**Registered Charity Number 1002269**
**Registered Company Number 2589184**
## **Prema**
## **Company Limited by Guarantee**
## **Report and Accounts**
## **For The Year Ended**
**31 March 2021**
**Number Hut Limited Chartered Certified Accountants 13 The Green, Uley, Dursley, Gloucestershire, GL11 5SN**
## **Prema**
## **Report and accounts**
## **For the year ended 31 March 2021**
## **Contents**
||**Pages**|
|---|---|
|Report of the Council of Management/Directors|**1 - 6**|
|Independent Examiner's report|**7 - 8**|
|Statement of Financial Activities|**9**|
|Balance sheet|**10**|
|Notes to the accounts|**11 - 21**|
## **Prema Report of the Council of Management For the year ended 31 March 2021**
## **Introduction**
The Council of Management, who are also Directors for the purposes of the Companies Act, have pleasure in presenting their annual report and unaudited financial statements of the charity for the year ended 31 March 2021.
## **Reference and Adminstrative Information**
_**Charity name**_ Prema _**Company Registration Number**_ 2589184 _**Charity Registration Number**_ 1002269 _**The Registered Office is**_ Bethesda Chapel Uley Dursley Gloucestershire GL11 5SS _**Council of Management**_ Simon Opher (Chair) Simon Fisher (Treasurer) Thrisa Haldar Kenneth Lush Laura Nicholas Janet Wood Kim Lawrence Peter Duff Hart-Davis Karen Pitney Karen Hilliard (Company secretary) Tom Williams Bethan Marriott (appointed 8 November 2021) Katie Norton (appointed 8 November 2021) Melanie Paraskava (appointed 8 November 2021)
Non-voting members: Faye Stewart (Relationship Manager, Arts Council England) _**Independent Examiner**_ Anita Buckley Number Hut Limited 13 The Green Uley Dursley Gloucestershire GL11 5SN
1
## **Prema Report of the Council of Management For the year ended 31 March 2021**
## **Structure, Governance and Management**
The company is established as a company limited by guarantee and is registered with the Charity Commission. The affairs of the company are governed by its memorandum and articles of association. The liability of the members in the event of the company being wound up is limited to a sum not exceeding £1.00.
## _**General**_
The former “Prema Project” existed to oversee the assets of the Prema Trust (shares and investments and their building, Bethseda Chapel, which is used by Prema for its business). During the Financial year 1996/7 the Prema Project took the decision to 'wind up' and to sign over all of its assets to Prema, thus making both the Chapel and the monies invested, the property of the trading company. At the AGM in November 1997, it was agreed the shares now owned by the company should be cashed in and the money be invested in the existing COIF account. This "nest egg" was then invested in the fabric of Bethesda Chapel as part of a major refurbishment programme in FY 2015/16.
Prema is overseen by a Council of Management - independent people who either have a specialist working knowledge in the area of Prema's trade, or those who have significant links/understanding of local politics and how Prema might be best positioned to enjoy a healthy, continued funding relationship with existing investors. The members receive no remuneration for their time investment in Prema - the Council does not take expenses, it relies solely on goodwill and belief in the mission of the organisation.
## _**Recruitment and appointment of new members of the Council of Management**_
The Council of Management holds its AGM each Autumn. New members to the committee are actively recruited (via the existing board and/or staff). The Council of Management seeks to bring individuals onto the board who have a specialist knowledge or experience which would lend itself well to Prema's operation and plans for future development.
## **Objectives and Activities**
Prema exists to allow the community to interface with quality arts activities through a programme of creative opportunities and cultural expression. The programme embraces an ambitious education programme of workshops, weekly classes and seminars as well as an impressive outreach programme which offers dynamic arts opportunities to schools and community & health organisations within Gloucestershire's administrative boundaries (and farther afield too).
In addition to its prominent education programme, Prema is a Centre of Excellence for contemporary and emerging artforms. Arts Council England - South West (Prema's largest single investor) has included this organisation in its portfolio of funded organisation (NPO – National Portfolio Organisation) in recognition of Prema’s strategic developmental role for emerging artists and arts practices. This role is delivered via a programme of Performance, Physical Theatre, New Dance and Installation based visual art and all the hybrids between established and emerging artforms. ACE (SW) also maintains investment in Prema by way of supporting the full participatory and education programmes delivered by the Centre.
2
## **Prema Report of the Council of Management For the year ended 31 March 2021**
Prema also receives grant funding from Stroud District Council, currently £5,000 per annum. It should be noted that the current investment is less than one third of the Council's investment in the mid 1990s. This action was taken due to the compulsion for all local authorities to dramatically reduce their investments and costs in the light of economic downturn and global recession. It is for this reason that Prema has sought to diversify its own earned income streams and to become less reliant on grant aid – however, the size of this organisation, its rural location and the ratio of quality vs. afforability means that Prema is (and will continue to be) unable to function without the investment from Arts Council England and other grant-making bodies.
