Registered Charlty Number 1002269 Reglstered Company Number 2589184 Prema Company Limited by Guarantee Report and Accounts For The Year Ended 31 March 2024 Number Hut Llmlted Chartered Certlfled Accountants 13 The Green, Uley, Dursley> Gloucestershlre, GL11 SSN
Prema Report and accounts Forthe year ended 31 March 2024 Contents Pagès Report of the Council of ManagemenUQlrectors Independent Examinerfs report Statement of Flnancial Activities 10 Balance sheet 11 Notes to the 8¢counts 12-22
Prema Report of the Councll of Management For the year ended 31 March 2024 Introductlon The Council of Management, who are also Directors for the pUoseS of the Companies Act, have pleasure in presenting their annual report and unaudited financial statements of the charity for the year ended 31 March 2024. Reference and Admlnstratlve Infonnatlon Charlty name Prem8 Company Reglstratlon Number 2589184 Charlty Reglstratlon Number 1002269 The Reglstered 0ffl¢o Is Bethesda Chapel Uley Dursley Gloucestershire GL115SS Councll of Management Coflna Coombs (appointed 16 October 20231 RiChaj Edmunds (appointed 16 October 2023) Karen Hilliard (member and Company secretary) Laura Nlcholas (Chair from 21 October 2024) Dr Slmon Opher Atlanta Paraskava Melanie Paraskava Sophia Price Janette Wallace Simon Fisher (resigned 16 October 2023) Kenneth Lush {resigned 31 July 2023) Kim Lawrence (resigned 22 April 2024) K8tle Norton (resigned 21 October 2024, Chair to 21 October 2024) Indépendent Examlnar Anita Buckley Number Hut Limited 13 The Green Uley Dursley Gloucestershire GL11 SSN
Prema Report of the Councll of Management For the year ended 31 March 2024 Structure, Goveman¢e and Management The company is established as a company Ilmited by guarantee and is registered wth the Chaiily Commission. The affairs of the company are govemed by its memorandum and articles of association. The Ilability of the member5 in the event of the company being wound up is limited to a sum not eXeding £1,00. General The fomier"Prema Pr0Ct, existed to oversee the assets of the Prema TNst (shares and Investments and their bullding, Bethseda Chapel, which is used by Prema for its business). During the Financial year 199617 the Prema Project took the decision to 'wind up, and to sign over all of its assets to Prema, thus maklng both the Chapel and the rnonles 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 fabfic of Bethesda Chapel as part ol 8 major refurbtshment programme in FY 2015116. Prema Is overseen by a Councll of Management - independent people who elther have a speclallst W0ng knowledge in the area of Prema's trade, or those who have signrficant linkslunder5tanding of local politlcs and how Prema might be best positioned to enjoy a healthy, continued funding relatlonship with existing investors. The members receive no remuneration for their time investment tn Prema - the Council does not take expens8S, it relies solely on goodwlll and belief in the mission of the organisation. Recrultmant and appolntment of new membfrrs of the Councll of M•nagement The Councll of Management holds its AGM each Autumn, New members to the committee are actlveÈy recwlted (vla the existlng board andlor staff). The Council of Management seeks to bring Indivldua onto the boa1 who have a specialist knowledge or expeiience which would lend itsetf well to Prerna, operation and plans for future devèlopment. Objectlves and Actlvltles Prema exists to allow the community to interface wlth quallty arts activltles through a programme of creative opportunities and cultural expression. The programme embraces an ambitious education progRmme of workshops, weekly classes and semlnars as well as an Impressive outreach programme which offers dynamic arts opportunities to schools and community & health organisations within Gloucestershire's administrative boundartes (and farther afield too). In addition to tts prominent education programme, Prna is a Centre of Excellence for contemporary and emerging artfoFms. Arts Council England - South West (Prem8's largost slngle investor) has Included this organisatton in its portfolio of funded organisation (NPO- Natton81 Portfolio Organisation) in recognition of Prema's strategic devebpmental role for emerging artists and arts practtces. ThFS role is delÉvered via a programme of Perfonr*ance, Physical Theat, 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.
