Registered 3370914 Charity 1063853 THE TRUST

Registered number: 3370914Charity number: 1063853

THE SEACHANGE TRUST(A CHARITABLE COMPANY LIMITED BY GUARANTEE)

TRUSTEES' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2020

THE SEACHANGE TRUST

COMPANY INFORMATION

TRUSTEES M S Colin-Stokes (Chair)N DarwinH NotcuttM Martin

J W NewmanR PackhamH Robinsonttri SmithC ToddB Williamson

COMPANY NUMBER 3370914

CHARITY NUMBER 1063853

REGISTERED OFFICE The Drill HouseYork RoadGreat YarmouthNorfolkNR30 2LZ

BANKERS Barclays Bank Pic40-42 Market PlaceGreat YarmouthNorfolkNR30 1LX

SOLICITORS Norton Peskett141 King StreetGreat YarmouthNorfolkNR30 2PQ

AUDITORS Sexty & Co124 Thorpe RoadNorwichNR1 1RS

THE SEACHANGE TRUST

CONTENTS

Page

Trustees' report 1 -7

Auditors' report 8-10

Statement of financial activities

Balance sheet 12

Statement of cashflows 13

Notes to the financial statements 14-28

THE SEACHANGE TRUST

TRUSTEES' REPORTFOR THE YEAR ENDED 31 MARCH 2020

The trustees present their report and the audited financial statements of the charity for the year ended31 March 2020. The trustees have adopted the provisions of the Statement of Recommended Practice(SORP) "Accounting and Reporting by Charities" (FRS 102) in preparing the annual report and financialstatements of the charity.

The financial statements have been prepared in accordance with the accounting policies set out in notesto the accounts and comply with the charity's governing document, the Charities Act 2011 andAccounting and Reporting by Charities: Statement of Recommended Practice applicable to charitiespreparing their accounts in accordance with the Financial Reporting Standard applicable in the UK andRepublic of Ireland published on 16 July 2014.

TrusteesThe directors of the charitable company are its trustees for the purposes of charity law. The trusteeswho have served during the year and since the year end were as follows:

M S Colin-Stokes (Chair)N DarwinH NotcuttM MartinJ W NewmanR PackhamC Paddock (resigned 4 November 2019)H RobinsonM SmithC ToddB Williamson

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing documentThe SeaChange Trust is a company limited by guarantee registered under the Companies Act 2006and is a registered charity. Each member is liable to contribute a sum, not exceeding f1 in the event ofthe company being wound up.

Appointment of trusteesNew board members are invited based on the contributions they make to the skill set and experienceof the current board.

Trustee induction and trainingNew trustees undergo an orientation session to brief them on their legal obligations under charity andcompany law, the content of the Memorandum and Articles of Association, the committee and decision-making processes and recent financial performance of the Trust.

OrganisationThe board of trustees and sub committee meets regularly throughout the period and a manager, theChief Executive and Artistic Director, is appointed by the trustees to manage the day to day operationsof the Trust. During the year this was Mr C J Mackintosh.

The remuneration of the Chief Executive and Artistic Director is set, monitored and reviewed by theBoard of Trustees.

Related partiesAil trustees give their time freely and no trustee was paid in the year as set out at note 8 to the financialstatements. Trustees are required to disclose any relationships with related parties. Details of relatedparty transactions are set out at note t 7 to the financial statements.The Trust owns 1 00'/a of the issued share capital of Great Yarmouth SeaChange Trading Limited whichdid not trade during the period.

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THE SEACHANGE TRUST

TRUSTEES' REPORT (CONTINUED)FOR THE YEAR ENDED 31 MARCH 2020

Our fundraisingThe majodity of our funds comes from public and private grants and commissioned activities. We seekto support our programme of activities through various related income-generating activities. Thecharity is focussed on its charitable works and balances its need to deliver activity of public benefitwith the need to raise funds to pay for it. We are mindful of our duty to protect the public, includingvulnerable people, during any public-facing fundraising activity.

Risk managementThe trustees acknowledge the Charity Commissioner's requirement for them to undertake a review ofthe major risks to which the Trust is exposed. The Trustees continued to review the major risks to whichthe Trust is exposed, and to establish systems and actions to mitigate those risks identified in the riskregister where not already covered by the Trust's existing systems and risk management strategies.

The principal risks that the Trustees have identified as high risk are as follows:~ Loss or reduction of core funding —mitigation via continued focus within the business plan and

Fundraising Strategy. Resource development priority for the whole team during 2019/20.~ Impact of Brexit —mitigation via ongoing work to develop new international partnerships- for

example Korean Street Arts Festival in Seoul, Institutes in Catalonia & Balearicsa The charity's dependency on a number of key individuals —mitigation via succession planning,

ensuring key information is recorded digitally, carrying out regular team meetings and theperformance management/appraisal scheme

~ Coronavirus pandemic —safety measures are in place to protect staff and others as requiredduring the immediate crisis. The longer term socio-economic impact of the crisis in the UK mayhave an impact on public funding and mitigation work is underway in terms of advancedbusiness planning and focussed resource development activity to prepare for a potentially morecompetitive future funding environment.

OBJECTIVES AND ACTIVITIES

The objectives for which the Trust is established are:

a. To advance the education of the public in the Arts.

b. To educate and train young people and adults in work and life skills likely to enable themsubsequently to find satisfactory employment or to start up in business and become self-employedand by such means also to relieve poverty.

c. A provision in the interest of social welfare and facilities for recreation and other leisure timeoccupations for inhabitants of Great Yarmouth and surrounding areas, the facilities (i) of whichthose persons have need by reason of their youth, age, infirmity or disablement, poverty or socialand economic circumstances and (ii) which will improve the conditions of life for such persons bypromoting their physical, mental and spiritual well-being.

The trustees believe they have complied with their duty to have due regard to the guidance on publicbenefit published by the Commission in exercising their powers or duties.

ACHIEVEMENTS AND PERFORMANCE

2019/20 has been another successful year for the Trust.