Prema's administrative base is Bethesda Chapel, South Street, Uley, Dursley GL11 5SS. We promote a large number of events at the Centre itself, but we also have a growing demand to promote activities in other venues - often in partnership with other promoters. Our schools outreach programme is very popular and we (in accordance with suggestion from SDC) have worked in partnership with other venues and community organisations to offer affordable, accessible, robust creative programmes for members of the community (in its broadest context) and to promote developmental, challenging projects and events which respond to the cultural palette of the locality, but also to show tomorrow's mainstream today.
## **Achievements and Performance**
## _**Developments, Activities and Achievements during the year**_
This was an unusual year for Prema with pandemic affecting the outputs and income of this charity. It has been a period of great uncertainty and heart-break for Prema and its supporters however we have been immeasurably more fortunate than so many. We have been fortunate to maintain the core funding from Arts Council England and also Stroud District Council as well as make good use of the Job Retention Scheme (furlough), meaning that the key elements of expenditure have been covered. Our ability to earn any significant income has been hampered by a year which has been plagued by lockdowns, outbursts of the virus, fear and apprehension from every member of the public in regards to their safety away from home. But it has also brought about a sense of dread for the financial stability of everything and for everyone for the foreseeable future. Prema is in a lucky position to have ongoing core investment until March 2023 from Arts Council England and has used the fallow periods of the pandemic to plan for the future and rationalise expenditure and staffing resources to afford this charity a greater sense of financial balance moving forward.
## _**Going concern**_
As we experience trying financial times in the UK alongside an increasingly politicized culture, the certainty of continued core funds for Prema looks increasingly shaky. As reported above, Gloucestershire County Council have disinvested from all but their essential services and the stability of investments from Stroud District Council is somewhat fragile. The certainty of monies from Arts Council England matched with a reduction in staff working hours means that we can look forward to a future – one which is far from certain – but a future nonetheless.
3
## **Prema Report of the Council of Management For the year ended 31 March 2021**
## _**Risk**_
As highlighted above, the future looks uncertain. This is not particular to Prema – every arts organisation in England, Wales and Scotland is experiencing similar financial problems due to the effects of the pandemic. Prema is a relatively admin-light organisation. Being small and independent, it means that Prema can quickly and effectively change or adapt to the funding climate. Its brand is strong, its programme even stronger and we believe that through careful planning and robust communication with our peer organizations and funders, that we may still look forward to a long and healthy future.
## _**Fundraising**_
Prema has continued to work with other arts organisations in the county to boost fundraising capacity and skills so that we are able to build projects and initiatives as well as exploring a more sustainable seam of income. We fundraise through a variety of means - a permanent collection box on site, personalised letters sent to those who are frequent users of the arts centre and also developing relationships with 'high-worth individuals' who have an established reputation as benefactors for particular creative or community-based projects.
Due to the covid lockdowns and prelonged closed periods donations have been minimal in the year to 31 March 2021.
All donations that were received in the year have been included within unrestricted funds.
## **Financial review**
The financial statements are set out on pages 9 to 21.
As shown in the Statement of Financial Activities schedule, there has been net income in the year of £24,060 (year ended 31 March 2019: total net expenditure of £18,929).
The in-year surplus has arisen primarily due to ongoing grant funding continuing in the year from the Arts Council and Stroud District Council (see note 3) in period when expenditure has reduced significantly due to the covid shutdowns. The in-year movement is therefore somewhat misleading.
Furlough grant income from HMRC of £36,659 was also received in the year, to partially offset payroll costs in the shutdown periods. This has been included in the accounts within "other income", see
In addition Prema also received covid relief grants in the year totalling £25,000. £15,000 was received from the Arts Council, of which the Council of Management consider £8,520 was spent in the year on specific expenses required to re-open following the covid shutdowns. The balance of £6,480 has been carried forward at the year end. £10,000 was received in the year from Stroud District Council and that income has been wholly deferred in this accounting year, to be expended when activity and trading resumes. The total covid grant income carried forward at the year end of £16,480 has been included in the accounts as unrestricted deferred income, see note 17.
4
## **Prema Report of the Council of Management For the year ended 31 March 2021**
## _**Reserves**_
All funds have positive fund balances at the year end, with cumulative charity funds totalling £551,352
The Council of Management consider unrestricted funds not committed or invested in tangible fixed assets held by the charity are adequate, and will continue to monitor transactions with the aim of retaining sufficient reserves for the future by both investigating ways of increasing income and reducing costs.