Prema Report of the Councll of Management For the year ended 31 March 2024 Prema also receives grant funding from StrouLI District Council, currentty £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 199Os. This action was taken due to the compulsion for all local authoiities to dramatically redu their investments and costs in the light of economic downtum and global recession. It is for this reason that Prema has sought to diverstty its own eamed income streams and to become less reliant on gTrnt aid however, the size of this organlsation, its rural locatlon and the ratio of quality vs. afforability means that Prema is (and will continue to be) unable to funGtion wlthout the investment from Arts Council England and other grdnt4naking bodles. Prema's admintstrative base is Bethesda Chapel, South Street, Uley, Dursley GL115SS. We promote a larrJe number of events at the Centre itself, but we also have a growing demand to promote activities In other venues - often In partnepship with other promoter5. Our schools outreach programme Is very popular and we (In accordance with suggestlon from SDC) have wotked In partnership with other venues and community organisations to offer affordable, accessible, robust creative programmes for member5 of the cornmunlty (in its broadest context) and to promote devek)pmental, challenging projects and events which respond to the cultural palette of the locality, but also to show tomomws mainstream today. A¢hlevement8 and Perfomianca Developments, A¢dvldes and A¢hlevements durlng the year 2023-24 has malntained the path of frustratlng uncertalnty, not lust for Prema bui for the economy throughout the UK. This precarlous sltuation can be attributed to a slow%rowng sense of confidence Sn people once again engaging with leisure activities followlng the pandemic. But the apprehension around the virus has been far overshadowed by the cost-of-llving emergency. From the latter part of the summer of 2022, the UK press foretold of soaring energy prices and the burgeoning cost of putting food on th8 table for every household. This created a knee-jerk reactlon th most famllies expEoring ways of economisSng on everything but the essentlals. This phenomenon has continued to gather pace, resulting in some of Prema's more lucrative promotions (the creative education programme of workshops and classes) invariably running on lower enrolments, just covering thelr costs (prior to costof4iving emergency, these were wnning at full ¢apaclty). Another characteristic of lrfe post-pandemic is the number of audience members who request to cancel their reservation at the last moment, asking for refunds. This creates additional worf( to resell tickets at the eleventh hour, which we are often unable to do,. resulting in a fomierly sold-out activlty only just covering its costs and, in some cases, Incurring 8 financial loss. Our charity has amended its policy suffounding refunds to mltigate the impact of (and minimise the incidence of) last minute cancellations and people changing their minds. A¢sS the country, artists are reporting that sales of their work to the public are at an all-time low and those who are buying art are now electing to purchase smaller. cheaper items.
Prema Report of the Councll of Management For the year ended 31 March 2024 In November 2022, we leamt that our appftcation to ACE for NPO (National Portfolio OrganÉsation) funding had been Su$$fUl and that we were to receive a standstill sum of £70,532 per year from April 2023 until March 2026. at whtch point we WF'II need to reapply to maintain our place within the portfolio. As a direct result of the shaky economy and its bnJt8I impact upon the creative industries, ACE has advised thal It intends to open applications to extend these funding contracts by one additlonal year to afford oryanisations a degree of confidence of inward investment whilst the economy (hopefully) makes a recovery. It should be a¢knoedged that a standstill in core investment from ACE, a standstill in funds from Stroud Dlstrict Council and those funders demanding more and more from their investment, it can appear that arts organisatÉons are forever needing to run faster, just to stand still (and in some case njnning faster to slowly sllde backwards). Over the past 15 yea, funde have cornpelted every organisatlon to maxlmise it eamed income. Many are in the position where the fragility of the economy (and the attfibuted consumer confidence) matched with st8ndstlll investments and ever-soaring costs. plus demands for increased fees countered by the apprehension of passing those rising costs onto the customer ... combine to create a somewhat frdctured sector, In the past, modtfying the centre's actlvltles to become more project-focused through Investment for delivering community-based actlvlties, often in arts & heatth, has helped us to reach new audlences and to altract new streams of Snvestment from NHS charitable funds 8nd, more broadly, charitable tNsts. These opportunities are signtficantly more limited these days and the competition for them is fierce, We contlnue to build relationships with other sectors to help extend Prema's reach and to bring new inw8nJ investment into this sm811, deteined charity. Prem8, being a small and relatively fleet1-foot organlsation can (comparatlvely) quickly modfy its operation to meet demand and experiment wth methods of delivery. We continue to h8ve a dedicated audience who enjoy and support the dIVeItY and breadth of our programme. We have streamlined every aspect of our expenditure to rnake the organisation as lean as possible, still existing on 2.2 staff (fu51-time equivalent) to manage a programme many times larger and more complex than other arts venues with 4 or 5 times the number of core staff. cUentlY Prema's staffing structure Is: Artistic Director (full-time) Education Officer (part-time 0.6> Technlcal Officer (part tlme - 0.4) Book-keeper (p8rt4ime - 0.2) In addition to the cuffent structure, there was a Mafketing offer (part-time - 0.6) was that was in post between Aprtl and August of FY2023124. The Council of Management elected to not replace that role from September 2023 in order to exercise caution wlth ever-rising costs and lack of spending confidence from the public with spiralling costs of living. We are still proud to offer an affordable programme of events which attract over 74,000 peopEe each year both in visiting our venue but also in Ouf °pertpatetic Prema" programme where we take our brand of "quality & innovation. out on the road to sNort( in partnetship with other organisations and in the heart of the community.
