COMPANY NUMBER . 02276987 LEICESTER ARTS CENTRE LIMITED TRADING AS PHOENIX REPORT OF THE DIRECTORS AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022
LEICESTER ARTS CENTRE LIMITED TRADING AS PHOENIX CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 Page Company Infomation Report of the Directors Report ofthe Independent Auditors 8-10 Statement of Financial Actrwties - Chanty Ststement of Financial Activities- Group 12 Balance Sheet 13 Statement of Cash Fk)ws 14 Notes to the Financigl Statements 1&27 The following is not part of the statutory financial statements Detsiled Income and Expenditure Anatysis 28-29
LEICESTER ARTS CENTRE LIMITED TRADING AS PHOENIX COMPANY INFORMATION FOR THE YEAR ENDED 31 MARCH 2022 DIRECTORS AT YEAR END AND THROUGH0[ THE YEAR: A Sinclair (Chairl B A Carpenter Van Barthold S M Overton-Edvrards C Sharpe W G Haley R Coalson (resigned 24 November 20211 A Mamuiee L M Jones D T Myers Prof S M Sharma C J Kersey S Bazzaz Z Alman Irewgned 30 June 2022) JLSmrth E C Harris-Bouller (resvjned 8 January 2022} M UndeOod S Jones (resigned 30 September 2022) CHIEF EXECUTIVE . JRan SECRETARY . R Botterill REGISTERED OFFICE . Phoenix Square 4 Midland Street Leicester LE1 1TG COMPANY NUMBER . 02276987 (England and Wales) CHARITY NUMBER . 701078 AUDITORS . Evolve Accountants and Business Advisors Lld Unit 10 Phoenix Park. Telford Way Coalville LeiStershire LE67 3HB BANKERS . Bank of Scotland
LEICESTER ARTS CENTRE LIIIITED TRADING AS PHOENIX REPORT OF THE DIRECTORS FOR THE YEAR ENDED 31 MARCH 2022 The Trustees. who are also directors of the d)anty for the purposes of the Corry)anie5 Act, psent their annual report together with the audrted fin3n¢ial statements for the year ended 31 March 2022. Company infomation as sel out on page 1 form5 Part of this rewrt. STRUCTURE, GOVERNANGE AND MANAGEMENT Governing Document Leicester Arts Centre Limited {LAC Ltd) i8 a registered charrty (charity number 7010781 and a company limrted by guarantee (company nUber 22769871. The company is govemed by its Mèmorandum and Aitdes Of Asswab"on whid) were last amended in August 2015. Phoenix is the trading name of the charity and tts trading subsidiary. Firebird Trading Ltd lojmpany numbèr 69422151. R&cNitrngnt and Appointsnent ofthe Directors Director5 can be appointed by the Board or by the company's members al a general meeting. Le1$tr City Council Is entitled to appoint a maximum of director5 and lo remvè any such directDrs. De Montfort University is entiued to appoint a maximum oftwo directors Ped that such directors have first been approved by the City Counal and to remove any such directots. The Chair of the Board is appointed by the Board from amongst the directors. The tem of appointment for the Chair and directors is for a fixed period after which the Chair andlor direGtors can stand for re-election. The number of directors shall not be less than three and is not subject to any maximum. Director Induction and Training There is an induct'on programme for new directors, whith is tailored to theii particular needs. Training programmes for diredors are avaiLible to assist them in o)nsolidab"ng their knOedge oftheir dub.es and responsibil¢ties as directors. Risk Managgment The Trustees regulady vIeW the major strategic. bu&ness and ¢)peratial risks which the o)mpany faces and ca)nfimi that systems Iwve been pirt in place to mtyate those risks. Oryanisational Struc Thé company 15 overseen by a Board of Directors that penodi¢2lly in order to administer the charty. DecAsions are made at Board rntings ty a majority vote. A Chief Executive Officer Iwho is not a Board member) Is appointed by the Board to manage the day-ttrday operats"on5 of the chanty. The Directors have a maximum lbil under guarantee to (xjntribute £1 each towar<ls the Company's liabilitie$ in the event of a winding up.
LEICESTER ARTS CENTRE LIMITED
TRADING AS PHOENIX
REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 MARCH 2022
PRINCIPAL OBJECTIVES AND ACTivmES FOR THE PUBUC BENEFIT
Phoenix's vision is to enrich live5 and celebrate diversity and amtjtion in film and art. The company's mission Is
lo be a dynamic artisb"c and Lyeative ntre where everyone can enjoy. leam about and make inspirational film
and art,. enri¢hing individual INes and sts'mulab"ng economic growth in Leicester and beyond.
Phoenix provides a unique programme ol worfd anema. digital arts arKI educab.on for a wde range of people
mainly from the greater Leicester area. Open to all. Phoeftix promotes education and a stimulab.ng environment
that enables people to develop the inspirab'on. skills and relationships they need to achieve. Our Publ benefit
aims are lo promote edu(g1ion and communty devewment especially thtDugh worfd film and the digital arts.
The company's prinapal place of 8CtNty is Phoenix Square, 4 Midbnd Street, Lei¢ester.
It is the company's policy that the shoukl be no dis¢xirninab"on in respect of ethnic origin, race, physical
appearancè, gender. disability. sexualty. marital ststuy. dass, age. religious or political belief and that equal
opportunity shall bè given lo all employees. The company's recruibnent pr¢)uTeS ensure that all applicants
are given full and fair considefab.on for suitable vacanryes.
The company has referred lo the Chanty Commisson's gerral guidance on publ¢ benefit when reviewing ils
ain7s and objeoives and in planning its future activities.
ACHievEMENTS AND PERFORMANCES
The achievements and financial statements of Phoenix in 2021r22
LEICESTER ARTS CENTRE LIMITED
TRADING AS PHOENIX
REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 MARCH 2022
Phoènix typically sèes 170.000 120191201 engagements a year in various cultural, education and business
activity'es offere(I by Phoenix at rts main venue. wrth many more people vis"n9 our popular cafélbar From the
start of the pandemic, we deterniined lo conb.nue to serve our kKal o)mmunrty whilst also priorrtisiryJ busine55
conbnuity and olrr ambitious Capi pro11 to expand the venue.
We are very proud of the way our stsff adapted to the extraordinary situats.on and supKK)rted many people during
the lockdowns and restriGb"ons with a (x)mprehensive enlertaining. inspiring. and educational on-line programme
called Phoenix at Home." and eventually welcomed peop bk to the venue to a significantly adapted
operation and customer experien due to the COVID-19 13t1$.
Phoenix at Home was conlinlted thrOh0 2021r22 and wa5 adapted after the venue reopened in June. There
were 105.000 engagements in our programme dunng the financaal year lor7-line and venue visits). compared to
123.000 in 2020121 when the programme was almost enb.rely on4ine.
The venue was open cDntinuously to the public for 9 months from June wrfh reduced capacity and opening
hours. Many cJJstomers returned enthusiasb"cally but at muth kjwer levels than prtrpandemic. The annual
cinema audience of 32,890 was 37% of 2019120 {89,5801. bul mLth betier than 2020121 {2,2001 when the
venue was open foriust one month.
The continuing funding commthents of our stakehoklers Le1ter Cty Counul, Arts CounThl England, Brib"sh
Film Institute and De Montfort UnÈversity in these extraordinary circumstsns was vrtal in the GonbnuatiDn of
our work in engaging a diverse range of people in film. digital (xjlture. leaming and (reab¥ity.
