Registered Charity Number 1002269
Registered Company Number 2589184
Prema
Company Limited by Guarantee
Report and Accounts
For The Year Ended
31 March 2022
Number Hut Limited Chartered Certified Accountants 13 The Green, Uley, Dursley, Gloucestershire, GL11 5SN
Prema
Report and accounts
For the year ended 31 March 2022
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 2022
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 2022.
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 Fisher (Treasurer) Thrisa Haldar (resigned 15 March 2022) Peter Duff Hart-Davis (resigned 8 November 2021) Karen Hilliard (member and Company secretary) Kim Lawrence Kenneth Lush Bethan Marriott (appointed 21 February 2022) Laura Nicholas Katie Norton (appointed 21 February 2022, Chair from 17 October 2022) Simon Opher (Chair to 17 October 2022) Atlanta Paraskava (appointed 21 February 2022) Melanie Paraskava (appointed 21 February 2022) Karen Pitney (resigned 25 April 2022) Sophia Price (appointed 17 October 2022) Janet Wallace (appointed 17 October 2022) Janet Wood (resigned 24 May 2022) Tom Williams
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 2022
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 2022
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
2021-22 has been another unusual and surprising year for Prema and for the creative and business sectors. The period of recuperation and recovery from Covid is taking considerably longer than anyone might have imagined. Prema has needed to reduce the maximum number of people who may enrol/attend its education and live events, meaning that the potential for turning much of a profit is somewhat hampered.
With the emergence of the cost-of-living crisis, the confidence for spending on anything other than the essentials has been enormously compromised.
We have deliberately kept the promotions of live theatre and dance to a minimum. By consulting with and listening to our audiences, it became clear that many still felt nervous attending an event in a room with 80+ other people. Therefore, we offered fewer promotions and limited ticket sales so that the spaces were kept quieter and therefore feeling safer to those who had booked tickets.
This year we made an undertaking to provide internship for four young people who are keen to embark on a career in the creative industries. The first two interns joined us in June 2021 for six months, leaving at Christmas 2021. The next two joined us in March 2022 and their tenure with Prema expired at the end of August 2022. The interns’ salaries were paid by the government’s KickStart programme – it has been gratifying to support these young people but it was noted that a six month placement is too short to build any meaningful working relationship with someone new to working in an arts centre.
From April 2021 until May 2022, Prema engaged the services of Ged Petrie, a business development consultant to support our organisation (and more specifically the core staff team) in tightening up the back-office systems, policies and procedures. Furthermore, Ged gave support and context to Prema’s
3
Prema Report of the Council of Management For the year ended 31 March 2022
application to Arts Council England to remain as one of their National Portfolio Organisations (Prema’s core funds, without which, our organisation’s continuation would be drastically compromised). The application was submitted in May 2022 and in November the same year, we learnt that our application for funding to ACE’s 2023-2026 has been successful. A huge relief and a sense of confidence in moving forward, facing outward and continuing our journey in working with the community in artistic and creative adventures.
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.
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 organisations 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 reduced opening and reduced event capacity, donations have remained minimal in the year to 31 March 2022, although increased from the prior year. All donations that were receivd 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 £3,424 (year ended 31 March 2021: total net income of £24,060).
The in-year surplus figures are somewhat misleading and have arisen primarily due to ongoing grant funding continuing in the year from the Arts Council and Stroud District Council (see note 3) in periods when expenditure has reduced significantly due to the reduced opening and covid shutdowns.
4
Prema Report of the Council of Management For the year ended 31 March 2022
Prema received covid relief grants in the prior year totalling £25,000, of which £16,840 was carried forward at the 31 March 2021 year end and has been spent in the current financial year.
Reserves
All funds have positive fund balances at the year end, with cumulative charity funds totalling £548,798 (£551,352 at 31 March 2021).
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 2022 there was net income of £7,325 (net income of £27,967 in the previous year).
Unrestricted funds held at 31 March 2022 totalled £107,418, increased from £100,093 held at the previous year end. As mentioned above, this increase is somewhat misleading as ongoing grant funding received in both the current year and prior years is in effect partially unspent in those years due to reduced opening and 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 £2,701 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 2022
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 17 October 2022.
