Fierce! (Festival) Limited - Charities report - 21.2

REGISTERED COMPANY NUMBER: 04609212 (England and Wales)

REGISTERED CHARITY NUMBER: 1110138

TRUSTEES' REPORT AND

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

FOR

FIERCE! (FESTIVAL) LIMITED

Page

Trustees' Report

1

to

4

Independent Examiner's Report

5

Statement of Financial Activities

6

Statement of Financial Position

7

to

8

Notes to the Financial Statements

9

to

15

The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 March 2021. The trustees have adopted the provisions of 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).

Governing document

Fierce! (Festival) Limited is a Private Limited Company (4609212), limited by guarantee and not having a share capital, and a Registered Charity (1110138). The company is governed by Memorandum and Articles of Association, incorporated 3 December 2002, as amended by special resolution passed 31 May 2005. The basic company information is correct up to the date of filing this document.

Directors

The directors as named on page 4 have served either throughout or during the year.

Organisational Management

The Fierce! (Festival) Limited trustees meet at least four times per year which in 2020-21 has been online due to the ongoing Covid-19 pandemic and the related health and legal implications of meeting in person. A series of sub-groups in Finance, Fundraising and Marketing & Communications meet as required. The annual Board away day enables strategic planning and medium to long term review of organisational risk. Potential new trustees are invited to observe a Board meeting before becoming a trustee. The trustees have delegated the authority to Aaron Wright (Artistic Director) for the day-to-day management of the charity.

OBJECTIVES AND ACTIVITIES

Purposes and activities

Fierce! (Festival) Limited is Birmingham's cultivator of artists, audiences and contexts for new intersectional performance, (curating the leading international Live Art Festival), guided by our core values, trust; rigour; disruption and joy. Fierce has an international reputation for intelligent commissioning and commissioned work tours worldwide. The festival embraces theatre, dance, music, installations, activism, digital practices and parties. Fierce fills the city with performances in theatres, galleries and out-of-the-ordinary spaces Fierce is guided by its vision to transform the national performing arts landscape so that:

- Audiences are broader and more confident

- Artists take greater risks and aspire to higher standards of excellence

- Live Art is the life blood of our culture

Planned public-facing activity in 2020-21 including a Club Fierce event in partnership with the Birmingham Hippodrome had to be cancelled because of the Covid-19 pandemic and related lockdown restrictions. A further three shows and special events which were in early planning stages had to be cancelled or postponed. Instead, the opportunity was taken to focus on organisational development and ensuring financial stability going forward which has included employment of an Administrative Assistant from January 2021. Fierce secured funding from Arts Council England as part of the consortium delivering the Horizon showcase of performance at the Edinburgh Festivals and planning for this, as well as two projects for the Birmingham Commonwealth Games Cultural Programme in 2022, began this year.

Supported by our main funder, ACE, and as a further impact of the ongoing COVID-19 pandemic, the Board have agreed to reschedule the planned 2021 festival by one year to allow adequate time to research, plan and fundraise for the festival in October 2022.

The trustees confirm that they have complied with the duty in Section 4 of the Charities Act 2011 to have regard to the Charity Commission's general guidance on public benefit "Charities and Public Benefit".

Fundraising

Fierce was awarded a bursary from the Weston Jerwood Foundation for an Assistant Curator who will join the team in April 2021, supported by a programme of organisational development.

Fundraising in 2020-21 has focussed on future projects as well as reviewing prospects and developing strategies in light of the ongoing pandemic and its effects on the funding landscape.

Programme

Fierce Further

Supported by the Jerwood Foundation, the Fierce Further programme began this year with research and initial meetings with artists. Progress has been delayed by the Covid-19 restrictions which has limited the potential for research; 3 artists have been selected for commissions for the 2022 festival with 3 artists offered other forms of support and funding for their work.

Distinctly Birmingham

This programme, funded by the Greater Birmingham and Solihull Local Enterprise Partnership (GBSLEP) is aimed at supporting artists developing work for the public realm and looking at alternative ways of supporting that work through partnerships with local businesses. The selected artists met with the lead facilitator and representatives from one of Birmingham's BIDs, their visits to the city were delayed by Covid-19 restrictions and will now take place early in 2021-22 followed by their pitches to local business leaders.