Dèspite the challenges cause(I by the pandemic. WÈ were exated to start construcon work on our mutti-million
pound expanson project to become a four screen
LEICESTER ARTS CENTRE UMITED TRADING AS PHOENIX REPORT OF THE DIRECTORS FOR THE YEAR ENDED 31 MARCH 2022 The charity was awarded a Coronaviru5 Business 1nlerrupb.on Loan ICBILI of £250k in 2020. which was reserved by the Trustees to support the capital project. By yèar-end repayments had redLKed the loan to £208,704. Unrestricted general funds inueased to £414.625 12020121.. £158.592), whth meets the minimum tsrgel in the Charity's reserves policy. This was only possiNe with COVID-19 Government support in particular direct contribub'orB from the Culture Rec#)very FunLI to mth.gate the impact ofthe pandemic on thè owab.rtg business. In 2019120 Phoenix generated almost £IM of conthbution to overt*ads from trading, memberships, and shared services. The main activities lunema tickets. contEssions. advertising. and venue hirel ceased on 17 March 2020 wfch venue closure. Memberships. donatsons. (x)ur5e fees and shared SerS were also badly affected by closure. Phoenix survived loss of this income Ihrough gocmj g0vemae and managemenl and vital support from our public fvnders Ajts Counol England. Brrtish Film Institute. and Leicester Cty CoLJnryl. Our loyal customer base made many individual donatr'ons and many members renewèd SublptionS despite closure. Phoenbx claimed COVID-19 lief support induding the Job RetenlTh Scheme. Culiurg Recovery Funds and small business relief grants administer8d by Le1$ter Crty Cwnol. Box Office inwme rnVered from £27,398 12020r211 to £260,229, but this rs just 42% of the pre-pandemic vel £618.277 120191201. Similar. ino)me from the trading subsidiary recovgred from £135.568 120201211 to £324,698 which is 40% of the wpandern1C level £812.575 120191201. Fixed o)sts and overheads that were reduced in 2019120 inevrtabty InfftasI with reopening. Phoenix operates a large venue, and many (x)sts are nd readily s213b. A signifiGant re(Yganisalion that regrettabty indLKEed redundanues was initiated in January 2021. Most of the recwganisali¢)n was completed in the first 3 mnths of 2021122. Even so, employrrEnt costs in¢¥èased as staff retUTrEd lo work and wth the tapering and end of the Coronavirus Job Retenbon Scheme ICJRSI. The Business Recovery Plan required the retention of suffiaent staff and key skills in adIneSS tr) reowi the venue and re(x)ver trading. The CJRS was a major source of relief from March 2020, sustaining the thanty and supporting employment during cjosure and partsal onIng when many staff We on lurloLQ The directors have considered the going concern position ofthe Company and th& group arKI Consider that the preparatk)n ofthe financial statements on a going ¢orKem basis is appropriate. Principal Funding Sources Leicester Arts Centre's main revenue grant fijnders in the period wgre Leicestw Crty Counol, Arts Counul England, De Monrfort University. and Brrtish Film Institute, the corOnarS Job Retention S(l)eme and the Culture Recovery Fund. The main capital grant frjnders in the period were Arts Council England. Leic8St8r City Counol, Tha Foyla Fovndalion. and The Garfidd and Weston Foundation.
LEICESTER ARTS CENTRE LIMITED TRADING AS PHOENIX REPORT OF THE DIRECTORS FOR THE YEAR ENDED 31 MARCH 2022 Rw6erves Policy The Trustees wiewed the Reserves Policy at a general boar(S meeb.ng on 28° April 2022. Itwas recomrnended and approved that no changès to the current Policy should be made. The cuirenl policy is to retain a minimum of £400,OCQ free reserves. being the unrestricted fvnds not designated for a specAfic purpx)se to cover cothr¥Jencies and annual variatson5 in operating income. In additson, the Trustee5 aim to retsin a cash balan Of£4,000 to cover variab'ons in operating in(x)me. The level of free serveS of the group on 31 Marc 2022 had increased to £414.625 131 March 2021.. £158,591). which meets the reserves policm requirement. Cash balances hekl at 31 March 2022 were substant1311y higher than the £400.000 target. but as can be seen in Note 14. a ggnfficanl amount of the balan related to designatèd funds. however the ¢ash balan5 held under free reseNes still exceeded the target amount. Investment Policy The directors of the Cc¥npany have the powers to invest the Company's funds in any way they feel appropriate in accordan with its charitable obJ"ectsves. PLANS FOR FUTURE PERIODS The main priorities for the year ahead are to manage the building phase of Phoenix 2020 to mPletIOn and launch the expanded venue." and lo rettjm the group to surplus by 2024125 whilst realising the cultural and public benefit outcomes in the Phoenix 2020 business plan. The venue will be open to the public duriro building work in 2022 wth 2 weens and a much redUd fwd and beverage offer Work to the entrance will necessitate public dosure in Septembèr and O¢tober 2022. The arts and cine0 programme wll conts'nL oTFline arKI In other crty venues to maintain o(Jr profile during these months, whilst parts of the venue will ba used for an wb.st and filmmaker deveknpment programme and a university film studies couw5e. Beiween Novèmber 2022 and January 2023. PhniX wll operate as a 2 screen venue wilh reduced foc¢d and beverage offer until the fvll venue is launched. Thè main building eontract Is expected io be completed in December. Much senior management time wll be IcK)Jssed on fft-out Idesign and procurement). contractor and grant management. During the autumn. marwment and staff wll develop 0ra"ng proureS and systems to run the expanded venue. Thereafter, our plan then is to build audien$ bath up to prparernbc levels by the end of financial yèar 2023124 and retum the charity to surplus in 2024r25. UK GineTna audiences are growing steadily but are not to pandemiC levels. They a expected lo reach 80% of 2019 admissions in calendar year 2022. They have not recovered as quickly as many operators expe(ed. The "wsl-of-living Crisis" and erOrnic concerrts have replaced COVID-19 as the main tactor affecting audien confidence. At the same time we are min(fful of the pressure5 and competing priorits'es placed on public funding. Atthough we expect to see a much exrytement and customer Inte$t at the launch of our expandeil venue. we have necessarily reduced our bune$S forecast and aim to retum lo ¢peraling surplus in 2024125.
LEICESTER ARTS CENTRE LIMITED TRADING AS PHOENIX REPORT OF THE DIRECTORS FOR THE YEAR ENDED 31 MARCH 2022 STATEMENT OF DIRECTORS. RESPONSIBILITIES Company law reqijires the directors to prepare finanaal statements for eath finanaal year which give a true and fair view of the state of affairs of the corryjany and of the profit or loss of the company for that perirxl. In pparIng those finala1 ststements. the dior5 are required to.. Select suitable accounting poliues and then apply them consistentty- rnake judgements and estimates that are reasonable and prudent.. prepare the finanaal statements on the going 0)nrn basis unless it is inapproprtate to presume that the company will conts.nue in business. The directors are responsib for kwing proFer aox)unb"ng records whith disch)se wrth reasonablè accuracy at any time the financial posib.on of the company and to enable them to ensure that the ffnanoal statements ¢L)mply with the Companies Act 2006. Charities Ad 2011. Accounb"ng and Repotb"ng by Charities.. Statement of Recommended Practi applicable to thanb.es preparing their accounts in accordance with the Finanryal Reporting Stsndard appli(2ble in the UK and Republic of Ireland IFRS 1021 leffecb.ve 1 January 2015} and the trust deed. They are also responsib for safeguarding thé a55ets of the ¢x)mpany and hence for takn'ng reasonable steps for the preventK)n and detection of fraud and other iffegularth"es_ AUDITORS Each of the persons who is a trustee at the date of approval of this report nMiS that so far as èa¢h tnjstee is awarè. there is no revant audit w)formab"on of which the Charity's audrt¢x is unaware.. and each trustee has taken all steps that they ought to have taken as a trustee to make them-sew aware of any relevant audit informakn.on and to estsblish that the Chanty's auditor is aware of that infomats"on. This report h85 been prepared in accordancè with the AOunting and Reporting by Charities". Slaternent of Recommended Pradice applicable trj charities preparing their accounts in accordan with the Financial Reporting Standard applicgble in the UK and Republic of I13 IFRS 1021 lèffeth.ve 1 January 20151 and in accordance wrth the swial provIon$ fcf small companies under Part 15 of the Companies Act 2006. ON BEHALF OF THE BOARD Alison Sinclair IChairl- Director 30 November 2022
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF LEICESTER ARTS CENTRE LIMI D TRADING AS PHOENIX OPINION We have audited the corssolidated accounts of Leicestèr Arts Centre Trading as Phoenix for the year ended 31 March 2022 which comprise the Consolidated Statement of Financ¢al Activ"eS. the Gonsdidated Balan Sheet, Consolidated Cashflow Stslement and the related notes. indutying 3 summary of significant accounting poliGies. The finanoal reporting frameworf( that has been applied in their preparion is applicable law and United Kingdom Acwunling Slandard5. induding Finarrial Repcxt"ng Standard 102 The Finanaal Reporting Standard applicable in the UK and Republi¢ of Iteland {United lQngdom Genwty Accepted Accounting Pra¢ti¢el. This report is made solety to the charitable company's members. as a txxly. in accordance wth Chapter 3 of Part 16 of the Companies Act 2006. Our audrt work has been undertaken so that we might stste lo the charitable company's truslee5 those matters we are requiced to stale lo them in an auditorfs report and for no other purpose To the fullest extent perniitted by law. we do not accept or assume responsibility lo anyone other than the charitable company and the thatttable company's tnjstees as a ixxly. for our audit work. for this report. orfor the opinions we have formed. In our winion the consolidated accounts.. give a true and tsir VE4V of the state of the charrtable company's affairs a5 at 31 March 2022 and of its incoming resources and application of re%rceS, induding tts income and expenditure, for thè year then ended.. . have been property prepared in acts)fdan UThted Kingdom Genefalty Aepted Accountirg Practice." and . have been prepared in aGwolan Ihe requirenRnts of the Cwpanies Act 2006. BASIS OF OPINION We GwduGted our audit in accordan with lntemats.onal Standards on ALtditing IUKI IISAS IUKII and applicable law. Our resF¥)nsibilibes under those stsndards are further de5Cbed in Ihe auttito¢s resnSIbIlI.es for the audit of the consolidated aCntS sectson of our rerx)rt. We are in¢Jependent of the charrtable company in acctsrdance with the ethical requireents that are relevant to our audit of the nSol1dated account5 sn the UK. induding the FRC'S Ethical starard. and we have fvjlfilled our other ethi121 feswjnsibility'es in accL)rdance with these requirements. We believe that the audit ewdence we have obtsined is sufficient and appropriate to provide a basis for cyjr opinion. CONCLUSIONS RELATING TO GOING CONCERN We have nothing to repfxt in SpeCt of the fdlowing matters in lation to which the ISAS IUKI require us lo report to where.. The trustees, use of the going cOrern basi5 of accounling in th8 pr8parab.on of the consolidated aco)unts is not appropriate". (K The trustees have not disdosed in the consolidated aco)unts any Jenb"fied material uncertainties that may cast significant doubt about the charitsble MpanY'S at¥lty to continue to adopt the going cxjncem basis of accounting for a period of at least twelve monlhs frryn the date the conso14dated atxxmjnls are authorised for issue. OTHER INFORMATION The other informats'on comwses the infomwb"M ivded in the annual report, otheT than the consolidated a¢count5 and our audf(orfs repyt thereon. The trustees are reS[nSIble for the other infomiation. Our ¢pinion on the Consolidated awunts (Soes not cover the other infomiation and, èx¢ept lo the extent othewse explicrtly stated in our repc¥t. we do not express any fom) of &%surants thereon.
