**Registered number: 03313901 Charity number: 1062353**
## **BUNGAY ARTS AND THEATRE SOCIETY**
**(A company limited by guarantee)**
## **UNAUDITED**
**TRUSTEES' REPORT AND FINANCIAL STATEMENTS**
**FOR THE YEAR ENDED 29 FEBRUARY 2024**
## **BUNGAY ARTS AND THEATRE SOCIETY**
## **(A company limited by guarantee)**
## **CONTENTS**
||Page|
|---|---|
|**Reference and administrative details of the Company, its Trustees and advisers**|1|
|**Trustees' report**|2 - 6|
|**Independent examiner's report**|7 - 8|
|**Statement of financial activities**|9|
|**Balance sheet**|10 - 11|
|**Notes to the financial statements**|12 - 26|
## **BUNGAY ARTS AND THEATRE SOCIETY (A company limited by guarantee)**
## **REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 29 FEBRUARY 2024**
|**Trustees**|P Baker|
|---|---|
||D Bence (appointed 14 February 2023, resigned 10 October 2023)|
||S L Cox|
||J G Davies (appointed 18 January 2024)|
||D A France|
||P R Holmes|
||N Lubbock|
||J M Putman|
||N J Usherwood|
||R C Yaxley|
|**Company registered**
**number**
03313901
**Charity registered**
**number**
1062353
**Registered office**
10 Broad Street, Bungay
Suffolk
NR35 1EE
**Company secretary**
Dr J Oxley
**Treasurer**
Mr J G Davies
**Accountants**
Larking Gowen LLP
Chartered Accountants
1st Floor, Prospect House
Rouen Road
Norwich
NR1 1RE||
Page 1
## **BUNGAY ARTS AND THEATRE SOCIETY (A company limited by guarantee)**
## **TRUSTEES' REPORT FOR THE YEAR ENDED 29 FEBRUARY 2024**
The Trustees present their annual report together with the financial statements of the Company for the 1 March 2023 to 29 February 2024. The Annual report serves the purposes of both a Trustees' report and a directors' report under company law. The Trustees confirm that the Annual report and financial statements of the charitable company comply with the current statutory requirements, the requirements of the charitable company's governing document and the provisions of the Statement of Recommended Practice (SORP) 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).
Since the Company qualifies as small under section 382 of the Companies Act 2006, the Strategic report required of medium and large companies under the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 has been omitted.
## **Objectives and activities**
## **a. Vision and objectives**
The original vision of the founding trustees, i.e. to revive the building as a viable arts and theatre centre, has been achieved but the building has now become much more than just a theatre and has developed into an integral part of the community’s fabric. Accordingly, the vision is now to become one of the best arts and theatre and community venues in its class in the country, with the key objective of providing or assisting in the provision of facilities for the recreational, educational, cultural, artistic or other leisure pursuits in the interest of the social welfare of the inhabitants of Bungay and surrounding communities. To facilitate this, the trustees have identified the following strategic aims:
- 1 Maintain and further improve the historic building as a viable arts and theatre centre;
- 2 Ensure the long-term financial viability of BATS by maximising the usage potential of the building and implementing new initiatives;
- 3 Provide a wide-ranging artistic programme and opportunities for artistic expression to all members of the community;
- 4 Actively engage with the local community (individuals, groups and the commercial sector) in developing mutually beneficial relationships;
- 5 Become a focus in Bungay and its surrounds for first class entertainment, catering and events.
6. Continue to be a key contributor for first-class entertainment, artistic activities and community well-being for the local area and beyond
In setting objectives and planning for activities, the Trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit, including the guidance 'Public benefit: running a charity (PB2)'.
Page 2
## **BUNGAY ARTS AND THEATRE SOCIETY (A company limited by guarantee)**
**TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 29 FEBRUARY 2024**
## **Achievements and performance**
## **a. Main achievements of the Company**
Following the Covid years and the invasion of Ukraine in 2022, with its attendant cost of living crisis, we finally managed to get back to pre-Covid levels of audience attendance in 2023-24, with nearly 13,000 tickets being sold during the year. This was a testament to the quality and diversity of the theatre programme offering, which saw many sell-out shows. We have also seen a welcome increase in the numbers visiting the art gallery, with two professionally qualified volunteer curators now helping the trustee curator in mounting some extremely successful art exhibitions. Bar sales remain an important source of income but events were limited to one wedding. We were also supported by a grant of £20,000 for general purposes from Garfield Weston and a very generous donation from Fen Farm Dairy and the Green Dragon to part-finance use of the theatre by the Fisher Theatre Youth Group for their rehearsals.