What we' ve helped people achieve in 2019/20:

~ We worked with 6,314 children in the area of arts and creativity, through regular classes,schools open days, open access activities at festivals & events and our work with third partiessuch as Jujitsu, Young At Arts, Great Yarmouth Schools' Music Association, Games Festival.

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THE SEACHANGE TRUST


~ The Out There Festival 2019was attended by its biggest ever audience of 63,000 people. Otherevents - including the second Festa Fiesta event in Great Yarmouth's emerging InternationalCultural Quarter —drew an additional 10,000 people.

~ We' ve worked with 318 artists —including 12 resident companies —helping them to produce andperform new work or with new audiences We have over 40 national and internationalpartnerships

~ Our activities have boosted the local economy by at least 63,192,985 (this figure from the full

economic impact study of the Out There Festival alone) —more than double the previous year' seconomic impact value.

Highlights, projects and significant developments in the year have included:

Drill House

The Drill House functions as the only full time dedicated Creation Space for Outdoor Arts and Circus in

the UK. Now in its 3"year of operation since the major building works of 2016, the levels of activity in

terms of community activities/classes, events, artistic creation residencies and commercial hires hasincreased for a successive year. Demand is high and the capacity of the multi-space building isfrequently fully reached. The Trust is pleased that current small-scale capital works to provide additionalindoor and outdoor space in the buildings of the compound adjacent to the main hall are progressingwell and are due to be completed next year.

Events:

Out There International Festival of Street Arts and Circus

The 12"annual Out There International Festival of Street Arts and Circus set a new benchmark as bothcritically the best festival to date and also by far the most attended, with a huge audience of 63,000people. The festival featured:

~ 'Thank You For Having Us' —a stunning new large scale outdoor spectacular collaborationbetween Generik Vapeur from Marseille and Gorilla Circus from the UK, produced bySeaChange Arts. A high-octane rock and roil socio-political call to arms for humanity's futureon this planet. It was an awesome show and the first large scale French/UK creativecollaboration of this scale for decades.

~ The Liberty Zone —artists from UK, Korea, Spain, Italy, Iceland, France, Germany andbeyond took over the town centre in explorations of Freedom, Oppression, Democracy andRevolution.

~ 35 Artistic Companies.~ 17 International companies from 12 Countries.~ 16 SeaChange Arts/Drill House Productions.~ 13 UK Premieres.~ 8 World Premieres.~ 'Rise Up' - Professional Symposium on Art and Activism with over 200 delegates attending

from across Europe.

Festa Fiesta

A second Festa Fiesta one-day artistic celebration of Great Yarmouth's diverse King Street area culturalquarter was produced in June 2019 in collaboration with artists from the UK and Portugal and with thelocal community.

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Projects:

Roundabout Europe

The Trust is a partner in an EU funded 'Creative Europe' partnership with festivals in Denmark,Netherlands, Portugal and the Czech Republic to develop best practice in supporting Outdoor Artscompanies to create new work through international residencies. We have hosted internationalcompanies and assisted in the overseas activities of UK artists.

Freshly Greated (Creative People and Places —Great Yarmouth)

The Trust has assisted a consortium of local organisations (SeaChange Arts, Jays UK, CreativeCollisions CIC, Voluntary Norfolk) in securing Arts Council England 'Creative People and Places'funding to increase engagement with the arts by those least engaged in the Great Yarmouth over thenext 10 years. The initial E1.6m 4-year programme titled 'Freshly Greated' will begin in 2020/21 and asmall project management team will be accommodated alongside the Trust in the Drill House complex.

Without Walls (WOW)

The Trust is an active commissioning partner in the Without Walls Outdoor Arts Consortium, an ArtsCouncil NPO. The Trust supported the development of 5 pieces of new work through WOW, presentedas part of the Out There Festival in September 2019, including several through residencies at the DrillHouse.

Associate Artist Scheme

This was the second year of the Trust's Associate Artist Scheme to develop more involved long termworking partnerships with artists and to encourage collaboration between them on SeaChange projects.Six artists are now working with us through the scheme.

Looks Sideways East

The Cultural Board of the 'New Anglia' Norfolk/Suffolk Local Enterprise Partnership is delivering a rangeof projects across the region to develop Cultural Tourism. The Trust was contracted to lead initiativesacross the region in regard to community festivals and half term activity in 2018 and 2019, including a'magic moments' tour of indoor and outdoor events across the region and the development of the FestaFiesta event with the Portuguese Community of Great Yarmouth in June.

Making Waves

The Great Yarmouth and Lowestoft 'Making Waves' project is one of a number of 'Great Places' fundednationally by Arts Council England and the Heritage Lottery Fund. The Trust is collaborating with artsand community groups in the development of artists networking, events in public space and venuecollaboration.

Drill House Creative Compound Capital Works

Following successful grant application to the Arts Council England Small Scale Capital programme andother supporting funders including the Virgin Money Foundation, works have been taking place to ineffect finish the Drill House and our surrounding buildings and provide us with much needed maximumcapacity for artistic, community and commercial activities. This includes the transformation of theprevious grotty alleyway and car park into a hard-landscaped open performance/creation/communityspace, production equipment, a fabrication space, storage, education space, cafe and new office initially

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to support the incoming 'Freshly Greated' team from 2020. There has been significant progress in thecourse of the year, with the remainder of the scheme due for completion in 2020.

Ice House Development

With the support of the Architectural Heritage Fund, the Trust carried out an options appraisal ofpotential schemes to develop the historic Ice House on the South Quay of the river Yare in GreatYarmouth. The building is currently leased by the Trust for the proposes of storing productionequipment. The options appraisal has drafted a proposed scheme for the future restoration andredevelopment of the building into a flexible circus/outdoor arts creative training centre in line with theTrusts future needs. Since the completion of the study the Trust has secured further support from theAHF to begin development work on the scheme comprising of more detailed design plans, planningpermission and fundraising activity. This activity began in early 2020 and continues into the next year.

FUTURE PLANS AND GOING CONCERN

Coronavirus Resilience

At the time of writing this report (June 2020), the UK is still in the midst of emergency measures totackle the Coronavirus.

Sadly, as a result of the situation, The Trust will be unable to produce the 13w Out There Festival in

2020, which has been postponed until September 2021.

