Caseware UK (AP4) 2022.0.179 2022.0.179 Caseware UK (AP4) 2022.0.179 2022.0.179 2023-03-31The Trustees have assessed the major risks to which the company is exposed, in particular those related to the operations and finances of the company, and are satisfied that systems and procedures are in place to mitigate exposure to the major risks. Key risks are identified in our business plan as: Lower than forecast ticket income is managed with weekly/monthly and quarterly monitoring, increasing efficiency and adjusting staffing levels as appropriate. Grant income from Arts Council England and other regular funding bodies falling below expected levels, managed by ongoing research into other sources of funding, investigations into diversifying into new markets and close monitoring of income expectations. Currently ACE income is decided on a 3 year basis via their National Portfolio Organisation programme. Insufficient reserves at end of financial year, managed with quarterly accounts forecasts, monitoring actuals against budget forecast. Re-forcasting where necessary and adjusting expenditure as a result. Increasing efficiency and adjusting staffing levels as appropriate. Resignation/loss for other reason of Director/key personnel managed by ongoing strength of staff structure and ensuring that a deputising and succession plan is in place. Board is sufficiently ‘fleet of foot’ to act quickly on recruitment. National emergency (ie Covid) managed by swift action by Senior Management Team and Board to react to changing circumstances and follow government advice. Maximising use of government assistance (ie furlough schemes). Adjusting trading plans as required by government and budgetary forecasts and business plan as appropriate.211263311128329684301168620144402239802Donated services or facilities are recognised when the company has control over the item, any conditions associated with the donated item have been met, the receipt of economic benefit from the use of the company of the item is probable and that economic benefit can be measured reliably. In accordance with the Charities SORP (FRS 102), the general volunteer time of the Friends is not recognised and refer to the Trustees' report for more information about their contribution. On receipt, donated professional services and facilities are recognised on the basis of the value of the gift to the company which is the amount it would have been willing to pay to obtain services or facilities of equivalent economic benefit on the open market; a corresponding amount is then recognised in expenditure in the period of receipt.Premises hire Cafe Bar sales2022-04-01falseNo description of principal activity22222023-03-31 01329092 2022-04-01 2023-03-31 01329092 2021-04-01 2022-03-31 01329092 2023-03-31 01329092 2022-03-31 01329092 2022-04-01 01329092 2021-04-01 01329092 c:CompanySecretary1 2022-04-01 2023-03-31 01329092 c:RegisteredOffice 2022-04-01 2023-03-31 01329092 d:Buildings 2022-04-01 2023-03-31 01329092 d:Buildings 2023-03-31 01329092 d:Buildings 2022-03-31 01329092 d:Buildings d:LongLeaseholdAssets 2022-04-01 2023-03-31 01329092 d:Buildings d:LongLeaseholdAssets 2023-03-31 01329092 d:Buildings d:LongLeaseholdAssets 2022-03-31 01329092 d:Buildings d:ShortLeaseholdAssets 2022-04-01 2023-03-31 01329092 d:Buildings d:ShortLeaseholdAssets 2023-03-31 01329092 d:Buildings d:ShortLeaseholdAssets 2022-03-31 01329092 d:PlantMachinery 2022-04-01 2023-03-31 01329092 d:PlantMachinery 2023-03-31 01329092 d:PlantMachinery 2022-03-31 01329092 d:CurrentFinancialInstruments 2023-03-31 01329092 d:CurrentFinancialInstruments 2022-03-31 01329092 c:FRS102 2022-04-01 2023-03-31 01329092 c:IndependentExaminationCharity 2022-04-01 2023-03-31 01329092 c:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 01329092 b:Trustee1 2022-04-01 2023-03-31 01329092 b:Trustee4 2022-04-01 2023-03-31 01329092 b:Trustee5 2022-04-01 2023-03-31 01329092 b:Trustee6 2022-04-01 2023-03-31 01329092 b:Trustee8 2022-04-01 2023-03-31 01329092 b:Trustee9 2022-04-01 2023-03-31 01329092 b:Trustee10 2022-04-01 2023-03-31 01329092 b:Trustee11 2022-04-01 2023-03-31 01329092 b:Trustee12 2022-04-01 2023-03-31 01329092 b:UnrestrictedFundsGeneral 2022-04-01 2023-03-31 01329092 b:UnrestrictedFundsGeneral 2021-04-01 2022-03-31 01329092 b:RestrictedIncomeFunds 2022-04-01 2023-03-31 01329092 b:RestrictedIncomeFunds 2021-04-01 2022-03-31 01329092 b:UnrestrictedFundsGeneral 2023-03-31 01329092 b:UnrestrictedFundsGeneral 2022-03-31 01329092 b:RestrictedIncomeFunds 2023-03-31 01329092 b:RestrictedIncomeFunds 2022-03-31 01329092 d:WithinOneYear 2023-03-31 01329092 d:WithinOneYear 2022-03-31 01329092 d:BetweenOneFiveYears 2023-03-31 01329092 d:BetweenOneFiveYears 2022-03-31 01329092 b:Activity1 2022-04-01 2023-03-31 01329092 b:Activity1 2021-04-01 2022-03-31 01329092 b:Activity1 b:TotalUnrestrictedFunds 2022-04-01 2023-03-31 01329092 b:Activity1 b:TotalUnrestrictedFunds 2021-04-01 2022-03-31 01329092 b:Activity2 2022-04-01 2023-03-31 01329092 b:Activity2 2021-04-01 2022-03-31 01329092 b:Activity2 b:TotalUnrestrictedFunds 2022-04-01 2023-03-31 01329092 b:Activity2 b:TotalUnrestrictedFunds 2021-04-01 2022-03-31 01329092 b:Activity3 2022-04-01 2023-03-31 01329092 b:Activity4 2022-04-01 2023-03-31 01329092 b:Activity4 2021-04-01 2022-03-31 01329092 b:Activity4 b:TotalUnrestrictedFunds 2021-04-01 2022-03-31 01329092 b:Activity5 2022-04-01 2023-03-31 01329092 b:Activity5 2021-04-01 2022-03-31 01329092 b:Activity5 b:TotalUnrestrictedFunds 2022-04-01 2023-03-31 01329092 b:Activity5 b:TotalUnrestrictedFunds 2021-04-01 2022-03-31 01329092 b:TotalUnrestrictedFunds 2022-04-01 2023-03-31 01329092 b:TotalUnrestrictedFunds 2021-04-01 2022-03-31 01329092 b:FundraisingEvents b:Activity2 b:TotalUnrestrictedFunds 2022-04-01 2023-03-31 01329092 b:FundraisingEvents b:Activity2 b:TotalUnrestrictedFunds 2021-04-01 2022-03-31 01329092 b:FundraisingEvents b:Activity2 2022-04-01 2023-03-31 01329092 b:FundraisingEvents b:Activity2 2021-04-01 2022-03-31 01329092 b:FundraisingEvents b:Activity3 b:TotalUnrestrictedFunds 2022-04-01 2023-03-31 01329092 b:FundraisingEvents b:Activity3 2022-04-01 2023-03-31 01329092 b:FundraisingEvents b:Activity4 b:TotalUnrestrictedFunds 2022-04-01 2023-03-31 01329092 b:FundraisingEvents b:Activity4 b:TotalUnrestrictedFunds 2021-04-01 2022-03-31 01329092 b:FundraisingEvents b:Activity4 2022-04-01 2023-03-31 01329092 b:FundraisingEvents b:Activity4 2021-04-01 2022-03-31 01329092 b:FundraisingEvents b:TotalUnrestrictedFunds 2022-04-01 2023-03-31 01329092 b:FundraisingEvents b:TotalUnrestrictedFunds 2021-04-01 2022-03-31 01329092 b:FundraisingEvents 2022-04-01 2023-03-31 01329092 b:FundraisingEvents 2021-04-01 2022-03-31 01329092 b:TotalUnrestrictedFunds 2023-03-31 01329092 b:TotalUnrestrictedFunds 2022-03-31 01329092 b:TotalRestrictedIncomeFunds 2023-03-31 01329092 b:TotalRestrictedIncomeFunds 2022-03-31 01329092 c:FullAccounts 2022-04-01 2023-03-31 iso4217:GBP xbrli:pure

