,000
		341,587	57,453	25,658	424,698	355,587
4	Incomefrom othertrading activities
					2025	2024
					£	£
	Shop sales Space hire& exhibition sales Other earned income				19,831 8,751 12,352	16,645 18,371 40,971
					40,934	75,987
5	Income from Investments
					2025	2024
					£	£
	Rent received				43,507	47,678
	Café franchise				18,008	17,678
	Bank interest				5,030	349
					66,545	65,705
6	Other Income
					2025	2024
					£	£
	HMRC Museums and Galleries Exhibitions
	Tax Relief				31,244	41,572
					31,244	41,572

HMRC Museums and Galleries Exhibitions Tax relief income was previously in the accounts under Taxation, as claims are made via Corporation Tax returns. As this is now a permanent relief which Site Gallery claims annually and uses to support exhibition costs via the Exhibitions Designated fund, this is now included as Other Income.

ns Page 15

SITE GALLERY LTD.

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

eenn ee a CU hn nn sss

7 Charitable Activities expenditure

Charitable Activities expenditure
	Unrestrictedfunds	funds	Restricted	Restricted
	Direct	Support	income	capital	2025	2024
	costs	costs	funds	funds	Total	Total
	£	£	£	£	£	£
Publicity	5,673	-	-	-	5,673	5,502
Exhibition costs	33,956	-	4,000	-	37,956	63,405
Artists fees	10,494	-		-	10,494	23,543
Educational projects	11,071	-		-	11,071	16,732
Creative Producers project	-	-	30,065	-	30,065	-
Salaries	201,413	133,338	9,769		344,520	317,472
Rent and rates	8,097	-	-	-	8,097	8,389
Light, heatand water	19,142	-	-	-	19,142	17,985
Insurance	12,991	-	-	-	12,991	12,251
Premises maintenance	41,366	-	-	-	41,366	40,611
Photocopying, postage and telephone	4,189	-	-	-	4,189	9,130
Sundry office supplies	9,859	-	773	-	10,632	7,996
Stafftraining	2,900	-	411	-	3,311	5,119
Recruitment	112	-	-	-	112	1,344
Travel and subsistence	88	-	-	-	88	324
Professional fees	3,771	48	-	-	3,819	3,727
Bank charges	576	-	-	-	576	468
Depreciation	10,640	-	-	76,422	87,062	91,972
Organisational development	1,676	-	-	-	1,676	753
Governance costs (Note 8)	7,435	-	-	-	7,435	5,239
	385,449	133,386	45,018	76,422	640,275	631,962

8 Governance costs

	2025	2024
	£	£
Trustees meeting costs	3,572	1,193
Independent Examiners fee	3,863	4,046
	7,435	5,239

ee

ee Page 16

SITE GALLERY LTD.

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

FOR THE YEAR ENDED 3131 MARCH 20252025	FOR THE YEAR ENDED 3131 MARCH 20252025	FOR THE YEAR ENDED 3131 MARCH 20252025	FOR THE YEAR ENDED 3131 MARCH 20252025
NN
9	Costs of raisingfunds
		2025	2024
		£	£
	Shop purchases Gallery hire costs	13,832 100	12,238 94
		13,932	12,332
10	Staff costs and trustee and keymanagement personnel remuneration
		2025	2024
		£	£
	Staff emoluments:
	Wages and salaries Social security costs Pension costs	308,208 21,902 14,410	283,482 20,031 13,959
		344,520	317,472

No employee earned more than £60,000 per annum (2024: 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 £105,695 (2024: £94,882).

No trustees were paid any remuneration for their services as a trustee. Six trustees were reimbursed for expenses during the year in respect of travel expenses and total expenses reimbursed were £1,584 (2024: £689 to six trustees).

11 Employee information

The average number of employees during the year was 9 (2024: 9).

12 Pension costs

The charity operates a group personal pension plan. The assets of these schemes are held separately from those ofthe 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 £14,749 (2024: £13,884).

ne Page 17

SITE GALLERY LTD.

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

eee

eee

13 Tangible fixed assets

		Leasehold property	Fixtures&	Computer	Other
		and improvements	fittings	equipment	equipment	Total
		£	£	£	£	£
	Cost
	At 1April 2024	2,911,654	139,636	133,036	60,038	3,244,364
	Additions	30,212	1,660	2,933	6,343	41,148
	Disposals	-	-	-	-	-
	At 31 March 2025	2,941,866	141,296	135,969	66,381	3,285,512
	Depreciation
	At 1 April 2024	1,776,337	139,635	127,873	55,434	2,099,279
	Charge	79,474	194	4,516	2,878	87,062
	Disposals	.	-	-	-	-
	At31 March 2025	1,855,811	139,829	132,389	58,312	2,186,341
	Net book value
	At 31 March 2025	1,086,055	1,467	3,580	8,069	1,099,171
	At 31 March 2024	1,135,317	1	5,163	4,604	1,145,085
14	Debtors				2025	2024
					£	£
	All amounts falling due within oneyear
	Trade debtors				10,800	5,475
	Prepayments				29,738	23,810
	VAT recoverable				2,925	-
	Accrued income				55,036	47,017
					98,499	76,302
15	Investments
					2025	2024
					£	£
	120 Day notice account				101,456	75,120
					101,456	75,120
16	Creditors: Amounts falling due within one year				2025	2024
					£	£
	Trade creditors				22,563	19,510
	Othertaxation and social security				6,255	9,492
	Other creditors				14,311	109,029
	Accruals				16,059	20,567
					59,188	158,598

In 2024, included in other creditors, was a balance of £91,350 which related to funds held at the balance sheet date in relation to funding payable to arts organisations through the Sheffield City Council Shared Prosperity grants scheme. In 2025, afl grant funding has been paid and the balance is Enil.

ee

Page 18

SITE GALLERY LTD.