The crisis has had a serious impact on the performing arts sector, as well as on communities and theeconomy as a whole. The Trust has sufficient solidity to come through the crisis intact, to continuewith as much as possible of its charitable work in 2020/21, and to play an important role supportingboth the local community and the national/international Outdoor Arts and Circus sectors through andbeyond this.

While the return of some forms of activity will be contingent upon the development of circumstancesallowing them, much of our activity in 2020/21 is continuing including:

~ Continuing community classes and engagement activities through both online and physicalactivity.

~ Continuing to support the development of new work through residencies, writing support,commissions and collaborations.

~ Completing the capital works in and around the Drill House.~ Continuing to develop the scheme and resources for the future development of the Ice House.~ Planning for the future production of the 13'" Out There Festival in 2021 and other events and

activities in the course 2020/21, as conditions and resources allow.~ Helping the 'Freshly Greated' programme start to engage with local communities and

supporting the FG team in establishing themselves at the Drill House.~ Launching a new 10-year plan for the organisation.

We have considered the impact of the Coronavirus on our financial stability. Core funding support for2020/21 remains in place, with Arts Council England having extended the current 4 year NationalPortfolio funding agreement period by an additional year until April 2023. Programmes of activity andrelated budgets for 2020/21 are being managed in response to a constantly developing situation toensure the Trust remains a healthy going concern while also delivering charitable activity as much ispossible in the changing circumstances.

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FINANCIAL REVIEW

Net outgoing resources for the period on the unrestricted fund amounted to 514,049 (2019: net incomingresources 633,200) and on the restricted fund net outgoing resources amounted to 649,607 (2019: netincoming resources F161,953). Net assets decreased to F747,311 (2019: increased to 6810,967).

Incoming resources have decreased by 42% from the prior year, a decrease of 6601,134.The decreaserelated to restricted projects and is primarily a reflection of: non-recurring grant awards in 2018/19including the F176,000 grant award for a programme of minor works and equipment in the Drill House,including the conversion of three adjacent storage sheds into additional facilities, and F398,683 for theCoasters programme which ended 31 March 2019.

Additional detail on incoming resources are set out in notes 3 to 5 of the financial statements.

Expenditure on charitable objectives has decreased by 30% from the prior year, a decrease of6346,471. Much of this reflects the cessation of the Coasters programme which ended 31 March 2019and incurred expenditure of 6391,336 in that year. Approximately 50% of the Coasters income andexpenditure activity related to partners in other locations that flowed through us, and therefore thecessation of the Coasters programme only results in a partial reduction in the Trust's activities locally.

Investment powers and policy

Under the Memorandum and Articles of Association, the charitable company has the power to invest inany way the trustees wish.

Reserves

The trustees, having considered the potential risks facing the Trust and assessed future plans anddevelopment opportunities, would wish to retain minimum reserves sufficient to ensure an orderlywithdrawal from its operating role should this prove necessary.

In addition the trustees are mindful of the range of possible and probable needs to maintain reservesover and above this minimum level, including within this consideration of the increased likelihood ofsignificant future capital developments, risk liabilities in regard to increased event programming, cashflow and financial management needs in the context of a growing project programme and necessarystrategic development work arising during a critical and fast-developing period of change and growthfor the organisation.

TRUSTEES' RESPONSIBILITIES IN RELATION TO THE FINANCIAL STATEMENTS

Chadity and Company Law requires the trustees to prepare financial statements for each financial periodwhich Company law requires the trustees to prepare statements that give true and fair view of the stateof affairs of the charitable company at the end of the financial period and of its surplus or deficit for thefinancial period. In doing so the trustees are required to:

~ select suitable accounting policies and then apply them consistently;~ make sound judgements and estimates that are reasonable and prudent; and~ prepare the financial statements on the going concern basis unless it is inappropriate to presume

that the charitable company will continue in business.

The trustees are responsible for maintaining proper accounting records which disclose with reasonableaccuracy at any time the financial position of the charitable company and enables them to ensure thatthe financial statements comply with the Companies Act 2006. The trustees are also responsible for

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safeguarding the assets of the charitable company and hence for taking reasonable steps for theprevention and detection of fraud and other irregularities.

Statement of disclosure to the auditors

We, the directors of the company who held office at the date of approval of these Financial Statementsas set out above each confirm, so far as we are aware, that:

a) there is no relevant audit information of which the company's auditors are unaware; and

b) we have taken all the steps that we ought to have taken as directors in order to make ourselvesaware of any relevant audit information and to establish that the company's auditors are aware ofthat information.

AUDITORS

The auditors Sexty & Co Registered Auditors are willing to continue in office and a resolution toreappoint them will be proposed at the Annual General Meeting.

By order of the board

S Colin-StokesChair

29 September 2020

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THE SEACHANGE TRUST

REPORT OF THE AUDITORS TO THEMEMBERS OF THE SEACHANGE TRUST

We have audited the financial statements of The Seachange Trust for the year ended 31 March 2020which comprise the Statement of Financial Activities, the Balance Sheet, Cashflow statement and therelated notes to the financial statements, including a summary of significant accounting policies. Thefinancial reporting framework that has been applied in their preparation is applicable law and UnitedKingdom Accounting Standards, including Financial Reporting Standard 102 The Financial ReportingStandard applicable in the UK and Republic of Ireland.

This report is made solely to the charitable company's members, as a body, in accordance with Chapter3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state tothe charitable company's members those matters we are required to state to them in an auditor's reportand for no other purpose. To the fullest extent permitted by law, we do not accept or assumeresponsibility to anyone other than the charitable company and the charitable company's members asa body, for our audit work, for this report, or for the opinions we have formed.

In our opinion the financial statements:

~ give a true and fair view of the state of the charitable company's affairs as at 31 March 2020 and ofits incoming resources and application of resources, including its income and expenditure, for theyear then ended;

~ have been properly prepared in accordance with United Kingdom Generally Accepted AccountingPractice; and

~ have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing and applicable law. Ourresponsibilities under those standards are further described in the Auditor's responsibilities for the auditof the financial statements section of our report. We are independent of the charitable company in

accordance with the ethical requirements that are relevant to our audit of the financial statements in theUK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities inaccordance with these requirements. We believe that the audit evidence we have obtained is sufficientand appropriate to provide a basis for our opinion.