Registered number: 01329092
Charity number: 274803











NORWICH ARTS CENTRE LIMITED
(A company limited by guarantee)








UNAUDITED

TRUSTEES' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

 
NORWICH ARTS CENTRE LIMITED
 
(A company limited by guarantee)
 

CONTENTS



Page
Reference and administrative details of the company, its Trustees and advisers
 
1
Trustees' report
 
2 - 7
Independent examiner's report
 
8 - 9
Statement of financial activities
 
10
Balance sheet
 
11 - 12
Statement of cash flows
 
13
Notes to the financial statements
 
14 - 31

 
NORWICH ARTS CENTRE LIMITED
 
(A company limited by guarantee)
 

REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY, ITS TRUSTEES AND ADVISERS
FOR THE YEAR ENDED 31 MARCH 2023



Trustees
R Drury
L Farrant
M Figura
S Forster
K Radley (appointed 1 September 2022)
G Tucker
M Uzor
K J Went
L Wright (resigned 5 December 2022)

Company registered number
01329092

Charity registered number
274803

Registered office
51 St Benedict's Street

Company secretary
L Wright (resigned 5 December 2022)

Accountants
Larking Gowen LLP
Chartered Accountants
1st Floor, Prospect House
Rouen Road
Norwich
NR1 1RE

Bankers
Barclays Bank plc
Small business banking
Leicester
LE87 2BR

Page 1

 
NORWICH ARTS CENTRE LIMITED
 
(A company limited by guarantee)
 
  
TRUSTEES' REPORT
FOR THE YEAR ENDED 31 MARCH 2023

The Trustees present their annual report together with the financial statements of the company for the  1 April 2022 to 31 March 2023The Annual report serves the purposes of both a Trustees' report and a directors' report under company law. The Trustees confirm that the Annual report and financial statements of the charitable company comply with the current statutory requirements, the requirements of the charitable company's governing document and the provisions of the Statement of Recommended Practice (SORP) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2019). 
 

Since the company qualifies as small under section 382 of the Companies Act 2006, the Strategic report required of medium and large companies under the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 has been omitted.
 

Objectives and activities
 

a. Policies and objectives
 

The principal activity of the company is the promotion, improvement and advancement of the arts, with particular relevance to the community in Norfolk and Norwich, and the provision of facilities in the interest of social education for recreation or other leisure time occupation.
Norwich Arts Centre employs the Director, together with a number of full and part time staff involved in education, promotion, catering and administration.
 

The subsidiary, NAC Cafe Bar Limited, was dormant this year so made neither profit nor loss as the activities of the subsidiary have been incorporated into the activities of the parent charity.
 

b. Report from the Chair for the year ended 31 March 2023
 

‘this is one of the best arts centre’s in the country’ Benjamin Zephaniah
Due to the pandemic and its long tail, this year represented the first full year of operation for Norwich Arts Centre since 2018/19, a gap of 4 years.
It has become customary to talk about ‘challenging trading climates’ in these reports but this year (and its successor, in which we are currently immersed), almost redefined the phrase. The much publicised ‘cost of living crisis’ has affected almost everyone worldwide. This has seen unprecedented rises in energy, fuel, food and other essential costs, putting great pressures on a business such as ours, dependent on public leisure spending. This spending is of course amongst the first to be restricted by most people when income is stretched to meet expenditure.
Despite a strong and adventurous artistic programme the first few months of the year suffered from very disappointing ticket sales as people reigned in what was seen as non-essential spending. 
Management and staff were fast to respond to this, amending the artistic offer and cutting costs where doing so did not affect quality and safety. This saw the pattern reversed resulting in a significantly lower deficit than was realistically feared earlier in the year.
Hand in hand with this was, of course, the need to maintain staff wages at a realistic level to ensure that our valued staff themselves can weather the crisis. In common with the rest of the industry, and as artist fees also struggled to cope with rising costs, we were also forced to increase ticket and bar prices to accommodate increased costs, in turn a deterrent to some audiences.
 