## **b. Management and staffing**
Cathy Edwards-Gill, a former trustee of the theatre and an experienced stage performer, is now well established as our General Manager and she has generated a really positive feeling within the theatre in the relatively short time that she has been with us. She has been greatly assisted on a part-time basis by Darren France, who has been leading the development of the programme, Alex Butler who is now well established as full-time General Assistant and we mustn’t forget our cleaner, Blake Rackham. Since March, we welcomed Molly Seager as another member of the team on an initial short-term contract.
## **c. Operations**
Operationally we have seen an increase in the need to repair and/or replace equipment as it comes to the end of its operational life, having been installed at the time of the theatre’s reopening in 2006. The trustees are acutely aware of the need to maintain equipment in a safe operational state and view safety as a paramount criterion. Where we are able to replace equipment with more environmentally friendly alternative, we will seek to do so, which both cuts energy costs and benefits the environment. Since March, the kitchen has undergone an extensive upgrade as we look to reintroduce catering as an additional means of generating income. We are enormously grateful to Trustee Peter Holmes who has managed this maintenance programme, often undertaking the repairs himself.
## **d. Finance**
It was pleasing that we were able to increase total income by nearly 10% over the previous year while restricting the increase in costs to 4% . Whilst we were not able to cover our costs, we generated some £240k of income, driven by increases in all income generating activities. A determined drive to boost income from donations and lottery ticket sales saw modest increases in both last year but stronger growth this year, with lottery income now exceeding well over £1,000/month, up from a little over the £250 – the amount of the monthly prize money! It is clear from this support that the theatre is an important asset in the town and recognised as such by its many supporters.
## **e. Volunteers**
Volunteers are the lifeblood of the theatre and their importance cannot be over-stated. Following the drop-off in numbers during Covid, when their numbers fell by nearly half, there has been a steady increase in volunteer numbers and we continue to hold regular volunteer meetings, to which trustees are invited in order to optimise communications between the board and the volunteers. We are very grateful to volunteer Jeni Watson and trustees Paul Baker and Roger Yaxley, who have co-ordinated this important liaison activity.
Page 3
## **BUNGAY ARTS AND THEATRE SOCIETY (A company limited by guarantee)**
## **TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 29 FEBRUARY 2024**
## **Financial review**
## **a. Going concern**
After making appropriate enquiries, the Trustees have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the accounting policies.
## **b. Reserves policy**
It is the charity’s policy to maintain, as far as is possible, sufficient reserves to meet day to day requirements for a period of six months. Free reserves at 29 February 2024 were £15,106 (2023: £16,343).
## **c. Investments powers and policy**
Under the Memorandum of Association, the Trustees have the power to make any investments which have board approval.
## **d. Principal funding**
Under normal circumstances the theatre relies on self-generated funds to finance its day-to-day operations. Following the lockdown, during which the principal funding sources were grants which trustee Sandra Cox had diligently pursued, the trustees have been looking to rebuild operational income flows. They are conscious that these will need to be supplemented by grant income until the theatre can operate on a normal basis and is able to return to its self-funding principle.
## **Structure, governance and management**
## **a. Constitution**
The charity is controlled by its governing document, a deed of trust, and is a company limited by guarantee, as defined by the Companies Act 2006. At its Annual General Meeting in February 2016 the company adopted new Articles of Association which have been registered with and accepted by the Charity Commission.
## **b. Recruitment and appointment of new Trustees**
Trustees were originally selected on the basis of their involvement in the formation of the charity. Subsequently Trustees were invited where it was considered that their experience or standing in the community would benefit the charity and its aims. With the adoption of the revised Articles of Association, any member is entitled to be a Trustee, subject to nomination by two members and approval at a General Meeting of the Company. The board may co-opt members as necessary.
## **c. Organisational structure and decision-making policies**
The Board of Trustees is ultimately accountable for the company’s activities and meets at least once a month in person or virtually to review and discuss strategic and operational issues and finances. The Board delegates authority to the management team who have responsibility to manage the day-to-day issues and the team of volunteers upon which the theatre depends.
Page 4
## **BUNGAY ARTS AND THEATRE SOCIETY (A company limited by guarantee)**
## **TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 29 FEBRUARY 2024**
## **Structure, governance and management (continued)**
## **d. Induction and training of new Trustees**
Trustees are expected to know or be briefed on their legal obligations under charity and company law and committee decision-making processes.
