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2023-03-31-accounts

COMPANY REGISTRATION NUMBER: 3325921 CHARITY REGISTRATION NUMBER: 1000243

Stiwt Arts Trust Limited Company Limited by Guarantee Unaudited Financial Statements

31 March 2023

HASWELL BROTHERS LLP

Chartered Accountants First Floor Pembroke House Ellice Way Wrexham Technology Park Wrexham LL13 7YT

Stiwt Arts Trust Limited

Company Limited by Guarantee

Financial Statements

Year ended 31 March 2023

Page
Trustees' annual report (incorporating the director's report) 1
Independent examiner's report to the trustees 8
Statement of financial activities (including income and
expenditure account) 9
Statement of financial position 10
Notes to the financial statements 12

Stiwt Arts Trust Limited

Company Limited by Guarantee

Trustees' Annual Report (Incorporating the Director's Report)

Year ended 31 March 2023

The trustees, who are also the directors for the purposes of company law, present their report and the unaudited financial statements of the charity for the year ended 31 March 2023.

Reference and Administrative Details

Registered charity name Stiwt Arts Trust Limited Charity registration number 1000243 Company registration number 3325921 Principal office and registered Stiwt Theatre office Broad Street Rhosllanerchrugog Wrexham LL14 1RB

The Trustees

Mr G V Thomas Mr M Davies Mrs M C Harvey (Appointed 25 May 2022) Mrs S A Bowen Mr E L Jones Mr J Hughes Hughes (Appointed 25 May 2022) Mr B Jones Mr D J Cupit (Resigned 25 May 2022) Mr D T Jones Ms L A Cleary Ms S E Jones Company Secretary Mrs M C Harvey Independent Examiner Mr A H Thomas FCA First Floor Pembroke House Ellice Way Wrexham Technology Park Wrexham LL13 7YT

Structure, Governance and Management

Stiwt Arts Trust Limited is a company limited by guarantee which is governed by its Memorandum and Articles of Association dated 28 February 1997. The company succeeded to the charitable registration afforded to its predecessor, the Stiwt Arts Community Association which had been registered on 6 September 1990, upon incorporation. A board of trustees of up to twelve members who meet regularly administer the Charity. The day-to-day activities are managed by an operational manager, part time events officer and finance officer, who, in liaison with the board, make key decisions on a day to day basis.

- 1 -

Stiwt Arts Trust Limited

Company Limited by Guarantee

Trustees' Annual Report (Incorporating the Director's Report) (continued) Year ended 31 March 2023

Objectives and Activities

The Mission

The Stiwt Arts Trust Limited works to encourage, nurture and develop a dynamic programme of creative activities through the provision of a first class venue for the performing arts. This includes education, training and participation for people of all generations in the local and wider community. There is a particular focus on young people, Welsh language and culture.

Aims

  1. To be a driving force for positive change in the cultural landscape of Wrexham County Borough by developing a national profile as a 'centre of excellence' for the arts through the development of a trusted brand and expansion of quality arts provision as vital elements of the social, economic and cultural life of the region.

  2. To deliver quality participatory art activities for the County Borough through an educational inhouse and out-reach programme of work for key target groups, young people, families, those with learning and physical disabilities, and the older generation

  3. To ensure that the Welsh language and culture are an integral part of our arts provision

  4. To combine with existing and new partners to host work that reflects talent, quality and innovation with the support of our funders, sponsors and stakeholders to enhance and extend the quality and scope of our arts activities

  5. To ensure good management, efficient running and financial viability of the organisation through the development of commercial income streams, grant applications from Arts Council of Wales, CADW and other bodies for maintenance work on the Grade 2 listed building and the strategic reinvestment of profit from the arts activity.

Objectives

1. Organisation

2. Community and Partnerships

- 2 -

Stiwt Arts Trust Limited

Company Limited by Guarantee

Trustees' Annual Report (Incorporating the Director's Report) (continued) Year ended 31 March 2023

Objectives and Activities (continued)

3. Building

4. Programme

5. Marketing, Promotion and Awareness

6. Finance

Public Benefit Statement

The trustees believe that the services provided by Stiwt Arts Trust Limited are compliant with the Charity Commission guidance on Public Benefit and the public benefit is further exemplified in the following Statement of Achievement and Performance and Plans for the Future.

