COMPANY REGISTRATION NUMBER: 3325921 CHARITY REGISTRATION NUMBER: 1000243
Stiwt Arts Trust Limited Company Limited by Guarantee Unaudited Financial Statements
31 March 2024
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 2024
| 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 2024
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 2024.
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 (Resigned 19 March 2024) Mrs M C Harvey (Resigned 23 November 2023) Mrs S A Bowen Mr E L Jones Mr J Hughes Mr B Jones Mr D T Jones Ms L A Cleary Ms S E Jones (Resigned 24 May 2023) Mr O Roberts (Appointed 6 June 2024) Mr I Robbins (Appointed 7 February 2024) Company Secretary Mr Osian Rhys Roberts 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 2024
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
-
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.
-
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
-
To ensure that the Welsh language and culture are an integral part of our arts provision
-
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
-
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
-
Seek to continue to strengthen the board by attracting persons with the required skills and experience to improve performance and level of operation to serve as trustees.
-
Continue to refresh policies and procedures to improve governance.
-
Match the jobs needs analysis to skilled staff to fulfill its strategic goals.
2. Community and Partnerships
-
Continue to develop relationships with current strategic partnerships and seek to establish new relationships with providers of the arts where possible.
-
Implement a community arts policy with particular reference to young people.
- 2 -
Stiwt Arts Trust Limited
Company Limited by Guarantee
Trustees' Annual Report (Incorporating the Director's Report) (continued) Year ended 31 March 2024
Objectives and Activities (continued)
3. Building
-
Invest time and resources to secure funding towards capital refurbishment costs for the main auditorium, community rooms and customer service areas.
-
Explore innovative ways to offset the running and maintenance costs of the building.
4. Programme
-
Continue to develop fully accessible professional programme of events that are of high quality in a wide variety of art forms.
-
Develop a community focused programme of events.
-
Develop new marketing techniques and procedures to increase audience figures by 25% over three years.
5. Marketing, Promotion and Awareness
-
Implement a marketing strategy and brand awareness campaign working within a limited budget.
-
Raise the level of marketing investment and improve audience data capture for increased marketing efficiency and effectiveness.
6. Finance
-
Operate to strict financial control and guidelines with robust quarterly budget (income and expenditure), cash management and bi-annual capital investment plan.
-
Seek to secure sponsorship of events and maintenance tasks from local and regional business through vibrant and innovative partnerships.
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 2024
Achievements and Performance
Following the removal of the Covid-19 restrictions in 2022 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) (which is likely to cease in 2025) and with no revenue funding as such from Arts Council Wales, and Rhos Community Council will endeavour to raise funding from other opportunities.
It is so reliant on the support of the Friends of the Stiwt and the community 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 ensure the Grade 2 Heritage building is kept in a condition to be proud of 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:
-
Careful management of the wage bill;
-
Increase in number of attendees for events;
-
Increase in marketing and PR activity;
-
Additional grant funding for capital equipment;
-
Scrutiny of all contracts to obtain better returns;
-
Continuing pressure on all suppliers to reduce costs;
-
Robust management of programme and associated costs.
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 2024
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 2024
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 2024
The trustees' annual report was approved on 18 December 2024 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 2024
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 2024.