Conclusions relating to going concern

We have nothing to report in respect of the following matters in relation to which the ISAs UK requireus to report to you where:

~ the trustees' use of the going concern basis of accounting in the preparation of the financialstatements is not appropriate; or

~ the trustees have not disclosed in the financial statements any identified material uncertainties thatmay cast significant doubt about the charitable company's ability to continue to adopt the goingconcern basis of accounting for a period of at least twelve months from the date when the financialstatements are authorised for issue.

Other information

The trustees are responsible for the other information. The other information comprises the informationincluded in the trustees' annual report, other than the financial statements and our auditor's reportthereon. Our opinion on the financial statements does not cover the other information and, except tothe extent otherwise explicitly stated in our report, we do not express any form of assurance conclusionthereon.

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REPORT OF THE AUDITORS TO THEMEMBERS OF THE SEACHANGE TRUST (CONTINUED)

In connection with our audit of the financial statements, our responsibility is to read the other informationand, in doing so, consider whether the other information is materially inconsistent with the financialstatements or our knowledge obtained in the audit or otherwise appears to be materially misstated. Ifwe identify such material inconsistencies or apparent material misstatements, we are required todetermine whether there is a material misstatement in the financial statements or a materialmisstatement of the other information. If, based on the work we have performed, we conclude that thereis a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

~ the information given in the trustees' report for the financial year for which the financial statementsare prepared is consistent with the financial statements; and

~ the directors' report has been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of our knowledge and understanding of the charitable company and its environment obtainedin the course of the audit, we have not identified material misstatements in the directors' report.

We have nothing to report in respect of the following matters in relation to which the Companies Act2006 requires us to report to you if, in our opinion:

~ adequate accounting records have not been kept, or returns adequate for our audit have not beenreceived from branches not visited by us; or

Responsibilities of trustees

As explained more fully in the trustees' responsibilities statement set out on page 6, the trustees areresponsible for the preparation of the financial statements and for being satisfied that they give a trueand fair view, and for such internal control as the trustees determine is necessary to enable thepreparation of financial statements that are free from material misstatement, whether due to fraud orerror.

In preparing the financial statements, the trustees are responsible for assessing the charitablecompany's ability to continue as a going concern, disclosing, as applicable, matters related to goingconcern and using the going concern basis of accounting unless the trustees either intend to liquidatethe charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a wholeare free from material misstatement, whether due to fraud or error, and to issue an auditor's report thatincludes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that anaudit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists.Misstatements can arise from fraud or error and are considered material if, individually or in theaggregate, they could reasonably be expected to influence the economic decisions of users taken onthe basis of these financial statements.

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REPORT OF THE AUDITORS TO THEMEMBERS OF THE SEACHANGE TRUST (CONTINUED)

As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintainprofessional scepticism throughout the audit. We also:

~ Identify and assess the risks of material misstatement of the financial statements, whether due tofraud or error, design and perform audit procedures responsive to those risks, and obtain auditevidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detectinga material misstatement resulting from fraud is higher than for one resulting from error, as fraudmay involve collusion, forgery, intentional omissions, misrepresentations, or the override of internalcontrol.

~ Obtain an understanding of internal control relevant to the audit in order to design audit proceduresthat are appropriate in the circumstances, but not for the purpose of expressing an opinion on theeffectiveness of the charitable company's internal control.

~ Evaluate the appropriateness of accounting policies used and the reasonableness of accountingestimates and related disclosures made by the trustees.

~ Conclude on the appropriateness of the trustees' use of the going concern basis of accounting and,based on the audit evidence obtained, whether a material uncertainty exists related to events orconditions that may cast significant doubt on the charitable company's ability to continue as a goingconcern. If we conclude that a material uncertainty exists, we are required to draw attention in ourauditor's report to the related disclosures in the financial statements or, if such disclosures areinadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up tothe date of our auditor's report. However, future events or conditions may cause the charitablecompany to cease to continue as a going concern.

~ Evaluate the overall presentation, structure and content of the financial statements, including thedisclosures, and whether the financial statements represent the underlying transactions and eventsin a manner that achieves fair presentation.

We communicate with those charged with governance regarding, among other matters, the plannedscope and timing of the audit and significant audit findings, including any significant deficiencies ininternal control that we identify during our audit.

~/I

I A Barlow (Senior Statutory Auditor)For and on behalf of Sexty & CoChartered Certified Accountants & Statutory Auditor124 Thorpe RoadNorwichNR1 1RS

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STATEMENT OF FINANCIAL ACTIVITIES(including Income and Expenditure Account)

FOR THE YEAR ENDED 31 MARCH 2020

NotesUnrestricted

FundE

RestrictedFund

E

TotalFunds

2020E

TotalFunds

2019E

Income from:Grants and donationsInvestmentsCharitable activities

512,380341

73,443

180,635

48,306

693,015 1,252,903341 360

121,749 162,976

Total income 586,164 228,941 815,105 1,416,239

Expenditure on:Raising fundsCharitable objectivesGovernance costsImpairment loss/chargedepreciation

for

17,280578,137

2,417

2,379

4,258220,265

54,025

21,538 12,706798,402 1,144,873

2,417 15,385

56,404 48, 122

Total expenditure 600,213 278,548 878,761 1,221,086

Net income / (expenditure)before and after tax for theyear (14,049) (49,607) (63,656) 195,153

Transfers between funds 14

Net income / (expenditure)and net movement in fundsfor the year (14,049) (49,607) (63,656) 195,153

Reconciliation of funds:Total funds brought forward

Total funds carried forward

313,781 497, 186 810,967 615,814

299,732 447,579 747,311 810,967

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

All incoming resources and resources expended relate to continuing activities.

The notes on pages 14 to 28 form part of these financial statements.

