Company registration number: 03550280 Charity registration number.. 1069780 Bridport Arts Centre {A cornpany limrted by guarantee) Annual Report and Financial Statements for the Year Ended 33 March 2024 WESTCOTTS CHAR TERED ACCOVNTAIIT niirblHlnh A)vi•i r¢• AD61I75HE 0810712024 COMPANIES HOUSE
Bridport Arts Centre Contents Reference and Administrative Delalls Trustees. Report 2108 Independent Examinerfs Report Statement of Financial Activities 10 Balance Sheet 11to12 Notes to the Financial Statements 13to25
Bridport Arts Centre Reference and Administrative Details Trustees I Cavill G Feamyough R P Hedley CGPike H Bowketl (appointed 27 Novernber 2023) G Jones (appointed 27 November 2023) T Little (appointed 27 November 2023) J Lowis (appointed 27 November 2023) R Dominy (appointed 27 November 2023) H Morgan-smilh (appointed 27 November 2023) K Saraiya (resigned 22 May 2023) N Child (resigned 22 May 2023) B Lovejoy (resigned 27 November 2023) A Kehr {resigned 27 November 2023) Charlty R•gistratlon Number 1069780 Company Reglstratlon Number 03550280 Reglstered Office 9 South Street Bridport Dorsel DT6 3NFI Independent Examiner Westcolts (SW) LLP Tlmberly South Street Axminster Devon EX13 SAD Westcotls Timberly South Street Axminster Devon EX13 SAD Accountants Page 1
Bridport Arts Centre Trustees, Report The trustees, who are directors for the purposes of company law, present the annual report together with the financial stalemenls of the charitable company for the year ended 31 March 2024. Structure, governance and management Natur• of governing document Bridport Arts Centre is a company limited by guarantee govemed by Its M8morandum and Articles of Association. It is a charity registered wilh the Charity Commission. R•cruitment and appolntment of trustees The trustees are elected by the members of the charitable company attending the Annual General Meeting, they serve for a period of three years and may serve for a further three-year temi if re-elected. The Chair and other officers of the board are elected by Ilie Board ol Trustees. Inducdon and tralning ol trustees New trustees undergo an orientalion and induction session with the Chair and Director (CEO) to brief them on their legal obligations under charity and company law, the content of the Memorandum and Articles of Association, the board and decision making processes, the business plan and recent linanci81 performance of the charity. Organisatlonal structure Organisalion The board meets no fewer than six limes a year. The Director is appoinled by the trustees to manage the day-to-day operations of the charity. To facilitate effective operations, the Director has delegated authority. within tems of delegation approved by the Trustees, for operational matters including finance, employment and artistic perfomance related activity. The board has a finance committee consisting ol the Chair, the Dlrector, Ihe Treasurer and olhor trustees who meet regularly to review the management accounts and report lo the f(Jll board. Funder$ The charity is an Arts Council England National Portfolio Organisation INPO) and will receive regular funding until March 2027. as long a5 all associated funding condition5 are met. Dorset Councll provides revenue funding. which was renewed in April 2024 {albeil al a reduced amount compared with previous years) following a successful application, 8ubmilted in partnership with the Lyric Theatre as part of a new commitment to collaborative working, as part of a Bridport Venues Partnership . Both Dorset Council and Arts Council England provide core revenue funding for a range of arts activities thal are compatible with the aims of the charity. Bridport Town Council also provides discretionary funding on an annual basis in line with a Service Level Agreement. This SL4 was extended for 12 months in October 2023 and is up for renewal following renegotialions in September 2024. Funder8' representatives are invited to attend board meetings as observers. Setling of Key Managemenl Pay Decisions around setting senior staff pay levels are taken by the board. Trustees consider remuneration levels for comparable roles within the sedor as well as local levels of pay before detemiining salary levels. Page 2
Bridport Arts Centre Trustees. Report Major rlsks and management ol those risks The trustees have a risk management slrategy which comprises.. A risk register updated for each board meeting, outlining the risks the charity may face. The eslablishmenl of systems and procedures to mitigale those risks identified in the plan. The implementation of procedures designed to minimise any potenlial impact on the charity should those rlsk$ materiallse. Objectlves and actlvltles Objects and alms The purposes of the charity are.. (1) To advance education and lo foster and promote the maintenance, improvement and development of the arls, and knowledge, understanding and appreciation thereof among the inhabitants of Bridport and surrounding district without distinction of sex, sexual orientation. race or of political. religious or olher oplnion8. <2) To promote such other charitable purposes as may from time to time be detemiined. All of our charitable a¢iivitie$ are undertaken lo further our charltable purpose8 for the public b•nefit. Vision To be a unique and inspiring venue, at the heart ol the Bridport and Dorset community. reaching out to engage and entertain, Mission 8ridport Arts Centre's mission is lo Provide a vibrant, diverse and ambitious programme of creatlve activities. Initiate and promote new work in conlemporary visual and performing arts. Encourage greater participation in the arts from the widest range of people. Entertain, and enhance the quality of life for the people of Bridport and Wesl Dorset. Contribute lo the local economy, directly and via support lo local artists. Generate and sustain sufficient resources lo deliver our vision. Values Passion: a passion for the arts and their value to society is at the heart of everything we do. Quality.. in a wide-ranging programme, quality is the uniting factor across all we do. Community.. we play an active part in our community, open to dialogue and new ideas. Collaboration.. success comes from inlegraling our work with that of partners In the locallty Including schools, other arts organisations and community groups. Diversity and equality.. is embedded in all our work we are an inclusive and accessible venue and reflect a plurality of perspeclives through our programme. Service.. we aim to provide the besl possible service to all Bridport Arts Centre users. Page 3
