R•g18t•r•d nuMr. 3313901 Charity numb•r. 1062353 BUNGAY ARTS AND THEATRE SOCIETY (A company Ilmlt•d by guarantee) UMAUDITED TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2021
(A Company Ilmltod by guarnnt••) CONTENTS R•f•ronce and •dmlnl8trallve dolall8 of lh• Company, Its Twsl••s •nd advh•rn Trust, r•port Indepgndont •xamlnarf• r•port Statoment ol ftnan¢hl actlvlt188 8•lance •h•ét 10-11 Noto8 to th• flnantl•l ¥tatomort8 12-25
BUNGAY AIWJ AND THEATRE 8IXIEr (A IlmA•d by gu*rnnl••) REFERENCE AND ADMINISTRATIVE DEfAILS OF THE COMPANY. rrs TRUSTEES AND ADVISER8 FOR THE YEAR ENDED 28 FEBRUARY 2021 P Baker SLCOX JWSHay D A France (appointed 6 June 20211 P R Hokne$ J M Pulman C L Rkhardwi (re8igned 23 August 2021) R Sehryn£rome (r88oned 9 February 2021) C Matthews {reslgned 8 September 2020) N UshepwocKI l•)pointed 6 June 2021) Compony rngl•t•r•d numb•r 3313K11 numb•r I(2353 ft•gl•tsr•d offl¢• 10 Broad Strert Bungay Suffolk NR35 1EE cOmnY ••¢r•tary Ms M Lalrd A¢counlants Larking Gowen LLP Charterwj A¢¢ounlants lfj'ng Street House 15 Upper Kfing Stre81 Norwich NR31RB Page 1
(A company Nmlted by guarnntae) TRUSTEES, REPORT FOR THE YEAR ENDED 28 FEBRUARY 2021 The Trustses present their annual report together with the fA)an¢ial statements of th8 Company for the yeaf 1 March 2020 to 28 Febfuary 2021. The Annual report seryes the purw5es of both a Trustees, report and dirgctors, report under company18w. Thg Trustee8 confimi that the Annual report and finanual statements of the ch8ritabb company compty with the ojrrent stutory requirements. the requirements of the charitable companvs goveming document and the provisions of the Stalemanl of Recc4nmended P[a¢ (SORPI applicable lo charities preparing their a¢nts in acCdaNce with the Financk81 Reporting Standard applicable in the UK and Republic of Ire18nd (FRS102) leffectY¥• 1 January 2019). Since the Company qualfie8 a8 $mall urKler section 382 of the Compani85 Act 20. tha Strategic report required of medlum and large companies undor the Companies kt 20( IStratsgiG Report and Directors. Report) ReguLgtion8 2013 has been omrtled. Obj•Ctiv and act5vlti . Policlm and obl•th6s The obletts of the charity are to provth or assist in the provision of facilities for thè r•creatK)n81. educational, cultural, artl8ttc or otherlgisure pursuits in tho interest of the swl welfare of the inlpbitsnts of Bungay and surrounding communities. In Jdrtw)n to the8e objectwes. the maintenancg ar imprOvet of th8 Grade 2 list8d Georgian buikling. and its continued use for its original purF4ise as a theatre. are key aims of the truste8S. b. Vl•ion Thè ongin81 510n of the founding trustees, i.e. to revive the buildln9 as a viable art8 and theatre centre. ha8 been achieved but the buikling has ncA¥ become much more than just a theatre and ha$ devek¥d into an integr81 part of the communtys fabric. Accordingly the vision is now to become one of the l)est arts and theatre entres in its class in the county. wrth the key otyective of provklillg or assi6ting in the provision of facilities for the recreab'onal. gducational. culiural. artistic or other feisure pursuits in the interest of the social welfare of the inhabitants of Bungay and surrounding cornmunities. To facilitate thi$, the trustees have Identified the following stTatogic otyèclive$: Maintsin and further improve th8 historic building as a viable atts and theatre centre,. Ensure the long48m finanal vi8bFIty of 8ATS by maximiwng the usage Fant$1 of the building and mpleménb'ng new initr8tives.' Provide a wid8-ranging artistic wogrammè i)pportunibgs for arliytic expression to all mgmbers of the community; Increase independence and financial security by ovming tha buikling tright". Activety engage with the tocal communty {individuals. groups and the commer¢ial #ector) in developing mutualty beneficial relationships,. BeLS)me a fc$ in Bungay and its surrounds forfiTSt dass errtertainment, catering and 8vent8. Strategi¢ oty'ective 4 byas hIeVed in 2020- see Revie ofktrviknes below. c. Maln act1vl1l undwtak•n to furth•r th• Comp•ny'• purpow for th• public b•n•fit The tru8t8es have had due regard lo the Charity Commission guidance on public bèn8frt. The activities undertaken to fvrther the chartys purposes for th8 public benefft are doscribed within a¢hiovements and perfoThanc*. Page 2