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BALANCE SHEETAS AT 31 MARCH 2020

Fixed assetsTangible fixed assetsInvestments

Notes

910

20206 f

396,1872

2019E 6

370,2322

Current assetsStockDebtorsCash at bank and in hand

11 1,73212 204,868

193,282

396,189

1,964348,318237,621

370,234

LiabilitiesCreditors falling due within one year

Net current assets

399,882

13 ~46.766

351,122

587,903

147,170

440,733

Total assets less current liabilities

Net assets

747,311

747,311

810,967

810,967

Charity fundsRestricted income funds - ProjectsRestricted income funds - CapitalUnrestricted funds

141414

70,538377,041299,732

66,176431,010313,781

Total charity funds 747,311 810,967

The financial statements have been prepared in accordance with the special provisions of Part 15 ofthe Companies Act 2006 relating to small companies.

The financial statements were approved by the trustees September 2020.

M S Colin-StokesChair

B i iamsonDirector

The notes on pages 14 to 28 form part of these financial statements.

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STATEMENT OF CASHFLOWSFOR THE YEAR ENDED 31 MARCH 2020

2020F

20196

Cash flow from operating activitiesNet income /(expenditure) for the reporting period (as per thestatement of financial activities)Adjustments for:Depreciation and impairment of tangible fixed assetsDividends, interest and rents from investments(Increase) / decrease in stock(Increase) / decrease in debtorsIncrease / (decrease) in creditors

(63,656)

56,404(341)

232143,450(98,410)

195,153

48,122(360)(538)

(276,562)58,769

Net cash provided by / (used in) operating activities 37,679 24,584

Cash flow provided by / (used in) investing activitiesPayments to acquire tangible fixed assetsDividends, interest and rents from investments

(82,359)341

(28,502)360

Net cash flow from investing activities ~82,888 ~28,182

Cash flow from financing activitiesRepayment of loans

Net cash provided by / (used in) financing activities

Change in cash and cash equivalents in the reportingperiod

Cash and cash equivalents at the beginning of thereporting period

Cash and cash equivalents at the end of the reportingperiod

(44,339)

237,621

193,282

(3,558)

241,179

237,621

Cash and cash equivalents consists of:

Cash at bank and in handNotice deposits (less than 3 months)

193,282 237,621

Cash and cash equivalents at the end of the reportingperiod

193,282 237,621

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NOTES TO THE FINANCIAL STATEMENTSFOR THE YEAR ENDED 31 MARCH 2020

1 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

BASIS OF PREPARATION

The Seachange Trust is a private charitable company limited by guarantee in England. In the event ofthe charity being wound up, the liability in respect of the guarantee is limited to E1 per member of thecharity. The address of the registered office is given in the charity information page of these financialstatements. The nature of the charity's operations and principal activities are explained in the Trustees'Report.

The charity constitutes a public benefit entity as defined by FRS 102. The financial statements havebeen prepared in accordance with Accounting and Reporting by Charities: Statement of RecommendedPractice applicable to charities preparing their accounts in accordance with the Financial ReportingStandard applicable in the UK and Republic of Ireland (FRS 102) issued on 16 July 2014, the FinancialReporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), the CharitiesAct 2011, the Companies Act 2006 and UK Generally Accepted Practice as it applies from 1 January2015.

The financial statements are prepared on a going concern basis under the historical cost convention,modified to include certain items at fair value. The financial statements are presented in sterling whichis the functional currency of the chadity and rounded to the nearest E.

The significant accounting policies applied in the preparation of these financial statements are set outbelow. These policies have been consistently applied to all years presented unless otherwise stated.

FUNDS

Unrestricted funds are available for use at the discretion of the trustees in furtherance of the generalobjectives of the charity and which have not been designated for other purposes.

Designated funds comprise unrestricted funds that have been set aside by the trustees for particularpurposes. The aim and use of each designated fund is set out in the notes to the financial statements.

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

INCOME RECOGNITION

All incoming resources are included in the Statement of Financial Activities (SoFA) when the charity islegally entitled to the income after any performance conditions have been met, the amount can bemeasured reliably, and it is probable that the income will be received.

For donations to be recognised the charity will have been notified of the amounts. If there are conditionsattached to the donation and this requires a level of performance before entitlement can be obtained,then income is defened until those conditions are fully met or the fulfilment of those conditions is within

the control of the charity and it is probable that they will be fulfilled.

Income from government and other grants are recognised at fair value when the charity has entitlementafter any performance conditions have been met, it is probable that the income will be received, andthe amount can be measured reliably. If entitlement is not met, then these amounts are deferred.

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NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)FOR THE YEAR ENDED 31 MARCH 2020

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)

EXPENDITURE RECOGNITION

All expenditure is accounted for on an accruals basis and has been classified under headings thataggregate ail costs related to the category. Expenditure is recognised where there is a legal orconstructive obligation to make payments to third parties, it is probable that the settlement will berequired, and the amount of the obligation can be measured reliably

Irrecoverable VAT is charged as an expense against the activity for which expenditure arose.

ALLOCATION OF SUPPORT COSTS

Support costs are those functions that assist the work of the charity but do not directly undertakecharitable activities. Support costs include back office costs, finance, personnel, payroll and othercosts which support the charity's delivery of projects and events. Support costs are primarily allocatedto projects based on the levels set out in the underlying grant agreement. Residual support costs areborne by unrestricted funds.

FIXED ASSETS

Tangible fixed assets are stated at cost (or deemed cost) or valuation fess accumulated depreciationand accumulated impairment tosses.

From 1 April 2018 the trustees formalised a policy that only individual fixed assets costing E1,000 ormore are capitalised. The trustees consider that this enables the charity to present a materially accuraterepresentation of the fixed assets used by the charity whilst permitting a cost-effective mechanism ofrecording and accounting for the assets it uses.

Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost, lessestimated residual value, of each asset on a systematic basis over its expected useful life as follows:

Fixtures, fittings and equipmentLand and buildingsLease Premium

10% - 33%% straight line2% straight lineOver the term of the lease

IMPAIRNIENT

Assets not measured at fair value are reviewed for any indication that the asset may be impaired ateach balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset'scash generating unit, is estimated and compared to the carrying amount. Where the carrying amountexceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset iscarried at a revalued amount where the impairment loss is a revaluation decrease.