Page 2

 
NORWICH ARTS CENTRE LIMITED
 
(A company limited by guarantee)
 
Objectives and activities (continued)

Other issues we faced included that due to changing visa requirements brought about by Brexit, some overseas artists and performers were unable to enter the country to fulfil touring commitments causing cancellations.
The overall outcome of all these however is that although there has been some reduction in the overall levels of liquid reserves during the year it should be noted that these are still considerably above the pre pandemic 2019 level.
Our weddings offer continued to provide valuable additional income and this has become a valued resource to many in our communities.
One significant addition to our trading was the short-term contract to provide bar facilities at The Halls from December. This did require some initial investment to ensure that the operation could run efficiently and inevitably there were some teething problems but the operation settled down and was able to be run to generate welcome funds for NAC. That this was achieved with largely existing staff is yet another testament to the dedication, loyalty and efficiency of our workforce.
The Halls is due to close for a period of investment, refurbishment and renovation in 2023/4 so this area of income will be restricted during this time but it is hoped that we can successfully negotiate with Norwich City Council to continue this arrangement when the buildings reopen. 
We continued to promote our own events in The Halls although the sheer cost of hosting a show in a venue with so little in-house technical equipment led to a reduction in number of events towards the end of the year. At the same time, and with an eye to the coming temporary closure of The Halls, we are looking to promote events in other larger venues in the city. We also worked with partners in areas around the county with traditionally lower involvement in the arts. 
The year saw NAC reapply for National Portfolio Organisation (NPO) status to Arts Council England. I am pleased to say the application was successful although yet again with no financial upscaling. This means that by the end of this three-year agreement (in 2026) there will have been no increase in core funding for 14 years, itself a considerable cut in real terms. Inevitably this could result in artistic cuts, especially in commissioning and supporting external companies. 
During 2022/23 however we continued to support artists including the continuation of support for The Fenland Players, Cambridge based digital artists Collusion providing work in Norfolk, Norwich community theatre company The Common Lot, no less than five female associate artists and the spoken word element of First Light festival amongst others.
Artistically NAC continued to programme ever more diverse and varied events. The music programme is one of the most adventurous in the country while also maintaining a strong level of better known, established and up and coming acts while new initiatives have further expanded the diversity of the shows on offer and introduced new audiences.
That we have continued to attract high calibre performers who would normally play much bigger venues is testament to the high regard NAC is held in by many in the industry. Adam Buxton continued to use us as his ‘try out’ venue of choice with a number of appearances. Beth Orton came to us for a warm-up show prior to a UK tour of large scale venues and Wet Leg honoured a rearranged date booked long before their huge success. 
The venue enjoyed considerable national exposure and visibility for Independent Venue Week when BBC6 Music broadcast its Steve Lamacq show live from NAC . This was followed by a sell-out concert by Young Fathers, excerpts of which were repeated across the network in the following weeks. That the technical infrastructure installed at NAC was sufficient for the BBC’s demanding broadcasting and transfer standards is testament to the foresight and value of the work undertaken during the capital scheme.
 
Page 3

 
NORWICH ARTS CENTRE LIMITED
 
(A company limited by guarantee)
 
Objectives and activities (continued)

We continue to see the benefits of that capital project. This gave us a building that offers unrivalled access for performers and audiences alike, is one of the most sustainable in the country in terms of energy use and carbon footprint reduction while providing technical standards that are the envy of many of not only our peers but many larger facilities too.
Norwich Arts Centre maintains a strong commitment to what we see as our most valuable asset, our committed, enthusiastic, knowledgeable and loyal workforce. Under the leadership of Director Pasco Q Kevlin and his senior management team (Bradley Glasspole and Jayne Steward), the staffing structure has remained stable and able to grow and adapt to change smoothly and seamlessly. While we accept we cannot pay salaries to a level we would ideally like to, as a caring employer we are committed to pay the living wage as a minimum to casual staff and increase salaries as much as we prudently can. 
I strongly believe that by doing all we can to create a safe and welcoming environment for staff with fair pay and conditions we have fostered a degree of commitment that has reaped rewards for both the organisation and the employees.
The patrons who agreed last year to lend their names and regularly support us in various ways has been maintained. I offer sincere thanks to comedian, actor and writer Adam Buxton, musician and composer Roger Eno, multi award winning theatre makers Sh!t Theatre, screenwriter and creator Helen Serafinowicz and artist David Shenton. 
I should also like to thank my fellow trustees for their continued commitment, support, foresight and efforts throughout the year. 
The enviable reputation that has been generated by NAC over the past 40+ years continues to be significantly strengthened and it continues to be a pleasure to greet both returning and new audiences who continue to be overwhelmingly enthusiastic and appreciative. 
At the year’s end, I feel that NAC is in good shape to face the future and the challenges it offers with an efficient monitoring process in place to alert the management and board to any potential issues. 
Of course, 2023/4 will produce further operational and financial challenges. But in the arts we have become accustomed to that!
 