Karen Hilliard
Member of the Council of Management and Company Secretary 14 December 2022
6
Prema
Report of the Independent Examiner to the Council of Management on the accounts of the Charity for the year ended 31 March 2022
I report on the financial statements of the Charity for the year ended 31 March 2022 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 2022
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
14 December 2022
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 2022
| 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 2022 2022 2022 2022 2021 £ £ £ £ £ 71,002 - - 71,002 76,430 30,705 - - 30,705 7,206 28,754 - - 28,754 1,152 4 - - 4 14 25,606 5,978 - 31,584 51,567 |
|---|---|
| 156,071 5,978 - 162,049 136,369 |
|
| 14,490 - - 14,490 14,002 134,256 8,679 1,200 144,135 98,307 - - - - - |
|
| 148,746 8,679 1,200 158,625 112,309 |
|
| 7,325 2,701 - 1,200 - 3,424 24,060 - - - - - - - - - - |
|
| 7,325 2,701 - 1,200 - 3,424 24,060 |
|
| 100,093 117,696 82,800 300,589 276,529 |
|
| 107,418 114,995 81,600 304,013 300,589 |
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 2589184 Balance Sheet as at 31 March 2022
| 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 2022 2022 2022 2022 2021 £ £ £ £ £ 39,455 355,325 81,600 476,380 484,547 - - - - - 6,111 - - 6,111 3,267 70,110 4,455 -74,565 86,358 |
|---|---|
| 76,221 4,455 -80,676 89,625 |
|
| 8,258 - - 8,258 22,820 67,963 4,455 - 72,418 66,805 |
|
| 107,418 359,780 81,600 548,798 551,352 |
|
| 76,948 76,948 68,836 30,470 30,470 31,257 114,995 114,995 117,696 81,600 81,600 82,800 244,785 244,785 250,763 |
|
| 107,418 359,780 81,600 548,798 551,352 |
For the financial year ended 31 March 2022, 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 17 October 2022 and signed on its behalf by
Simon Opher Member of the Council of Management and Chair to 17 October 2022 14 December 2022
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 2022
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 2022
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 2022
3 Income from donations and legacies
| Unrestricted Funds 2022 £ Grants: Stroud District Council 15,527 Arts Council 53,217 68,744 Friends membership 994 Donations 1,264 71,002 4 Income from charitable activities Unrestricted Funds 2022 £ Tickets for performances 3,016 Classes 13,527 Workshops 14,162 30,705 5 Income from other trading activities Unrestricted Funds 2022 £ Sale of dresser goods 1,562 Sale of art 9,436 Rent income 5,178 Booking fees - Create Gloucestershire - re interns 12,578 Phone and copier income - Other income - 28,754 |
Restricted Funds 2022 £ - - - - - - Restricted Funds 2022 £ - - - - Restricted Funds 2022 £ - - - - - - - - |
Total Funds 2022 £ 15,527 53,217 68,744 994 1,264 71,002 Total Funds 2022 £ 3,016 13,527 14,162 30,705 Total Funds 2022 £ 1,562 9,436 5,178 - 12,578 - - 28,754 |
Last year total Funds 2021 £ 5,000 70,532 |
|---|---|---|---|
| 75,532 330 568 |
|||
| 76,430 | |||
| Last year total Funds 2021 £ - 2,901 4,305 |
|||
| 7,206 | |||
| Last year total Funds 2021 £ 164 588 400 - - - - |
|||
| 1,152 |
13
Prema
Notes to the Accounts
for the year ended 31 March 2022
| 6 Investment Income Unrestricted Funds 2022 £ Bank deposit interest received 4 7 Other income Unrestricted Funds 2022 £ Capital grant amortisation Revenue grant amortisation - Covid relief grants 16,480 HMRC job retention scheme/furlough 8,726 Other revenue grant received 400 25,606 8 Expenditure on raising funds Unrestricted Funds 2022 £ Staff costs 14,490 Other fundraising expenses - 14,490 9 Expenditure on charitable activities Unrestricted Funds 2022 £ Performance and events costs 2,437 Workshop costs 18,070 Staff costs - direct costs 25,466 Piano Bursary costs - 45,973 Governance costs 21,806 Support costs 66,477 134,256 |