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF LEICESTER ARTS CEP4TRE LIMITED TRADING AS PHOENIX continued In connecbon WI our audrt of the nSulldated accounts. our responsibility is to read thè other infomab.on and, in doing so. consider whether the other informab.on is materially inccnsistent wth the c4)nsolidated accounts or our knowledge obtsined in the audit or otherwse appears to be materially misstatl. Ifwe idÈnb"fy such material inconsistencies or app?nt material mi55tatemerts. we are required tr) detemiine whether there is a material misstatement in the consolidated accounts or a material MjsstateThnt of the other infom)ation. If, based on the work we have perfomed. we condude that there is a material misstatement of this other infomabon, we are required to rport that fact We have nothing to report Fn this regard. OPINION ON OTHER MAThERS PRESCRIBED BY THE COPIPANIES ACT 2006 In our opinion. based c¥) the work undertaken in the rA)urse of our audit.. the Information given in the Trustees. Report for the financAal year for which the consolidated aoUntS are prepared is consistent with the consolidated accounts the Trustees, Report has been prepared in accordan with applicable legal iequirements IMTfERS ON WHICH WE ARE REQUIRED TO REPORT BY EXCEPTION In light of the knowledge and understanding of the tharty and its environment obtsined in the course of the audi( we have not idents"fd matèrial misstaten*nts in the Trusteès Report. We have nothing lo report in resped of thè foll¢ywing matters in relatN)n to which the Companies A(# 2006 requires us to report to you rf. in our opinion.. • adequate accountsng records have not been kept or returns adequate fr)r our audrt have not been received from branches not V151ted by us". or . the consolidate¢J accounts are not in agfeernent the accounting records and retums." or . certain disc105ures of trustees. remureration S[fied by are not made," or . we have not received all the InfornTrtron and explanations we require for our audit." or . the trustees were not entsued to prepare the consolidated accounts in accordance with the small companies. regimè and take advantage of the small Compan&, exempb.ons in preparing the TTUStees' Annual Report anol from the qU1ment to prepare a strategic rewL RESPONSIBILITIES OF TRUSTEES As explained more fully in the Truslees. Annual ReKK)rt. the tnjstees Iwho are also the directors of the charitsble cc¥npany for the purposes of (y)mpany lawl are responsible for the preparation of the consolidated accounts and for being satisfie(l that they give a tJue and fair vtew. and for such inlemal control as the Trustees deterniine is necessary lo enable the preparation of &s011aled acwunts that are free from material misstatement, whether due lo fraud or erTOr. In preparing the Consolidated accounts. the Trustees are respM)nsible ftjr assessing the Charitable Company's abilty to continue as a going ccmcem, disdosing. as applicabbe. rnatters related to going conrn and using the g¢>ng concern bass of accounting unless the Trustees ether intend to liquKlale the Chantable Company or to ceas8 gperab'ons, or have no iealistic atiemab"¥e iNJt to do so.
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF TER ARTS CENTRE LIMITED TRADING AS PHOENIX ¢ontinued LEICE AUDITORS RESPONSIBIUTIES FOR THE AUDIT OF THE C014SOLIDATED ACCOUNTS Our objecbves are to obtsin reasonablè assurance atx)ut whether the consolidated accxxjnts as a whole are free from material mtsstatement, whether due to fraud or error, and to issue an auditor's report that indudes our opinion. Reasonable assuran is a high level of assuran. but is not a guarantee that an audit conducted in accordance with ISAS IUKI will ajways detect a m*erial misstatement when rt exists. Misstatemènts can arise from fraud or error and ale considered material rf. individually or in the aggregate, they could reasonably be expected to influence the ecorm[¢ decisions of usèrs tsken on thè basis of thesè (x)nsolidated a¢¢ountS. A further description of our responsibiltb"e$ for the audit of the consolidated accounts is located on the F&nanual Reporting Counols website at vMW.frc.c.uk1audrtorresponSIb1Ith.e$. This descripb.on fomis part of our auditorfs reporL James Nixon (Senior StatLrttsry Auditor) For and Dn behalf of Evolve Accxiuntants and BUne$S Advisors Limrted Accountants and Statutory Audrtors Unit 10 Phoenix Park Telford Way. Coalville, LeISterShIfe LE67 3HB 30 November 2022 -10-
LEICESTER ARTS CENTRE LIMITED TFiAOING AS PHOENIX STATEMENT OF FINANCIAL ACTIVITIES IINCLUDING IMCOIIE AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 MARCH 2022 CHARITY Total Total Funds Funds 2022 2021 Unrestri¢ted Restricted Funds Funds 2022 2022 Incoming Resources from generated funds Voluntary Income Grants received Intangible income- Trnt free use of premises Investment Income Bank interest Gift aid from subsidiary Incoming Resources from Charitablo A¢tivities Box Office {chaTitable trading incorr} Other income from operating av"e5 261.617 T 10.500 4.259,702 4,521,319 110.50rJ 1.544.424 110,500 43 34.727 43 34,727 66.206 260.229 61,425 260.229 65,582 27.398 147.144 4.157 Total Incoming Resources 728,541 4.263.859 4.992.400 1,895.682 R•sources Expended Costs of genernting funds Premise5 ¢YJSts- intargiblè Cost of Charitable activities ve performance and eLlurAtion Film hirè Wages. salaries and Socral SeoJrrty Marketing and publicAty Premises costs- Centre DepCIatIon Supplies and serVIS Governan costs 110.500 110,500 110,500 10.159 110.932 451,985 48,718 69.148 22.451 167,514 4.511 48.849 59.008 110,932 696,802 48,718 134,687 24.706 174.601 4.511 18.604 821,408 30,501 95.802 31.021 180,005 4,511 244.817 65.539 2.255 7,087 Totsl Trsources exnd•d 995,918 368,547 1,364.465 1,292,352 Net loutgoing)fincoming Resources Transfers 1267.37n 633.216 3.895.312 633.216 3.627,935 603.330 12 Net Movoment on Funds 365,839 3,262,096 3,827,935 603,330 Total funds brought forward 609.713 561.995 1.171,708 568.378 Total funds ¢arried forward 14 975.552 3,824.091 4.799.643 1.171.708 l incoming reree3 and reSoUS expended derive from CtinUIrtY 3cb"viJ"es.