INVESTMENTS

Investments in subsidiaries are measured at cost less impairment.

DEBTORS AND CREDITORS RECEIVABLE I PAYABLE WITHIN ONE YEAR

Debtors and creditors with no stated interest rate and receivable or payable within one year arerecorded at transaction price. Any losses arising from impairment are recognised in expenditure.

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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)

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.

FINANCIAL INSTRUMENTS

The charity 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 subsequentlymeasured at their settlement value with the exception of bank loans which are subsequently measuredat the carrying value plus accrued income less repayments. The financing charge to expenditure is ata constant rate measured using the effective interest method.

FOREIGN CURRENCY

Foreign currency transactions are initially recognised by applying to the foreign currency amount the

spot exchange rate between the functional currency and the foreign currency at the date of thetransaction.

Monetary assets and liabilities denominated in a foreign currency at the balance sheet date aretranslated using the closing rate.

KEY JUDGEMENTS AND ASSUMPTIONS

The preparation of the financial statements requires judgements and assumptions to be made thataffect the reported carrying value of assets, liabilities, revenue and expenses. Significant judgementsmade in preparing the financial statements include the assessment of any performance conditions

attached to items of income which impact the degree to which income is recognised.

TAX

The charity is an exempt charity within the meaning of schedule 3 of the Charities Act 2011 and isconsidered to pass the tests set out in Paragraph 1 Schedule 6 Finance Act 2010 and therefore it meetsthe definition of a charitable company for UK corporation tax purposes.

GOING CONCERN

The financial statements have been prepared on a going concern basis as the trustees believe that no

material uncertainties exist. The trustees have considered the level of funds held and the expectedlevel of income and expenditure for 12 months from authorising these financial statements. Thebudgeted income and expenditure is sufficient with the level of reserves for the charity to be able to

continue as a going concern.

2 NET INCOME / EXPENDITURE FOR THE YEAR

Net income / (expenditure) is stated after charging / (crediting):

DepreciationImpairment LossAuditors remuneration: audit servicesAuditors remuneration: other servicesForeign exchange loss / (gain)

2020f

56,404

2,588(520)1,442

2019

48, 122

2,682600

1,238

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3 INCOME FROM GRANTS AND DONATIONS

Dudng the period the trust received grants from the following:

Unrestrictedfunds

E

Restrictedfunds

E

Total2020

E

Total2019

ENorfolk County Council*

Art Grant AwardSmall Capital

Great Yarmouth Borough Council*Arts Development Service Contract

Other IncomeChildren In NeedArts Council National Portfolio Funding*Arts Council Small Capital*Virgin Money FoundationHeritage Lottery Fund*With Out WallsEsme FairbairnRoundabout EuropeArchitectural Heritage Fund*Gorilla CircusArts Council —Coasters*National Lottery*Norwich City Council —Festa Fiesta*

6,184

58,50032,196

390,000

15,000

10,500

7,96031,200

32,29540,000

6,68062,500

6,184

58,50040,15631,200

390,000

15,000

32,29540,000

6,68062,50010,500

6, 18410,000

58,50045,28829,824

390,000131,00035,00073,50018,98940,000

395,00010,0009,618

Total income from grants and donations 512 380 180 635 693,015 1 252,903

Grants and donations marked * are considered to be government grant income. Income is onlyrecognised where the income recognition criteria set out in the accounting policies are met.

4 INCOME FROM INVESTMENTS

All of the charity's investment income arises from interest bearing bank accounts.

5 INCOME FROM CHARITABLE ACTIVITIES

The income arises from project management and contractual income E46,829 (2019:E107,295), salesof tickets E6,411 (2019: E15,499), room hire F9,720 (2019: E7,385) and other sales E58,789 (2019:E32,797).

Income from charitable activities includes F62,829 (2019:F109,295) from government bodies. Incomeis only recognised where the income recognition criteria set out in the accounting policies are met.

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6 DIRECT CHARITABLE EXPENDITURE2020 2019

E

Artistic programmeArtist feesOther costs

144,621 216,596280,450 507,407

Other grant programme activitiesIce I-louse professional fees

Income generating activitiesSalariesOther costs

7,431

25423,554

12124,587

Support costsSalariesOther support costsFinance costs

266,184 312,77475,317 83,388

591

798,402 1,144,873

Allocated as follows:-General FundRestricted Fund

578,137 481,742220,265 663,131

798,402 1,144,873

7 GOVERNANCE COSTS2020 2019

E

Financial and administrationLegal and professionalAudit fees: current auditor

other services

(19) 11,713368 390

2,588 2,682(520) 600

Allocated as follows:

General fundRestricted fund

2,417 15,385

2,417 15,385

2,417 15,385

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8 STAFF COSTS

The cost of employing staff was:

2020 20196

Wages and salariesSocial security costsEmployers contribution to defined contribution pension scheme

244,224 286,16818,858 22,8175,250 4,171

268,332 313,156

The average number of employees during the year was 11 (2019: 14).

No employees received total employee benefits (excluding employer pension costs) of more than860,000

The trustees neither received nor waived any remuneration during the current or previous year.

The trustees did not have any expenses reimbursed during the current or previous year.

The charity considers that the key management personnel currently comprise the trustees, the ChiefExecutive and Artistic Director, the Executive Director and the Communications and DevelopmentsManager. It also included a Marketing and Communications Director post until November 2018. Thetotal employee benefits of the three key management personnel posts were f141,026 (2019:F162,794—4 posts).

The charity operates a defined contribution pension plan for its employees. The amount recognisedas an expense in the year was 65,250 (2019:f4,171).Pension costs are allocated in accordance withthe underlying activities of the individual. Where individuals are allocated to restricted fund projectsthen their pension costs are included in the restricted fund activities.