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:
-
accounting records were not kept in respect of the charity as required by section 386 of the 2006 Act; or
-
the financial statements do not accord with those records; or
-
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
-
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
18 December 2024
- 8 -
Stiwt Arts Trust Limited
Company Limited by Guarantee
Statement of Financial Activities (including income and expenditure account)
Year ended 31 March 2024
| 2024 | 2023 | ||||
|---|---|---|---|---|---|
| Unrestricted | Restricted | ||||
| funds | funds | Total funds | Total funds | ||
| Note | £ | £ | £ | £ | |
| Income and endowments | |||||
| Donations and legacies | 5 | 68,217 | – | 68,217 | 118,820 |
| Other trading activities | 6 | 89,391 | – | 89,391 | 84,545 |
| Investment income | 7 | 668 | – | 668 | 322 |
|
|
|
|
||
| Total income | 158,276 | – | 158,276 | 203,687 | |
|
|
|
|
||
| Expenditure | |||||
| Expenditure on raising funds: | |||||
| Costs of raising donations and | |||||
| legacies | 8 | 8,042 | – | 8,042 | 10,683 |
| Expenditure on charitable activities | 9,10 | (199,204) | (50,234) | (249,439) | (226,317) |
|
|
|
|
||
| Total expenditure | 207,246 | 50,234 | 257,481 | 237,000 | |
|
|
|
|
||
|
|
|
|
||
| Net expenditure and net movement | in | ||||
| funds | (48,970) | (50,234) | (99,205) | (33,313) | |
|
|
|
|
||
| Reconciliation of funds | |||||
| Total funds brought forward | 132,045 | 1,302,338 | 1,434,383 | 1,467,697 | |
|
|
|
|
||
| Total funds carried forward | 83,075 | 1,252,104 | 1,335,179 | 1,434,385 | |
|
|
|
|
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 23 form part of these financial statements.
- 9 -
Stiwt Arts Trust Limited
Company Limited by Guarantee
Statement of Financial Position
31 March 2024
| 2024 | 2023 | ||||
|---|---|---|---|---|---|
| Note | £ | £ | £ | £ | |
| Fixed Assets | |||||
| Tangible fixed assets | 16 | 1,335,296 | 1,390,217 | ||
| Current Assets | |||||
| Stocks | 17 | 712 | 450 | ||
| Debtors | 18 | 12,081 | 11,202 | ||
| Cash at bank and in hand | 36,634 | 121,227 | |||
|
|
||||
| 49,427 | 132,879 | ||||
| Creditors: amounts falling due | |||||
| within one year | 19 | 42,899 | 75,123 | ||
|
|
||||
| Net Current Assets | 6,528 | 57,756 | |||
|
|
||||
| Total Assets Less Current Liabilities | 1,341,824 | 1,447,973 | |||
| Creditors: amounts falling due after | |||||
| more than one year | 20 | 6,646 | 13,589 | ||
|
|
||||
| Net Assets | 1,335,178 | 1,434,384 | |||
|
|
||||
| Funds of the Charity | |||||
| Restricted funds | 1,252,104 | 1,302,339 | |||
| Unrestricted funds | 83,075 | 132,046 | |||
|
|
||||
| Total charity funds | 22 | 1,335,179 |
1,434,385 |
For the year ending 31 March 2024 the charity was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
-
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
-
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
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 23 form part of these financial statements.
- 10 -
Stiwt Arts Trust Limited
Company Limited by Guarantee
Statement of Financial Position (continued)
31 March 2024
These financial statements were approved by the board of trustees and authorised for issue on 18 December 2024, and are signed on behalf of the board by:
Mr B Jones Trustee
The notes on pages 12 to 23 form part of these financial statements.
- 11 -
Stiwt Arts Trust Limited
Company Limited by Guarantee
Notes to the Financial Statements
Year ended 31 March 2024
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 2024
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:
-
income from donations or grants is recognised when there is evidence of entitlement to the gift, receipt is probable and its amount can be measured reliably.
-
legacy income is recognised when receipt is probable and entitlement is established.
-
income from donated goods is measured at the fair value of the goods unless this is impractical to measure reliably, in which case the value is derived from the cost to the donor or the estimated resale value. Donated facilities and services are recognised in the accounts when received if the value can be reliably measured. No amounts are included for the contribution of general volunteers.
-
income from contracts for the supply of services is recognised with the delivery of the contracted service. This is classified as unrestricted funds unless there is a contractual requirement for it to be spent on a particular purpose and returned if unspent, in which case it may be regarded as restricted.
- 13 -
Stiwt Arts Trust Limited
Company Limited by Guarantee
Notes to the Financial Statements (continued)
Year ended 31 March 2024
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:
-
expenditure on raising funds includes the costs of all fundraising activities, events, noncharitable trading activities, and the sale of donated goods.