LEICESTER ARTS GENTRE LIIAtTED TRADING AS PHOENIX STATEMENT OF FINANCIAL ACTMTIES (INCLUDING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR DED 31 IAARCH 2022 GROUP Total Fund5 2021 Unr85tricted Restrfct•d Funds Funds 2022 2022 Total Funds 2022 Nolo Incoming Rèsources from genernt•d funds Voluntary Income Grants received Intangible income- rent free use of premises Investment Income Activities for Generating Funds Income of trading Subsidiary Incoming Resources from Charitable Activitiès Box Office (charitable trading irme) Other income from operab.ng ath"v"es 261.617 110.500 43 4.259.702 4.521,319 110.500 43 1,544.424 110,5 10 324,698 324.698 135,568 260.229 52.893 260,229 57,050 27,398 138,612 4.157 Total Incoming Resources 1,(M)9.980 4.263.859 5 273,839 1.956.512 Rgsourcos Expènded Costs of generating funds Trading subsidiary cost of sales Trading subsidiary overhead costs Premises costs- intangible Cost of Charltable a¢tivilies Live performance and education Film hire Wages. salaries and Social SecJJrtty Marketing and publiaty Premises ¢9sts- Centre Depreciation Supplies and services Govèmance costs 66,360 5.293 110.500 66.360 5,293 110.500 15,310 5.770 110,500 10.159 110.932 661,771 48.718 69.148 25,670 167.514 4.511 48.849 59.008 110.932 9(.588 48.718 134.687 27,925 174.601 4,511 18,604 860,297 30,501 95.802 35.649 180,005 4.511 244.817 65.539 2,255 7,087 Total resources expended 1.280.576 368.547 1 649,123 1.356.949 Net {outgoingifinct)ming R•sources Transfers {270,5961 633.216 3.895.312 3.624,716 633.216 599.563 12 Nèt Mavèment on Funds 362,620 3.262.0* 3.624.716 599,563 Total ndS brought forward Totsl funds carried forward 617.299 979.919 561.995 1.179,294 3.824.091 4.804,010 579.731 1.179.294 14 All incoming resour$ and resou5 experKled derive from tinu1j acb"VTties. -12-
LEICESTER ARTS CENTRE LIMtrED TRADING AS PHOENIX BALANCE SHEET AS AT THE YEAR EN ED 31 MARCH 2022 CHARITY 2021 GROUP 2022 2022 2021 FIXED ASSETS: Tangible assets Investments 4.153.648 844,615 4,158,012 852,198 4.153,650 844,617 CURRENT ASSETS: Stock8 Debtors Cash at bank and in hand 4,158,012 852,198 6.190 573.362 1,197.230 1.776,782 3.000 221.882 514,545 739,427 687.392 1,065.686 1.753,078 274.496 457.161 731,657 CREDrroRS.. Arnounts falling due wthin one year 948.381 190,635 972,080 198,400 NET CURRENT ASSETS". 804.697 S41.022 804.702 541,027 CREDITORS.. Amounts falling due in ovtrr one year 158.704 213,931 158,704 213,931 NET ASSETS.. 4.799.643 1.171.708 4.804,010 1,179,294 UNREsTcTED FUNDS: General fvnd Designated Funds 410.258 565,294 151.oc 458.707 414,625 565.294 158,592 458.707 13 RESTRICTED FUNDS 12 3,824.091 561.995 3,824,091 561,995 14 4.799.643 1.171.708 4.804.010 1,179,294 These finawal Statements have been prepad in a¢xordance wth the provisions applicable to (ximpanies subject to the small companies. regime aThJ th Acc(xJntirÈg and Rerting by Charities." Statement of Recommended Practi applicable to thariti.es preparing their acojunts in ac(XWdan with the Financial Reporting Standard applicabk in the UK and Republic of Ireland IFRS 1021 leffecb.ve 1 January 20151. These finanaal staterrents were apFYoved by the t*)ard and aulhorised for issue on 30 November 2022. and are signed on their behalf by". Alison Sinclair IChairl- Director Company R8gistration Number 02276987 -1>
LEIGESTER ARTS ¢E14TRE UMITED TRADING AS PfrIOENIX STATEMENT OF CASH FLOWS THE YE4R ENOED 31 MARGH 2022 CHARir GROUP 2022 2021 2022 2021 Cash flows from OFerating activities: Surplus for the year Adjustments for". Depreciation of fixed assets Interest income Interest expense Decxeasellincrease) In trade and other receivables DecreaSellinc8seI in slsxk Increaselldecreasel in trade and other payables Net ¢ash from operating aetivilies 3.627.935 603.330 3,624,716 599,563 24.706 1431 696 31.021 1101 1.679 27,925 1431 696 35.$49 1101 1,679 (412.896) (222,276) (351,4801 {165,7511 13.190) 4,038 757.426 3.997.824 155.399) 773.360 358.345 4,071.984 (103.2471 371.921 Investment activities= Purchase of tangible fixed assets Interest received Net eash fmnj inveslment aclivilv•s 13.333.739) 43 {3,333.696) {405.7Cl 13.333,7391 10 43 (405.6961 13.333.696) 1405,6961 1405,7061 Financing activiti. Loan advances Interest P8id Repayment ol borro•Yir¥Js Net cash used In finarteing activities 250.000 11.6791 111.836} 236.485 250.000 11,6791 111.836) 238.485 (6961 154.9071 155.6031 {6} 154,9071 155,603} Nèt increasellde¢rease) in cash and ea5h equivalents 608,525 189.134 682,685 202,710 Cash and ¢ash equivalents at beginning of the year 17 457.161 268.027 514,545 311.835 ash and cash gquivalents at end of year 17 1.5.686 457,161 1.197.230 514.545 -14-
LEICESTER ARTS CENTRE LIMfTED TRADING AS PHOENIX NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 1 MARCH 2022 ACCOUNTING POUCIES Going Conc•m The accounts have been wepared on a g¢yng cOrM basis. Accounting Conv•ntlon The finan31 statements have been prePad uThYer the hrstorical o)st (x)nvents'on as m¢)dified by the revaluation of certain assets and in accordance wrth the Companie5 Act 2006 and Accounting and Rewrb'ThJ by Charities.. Statèment of ReMmered practi applicable lo charrties preparing their accounts in ac¢c¥dance with the Finanaal ReF#xbng Slandard appli¢2bJe in the UK and Republic of Ireland IFRS 1021 leffecb.ve 1 January 20151. Basis of Consolldation The consolidated finanual statemanls wmbine the financial statements of the Le$ter Arts Centre Limrted and its. wholly owned subsidkary company. Firebird Trading Limited, as well a5 also showing the sults of Leicester Arts Centre Limited as a sr¥Jle entsty Incoming Resources Income includes grant fvnding. donations. $PK)rShip and net invoi¢ed sales of Servi$. excluding value added tax. Income is itxluded in irKoming rèsources wthen it is re1Vable. ex(wl as follows". Income from theatre admission fees is indude(l in incoming sOurceS in the period in whith the levant show takes place. Vvhen rental is recer¥ed in advae. fot a pre-detemiined period, the inwme is dèferred and released to income over the defined period. The rent-freè use of the premises has bn 0)unted for by s19 the market value of the rent that woul¢J have been charged as intsngible income and a premise5 Cost. Rasources Expended Resources expended are IUde(l in the Statement of Finanoal Ath"vrties on an ac¢ruals basis. Certain expenditure is diredty attributae to wEcific activib.es and has been in¢luded in this CSt categories. Costs ofgenerkn'ng funds comprise the costs oftrading indLwJing the ntre. Costs of actiwties in furtheran of the oty.ects of the chaiity ¢y)fflprise costs incurred by the charity in the delivery of tts activities and sÈr¥KXS. It Iude$ both cDsts that can be allocated diredy to such ath"vities arKI those costs of an irJirect nature necssary to SUPFQrt them. Governanc6 costs irKlude Ihose wsts asscaated neting the constitutional and ststutory requirements of the chanty. Certain other costs, whKh ale attributable to more than one a¢tivty. are appOoned across cost (2legories on the ba$is of an estimate of prr)wrbon of b.me s*nt ty staff on th¢)se activib"es. Stocks Stock is valued * the lower of cost aThJ nel realisable value. afier making due all(Nwance for obsolete and 0W moving rtems. -15-