UNGAY ARTS AND THEATRE SOCIErY (A compAny lknfft•d by guav•nl••) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 28 FEBRUARY 2021 Objortlvu •nd •thltlM {contlnu•d d. Man•g•mwt and •tafflng The managomont of the company was 8pIt between the fu114ime Operatson8 Manager. Cory Minns, and the rt- mè lo8hare Pr(yJr8mmè Man&3er (Darren and Laik Ffance}. who were ably assisléd in their roles by Theatre Assistant Dan Millar. and our ¢Ae8ner Nicola Eastaugh. Tho trustees are deepty grateful lo the staff for all their efforts. particulaTty during the uncertainty that the pandemic has caused. Since tha ye8r-end ther• have been tt¥o changes lo staff. Our nvw fulHime Fbsh¢r Centre Manager, Ben 8tyth, ha8 been recruited and Started in AugusL and Nicola Eastaugh has been replxed by Bl8ke Rackham. The tru8tees wish them both luth in their new roles and very much hope that they will enjoy their time 8t the theatre. •. Volunt••rn We have kept in tauch w4th our preGious %rlunteer6 by a number of nwwslettfjrs during th8 y8ar, giving what infomation was wmilable in the ligm of tha continu•J uncertainty. We very much hope Ihat they retum once we are allowed to rewopen and continue to make their invaluabte contsibution, without which Ihe thgatre couldn't A¢hlv•m•nts and p•rfornian¢• FollcAving the very sUsSIU1 fund4ai6ing initiativ66 that were completed in 201940, whth alivNed the company lo poy off its prirttP81 creditor {Afchitecturo1 Henlage Fund) and the theatre building outrighL ma 2020 brought very dilfvrent ¢hall8nge8. The spread of a corona virus, subsequently Ugbgllad Covid or C-19, meant h8t tho theatre was closed by govgmm6nt decree and all p8rfornianc¢s were cancelled or poswed. A8 meetings weren't 811(AY8d in th8 theatr8, the tNstees arranggd to meet virtually by Zoom and to manage the busines$ romotety. This invotrrfed fvrtoughing th6 Staff. Suspending seprte contracts where possiblè and purnuing all availabl8 grant funding in order to meet on•ing expen8e& In addition, tt became clear thal it woukl be possible to take aLfvantago of the empty buitthng by implementlng 80me major repairs and renovations. As a [tt of number of 8ucces8ful applications, grants totalng £199k were recaived during the yaar. Wh alkh¥ed a new lrft to be installed. the refu18ment of the toi16ts at th8 back of tho buibjing to make COvirdfy with touch- free ffttings arKI a new knr to belgid in the bar. In addIt to tha grant funding. the trusts89 81¥0 took advantsge of the governmenvs furfouth schem?. Tho operations team 'off-fuU9h. in July and worked on making th8 theatre c¢mFdiant wrth 811 Ihg hy9ne regulations and a safe place lo visit but. in th& absence of tho n•ed for a programme, the posilion of programme manager was rendered redundanL A8 a re8uh, th• tru8tee8 h&1 very relurtanty to L8off Oarren and La4 Fr•nce who had 8hared the part4ima p08it1on belween thom. Darnn and Laila have played 4 huge part in the theatre in recent years and will conb'nue to do so. Indeed Darren has ncv# reined the board and wlll add his exp6ri8n¢o to the trustee team. Thern were very féw porfomiances ring the year but trustees did commi8sAin Upshwt to *age the annual pantomime in accordan¢• with the restrictions then in Sadty the run began prtyni$yty. a surge In Covid casos haltéd perfomwnces by govemment deeree.
BUNOAY ART8 AND TrIEATRE SOCIErY {A ¢¢MnY Ilm5tod by guaTrnts•) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 28 FEBRUARY 2021 Achlw•m•nl• and p•rfomi•nG• IntInU•d b. Operntlon8 In ¥Yaw of the government r8strldkS. normal operotK8 ceased and attention was given to making the buikling Covi&8ecure for st8ff and all usefs of the buikjing. Screen$ and hand sanittsing StanS have been installgd and a f¢)gging machine ha$ been purchas&J to $8nrtM th8 auditorium belween shthvs. Vthere possible. service suppliers were contacted to amend contract8 to fedlth on4Joing operathmal costs and the buibjing was regularty ned lo ensuré any risk of infection was minimised. Flnanci•l r•vi•w . Golng concern After making appropriate enquiries, the Tru8tee8 have a reasonable &xpecl8tron that the Company ha¥ adgquale resources to conts'nue in operational existence for Ihe foreseeable future. For this reason. they continue to adopt the going concern basis in preparing the financial statement& Furthèr detsils regarding the adOpn of the going concem ba$ can found in the accounting policth. b. RMgrvK pollcy It is the ¢h8ntys poly to maintain. a8 far 88 15 POS8ibl&. Suffic roseTves to meot day to day requirement8 for period of Six months. C. Flnnc• Rovlow When the buihling dosed. ffinance ¢JFwation8 were Mtrd off-site arKI cor¥Jucted from lh8 trea8urerfs home. which albwgd all the nomial finance rotrtin88 to ¢¢tinue as usual. From a fvnding perspèctive. the theatre ha8 been particularly fortunato lo receive grants from Arts Council EngL7nd, POwer-thang¢ and the Heritag0 L¢)ttery Fund. The8e alk)wed the impfovemont of the building's tscilitigs as report above. We also received a numbar of grant pgyments from East Suffolk Councbl to maat orwrng Operatal costs arKI were able to partspat¢ in the government's fvrbugh scheme, o11(ywing 80% of staff costs to be recoupod between March and June 2020. d. Inv•stm•nts polky Under thè Memorandum of A8woation, the Tru8teets have tho pvwer to make any investrnents whiGh have board approval. •. Principal fundlng Under nomial circumstances the thealro relies on 8eWenerated fvnds lo finance its daY-tdaY operations the absence of on4>Trng revenue grant fvnding. However during tho fo¢k4Jown, the princip81 furKling ha8 been from grants which Sandr8 Cox has diluenlly pursu¢d and we are very thanlrful to har for her expertise in completing pkx 8fKI lincMIng grw*t applications 80 su¢(wsfuMy. Page 4