## **e. Management**
The General Manager is responsible for the day-to-day running of the building, its staffing and activities, and the development and implementation of the theatre’s programme.
## **f. Risk management**
The Trustees have a duty to identify and review the risks to which the charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud or error.
The Trustees have discussed the requirements of a risk strategy and believe they have adequate methods of monitoring and controlling the financial, statutory, legal and operational risks applicable to the charity.
## **g. Account Examiners**
Larking Gowen were appointed as the company’s independent accounts examiners in 2017 and were subsequently re-appointed at the Annual General Meeting held on 12th November 2023. Their report is given on page 7 & 8 of the accounts.
## **h. Governance**
Whilst the manager has responsibility for the day-to-day running of the building and all the activities therein, the Trustee Directors are accountable for the successful operation and financial viability of the business.
The only change to the board has been the addition of the treasurer, Jeremy Davies, who was co-opted in January 2024. We are currently seeking additional trustees, both to diversify the membership and to assist spread the workload that the trustees share. We are extremely grateful to Dr Jolyon Oxley, who has taken over Maggie Laird as Secretary to the Board and not only taken minutes and provided valuable advice and guidance but also reviewed and revised the company’s policies and procedures. We would also like to thank Maggie for her many years of service as Secretary.
The board continues to be acutely aware of its responsibilities in respect of compliance, not only with the relevant requirements of the Companies Act and the Charities Commission, but also safeguarding, health and safety, equal opportunities and data protection.
Page 5
BUNGAY ARTS AND THEATRE SOCIETY
(A company limlted by guarantee)
TRUSTEES. REPORT (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
Statoment of Trustees. rgsponsibilities
The Trustees (tho are also the directors of the Company for the Purposes of company law) are responsible for
preparing the Trustees. report and the financial ststements in accordance with applicable law and United
Kingdom Accountlng Standards (United Kingdom Generally Accepted Accounting Practice).
Company law requires the Twstees to prepare financial statements for each finanGial . Under company law, the
Trustees must not approve the financial stateménts unless they are satisfied that they give 8 true and fair view
of Ihe state of affairs of the Company and of its incoming SOurCeS and application of resources, induding its
income and expenditure, for that period. In preparing these financial statements, the Trustees are required to:
select suitsble accounting policies and then apply them consystently,.
observe the methc*Js and principles of the Chartties SORP (FRS 102)"
make judgments and accounting estimates that are reasonable and pruden(
state whether applicable UK Accounting Stsndards (FRS 102) have been followed, subject to any
material departures disclosed and explained in the financial statements,
prepare the financial statements on the going conGem basis unless it is inappropriate to presume that the
Company will continue in business.
The Trustees are responsible for keeping adequate accounting records that are sufficient to Show and explain
the Company's transactions and disclose with reasonable accuracy at any time the financial position of the
Company and enable them to ensure that the financial statements comply with the Companies Act 2006. They
are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps the
prevention and detection of fraud and other Iegularlties.
Apwoved by order of the Members of the board of Trustees and signed on their behalf by".
ley
Date: 30 October 2024
Page 6
## **BUNGAY ARTS AND THEATRE SOCIETY (A company limited by guarantee)**
## **INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 29 FEBRUARY 2024**
## **Independent examiner's report to the Trustees of Bungay Arts and Theatre Society ('the Company')**
I report to the charity Trustees on my examination of the accounts of the Company for the year ended 29 February 2024.
## **Responsibilities and basis of report**
As the Trustees of the Company (and its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act').
Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of the Company's accounts carried out under section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
## **Independent examiner's statement**
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:
1. accounting records were not kept in respect of the Company as required by section 386 of the 2006 Act; or
2. the accounts do not accord with those records; or
3. the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a 'true and fair' view which is not a matter considered as part of an independent examination; or
4. the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities [applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)].
I have identified one matter in connection with my examination to which attention is drawn in order to enable a proper understanding of the accounts. As described in note 2.2. there is material uncertainty over the future income of the charity as a result of significant pressure from future cost increases as a result of current economic environment.
The charity trustees have considered the going concern status of the charity, measures taken to stabilise the position and the cash resources available and committed at the date of approval of the financial statements and have concluded that these should be prepared on a going concern basis. The financial statements do not include any of the adjustments that would result if the company was unable to continue as a going concern.
There are no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding to be reached.