Restricted Funds 2022 £ - Restricted Funds 2022 £ 5,588 390 - - - 5,978 Restricted Funds 2022 £ - - - Restricted Funds 2022 £ - - - 390 390 - 9,489 9,879 |
Total Funds 2022 £ 4 Total Funds 2022 £ 5,588 390 16,480 8,726 400 31,584 Total Funds 2022 £ 14,490 - 14,490 Total Funds 2022 £ 2,437 18,070 25,466 390 46,363 21,806 75,966 144,135 |
Last year total Funds 2021 £ 14 |
|---|---|---|---|
| Last year total Funds 2021 £ 5,588 - 8,520 36,659 800 |
|||
| 51,567 | |||
| Last year total Funds 2021 £ 14,002 - |
|||
| 14,002 | |||
| Last year total Funds 2021 £ - 3,310 25,912 - |
|||
| 29,222 20,066 49,019 |
|||
| 98,307 |
14
Prema
Notes to the Accounts for the year ended 31 March 2022
10 Governance and support costs
| Unrestricted Funds 2022 £ Governance costs: Staff costs 13,637 Rates, insurance and licences 1,301 Heat, light and cleaning 1,795 Repairs and renewals 1,633 General office costs 2,086 Independent Examiner Services 850 Bank and card charges 504 21,806 Support costs: Staff costs - support 23,730 Staff training 419 Sale of art costs 846 Dresser and other materials costs 4,876 Catering costs 353 Marketing and advertising 99 Consultancy 8,900 Printing and artwork Exhibitions costs 6,558 Travel 260 Heat, light and cleaning 4,189 Repairs and renewals 3,810 General office costs 4,893 Rates, insurance and licences 3,035 Other charitable expenditure - Accountancy - Bank and card charges 1,178 Depreciation of buildings 700 Depreciation of fixtures and fittings 2,453 Depreciation of website - Loss/(profit) on disposal of fixed asset 178 66,477 |
Restricted Funds 2022 £ - - - - - - - - - - - - - - - - - - - - - - - - - 9,460 29 - - 9,489 |
Total Funds 2022 £ 13,637 1,301 1,795 1,633 2,086 850 504 21,806 23,730 419 846 4,876 353 99 8,900 - 6,558 260 4,189 3,810 4,893 3,035 - - 1,178 10,160 2,482 - 178 75,966 |
Last year 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 |
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 2022
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 | ||
|---|---|---|
| 2022 | 2021 | |
| £ | £ | |
| 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 | 12,642 | 11,880 |
| 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 |
2022 £ 76,092 204 1,027 77,323 2022 1 1 2 4 |
2021 £ 68,947 585 1,194 |
|---|---|---|
| 70,726 | ||
| 2021 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 2022
14 Tangible fixed assets
| Freehold Fixtures Land and and buildings equipment £ £ Asset cost, valuation or revalued amount At 1 April 2021 538,007 102,634 Additions - 4,653 Disposals - 2,075 - At 31 March 2022 538,007 105,212 Accumulated depreciation and impairment provisions At 1 April 2021 60,960 95,134 Charge for the year 10,160 2,482 Eliminated on disposals - 1,897 - At 31 March 2022 71,120 95,719 Net book value At 31 March 2022 466,887 9,493 At 31 March 2021 477,047 7,500 |
Website £ 15,456 - - 15,456 15,456 - - 15,456 - - |
Total £ 656,097 4,653 2,075 - |
|---|---|---|
| 658,675 | ||
| 171,550 12,642 1,897 - |
||
| 182,295 | ||
| 476,380 | ||
| 484,547 |
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 £ - - - - 4,653 4,653 4,653 |
Website £ - - - - - - - |
Total £ - - |
|---|---|---|---|
| - | |||
| - 4,653 |
|||
| 4,653 | |||
| 4,653 |
Significant buildings additions took place in the year ended 31 March 2016 and are being depreciated 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 2022
| 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 2021 £ Capital grants: Summerfield Charitable Trust 26,400 Gloucestershire Environmental Trust 29,310 Arts Council England 190,208 Revenue grants: Piano bursary 4,845 250,763 |
Received in the year £ - - - - - |