8UNGAY ARTS AND THEATrE SOCIETY IA ¢ompany Ilmlt•d by guarnnt••) TRUSTEES. REPORT (CONTINUEDI FOR THE YEAR ENDED 28 FEBRUARY 2021 Structur•, 9ov•rnanc• and man•g•m•nt Gov•mlng docum•nt Tho tharity 18 controllgd by its wvèming docum( 8 deed oftru8( and constilules a limited c(npany, limited by guorantee, as defin¢d by the Companles A¢t 2006. At its Annual General Meeting in February 2016 the compary adoptsd Artides dA¥xtiation whKh have been registered with and •xepknY by Chanty C¢)rnmi$8ion. b. Gov•rnan Vlhiht the management toam ha8 r8sFonbIlity for the day-ttsday running of the builjing and 8U the actMtie8 therein. the Tru8tse Directors are aG¢ountable for the successful opration and ffinano81 v&4bilty of the business. Two trustee5 StIM>J down duiing the y•ar. Ruth Sew Crome ha5 masterryminded our 80¢i81 medi communication$ as well as plawng a major role in fund raising and advi8ing re the recruitffnt of new Fishar Centrg manager. Chris Matthews i8 moving to CteNBdon near Bri8tol hawng been offered a new job. Hg ha6 been an ex¢dlent Trustee. seme881y offering not onty his business expertise but also free printing! Both will missed. Al the AGM in Juno. John Putrt8n and Sandra Cox rg8igned by rotali¢)n WKI. having off8thJ thoms8 for r electn. were offiualty reappointed. Darren France and Ntho14s v$hepad wwo ele¢tsd as tN8tee8 and we welcome tham both to the board. The b)8rd conlinues to be acute aware of its respon8folles in r•spo¢t of compliance. Tv)t ontywith the relevant requirements of the Companies Act and the Charibes Comrnis#ion. but a180 child protection. health and safety. e(yal opportunities and dats prote¢bon. ¢. Oryanlsatlon struGr• and d•cl8lonfftklng poll¢l•8 The Board of Trustees ultimatety cOUntal0 for the companys and meets at once a rrthth in person or virtualty to review and discus8 strateg and OP8Tational Is8ues and finances. The Board deWt&8 authority to the managoment team to managg the d8y404ay isJu•¥ and team of voluntsern upon which theatrè depends. The OperatK*ns Managèr is responslble for the day-ttrday running of the bUij1ng, slaffing and aleS and the Progr8mme Manager is re8p)n$ible for the deveknpment and 1mplemntatn of the thèatre's pwramme. Trustw w•Ye or¥Jinalty sdected on tho ba818 of their 1nvofv0mt in the fornwtion of the ¢harity. Sub8equentty Trustses We invited where rt was con$Klered that their experi8n¢e or standing in the community VK•ukl benef the charity and its aims. With the adopb'on of tho revised Artides of AsscKwknon, any member is entitlod to bo Tru$loe. subject to nomination by h¥0 membern and 8pproval at a General Meeting of the Company. The board d. Pollcl88 •dopt•d for th• Inductlon and lrnlnlng olTru8tv• Trustees are expKtsd lo kncNI or be briefed on thair legal oblyttons undw charity and comp8ny law and rthrmitt90 deGigionvmaking processes. Paps
BUNGAY ARTS AND THEATRE SOCIETY (A company Mmlt•d by guar•nts•) TRUSTEES, REPORT {CONTINUEDI FOR THE YEAR ENDED 28 FEBRUARY 2021 Strncrol gov•rnanco and manag•mgnt (contlnu•d) . Risk managom•nt The Trustees have a duty to identrfy and rtivtew the risks lo which the charity is exposed and to ensure appropnale control$ are in #ace to provth reasonable assuranco against fraud and error. The Trustees have discussed the requirements of a risk strategy and beliève Ihey have adequate mOthS of monitoring and controlling the finanaal, ststLrtory, lryal and opèrational risks applutrAg to the tharity. Plan8 forfulurn porlods The curfent C-19 wru$ has forced 80rne unprecedented measures on the natn. rot $t in the world of Ipie arts. and th8 trustees have been actNo in addressing thé ullexpected c108ure of the buikling and the resultant cewtion of its usual fundraising activities. As a r06uII of successful grant applications 8nd PaTticipation in the govemmenf$ ffijdough scheme. the thor8 is relaWerfionfjd to wilhstand ts gXFeCted dur81ion of th• shut-down and the Irusle95 are planning a 80ft-rwning of the theatre latsr in th8 year, with somg live shm plw'ng to restricted audian¢¢$. The operations team came '¢ffi-furfough' in Juty and are currnnty working on making thè theatre compliant with 811 the hygne regulatM)ns and a safe place to visiL In tho absence of the need for a programme, the $it)n of progrne managerw88 Tended redundant and the trustees had very reludanty to laoff Darren and LalLq France who had shared the part-time F#)Sition bee¢n them. Darrèn arKI Larfa have pw 8 hug8 part in Ihe the8 in reont years and will continue to do so wilh their running of the Fisher Theatre Youth Group and thair own theatre prcduclkin C£Jmpgny Upsh¢J)l. The trustees deepty appreciate thr orwing o)mmitment to th8atr8 and its adivilies and are very thankful to them for all their efforts and enthusiasm. From a govemance perspective, it may be the case th8t the AGM ¢annot be held in its u¥ual way. but thg trust8 will do 9vorhin9 P)88ibls to ensure that all relevant processes are undert8ken and communited to our members by whatOVor means possible. Page 6