## _**Unrestricted funds**_
During the year ended 31 March 2021 there was net income of £27,967, compared to net expenditure
Unrestricted funds held at 31 March 2021 totalled £100,093, increased from £72,126 held at the previous year end. As mentioned above, this increase is somewhat misleading as ongoing grant funding received in the current year is in effect unspent in the year due to covid shutdowns. The Council of Management consider this fund increase will be utilised in future years, once activities trading can hopefully return.
## _**Restricted funds**_
Restricted funds comprise National Lottery funded assets, grant and donation funded building works and a piano bursary.
There is net expenditure within restricted funds of £2,715 in the year, and £1,200 endowment funds, relating to the continued depreciation of the historic buildings cost.
## _**Specific changes in fixed assets**_
Changes in fixed assets are shown in detail in the notes to the accounts. There were minimal changes in fixed assets in the year.
## _**Share capital**_
The company is limited by guarantee and therefore has no share capital.
## _**Independent examiner**_
There has been no change of independent examiner during the year, which remains as Anita Buckley from Number Hut Limited.
5
**Report of the Council of Management For the year ended 31 March 2021**
## **Prema**
## **Statement of Responsibilities of the Council of Management**
The Charities Act and the Companies Act require the Council of Management to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity as at the end of the financial year and of the surplus or deficit of the charity. In preparing those financial statements the Board is required to :-
- select suitable accounting policies and then apply them consistently;
- make judgements and estimates that are reasonable and prudent; and
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.
- state whether applicable accounting standards and statements of recommended practice have been followed , subject to any material departures disclosed and explained in the financial statements;
The Council of Management are also responsible for maintaining adequate accounting records which disclose with reasonable accuracy at any time the financial position of the charity and which are sufficient to show and explain the charity's transactions and enable them to ensure that the financial statements comply with the Companies Act 2006 and comply with regulations made under the Charities Act. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The Council of Management are also responsible for the contents of the their report, and the responsibility of the independent examiner in relation to the Council of Managements' report is limited to examining the report and ensuring that , on the face of the report, there are no inconsistencies with the figures disclosed in the financial statements.
## **Method of preparation of accounts**
The Council of Management 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 "(FRS102) (effective 1 January 2019).
## **Approval**
This report and the annual accounts were discussed at a meeting of the Council of Management and were approved by the Council of Management on 8 November 2021.
Karen Hilliard Company Secretary 17 December 2021
6
## **Prema**
## **Report of the Independent Examiner to the Council of Management on the accounts of the Charity for the year ended 31 March 2021**
I report on the financial statements of the Charity for the year ended 31 March 2021 which are set out on pages 9 to 21.
## **Respective responsibilities of Council of Management and examiner**
The charity's Council of Management (who are also the directors of the company for the purposes of company law) are responsible for the preparation of the accounts. The charity’s Council of Management consider that an audit is not required for this year under section 144(2) of the Charities Act 2011 (the 2011 Charities Act), and that an independent examination is needed.
I am qualified to undertake the examination by being a qualified member of the Chartered Association of Certified Accountants.
Having satisfied myself that the charity is not subject to audit under company law, or otherwise, and is eligible for independent examination, it is my responsibility to:
- examine the accounts under section 145 of the 2011 Charities Act,
- to follow the procedures laid down in the general Directions given by the Charity Commission under section 145(5)(b) of the 2011 Charities Act, and
- to state whether particular matters have come to my attention.
## **Basis of independent examiner's report**
My examination was carried out in accordance with general Directions given by the Charity Commission. An independent examination includes a review of the accounting records kept by the Charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from the Council of Management concerning any such matters.
The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently no opinion is given as to whether the accounts present a ‘true and fair’ view and the report is limited to those matters set out in the next statement.
7
## **Prema Report of the Independent Examiner to the Council of Management on the accounts of the Charity for the year ended 31 March 2021**
## **Independent examiner's statement**
In connection with my examination, no matter has come to my attention:
- (1) which gives me reasonable cause to believe that in any material respect the requirements:
- to keep accounting records in accordance with section 386 of the Companies Act 2006 and
- to prepare accounts which accord with the accounting records, comply with the accounting requirements of section 396 of the Companies Act 2006 and with the methods and principles of the Statement of Recommended Practice: Accounting and Reporting by Charities
have not been met or
- (2) to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.