-
expenditure on charitable activities includes all costs incurred by a charity in undertaking activities that further its charitable aims for the benefit of its beneficiaries, including those support costs and costs relating to the governance of the charity apportioned to charitable activities.
-
other expenditure includes all expenditure that is neither related to raising funds for the charity nor part of its expenditure on charitable activities.
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 2024
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.
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.
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.
- 15 -
Stiwt Arts Trust Limited
Company Limited by Guarantee
Notes to the Financial Statements (continued)
Year ended 31 March 2024
3. Accounting policies (continued)
Defined Contribution Plans (continued)
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 | 2024 | |
| £ | £ | £ | |
| Donations | |||
| Donations from Friends of the Stiwt | 23,320 | – | 23,320 |
| Other Donations | 5,030 | – | 5,030 |
| Grants | |||
| Grants Received | 30,433 | – | 30,433 |
| Rhos CC - administration grant | 7,000 | – | 7,000 |
| Electricity grant | 2,434 | – | 2,434 |
|
|
|
|
| 68,217 | – | 68,217 | |
|
|
|
|
| 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 |
|
|
|
|
| 93,124 | 25,696 | 118,820 | |
|
|
|
- 16 -
Stiwt Arts Trust Limited
Company Limited by Guarantee
Notes to the Financial Statements (continued)
Year ended 31 March 2024
6. Other trading activities
| Unrestricted | Total Funds | Unrestricted | Total Funds | ||
|---|---|---|---|---|---|
| Funds | 2024 | Funds | 2023 | ||
| £ | £ | £ | £ | ||
| Theatre Hire | 47,606 | 47,606 | 48,370 | 48,370 | |
| Catering and Bar Sales | 11,941 | 11,941 | 14,030 | 14,030 | |
| Room & Facilities Hire | 29,844 | 29,844 | 22,145 | 22,145 | |
|
|
|
|
||
| 89,391 | 89,391 | 84,545 | 84,545 | ||
|
|
|
|
||
| 7. | Investment income | ||||
| Unrestricted | Total Funds | Unrestricted | Total Funds | ||
| Funds | 2024 | Funds | 2023 | ||
| £ | £ | £ | £ | ||
| Bank Interest received | 668 | 668 | 322 | 322 | |
|
|
|
|
||
| 8. | Costs of raising donations and | legacies | |||
| Unrestricted | Total Funds | Unrestricted | Total Funds | ||
| Funds | 2024 | Funds | 2023 | ||
| £ | £ | £ | £ | ||
| Coffee shop and Bar costs | 8,042 | 8,042 | 10,683 | 10,683 | |
|
|
|
|
||
| 9. | Expenditure on charitable activities by fund type | ||||
| Unrestricted | Restricted | Total Funds | |||
| Funds | Funds | 2024 | |||
| £ | £ | £ | |||
| Stiwt Running Costs | 111,912 | 50,234 | 162,146 | ||
| Support costs | 87,292 | – | 87,293 | ||
|
|
|
|||
| 199,204 | 50,234 | 249,439 | |||
|
|
|
|||
| 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 | |||
|
|
|
- 17 -
Stiwt Arts Trust Limited
Company Limited by Guarantee
Notes to the Financial Statements (continued)
Year ended 31 March 2024
10. Expenditure on charitable activities by activity type
| Activities | |||||
|---|---|---|---|---|---|
| undertaken | Total funds | Total fund | |||
| directly | Support costs | 2024 | 2023 | ||
| £ | £ | £ | £ | ||
| Stiwt Running Costs | 162,146 | 76,193 | 238,339 | 214,704 | |
| Governance costs | – | 11,100 | 11,100 | 11,613 | |
|
|
|
|
||
| 162,146 | 87,293 | 249,439 | 226,317 | ||
|
|
|
|
||
| 11. | Analysis of support costs | ||||
| Stiwt running | |||||
| costs | Total 2024 | Total 2023 | |||
| £ | £ | £ | |||
| Staff costs | 64,965 | 64,965 | 52,624 | ||