BUNGAY ARTS AND THEATrE SOCIETY (A Ilmlt•d by gu•rnntso) TRUSTEVd' REPORT (CONTINUED) FOR THE YEAR ENDED 28 FEBRUARY 2021 8tat•m•nt of TN•tw•' r••pon•lbllili The Trus188s {who are also the directors of the Company for the purposes of company law) are responble for preparing the Trustw, port ar the finaneAal statements in acojfdance with al¢able law and Uniied 'ngdDm Acwinting stsndaS (Untted Kingdom Generalty Awted Accounting Prnctice). Company18w requires the Tru8tee8 to prepare financial statements for eath finanpgl r. Under company l. Trustees must not appro the financbal statements unl5 they are satlsfd that they give a true and faiT viow of the state of affairs of the Company and of its incoming reurceS and applicalion of resources, incIling its income and expenditure. for that per. In preparing these financkgl statements, the Tru81ees are requirèd to.. select Suitab fLcounting Fdicies wl then appty them ¢onsl8tenty. obaarye th• m•thods and principles of the chali1$ SORP (FRS 1021.. make judgments and accounting estimates that are reasonable and pwdent." stste whether appli¢aN8 UK Accounting Stsndards IFRS 1021 hm been folknyed, subjed to any matsrial departure8 distsed and explained in the financial statements," prgparg the financial Statfrments on the going Ixncem b8818 unl888 it 18 inapkyoprfate to presumo that tho Company Mll continue in business. The Trustees aro restrf>nsible for keeping adequate w)unting roctyds that are sufftient to SI and explawi the Compans transactions and di6d08e with reasonable actyjracy al any limè the finanaal posthrjn of the Company arKI enable them to ensure that the financial statements compty with the C(wnpanies Act 2(. Thoy are also rn8wJnsible for 88feguarding the 8886ts of the Company and hon¢e for taking roawnable sieps for th prevention and detection of fraud and other irreguk9rilie& roved by order of Ihe m*nb•rn of thg t30a ofTN8tees and signed on tsr behall by.. J M Putman (Trust•el
(A company 11m1t by gUarnTh) INDEPENDEKf EXAMINEifs REPORT FOR THE YEAR ENDED 28 FEBRUARY 2021 Ind•p•nd•nt examlnfrts r•port to th• Trn•tw of Bungay Art• and Th••tr• Soclty {Ih• Compan) I report to the charfty Tru8t•e8 on my exninatv)n of the aCCnts of the Cuwny for year ended 28 February 2021. RpOnsIbIlItI88 and bas18 of r•port As the Trustees of the Company land its dire¢tors for the puf[09 of company lth¥) you are respons for tho preparation of the accounts in accordanco with the requirements of the Companies kt 2006 {'the 2006 A¢t'). Having 881isfied myseff that the accounts of tho Company are not required to be audi under Part 16 of the 2006 Act and afe eligible lor independent examination. I report in respect of my examination of the CompanV$ accounts carried out under section 145 of the Ch811e& Act 20111'th9 2011 ACV). In carrying out my examinats'on I have followed the Directions gi by the Charity coMmi10n urKler 8ectbn 145151{b) of the 2011 A¢t. Ind•p•ndenl •xamlnorf8 •tatémtht I have cOMeted my examination. l Confi that no mattern have come to my attenlion in connection the examination giving ma USe lo believe.. accounting rocords were not kept in respt of the Company as required by 8ectlon 386 of the 20( Att. or the aceounts do not accord with those records,. or tho accounts do not cc4npty with the accounting requirements of soction 396 of the 2006 Act other Ihan any requirement that the accounts gNe a Irue and faif view which k8 not a matter considered as part of an indOF4ndent examinalwjn.. or the accounts ha not been prepared in accordance wtth the molhc418 and prinapS of the Statem•nl of Recommended Pra¢tice for accounting and roporting by charitias lapplicable lo charit$ preparing their accounts in a¢cordance with tha Financial Repong Standard applrcable in the UK and Republic of Ireland IFRS 102)]. I have no conc*m$ and have come attoss no othw mattars in connection wrth the examination to whKh attention should be drawn in this report in order to able a proper undergtanding of the a¢Unts to bg reached. This TOWt is mado So18 ta the Compan$ Trustees, 83 a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulation5 2008. My wort( has b8en undertaken $0 that I might state lo thè Company's Trustees those matters l am required to Statè to them in an Indepèndent examine¢8 report and lor no other purpose. To the fUl$t ex18nt pemiitted by law, I do not 8p1 or assume respon8ibility to anyone other than the Company and the Compan1$ Tw$tees a8 a body. for my work or for thi8 rwrt. Signed: Julie Grimmer Datsd: 8 November 2021 FCA DChA Larklng Gow•n LLP Chartored Accountants King Str¢6t House 15 Upper 'n9 Street Norwich NR3 1RB Page 8