Fierce FWD

Trips planned for the cohort of 6 artists on this artist development programme had to be cancelled due to Covid-19. The programme was wrapped up and has been redesigned to launch in 2021-22 to offer broader support for more artists in the region.

Equality and diversity

Equality and diversity are at the core of Fierce's vision and the levels of inequity in our society exposed by the pandemic and the numerous struggles for liberation which have reached mainstream conversation in 2020 have prompted some specific work in this area including:

- Participation in the Culture Reset programme, the Birmingham-specific More Than a Moment programme and Live Art UK's anti-racism workshops.

- A review of our recruitment policies and practices and other internal policies.

- Publishing an Accountability page on our website which includes representational statistics on our workforce, programmed and supported artists as well as specific actions we are taking to address issues of inequality.

Fierce recognises the need to continue to pursue the diversification of the team and board, which has been a key objective in the recent recruitment and ongoing board recruitment.

FINANCIAL REVIEW

Financial position

The festival's biennial model produces consecutive years of surplus and deficit and the aim for 2020-21 was to recoup the deficit from the 2019 festival year of £55,811 to produce a surplus ahead of the 2021 festival. The Covid-19 pandemic has meant that expected earned income from ticket sales and hire of our rehearsal room was not achievable and fundraising had to be put on hold as several funds closed, repurposed, or restricted funding. To mitigate these changes careful financial management, use of the government's Job Retention Scheme when possible and developing income streams such as consultancy, meant that the switch from a deficit - break-even model to a surplus - break-even one ahead of the next festival in 2022 was achieved.

Total income for the year was £159,898 and total expenditure was £76,792 resulting in a surplus of £20,981 after the deficit of £55,811 from 2019-20.

Reserves policy and going concern

As described above, the successful switch to a surplus - break-even model around the biennial festival has resulted in a surplus of £20,981 allowing a contribution of £5,000 to reserves.

Fierce has yet to build sufficient reserves equivalent to a minimum three months' general expenditure to cover a period of unforeseen difficulty but this is a significant first step. A successful application to Arts Council England's Culture Recovery Fund will allow a more significant contribution to reserves in 2021-22 with long-term plans to build the reserves fund by contributing further in non-festival years. As such, the trustees believe it is appropriate to prepare the financial statements on the going concern basis.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing document

The charity constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006 and is governed by it's Memorandum and Articles of Association adopted on incorporation on 5 December 2002 as amended by special resolution on 31 May 2005.

Risk policy discussion

The trustees have a duty to identify and review the risks to which the charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error.

REFERENCE AND ADMINISTRATIVE DETAILS

Registered Company number

04609212 (England and Wales)

Registered Charity number

1110138

Registered office

Albert House

Albert Street

Birmingham

B4 7UD

Trustees

E Evans

T J Hodgson

Dr B L Lobel

S S Trotman

G A Collinge

S Pennington

H J Dyke

S T M Campbell (appointed 13.7.20)

J Johnson-Small (appointed 29.9.20)

Company Secretary

Ms C Groom

Independent Examiner

Sedulo Accountants Limited

Chartered Certified Accountants

62-66 Deansgate

Manchester

M3 2EN

Bankers

Barclays Bank plc

Birmingham Business Centre

Colmore Road

Birmingham

This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

Approved by order of the board of trustees on 6 September 2021 and signed on its behalf by:

E Evans - Trustee

Independent examiner's report to the trustees of Fierce! (Festival) Limited ('the Company')

I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 March 2021.

Responsibilities and basis of report

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

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

Independent examiner's statement

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.

Daniel Wilson

FCCA

Sedulo Accountants Limited

Chartered Certified Accountants

62-66 Deansgate

Manchester

M3 2EN

Date: .............................................