## **Anita Buckley**
Number Hut Limited 13 The Green Uley Dursley Gloucestershire GL11 5SN
Date 17 December 2021
Relevant professional qualification(s) or body:
FCCA (Fellow of the Association of Chartered Certified Accountants)
8
## **Prema**
## **Statement of Financial Activities**
## **for the year ended 31 March 2021**
|Note
**Income:**
Donations and legacies
3
4
5
6
Other income
7
**Total income**
**Expenditure**
8
9
11
**Total expenditure**
**Net income/expenditure**
**Net movement in funds**
19
**Reconciliation of funds**
19
Income from charitable activites
Income from trading activites
**Total funds carried forward**
Total funds brought forward
**Other recognised** **gains/(losses)**
Other
**Transfers between funds**
Investment income
Costs of raising funds
Charitable activities|**Unrestricted**
**funds**
**Restricted**
**funds**
**Endowment**
**funds**
**Total this**
**year**
**Total last**
**year**
**2021**
**2021**
**2021**
**2021**
**2020**
**£**
**£**
**£**
**£**
**£**
76,430
-
-
76,430
76,497
7,206
-
-
7,206
37,289
1,152
-
-
1,152
16,036
14
-
-
14
70
45,979
5,588
-
51,567
6,093|
|---|---|
||130,781
5,588
-
136,369
135,985|
||14,002
-
-
14,002
14,306
88,812
8,295
1,200
98,307
140,608
-
-
-
-
-|
||102,814
8,295
1,200
112,309
154,914|
||27,967
2,707
-
1,200
-
24,060
18,929
-
-
-
-
-
-
-
-
-
-
-|
||27,967
2,707
-
1,200
-
24,060
18,929
-|
||72,126
120,403
84,000
276,529
295,458|
||100,093
117,696
82,800
300,589
276,529|
The net movement in funds referred to above is the net incoming resources as defined in the SORP and is reconcilited to the total funds as shown in the Balance Sheet on page 10 as required by the SORP.
All income and expenditure derives from continuing activities.
The statement of financial activities includes all gains and losses recognised in the year.
The notes on pages 11 to 21 form an integral part of these accounts.
9
## **Prema Company number Balance Sheet as at 31 March 2021**
## **2589184**
|**Note**
**Fixed assets**
Tangible assets
14
**Current assets**
Stock
15
Debtors
16
Cash at bank and in hand
**_Total current assets_**
**Liabilities**
Creditors: amounts falling due within
one year
17
**_Net current assets/(liabilities)_**
**Total net assets**
**Funds of the Charity**
Unrestricted funds
Designated funds
Restricted income funds
Endowment funds
**Total charity funds**
19
Expendable restricted fund/deferred
income
18|**Unrestricted**
**funds**
**Restricted**
**funds**
**Endowment**
**funds**
**Total this**
**year**
**Total last**
**year**
**2021**
**2021**
**2021**
**2021**
**2020**
**£**
**£**
**£**
**£**
**£**
38,184 363,563 82,800 484,547
493,639
- - - -
-
3,267
- - 3,267
2,270
81,462 4,896
- 86,358
46,559|
|---|---|
||84,7294,896
-89,625
48,829|
||22,820
- - 22,820
9,588
61,909 4,896
- 66,805
39,241|
||100,093 368,459 82,800 551,352
532,880|
||68,836
68,836
40,061
31,257
31,257
32,065
117,696
117,696
120,403
82,800 82,800
84,000
250,763
250,763
256,351|
||100,093 368,459 82,800 551,352
532,880|
For the financial year ended 31 March 2021, the charitable company was entitled to exemption from audit under section 477 of the Companies Act 2006, and no notice has been deposited under section 476 of the Act.
The Council of Management acknowledge their responsibility for ensuring that the charity keeps accounting records which comply with section 386 of the Act, and for preparing accounts which give a true and fair view of the state of affairs of the charity as at the end of the financial year and of its profit or loss for the financial year in accordance with the requirements of section 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to accounts, so far as applicable to the charity.
These accounts have been prepared in accordance with the special provisions relating to small companies within Part 15 of the Companies Act 2006 and with the Financial Reporting Standard for Smaller Entities (effective January 2015) and the Statement of Recommended Practice applicable to charities.
Approved by the Council of Management on 8 November 2021 and signed on its behalf by
**Simon Opher Chair 17 December 2021**
The notes on pages 11 to 21 form an integral part of these accounts.
10
**Notes to the Accounts**
## **Prema**
## **for the year ended 31 March 2021**
## **1 Accounting policies**
## _**Basis of preparation of the accounts**_
The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice (SORP) applicable to charites preparing their accounts in accordance with the Financial Reporting Standard for Smaller Entities, the Financial Reporting Standard for Smaller Entities (FRS 102) and the Companies Act 2006.