eUNGAY ARTS AND THEATRE SOCIEr IA Company Mmlt•d by guarnfttO• STATEMEKf OF FINANCIAL ACTIVITIES {INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 28 FEBRUARY 2021 Total funds 2021 Tot81 lunds 2020 fund• 2021 funds 2021 Inoom• from: Donations and le9ary8s Chantable athibes Other trading activt Investments 67.986 147,887 10.900 7N18 215,873 10.908 7A18 362,162 160,298 51.475 73 Total In¢om• Exp•ndltsrn on: Raising fvnds CharitabS8 xtsyil 186.222 573,948 4740 45.638 86,112 92.770 14&457 82,106 Total •xpgndltur• 7,746 123,002 130.748 238.227 N•1 Incom• 80,240 (33.395) 43,220 10W 335.721 Transfers funds 15 Not mov•m•nt In fund• R•con¢1114tlon of luTrd•: Total funds brought forward Nel movement in funts 76,616 103,460 335,721 516.745 76,615 516.746 103,480 181.024 335. 721 Totsl fvnd• c•rrl•d foThv•rd 093,360 820.205 516,745 The Slatoment offfinawal trtreS Inthde8 all gains and10$8o8 recognised in ts year. The notes on pages 12 to 25 fom) part of these financial statements. Page 9
BU14GAY ARTS AND THEATRE 80CIEff (A company limltod by gu•rnntse} REGISTERED NUMBER". 3313901 BALANCE 8HEET AS AT 28 FEBRUARY 2021 28 FobfU•ry 2021 29 F&bnJary 2020 Flxod a•8et8 Tangib assets 11 615.566 504.607 015,565 504,607 Curr•nt Stocks DebtoryJ Cash at bank and In hafkl 12 13 2.532 8.647 116,417 3,907 1.605 35,623 128,$96 41,135 Crwlitor&.' amunts faHfftg due within one 14 (28.997) Not curr•nt ••8•ts 104,640 12, 138 Totsl I•1#• ¢urr•nt Ilabllftl•s 516.745 Not •Mtts •xcludlng p•n•lon *•••1 620.205 516, 745 Total not a•••ts 620.206 516, 745 Charlty funds Reglricted funds Unrestricted funds 15 26,845 593,360 15 516,745 Total fund• 620,205 516, r45 Page 10
IA Gomyny Ilmlt•d by gu•rnnts•l REGISTERED NUMBER: 3313901 BALANCE SHEET {COtrmNUED AS AT 28 FEBRUARY 2021 The CoFYFany was entstled to 8xempb.on frcAn audit under section 477 ofthe Cury)anie8 Act 20CO. The members ha¥8 not required the c¢ynpw)y to oblain an audtl for tha year in question In ao>xdance with section 476 of Companies Act 2¢)X. The Trustees acknwle&Je theK re8p(xis*ititi8s for ¢omthng wth th8 requir¢monts of the A¢t with SpeCt to accounting reeoYd8 and preparatK>n of financial statements. The financial 8tatwNnts have bgen prfjpar in accordance with the provi81 aWKatile to enltie8 8ubject to th& 8maM conynie5 regime. Tho financial statements ware approtsyd and authorised for i88ue by the TTU8tees and signed on their behalf by.. J M Putman ITfUStael The notss on pag•s 12 to 25 forni pJrt of these finanual 8t8tements. Page11
BUNGAY ART8 AND THEATRE SOCIETY (A cryny Ilmlt•d by gu4rnnts•) NOTES TO THE FINANCIAL STATEMEKrs FOR THE YEAR ENDED 28 FEBRUARY 2021 Gon•ral Inforniatlon Tho company r6 a company Ilmtted by guarantee (company no. 3313901, registèred Engaland & Wales). Tho rnembers of the rymnpany are the Tru8tees named on page 1. In the event of the compgny being wound up. liabilty in r88Pe¢t ofthe guarnntO8 18 limited to £10 per member of the ccryany. The registered office 18 10 Broad Streec Bungay, Suffolk, NR35 1EE. AccouTrtln9 poll¢l•o 2.1 Ba818 of pr•par4tlon of fin•nclal 8tal•m•nts The ffinancTral statements have been prepared in accordance with the Chafiknes SORP IFRS 102) - Accounts'ng and Reporting by Charitie¥.' Statement of Recommended Practtt apPIable lo chaiities preparing their accounts in accordance with the Finanal Repn9 Stsnd3rd appluble in the UK and Republ of Irdand IFRS 102) (effective 1 January 2019), the Financr41 Reporting Standard applicabbe in the UK and Republic of Ireland (FRS 1021 arKI the Compantes Acl 20(. Bungay Art$ and Theatre sottty meets Ihe definiti'on of a public benefit ents'ty under FRS 102. Assets and liabilities are initially reccJniged at hisioricai c4)¥t or transaction value unless othe188 stated in the relevant a¢xounting p)licy. 12 Golng concorn The nature of the compa$ business is such that the Charity relies heavity upon fvnding from theatre admis6ion$ which has b88n disnjpted due lo restriction8 imposed in light of the Covi&19 pandemic. Proactive and vigoU6 fijndfaising acbvity continuas to lorn a major a8pect of ¢ore activities. The trustses are dili9enty monitoring the situation over th8 COUTse of thè currenl year by meeting and reportbng on a monthty basL8. On the ba$ls of this eash Ilow informalK>n and th8 actual trading results in the ¢urrent year, the IruBteeB consthr it approwiata to prepar¢ the financial stslwts on a golng conorn basis. 2.3 In¢om• Al income is re¢¢gntsed once the Company has titlement to the income. it 1$ probable that the inp)mo will b8 tec8ived and the rnnt of inconx racNabl• can be measurod reliably. Grants are induded in the Statement of financial activitie8 on 8 receivable basis. The balanee of income ¢*¢d for sp8C purposes but rt exp8nded during the wiod 18 8htr#n in the relevant lunds on the Balan¢e sheeL Where in¢ome is received in advanc• of entiilement of receipt. its recognition is deferred and induded in creditors a$ deferr•J in&ime. Where entitlement occurs befce in¢omg is receNed. the in¢om8 is accwed. Income tax recoverable in relation to invesknwrt income is recogntsed at the time the investment income is receivable. Page 12