Bridport Arts Cantre Trustees. Report As part of the chartty's Business Planning process in 2024, a VIeW of the vision, mission and values will be undertaken by the Director and trustees to ensure their relevar)ce and compatibility with the 2024 - 2027 business plan prtorities. The strategies we will employ lo deliver this vision and mission, in line with our values, emerge from Ihe purpose the charity has defined in Ihe 2024 2027 business plan: We inspire, challenge, and entertain through the programmes we bring to 8ridport, bringing great art from wherever it orlginates, reflecting the global majority and not just ourselves. We create space and opportuniiy for our communities to exploré their own creativity., to be playful and I0Ul. to be seen and heard. We champion the abundant creativlly within Bridport (and wider Dorsetl, celebrating and lifting others up, and providing the support needed lo make things happen. We define support in the broadest sense, and thls can include collaboralion. the power to convene, physical space. resource, and advocacy. Publlc benefit In planning our activities for the year we have kept in mind the Charity Commission guidance on public benefit. The trustees confim that they have complled with the requlr8menls of section 17 of thè Charities Act 2011 to have due regard lo the public benefit guidance published by the Charity Commission lor England and Wales. Use of volunteers The staff team is supported by a larg8 number of volunteer$ who principally take the rolè of stewards in the theatre and the gallery. Volunteer's conlribulions are highly valued by the staff and board of BAC. Other programme such as 8rldport Pdze and From Page lo Screen m8ke graleful use of volunleers. We offer training at the beginning of each year lo all stewards; new and prospective stewards are briefed by Ihe coordinator, and there is ongoing briefing and training. All stewards have annual Fire Drill training. Page 4
Bridport Arts Centre Trustees. Report Strnteglc Report The following sections for achievements and performance and financial review form the strategic report of the charity. Achievements and performance Our Arts Council England Nalional Portfolio Organisation (NPO) funding started in April 2023, and provides a degree of financial stabilily al the start of the year. Following the resignation and departure of previous Director Mick Smith in MarGh 2023, the charity started the new year without executive leadership. Staff and trustees 'stepped-up' to fulfil many of the functions of Ihis vacant role, however, this vacancy meant thal business planning. fundraising and slrategic development work was not advanced in the first trwio quarters of the financial year. A successful recruitment process was undertaken and a new Director was appointed in May 2023. Claire Tudge started in the role of Director in Augugt 2023. The positlon of Gallery Programme Manager was made redund8nt at the end of Jan 2024 as part of a review process undertaken by the new Director and the board directed towards immediately necessary organisational eff iciencie8. The Finance Officer announced his intention to retire at the end of March 2024. A new Finance Officer has been appointed to a 0.4 FTE role, laking up post in April 2024 During the period July lo Seplember 2023 7 new trustees were appolnted, and 6 were elected at the AGM in November 2024 (one person withdrew). Bridport Prize entries were sustained, Two writers, one identlfying at LG8TQAl+ and one from a lower Socio-economic background were subsidised to undertake a weeklong residency in March 2024, funded in part with a grant from the Garrick Trust (received in the following financial yearl. A new series of online crowdcast events were launched, providing training and inlraduGtions to the publishing Industry. A successful From Pa9e lo Screen festival was held, curated by screenwriter and director Chrislopher Hampion. Ticket sales continued to be slow in recovering from the post pandemic period, and were also limited by slaff capacity (during the period without a Diredor) to reinvigorate an audience developrnent and community engagement strategy. An unsuccessful applicalion lo Ihe Heritage Lottery Fund for Solh anniversary activlty impacted projected turnover, and meanl the delivery of programme of activities to mark Bridport Arts Centre's 50th anniversary wa5 reduced. Page 5
Bridport Arts Centre Trustees. Report Financial review The trustees and previous Director set a budget for the period 2023-24 wilh a projected deficit of £29,190 to be supported by reserves. The budgeted income was predicated on applications for grant funding from trusts and foundallons. sponsorship and increased donations, none of which were achieved, and for an application to the Heritage Lottery Fund IHLF) to support activities for the Soth annivorsary, including management fees to cover staff costs. There were no other applications made during the financial year Ihat had an outcome within the financial year. There is no doubt that that being without a Direclor for 4 months had a significant impact on every aspect of BAC'S perforrnance during 23124. There was also a clear need for board renewal, which was undertaken during the second haff of the year Savings were made on staff costs partly due to voids, on marketing costs and on other overheads, which were reduced where possible. At 31 March 2024 Ihe net in-year deficil was £100.200 The business plan for 2024-2027 includes a budget for 2024-25 with a small projected deficit, is close to break4ven in 202&26 and predicts a surplus in 2026-27. Pollcy on r•serves The art centre's rasarv8s policy is designed to ensure that our funding provides a contingency for emergencies while meeting the working capital requirements of the arts centre. It normally allows for investment on a case-by-case basis. Poor financial performance in recent years have depleled resejves, which will be re-built during the period of Ihe business plan 2024-27. Positive cashfl¢w in the early months of 2024 vill provide the working capital required for the rest of the period. Page 6