Stephen A Forster, Chair
 

a. Fundraising activities and income generation
 

Norwich Arts Centre does not undertake conventional charitable fundraising activities, it does not have any third-party fundraisers acting on its behalf and has not received any complaints about its fundraising activity over the last year.
 

Financial review
 

a. Going concern
 

After making appropriate enquiries, the Trustees have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the accounting policies.
 

Page 4

 
NORWICH ARTS CENTRE LIMITED
 
(A company limited by guarantee)
 
Financial review (continued)

b. Reserves policy
 

The notes to the financial statements show the assets and liabilities attributable to the various funds by type.
At the 31 March 2023 total funds amounted to £556,416 (2022: £704,211). The charity has unrestricted reserves of £72,201 (2022: £119,901) and restricted reserves of £484,215 (2022: £584,310). The free reserves of the charity at 31 March 2023 (being the unrestricted current assets less unrestricted current liabilities) amount to £39,480 (2022: £83,988).
The trustee's ongoing policy is to maintain a sufficient level of reserves so as to enable the Arts Centre to meet its commitments as they fall due. In addition the trustees have recognised that sufficient reserves need to be maintained to meet any potential redundancy payments that may be needed for employees should the Centre be forced to close. The free reserves target is £50k - £70k which is in line with the NPO forecast for the next three years. The trustees are comfortable with the year end level of free reserves and are projecting recovery of reserves over the NPO period to meet the target level.
 

c. Financial review
 

Total income for the year ended 31 March 2023 was £973,878 compared to £851,596 for the previous year. Included within other income in the previous year was £63,359 of COVID funding, largely being from the Coronavirus Job Retention Scheme. Expenditure of £1,121,673 was incurred in this financial year (2022: £877,646). This has decreased the total funds held by the charity to £556,416 at 31 March 2023, compared to £704,211 at 31 March 2022.
 

Structure, governance and management
 

a. Constitution
 

Norwich Arts Centre Limited is registered as a charitable company limited by guarantee and was set up by a Memorandum of Association on 19 May 1977.
The company is constituted under a Memorandum of Association dated 19 May 1977 and is a registered charity number 274803.
The charitable objects are to promote, maintain, improve and advance the arts, especially those activities which seek to make the arts relevant to the community with particular reference to the county of Norfolk and the city of Norwich and the provision of facilities in the interest of social education with the object of improving the conditions of life of those persons for whom such facilities are primarily intended.
 

b. Methods of appointment or election of Trustees
 

The management of the company is the responsibility of the Trustees who are elected and co-opted under the terms of the Trust deed.
The members of the Company appoint the Council of Management. One third of the board retires annually, on a rotation basis. Retiring members may stand for re-election.
 

Page 5

 
NORWICH ARTS CENTRE LIMITED
 
(A company limited by guarantee)
 
Structure, governance and management (continued)

c. Policies adopted for the induction and training of Trustees
 

The charity trustees will make available to each new charity trustee, on or before his or her first appointment:
(a) a copy of the current version of the Articles of Association;
(b) a copy of the latest Trustees' Annual Report and statement of accounts; and
(c) are made aware of the guidance available at Charity Commission including CC3 'The essential trustee'.
 

d. Pay policy for key management personnel
 

Salaries for all NAC employees are decided by a wages sub committee consisting of the Chair, Treasurer and one other board member. Advised by the Director, General Manager and Finance Manager. Factors considered by the sub committee include trading position and reserves, current inflation/cost of living and market forces in our industry.
 

e. Risk management
 

The Trustees have assessed the major risks to which the company is exposed, in particular those related to the operations and finances of the company, and are satisfied that systems and procedures are in place to mitigate exposure to the major risks.
Key risks are identified in our business plan as:
 
Lower than forecast ticket income is managed with weekly/monthly and quarterly monitoring, increasing efficiency and adjusting staffing levels as appropriate.
Grant income from Arts Council England and other regular funding bodies falling below expected levels, managed by ongoing research into other sources of funding, investigations into diversifying into new markets and  close monitoring of income expectations. Currently ACE income is decided on a 3 year basis via their National Portfolio Organisation programme.
Insufficient reserves at end of financial year, managed with quarterly accounts forecasts, monitoring actuals against budget forecast. Re-forcasting where necessary and adjusting expenditure as a result. Increasing efficiency and adjusting staffing levels as appropriate.
Resignation/loss for other reason of Director/key personnel managed by ongoing strength of staff structure and ensuring that a deputising and succession plan is in place. Board is sufficiently ‘fleet of foot’ to act quickly on recruitment.
National emergency (ie Covid) managed by swift action by Senior Management Team and Board to react to changing circumstances and follow government advice. Maximising use of government assistance (ie furlough schemes). Adjusting trading plans as required by government and budgetary forecasts and business plan as appropriate.
 

Page 6

 
NORWICH ARTS CENTRE LIMITED
 
(A company limited by guarantee)
 
Plans for future periods
 

Norwich Arts Centre is in a good position to face the next three years with some level of confidence, we have secured our National Portfolio Organisation investment from Arts Council England, our experienced core team remains in place, the building is in excellent condition, relationships with artists and the creative community are strong, our audiences continue to trust us and we all have the passion to continue to do what we love.
Finance will continue to be the central focus for every small cultural organisation in the country, but we have experienced personnel and tested systems in place to allow us to move forward with a level of confidence. We are in the process of taking on the responsibility to run another events-based bar in a venue in the city, which will help our contributed income generation. We have retained our sponsorship relationship with a local brewery.
 
We will continue in all areas of our artistic talent development to regularly support new work to be created, produced, toured, and enjoyed by audiences.
Our programme of events will continue to be amongst the most exciting in our region, always trying to ensure on a month by month there is something that is affordable for everyone in the community we serve.
 