BUNGAY ARTS AND THEATRE 8OCIEr {A comp•ny Ilmlt•d by gu•ranto•) NOTES TO THE FINANCIAL STATEMENTS FOR The YEAR ENDED 28 FEBRUARY 2021 Accountlng poll¢l•8 Iconllnu•d) 14 Exp•ndltur• Exponditure 18 rec(¥Jni8ad ¢)nce there is a kgal tx constnti obligaoon to transfer a¢onomic ber to a third paty, it 18 probable t a transfer of economlc benefits WIN be f1r8d in setttèment and the amount of the obligation tan measured rdiabty. Expenditurn o clasSrfd by activty. The costs of each 8ctsvity are mfth up of the total of direct cosls arKI Shared costs. induding SUPPOrt costs involved in undgrtaking oaGh activity. Direct costs attributab to a ftgle actsvity are aHocated directty to Ihat activty. Shared costs ca)ntribule to more than one 8thity and 8uprA)rt costs whid) are not 8tirlbutab to a Sing acbwty are appOrtned betwogn tho8e activ¢ on a b88is consistent with the use of rwiurce8. Central Stsff costs are allc3ted on the basis of tlme spen[ and depwiation thargas allocated on the of th8 as¥efs use. Expendire on r8i¥ng fund8 Indud88 all expendire inuJff•J by the Company to raise luThd8 for its h8T[lab purposes and includes costs of all fvndrnising aclivitigs events and non4harilable trading. ExperKlitiJrn on charitabl8 &twil is in¢urted on dir0¢ urKlertvl(ing thg which furthor the Compans (tytrm. as wetl as any as801i8ted support costs. AJI expondilure is inclusive of irrecovernble VAT. 2.5 Gov•mm•nt grnnts Government grants relth'ng to tangt>le fixod a888t8 are treated as deferred income and rased to the Statement of financial activit over the exp8Led useful lives of the assets concerned. Other grants are credited lo the Statement of financial actV4ilies as the relatsd expondilure is incurred. 2.6 Intor•st v•c•l¥ablg Intgf•St on funds h•kl on dep081t is ncludgd when rewvabl? ond thè amount can be mea6urad reli8bty by the Company. this is nomialty UFon notifKthn of the interest p•d or payable by th• institubon with whom Ihe furth are deposited. 2.7 Tanglbh Ilxod au•ts and d•prnelatlon Tangible fixed assets ar8 inilbalty recognisad * cost After recognition, under the cost model. lang& ffixod 8s9gts are measurnd al cost less accumulat dopreciation and any a¢¢umul8ted impWmi)I losses. All co8t¥ incurred to bring a tsngibla fixed a88et into its intsnded working C1on •hould be induded in the mga$uremènt of cosL At ea¢h reporting date the Company assesses whether there is any indKatK>n of iMpalmnt If $u¢h indication $ts, th¢ recoverable amount of the asset i¥ detemined to be the higher of Its fair vak less costs to sell and tts Ve in u80. An impaimwit Ios8 is reeognised where the Cay7n9 amount Pa98 13
BUNGAY ARTS AND THEATRE 80CIErY IA cOMnY Ilmlt•d by guaranto•) NOTES TO THE FINANCIAL STATEMEvrs FOR THE YEAR ENDED 28 FEBRUARY 2021 Accountlng pollcl•8 l¢ontlnu•d 2.7 Tan9lbl• flx•d 4•uts and dw•clatlon {¢onllnued) Depreckqtion 1$ charged g) as to aUc¢ate the c08t of tangitrAe fixed a8eots jess their re8idual vglue over their ttstimated useful lives. Deprectalion i? provith•J on the folltrwing bases.. Freehokl propety Propety rostoration and renovation Plant and machinery Fixtur88 and ffttings 2% straight lin8 2% 8tr8ight line 3.33% straight line 15% redu¢ing balance 2.8 Stoek8 Stocks are valLd at the hymer of co81 and nel reaiisablg value after making due 8lk)wance for obg)l&te and slowrfnoving stocks. C08t indudes au direct costs and an appropriate proportion of fixed and variable overh8ad& 2.9 D•lJtorn Trade and other debtors are Yecognisod at the 8ettleThnt amount after any trade drscount offered. Prepayments are valued at the amounl prewd nel of any trade discounts due. 110 Ca#h at bank and In hnd Cash at bank and in hand indudes arKI 8hort4emi highty Imiuid invesknents vAth a short matufity ofthree month$ or less from the date of wuith.on or opening ofthe dep11 or similar account. 