Prema Report of the Council of Management For the year ended 31 March 2024 Golng concern As we experience trying financial times In the UK alongside an increasingly politicized culture, the certainty of continued core funds for Prema k)oks increasingly shaky. As reported above. Gloucestef5hire County Council have disinvested from all but their essential seNices and the stabiltty of investments from Stroud District Counci5 is somewhat fragile. The certainty of monies from Arts Counctl England matched with a reduction in staff working houts means that we can look foDNard to a future - one which Is farfrom certain - but a future nonetheless. Rlsk As highlighted above, the future looks uncertatn. This is not partlcular to Prema - every arts organisation in England, Wales and Scotland is experiencing similar financial problems due to the effects of the pandemic. Prema is 8 relatively admin-light organisation. Belng 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 fundets, that we may still look foward to a long and healthy future. Fundralslng Prema h85 continued to work with other arts organisations in the county to boost fundraislng capacity and skills 80 that we are able to bulld prolects and initiatives as well as explorfng 8 more sustainable seam of income. We fundraise through a variety of means - a pemianent collection box on slte, person81ised letters sent to those who are frequent useTr of the arts centre and also developing relationships th 'high-worth individuals, who have an established reputation as benefactors for partIcur creatlve or communitv-based projects, Donatlons were minimal in the year to 31 March 2024, at a slmllar level to the prfor year, All donations that were received in the year have been included within unrestricted funds. Flnanclal revlew The financial statements are set out on pages 9 to 22. As shown in the Statement of Flnanclal Actlvities schedule, there has been net expenditure In the year of £8,572 (year ended 31 March 2023: total net income of £8,881). The movement from the net Income to net expenditure can be considered as being attributed to the reduction in reported grant income. The prior year figure induded £17,315 from Arts Council England that was a delayed reIpt relating to FY 2021122, due to Lgte quarterly reporting to the funder. The receipts from Arts Council England in 2023124 totalled £70,532, which is the expected contracted annual amount. Income in 2023124 from both Trading Activitles and charitab Activities were also lower than in 2022123 (by £6,711 and £7,618 respectively). This was somewhat matched by reductions in expenditure, as noted above where every aspect of expenditure has been considered and reduced where possible - without which the in-year deficit could have been considerably greater.
Prema Report of the Councll of Management For the year ended 31 March 2024 Reserves Despite the In-year deficit, all funds ¢ontlnue to have positive fund balances at the year end, with cumulative charity funds totalling £536,707 (£553.622 at 31 March 2023). The Council of Management consider unrestricted funds not cornmltted or invested in tangible fixed assets held by the charity are adequate, and will continue to monitor tr8nsactions with the aim of retaining sufficient reseNes for the future by both investigating ways of increasing income and reducing costs. Unrestrlcted fvnds Durfng the year ended 31 March 2024 there was net expenditure of £4,681 (net income of £12,776 in the prevlous year). Unrestiicted funds held at 31 March 2024 lotalled £115,513, decreased from £120,194 held at the previous year end. As reported in the main flnancial review, the prior year In-year movement was artrficially swelled by a d6ferred quarterly payment from Arts Council England (£17,315) that was originally due in FY21122 which arrived in FY22123. Restrlcted funds Restricted funds comprise National Lottery funded 8SS8ts, grani and donation funded building works a piano bursary and grant Income received from Create Gk)ucestetshlre relatlng to the 'Off we go" project. There was net expenditure within restricted funds of £2,891 in the year, and £1,200 endoWent funds, relating to the continued depreciation of the historic buildings cost. Speclflc changes In Ilxed assets Changes in fixed assets are shown In detail in the notes to the accounts. TheTr were no additions or disposals of fixed assets in the year. Share capltsl The company is Ilmlted by guarantee and therefore has no share capltal. Independent examlner There has been no change of independent examlner during the year, which remains as Anita Buckley from Number Hut Limited.