Page 7
## **BUNGAY ARTS AND THEATRE SOCIETY (A company limited by guarantee)**
## **INDEPENDENT EXAMINER'S REPORT (CONTINUED) FOR THE YEAR ENDED 29 FEBRUARY 2024**
This report is made solely to the Company's Trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. My work has been undertaken so that I might state to the Company's Trustees those matters I am required to state to them in an Independent examiner's report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the Company and the Company's Trustees as a body, for my work or for this report.
Signed:
Julie Grimmer
Dated: `6 November 2024` FCA DChA
Larking Gowen LLP Chartered Accountants 1st Floor Prospect House Rouen Road Norwich NR1 1RE
Page 8
## **BUNGAY ARTS AND THEATRE SOCIETY**
## **(A company limited by guarantee)**
## **STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 29 FEBRUARY 2024**
|**Note**
**Income from:**
Donations and legacies
3
Charitable activities
4
Other trading activities
5
Investments
6
**Total income**
**Expenditure on:**
Raising funds
7
Charitable activities
**Total expenditure**
**Net movement in funds**
**Reconciliation of funds:**
Total funds brought forward
Net movement in funds
**Total funds carried forward**|**Restricted**
**funds**
**2024**
**£**
**1,000**
**-**
**-**
**-**
**1,000**
**-**
**7,089**
**7,089**
**(6,089)**
**6,089**
**(6,089)**
**-**|**Unrestricted**
**funds**
**2024**
**£**
**30,166**
**146,342**
**62,522**
**212**
**239,242**
**57,664**
**205,896**
**263,560**
**(24,318)**
**505,208**
**(24,318)**
**480,890**|**Total**
**funds**
**2024**
**£**
**31,166**
**146,342**
**62,522**
**212**
**240,242**
**57,664**
**212,985**
**270,649**
**(30,407)**
**511,297**
**(30,407)**
**480,890**|_Total_
_funds_
_2023_
_£_
_34,208_
_134,824_
_49,518_
_57_
_218,607_
_67,589_
_192,743_
_260,332_
_(41,725)_
_553,022_
_(41,725)_
_511,297_|
|---|---|---|---|---|
The Statement of financial activities includes all gains and losses recognised in the year.
The notes on pages 12 to 26 form part of these financial statements.
Page 9
## **BUNGAY ARTS AND THEATRE SOCIETY (A company limited by guarantee) REGISTERED NUMBER: 03313901**
## **BALANCE SHEET AS AT 29 FEBRUARY 2024**
|**Note**
**Fixed assets**
Tangible assets
12
**Current assets**
Stocks
13
Debtors
14
Cash at bank and in hand
Creditors: amounts falling due within one
year
15
**Net current assets**
**Total net assets**
**Charity funds**
Restricted funds
16
Unrestricted funds
16
**Total funds**|**2,897**
**4,317**
**44,839**
**52,053**
**(36,947)**|**29 February**
**2024**
**£**
**465,784**
**465,784**
**15,106**
**480,890**
**-**
**480,890**
**480,890**|_3,619_
_8,792_
_40,520_
_52,931_
_(30,499)_|_28 February_
_2023_
_£_
_488,865_|
|---|---|---|---|---|
|||||_488,865_
_22,432_|
||||||
|||||_511,297_|
|||||_6,089_
_505,208_|
||||||
|||||_511,297_|
Page 10
BUNGAY ARTS AND THEATRE SOCIETY
(A company limited by guarantee)
REGISTERED NUMBER: 03313901
BALANCE SHEET (CONTINUED)
AS AT 29 FEBRUARY 2024
The Company was entttled to exemption from audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit for the year in queslion in accordance 1th
section 476 of Companies Act 2006.
The Tnjstees acknowledge their responsibilities for complying with the requirements of the Act wtth respect to
accounting records and preparation of financial statements,
The financial statements have been prepered in accordance with the provisions applicable to 8ntities subject to
the small ts)mpanies regime.
The financial ststements were approved and authorised for issue by the TNstees and signed on their behalf by..
axley
Date: 30 October 2024
The notes on pages 12 to 26 fonTt part of these finan(ial statements.
Page11
## **BUNGAY ARTS AND THEATRE SOCIETY (A company limited by guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 29 FEBRUARY 2024**
## **1. General information**
The company is a company limited by guarantee (company no. 03313901, registered Engaland & Wales).
The members of the company are the Trustees named on page 1. In the event of the company being wound up, the liability in respect of the guarantee is limited to £10 per member of the company.
The registered office is 10 Broad Street, Bungay, Suffolk, NR35 1EE.
## **2. Accounting policies**
## **2.1 Basis of preparation of financial statements**
The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - 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 (FRS 102) (effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.