## _**Accounting convention**_
The financial statements are prepared,on a going concern basis, under the historical cost convention. Assets and liabilities are initially recognised at historical cost or transaction value, unless otherwise stated in the relevant accounting policy note(s).
## _**Incoming Resources**_
Incoming resources are accounted for on a receivable basis.
## _**Investment Income**_
Bank interest is included in the income and expenditure account on a receivable basis.
## _**Grant Income**_
Revenue grants are credited to the income and expenditure account as receivable.
Fixed assets acquired with grant assistance are stated at cost and depreciated over their useful economic lives. The receipt of the grant is recorded as a restricted fund in the statement of financial activities. Depreciation charged on fixed assets purchased by grant money is shown as expenditure out of the restricted fund.
## _**Recognition of liabilities**_
Liabilities are recognised on the accruals basis in accordance with normal accounting principles, modified where necessary in accordance with the guidance given in the SORP.
## _**Resources Expended**_
All expenditure is included on an accruals basis and is recognised when there is a legal or constructive obligation to pay for expenditure. Charitable expenditure includes both direct costs of the programmes and support costs relating to these activities. Governance costs include those costs incurred in the goverance of the charity and its assets and are primarily those associated with constitutional and statutory requirements. Support costs include central functions and are those functions that assist the work of the charity but do not directly relate to charitable activities.
The allocation and apportionment of costs between charitable activities, governance and support costs is based on the use of each specific resource.
## _**Fixed assets and depreciation**_
All tangible fixed assets are stated at historical cost less depreciation.
Website development costs have been capitalised as a tangible fixed asset in accordance with FRS 15 and UITF abstract 29. It is considered reasonably certain that the website will generate future economic benefit at least as great as the amount capitalised over its anticipated useful life of 5 years.
11
**Prema Notes to the Accounts**
**for the year ended 31 March 2021**
## **1 Accounting policies, continued**
Depreciation has been provided at the following rates in order to write off the assets (less their estimated residual value) over their estimated useful economic lives.
Freehold land - Buildings 2% straight line basis Fixtures and fittings 20% reducing balance basis Website 20% straight line basis
## _**Stock**_
Stock is included at the lower of cost or net realisable value.
## _**Debtors**_
Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid after taking account of any trade discounts due.
## _**Creditors and provisions**_
Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.
## _**Taxation**_
As a registered charity, the company is exempt from income and corporation tax to the extent that its income and gains are applicable to charitable purposes only. Value Added Tax is not recoverable by the company, and is therefore included in the relevant costs in the Statement of Financial Activities.
## _**Funds structure policy**_
The charity maintains a general unrestricted fund which represents funds which are expendable at the discretion of the trustees in furtherance of the objects of the charity. Such funds may be held in order to finance both working capital and capital investment.
Restricted funds have been provided to the charity for particular purposes, and it is the policy of the board of trustees to carefully the monitor the application of those funds in accordance with the restrictions placed upon them.
There is no formal policy of transfer between funds or on the allocation of funds to designated funds, other than that described above.
## **2 Winding up or dissolution of the charity**
If upon winding up or dissolution of the charity there remain any assets, after the satisfaction of all debts and liabilities, the assets represented by the accumulated fund shall be transferred to some other charitable body or bodies having similar objects to the charity.
12
## **Prema**
## **Notes to the Accounts for the year ended 31 March 2021**
## **3 Income from donations and legacies**
|**Unrestricted**
**Funds**
**2021**
**£**
Grants:
Stroud District Council
5,000
Arts Council
70,532
75,532