Risk Management

Periodically, the Trustees, normally through the board, identify and review the major risks which may affect the stability and successful operation of the Trust. Action is then planned and implemented, as far as possible, to minimise or remove the identified risk.

- 3 -

Stiwt Arts Trust Limited

Company Limited by Guarantee

Trustees' Annual Report (Incorporating the Director's Report) (continued)

Year ended 31 March 2023

Achievements and Performance

Following the removal of the Covid-19 restrictions, our attention has been focused on ensuring that public confidence in the safe use of the venue enables us to re-build our audiences and community usage. The restoration of income streams together with the maintenance of tight control over expenditure will enable us to restore the previously improving financial position as well as meeting targets on the improvement in the reserves position.

The Trust, with reduced funding from Wrexham County Borough Council (£30k per annum) and no revenue funding as such, continues to receive grant for specific projects from Arts Council Wales, as well as Rhos Community Council as it has since re-opening in 1999. It is also reliant on the support of the Friends of the Stiwt who have also been began to undertake fundraising activities during the years post pandemic. Although much maintenance work was undertaken as planned, we are conscious of the work which is still required to decorate the interior of the auditorium and the roof of the main building when funding allows.

Much of our focus following the pandemic has centred around attracting people back to the venue and to rely on the new partnerships which have been forged in recent years which will include the commercial partners who stage productions without the need to rely on Arts Council Wales support. We shall also need to re-establish relationships with touring companies and partners such as LHK Productions who will also be able to re-build our schools and outreach programmes.

Financial Review

Full details of the financial accounts are included in the accounts to follow. Measures will continue to be taken to improve our financial position:

Staffing

Theatre 1 Full-time Operational Manager Administration 1 Part-time Management 1 Part-time Bar and café 1 Part-time Caretaking and cleaning 2 Part-time

- 4 -

Stiwt Arts Trust Limited

Company Limited by Guarantee

Trustees' Annual Report (Incorporating the Director's Report) (continued)

Year ended 31 March 2023

Plans for Future Periods

There are a number of key priorities:

Re-engage with partners and ensure both regular hirers and audiences return to the venue following relaxation of Covid regulations.

Due to the long term repercussions of the Covid-19 outbreak, we foresee that stringent financial constraints will be in place for the foreseeable future and we shall need to maintain the higher level monitoring currently in place.

Re-establish programmes which address key educational objectives in conjunction with local schools and colleges.

Re-establish high quality programming including Welsh Language provision, choral concerts which continue to be popular and other professional productions.

Re-secure trust and confidence amongst funding partners following a period of closure of more than eighteen months which enables them to provide financial support to ensure future generations benefit from the work of the Trust.

Actively pursue opportunities to reduce the burden of maintenance costs of the Stiwt building.

Ensure that the commiments to meet the requirements of the Welsh Government Social Contract given as part of the funding applications are actioned during the forthcoming year. This will entail fair remuneration for employees, contractors and freelance workers and fair representation of all groups on the board, amongst the workforce and within our audience and volunteers.

- 5 -

Stiwt Arts Trust Limited

Company Limited by Guarantee

Trustees' Annual Report (Incorporating the Director's Report) (continued)

Year ended 31 March 2023

Plans for Future Periods (continued)

Responsibilities of the Trustees

The trustees (who are also the directors of Stiwt Arts Trust Limited for the purposes of company law) are responsible for preparing the Trustees Annual Report and the financial statements in accordance with applicable law and regulations.

Company law requires the trustees to prepare financial statements for each financial year. Under the law, trustees have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the trustees must not approve the financial statements unless they are satisified that they give a true and fair view of the state of affairs of the charitable company and the income and expenditure of the charitable company for that period.

In preparing these financial statements, the trustees are required to:

Select suitable accounting policies and then apply them consistently.

Observe the methods and principles in the Charities SORP.

Make judgements and accounting estimates that are reasonable and prudent.

State whether applicable UK Accounting Standards 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 appropriate to presume that the charitable company will continue in operation.

The trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charitable company's transactions and disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Reserves Policy

In the Trustees' view, the reserves should provide the charity with adequate financial stability and the means for it to meet its charitable objectives for the forseeable future.

The Trustees regularly review the level of reserves required to ensure that they are adequate to fulfil the charity's continuing obligations. The Charity aims to have at least three month's operating costs in reserves at all times.

Small Company Provisions

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

- 6 -

Stiwt Arts Trust Limited

Company Limited by Guarantee

Trustees' Annual Report (Incorporating the Director's Report) (continued)

Year ended 31 March 2023

The trustees' annual report was approved on 21 December 2023 and signed on behalf of the board of trustees by:

Mr B Jones Trustee

- 7 -

Stiwt Arts Trust Limited

Company Limited by Guarantee

Independent Examiner's Report to the Trustees of Stiwt Arts Trust Limited

Year ended 31 March 2023

I report to the trustees on my examination of the financial statements of Stiwt Arts Trust Limited ('the charity') for the year ended 31 March 2023.

Responsibilities and Basis of Report

As the trustees of the company (and also its directors for the purposes of company law) you are responsible for the preparation of the financial statements 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 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 charity as required by section 386 of the 2006 Act; or

  2. the financial statements do not accord with those records; or

  3. the financial statements 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 financial statements 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.

Mr A H Thomas FCA Independent Examiner First Floor Pembroke House Ellice Way Wrexham Technology Park Wrexham LL13 7YT

- 8 -

Stiwt Arts Trust Limited

Company Limited by Guarantee

Statement of Financial Activities (including income and expenditure account)

Year ended 31 March 2023

2023 2022
Unrestricted Restricted
funds funds Total funds Total funds
Note £ £ £ £
Income and endowments
Donations and legacies 5 93,124 25,696 118,820 131,177
Other trading activities 6 84,545 – 84,545 44,582
Investment income 7 322 – 322 3
   
Total income 177,991 25,696 203,687 175,762
   
Expenditure
Expenditure on raising funds:
Costs of raising donations and
legacies 8 10,683 – 10,683 8,728
Expenditure on charitable activities 9,10 (149,619) (76,697) (226,317) (166,247)
   
Total expenditure 160,302 76,697 237,000 174,975
   
   
Net (expenditure)/income and net
movement in funds 17,689 (51,001) (33,313) 787
   
Reconciliation of funds
Total funds brought forward 114,357 1,353,340 1,467,697 1,466,910
   
Total funds carried forward 132,046 1,302,339 1,434,385 1,467,697
   

The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.

The notes on pages 12 to 24 form part of these financial statements.

- 9 -

Stiwt Arts Trust Limited

Company Limited by Guarantee

Statement of Financial Position

31 March 2023

2023 2022
Note £ £ £ £
Fixed Assets
Tangible fixed assets 16 1,390,217 1,445,803
Current Assets
Stocks 17 450 200
Debtors 18 11,202 3,005
Cash at bank and in hand 121,227 82,990
 
132,879 86,195
Creditors: amounts falling due
within one year 19 75,123 43,808
 
Net Current Assets 57,756 42,387
 
Total Assets Less Current Liabilities 1,447,973 1,488,190
Creditors: amounts falling due after
more than one year 20 13,589 20,493
 
Net Assets 1,434,384 1,467,697
 
Funds of the Charity
Restricted funds 1,302,339 1,353,340
Unrestricted funds 132,046 114,357
 
Total charity funds 23 1,434,385
		 1,467,697


For the year ending 31 March 2023 the charity was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

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

The statement of financial position continues on the following page.

The notes on pages 12 to 24 form part of these financial statements.

- 10 -

Stiwt Arts Trust Limited

Company Limited by Guarantee

Statement of Financial Position (continued)

31 March 2023

These financial statements were approved by the board of trustees and authorised for issue on 21 December 2023, and are signed on behalf of the board by:

Mr B Jones Trustee

The notes on pages 12 to 24 form part of these financial statements.