Bungay Arts and Theatre Society meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.
## **2.2 Going concern**
Although there has been an encouraging increase in income from ticket sales and other sources, we have still been unable to cover our costs. We are pleased to report that recent fundraising efforts have been well supported, with lottery ticket sales in particular showing a pleasing increase which is generating nearly £1,000 each month. The recruitment earlier this year of an additional staff member has meant that we are able to look at other income generation activities and we have just restarted pre-show meals which are proving popular. We will continue to look for any opportunities to reduce expenditure but must face the fact that, after nearly 20 years since reopening as a theatre, maintenance costs will increase. The safety of all who visit or work in the theatre is paramount and the trustees fully recognise their responsibility to maintain the building in a safe condition.
In the year March 2023 - February 2024, we recorded a deficit of £30,407 with free reserves reduced to £15,106 at 29th February 2024 from £16,343 at the previous year end. In the medium term it will be necessary to continue to seek grant support for the theatre in the absence of any significant corporate sponsorship, however the trustees note that the income generation at the point of signing is more positive than it has been in the last few years.
On the basis of this cash flow information and the actual trading results in the current year, the trustees consider it appropriate to prepare the financial statements on a going concern basis.
Page 12
## **BUNGAY ARTS AND THEATRE SOCIETY (A company limited by guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 29 FEBRUARY 2024**
## **2. Accounting policies (continued)**
## **2.3 Income**
All income is recognised once the Company has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.
Income is recognised on ticket sales once the performance has taken place, until the performance any income is deferred.
Grants are included in the Statement of financial activities on a receivable basis. The balance of income received for specific purposes but not expended during the period is shown in the relevant funds on the Balance sheet. Where income is received in advance of entitlement of receipt, its recognition is deferred and included in creditors as deferred income. Where entitlement occurs before income is received, the income is accrued.
Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable.
## **2.4 Expenditure**
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use.
Expenditure on raising funds includes all expenditure incurred by the Company to raise funds for its charitable purposes and includes costs of all fundraising activities events and non-charitable trading.
Expenditure on charitable activities is incurred on directly undertaking the activities which further the Company's objectives, as well as any associated support costs.
All expenditure is inclusive of irrecoverable VAT.
## **2.5 Interest receivable**
Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Company; this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited.
Page 13
**BUNGAY ARTS AND THEATRE SOCIETY (A company limited by guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 29 FEBRUARY 2024**
## **2. Accounting policies (continued)**
## **2.6 Tangible fixed assets and depreciation**
Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost.
At each reporting date the Company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined to be the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.
Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives.
Depreciation is provided on the following basis:
|Freehold property|-|2% straight line|
|---|---|---|
|Property restoration and|-|2% straight line|
|rennovation|||
|Plant and machinery|-|3% straight line|
|Fixtures and fittings|-|15% reducing balance|
## **2.7 Stocks**
Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.
## **2.8 Debtors**
Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
## **2.9 Cash at bank and in hand**
Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
Page 14
**BUNGAY ARTS AND THEATRE SOCIETY (A company limited by guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 29 FEBRUARY 2024**
## **2. Accounting policies (continued)**
## **2.10 Liabilities and provisions**
Liabilities are recognised when there is an obligation at the Balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.
Liabilities are recognised at the amount that the Company anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.
Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Statement of financial activities as a finance cost.
## **2.11 Financial instruments**
The Company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.
## **2.12 Pensions**
The Company operates a defined contribution pension scheme and the pension charge represents the amounts payable by the Company to the fund in respect of the year.
## **2.13 Fund accounting**
General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Company and which have not been designated for other purposes.
Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Company for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.
Investment income, gains and losses are allocated to the appropriate fund.