LEICESTER ARTS CENTRE LIMrtED TRADING AS PHOENIX NOTES TO THE FINANCIAL STATEMENTS FOR THE ENDED 31 MA H 2022 ACCOUNTING POLICIES (Continued) Tangible Fixed Assèts Fixed Assets are slated at cost less depreuation. Depreciats'on is provided at the lollwing annual rates in order to write off each asset over ils estimated Ltseful lrfe.. Theatre Equipment 20% on cost Office and IT Eouipment 20%133.3%150% on c05t Catefing Equipment 20% on cost Vvhilst the Phoenix 2020 Capital ProjÈ(l is orrtJoing the ¢aprtal asset is not being depreciated until the project is cOmpte. Fixed assets cosb.ng le55 than £500 are mt caprtalised. Hire Purchase and Leasing Commitments Rentals paid under operab'ng leases are charged lo the profft and loss a)Unt as incurred. Taxation As a chanty. LeiceslerArts Centre Limrted is exempt from tax on inconE and gains falling within secbon SOS of the Taxes Aci 1988 or S252 of the Taxab"on of Chargeable Gains Act 1992 to the extent that these are appl¢ed to its charrtable objects. Fund Aecounting Unrestricted funds are available for use at the dis¢th"on of the directors in fvrtherance of the general obiectwes of the charity. * Designated ftjnds are un51cted funds eamiarted by tre directors for parti¢xJlar purposes. * Restricted fvnds are subjected lo restrictions on thetr expendf(UTe imFM)sed by the donor. NET INCOME OF TRADING SUBSIDIARY The Chartty own5 the entsre share caprtal of its trading subsidiary which is incorporated In the UK. The prinupal activtb'es of Firebird Tradin9 knmited are that of Ihè operab'on of the Café Bar wthin Phoenix Square. The company pays its t3xaNe profits to Leister Arts Centre Limited under Grft and its rinancial year end is thè 5arTE as Ihat of Ihe Charty. A summary of rts trading results is shown below." 2022 2021 Tumover Cost of sa5 Gross Profit Administrxb"on exren5es Other operating in¢ome Gift Aid Donation Operating profftlllos$) 324.689 183.929 140.769 1109,2611 135.568 35,713 99,855 137,4161 34,727 {3.2191 66.206 13,767} The assets and liabilities of the subsi¢Jiary we". Fixed assets Current assets Creditors . Amounts falling due within 1 y Total Net Assets Aggrngats Share Capilal and Resepies 4.364 169.803 169.798 4.369 4.369 7.583 119.263 119,258 7.588 7,58S -1F
LEIGESTER ARTS ¢ENTRE LIAItTED TRADING AS PHOENIX NOTES TO THE FINANCIAL STATEMENTS FOR ThE YEAR ENDED 31 MARCH 2022 STAFF COSTS CHARITY 31 March 31 March 2022 2021 GROUP 31 March 31 March 2022 2021 Wages and salaries Soual SecJJnty e051s Pension contn"butions Direct Vvages of subsidiary company Administratsve salaries of substdkary ompany 630.7T8 37.003 29.21 759.471 30.220 31.717 630.778 37.003 29,21 759.471 30.220 31,717 117.569 20,403 92.217 906.588 18.486 860.297 696.802 821.408 The average monthly number ol FTE employees during the year was as foll¢)ws'. CHARrrY GROUP 31 March 31 March 31 March 31 March 2022 2021 2022 2021 Charrtable Activit*s GenÈrab"ng Funds 33 37 33 37 33 37 46 42 One employee èarned btheen £60.000 and £70,000 per annum. No other employees eamed £50.CX)O per annum or more. The director5 were not paid or reimbursed for ex[ during thè year. NET SURPLUsIIDEFICl FOR THE YEAR The net surpluslldefiot} Is stated after charging.. CHARITY GROUP 31 March 31 March 31 March 31 March 2022 2021 2022 2021 Depreciabon LossllProfill on disposal of fixe(1 assets Auditr)r$' remuneration 24.706 31.021 35,649 4,511 4.511 4,511 Directors emoluments and ctsr benefits, elc TAXATION Analysis of the tax charg8 No liability to UK C(Kporalion Tax arose ffl ordinary xtivities for the year ended 31 March 2022 or lor the year ended 31 March 2021. -17-
LEICESTER ARTS CEp¥fRE LIPJJITED TRADING AS PHOENIX NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 TANGIBLE FIXED ASSETS CHARir 2020 Proioct Theatre Catsring Offico & IT Equipment Equipment Equipment Totals COST OR VALUATION: At 1 Apnl 2021 Additions Disposal Al 31 Marth 2022 780.494 3.333.739 523,417 118,103 1,422,014 3.333.739 4.114.233 523,417 118 103 4 755 753 DEPRECIATION: At 1 April 2021 Ch8ige for year Charge on disposals Al 31 Marth 2022 463.486 20,829 113,913 3,877 577,399 24,706 484,315 117.790 602.105 NET BOOK VALUE: At 31 Marth 2022 4.114.233 39.102 313 4,153.648 Al 31 Marc* 2021 780.494 59,931 4,190 844,615 GROUP 2020 Proie¢t Costs Theatre Catering Office & IT Equipmont Equlpmont Equipment Totabs COST OR VALUATION: At 1 April 2021 Additions Di5P05al At 31 Marth 2022 780.494 3.333.739 523,417 79.042 118,103 1,501.056 3.333.739 4.114.233 523.417 79,042 118,103 4.834.795 DEPRECIAMON: Al 1 Apnl 2021 Charge for year Charge or) dispA)sals At 31 Marth 2022 463,486 20.829 71,459 3.219 113.913 3,877 648.858 27.925 484.315 74.678 I 17,790 676,783 NET BOOKVALUE: Al 31 March 2022 4.114.233 39.102 313 4.158.012 Al 31 March 2021 780.494 59,931 7.583 4.190 852,198 -1&
LEICESTER ARTS CEPmlE LIMrrED TRADING AS PHOENiX NOTES TO THE FINANCIAL STATEMEKfs FOR THE YEAR ENDED 1 MARCH 2022 TANGIBLE FIXED ASSETS IContinu8d) The company has enjoyed through(xJt the year the usè of rtain fixed assets (principally theatre equiprnentl which were invested in the company ty Phoenix Arts Centre. The written down value of these assets is nil. their original cost is not known and they do not appear in the fixed asset schedule above. All fixed assets were used for ¢haritable purposes. The company has enjoyed thrChOut year nt-free use of the premises it operates from. The market value of the rent has been caloJlated at £110.500 Fef annum 12021.. £110,500) and has been shcwn as intangible Inc&)me and rent. DEBTORS.. AMOUNTS FALUNG DUE YirrHIN OME YEAR CHARITY 31 March 31 March 2022 2021 GROUP 31 March 31 Marc 2022 2021 Trade, grant and agents debtors Due from subsidiary company VAT Prepaynnts and other debto 2.018 126,085 345,697 213,592 687,392 5,126 103.112 68.067 325,683 98.191 214.081 274.4 573.362 33.598 63,466 59.685 98,731 221,882 CREDITORS: AMOUNTS FALLING DUE YIITHIN ONE YEAR CHARITY GROUP 31 March 31 Mar¢h 31 March 31 March 2022 2021 2022 2021 Trade creditixs Other dItorS Socaal Secunty and other taxe5 Hire purchase Deferred income (Note 101 Bank Loan ICBILSI Act[u1 expenses 766.799 4,525 24.613 2.127 9.833 50,000 .484 948,381 41.921 38.335 18.733 14.307 1.130 37.500 38.709 1SXJ.635 773.824 4.525 24.613 2.127 9.833 50.000 107.158 972,080 41,623 38.335 18,733 14.307 1.130 37,500 46,772 198,400 CREDITORS: AMOUNTS FALLING OUE IN OVER ONE YEAR CHARITY GROUP 31 Mah 31 March 31 March 31 March 2022 2021 2022 2021 Bank Loan ICBILS) Hire purthase 1 56.704 212.500 1.431 213.931 158.704 212,500 1.431 213.931 158.704 158.704 -1
LEICESTER ARTS CEMTRE LSPJJtrED TRADING AS PHOENLX NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 10. DEFERRED INCOME DèferrÈd income comprises adssion fees 1ved in advancè and grants aThJ rental income that relats to wtrdetemined future periods. 11. CAPITAL COMMITMENTS At the year ended 31 March 2022 therè wère capital czjmmitments whith hal been fvlly cLJntracted for amounbng lo £6.882,300 {2021." Nil). 