Friends membership
330
Donations
568
76,430
**4**
**Income from charitable activities**
**Unrestricted**
**Funds**
**2021**
**£**
Tickets for performances
-
Classes
2,901
Workshops
4,305
7,206
**5**
**Income from other trading activities**|**Restricted**
**Funds**
**2021**
**£**
-
-
-
-
-
-
**Restricted**
**Funds**
**2021**
**£**
-
-
-
-|**Total**
**Funds**
**2021**
**£**
5,000
70,532
75,532
330
568
76,430
**Total**
**Funds**
**2021**
**£**
-
2,901
4,305
7,206|**Last year**
**total Funds**
**2020**
**£**
5,000
69,258|
|---|---|---|---|
||||74,258
-
2,239|
||||76,497|
||||**Last year**
**total Funds**
**2020**
**£**
6,590
12,827
17,872|
||||37,289|
|||||
|Sale of dresser goods
Sale of art
Rent income
Booking fees
Create Gloucestershire - re interns
Phone and copier income
Other income|**Unrestricted**
**Funds**
**2021**
**£**
164
588
400
-
-
-
-
1,152|**Restricted**
**Funds**
**2021**
**£**
-
-
-
-
-
-
-
-|**Total**
**Funds**
**2021**
**£**
164
588
400
-
-
-
-
1,152|**Last year**
**total Funds**
**2020**
**£**
2,460
7,436
5,543
30
200
360
7|
|---|---|---|---|---|
|||||16,036|
13
## **Prema**
## **Notes to the Accounts**
**for the year ended 31 March 2021**
|**6**
**Investment Income**
**Unrestricted**
**Funds**
**2021**
**£**
Bank deposit interest received
14
**7**
**Other income**
**Unrestricted**
**Funds**
**2021**
**£**
Capital grant amortisation
Revenue grant amortisation
-
Arts Council - covid relief grant
8,520
HMRC furlough grant
36,659
Other revenue grant received
800
45,979
**8**
**Expenditure on raising funds**
**Unrestricted**
**Funds**
**2021**
**£**
Staff costs
14,002
Other fundraising expenses
-
14,002
**9**
**Expenditure on charitable activities**
**Unrestricted**
**Funds**
**2021**
**£**
Performance and events costs
-
Workshop costs
3,310
Staff costs - direct costs
25,912
Piano Bursary costs
-
29,222
Governance costs
20,066
Support costs
39,524
88,812|**Restricted**
**Funds**
**2021**
**£**
-
**Restricted**
**Funds**
**2021**
**£**
5,588
-
-
-
-
5,588
**Restricted**
**Funds**
**2021**
**£**
-
-
-
**Restricted**
**Funds**
**2021**
**£**
-
-
-
-
-
-
9,495
9,495|**Total**
**Funds**
**2021**
**£**
14
**Total**
**Funds**
**2021**
**£**
5,588
-
8,520
36,659
800
51,567
**Total**
**Funds**
**2021**
**£**
14,002
-
14,002
**Total**
**Funds**
**2021**
**£**
-
3,310
25,912
-
29,222
20,066
49,019
98,307|**Last year**
**total Funds**
**2020**
**£**
70|
|---|---|---|---|
||||**Last year**
**total Funds**
**2020**
**£**
5,588
505
-
-
-|
||||6,093|
||||**Last year**
**total Funds**
**2020**
**£**
14,306
-|
||||14,306|
||||**Last year**
**total Funds**
**2020**
**£**
6,045
18,989
27,543
505|
||||53,082
20,246
67,280|
||||140,608|
14
## **Prema**
## **Notes to the Accounts for the year ended 31 March 2021**
## **10 Governance and support costs**
|**Unrestricted**
**Funds**
**2021**
**£**
**Governance costs:**
Staff costs
13,350
Rates, insurance and licences
1,049
Heat, light and cleaning
1,612
Repairs and renewals
1,082
General office costs
1,744
Independent Examiner Services
850
Bank and card charges
379
20,066
**Support costs:**
Staff costs - support
17,462
Sale of art costs
-
Dresser and other materials costs
184
Catering costs
-
Marketing and advertising
28
Consultancy
4,800
Printing and artwork
350
Exhibitions costs
524
Travel
-
Heat, light and cleaning
3,760
Repairs and renewals
2,525
General office costs
4,036
Rates, insurance and licences
2,449
Other charitable expenditure
-
Accountancy
26
Bank and card charges
885
Depreciation of buildings
700
Depreciation of fixtures and fittings
1,686
Depreciation of website
-
Loss/(profit) on disposal of fixed asset
109
39,524|**Restricted**
**Funds**
**2021**
**£**
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
9,460
35
-
-
9,495|**Total**
**Funds**
**2021**
**£**
13,350
1,049
1,612
1,082
1,744
850
379
20,066
17,462
-
184
-
28
4,800
350
524
-
3,760
2,525
4,036
2,449
-
26
885
10,160
1,721
-
109
49,019|**Last year**
**total Funds**
**2020**
**£**
13,635
1,274
1,798
525
1,596
850
568|
|---|---|---|---|
||||20,246|
||||18,683
4,068
2,656
334
2,747
685
6,092
1,263
359
4,195
1,224
7,312
2,973
-
288
1,325
10,160
1,370
1,546
-|
||||67,280|
The allocation and apportionment of costs between governance and support costs as set out above is based the use of each specific resource.
15
## **Prema Notes to the Accounts for the year ended 31 March 2021**
## **11 Other expenditure**
There were no items of expenditure that was neither related to raising funds for the charity, nor part of its expenditure on charitable activities.