2.11 Llabllttlo and provhlon• Liabilitias are Tn18ed wthen ther8 is an obligation gt the Balaneo sheet date aB a result of a past evgnl, it is prObae that a tran8fer of OnoMiC benefit will te required in SettIennt, and the amount of the sèttlement can be estimated rnlw. Liabilities ar8 recognised at the amount that the cpanY antiopatgs it will pty to settle th8 debt or the amount it has rtrived as advanc£d payTnonts for the goods or SOlCe8 6t must provide. Provisions are measured at the best estimate ol the amounts requir8d to settle the obligalton. Where the &ff¢ct of th8 time value of money is material, the provision is based on the present valufr of those amounts, dis¢ounted at the prtrtax di¥count Tate that rellects the risks sp¢¢ffi¢ to the liabilty. The unwinding of th6 dlseA)unt is recogni88d in the Statement of finartaal actwities 86 a financo cost 2.12 Financlal In8trumont• The C¢)mpany onty has financial awts and finan81 li8bilitles of a kind that qualify ag basic financial instruments. Basic financial instruments ar& initially recognised at transaclw value and subsequenwy m88sured at their ¥¢tt18ment Yalue the exception of bank trjans whth are subsequently measured at amorti8ed cost using the effectivo inlerest method. Page 14
BUNGAY ARTS AND ThEATRE socirry (A comp•ny Ilmll•d ty gnn1••) NOTES TO THE FINANCIAL STATEMENT8 FOR THE YEAR ENDED 28 FEBRUARY 2021 Accountlng pollcl8• Iconthiu•d) 2.13 Pon8lon• The Company operates a dofined ntrI1>tiOn pon8lon scheme and the pen8i0n chwgo ropre8ents the amounts payable ty the Company to the fijnd in resFX of the year. 2.14 Fund 1¢tIng Goneral funda are unrestricted fvnd$ whk are available lor u8• * the discrotson Of the Trustees in furtherance of the g6rw81 obi8ctsves of the Company and which have I1 been de8ynated for other pu058$. Rostricted funds are fvnds which arè to bo used in accordance with specific restrictions imp08ed by donors or whth hav8 been Sed by the Company for particular PUTPOS¢8. The costs of Taising and admini8tering such fund¥ 8r8 charged against the ¥peok nd. The aim and of each restricted fund is Set in th& notes to the finandal statements. Investment incom&. galn8 and losses are 8ll¢x¥bJ to the appropriate lund. Incom• from dontlon• and 10gacl•• Tot•1 fund• funds 20 fund• lund$ 2020 4,327 131.081 12,479 4.327 199,067 12h79 60,662 101,500 Gronts Government grants. Job Retention Scheme Loan wwi¥er- The Architxtural Henbpa Fund 67.986 2tXI.000 67,986 147.867 215073 362, 162 In 2019 The kn)it¢1 Herrtap FurKI agfead to wabve £200.000 of £331.982 Icn balanrA rf Sufficient funds were rai¥ed to wbstsntialty repay the108n. During the pn.or year Ihe Chaiity mpthented 9overal fundraistTrJ inibatrrfe8 in order lo repay this kjan. In 2020 £343.S78 of the income wa5 re8tri¢led which relatss to lund6 raised for the repoyThont of The Architectural Horitsge Fund an. in 2020, £18,584 was unre8tslclod incoTh. Page 15
BUNOAY ARTS AND TrIEATRE 8ocieTY IA comp•ry Ilmlt•d by guAnte• NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2021 In¢omo from charftabl• actlvltlo8 Total fun 2021 Total funds 2020 fund• 2021 Admissions and th&rg hire Hire of premises- 84r 10.881 47 lo61 47 124673 31,625 10.908 10,908 160.298 Totsl 2020 160.298 160,298 Income from oth•rtr•ding actlvld Incomo Irom lundrnl$lng •v•nts Unr•fjtrfcted fund 2021 Tot•1 fund• 2021 Tot funds 2020 Other incoming resources 202 202 Total 2Q20 160 Page 16
IA ¢ompary Ilmlt•d ty gu•rant•• NOTES TO THE FINANCIAL STATEMENT8 FOR THE YEAR ENDED 28 FEBRUARY 2021 lTrcom• from oth•r tr4dlng actlvMl•s (¢ontinu•d) In¢Mi• from n¢)n ¢harltabh tr•ding aetlvlll•8 Totsl fund• 2021 Total funds 2020 funds 2021 Caf8, bar and restaurant Fundraising events Lottery Dance cla86e8 3,056 371 3.789 46,690 371 3,890 735 7,218 7216 51,315 Tot812020 51,315 51.315 Inv•fjtsn•Dt Incom• Total funds Total fijnds 2020 tund$ 20 Depo66t 8nt intorest 13 Total 2020 13 13 Page 17
BUNGAY ARTS AND THEATRe SO¢lErY (A company Ilmlt•d by guarant•e) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2021 Anaty•h of •xpgndlturn by acttvltl•• Actlvltlo8 nd•rt•k•n dlreclly 2021 Support Total fund8 2021 Total lunds 2020 2021 charitsb trtieS 52.889 29,331 2.892 82,220 2A92 141.743 3,714 52,889 32.223 86,112 145.457 Totsl 2020 116,243 29.214 145,457 Anaty•l8 of dlv•¢t ¢o•ts Totsl Athloos fund• 2021 Tot fvnds 2020 Depreciation Theatre 8nd olher events Sund Adverb"sing Lht and hoat Telephone Insurance Rates and water Computer sofhvare l)onaltons 22,716 9,430 209 4.279 6.223 1,627 3.924 972 3.509 22,716 9,430 22,41T 69.188 1.071 4643 7.951 1.359 4,371 824 2, 726 693 4,279 6.223 1,627 3,924 52,889 52,889 116.243 Toto12020 116,243 116,243 Page 18
BUNGAY ART8 AND ThEATRE SOCIETY {A ¢omp•ny Ilmlt•d by gy•f•nts•) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2021 An•ly•l• ol •xp•ndlturn by acovltim (¢ontlnuod) Analy•b of 8UPPOrt co•t• Totsl nds 2021 Total funds 2020 Acllviti•• Gov•rnanc• 20 20 24.222 1,020 1,083 24.222 1.020 1,083 25,5 Recrufvnt and DBS othor staff expen8eS COVID relatgd eypdI1Ur0 Legal f888 A¢eountar Consuttancy Bank charyJ8s 520 2,470 70 278 70 724 29,331 2.892 32,223 29.214 Totsl 2020 25. 3,774 29.214 lThd•pendont •xamln•rf• rnmunoratlon 20 2020 Fees Payab to the Compan$ indapendent examiner for thè independent exami10n of th8 Compan$ annual 2.470 2021 2020 Waoas and 8alari88 So¢ial security c08ts ContritArtion to dgfinod contrknution pension s¢hem8s 48,458 f3 4767 ,414 Py19