12. MOVEMENTS IN RESTRICTED FUNDS {Charity and Groupi At 1 April 2021 Incoming Outgoing Resources Resources Transfers At 31 March 2022 Cinema Lighting Project ACE NPO Funding ACE Creab"ve Media NeOrk ACE Carefvl NeOrkS Phoenix 2020 Development 8FI Audiénce FurKt ACE CRF Fund BFI Culture Recovery Fund Film Hub Grant HMRC CJRS 5.144 16.242 3,602 2.255 73.510 2.889 10,834 5,802 4,768 3.792.586 86,102 2200 29.007 3,303,065 loo.000 642.687 118,0001 24,239 489.521 {100.0001 127.471 {515.2161 40.274 46.486 1,000 6.212 1.000 100.798 4,263,859 100,798 368.547 561.995 633.216 3.824.091 CINEPIA UGHTING PROJECT Grants were reiVed from The Nomun Gill chafitab trust and CaOn Tmst lo conlnbule lo the cost of upgrading the cinem8 house lights to a more enefgy and c4)èrabonally effiuent system. The work was fvlly cDmpleted In 2018119. The cost of the work is treated as a capital item depreciated over 5 years and the restricted fund represents.ng the grants contribution to the cost wll be tharged a wopoth'on of the annual depreckation. ARTS COUNCIL ENGLAND GRANT INPO} As a Natjonal Portfolio Ofganisation INPOI. Phoenix receives regular funding for its digrtal arts programme from Arts Council England (ACE). We have maintained ACE NPO status since l April 2012. In 2017, Ph01X sUesSfUllY reapplied to be part of the ¢xJrrent national FM)rtfolits. whith 1] now run untsl 31 March 2023 after being extended as part of ACE'S COVID-19 pandemic response. This funding enables a programn of digrtal arts exhibth"ons, events and leaming activities. We regularfy commission and CAJrale work by natK)nal and intemational arbsts. host s(eenings and performances and offer workshops for thiklren. young people, and families. The progr3mrr* 1$ also supported by De MDnrfort University. The programme's overall theme is an exploration ofthe treaiive and cultural impact of media and technology. Working With a range of partners. we commissK)n and pr(Mluce new work by established and ernerging artists for exhibfaon in our gallery and twond. aim of reaching a wde and diverse audien. -20-
LEICESTER ARTS CENTRE LIMITED TRAtXNG AS PHOENIX NOTE TO THE FINANCL4L STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 72. MOVEMENTS IN RESTRICTED FUNDS (Charrty and Groupl- Continued The programme was heavity disntrpted by the paThJemic rn 2020r21. vmh most a(Xivity delived online, however rt ccntinued lo be posth.vely assewd and maintained a Strong Creab've Case for diversity rating The disrupt'on caused by the pandemic ntinUed into 2021122 when il was drffi¢uY( to plan in- person a¢bvities and signfficant exhibitrons The orFline arts prograffime grew in qualty and we we pleased to Gommission 16 UK arbsts during the year to Produ new work. The Board of Trustees engaged in Ihe Arts Coun(¥l England's new strategy Let'5 Creatè and Investment Prirriples through the latter half of the year in preparab.on for an applicab'on lo the new > year rourid of InvesttTEnt tJnding 1 Awl 2023 to 31 March 2026. Ph¢enix recèived a condib.onal offer for a revenue grant of £246K Icirc £82K per yearl in Novembw 2022. ARTS COUNCIL ENGLAND CREATIVE MEDIA NETWORK ACE funded Phoenix to lest the feasibility of a nelwork in the midlands dedicated to sharing and prornoting creative media practice. Firlal work to gain feedback from artists In the region was disrupted by the COMD- 19 pandemic, and the project ha5 now been ended. The restricted fund will be cjosed. ARTS COUNCIL ENGLAND CAREFUL NEfwoRKS FUND Careftjl NeN¥orks was a project inthated by PhnIX in partnership with BOM. Fijrtherfield, The Photographèrs, Gallery. QUAD and If1 Projects. The project examines attematwe ways of hosting and viewing digitsl arrt(s wrth the idea of experimenting with practices fowsed on 'e8re'. A £32.230 grant was awarded from the Arts Council Project Grants [gramme. {ACE temporarily allowed NPO'5 to apply for project grants in response to the pandemic). Each partner organ1sat.on nominated partiupab.ng artists who were introduced to the Concept of peer- to-peer systems, af(emabve web protocols and approathes to (3reful rEfvdorking. They were then tasked to create new digttal arhvorks that were hosted using this approh. The exhibib.on was then archived as a stsndalt)ne website. whKh remains aCSSIe to audiences. The project benefited the partners and 14 arbsts and attra¢Xed a rTK)re global audien than usual. It received a Favourable independent evaluation arml was featured in a talk and podcast with The ODI. The project was mosly delivered in 2021r22. with some ftjrthw work to be completed in 2022r23. the restricted fund wll remain open. BFI (BRITISH FILM INSTfTUTE} AUDIENCE FUND BFI has been a recurrent grant suppxbrter of Phoenix for many years. Phoenix was awarded an Audience Fund Organisational AwaFd of £100.000 for the pericJ 1 April 2021 to 31 March 2022. BFI amended its reporting requwements to help 5UPPOrt indepeThSent cinema sector through the huge thallengès of the COVID-pandemic in 20201. BFI changed ils fvnding process for 2021122 following 8 delay to thèir anned Strategy updale USed by cov119. An Organisati¢)nal Award of £100.000 for 2021r22 was approved thnxjgh an eXenOn of our esting funding agreement. against a BFI approved activity an. Phoenix at Home was contr.nL thr(KJghout 2021r22 and was adapted after the venue reopened in June. The venue was open o)ntinuousty to the wblic from June wrth reduced capacrty and tspening hours. We were encouraged to wel¢x)me cinema g(rs bado albeit al much lower levels than pre- pandemic. The annual audience of 32.890 was 37% of 20190 {89,580). but mLKh better than 2020121 12,200) wIn the Ven was open forjust one rrth. -21-
LEICESTER ARTS CETrrrRE LlhllTED TRADING AS PHOENIX NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 202 12. MOVEMENTS IN RESTRICTED FUNDS (Charity and Group) - Continu ARTS COUNCIL ENGLAND CULTURE RECOVERY FUND ICRFI During the year, Phoenix received support from the Culture Re¢overy Fund in 3 grants administered by Arts Council England. These grants erbled the charity to survive the conb"nuing impact of tho pandemic. In 2019r20 Phoenix generated almost £1M of o)niribution tr) overheads from trading. memberships, and shared services. The main aCt[v.S lrynema tkets. cOnssIOns. advertising. vènue hire. memberships, donabons. course fees and shared seNcesl were all badly affected by the continijing dosure in the first 3 months of the year. and the soual distanryng and safety measu$ that were neSSary after reopening. The unema audrtoria arKI Café capaoties wère initially limited to circa 25% o¢xupancy and 'pervent' costs were higher due to the extra deaning and other safèty procedures in place. 11 was impossible to operate a rwm hire offer with government restrctions in place Although we were very encouraged by the response of the retumirwj audience. eamed I0Me wa5 too low to cover the overhead and operating CX)sts of the venue. The solvency of the charity was threatened in spite of o)st saving measure5 arvj a restructurirKJ and undancY programme completed in June. A CRF round 2 Business Sustainability grant was awarded to support the charity in the period 1st April to 30th September 2021 li.e 3 nnthS of dosure foll¢w4ed by restricted operats"onl. The grant comprised £127,471 to cover Dperats'ng c4JSts and overheads directy aNJ £171.230 as a direci contribution to replenish free rÈseNes to a minimum cap. In June 2021 DCMS announced a third iound of the CRF to syppcrt organisatKJns in the run up to fuller reopenin9 and beyond as resthctions We expected to be lifted at that time. A grant of £282.848 was awarded for the period 1 October to 31¥ March 2022 as a dired conthbutK)n to free reserves to minimum cap. which otherwse would have fallen to a critscal Our business recovery plan and financial forecast was adapted throughout the year. Iniiially we felt that audiences would increase in the lattef six months of the year as govemment $tCtiOnS were relaxed and consumer confiden¢e returned However. the onset (rf the OMICRON variant and'winter wave. had a further impact on our trading in(x)me. induding reduced sales due to Consyrnw fears, the continuation of reduced opening and venue ¢apacty. c3ncdlation cl events. and loss of cafélbar trading. An application to the Emergency Resource Fund in January 2022 resulted a grant of £61,340 to rellate free reserves at 31st Marth 2023. BFI BUSINESS SUSTAINABILITY GRAP4T (CULTURE RECOVERY FUND ROUND 11 ph1X applied for a 6FI Business Sustainability Grant in August 2020. which was approved al the end of November 2021. The purpose of this strand of Culture Recovery Fund was to support Independent CAnemas to operatè viabty under Ihe restricted condth'ons imw by the GOVID-19 pandemic. The initial peri¢)Y of the grant was 1 Novembèr 2020 to 31 Marth 2021 and muth of the expenditure was incurred and reported in this period. This grant was essential in supporting the charity's free reserves and Cash flow during the peri1 1 Novener 2020 10 31 Mard) 2021, whith would otherwise have fallen to a uitical level. 