31.3.21

31.3.20

Unrestricted

Restricted

Total

Total

fund

fund

funds

funds

Notes

£

£

£

£

INCOME FROM

Grants and contributed

2

153,307

3,600

156,907

233,086

Other trading activities

3

2,991

-

2,991

37,013

Total

156,298

3,600

159,898

270,099

EXPENDITURE ON

Charitable activities

Charitable Expenditure

81,331

1,775

83,106

325,975

NET INCOME/(EXPENDITURE)

74,967

1,825

76,792

(55,876

)

RECONCILIATION OF FUNDS

Total funds brought forward

(55,282

)

(529

)

(55,811

)

65

TOTAL FUNDS CARRIED FORWARD

19,685

1,296

20,981

(55,811

)

31.3.21

31.3.20

Unrestricted

Restricted

Total

Total

fund

fund

funds

funds

Notes

£

£

£

£

FIXED ASSETS

Tangible assets

9

778

-

778

1,038

CURRENT ASSETS

Debtors

10

12,690

-

12,690

25,151

Cash at bank

29,260

1,296

30,556

-

41,950

1,296

43,246

25,151

CREDITORS

Amounts falling due within one year

11

(23,043

)

-

(23,043

)

(82,000

)

NET CURRENT ASSETS/(LIABILITIES)

18,907

1,296

20,203

(56,849

)

TOTAL ASSETS LESS CURRENT LIABILITIES

19,685

1,296

20,981

(55,811

)

NET ASSETS/(LIABILITIES)

19,685

1,296

20,981

(55,811

)

FUNDS

13

Unrestricted funds

19,685

(55,282

)

Restricted funds

1,296

(529

)

TOTAL FUNDS

20,981

(55,811

)

The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2021 in accordance with Section 476 of the Companies Act 2006.

The trustees acknowledge their responsibilities for

(a)	ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company.

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

The financial statements were approved by the Board of Trustees and authorised for issue on 6 September 2021 and were signed on its behalf by:

E Evans - Trustee

1.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements of the charitable company, which is a public benefit entity under FRS 102, 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)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

Going concern

In common with virtually every other charity in the country, the Company has been experiencing the effects of the Coronavirus pandemic. Whilst the full impact of this exceptional situation on the Company cannot be assessed with complete certainty at the current time, the Directors believe they have taken all possible steps to protect the Company including accessing relevant Government assistance.

At the time of signing these accounts the Directors are of the opinion that the Company will remain viable for the foreseeable future and therefore these Financial Statements have been prepared on the Going Concern basis.

Income

All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.

Expenditure

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, 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 accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2015, is being amortised evenly over its estimated useful life of five years.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Computer equipment

-

20% on cost

Taxation

The charity is exempt from corporation tax on its charitable activities.

Fund accounting

Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.

Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.

Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.

Pension costs and other post-retirement benefits

The charitable company operates a defined contribution pension scheme. Contributions payable to the charitable company's pension scheme are charged to the Statement of Financial Activities in the period to which they relate.

2.	GRANTS AND CONTRIBUTED

31.3.21

31.3.20

Unrestricted

Restricted

Total

Total

funds

funds

funds

funds

£

£

£

£

Grants

132,865

3,600

136,465

220,830

Other Project Income

1,429

-

1,429

10,944

Other income

-

-

-

1,312

Government Grants

19,013

-

19,013

-

153,307

3,600

156,907

233,086

Grants received, included in the above, are as follows:

31.3.21

31.3.20

£

£

Arts Council England

133,015

136,567

Jerwood Foundation

1,250

-

Other Project Income

750

6,940

The Dance Exchange

-

3,000

Theatre Tax Credits

-

12,000

Goethe Institute

-

8,583

Shubbak Festival

-

10,000

BE Fest

-

1,000

University of Birmingham

-

400

Midlands Art Centre

-

10,000

Warwick Arts Centre

-

5,000

Fonds Podium

-

3,798

Stanley Thomas

-

6,671

Canadian High Commission

-

1,100

Pro Helvetia

-

11,495

Flanders Arts Institute

-

1,154

Distinctly Birmingham

2,350

-

Other grants

(900

)