| Communications and IT | 1,991 | 1,991 | 2,642 | ||
| General office | 7,112 | 7,112 | 2,403 | ||
| Finance costs | 8,290 | 8,290 | 7,181 | ||
| Support costs - Professional fees | 4,935 | 4,935 | 6,544 | ||
|
|
|
|||
| 87,293 | 87,293 | 71,394 | |||
|
|
|
|||
| 12. | Net expenditure | ||||
| Net expenditure is stated after charging/(crediting): | |||||
| 2024 | 2023 | ||||
| £ | £ | ||||
| Depreciation of tangible fixed assets | 54,921 | 55,586 | |||
|
|
||||
| 13. | Independent examination fees | ||||
| 2024 | 2023 | ||||
| £ | £ | ||||
| Fees payable to the independent examiner for: | |||||
| Independent examination of the financial | statements | 2,300 | 2,240 | ||
|
|
||||
| 14. | Staff costs | ||||
| The total staff costs and employee benefits for the reporting period are analysed as | follows: | ||||
| 2024 | 2023 | ||||
| £ | £ | ||||
| Wages and salaries | 66,701 | 56,725 | |||
| Employer contributions to pension plans | 965 | 722 | |||
|
|
||||
| 67,666 | 57,447 | ||||
|
|
- 18 -
Stiwt Arts Trust Limited
Company Limited by Guarantee
Notes to the Financial Statements (continued)
Year ended 31 March 2024
14. Staff costs (continued)
The average head count of employees during the year was 6 (2023: 6). The average number of full-time equivalent employees during the year is analysed as follows:
| 2024 | 2023 | |
|---|---|---|
| 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 (2023: 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 £37,273 (2023 - £36,626). 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.
16. Tangible fixed assets
| Freehold | |||
|---|---|---|---|
| Building & | |||
| Development | |||
| Fixtures and | of Leasehold | ||
| fittings | Property | Total | |
| £ | £ | £ | |
| Cost | |||
| At 1 Apr 2023 and 31 Mar 2024 | 348,410 | 2,557,162 | 2,905,572 |
|
|
|
|
| Depreciation | |||
| At 1 Apr 2023 | 323,233 | 1,192,122 | 1,515,355 |
| Charge for the year | 3,778 | 51,143 | 54,921 |
|
|
|
|
| At 31 Mar 2024 | 327,011 | 1,243,265 | 1,570,276 |
|
|
|
|
| Carrying amount | |||
| At 31 Mar 2024 | 21,399 | 1,313,897 | 1,335,296 |
|
|
|
|
| At 31 Mar 2023 | 25,177 | 1,365,040 | 1,390,217 |
|
|
|
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.
- 19 -
Stiwt Arts Trust Limited
Company Limited by Guarantee
Notes to the Financial Statements (continued)
Year ended 31 March 2024
17. Stocks
| 2024 | 2023 | ||
|---|---|---|---|
| £ | £ | ||
| Raw materials and consumables | 712 | 450 | |
|
|
||
| 18. | Debtors | ||
| 2024 | 2023 | ||
| £ | £ | ||
| Trade debtors | 7,702 | 5,633 | |
| Prepayments and accrued income | 4,067 | 5,332 | |
| Other debtors | 312 | 237 | |
|
|
||
| 12,081 | 11,202 | ||
|
|
||
| 19. | Creditors: amounts falling due within one year | ||
| 2024 | 2023 | ||
| £ | £ | ||
| Bank loans and overdrafts | 7,144 | 6,904 | |
| Trade creditors | 19,259 | 55,625 | |
| Accruals and deferred income | 6,484 | 7,680 | |
| Social security and other taxes | 9,652 | 4,751 | |
| Other creditors | 360 | 163 | |
|
|
||
| 42,899 | 75,123 | ||
|
|
Included above is a loan from Rhos Community Council with a balance due within one year of £4,000 (2023 - £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
| 2024 | 2023 | |
|---|---|---|
| £ | £ | |
| Bank loans and overdrafts | 6,646 | 13,589 |
|
|
Included above is a loan from Rhos Community Council with a balance due more than one year of £3,149 (2023 - £7,149). 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 £965 (2023: £722).