Statement of Trustees' responsibilities
 

The Trustees (who are also the directors of the company 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 . Under company law, the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of its incoming resources and application of resources, including its income and expenditure, 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 of the Charities SORP (FRS 102);
make judgments and accounting estimates that are reasonable and prudent;
state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements;
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.


The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the 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 company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

 

Approved by order of the members of the board of Trustees and signed on their behalf by:



Stephen A Forster
Chair

Date: 3 October 2023

Page 7

 
NORWICH ARTS CENTRE LIMITED

(A company limited by guarantee)
 
 
 
INDEPENDENT EXAMINER'S REPORT
FOR THE YEAR ENDED 31 MARCH 2023

Independent examiner's report to the Trustees of Norwich Arts Centre Limited ('the company')

 
I report to the charity Trustees on my examination of the accounts of the company for the year ended 31 March 2023.


Responsibilities and basis of report


As the Trustees of the company (and its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act').


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


Independent examiner's statement


Since the company's gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of Institute of Chartered Accountants in England and Wales, which is one of the listed bodies.


I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:


1.
accounting records were not kept in respect of the company as required by section 386 of the 2006 Act; or

2.
the accounts do not accord with those records; or

3.
the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a 'true and fair' view which is not a matter considered as part of an independent examination; or

4.
the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities [applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)].



I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
 
Page 8

 
NORWICH ARTS CENTRE LIMITED

(A company limited by guarantee)
 
 
 
INDEPENDENT EXAMINER'S REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023



This report is made solely to the company's Trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008My work has been undertaken so that I might state to the company's Trustees those matters I am required to state to them in an Independent examiner's report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the company and the company's Trustees as a body, for my work or for this report.








Giles Kerkham FCA DChA (Senior statutory auditor)

Larking Gowen LLP
Chartered Accountants
Norwich
Date: 10 October 2023
Page 9

 
NORWICH ARTS CENTRE LIMITED
 
(A company limited by guarantee)

 
 
STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT)
FOR THE YEAR ENDED 31 MARCH 2023


Unrestricted funds
2023
Restricted funds
2023
Total
funds
2023
Total
funds
2022
Note
        £
        £
        £
        £

Income from:







Donations and legacies:

3





Grants



229,858

2,892

232,750

339,107
 
.Other donations and legacies


22,477

-

22,477

19,290
 
Charitable activities

4

433,423

-

433,423

274,518
 
Other trading activities

5

285,228

-

285,228

155,322
 
Other income

6

-

-

-

63,359
 
Total income
970,986
2,892
973,878
851,596
Expenditure on:







Raising funds

7

256,352

-

256,352

116,657
 
Charitable activities


762,334

102,987

865,321

760,989
 
Total expenditure
1,018,686
102,987
1,121,673
877,646

Net movement in funds
  
(47,700)
(100,095)
(147,795)
(26,050)

Reconciliation of funds:

 16 





Total funds brought forward

  

119,901

584,310

704,211

730,261
 
Net movement in funds

  

(47,700)

(100,095)

(147,795)

(26,050)
 
Total funds carried forward
  
72,201
484,215
556,416
704,211

The Statement of financial activities includes all gains and losses recognised in the year.

The notes on pages 14 to 31 form part of these financial statements.

Page 10

 
NORWICH ARTS CENTRE LIMITED
 
(A company limited by guarantee)
REGISTERED NUMBER: 01329092

 
 
BALANCE SHEET
AS AT 31 MARCH 2023


2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 12 
516,934
620,221

Investments
 13 
2
2

  
516,936
620,223

Current assets
  

Stocks
  
18,770
8,091

Debtors
 14 
24,664
26,512

Cash at bank and in hand
  
130,909
203,754

  
174,343
238,357

Creditors: amounts falling due within one year
 15 
(134,863)
(154,369)

Net current assets 
  
 
 
39,480
 
 
83,988

Total assets less current liabilities
  
556,416
704,211

Total net assets 
  
556,416
704,211

Page 11

 
NORWICH ARTS CENTRE LIMITED
 
(A company limited by guarantee)
REGISTERED NUMBER: 01329092

 
 
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2023


2023
2022
Note
£
£

Charity funds
  

Restricted funds
 16 
484,215
584,310

Unrestricted funds
 16 
72,201
119,901

Total funds
  
556,416
704,211

The company was entitled to exemption from audit under section 477 of the Companies Act 2006.

The members have not required the company to obtain an audit for the year in question in accordance with section 476 of Companies Act 2006.

The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime.

The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:




S Forster
Chair

Date: 3 October 2023


The notes on pages 14 to 31 form part of these financial statements.

Page 12

 
NORWICH ARTS CENTRE LIMITED
 
(A company limited by guarantee)

 
 
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2023

2023
2022
£
£

Cash flows from operating activities

Net cash used in operating activities

(63,449)
126,219

Cash flows from investing activities

Purchase of tangible fixed assets
(9,396)
(36,815)

Net cash used in investing activities

(9,396)
(36,815)

Change in cash and cash equivalents in the year
 
(72,845)
 
89,404

Cash and cash equivalents at the beginning of the year
203,754
114,350

Cash and cash equivalents at the end of the year
130,909
203,754

The notes on pages 14 to 31 form part of these financial statements

Page 13

 
NORWICH ARTS CENTRE LIMITED

(A company limited by guarantee)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

1.


General information

The company is a company limited by guarantee, incorporated in England and Wales. The registered office is 51 St Benedict's Street, Norwich, Norfolk, NR2 4PG. The registered company number is 01329092. The members of the company are the Trustees named on page 1. In the event of the company being wound up, the liability in respect of the guarantee is limited to £1 per member of the company.


2.Accounting policies

  
2.1

Basis of preparation of financial statements

The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - 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) (effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

Norwich Arts Centre Limited meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.