Page 15
## **BUNGAY ARTS AND THEATRE SOCIETY**
## **(A company limited by guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 29 FEBRUARY 2024**
## **3. Income from donations and legacies**
|Donations
Grants
_Total 2023_|**Restricted**
**funds**
**2024**
**Unrestricted**
**funds**
**2024**
**£**
**£**
-
10,166
1,000
20,000
1,000
30,166
_5,613_
_28,595_|**Total**
**funds**
**2024**
**£**
**10,166**
**21,000**
**31,166**
_34,208_|_Total_
_funds_
_2023_
_£_
_23,595_
_10,613_|
|---|---|---|---|
||||_34,208_|
|||||
|**4.**
**Income from charitable activities**
**Unrestricted**
**funds**
**2024**
**£**
Admissions and theatre hire
133,999
Hire of premises - Bar
12,343
146,342
_Total 2023_
_134,824_
**5.**
**Income from other trading activities**
**Income from fundraising events**|**Total**
**funds**
**2024**
**£**
**133,999**
**12,343**
**146,342**
_134,824_|_Total_
_funds_
_2023_
_£_
_128,467_
_6,357_|
|---|---|---|
|||_134,824_|
||||
|**Unrestricted**
**funds**
**2024**
**£**
Other incoming resources
2,317
_Total 2023_
_1,853_|**Total**
**funds**
**2024**
**£**
**2,317**
_1,853_|_Total_
_funds_
_2023_
_£_
_1,853_|
|---|---|---|
||||
Page 16
## **BUNGAY ARTS AND THEATRE SOCIETY**
## **(A company limited by guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 29 FEBRUARY 2024**
## **5. Income from other trading activities (continued)**
## **Income from fundraising events (continued)**
## **Income from non charitable trading activities**
|**Unrestricted**
**funds**
**2024**
**£**
Cafe, bar and restaurant
55,136
Lottery
5,069
60,205
_Total 2023_
_47,665_
**Investment income**
**Unrestricted**
**funds**
**2024**
**£**
Deposit account interest
212
_Total 2023_
_57_|**Total**
**funds**
**2024**
**£**
**55,136**
**5,069**
**60,205**
_47,665_
**Total**
**funds**
**2024**
**£**
**212**
_57_|_Total_
_funds_
_2023_
_£_
_44,328_
_3,337_|
|---|---|---|
|||_47,665_|
|||_Total_
_funds_
_2023_
_£_
_57_|
||||
## **6. Investment income**
Page 17
## **BUNGAY ARTS AND THEATRE SOCIETY**
## **(A company limited by guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 29 FEBRUARY 2024**
## **7. Expenditure on raising funds**
## **Fundraising trading expenses**
|**Unrestricted**
**funds**
**2024**
**£**
Licences and royalties
404
Purchases
27,192
Lottery prizes
3,000
Hire of equipment
4,523
Repairs and security
9,022
Sundry
-
Waste disposal
2,407
Cardnet charges
3,094
Staff costs
7,053
Pension costs
969
57,664
_Total 2023_
_67,589_|**Total**
**funds**
**2024**
**£**
**404**
**27,192**
**3,000**
**4,523**
**9,022**
**-**
**2,407**
**3,094**
**7,053**
**969**
**57,664**
_67,589_|_Total_
_funds_
_2023_
_£_
_1,575_
_22,434_
_3,000_
_5,306_
_5,544_
_955_
_2,853_
_2,480_
_21,487_
_1,955_|
|---|---|---|
|||_67,589_|
||||
## **8. Analysis of expenditure by activities**
|Charitable activities
Governance
_Total 2023_|**Activities**
**undertaken**
**directly**
**2024**
**£**
147,292
-
147,292
_143,761_|**Support**
**costs**
**2024**
**£**
62,283
3,410
65,693
_48,982_|**Total**
**funds**
**2024**
**£**
**209,575**
**3,410**
**212,985**
_192,743_|_Total_
_funds_
_2023_
_£_
_185,837_
_6,906_|
|---|---|---|---|---|
|||||_192,743_|
||||||
Page 18
## **BUNGAY ARTS AND THEATRE SOCIETY (A company limited by guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 29 FEBRUARY 2024**
## **8. Analysis of expenditure by activities (continued)**
## **Analysis of direct costs**
|Depreciation
Theatre and other events
Sundries
Advertising
Light, heat and water
Telephone
Insurance
Computer software
Donations
_Total 2023_|**Activities**
**2024**
**£**
23,083
86,727
1,460
4,032
21,813
2,358
4,152
3,567
100
147,292
_143,761_|**Total**
**funds**
**2024**
**£**
**23,083**
**86,727**
**1,460**
**4,032**
**21,813**
**2,358**
**4,152**
**3,567**
**100**
**147,292**
_143,761_|_Total_
_funds_
_2023_
_£_
_22,929_
_95,436_
_628_
_3,053_
_11,149_
_1,394_
_3,795_
_3,075_
_2,302_|
|---|---|---|---|
||||_143,761_|
|||||