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Stiwt Arts Trust Limited

Company Limited by Guarantee

Notes to the Financial Statements

Year ended 31 March 2023

1. General information

The charity is a public benefit entity and a private company limited by guarantee, registered in England and Wales and a registered charity in England and Wales. The address of the registered office is Stiwt Theatre, Broad Street, Rhosllanerchrugog, Wrexham, LL14 1RB.

2. Statement of compliance

These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', the 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) (Charities SORP (FRS 102)) and the Companies Act 2006.

3. Accounting policies

Basis of Preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through income or expenditure.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Going Concern

The future operational existence of the Charity is dependent on the Charity obtaining further finance in the form of short term loans and/or grants to cover cash flow requirements. As a result of discussions with potential funders, the Trustees are confident of a successful outcome to the negotiations although no firm commitments have been received to date.

Consequently, the financial statements have been prepared on the going concern basis and do not contain any adjustments that would be necessary if the required funding could not be sourced.

Judgements and Key Sources of Estimation Uncertainty

The preparation of the financial statements requires the Trustees and Management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. The key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are as follows:

Support Costs

Many of the support costs incurred by the Charity such as support staff costs, general office costs and finance costs are shared between activities and funds. The Charity's policy is to allocate these costs on the basis of estimated time spent or consumption of resource.

- 12 -

Stiwt Arts Trust Limited

Company Limited by Guarantee

Notes to the Financial Statements (continued)

Year ended 31 March 2023

3. Accounting policies (continued)

Fund Accounting

Unrestricted funds are available for use at the discretion of the trustees to further any of the charity's purposes.

Designated funds are unrestricted funds earmarked by the trustees for particular future project or commitment.

Restricted funds are subjected to restrictions on their expenditure declared by the donor or through the terms of an appeal, and fall into one of two sub-classes: restricted income funds or endowment funds.

Incoming Resources

All incoming resources are included in the statement of financial activities when entitlement has passed to the charity; it is probable that the economic benefits associated with the transaction will flow to the charity and the amount can be reliably measured. The following specific policies are applied to particular categories of income:

- 13 -

Stiwt Arts Trust Limited

Company Limited by Guarantee

Notes to the Financial Statements (continued)

Year ended 31 March 2023

3. Accounting policies (continued)

Resources Expended

Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is classified under headings of the statement of financial activities to which it relates:

All costs are allocated to expenditure categories reflecting the use of the resource. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs are apportioned between the activities they contribute to on a reasonable, justifiable and consistent basis.

Tangible Assets

All fixed assets are initially recorded at cost.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Fixtures, Fittings & Equipment - 15% reducing balance Freehold Building & - 2% straight line Development of Leasehold Property

Impairment of Fixed Assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cashgenerating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.

For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the charity are assigned to those units.

- 14 -

Stiwt Arts Trust Limited

Company Limited by Guarantee

Notes to the Financial Statements (continued)

Year ended 31 March 2023

3. Accounting policies (continued)

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

Government Grants

Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the charity will comply with the conditions attaching to them and the grants will be received.

Where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.

Financial Instruments

A financial asset or a financial liability is recognised only when the charity becomes a party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the amount receivable or payable including any related transaction costs.

Current assets and current liabilities are subsequently measured at the cash or other consideration expected to be paid or received and not discounted.

Debt instruments are subsequently measured at amortised cost.

Where investments in shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in income and expenditure. All other such investments are subsequently measured at cost less impairment.

Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Other financial instruments are subsequently measured at fair value, with any changes recognised in the statement of financial activities, with the exception of hedging instruments in a designated hedging relationship.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised under the appropriate heading in the statement of financial activities in which the initial gain was recognised.

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Stiwt Arts Trust Limited

Company Limited by Guarantee

Notes to the Financial Statements (continued)

Year ended 31 March 2023

3. Accounting policies (continued)

Financial Instruments (continued)

For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics.

Any reversals of impairment are recognised immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

Defined Contribution Plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.

When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as an expense in the period in which it arises.

4. Limited by guarantee

The charity is a company limited by guarantee and carries out its objectives in accordance with the memorandum and articles of association.