  
2.2

Company status

The company is a company limited by guarantee. the members of the company are the Trustees named on page 1. In the event of the company being wound up, the liability in respect of the guarantee is limited to £1 per member of the company.

  
2.3

Going concern

The Trustees have considered the Charity's position at the time of signing the financial statements, and in particular the effects of economic uncertainty and inflation, as described in more detail in the Trustees' Report. Having considered a range of scenarios, together with the range of measures the Trustees could take to further manage costs should the need arise, the Trustees are confident that the Charity is well positioned to weather any further challenges presented and to continue to deliver its services. The Charity continues to receive the NPO grant amounting to £185k per annum which is in place for the next three years from April 2023 to March 2026. 
Based on this, the Trustees have concluded that they are confident that the Charity will have adequate resources to continue in operational existence for the foreseeable future, being at least twelve months from the date of signing these financial statements, and they therefore continue to adopt the going concern basis of accounting in preparing these financial statements.

Page 14

 
NORWICH ARTS CENTRE LIMITED

(A company limited by guarantee)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

  
2.4

Income

All income is recognised once the company has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.

Grants are included in the Statement of financial activities on a receivable basis. The balance of income received for specific purposes but not expended during the period is shown in the relevant funds on the Balance sheet. Where income is received in advance of entitlement of receipt, its recognition is deferred and included in creditors as deferred income. Where entitlement occurs before income is received, the income is accrued.

Donated services or facilities are recognised when the company has control over the item, any conditions associated with the donated item have been met, the receipt of economic benefit from the use of the company of the item is probable and that economic benefit can be measured reliably. In accordance with the Charities SORP (FRS 102), the general volunteer time of the Friends is not recognised and refer to the Trustees' report for more information about their contribution.

On receipt, donated professional services and facilities are recognised on the basis of the value of the gift to the company which is the amount it would have been willing to pay to obtain services or facilities of equivalent economic benefit on the open market; a corresponding amount is then recognised in expenditure in the period of receipt.

Other income is recognised in the period in which it is receivable and to the extent the goods have been provided or on completion of the service.

  
2.5

Expenditure

Expenditure is recognised on an accruals basis once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use.

Fundraising costs are those incurred in seeking voluntary contributions and do not include the costs of disseminating information in support of the charitable activities. Support costs are those costs incurred directly in support of expenditure on the objects of the company and include project management carried out at Headquarters. Governance costs are those incurred in connection with administration of the company and compliance with constitutional and statutory requirements.

Charitable activities and Governance costs are costs incurred on the company's educational operations, including support costs and costs relating to the governance of the company apportioned to charitable activities.

Page 15

 
NORWICH ARTS CENTRE LIMITED

(A company limited by guarantee)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.6

Tangible fixed assets and depreciation

Tangible fixed assets costing £500 or more are capitalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably. 

Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost.

A review for impairment of a fixed asset is carried out if events or changes in circumstances indicate that the carrying value of any fixed asset may not be recoverable. Shortfalls between the carrying value of fixed assets and their recoverable amounts are recognised as impairments. Impairment losses are recognised in the Statement of financial activities incorporating income and expenditure account.

Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives.

Depreciation is provided on the following bases:

Freehold property
-
31 years straight line
Long-term leasehold property
-
31 years straight line
Freehold land
-
Not depreciated
General equipment
-
1-7 years straight line

  
2.7

Investments

Investments in subsidiaries are valued at cost less provision for impairment.

  
2.8

Stocks

Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.

  
2.9

Debtors

Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

  
2.10

Cash at bank and in hand

Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

Page 16

 
NORWICH ARTS CENTRE LIMITED

(A company limited by guarantee)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)


2.11

Liabilities and provisions

Liabilities are recognised when there is an obligation at the Balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.

Liabilities are recognised at the amount that the company anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.

Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Statement of financial activities as a finance cost.

  
2.12

Financial instruments

The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.

  
2.13

Operating leases

Rentals paid under operating leases are charged to the Statement of financial activities on a straight line basis over the lease term.

  
2.14

Pensions

The company operates a defined contribution pension scheme and the pension charge represents the amounts payable by the company to the fund in respect of the year.

  
2.15

Fund accounting

General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the company and which have not been designated for other purposes.

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the company for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.

Page 17

 
NORWICH ARTS CENTRE LIMITED

(A company limited by guarantee)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

3.

Income from donations and legacies




Unrestricted funds
2023
Restricted funds
2023
Total
funds
2023
        £
        £
        £
 



Arts Council England - National Portfolio Organisation

185,421

-

185,421

Donations

22,477

-

22,477

Local authority grants

44,437

-

44,437

Arts Council England - Other

-

2,892

2,892

Total 2023


252,335
2,892
255,227




Unrestricted funds
2022
Restricted funds
2022
Total
funds
2022
        £
        £
        £



Arts Council England - National Portfolio Organisation

185,421

-

185,421

Donations

19,290

-

19,290

Local authority grants

44,437

-

44,437

Arts Council England - Other

49,738

59,511

109,249

Total 2022


298,886
59,511
358,397


4.

Income from charitable activities



Unrestricted funds
2023
Total
funds
2023
        £
        £



Box office income

388,704

388,704

Premises hire

20,425

20,425

Other income

24,294

24,294

Total 2023


433,423
433,423

Page 18

 
NORWICH ARTS CENTRE LIMITED

(A company limited by guarantee)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

4.Income from charitable activities (continued)



Unrestricted funds
2022
Total
funds
2022
        £
        £



Box office income

240,059

240,059

Premises hire

12,460

12,460

Insurance - loss of earnings

3,170

3,170

Other income

18,829

18,829

Total 2022


274,518
274,518


5.