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

==> picture [459 x 220] intentionally omitted <==

----- Start of picture text -----
|||||||||||||| |---|---|---|---|---|---|---|---|---|---|---|---|---| |ns| |17|Restricted|funds|- current year|Movement|in|resources| |At|At| |1 April|Incoming|Outgoing|Transfers|31|March| |2024|resources|resources|2025| |£|£|f|£|£| |Restricted|income|funds| |Esmée|Fairbairn|Foundation|-|Creative|Producers|Project|-|37,500|(28,565)|-|8,935| |J|G|Graves|Charitable Trust|-|Creative|Producers|Project|-|5,000|(1,500)|-|3,500| |University|of Sheffield Summer|Internship|Programme|-|3,000|(3,000)|-|-| |Jerwood|Arts & Southwark|Park|Galleries|-|4,000|(4,000)|-|-| |Esmée|Fairbairn|Foundation|-|conference|attendance|-|1,100|(1,100)|-|-| |Access To Work Scheme|-|6,853|(6,853)|-|-| |:|57,453|(45,018)|:|12,435| |Restricted|capital funds|1,107,145|25,658|(76,422)|(25,658)|1,030,723| |1,107,145|83,111|(121,440)|(25,658)|1,043,158| |;——_||_—}|—SSS—O——oaae> =a|

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

• Esmée Fairbairn Foundation and J G Graves Charitable Trust - funding towards 3 year Creative Producers Programme

• University of Sheffield Summer Internship Programme - funding to engage three UoS students as paid interns

• Jerwood Arts & Southwark Park Galleries - grant funding for the Jerwood Survey III exhibition

• Access To Wark Scheme - DWP funding to support employees with disabilities or health conditions - Transfers in the year relate to capital expenditure that is now fully expended and therefore transferred to designated funds

==> picture [438 x 145] intentionally omitted <==

----- Start of picture text -----
|||||||||||| |---|---|---|---|---|---|---|---|---|---|---| |Restricted|funds|-|prior year|Movement|in|resources| |At|At| |1|2023April|resourcesIncoming|Outgoingresources|Transfersf|31|March2024| |£|£|£|£|£| |Restricted|income|funds| |Freelands|Foundation|-|Artist|Platform|Programme|15,749|14,000|(29,749)|-|-| |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|

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

a————— Page 19

SITE GALLERY LTD.

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025 ————

18 Designated funds - current year

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

	Balance			Balance
	at 1April	Resources	Changes to	at 31 March
	2024	expended	designations	2025
	£	£	£	£
Fixed assets	42,941	(9,000)	34,507	68,448
Exhibition designated fund	65,282	(60,000}	27,459	32,741
Capital equipment designated fund	19,000	(6,139)	(12,861)	-
Strategic Development designated fund	-		30,000	30,000
	127,223	(75,139)	79,105	131,189

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 - tax credit claimed through Museums and Galleries Exhibitions Tax Relief (net of costs) is transferred into this fund, to support future Site Gallery exhibition and artistic programmes in order to support longer term planning.

Capital Equipment designated fund - the Trustees established this 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.

New - Strategic Development designated fund - the trustees closed the Capital Equipment designated fund in 2024/25 and the fund balance at the year end was transferred into this new fund, which has been established to proactively manage risk and invest in the implementation of Site Gallery’s Strategic Plan.

Designated funds - prioryear	Balance			Balance
	at 1 April	Resources	Changesto	at 31 March
	2023	expended	designations	2024
	£	£	£	£
Fixed assets	12,273	(15,676)	46,344	42,941
Exhibition designated fund	75,389	(48,000)	37,893	65,282
Capital equipment designated fund	19,000	-	-	19,000
	106,662	(63,676)	84,237	127,223

19 Analysis of accumulated fund balances between net assets as at 31 March 2025

	Unrestricted	Unrestricted	Restricted	Restricted
	General	Designated	Income	Capital	Total
	Funds	Funds	Funds	Fund	Funds
	£	£	£	£	£
Tangible fixed assets	-	68,448	-	1,030,723	1,099,171
Current assets	160,773	62,741	12,435	:	235,949
Current liabilities	(59,188)	-	-	-	(59,188)
	101,585	131,189	12,435	1,030,723	1,275,932
Analysis ofaccumulated fund balances between		net assets as at 31 March 2024
	Unrestricted	Unrestricted	Restricted	Restricted
	General	Designated	Income	Capital	Total
	Funds	Funds	Funds	Fund	Funds
	£	£	£	£	£
Tangible fixed assets	-	37,940	-	1,107,145	1,145,085
Current assets	289,499	89,283	-	-	378,782
Current liabilities	(158,598)	-	-	-	(158,598)
	130,901	127,223	-	1,107,145	1,365,269

Seeeee,,.!|}t|p.

Page 20

SITE GALLERY LTD.

EO_—e

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

20 Commitments under operating leases

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

	2025	2024
	£	£
Not laterthan oneyear	-	533
Laterthan one and not laterthan five years	:	2
	-	533

21 Related Party Transactions

There are no related party transactions in the year (2024: nil).

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

			2025	2024
			£	£
	Net(expenditure)fortheyear		(89,337)	(104,802)
	Adjustment for:
	Depreciation charge Decrease/(increase) in stock (Increase)/decrease in debtors		87,062 1,763 (22,197)	91,972 (1,845) 28,077
	(Decrease)/increase in creditors		(99,410) (122,119)	97,795 111,197
23	Analysis ofchanges in net debt
		At 1 April		At 31 March
		2024	Cashflows	2025
		£	£	£
	Cashatbankandinhand	220,363	(189,603)	30,760

TTTeeeenn Page 21