Prema Report of the Councll of Management For the year ended 31 March 2024 Statemont of Responslbllltles of the Councll of Management The Charities Act and the Companies Act requtre the Council of Management to prepare financial statements for each financial year which gtve a tNe and fair view of the state of affai of the charity as at the end of the financial year and of the surplus or deficit of the charity. In preparing those financFal statements the Board is required to :. select suitable accounting policies and then apply them consistently,. - make judgements and estimates that are reasonab and pwdent. and - prepare the flnancial statements on the going concem basis unless it is Inappropriate to presume that the charfty wll continue in business. state whether applicable accounting standards and statements of recommended practice have been followed , subject to any material departures disdosed and explalned In the flnancial statements; The Councll of Management are also responslble for maintaining adequate 8ccounting records vthich disclose with reasonable accuracy at any time the financial position of the charity and which are sufficient to show and explain the cherity'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 safeguardlng the assets of the charity and hence for taklng reasonable steps for the prevention and detectlon of fraud and other iffegularities, The Council of Management are also responslblo for the contents of the their report, and tha 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 inconslstencies with the figures disclosed in the flnanclal statements. Mathod of preparatlon of accounts The Council of Managemeni have adopted the provisions of Accounting and Reporting by Chartlies . Statement of Recommended Practtce appllcable to charities preparing thelr accounts in accordance wlth the Financial Reporting Standard appllcable in the UK and Republic of Ireland '(FRS102) (effectfve 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 date 21 October 2024. Karen Hilliard Member of the Council of Management and Company Secretary Date 19 November 2024
Prnma Report of thè Independent Examlner to the Councll of Management on the accounts of the Charfty for the year ended 31 March 2024 I report on the finanGial statements of the Charity for the year ended 31 March 2024 which are set out on pages 10 to 22. Respectlve rosponslbllltles of Councll of Managom•nt and examlner The charity's Council of Management (who are also the directo of the company for the purposes of company Lqw) are responsible for the preparation of the accounts, The chaFity's Council of Management conslder 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. am qualrfied to undertake th6 examlnation by being a qualified member of the Ch8rtered Association of Certrfied Accountants. Having satisfied myself that the chaiity Is not subject to audit under company law. or other4vise, and is eligible for Independent examination. it is my responsibtlity to: examine the accounts under sectlon 145 of the 2011 Charities Act, to follow the procedures lald down In the general Dlrectlons glven by the Charity Commission under sect50n 145(5)(bl of the 2011 Charltles Act, and to state ether particular matters have come to my attention. Bas58 of Independent examlner's rèport My examinatlon vrfas carried out in accordance with gener81 Directions glven by the Charity Commission. An independent examlnation Includes a revlew of the accountlng 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 ConmIng any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit. and consequently no opinlon is given as to knether the accounts present a 'true and fairf view and the report is limFted to those matters set out in the next statement.
Pma Report of the Independent Examlner to the Councll of Management on the accounts of the Charity for the year ended 31 March 2024 Independent examlner'$ 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, compty with the accounting requlrements of section 396 of the Companies Act 2006 and with the methods and principles of the Statement of Recommended Practice.. Accounting and Reporting by Chaiities 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. Anlta 8u¢kley Number Hut Limited 13 The Green Uley Dursley GloUcestehlr8 GL11 SSN Date 19 November 2024 Relov8nt professional qu81ification(s) or body: FCCA (Fellow of the Association of Chartered Certtfied Accountants)