Income from other trading activities





Unrestricted funds
2023
Total
funds
2023
        £
        £



Cafe Bar sales

233,862

233,862

Corporate sponsorship

13,500

13,500

Other fundraising income

8,795

8,795

The Halls Bar sales

29,071

29,071



285,228
285,228



Unrestricted funds
2022
Total
funds
2022
        £
        £



Cafe Bar sales

149,137

149,137

Other fundraising income

6,185

6,185



155,322
155,322

Page 19

 
NORWICH ARTS CENTRE LIMITED

(A company limited by guarantee)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

6.

Other incoming resources


Total
funds
2023
        £


Covid-19 Grant

-

Coronavirus Job Retention Scheme income

-

Total 2023


-



Unrestricted funds
2022
Total
funds
2022
        £
        £



Covid-19 Grant

27,500

27,500

Coronavirus Job Retention Scheme Income

35,859

35,859

Total 2022


63,359
63,359

During the previous financial year, the Charity received exceptional government funding as part of the Coronavirus Job Retention Scheme. Funding represents the costs of employing certain staff unable to carry out their duties as a result of the coronavirus crisis.


7.

Expenditure on raising funds




Fundraising trading expenses



Unrestricted funds
2023
Total
funds
2023
        £
        £



Cafe Bar purchases

92,507

92,507

The Halls Bar purchases

18,595

18,595

Staff costs

145,250

145,250



256,352
256,352

Page 20

 
NORWICH ARTS CENTRE LIMITED

(A company limited by guarantee)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

7.Expenditure on raising funds (continued)

Fundraising trading expenses (continued)



Unrestricted funds
2022
Total
funds
2022
        £
        £



Cafe Bar purchases

60,249

60,249

Staff costs

56,408

56,408



116,657
116,657





8.

Analysis of expenditure by activities




Activities undertaken directly
2023
Support costs
2023
Total
funds
2023
        £
        £
        £




Charitable activities

484,111

381,210

865,321






Activities undertaken directly
2022
Support costs
2022
Total
funds
2022
        £
        £
        £




Charitable activities

408,087

352,902

760,989



Page 21

 
NORWICH ARTS CENTRE LIMITED

(A company limited by guarantee)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

8.Analysis of expenditure by activities (continued)

Analysis of direct costs



Direct costs
2023
Total
funds
2023
        £
        £



Staff costs

155,188

155,188

Technical costs

11,088

11,088

Equipment & materials

12,546

12,546

Security

17,638

17,638

Training

965

965

Travel & subsistence

8,388

8,388

Performer fees & expenses

246,413

246,413

Performer Rights Society

5,540

5,540

Bank charges

12,787

12,787

Online ticket sales expenses

13,558

13,558



484,111
484,111



Direct costs
2022
Total
funds
2022
        £
        £



Staff costs

149,349

149,349

Technical costs

12,383

12,383

Equipment & materials

10,933

10,933

Security

21,253

21,253

Training

5,038

5,038

Travel & subsistence

10,874

10,874

Performer fees & expenses

169,100

169,100

Performer Rights Society

6,808

6,808

Bank charges

11,184

11,184

Online ticket sales expenses

11,165

11,165



408,087
408,087

Page 22

 
NORWICH ARTS CENTRE LIMITED

(A company limited by guarantee)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

8.Analysis of expenditure by activities (continued)

Analysis of support costs



Support costs
2023
Total
funds
2023
        £
        £



Staff costs

114,221

114,221

Cleaning

11,272

11,272

Rent and rates

25,069

25,069

Insurances

10,731

10,731

Heat, light and water

29,149

29,149

Office costs and admin

26,092

26,092

Legal and professional

3,720

3,720

Advertising

10,875

10,875

Other building charges

12,922

12,922

Irrecoverable VAT

124,571

124,571

Depreciation

12,588

12,588



381,210
381,210



Support costs
2022
Total
funds
2022
        £
        £



Staff costs

110,742

110,742

Cleaning

8,677

8,677

Rent and rates

23,356

23,356

Insurances

9,008

9,008

Heat, light and water

17,421

17,421

Office costs and admin

16,502

16,502

Legal and professional

7,419

7,419

Advertising

9,149

9,149

Other building charges

24,932

24,932

Irrecoverable VAT

113,919

113,919

Depreciation

11,777

11,777



352,902
352,902

Page 23

 
NORWICH ARTS CENTRE LIMITED

(A company limited by guarantee)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

9.

Independent examiner's remuneration

2023
2022
£
£


Fees payable to the company's independent examiner for the independent examination of the company's annual accounts
3,300
3,000

All other services not included above
1,670
1,000


10.



Staff costs


2023
2022
£
£


Wages and salaries
384,259
290,979

Social security costs
26,554
21,759

Contribution to defined contribution pension schemes
3,846
3,761

414,659
316,499

The average number of persons employed by the company during the year was as follows:


2023
2022

No.
No.


Employees
22
22

No employee received remuneration amounting to more than £60,000 in either year.

Key management personnel includes the Trustees, the Director, the General Manager and the Finance Manager. The total amount of employee benefits received by key management personnel for their services was £132,069 (2022: £126,299).



11.


Trustees' remuneration and expenses

During the year, no Trustees received any remuneration or other benefits (2022 - £NIL).

During the year ended 31 March 2023, expenses totalling £78 were reimbursed or paid directly to 1 Trustee (2022 - £NIL).

Page 24

 
NORWICH ARTS CENTRE LIMITED

(A company limited by guarantee)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

12.


Tangible fixed assets




Freehold property
Long-term leasehold property
Freehold land
General equipment
Total

£
£
£
£
£


Cost

At 1 April 2022
381,034
254,384
7,033
969,154
1,611,605

Additions
-
-
-
9,396
9,396


At 31 March 2023

381,034
254,384
7,033
978,550
1,621,001


Depreciation

At 1 April 2022
282,706
207,522
-
501,156
991,384

Charge for the year
12,291
5,857
-
94,535
112,683


At 31 March 2023

294,997
213,379
-
595,691
1,104,067


Net book value


At 31 March 2023
86,037
41,005
7,033
382,859
516,934


At 31 March 2022
98,328
46,862
7,033
467,998
620,221

Page 25

 
NORWICH ARTS CENTRE LIMITED

(A company limited by guarantee)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

13.