- 20 -
Stiwt Arts Trust Limited
Company Limited by Guarantee
Notes to the Financial Statements (continued)
Year ended 31 March 2024
22. Analysis of charitable funds
Unrestricted funds
| Unrestricted funds | ||||
|---|---|---|---|---|
| At | ||||
| At 1 Apr 2023 | Income | Expenditure | 31 Mar 2024 | |
| £ | £ | £ | £ | |
| General funds | 132,045 | 158,276 | (207,246) | 83,075 |
|
|
|
|
|
| At | ||||
| At 1 Apr 2022 | Income | Expenditure | 31 Mar 2023 | |
| £ | £ | £ | £ | |
| General funds | 114,357 | 177,991 | (160,302) | 132,046 |
|
|
|
|
|
| Restricted funds | ||||
| At | ||||
| At 1 Apr 2023 | Income | Expenditure | 31 Mar 2024 | |
| £ | £ | £ | £ | |
| Stiwt Refurbishment | 1,297,898 | – | (49,613) | 1,248,285 |
| Friends of Stiwt | 49 | – | (7) | 42 |
| AVOW | 1,017 | – | (153) | 864 |
| Cory Grant | 797 | – | (120) | 677 |
| Rhos C C | 241 | – | (36) | 205 |
| Seren Nadolig | 941 | – | (96) | 845 |
| Groundwork | 1,395 | – | (209) | 1,186 |
| Stiwt Warm Spaces | – | – | – | – |
| Stiwt Repairs & Decorating | – | – | – | – |
|
|
|
|
|
| 1,302,338 | – | (50,234) | 1,252,104 | |
|
|
|
|
|
| At | ||||
| At 1 Apr 2022 | Income | Expenditure | 31 Mar 2023 | |
| £ | £ | £ | £ | |
| Stiwt Refurbishment | 1,347,512 | – | (49,612) | 1,297,900 |
| 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 |
- 21 -
Stiwt Arts Trust Limited
Company Limited by Guarantee
Notes to the Financial Statements (continued)
Year ended 31 March 2024
22. 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.
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.
- 22 -
Stiwt Arts Trust Limited
Company Limited by Guarantee
Notes to the Financial Statements (continued)
Year ended 31 March 2024
23. Analysis of net assets between funds
| Unrestricted | Restricted | Total Funds | ||
|---|---|---|---|---|
| Funds | Funds | 2024 | ||
| £ | £ | £ | ||
| Tangible fixed assets | 84,151 | 1,251,146 | 1,335,297 | |
| Current assets | 48,469 | 958 | 49,427 | |
| Creditors less than 1 year | (42,898) | – | (42,898) | |
| Creditors greater than 1 year | (6,646) | – | (6,646) | |
|
|
|
||
| Net assets | 83,076 | 1,252,104 | 1,335,180 | |
|
|
|
||
| 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 | |
|
|
|
||
| 24. | Financial instruments | |||
| The carrying amount for each category of financial instrument is as follows: | ||||
| 2024 | 2023 | |||
| £ | £ | |||
| Financial assets that are debt instruments measured at amortised | cost | |||
| Financial assets that are debt instruments measured at amortised | ||||
| cost | 44,448 | 127,097 | ||
|
|
|||
| Financial liabilities measured at amortised cost | ||||
| Financial liabilities measured at amortised cost | 34,700 | 76,117 | ||
|
|
|||
| 25. | Operating lease commitments | |||
| The total future minimum lease payments under non-cancellable operating leases are as follows: | ||||
| 2024 | 2023 | |||
| £ | £ | |||
| Not later than 1 year | – | 448 | ||
|
|
|||
| 26. | 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.
- 23 -