BUNGAY ARTS AND THEATrE 8OCIErY (A comyny Ilmil•d by gu•r¥nt••) NOTES TO THE FINANCIAL STATEMEKrs FOR THE YEAR ENDED 28 FEBRUARY 2021 Staff Go•ts (Contlnuodl The average number of persofts ¢mployed by the CpartY during the year was as follm: 2020 No. No. No employe• re¢etvod remuneration amounting to more than £60.OW in eittw year. Tho key managnt per8onnel of tho charity arn the Trustees. treasurer and the managem&nt team. The pay and benellts of the manage1rnt team during the yew were £25.902 {2020: £28,048). 10. Tru8100s' rnmun•ratlon and •xp•M8• DurirKJ tho year. no Trustees received any remuneration or othor benefits (2020- £NIL). During the year ended 28 February 2021. 6xpgnses totalling Q.441 were reimbur8ed or paid directty to 1 Tru$t¢e (2020- £431 to l TA188). 11. T•n9lble fix•d a•••ts Property rn8tor•tAon Fmhold and Pl*nt •nd Flxtum and i)rop•rty r•novatJon rn•¢hln•ry Ilttlng• Total Co•t or Valuatlon At 1 ma 2020 AdJilion8 186.250 649.876 11S,634 3,39S 950.760 33.672 At 28 Febwary 2021 186.260 649,876 30,277 119.029 984,432 Doprociatlon At 1 March 2020 Charge for the year 60.018 31274 12A92 83,261 446,153 22,714 1.009 At 28 February 2021 53,723 325266 1,009 468.867 Page 20
BUNGAY ATh AND THEATr£ 8OCIErY (A comTrY Ilmlt•d by guaranto•) NOTES TO THE FINANCIAL 8TATEMEKrs FOR THE YEAR ENDED 28 FEBRUARY 2021 11. Tanqlbl• Ilx•d a•••ts (contlnu•d) Prop•rty r••torntlon Fr••hold and Plant and Flxtur•s and prop•rty ron0vOn nMGhln•ry Ilttlngs Totsl N•t IM)ok valu• At 28 FebNary 2021 131,627 324.810 29268 30.160 515,565 At 29 hb1 2020 135,232 337,002 32,373 504,60T 12. Stocks 28 F•bruary 29 February 2020 Goods for r8salg 2,$32 3,907 13. D•btorn 28 F•bNary 29 February 2021 2020 Du• wlthln on• y•ar Trade debtors Othor debtor¥ 8,847 1, 192 413 8,047 1.605 Pw21
BUNGAY ARTS AND THEATRE SOCIErY (A ¢ompany Ilmlt•d by guarnnts•) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENI)ED 28 FEBRUARY 2021 14. Cr•dltorn: Amounts f•lllng du• whhln on• yoar 28 FobNary 29 Febrn?ry 2021 2020 Trade creditors othèr taxation and 80cial security Other ¢redilors Accruals and deferred In¢on 5,600 6.816 3,244 13,337 4,314 2.142 11.462 21.956 28,997 Page 22
8UNGAY ARTS AND ThEATRE SOCIETY IA eomp•ny Ilmk•d by gu•r4nt••) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2021 15. Stst•m•nt of fund• statomont of lund8- curr•nt yr Balanu at Tran•f•r• 28 F•bruary Inlout 2021 Balance at I M•r¢h 2020 In¢omo Exp•ndttur• unr••tr1c fund• Genaral Fund5 516,74S 186,222 1123,002 593,360 R•8trlctad lund• P¢y4¥er to Change. COVfD 8UPPOrt Hwitsge Emerggncy Fund Pwer to Change- Feasibilty .006) (3,396) (30.0001 7.986 (4,740} 67.986 17,746) 133395) Totsl ol funds 616,745 234,208 {130,748 620,206 Tho Power to Chang8 COVID support grant was rec¢iv8d to help fvnd revenue and cats1 yndir4J. The capital element fvThJ tho r•fU1$hm9nt of the tOats. 8 project which will be compleled in th& next financial y&8r. Tho Heritsg8 Emeffdancy Fund wa¥ re¢er4ed to supply and install a now lrfl which was ¢omrAeted during the year. Page 23
BUNGAY ARTS APKI THEATRE SOCIErf {A ¢ompany Ilmlt•d by guaran) NOTE8 TO THE FINANCIAL STATEMEKrs FOR THE YEAR ENDED 28 FEBRUARY 2021 15. Statsm•nt of fund• Icontlfiu•d) Statwn•nt of fund•- prlory•ar Bal8n¢e at l M8rch 2019 Balance at Trnnsfers 29 F&bm8ry 2020 unrtrICtOd fvnd8 General Funds 161.246 230.370 {233,587) 358,716 516.745 Rostrlctod fund• Restricted Fund8- all funds Fowe Foundatwjn WREN Loan waivèr and Testsicthl donations to securè tho propety 1,968 17,810 (1,968) (2.672) (15. 138) 343,578 (343,578) 19,778 343.578 (4.640) f358, 716) Total of fund¥ 181.024 573,948 (238,227) 516,745 16. ATraty•l• of not a•uts b•lw•on fund• Analy•lo of nel aM•ts b•tw•en fvnd8- ¢urr•nt yoar Total fvnd• fvnd• fundi 28 Fobruary 28 F•bru•ry 28 Febrnary 2021 2021 2021 Tangibl8 fixed awts Current a8sel$ Crgditors due wÈlhin ¢)no year 515.565 99,751 (21.9561 615,665 126,$96 121.9561 26.845 Total 26,845 593.360 620.208 Page 24
BUNGAY AftT8 AND THEATRE SOCIETY (A company Ilmlt•d by gu•r4nts•) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2021 16. Anaty•ls of n•t ••8Ot• b•tw••n fund• Icontlnu•d An•ty•l8 ol n•t a•••t• bolwn fvnd•- prfor yoar Unrnst Totsl nds lunds 29 Febru8ry 29 F8brn8ry 2020 2020 Tangib10 assets Current asGets Creditors due within ono 504,807 41,135 {28,997) 504,607 41.135 128,997) Total 518,745 516.745 17. P•Mion ¢¢mmltrn•nts The total pen91 ¢ontrlbutions in the year We £2.609 {2020: £1,943). Thorn wwo no affunts unpaid at the year end. 18. R•l•tod party tran•aclloM The Company ha8 not efiter¢d into any related party transaction during the year. nor are there any outstanding b#lan¢es trin9 betrween rewj parbes and the Cryny at 28 February 2021. Pago 25