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9 FIXED ASSETS

CostAs at 31 March 2019AdditionsTransfersDisposals

As at March 2020

Capital project—under

constructionE

1,20240,473(1,174)

40,501

Land 8 Fixtures, TotalBuildings fittings &

equipmentE F

1,294,734 335,945 1,631,88128,380 13,506 82,359

1,174~10.123 ~10,123

1,323,114 340,502 1,704,117

DepreciationAs at 31 March 2019Charge for the yearImpairment loss/TransferEliminated on disposal

As at 31 March 2020

1,103,4444,576

1 108 020

158,20551,828

1,261,64956,404

~10,123 ~10,123

199 910 1,307,930

Net book valueAs at 31 March 2020 40,501 215,094 140,592 396,187

As at 31 March 2019 1,202 191,290 177,740 370,232

10 INVESTMENTS

Subsidiary undertaking

2020 20196 E

2 2

The Trust holds 100% of the issued share capital of Great Yarmouth Seachange Trading Limited, which

is registered in England. The company did not trade during the year, and its net liabilities at 31 March2020 were f110 (31 March 2019:6110).

The Trust is the parent undertaking of a small group and as such is not required by the Companies Act2006 to prepare group accounts.

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11 STOCK

Goods for resale

2020 20196 6

1,732 1,964

12 DEBTORS2020 2019

6

Trade debtorsPrepayments and accrued incomeOther debtors

35,446 82,668169,414 264,734

8 916

204,868 348,318

Accrued income includes grants totalling 6163,402 (2019: 6254, 150) where the charity considers it

meets income recognition requirements as set out in the accounting policies:

20206

2019F

ACE Small Capital 2018/19HLF Circus 250ACE CoastersChildren in NeedArchitectural Heritage FundRoundabout Europe

78,381

23,34155,000

6,680

131,00024,40098,750

163,402 254, 150

Financial instruments included in debtors are basic and are measured at amortised cost.

13 CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR2020 2019

E 6

Trade creditorsAccruals and deferred incomeOther creditorsTaxation and social security

3,941 89,23335,685 51,844

3,499 6255,635 5,468

48,760 147,170

Certain income of the charity is contract income that is subject to performance-related or time-limitedconditions. Where the income is received in advance of delivering the services required by thoseconditions the income is accounted for as a liability and shown on the balance sheet as deferredincome. Deferred income is released to income in the reporting period in which the performance-relatedconditions or other conditions which limit recognition are met.

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NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)FOR THE YEAR ENDED 31 INARCH 2020

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR (continued)

Movements on deferred income are:

Balance at 1 April 2019Amounts released to income earned from charitable activitiesAmount deferred in year

2020 2019f f

14,625 14,625(14,625) (14,625)

14,953 14,625

Balance at 31 March 2020 14,953 14,625

Financial instruments included in creditors are basic and are measured at amortised cost.

14 FUND RECONCILIATION

2020:Restricted Restricted

Unrestricted fund fund Total Totalfund projects capital 2020 2019

F f f f fFund balance as at31 March 2019Movements in yearTransfer between funds

313,781(14,049)

66,1764,362

431,010 810,967 615,814(53,969) (63,656) 195,153

Fund balance as at31 March 2020 299,732 70,538 377,041 747,311 810,967

2019:

Fund balance as at31 March 2018Movements in yearTransfer between funds

Unrestrictedfundf

280,58133,200

Restrictedfund

projectsf

34,12932,047

Restrictedfund

capitalf

301,104129,906

Total Tote I

2019 2018f f

615,814 687,835195,153 (72,021)

Fund balance as at31 March 2019 313,781 66,176 431,010 810,967 615,814

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15 ANALYSIS OF NET ASSETS BETWEEN FUNDS

2020:

Unrestrictedfund

E

Restrictedfund

projectsE

Restrictedfund

capitalf

Total2020

E

Total2019

E

Tangible fixed assetsInvestmentCunent assets lesscreditors

88,7772

210,953

9,944

60,594

297,466 396,187 370,2322 2

79,575 351,122 440 733

299,732 70 538 377 041 747 311 810 967

2019:

Unrestrictedfundf

Restrictedfund

projectsE.

Restrictedfund

capitalE

Total2019

E

Total2018

fTangible fixed assetsInvestmentCurrent assets lessCI'editors

86,7192

227,060

283,513 370,2322

389,8522

66,176 147,497 440 733 225 960

313,781 66,176 431,010 810,967 615,814

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16 MOVEMENT IN RESTRICTED FUNDS

2020:Fund

balanceat 1 April

2019E

IncomeE

ExpenditureE

Transfersto/(from)

general fundE

Fundbalance

at 31 March2020

EProjectsCapital ReserveLook Sideways EastWith Out WallsChildren in NeedACE CoastersCircus School EquipmentGreat PlacesEsmee FairbairnHLF Circus 250Roundabout EuropeArchitectural HeritageFund —Ice HouseFeasibilityArchitectural HeritageFund —Ice HouseDevelopment

CapitalACE Capital —2015/1 6ACE Small Capital2018/19, including NorfolkCounty Council capitalgrant and Virgin MoneyFoundation grant)

10,000608

3,57016,7859,0951,7612,990(987)

22,893(539)

35,27332,29531,200

1,16419,82940,000

6,6807,500

(56)(35,880)(34,616)(41,422)

(9,095)(730)

(22,819)(39,013)(22,893)

(6,736)(7,500)

55,000 (3,819)

257,277 (43,827)

173,733 (10,142)

66,176 228,941 (224, 579)

9,944

1,2496,563

2,195

(595)

51,182

70,538

213,450

163,591

497,186 228,941 278,548 447,579

Details of restricted funds

Capital Reserve:

Look Sideways East:

With Out Walls:

Funding to be used for specific improvements to the Drill House.

A Cultural Tourism project funded by Arts Council England andmanaged by the Cultural Board of the New Anglia Local EnterprisePartnership for Norfolk and Suffolk.

Funded through the Arts Council England's Strategic Touring Fund this

three year project aims to develop sustained relationships and strengthenthe outdoor touring sector to ensure that audiences across England haveaccess to the very latest and highest quality new work produced by British

artists. Without Walls is a consortium of festivals, managed by XTRAX.