3,122

136,465

220,830

3.	OTHER TRADING ACTIVITIES

31.3.21

31.3.20

Unrestricted

Restricted

Total

Total

funds

funds

funds

funds

£

£

£

£

Ticket sales

(5,868

)

-

(5,868

)

30,385

Earned income

8,859

-

8,859

6,628

2,991

-

2,991

37,013

4.	NET INCOME/(EXPENDITURE)

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

31.3.21

31.3.20

£

£

Depreciation - owned assets

260

260

Surplus on disposal of fixed assets

-

(1,298

)

5.	TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 31 March 2021 nor for the year ended 31 March 2020.

Trustees' expenses

During the year, trustee expenses were re-imbursed to the value of £x,xxx (2020 - £1,847).

6.	STAFF COSTS

The average monthly number of employees during the year was as follows:

31.3.21

31.3.20

Administration

3

2

No employees received emoluments in excess of £60,000.

7.	COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES

Unrestricted

Restricted

Total

fund

fund

funds

£

£

£

INCOME FROM

Grants and contributed

233,086

-

233,086

Other trading activities

37,013

-

37,013

Total

270,099

-

270,099

EXPENDITURE ON

Charitable activities

Charitable Expenditure

325,975

-

325,975

NET INCOME/(EXPENDITURE)

(55,876

)

-

(55,876

)

RECONCILIATION OF FUNDS

Total funds brought forward

594

(529

)

65

TOTAL FUNDS CARRIED FORWARD

(55,282

)

(529

)

(55,811

)

8.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 April 2020 and 31 March 2021

10,000

AMORTISATION

At 1 April 2020 and 31 March 2021

10,000

NET BOOK VALUE

At 31 March 2021

-

At 31 March 2020

-

9.	TANGIBLE FIXED ASSETS

Computer

equipment

£

COST

At 1 April 2020 and 31 March 2021

1,298

DEPRECIATION

At 1 April 2020

260

Charge for year

260

At 31 March 2021

520

NET BOOK VALUE

At 31 March 2021

778

At 31 March 2020

1,038

10.	DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.21

31.3.20

£

£

Trade debtors

11,963

2,043

Other debtors

727

-

Prepayments and accrued income

-

23,108

12,690

25,151

11.	CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.21

31.3.20

£

£

Bank loans and overdrafts (see note 12)

-

17,437

Trade creditors

-

36,784

Social security and other taxes

-

2,424

Other creditors

127

452

Accruals and deferred income

22,916

24,903

23,043

82,000

12.

LOANS

An analysis of the maturity of loans is given below:

31.3.21

31.3.20

£

£

Amounts falling due within one year on demand:

Bank overdrafts

-

17,437

13.	MOVEMENT IN FUNDS

Net

movement

At

At 1.4.20

in funds

31.3.21

£

£

£

Unrestricted funds

General fund

(55,282

)

74,967

19,685

Restricted funds

Restricted Fund

(529

)

1,825

1,296

TOTAL FUNDS

(55,811

)

76,792

20,981

Net movement in funds, included in the above are as follows:

Incoming

Resources

Movement

resources

expended

in funds

£

£

£

Unrestricted funds

General fund

156,298

(81,331

)

74,967

Restricted funds

Restricted Fund

3,600

(1,775

)

1,825

TOTAL FUNDS

159,898

(83,106

)

76,792

Comparatives for movement in funds

Net

movement

At

At 1.4.19

in funds

31.3.20

£

£

£

Unrestricted funds

General fund

594

(55,876

)

(55,282

)

Restricted funds

Restricted Fund

(529

)

-

(529

)

TOTAL FUNDS

65

(55,876

)

(55,811

)

Comparative net movement in funds, included in the above are as follows:

Incoming

Resources

Movement

resources

expended

in funds

£

£

£

Unrestricted funds

General fund

270,099

(325,975

)

(55,876

)

TOTAL FUNDS

270,099

(325,975

)

(55,876

)

14.	RELATED PARTY DISCLOSURES

There were no related party transactions for the year ended 31 March 2021 (2020: £Nil).