Prema statement of Financlal Actlvltles forthe year ended 31 March 2024 Unrèstrlcted fiinds 2024 Restrlcted Endowmont funds nds 2024 Total thls year 2024 Total last year 2023 Note 2024 Income: Donations and legacies Income from Charitable activlles Income from tradlng activites Investment inrne Other income Total In¢omo 78,892 41,517 18,159 578 500 139 646 78,892 43,371 18,159 578 95,651 50,989 24.870 158 1,854 147 988 178 731 ExndIture Costs of raising funds Charitable activities Other Tolal eXndItur* 10,562 133,765 10,562 145,998 12.437 157,413 11,033 1,200 144 327 156560 169 850 N•t In¢omel•xpondllur8 4,681 2,691 1,200 8,572 8,881 Transfer8 between funds Other re¢ognlsod galnsl{1088es) N•t movomenl In fund• 19 Ro¢onclllatlon of fvnds Total funds brought forwany 120,194 112,300 80,400 312,894 304.013 Total fvnd8 carrled forward 19 115513 109 809 304 322 312 894 The net movement in funds referred lo above is the net incomlng resources 8s deflned In the SORP and is con¢ilited to the 10181 funds as shown In the Balance Sheet on page 11 as required by the SORP. All income and expenditure derfves from continuing 8CtNities. The statement of financial activities includes all gains and losses recognised in the year. The notes on pages 12 to 22 fomi an integral part of these accntS. 10
Prema Company number Balance Sheet as at 31 March 2024 2589184 Unr08trlct8d fund8 2024 Ro8trlctsd Endowmont fundts fund# 2024 2024 Total th14 year 2024 Tolal la8t year 2023 Note Flxed assèts Tangible assets 14 34,892 338,717 79,200 452,809 465,500 Current asBets Stock Debtor5 Cash at bank and in hand rotsl current assets 15 16 3,587 3,587 3,775 Llablllile8 CrodttoTr.' amounts falllng du8 wKhln one year 17 13,044 13,044 8,838 Net ¢urr8nt assots/(IlabllldosJ Total not ass•ts 115513 341 994 536 707 553 622 Fund8 of tho Charlty Unréstrfcted funds Deslgna18d funds Expendable restrfcted fundldef8tT8d Income Reslrfcted Incorro funds Endowment funds 86,553 28,960 86,553 28,960 90,489 29,705 232,385 232,385 240,728 112,300 80,400 109,609 109,609 79.200 79,200 Total charlty lund* 115513 341 994 536 707 553 622 For the flnanclal year ended 31 March 2024, th@ charflabl8 CAimp8ny was 6nlitl8d to gxamptlon frnm audlt und8r88dlon 477 of the Companles Act 2006, and no notke has beèn deposlted under section 476 of th8 Act. The Councll of Manag8mnt acknowlédgè their r&&ponsibillty for ensurfng that thè charlty keeps accountln9 records whlch Comp with sectk)n 386 of tha Act, and for proparfng ac¢oLtnts whlch glve a tIU8 and falr vW of the state of affatrs of th8 chaffty as at the end of th& financlal y8ar and of its profit or k)ss for the financlal y8ar In accordanc8 th the requlr8ments of sectbn 394 and 395 and lah oth8mlse ojmply th thè rnqulrnmènts ol the Companlgs Act 2006 relating lo accounts, so far as applble to the ¢h8llty. Th6se accounls have been prepared In accordance wlth the special provksions rglatlng lo 6nm companies withln Part 15 of the Companl8s Act 2006 and wth the Flnandal Reporting Standard forSmaNer Entllles {gffective January 2015) and th8 Slatèmant of Rèc¥)nvrtond8d Practic8 appltsble to charillgs. Approved by th8 Counal of Management on 21 Octob8r2024 and signed on its behaw by Laura Nlchola$ Paember of the Councll of Managemènt and Chalr Date 19 November 2024 Th8 notes on pagès 12 to 22 forn an intttgral part of th850 accounts.
Prema Notes to the Accounts for the year ended 31 March 2024 1 Accountlng policies 8asl$ of preparation of the accounts Th8 financial statements have been prepared in accordan¢e wÈth Accounting and R8POrting by Charities.. Statement of Recorrm8nd8d Practice (SORP) applicable to charites preparing th8ir ac£ounts in accordance Vth the Financial Reporting Standard for Srnaller Entities. the Finanaal Reporting Slandard for Smaller Entities {FRS 102) and the Companies Act 2006. Accounting Conventlon The financial st8t8m8nts are pp8red,0n a going concem basis, und8r th8 historical cost conv8ntion. Assels and liabililies ar8 initially recognised at historical st or transaction value, unless otherwlse stated in lh8 r81evant 8ccountlng pollcy notels). Incomlng Resourcos Incoming rEsources ere accounted for on a receivable ba81S. Inveslmont Incom• Bank Snterest Is Included In the InM6 and expenditure account on 8 receivable basis. Grant Income Fix8d assets acqulr8d with grant assistance are stated at cost and depreciated over thelr useful economlc lives, The receipt of the gr8nt is recorded as a reslrfcted fund in the statement of financial activsties. Depredation charged on fixed assets purchased by grant money is shown as expenditure out of the restrided fund. Recognldon of Ilabllltles Liabilities are recognised on the accruals basis in accordance with nomial aGcounting principles, modlfied where n8cess8ry in accordance with the guidance given in the SORP. R•sources Expended All expenditure is induded on an accru81s basls and Is recognised when there is a legal or constnJctiV8 obligation to pay for expenditure. Charitable expgnditure includ8s bolh direct costs of the programmes and support costs relating to these activities. Govemance costs include those costs incurTed in th8 goveranc8 of the charity and ils assets and are primarfly those 8ssociat6d with constitutional and slatutory requirements. Support costs include central functions and are those functions that assist the work of the tharity but do nol directly relate to charitable activities. The allocation and apportionment of costs between charitable activities, govemanca and support costs is based on th8 US8 of each spectfic resource. Flxed assets and deprIation All tangible red assets are slated at hisloncal cost less depreciation. Website deVelOpnI costs have been capitalised as a tangible fixed asset in aordanCe with FRS 15 and UITF abslracl 29, It is considered reasonably certain that the website will generate future economic benefit at least as great as the amount capitalisèd over its anticipated ugeful life of 5 years. 12