5. Donations and legacies

Unrestricted Restricted Total Funds
Funds Funds 2023
£ £ £
Donations
Donations from Friends of the Stiwt – – –
Other Donations 37,161 – 37,161
Grants
Grants Received 47,470 25,696 73,166
Rhos CC - administration grant 7,000 – 7,000
Electricity grant 1,493 – 1,493
Covid grants received – – –
HMRC Job Retention Scheme – – –
  
93,124 25,696 118,820
  
Unrestricted Restricted Total Funds
Funds Funds 2022
£ £ £
Donations
Donations from Friends of the Stiwt 183 – 183
Other Donations 9,642 – 9,642

- 16 -

Stiwt Arts Trust Limited

Company Limited by Guarantee

Notes to the Financial Statements (continued)

Year ended 31 March 2023

5. Donations and legacies (continued)

Unrestricted Restricted Total Funds
Funds Funds 2022
£ £ £
Grants
Grants Received 86,115 3,070 89,185
Rhos CC - administration grant 7,000 – 7,000
Electricity grant 843 – 843
Covid grants received 15,700 – 15,700
HMRC Job Retention Scheme 8,624 – 8,624
  
128,107 3,070 131,177
  
6. Other trading activities
Unrestricted Total Funds Unrestricted Total Funds
Funds 2023 Funds 2022
£ £ £ £
Theatre Hire 48,370 48,370 8,384 8,384
Catering and Bar Sales 14,030 14,030 6,585 6,585
Room & Facilities Hire 22,145 22,145 29,613 29,613
   
84,545 84,545 44,582 44,582
   
7. Investment income
Unrestricted Total Funds Unrestricted Total Funds
Funds 2023 Funds 2022
£ £ £ £
Bank Interest received 322 322 3 3
   
8. Costs of raising donations and legacies
Unrestricted Total Funds Unrestricted Total Funds
Funds 2023 Funds 2022
£ £ £ £
Coffee shop and Bar costs 10,683
		 10,683
		 8,728
		 8,728


- 17 -

Stiwt Arts Trust Limited

Company Limited by Guarantee

Notes to the Financial Statements (continued)

Year ended 31 March 2023

9. Expenditure on charitable activities by fund type

Unrestricted Restricted Total Funds
Funds Funds 2023
£ £ £
Stiwt Running Costs 78,226 76,697 154,923
Support costs 71,393 – 71,394
  
149,619 76,697 226,317
  
Unrestricted Restricted Total Funds
Funds Funds 2022
£ £ £
Stiwt Running Costs 46,962 53,543 100,504
Support costs 65,742 – 65,743
  
112,704 53,543 166,247
  
10. Expenditure on charitable activities by activity type Expenditure on charitable activities by activity type Expenditure on charitable activities by activity type
Activities
undertaken Total funds Total fund
directly Support costs 2023 2022
£ £ £ £
Stiwt Running Costs 154,923 59,781 214,704 158,446
Governance costs – 11,613 11,613 7,801
   
154,923 71,394 226,317 166,247
   
11. Analysis of support costs
Stiwt running
costs Total 2023 Total 2022
£ £ £
Staff costs 52,624 52,624 51,681
Communications and IT 2,642 2,642 2,640
General office 2,403 2,403 1,508
Finance costs 7,181 7,181 4,856
Support costs - Professional fees 6,544 6,544 5,057
  
71,394 71,394 65,742
  
12. Net (expenditure)/income
Net (expenditure)/income is stated after charging/(crediting):
2023 2022
£ £
Depreciation of tangible fixed assets 55,586 56,370
 

- 18 -

Stiwt Arts Trust Limited

Company Limited by Guarantee

Notes to the Financial Statements (continued)

Year ended 31 March 2023

13. Independent examination fees

2023 2022
£ £
Fees payable to the independent examiner for:
Independent examination of the financial statements 2,240 1,700
 

14. Staff costs

The total staff costs and employee benefits for the reporting period are analysed as The total staff costs and employee benefits for the reporting period are analysed as follows:
2023 2022
£ £
Wages and salaries 56,725 55,410
Employer contributions to pension plans 722 667
 
57,447 56,077
 

The average head count of employees during the year was 6 (2022: 6). The average number of full-time equivalent employees during the year is analysed as follows:

2023 2022
No. No.
Number of theatre staff 1 1
Number of bar staff 1 1
Number of administrative staff 1 1
Number of management staff 1 1
Number of caretaking and cleaning staff 2 2
 
6 6
 

No employee received employee benefits of more than £60,000 during the year (2022: Nil).