Page 19
**BUNGAY ARTS AND THEATRE SOCIETY (A company limited by guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 29 FEBRUARY 2024**
## **8. Analysis of expenditure by activities (continued)**
## **Analysis of support costs**
|**Activities**
**2024**
**Governance**
**2024**
**£**
**£**
Staff costs
62,163
-
Other staff expenses
-
-
COVID related expenditure
120
-
Legal fees
-
-
Accountancy
-
2,980
Consultancy
-
-
Bank charges
-
430
62,283
3,410
_Total 2023_
_42,076_
_6,906_
**9.**
**Independent examiner's remuneration**
Fees payable to the Company's independent examiner for the independent
examination of the Company's annual accounts
**10.**
**Staff costs**
Wages and salaries
Contribution to defined contribution pension schemes|**Total**
**funds**
**2024**
**£**
**62,163**
**-**
**120**
**-**
**2,980**
**-**
**430**
**65,693**
_48,982_
**2024**
**£**
**2,950**
**2024**
**£**
**69,216**
**969**
**70,185**|_Total_
_funds_
_2023_
_£_
_41,931_
_25_
_120_
_600_
_5,445_
_400_
_461_|
|---|---|---|
|||_48,982_|
|||_2023_
_£_
_2,865_|
|||_2023_
_£_
_63,418_
_1,955_|
||||
|||_65,373_|
Page 20
## **BUNGAY ARTS AND THEATRE SOCIETY (A company limited by guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 29 FEBRUARY 2024**
## **10. Staff costs (continued)**
The average number of persons employed by the Company during the year was as follows:
||**2024**|_2023_|
|---|---|---|
||**No.**|_No._|
|Staff|**3**|_3_|
No employee received remuneration amounting to more than £60,000 in either year.
The key management personnel of the charity are the Trustees, treasurer and the management team. The pay and benefits of the management team during the year were £46,355 _(2023: £33,427)_ .
## **11. Trustees' remuneration and expenses**
During the year, no Trustees received any remuneration or other benefits _(2023 - £NIL)_ in connection with their role as a Trustee. During the year, one trustee received £6,060 for work done for the charity (2023: £3,195).
During the year ended 29 February 2024, expenses totalling _£_ 2,391 were reimbursed or paid directly to 1 Trustee _(2023 - £NIL to Trustee)_ .
## **12. Tangible fixed assets**
|**Cost or valuation**
At 1 March 2023
At 29 February 2024
**Depreciation**
At 1 March 2023
Charge for the year
At 29 February 2024|**Freehold**
**property**
**£**
**185,250**
**185,250**
**60,528**
**3,242**
**63,770**|**Short-term**
**leasehold**
**property**
**£**
**649,876**
**649,876**
**351,866**
**12,998**
**364,864**|**Plant and**
**machinery**
**£**
**30,277**
**30,277**
**3,026**
**1,009**
**4,035**|**Fixtures and**
**fittings**
**£**
**139,928**
**139,928**
**101,046**
**5,832**
**106,878**|**Total**
**£**
**1,005,331**|
|---|---|---|---|---|---|
||||||**1,005,331**|
||||||**516,466**
**23,081**|
||||||**539,547**|
Page 21
## **BUNGAY ARTS AND THEATRE SOCIETY (A company limited by guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 29 FEBRUARY 2024**
|**12.**
**Tangible fixed assets (continued)**
**Freehold**
**property**
**Short-term**
**leasehold**
**property**
**£**
**£**
**Net book value**
At 29 February 2024
**121,480**
**285,012**
_At 28 February 2023_
_124,722_
_298,010_
**13.**
**Stocks**
Goods for resale
**14.**
**Debtors**
**Due within one year**
Trade debtors
**15.**
**Creditors: Amounts falling due within one year**
Trade creditors
Other taxation and social security
Other creditors
Accruals and deferred income|**Plant and**
**machinery**
**£**
**26,242**
_27,251_|**Fixtures and**
**fittings**
**£**
**33,050**
_38,882_
**29 February**
**2024**
**£**
**2,897**
**29 February**
**2024**
**£**
**4,317**
**4,317**
**29 February**
**2024**
**£**
**5,498**
**5,620**
**1,377**
**24,452**
**36,947**|**Total**
**£**
**465,784**|
|---|---|---|---|
||||_488,865_|
||||_28 February_
_2023_
_£_
_3,619_|
||||_28 February_
_2023_
_£_
_8,792_|
|||||
||||_8,792_|
||||_28 February_
_2023_
_£_
_4,024_
_2,829_
_1,015_
_22,631_|
|||||
||||_30,499_|