Prèma Notes to the Accounts for the year ended 31 March 2024 1 Accounting policies, Contlnuod Depreciatlon has b68n provid8d at the follo.ng rates In order to write off the assets (less Ih&ir estimted residu81 value) over their estimated useful economic lives. Freehotd land Buildings Fixtures and fittings Website 2tyA slraight line basis 20Vo reducing balance basis 20 /0 slraight line basis Stock Stock Is included at th8 lowèr of cost or net realls8ble value. Debtors Trade and other debtors are recognised at the seltlement amount due after any trade discount off6r@d. Prepayments are valued at the amount prepaid after taking account of any trdde discounts due, Creditors andprovlslons Creditor$ 8nd provislon5 arn recognised where the charity has a present obllgalion resulting from a past event that will probably result in the Iransfer of funds to 8 third party and the amount due to settle the obligation CAn be measur8d or estimated reliabty. Creditor6 and Provisions arg nomally recognised at their settl8mgnt amount afler allowing for any trade discounts due. Taxadon AS a registered ch8rily. the company Is 8X8mpt from incom8 and corporation tax to thè éxtent that its income and gains are applicable to charitable purposes only. Value Added Tax is not recoverable by the comp£ny. and is therefore in¢luded in the relevant costs in the Statament of Financial Activities. Funds structure policy Th8 charity maintains a g6n8ral unrestricted fund which fepresenls funds which are expen(lable at the discretion of the twstees in further8nce of the objects of the ch81iiy. Such funds may be held in order to finance bolh wortino Capital and capital investment. Restricted funds have been provided to the charity for p8rlicul8r pU03&s, and it is the policy of the boaffl of trustees to caftfully the monitor the application of those funds in accordance with the rgstfictions placed upon them. There is no fotrnal policy of tr8nsf6r between funds or on the allocation of funds to designated funds, oth8r than that described abov8. 2 Winding up or dissolution of the charlty If upon winding up or dissolution of the charity there remain any assets, afterthe satisfaction of all debts and liabilities, the assets represented by Ihe accumLtlated fund shall be transferred to some Other charitable body or bodies having similar obj8Cts to the charity. 13
Prema Notes to the Accounts for the year ended 31 March 2024 3 Income from donatlons and legacies Unrestricted Funds 2024 Restrlcted Funds 2024 Total Funds 2024 Last year total Funds 2023 Grants.. Stroud DIstrt Council Arts Council 5,000 5,000 5,000 75,532 75.532 92,847 Friends membership Donatlons 900 2,460 900 2,460 510 2,294 4 Income f rom charltable actlvltles Unrestrl¢tsd Funds 2024 Restrlcled Funds 2024 Total Funds 2024 Last year total Funds 2023 Tickets for perfomiances Classes Worf(shops Create Gloucestershlre °Off we go" 12,118 13,196 16,203 12,118 13,196 16,203 1,854 9,253 12.655 20,088 8,993 1,854 5 Incomo from other tradlng actlvltles Unrostrictsd Funds 2024 Restrlcted Funds 2024 Total Funds 2024 Last year total Funds 2023 Sale of dresser goods and seasonal Sale of art Rent Income Project management incom8 Create Gloucestershire - re intems 5,653 6,640 5,240 626 5,653 6,640 5,240 626 3,400 4,952 5,818 10.700 14
Prema Notes to the Accounts for the year ended 31 March 2024 6 Investment Income Unrestricted Funds 2024 Restrlcted Fund$ 2024 Totsl Funds 2024 Last year totsl Funds 2023 Bank deposit interest received 578 578 158 7 Other Income Unrostrl¢ted Funds 2024 Restrlcted Funds 2024 Total Funds 2024 Last year total Funds 2023 Capital grant amortisation Revenue grant amOrtisatn Other revenue grant received 5,588 900 5,588 900 500 5,588 975 500 500 500 8 Expenditura on ralslng funds Unrestrictsd Funds 2024 Rostrlct¢d Funds 2024 Total Funds 2024 Last year totsl Funds 2023 Staff costs Otherfundralslng expenses 10.562 10,562 12,437 9 Expendlture on charttable actlvitlas Unrestrlcted Funds 2024 Restrict8d Funds 2024 Totsl Funds 2024 Last year total Funds 2023 Perfomance and events costs Workshop costs Staff costs - direct Costs Piano Bursary costs Create Gloucestershire 'Off we go. 10,747 16,895 35,207 10,747 16,895 35,207 900 7,924 17,442 41,458 975 900 62,849 2.754 65,603 76,792 Govemance CLlSts Support costs 20,032 60,884 20,032 60.363 21.199 59,422 9,479 133 765 145 998 157 413 15