8FI inMted org8n15atns lo apth to exlend the grant penod lo 30 June 2021 lo cary forwar(l any unspent funds Phoenix applied to a carry-forward of part of the grant to 30 JurE and had good reason to believe the extension had been approved In CO(sponden from BFI as late as June. The $tActed fund was kept open in 2022 in expectat*)n this was Ihe case. In September BFI confirmed that the extension had rK)t teen approved aThJ confirn their anaty%s and view that £38,680 of the grant already paid should be refvnded. lIst we dIsag th the BFI analysis. a provision was induded for this repayment in the Statuiory ALU)unts 13$1 year. The repayment was approved and completed in June 2022_
LEICESTER ARTS CEPffl<E LIMITED TRADING AS PHOENJX hlOTES TO THE FINANCIAL STATEAIENTS FOR THE YEAR ENDED 31 IAA H202 12. MOVEMENTS IN RESTRICTEO FUNDS {Chaiity and Group) _ Cortinued PHOENIX 2020 DEVELOPPAENT FUND The Phoenix 2020 capital project is managed through thi5 overarthing reslrided fund. which reiVeS capital grant payments and the corresponding expenditure. In June 2017 Phoenix wa$ awarded Arts Counal England IACE) Large Capital programnp funds towards it5 plan to expand the Phoenix Square venue The alms of the development are to double p8rticipab.on in the Phoenix tyjltural programme and to signtficanfjy Increase the charity's eamed income and long-lem finan(ial resilien. The inib.al award includÉ(l a £177.802 development grant and the conditional offer of up to £4M 12prtal grant subject to )mpletiOn of the stage 1 grant condib.gns and a successful stage 2 application. The ACE deve6opment grant was matcJ)ed by a Le1$ter and Leicestershire Enterpnse Partnership ILLEPI Proieca Develowient Grant of £100,000 confirm1 in June 2017. Planning approval irt February 2019 was folltrwed by c¢nfimialion of thè stage 2 Large Capital grant in March 2019 of £4M. In August 2020 Lercester City Counryl confinned a lease on the additional land needed at a peppercom rent unbl 2069. This misestone enaed the final design stage IRIBA41 to begin part-funded by the Arts Counal Large Capital Grant matched by Phoenix. These fund5 were used primanly for the professional serviS required to devetop the heme from RIBA3 to RIBA4 including design, ¢onstruGt¢)n planning and l)usine&% planning. Despite the pandèmic. fundraising efforts prthluced an additional £1.SM of capital grants in 3 separate awards by 31 March 2021.. Arts Counul Kjckstart Fund. L$ter City Council Business Rates Pool Fund via Leicester and Leitxtershire Enterwise Partnership, 8nd the European Regional Development Fund. RIBA4 final dèsigns and planniThJ We o)n7pleted in May 2021 against the backdrop of considerable price volatilty and supply chain nrns in the construth.on industry. Additional finanual support from Leic£ster City Council and Arts Counal England wa5 sought and conffimied in July. which closed th gap between ftjnds pledged and project ca)sts and enabled the Trustees to enter into the £6.2M nstruction contract. A new Deed of Secunty was provided to ACE. Site works started In Septetnber and will be completèd sn January 2023 wrth the venue remaining open to the public for much of the build. The project 15 on tsrget and budget. During 2021122 the restricted fund TNed new cala1 grant conth"butions from the following.. Arts Coun(il England £3.368.572,' Leicster Cty Couwl £1,900,000". The Garfield Weston Foundation £250.000 and the Foyle Foundab"on £135.000. Some of these grants a paid in advance of expenditure lo be in¢urred in 2022123. The caprtal expenditure set against these lunds up to 3151 March 2022 is ¢apitslised (S note 61. wlUcIn9 the large inuease in fixed assets shown in the Balance sheet. The European Regional Devèlopment Fund IERDF} grant was confirmed In January subiect to Contract, which was final¢sed in November 2021. No incc))è was received from this grant within the financial year atthough costs We inrred. The ternis of the grant prDvsdtrd for costs incurred in 2021122 to be claimed In arrears. The ManaJing Authority is The Ministry of Housing. Commun"e5 and L¢xal Go¥emment. FILM HUB MIDLANDS GRANT Phoenix was awarded a £1.000 grant as part of Japan 2021 - a UK-wide season of Japanese einema led by BFI in pathership wrth BFI FAN {Film Audience Neiworkl. Phoenix screen&d a season of Japanese cinema celebrab.ng cutt films. blac4isted directors. noTrKurosa Samurai films. and rarely seen dassic5 in November 2021. Desprte limited capacty due lo swally distsnced seating, we saw an audien¢* of 125 over 4 events. pr03raM is complete and the restn'cted fvnd 1} be dosed. -23-
LEICESTER ARTS CEPMIE LIMrrED TRAD114G AS PHOENIX NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 12. MOVEMENTS IN RESTRICTED FUNDS (Charity arKI Group)- Continued HMRC CORONAVIRUS JOB RETENTIOM SCHEME Phoenix was dosed for the first 3 months of the year and. after reopening, necessarily operated with reduced capaoty and opening hours arKI other COVID-19 safety measures. It was not possible to operate s(xne parts of our offer the to the COVID-19 resth&¥)ns at this time. Many staff were unable to work due to Government Cov119 restricbons and were registered on the Coronavirus Job Retenb"on Scheme vthich provKJed grnnt aid to cover employment costs. With the support of the Scheme. Phoenix was able to sustain employment of essential and suffic#ent staff to enable the chanty to reopen rt5 venue in June 2021 and phase in more of its offer and business operations theafter. The Govemment dosed the Scheme on 30th Septernber 2021. DESIGNATED FUNDS (Charity and Group) 13. Net Incomingl Outgorng Resources At 1 April 2021 Designations in year At31 March 2022 CreatNe and Developnnt Reserye Premises Maintenance Reserve 440.730 17.9TT 458.707 58,386 12.999 45,387 18.000 43.200 61.200 517.116 48.178 565.294 CREATIVE ANO DEVELOPMENT RESERVE The catiVe and Oevelopment Reserve ftjnd is for the purpose of investing in our cultural. education and charitable aCtiV.eS through new n"811¥e$ and facilrties. The aim is tg have a designated development reserve that enables the consolidab.on of MislIaneoUs donations and grant contribub.ons towards the Charity's develgpment out over restricting purpose. cUendY, the ftjnd is used to SerVe unrestsicted dmaticffts and grants given for the Phoenix 2020 development lo help fund the capital project. PREMISES MAINTENANCE RESERVE The fund was established to reserve a gL[lar monthly amount to build up a reserve lo cover more gnificant maintenance that might needed in the future to the premises. The fund continued to receive monthty egnaOn5 during the year. REDUNDANCY RESERVE A significant reorganisation that wrèttabty included redundancies was in¢iiated in January 2021. Most of the reorganisation was ttjmpleted in the first 3 nKJnths of 2021r22. Redundancy cost liabilities identthed in 2021122 were provided for in a designated fvnd which was d05ed in the financial year. -24-