Page 22
## **BUNGAY ARTS AND THEATRE SOCIETY**
## **(A company limited by guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 29 FEBRUARY 2024**
## **16. Statement of funds**
## **Statement of funds - current year**
|**Balance at 1**
**March 2023**
**£**
**Unrestricted funds**
General Funds
**505,208**
**Restricted funds**
Power to Change - COVID support
**2,068**
Power to Change - Feasibility
**21**
Power to Change - Capacity development
and environmental sustainability
**4,000**
Youth Group
**-**
**6,089**
**Total of funds**
**511,297**|**Income**
**£**
**Expenditure**
**£**
**239,242**
**(263,560)**
**-**
**(2,068)**
**-**
**(21)**
**-**
**(4,000)**
**1,000**
**(1,000)**
**1,000**
**(7,089)**
**240,242**
**(270,649)**|**Balance at**
**29 February**
**2024**
**£**
**480,890**|
|---|---|---|
|||**-**
**-**
**-**
**-**|
|||**-**|
|||**480,890**|
Page 23
## **BUNGAY ARTS AND THEATRE SOCIETY**
## **(A company limited by guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 29 FEBRUARY 2024**
## **16. Statement of funds (continued)**
## **Statement of funds - prior year**
|**Unrestricted funds**
General Funds
**Restricted funds**
Power to Change - COVID support
Power to Change - Feasibility
Power to Change - Capacity development
and environmental sustainability
Youth Group
ACE Platinum Jubillee celebrations
**Total of funds**|_Balance at_
_1 March_
_2022_
_£_
_550,813_
_2,188_
_21_
_-_
_-_
_-_
_2,209_
_553,022_|_Income_
_£_
_212,994_
_-_
_-_
_4,000_
_938_
_675_
_5,613_
_218,607_|_Expenditure_
_£_
_(258,599)_
_(120)_
_-_
_-_
_(938)_
_(675)_
_(1,733)_
_(260,332)_|_Balance at_
_28 February_
_2023_
_£_
_505,208_|
|---|---|---|---|---|
|||||_2,068_
_21_
_4,000_
_-_
_-_|
|||||_6,089_|
|||||_511,297_|
## **17. Summary of funds**
**Summary of funds - current year**
|**Balance at 1**
**March 2023**
**£**
General funds
**505,208**
Restricted funds
**6,089**
**511,297**|**Income**
**£**
**Expenditure**
**£**
**239,242**
**(263,560)**
**1,000**
**(7,089)**
**240,242**
**(270,649)**|**Balance at**
**29 February**
**2024**
**£**
**480,890**
**-**|
|---|---|---|
|||**480,890**|
Page 24
## **BUNGAY ARTS AND THEATRE SOCIETY**
## **(A company limited by guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 29 FEBRUARY 2024**
## **17. Summary of funds (continued)**
## **Summary of funds - prior year**
|General funds
Restricted funds|_Balance at_
_1 March_
_2022_
_£_
_550,813_
_2,209_
_553,022_|_Income_
_£_
_212,994_
_5,613_
_218,607_|_Expenditure_
_£_
_(258,599)_
_(1,733)_
_(260,332)_|_Balance at_
_28 February_
_2023_
_£_
_505,208_
_6,089_|
|---|---|---|---|---|
|||||_511,297_|
## **18. Analysis of net assets between funds**
## **Analysis of net assets between funds - current period**
|**Unrestricted**
**funds**
**29 February**
**2024**
**£**
Tangible fixed assets
465,784
Current assets
52,053
Creditors due within one year
(36,947)
**Total**
480,890|**Total**
**funds**
**29 February**
**2024**
**£**
**465,784**
**52,053**
**(36,947)**|
|---|---|
||**480,890**|
## **Analysis of net assets between funds - prior period**
|Tangible fixed assets
Current assets
Creditors due within one year
**Total**|_Restricted_
_funds_
_28 February_
_2023_
_£_
_-_
_6,089_
_-_
_6,089_|_Unrestricted_
_funds_
_28 February_
_2023_
_£_
_488,865_
_46,842_
_(30,499)_
_505,208_|_Total_
_funds_
_28 February_
_2023_
_£_
_488,865_
_52,931_
_(30,499)_|
|---|---|---|---|
||||_511,297_|
Page 25
## **BUNGAY ARTS AND THEATRE SOCIETY (A company limited by guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 29 FEBRUARY 2024**
## **19. Pension commitments**
The total pension contributions for the year were £969 (2023: £1,955). There were no amounts unpaid at the year end.
## **20. Related party transactions**
The Company has not entered into any related party transaction during the year, nor are there any outstanding balances owing between related parties and the Company at 29 February 2024.
Page 26