2021 £ - 2021 £ 4,522 161 1,428 - 6,111 2021 £ 1,308 5,738 424 544 244 8,258 Amortisation charge £ 600 665 4,323 390 5,978 |
2020 £ - |
|---|---|---|---|
| 2020 £ 1,311 232 1,724 - |
|||
| 3,267 | |||
| 2020 £ 681 2,058 18,614 1,223 244 |
|||
| 22,820 | |||
| At 31 March 2022 £ 25,800 28,645 185,885 4,455 |
|||
| 244,785 |
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 2022
19 Movements in and analysis of Funds
| At 1 April 2021 £ Unrestricted Funds 100,093 Restricted Funds 117,696 Expendable restricted/deferred income 250,763 Endowment Funds 82,800 Total Funds 551,352 |
Incoming resources £ 156,071 - - - 156,071 |
Outgoing resources £ 148,746 - 2,701 - 5,978 - 1,200 - 158,625 - |
At 31 March 2022 £ 107,418 114,995 244,785 81,600 |
|---|---|---|---|
| 548,798 |
Unrestricted funds included above can be further analysed as:
| Income Expenditure Net income/ expenditure in the year Funds brought forward Funds carried forward |
£ 156,071 147,959 - 8,112 68,836 76,948 General unrestricted |
Designated funds £ - 787 - 787 - 31,257 30,470 |
Total unrestricted £ 156,071 148,746 - |
|---|---|---|---|
| 7,325 100,093 |
|||
| 107,418 |
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 2021 £ Restricted Funds National Lottery Project 71,310 Donation funded 2015/16 build works 46,386 117,696 Expendable restricted/deferred income Grant funded 2015/16 build works 245,918 Piano bursary 4,845 250,763 Endowment Funds Bethseda Chapel 82,800 |
Grants received £ - - - - - - - |
SOFA £ 1,646 - 1,055 - 2,701 - 5,588 - 390 - 5,978 - 1,200 - Net income/ expenditure |
At 31 March 2022 £ 69,664 45,331 |
|---|---|---|---|
| 114,995 | |||
| 240,330 4,455 |
|||
| 244,785 | |||
| 81,600 |
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 2022
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 £ National Lottery Project Depreciation of buildings - Depreciation of fixtures and fittings - - Grant funded 2015/16 build works Capital grant amortisation - Depreciation of buildings - - Donation funded 2015/16 build works Depreciation of buildings - - Expendable restricted/deferred income Revenue grant amortisation - Piano bursary costs - - Total of all restricted funds - |
Other income £ - - - 5,588 - 5,588 - - 390 - 390 5,978 |
Expenditure £ 1,617 29 1,646 - 5,588 5,588 1,055 1,055 - 390 390 8,679 |
Net income/ expenditure £ |
|---|---|---|---|
| 1,646 - |
|||
| - | |||
| 1,055 - |
|||
| - | |||
| 2,701 - |
Restricted endowment funds included in the Statement of Financial Activities:
| Endowment fund Depreciation of buildings |
Donations and legacies £ - |
Other income £ - |
Expenditure £ 1,200 |
Net income/ expenditure £ 1,200 - |
|---|---|---|---|---|
20
Prema Notes to the Accounts for the year ended 31 March 2022
20 Related party transactions
Council of Management/Directors
The following member of the Council of Management/Directors has been paid remuneration or received any other benefits from an employment:
Bethan Marriott
£
Member of the Council of Management from 21 February 2022 Transaction: gross salary paid for employment April 2021 to June 2021 3,939
No members of the Council of Management/Directors have been paid remuneration or received any other benefits from any related entities, nor paid any trustee expenses, during the year or previous
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), the reimbursement of expenses paid for personally, and a payment of £390 self employment income in respect of piano lessons provided in accordance with the restricted piano bursary funds. The transaction is considered to have been at arms length and on normal contractual terms.
There were no other transactions with or year end balances outstanding with any other related parties.
21