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NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)FOR THE YEAR ENDED 31 INARCH 2020

Details of restrictedfunds

Children in Need: A three-year program offering structured regular sessions in creativeactivities for young people aged 5-18 years. Activities include circusskills, performance and free running. The regular sessions are facilitatedby freelance tutors and offer opportunities for young people of a widerange of abilities and ages, drawn mostly from the central and southwards in Great Yarmouth.

ACE Coasters: An Arts Council Strategic Touring Funded consortium project developingtouring work and audiences in Coastal locations around England.

Circus SchoolEquipment:

Funding ring-fenced to enable the purchase of small consumable itemsused in the delivery of circus workshops and activity in the Drill House.

Great Places: A cultural 'place-making' project in Great Yarmouth and Lowestoft fundedby the Great Places funding scheme of Arts Council England andHeritage Lottery Fund.

Esmee Fairbairn: The Esmee Fairbairn Foundation are funding a commercial developmentstaffing post in the Trust

HLF Circus 250 This is a project funded primarily by the Heritage Lottery Fund exploring,sharing and celebrating the history of Circus in the 250'" anniversary yearof the art form.

Roundabout Europe An EU 'Creative Europe' funded partnership project with Outdoor ArtsProducers and Creation Centres from The Netherlands, Czech Republic,UK and Denmark.

Architectural HeritageFund —Ice HouseFeasibility

An options appraisal of potential schemes to develop the historic IceHouse on the South Quay of the river Yare in Great Yarmouth.

Architectural HeritageFund —Ice HouseProject Development

Funding to begin development work on the scheme to develop thehistoric Ice House on the South Quay of the river Yare in Great Yarmouth,comprising of detailed design plans, planning permission and fundraisingactivity.

ACE Capital 2015/16: A Treasury Grant, administered by the Arts Council, as part of theGovernment's Long-term Economic Plan for the East. f125,000 of thefunding provided was to enable repayment of finance debts of the Trustand therefore help towards putting it on a sound longer term financialposition.

ACE Small Capital2018/19

Capital Funding from Arts Council England to support minor works andequipment in the Drill House and conversion of three adjacent storagesheds into additional facilities. This includes a F10,000 match-fundingcontribution from Norfolk County Council and a 535,000 match-fundingcontribution from The Virgin Money Foundation.

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2019:

ProjectsThe Limbourne TrustCapital ReserveLook Sideways EastACE small capitalWith Out WallsCircus 250 Elephant

Carnival

Children in NeedACE CoastersCircus School EquipmentGreat Places14/1 8 NOWEsmee FairbairnHLF(150 Anniversary)Bernado MatteusHLF Circus 250Community AnimatorsRoundabout EuropeBridge Fountain Bar

Fundbalance

at 1 April2018

6

90610,000

7,89220

(3,313)

(74)17,442

1,7481,4117,669

(2,641)(7,539)

(33)

641

Income

45,288

18,989

12,23633,671

398,683488

17,93120,00040,00024,70024,40948,80010,000

Expenditure8

(906)

(52,572)(20)

(12,106)

(12,162)(34,328)

(391,336)(138)

(22,610)(20,000)(38,346)(17,161)(24,376)(25,907)(10,000)

(539)641

Transfersto/(from)

general fund

Fundbalance

at 31 March2019

10,000608

3,570

16,7859,0951,7612,990

(987)

22,893

(539)

34,129 695,195 (663,148) 66,176CapitalACE Capital —2015/1 6ACE Small Capital2018/19Norfolk County Councilcapital grantVirgin Money Foundation

301,104 (43,827)

131,000 (2,267)

10,00035,000

257,277

128,733

10,00035,000

335,233 871,195 709,242 497, 186

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17 RELATED PARTY TRANSACTIONS

The Trust has a 100% owned subsidiary company, Great Yermouth SeeChange Trading Limited, whichis incorporated in England. This has not traded during 2019/20. MS Colin-Stokes and R Packham arethe company's directors.

B Williamson is an elected member for Great Yarmouth Borough Council, and H Notcutt is an employeeof the Council. During the year the Trust received management fees and other income from the Councilof 558,500 and F35,829 respectively (2019: 658,500 and F46,656). At the year-end 620,897 (2019:F40,114)was due from Great Yarmouth Borough Council to the Trust. The Trust also purchased servicesof 6744 (2019:F481) from Great Yarmouth Borough Council. At the year-end Fnil (2019:6180) was dueto GYBC from the Trust.

JW Newman is employed by the Great Yarmouth Town Centre Partnership. During the year the Trustsold services totaling Fnil (2019:6500) to the Partnership. At the year-end there were no balances dueto/from the Trust (2019:anil).

MS Colin-Stokes is a director of Contemporary Taste Limited. During the year the Trust sold servicestotaling F333 (2019: 6250) to the company. At the year-end there were no balances due to/from theTrust (2019:6nil).

R Packham became a Trustee of Voluntary Norfolk on 25 September 2019. During the year the Trustpurchased services of 6513 from Voluntary Norfolk and its trading arm CBR Business Solutions. At theyear-end Fnil was due to Voluntary Norfolk from the Trust. R Packham also acts as a consultant toVattenfall UK. During the year the Trust sold services totaling 63,000 (2019: Fnil) to the company. Atthe year-end there were no balances due to/from the Trust (2019:Knit).

Sales and purchases are stated net of applicable VAT.

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18 STATEMENT OF FINANCIAL ACTIVITIES —2019 COMPARATIVES

UnrestrirtedFund

6

RestrictedFund

6

TotalFunds

20196

Income from:Grants and donationsInvestmentsCharitable aclivates

472,375360

72,308

780,528 1,252,903360

90,668 162,976

Total income 545,043 871,196 1,416,239

Expenditure on:Raising fundsCharitable objectivesGovernance costsImpairment loss/charge for depreciation

12,688481,742

15,3852,028

18 12,706663,131 1,144,873

15,38546,094 48, 122

Total expenditure 511,843 709,243 1,221,086

Net income / (expenditure) 33,200 161,953 195,153

Transfers between funds

Net movement in funds 33,200 161,953 195,153

Reconciliation of funds:Total funds brought forward

Total funds carried forward

280,581 335,233 615,814

313,781 497,186 810,967

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Registered 3370914 Charity 1063853 THE TRUST

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