Préma Notes to the Accounts for the year ended 31 March 2024 10 Govomance and support costs Unrestricted Fund8 2024 Restrlctsd Funds 2024 Total Funds 2024 Last year total Funds 2023 Governance costs: Staff costs Rates, insurdnce and licences Heat, light and deaning Repairs and renewals General office Costs Independent Examiner SeNices Bank and card charges 10.563 1.421 3.948 898 1,685 850 667 10,563 1,421 3,948 898 1,685 850 667 12,437 1,455 3,408 766 1,672 850 611 Support ¢th: Staff costs - support Dresser and other materials costs Caterfng costs Mart(eting and advertising Consultancy Exhlbltlons costs Travel Heat, light and deaning Repairs and renewals General office costs Rates, insurance and IEconce8 Other charitable expenditu Bank and card charges Depreciation of bulldlngs Depreciation of fixtures and fittings Lossl(profrt) on dlsposal of fixed asset 14.082 5,307 108 2,929 14,082 5,307 108 2,929 16,583 4,991 233 810 1,561 4,222 496 7,952 1,786 3.920 3,395 20 1,425 10,160 2,716 144 4,966 162 9,213 2,096 3,936 3,316 4,966 162 9,213 2,096 3,936 3,316 1,557 700 2,512 1,557 10,160 2,531 9,460 19 The allocation and apportlonffent of costs between govemance and support costs as set out above Is based the use of each spec¢fic resource. 16
Prema Notes to the Accounts for the year ended 31 March 2024 11 Other expendlture There were no items of expenditu that was neither related to raising funds for the charity, nor part of ts expenditure on charitable activities. 12 Net Incomelexpendlture for the year 2024 2023 The percentage of income accruing outside the United Kingdom was The nel Incomelexpendlture for the year Is slatsd after charglng: Depreclation of owned fixed assets Independent Examinar: Ind6pend6nt Examinatlon 12,691 850 12,876 850 See note 20 for details of expense8 paid to trustees or pernons connectod with them. 13 Staff costs and emoluments 2024 2023 Gross Salaries . staff Employerfs Natlonal Insurance Employerfs penslon contributions 69,285 81,786 Numberd of full time employees or full tlme equfvalents 2024 2023 Engaged on charitable activities Engaged on fundraising activities Engaged on management and administration Ttte were no employees wlth ermluments in excess of £60,000 per annum. See note 20 for details of salary paid to trustees or persons conneGted with them, 17
Prema Notes to the Accounts for the year ended 31 March 2024 14 Tangiblè fixed assets Freehold Land and buildings Flxtures and equlpment Webslts Total As88t cosl valuation or revalued amount At l April 2023 538.007 Additb)ns DSsposals At 31 Mah 2024 106.399 15,456 659,862 538 007 106 399 659 862 Accumulated depreclatlon and Impalrmont prov18ions At 1 April 2023 81,280 Charge for the year 10,160 Eliminated on disposals At 31 March 2024 97,626 2,531 15,456 194,362 12,691 100 157 207 053 Net book value At 31 March 2024 446 567 452 809 At 31 Mah 2023 456 727 465 500 All assets a used for direct charitable pu0$&$ and there are no inalienable or heritage assets. There were no fixed asset additions in the year ended 31 March 2024. SlgnÉficant buildings additlons took place in the year ended 31 March 2016 and are belng depCIated over an estimated useful lrfe of 50 years. The grants received to fund the building worl(s have been Included as deferred income (see note 18) and are also being amortised over the same 50 year period. The historic bulldings cost brought forward were also depreciated In the that year, on the same bas, assuming an estimated useful Ilfe of 50 yeats, and continue to do so. 15 Stock 2024 2023 Goods held for sale 18
Prema Notes to the Accounts for the year ended 31 March 2024 16 Debtors 2024 2023 Trade debtor8 Other Debtors Prepaid exp6nses Accrued Incoff 1.253 468 1,649 405 1,454 1,672 461 17 Credltors: amounts falllng due wlthin one year 2024 2023 Trade credltors Accrued expenses Deferred income Taxation and social security Other creditors 826 4.355 7,009 610 244 836 4,988 2,194 576 244 18 Expendable restrlcted fundldeforred Income At 1 Aprll 2023 ReGelved Amortlsatlon In the year Charge At 31 March 2024 Capltsl grants: Summerfield Charftable Trust Gloucestershi Environmental Trust Arts Council England 25.200 27.979 181,562 600 686 4,323 24,600 27,313 177,239 Revenue grants: Piano bursary Create Gloucestershire "Off we go. 3,480 900 2,580 653 232 385 240 728 GTrnts of a capital natu werp received in the year ended 31 March 2016. They have been included In the balance sheet as deferred income and are being itten off over the lrfe of the assets to which the grants relate. Amortisation of the grants has been calculated at 2Yo, Writting off the grants over a period of 50 years, matching the depreciation of the building WO$. A revenue grant was received in the year ended 31 March 2019, which is to be used to provide piano lessons to children who otherwkse would not be able to afforrl them. The income is being amortised matching the costs of the piano lessons.