Key Management Personnel

The total amount of employee benefits (including pension contributions) received by key management personnel for their services to the charitable company are £36,626 (2022 - £36,04). Key management personnel comprise the General Manager, Finance Officers and the Trustees.

15. Trustee remuneration and expenses

No remuneration or other benefits from employment with the charity were received by the trustees.

- 19 -

Stiwt Arts Trust Limited

Company Limited by Guarantee

Notes to the Financial Statements (continued)

Year ended 31 March 2023

16. Tangible fixed assets

Freehold
Building &
Development
Fixtures and of Leasehold
fittings Property Total
£ £ £
Cost
At 1 Apr 2022 and 31 Mar 2023 348,410 2,557,162 2,905,572
  
Depreciation
At 1 Apr 2022 318,790 1,140,979 1,459,769
Charge for the year 4,443 51,143 55,586
  
At 31 Mar 2023 323,233 1,192,122 1,515,355
  
Carrying amount
At 31 Mar 2023 25,177 1,365,040 1,390,217
  
At 31 Mar 2022 29,620 1,416,183 1,445,803
  

The leasehold development is held under terms of a lease with the Wrexham County Borough Council. The lease expired on 31 January 2011 and confirmation has been received that the authority would renew or continue the lease with the company for the next 25 years.

17. Stocks

2023 2022
£ £
Raw materials and consumables 450 200
 
18. Debtors
2023 2022
£ £
Trade debtors 5,633 2,220
Prepayments and accrued income 5,332 575
Other debtors 237 210
 
11,202 3,005
 
19. Creditors: amounts falling due within one year
2023 2022
£ £
Bank loans and overdrafts 6,904 6,863
Trade creditors 55,625 26,077
Accruals and deferred income 7,680 7,366
Social security and other taxes 4,751 3,374
Other creditors 163 128
 
75,123 43,808
 

- 20 -

Stiwt Arts Trust Limited

Company Limited by Guarantee

Notes to the Financial Statements (continued)

Year ended 31 March 2023

19. Creditors: amounts falling due within one year (continued)

Included above is a loan from Rhos Community Council with a balance due within one year of £4,000 (2022 - £4,000). The loan is secured on a property owned by the company known as Bryn Maelor, Peter Street, Rhosllanerchrugog.

20. Creditors: amounts falling due after more than one year

2023 2022
£ £
Bank loans and overdrafts 13,589 20,493
 

Included above is a loan from Rhos Community Council with a balance due more than one year of £6,439 (2022 - £9,343). The loan is secured on a property owned by the company known as Bryn Maelor, Peter Street, Rhosllanerchrugog.

21. Pensions and other post retirement benefits

Defined contribution plans

The amount recognised in income or expenditure as an expense in relation to defined contribution plans was £722 (2022: £667).

22. Government grants

The amounts recognised in the financial statements for government grants are as follows:

2023 2022
£ £
Recognised in income from donations and legacies:
Government grants income – 15,700
 

23. Analysis of charitable funds

Unrestricted funds

Unrestricted funds
At
At 1 Apr 2022 Income Expenditure 31 Mar 2023
£ £ £ £
General funds 114,357 177,991 (160,302) 132,046
   
At
At 1 Apr 2021 Income Expenditure 31 Mar 2022
£ £ £ £
General funds 63,097 172,692 (121,432) 114,357
   

- 21 -

Stiwt Arts Trust Limited

Company Limited by Guarantee

Notes to the Financial Statements (continued)

Year ended 31 March 2023

23. Analysis of charitable funds (continued)

Restricted funds

Restricted funds
At
At 1 Apr 2022 Income Expenditure 31 Mar 2023
£ £ £ £
Stiwt Refurbishment 1,347,512 – (49,612) 1,297,900
Arts Council of Wales – – – –
Friends of Stiwt 57 – (9) 48
AVOW 1,197 – (180) 1,017
Cory Grant 938 – (141) 797
Rhos C C 283 – (42) 241
Seren Nadolig 1,712 – (771) 941
Groundwork 1,641 – (246) 1,395
Stiwt Warm Spaces – 1,000 (1,000) –
Stiwt Repairs & Decorating – 24,696 (24,696) –
   