LEICESTER ARTS CENTRE LIMITED TRADING AS PHOENIX OTES TO THE FINANCIAL STATEIAENTS FOR THE YEAR ENDED 31 MARCH 2022 13. DESIGNA TED FUNDS (Charity and Group) - Continued PHOENIX COMMUNITY CINEMA (Part RgstrF¢ted. part Dgsignat¢d} Sadly, the Phoenix Community Cinema IPCCI service was do In September 2021 because it was impossible to sustsin the neNYork. PCC started in 2003 and for many years supportèd 60 community venues to serve an annual audience of over 12.000 in the counties of LeirEstershire, Rutland and Northamptonshire The pandemtc caused the cessation of all athvitie5 from March 2020. Pre-pandemic. funding needed to cover the (x)sts trf PCC me 50% from aUden contribub.ons and 50% from grants. Despite our efforts to find new grants during 2020. tt was rKJt possible to develop a viable recovery p13n for PCC Closure of ihe scheme was very regrettable and resulted in redundancies. We are proud of the achievements of the staff and volunteer groups. many of whom have continued to serve their communities by other means. Closure of the scheme resutted a deficit the fund being in(yJrred and underspend on a National Lottery Awards for Al grant was refunded. The fvnd is now dosed. 14. ANALYSIS OF NET ASSETS BETWEEN FUNDS Gènernl Designated Rastrictsd CHARfTY Fund Funds Funds Totsl Fixed assets Cash at bank and in hand Other nel Iliabililiesllassets 358.175 471.776 419.693 3,795,475 4,153.650 28.616 1,065,686 419,693 565,294 410,258 565.294 3.824,091 4,799,643 Genernl Designated Restricted Fund Funds Funds GROUP Total Fixed assets Cash at bank and in hand oth net assetslllbabilities) 362.537 603.320 551.232 3.795.475 4.158.012 28.616 1,197,230 551.232 565.294 414.625 $65.294 3.824.091 4,804,010 15. CAPITAL Leicester Art5 Centre Limited is limited by guarantee and acLordingty does not have a share capital. The maximum liability of each member is £1.00_ -2&
LEICESTER ARTS CE14TrE LIMITED TRADING AS PHOENLX NOTE5 TO THE FINANCIAL STATEME1s FOR THE YEAR ENDED 31 PAARCH 2022 16. CONTINGENT LIABILITIES al During the year ended 31 March 2010 the (xmnpany received a Caprtal Grant from De Montfort University IDMUI. Under the tems of the grant the company must repay the DMU part of the grant received in the following aroJmStans. referred to as repayment events '_ The o)mpany fails materially to mplY with the terms of the grant offer letter The company does not perfomi tts oblKJab"ons set out in the grant offer letter The cornpany sells. disposes of. surrenders transfer5 the lease wrth Le15ter City Counul for thé premises rt Is located in If a repayment event occur5 Within the first 15 years of the lease teTm the amount repayable lo DMU is £350,000. If any such event occurs after that b.me the amount of repayment is reduced pro-rata over the remaining term of the lease. bl The charity had previously been receiving a grant frofft LeiSter City Counal ILCGI in advance. This had been accourrted for prewously Trmthin ¢Jeferred incon* on the basi5 11 would need to be repaid if acbvities did not continue. In FY 2015116 LCC confim)ed that the adVand amount would only be repayable in the unlikely event the charity surren¢Jered the lease for the premises it is located in, therefore the amounl of £52.550 was released from deferred IncMe in that year. These arè <x)nb"ngent liabilities aThJ have not been provided for in the Statement of Financial Activities or the Balance Sheet.
LEICESTER ARTS CENTRE LIMITED TRADING AS PHOENIX NOTES TO THE FINANCIAL STATEMENTS F R THE YEAR ENDED 31 MARCH 2022 17. ANALYSIS OF CHANGES IN NET DEBT CHARrrY Oth•r 31 March non-cash 2022 changes At 1 April Cash flow5 2021 Cash and cash equivalents Cash 457.161 457.161 608,525 608.525 1.065,686 1.065.686 Borrowings Debt due within one year Debt due after one year {51.807) 213,931 (265,7381 54.907 155.2271 55.227 152.1271 158.704 1210,8311 54.907 Totsl nel debt 191,423 664.432 854,855 GROUP 31 March 2022 At 1 April Cash flows 2021 Other non<ash changes Ca$h and cash gquivalents Cash 514.545 514.545 682,685 682.685 1,197.230 1,197,230 Borrowings Debt due within oTre year Debt due after one year 151.80n 213.931 1265.738) 54,9)7 155.2271 55,227 {52.1271 158.704 1210.8311 54.907 Total net del 248.807 737.592 986.399 -27-
LEICESTER ARTS CENTRE LIMITED TRADING AS PHOENIX ANALYSIS NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 ANALYSIS OF INCOME (CHARITY) Centre income is derive(I IrNn the follch*irrfJ sources.. Unrestricted Restricted 31 March 31 Mar¢h 2022 2022 Tatsl 31 March 2022 Total 31 March 2021 Incomirw resources fmm genetst8d furt Grants ceIved1reCe1Vab Revenue Grants Community Cinema Film Hub Midlands National Lottery Awards forAI Leicester City cour11 LeISter City Council COVID Support De Monrfort Universty Digrtal Growth HMRC Coronavirus Job Retention Scheme Arts Counal England Culture Recovery Fund Arts Counul England calu1 Ne(kS Arts Counril NPO Arts Counol England Creab"ve Media BFI Audience Fund BFI Culture Recovery Fund Business SUppt BFI Culture Recov Fund Safety Other Grants Capital Grants The Garfield Weston FJfidatiOfi Leic£ster City Couwil The Foyle Foundation Arts Counol England Total grants Intangible income- fent frnè use of prèmises 23,320 1,000 13.3501 215.370 31.45T 215.370 24.000 20.0 215,370 24,000 20,000 100.798 642.687 29.007 81.945 2.200 100,000 100.798 642,687 29,007 81,945 2.200 100.000 437.777 85.740 161,000 166.310 10,000 5.500 2.247 2,247 250,000 1.324,309 135,000 1.593.756 4.259.702 250.000 1.324.309 135.000 1.593.756 4.521.319 110,500 410,300 1,544,424 110.$00 261,617 110.5(K) Incoming resources fivm ¢hantabk actwth.es Box Office Educab'on events 245.515 14.714 245,515 14.714 19.954 7.444 Totsl box offi¢ 260.229 260.229 27,398 OlheriffKvme from operating 8cbvilies Screen advertising Management servi Level Agreements Donats'ons Sundry income Totsl other Invgslmenl income Bank interest Gfft aid from subsidiary Totsl investrnent income 9,723 45.451 5.751 9.723 45.451 5,751 4.657 65.582 148 48,448 17,175 81,373 147,144 4.157 4.157 61.425 43 34.727 34,770 43 34,727 34.770 10 66,206 66.216 Total incoming resources 728.541 4,263,859 4.992.400 1.895.682 This pap doès notfomi partof Ihe ststytory financialstatements -2&
LEICESTER ARTS CENTRE LIMITED TRADING AS PHOENIX ANALYSIS NOTES TO THE FINANCIAL STATEMENT FOR THE YEAR ENDED 31 MARCH 2022 ANALYSIS OF SUPPLIES AND SERVICE COSTS (CHARITY) Unrestrictèd Restricted 31 March 31 %qarch 2022 2022 Total 31 March 2022 Total 31 March 2021 Travel and subsistence Training Telephone & broadband Office equipment, hire of equipmenl and pmISeS expènses IT Costs Postage and stationery Bank and PDQ charges Hire purthase interest Licences, memberships arKt running costs Insurance Accountan¢y Legal and Profèssional fees 907 3,385 13,108 153 1,155 14.493 1.499 13,108 1,382 50.745 1,382 55.946 284 9.160 696 3.265 19.952 56,280 10.236 3,047 45.366 275 4,295 1.679 3.608 20.043 48,391 37,500 5.201 9.160 3,265 19.952 56,280 10.236 167.514 7.087 174.601 180,005 ANALYSIS OF GOVERNANCE COSTS (CHARITY) Unrestrfctod R8strl¢t 31 March 31 March 2022 2022 Total 31 March 2022 Total 31 March 2021 Audit and accountancy fees Legal and consurtancy 4.511 4,511 4,511 4,511 4,511 4,511 This page does notfomi part of the stalutory financialststements -2