## **12 Net income/expenditure for the year**
|**Net income/expenditure for the year**|||
|---|---|---|
||**2021**|**2020**|
||**£**|**£**|
|The percentage of income accruing outside the United Kingdom was|-|-|
|**The net income/expenditure for the year is stated after charging:**|||
|Depreciation of owned fixed assets|11,880|13,076|
|Independent Examiner : Independent Examination|850|850|
|See note 20 for details of expenses paid to trustees or persons connected|with them.||
## **13 Staff costs and emoluments**
|Gross Salaries : staff
Employer's National Insurance
Employer's pension contributions
Numbers of full time employees or full time equivalents
Engaged on charitable activities
Engaged on fundraising activities
Engaged on management and administration|**2021**
**£**
68,947
585
1,194
70,726
**2021**
1
1
2
4|**2020**
**£**
71,342
1,606
1,219|
|---|---|---|
|||74,167|
|||**2020**
1
1
2|
|||4|
There were no employees with emoluments in excess of £60,000 per annum.
See note 20 for details of salary paid to trustees or persons connected with them.
16
## **Prema Notes to the Accounts for the year ended 31 March 2021**
## **14 Tangible fixed assets**
|**Freehold**
**Fixtures**
**Land and**
**and**
**buildings**
**equipment**
**£**
**£**
**Asset cost, valuation or revalued amount**
At 1 April 2019
538,007
101,723
Additions
-
2,898
Disposals
-
1,987
-
At 31 March 2020
538,007
102,634
**Accumulated depreciation and impairment provisions**
At 1 April 2019
50,800
95,291
Charge for the year
10,160
1,721
Eliminated on disposals
-
1,878
-
At 31 March 2020
60,960
95,134
**Net book value**
At 31 March 2021
477,047
7,500
At 31 March 2020
487,207
6,432|**Website**
**£**
15,456
-
-
15,456
15,456
-
-
15,456
-
-|**Total**
**£**
655,186
2,898
1,987
-|
|---|---|---|
|||656,097|
|||161,547
11,881
1,878
-|
|||171,550|
|||484,547|
|||493,639|
All assets are used for direct charitable purposes and there are no inalienable or heritage assets.
The fixed asset additions in the year can be further analysed:
|**Freehold**
**Land and**
**buildings**
**£**
**Restricted funds:**
Funded by grants
-
Funded by restricted donations
-
-
**Unrestricted funds:**
Funded by designated fund
-
Funded by general unrestricted funds
-
-
Total additions in the year
-|**Fixtures**
**and**
**equipment**
**£**
-
-
-
-
2,898
2,898
2,898|**Website**
**£**
-
-
-
-
-
-
-|**Total**
**£**
-
-|
|---|---|---|---|
||||-|
||||-
2,898|
||||2,898|
|||||
||||2,898|
g g p y g p over an estimated useful life of 50 years. The grants received to fund the building works have been included as deferred income (see note 18) and are also being amortised over the same 50 year period.
The historic buildings cost brought forward were also depreciated in the that year, on the same basis, assuming an estimated useful life of 50 years, and continue to do so.
17
## **Prema Notes to the Accounts for the year ended 31 March 2021**
|**15 Stock**
Goods held for sale
**16 Debtors**
Trade debtors
Other Debtors
Prepaid expenses
Accrued income
**17 Creditors: amounts falling due within one year**
Trade creditors
Accrued expenses
Deferred income
Taxation and social security
Other creditors
**18 Expendable restricted fund/deferred income**
**At 1 April**
**2020**
**£**
**Capital grants:**
Summerfield Charitable Trust
27,000
Gloucestershire Environmental Trust
29,975
Arts Council England
194,531
**Revenue grants:**
Piano bursary
4,845
256,351|**Received**
**in the year**
**£**
-
-
-
-
-|**2021**
**£**
-
**2021**
**£**
1,311
232
1,724
-
3,267
**2021**
**£**
681
2,058
18,614
1,223
244
22,820
**Amortisation**
**charge**
**£**
600
665
4,323
-
5,588|**2020**
**£**
-|
|---|---|---|---|
||||**2020**
**£**
218
94
1,748
210|
||||2,270|
||||**2020**
**£**
666
1,963
5,524
1,191
244|
||||9,588|
||||**At 31 March**
**2021**
**£**
26,400
29,310
190,208
4,845|
||||250,763|
Grants of a capital nature were received in the year ended 31 March 2016. They have been included in the balance sheet as deferred income and are being written off over the life of the assets to which the grants relate. Amortisation of the grants has been calculated at 2%, writting off the grants over a period of 50 years, matching the depreciation of the building works.
A revenue grant was received in the year ended 31 March 2019, which is to be used to provide piano lessons to children who otherwise would not be able to afford them. The income is being amortised matching the costs of the piano lessons.