1,353,340 25,696 (76,697) 1,302,339
   
At
At 1 Apr 2021 Income Expenditure 31 Mar 2022
£ £ £ £
Stiwt Refurbishment 1,397,125 – (49,614) 1,347,511
Arts Council of Wales – 3,070 (3,070) –
Friends of Stiwt 67 – (10) 57
AVOW 1,408 – (211) 1,197
Cory Grant 1,104 – (166) 938
Rhos C C 333 – (50) 283
Seren Nadolig 1,845 – (133) 1,712
Groundwork 1,931 – (289) 1,642
Stiwt Warm Spaces – – – –
Stiwt Repairs & Decorating – – – –
   
1,403,813 3,070 (53,543) 1,353,340
   

- 22 -

Stiwt Arts Trust Limited

Company Limited by Guarantee

Notes to the Financial Statements (continued)

Year ended 31 March 2023

23. Analysis of charitable funds (continued)

Stiwt refurbishment

The restricted fund represents grants and donations received for the restoration and development of the Stiwt.

Friends of the Stiwt

The grant was initially provided for new curtains for the theatre. These have been capitalised and the balance carried forward is the net book value amount of the asset.

Arts Council of Wales

This grant is provided as financial support for the Stiwt. Expenditure allocated against this grant includes salary costs.

Rhos Community Council - seating contribution

This funding was to fund the balance of the cost of the new seating for the theatre. The cost of the seating has been capitalised and the balance carried forward is the net book value amount of the asset.

Seren Nadolig

This funding was to fund the cost of the new sound system for the theatre. The cost of the sound system has been capitalised and the balance carried forward is the net book value amount of the asset.

AVOW Grant

This funding was to fund the lighting deck for the theatre. The cost of the lighting has been capitalised and the balance carried forward is the net book value amount of the asset.

Cory Grant

This funding was to fund the cost of the new mixing board for the theatre. The cost of the mixing board has been capitalised and the balance carried forward is the net book value of the asset.

Groundwork Grant

This funding was to fund the majority cost of the new seating for the Theatre. The cost of the seating has been capitalised and the balance carried forward is the net book value amount of the asset.

- 23 -

Stiwt Arts Trust Limited

Company Limited by Guarantee

Notes to the Financial Statements (continued)

Year ended 31 March 2023

24. Analysis of net assets between funds

Unrestricted Restricted Total Funds
Funds Funds 2023
£ £ £
Tangible fixed assets 88,837 1,301,380 1,390,217
Current assets 131,921 958 132,879
Creditors less than 1 year (75,123) – (75,123)
Creditors greater than 1 year (13,589) – (13,589)
  
Net assets 132,046 1,302,338 1,434,384
  
Unrestricted Restricted Total Funds
Funds Funds 2022
£ £ £
Tangible fixed assets 93,421 1,352,382 1,445,803
Current assets 85,237 958 86,195
Creditors less than 1 year (43,808) – (43,808)
Creditors greater than 1 year (20,493) – (20,493)
  
Net assets 114,357 1,353,340 1,467,697
  
25. Financial instruments
The carrying amount for each category of financial instrument is as follows:
2023 2022
£ £
Financial assets that are debt instruments measured at amortised cost
Financial assets that are debt instruments measured at amortised
cost 127,097 85,419
 
Financial liabilities measured at amortised cost
Financial liabilities measured at amortised cost 76,117 53,433
 
26. Operating lease commitments
The total future minimum lease payments under non-cancellable operating leases are as follows:
2023 2022
£ £
Not later than 1 year 448 1,028
Later than 1 year and not later than 5 years – 448
 
448 1,476
 

27. Related parties

Mr M Davies and Mr G V Thomas (Trustees of the Stiwt Arts Trust Limited) are also members of "Stiwt Friends". Stiwt Friends raised £183 in aid of the Stiwt Arts Trust Limited in the previous year. There were no funds raised by Stiwt Friends during this year.

- 24 -