Fixed asset investments





Shares in group undertaking

£



Cost



At 1 April 2022
2



At 31 March 2023

2


Principal subsidiaries

The following was a subsidiary undertaking of the company:


Name

Company number

Principal activity

Holding

Included in consolidation


NAC Cafe Bar Limited 
03716749
Dormant
100%
Yes

The financial results of the subsidiary for the year were:


Name

Net assets
£


NAC Cafe Bar Limited 
2

14.



Debtors


2023
2022
£
£


Due within one year

Trade debtors
12,251
6,235

Other debtors
-
3,320

Prepayments and accrued income
12,413
16,957

24,664
26,512

Page 26

 
NORWICH ARTS CENTRE LIMITED

(A company limited by guarantee)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

15.



Creditors: Amounts falling due within one year


2023
2022
£
£


Trade creditors
14,039
19,788

Other taxation and social security
14,807
10,862

Other creditors
-
1,319

Accruals and deferred income
106,017
122,400

134,863
154,369

2023
£


Deferred income at 1 April 2022
117,009

Resources deferred during the year
104,179

Amounts released from previous periods
(117,009)

104,179

Deferred income is in relation to advance ticket sales and events taking place after the financial year end.

Page 27

 
NORWICH ARTS CENTRE LIMITED

(A company limited by guarantee)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

16.

Statement of funds


Statement of funds - current year

Balance at 1 April 2022
£
Income
£
Expenditure
£
Balance at 31 March 2023
£

Unrestricted funds





General funds 

119,901

970,986

(1,018,686)

72,201
 

Restricted funds






Restricted funds

584,310

2,892

(102,987)

484,215
 

Total of funds


704,211
973,878
(1,121,673)
556,416



Statement of funds - prior year

Balance at
1 April 2021
£
Income
£
Expenditure
£
Transfers in/out
£
Balance at
31 March 2022
£

Unrestricted funds






General funds 

94,250

792,085

(786,735)

20,301

119,901
 


Restricted funds







Restricted funds

636,011

59,511

(90,911)

(20,301)

584,310
 


Total of funds


730,261
851,596
(877,646)
-
704,211

Restricted funds represent funds received from the lottery and Arts Council for improvements to buildings and facilities.

Page 28

 
NORWICH ARTS CENTRE LIMITED

(A company limited by guarantee)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

17.

Analysis of net assets between funds

Analysis of net assets between funds - current year

Unrestricted funds
2023
Restricted funds
2023
Total
funds
2023
        £
        £
        £



Tangible fixed assets

32,719

484,215

516,934

Fixed asset investments

2

-

2

Current assets

174,343

-

174,343

Creditors due within one year

(134,863)

-

(134,863)

Total 


72,201
484,215
556,416



Analysis of net assets between funds - prior year

Unrestricted funds
2022
Restricted funds
2022
Total
funds
2022
        £
        £
        £



Tangible fixed assets

35,911

584,310

620,221

Fixed asset investments

2

-

2

Current assets

238,357

-

238,357

Creditors due within one year

(154,369)

-

(154,369)

Total 

119,901
584,310
704,211

Page 29

 
NORWICH ARTS CENTRE LIMITED

(A company limited by guarantee)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

18.



Reconciliation of net movement in funds to net cash flow from operating activities


2023
2022
£
£

Net expenditure for the year (as per Statement of Financial Activities)



(147,795)

(26,050)

Adjustments for:

Depreciation charges
112,683
102,688

Increase in stocks
(10,679)
(3,701)

Decrease in debtors
1,848
9,791

Increase/(decrease) in creditors
(19,506)
43,491

Net cash provided by/(used in) operating activities
(63,449)
126,219



19.



Analysis of cash and cash equivalents


2023
2022
£
£

Cash in hand
130,909
203,754

Total cash and cash equivalents
130,909
203,754


20.



Analysis of changes in net debt





At 1 April 2022
Cash flows
At 31 March 2023
£
£

£

Cash at bank and in hand

203,754

(72,845)

130,909



21.


Pension commitments

The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £3,846 (2022: £3,761). Contributions totalling £Nil (2022: £1,319) were payable to the fund at the balance sheet date and are included in other creditors.

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NORWICH ARTS CENTRE LIMITED

(A company limited by guarantee)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

22.


Operating lease commitments

At 31 March 2023 the company had commitments to make future minimum lease payments under non-cancellable operating leases as follows:

2023
2022
£
£


Not later than 1 year
17,000
17,313

Later than 1 year and not later than 5 years
17,000
-

34,000
17,313




23.


Related party transactions

During the year, the company made sales of £570 (2022: £494) and incurred purchases of £3,660 (2022: £3,650) in relation to services provided to and from LJ Hope Productions, of which Lucy Farrant is sole proprietor. The balance due at the year end was £Nil (2022: £Nil). The company also made purchases of £Nil (2022: £100) from Lucy Farrant. 
During the year, the company incurred purchases of £Nil (2022: £2,900) with Luke Wright. The balance due at the year end was £Nil (2022: £Nil).
During the year, the company incurred purchases of £2,150 (2022: £575) in relation to services provided from Maria Uzor. The balance due at the year end was £Nil (2022: £Nil).
All transactions were made at an open market basis. 
During the year, the Director received an unsecured interest free loan of £1,000 from the company. At the financial year end, the balance due to the company from the Director amounted to £1,481 (2022: £461). 

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