18
## **Prema**
## **Notes to the Accounts for the year ended 31 March 2021**
## **19 Movements in and analysis of Funds**
|**At 1 April**
**2020**
**£**
Unrestricted Funds
72,126
Restricted Funds
120,403
Expendable restricted/deferred income
256,351
Endowment Funds
84,000
Total Funds
532,880|**Incoming**
**resources**
**£**
130,781
-
-
-
130,781|**Outgoing**
**resources**
**£**
102,814
-
2,707
-
5,588
-
1,200
-
112,309
-|**At 31 March**
**2021**
**£**
100,093
117,696
250,763
82,800|
|---|---|---|---|
||||551,352|
Unrestricted funds included above can be further analysed as:
|Income
Expenditure
Net income/ expenditure in the year
Funds brought forward
**Funds carried forward**|**£**
130,781
102,006
-
28,775
40,061
68,836
**General**
**unrestricted**|**Designated**
**funds**
**£**
-
808
-
808
-
32,065
31,257|**Total**
**unrestricted**
**£**
130,781
102,814
-|
|---|---|---|---|
||||27,967
72,126|
||||100,093|
The Council of Management designated the balance held at 31 March 2014 in a COIF Charities Deposit Fund acccount as to be used for the specific purpose of the planned future building works. The building work took place in the year to 31 March 2016. The outgoing resources figure above relates to depreciation charge.
Restricted funds can be further analysed as:
|**At 1 April**
**2020**
**£**
**Restricted Funds**
National Lottery Project
72,962
Donation funded 2015/16 build works
47,441
120,403
**Expendable restricted/deferred income**
Grant funded 2015/16 build works
251,506
Piano bursary
4,845
256,351
**Endowment Funds**
Bethseda Chapel
84,000|**Grants**
**received**
**£**
-
-
-
-
-
-
-|**SOFA**
**£**
1,652
-
1,055
-
2,707
-
5,588
-
-
5,588
-
1,200
-
**Net income/**
**expenditure**|**At 31 March**
**2021**
**£**
71,310
46,386|
|---|---|---|---|
||||117,696|
||||245,918
4,845|
||||250,763|
||||82,800|
The National Lottery project relates to capital assets acquired out of restricted funds received in an earlier year, and which are subject to the depreciation policy applying to the category of asset i d
19
**Prema Notes to the Accounts for the year ended 31 March 2021**
## **19 Movements in and analysis of Funds, continued**
See note 18 for further details regarding the capital grants received.
## **Restricted funds included in the Statement of Financial Activities:**
|Donations
and legacies
Other income
**£**
**£**
**National Lottery Project**
Depreciation of buildings
-
-
Depreciation of fixtures and fittings
-
-
-
-
**Grant funded 2015/16 build works**
Capital grant amortisation
-
5,588
Depreciation of buildings
-
-
-
5,588
**Donation funded 2015/16 build works**
Depreciation of buildings
-
-
-
-
**Expendable restricted/deferred income**
Revenue grant amortisation
-
-
Piano bursary costs
-
-
-
-
Total of all restricted funds
-
5,588
**Restricted endowment funds included in the Statement of Financial**
Donations
and legacies
Other income
**£**
**£**
**Endowment fund**
Depreciation of buildings
-
-|Expenditure
**£**
1,617
35
1,652
-
5,588
5,588
1,055
1,055
-
-
-
8,295
**Activities:**
Expenditure
**£**
1,200|Net income/
expenditure
**£**|
|---|---|---|
|||1,652
-|
||||
|||-|
||||
|||1,055
-|
||||
|||-|
||||
|||2,707
-|
|||Net income/
expenditure
**£**
1,200
-|
20
**Notes to the Accounts for the year ended 31 March 2021**
## **Prema**
## **20 Related party transactions**
## **Council of Management/Directors**
No members of the Council of Management/Directors have been paid any remuneration or received any other benefits from an employment with their charity or a related entity, during the year or previous
No members of the Council of Management/Directors have been paid any trustee expenses, during the year or previous year.
The Council of Management consider there is one employee who can be considered as key management personnel. This employee received salary (included in the figures in note 13) and the reimbursement of expenses paid for personally. Details of other transactions and balances are to report with this related party in the current or preceding year.
The following disclosable transactions took place during the year:
|The following disclosable transactions took place during the year:||||
|---|---|---|---|
||**2021**||**2020**|
||**£**||**£**|
|**Martha Opher**||||
|Relationship : Close family member of a member of the Council of Management||||
|Transaction : payment made for services provided||||
|Included in costs of charitable activites, sale of art costs
||-|156|
|Included in costs of charitable activities, dresser and other materials cos
||-|588|
All of the above transactions are considered to have been at arms length and on normal contractual terms.
There were no balances with related parties outstanding at the year end.
21