Prema Notes to the Accounts for the year ended 31 March 2024 19 Movements in and analysis of Funds At 1 Aprll 2023 Incomlng resources Outgoing resources At 31 March 2024 Unrestiicted Funds Restricted Funds Expendable restrictedldeferred incom( Endowment Funds Total Funds 120,194 112,300 240,729 139,646 144,327 2,695 8,342 115.513 109,605 232,387 553 623 139846 158 564 536 705 unStrICted funds included above can be further analysed as.. General unrestrlcted DBslgnated funds Total unrestrlcted Inco Expenditure Net Incomel expenditure In the year 139,646 143 582 3,936 139,646 144 327 4.681 745 745 Funds brought fopNard 90,489 29,705 120,194 Funds ¢arrled forward 115 513 The Council of Management designated the balance held at 31 March 2014 in a COIF Chaiities Deposit Fund acccount as to be used for the specific purpose of the planned future bullding works. The building woth took place in the year to 31 March 2016. The outgoing tBsources flgure above relates to depreciation charge. Restitted funds can be further analysed as: SOFA Net 5ncomel At 31 March expendlture 2024 At 1 Aprll 2023 Grants recelved Restrlcted Funds National Lottery Project Donation funded 2015116 build works 68,024 1.640 66,384 112300 109605 Expendable restrlctedldeferred tn¢omè Grdnt funded 2015116 build worfis Piano bursary Create Gloucestershire "Off we go" 234,742 3,480 5,588 900 229.154 2,580 653 232 387 240 729 Endowmont Funds Bethseda Chapel The National Lottery project relates to capital assets acquired out of restricted funds received in an earfier year, and 1¢h a subject to the depreciation policy applying to the category of asset 20
Prema Note8 to the Accounts for the year ended 31 March 2024 19 Movements in and analysls of Funds, continued See note 18 forfurther details gaIng the capital grants received. Restrlded funds Included in the Statemont of Financial Actlvltles.. Donations and legacies Net incomel expendlture Other income Expendtture National Lottery Projecl Depreciation of buildings Deprectation of fixtutES and fittings 1,617 23 Grant funded 2015116 bulld works Capital grant amortisation Depreciation of buildings 5,588 Donatlon fvnded 2015116 bulld works DepCtIOn of buildings Expondabl• restrlctedldeforrod In¢omo . plano bursary Revenue grant amortlsatlon Piano bur3ary costs 900 900 900 900 Expondable r•Strl¢ted8fOrred Income Revenue grant amrtisation "Off we go" expenses Off we go" 1,854 Total of all restrided funds Restrlcted endowment funds included in the Statement of FInala1 Activltles: Donations and legacies Other income Expenditure Net incomel expenditure Endowmenl fvnd Depreciation of buildings 21
Prema Notes to the Accounts for the year endèd 31 March 2024 20 Related party transactlon8 No members of the Council of ManagementlDirectors have be6n paid MUneration or received any oth8r beneftts from any related entities, nor paid any twstee expenses, during the year or pr8ViOUS year, The Council of Management consider there rs one employee who can be considered as key management personnel. That employee received a salary (included in the fIgUS in note 13), the reimbursement of expenses patd for personally, and a payment of £900 (prior year £390) of self employment income in respect of piano lessons provided in accordance with the restricted piano bursary funds. The transaction is considered to have been made at arms length and on nomial contractual tenns, Ther8 wre no other transactions with, nor year end balances outstanding with, any other related party. 22