Brldport Arts Centre Trustees. Report Plans for future perlods Alms and key objectives for future perlods Claire Tudge was formally appointed as C)irector in August 2023 and several new trustees have been recruited to support the development and implementation of a new business plan and lo provide additional capacity lo the arts centre's fundraising efforts. The new Director Is working towards establishing a sustainable financial model for the arts centre by diversifying Income streams and prioritising fundralsing, as well as increasing income generated by programming. There are new and reinvigorated partnerships in development. including with the Bank of Dreams and Nightmares, Bridport Literary Festival, 6ridport Film Society, the Lyric Theatre, Dcrset Visual Arts, B-side and Ihe Bournemouth Symphony Orchestra. The charity is working with 8ridport Town Council lo deliver a pilot programme for Dorsel Town of Culture in 2024. responding to Dorset Council's cullural strategy and working closely with the Arts Development Company. Earty indications from ticket sales and from overall engagement in 24125 are very p031tive. Priorities for the business plan for 2024-2027 will be: Establishing a sustainable financial model, building toward a surplus budget. Re-engaging and strengthening our community relationships. Maximising the spaces available to us withln the lerms of our lease and enlivening the bullding; we art open, and you are welcome. • Expandin9 our partnership work in and around the town, taking arts and culture beyond the building. Slrenglhening our relationship with our landlord, working towards the renegotiation of our lease. Suslaining the Bridport Prize at its current level whilst also maximising opportunities for development. Statement of trustees. responsibillties The Iruslees (who are also the directors of Bridport Arts Centre for the purposes of company law) are responsible for preparing the trustees, report and the financial statements In accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" Company law requires the trustees to prepare financial statements for each financial yeai. Under company law the trustees must not approve the financial statements unless they are satisfied that they give a true and fair view ol the slate of affairs of the charrtable company and of the incoming resourcés and application of resources, including its income and expenditure, of the charitable company for Ihat period. In preparing these financial statements. the trustees are required to- select suitable accounting policies and apply them consistently; obseple the methods and principles in the Charities SORP; make judg8ments and eslimales that are reasonable and prudent: state whelher applicable accounting standards, comprising FRS 102 have been followed, subject to any material departures disclosed and explained in the financial statements., and prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charilable company will continue in business. Page 7
Bridport Arts Centre Trustees. Report The tNstees are responsible for keeping proper accounting records that can disclose with reasonable accuracy at any time the financial position of the charitable company and enable them lo ensure that the financial slatemenls comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of Iraud and other irregularities. The trustees are responsible for the mainten8nce and integrity of the corporate and financial information included on the charitable company's webs*te. Legislation goveming the preparation and dissemination of financial statements may differ from legislation in other jurisdictions. The annual report was approved by the trustees of the charity on behalf by: 24.06.24 and ¥igned on Its G Fearnyough Trustee CGPike Trustee Page 8
Bridport Arts Centre Independent Examiner's Report to the trustees of Bridport Arts Centre ('the Company, I report to the charity trustees on my examination of the accounts of the charity for the year ended 31 March 2024. Responslbilitles and basls of report As the charity's truslee5 of the charity {and also ils directors for the purposes of company law) you are responsible for the preparation of the accounls in accordance with the requirements of Ihe Companies Act 20061'the 2006 Act,). Having satisfied myself that the accounts of the charity 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 examinalion of your charity's accounts as carried out under seclion 145 of the Charities A¢1 2011 ('the 2011 Act,). In carrying out my examination I have followed the Oirections given by the Charity Commission under. section 145{S1(b) of the 2011 Act. Independenl examiner's statement Since the charity's gross income exceeded £250,000 your examiner must be 8 member of a body listed in seclion 145 of the 2011 Act. I confirm that l am qualified to undertake the examination because l am a member of Indep8ndenl Examiner, which is one of the lisled bodies. I have completed my examination. I confirm that no matters have come lo my attention in connection with the examination giving me cause to believe.. 1. accounting records were not kept in respect ol 8ridport Arts Centre as required by seclion 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 'lrue 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 lapplicable to charities preparing Iheir accounts in accordance wilh the Financial Reportin9 Standard applicable in the UK and Republic of Ireland (FRS 102)1. I have no concerns and have come across no other matters in connection with Ihe examination lo which attention should be drawn in this report in order lo enable a proper understanding of the accounts lo be reached. Stuart Carrington FCA. Independent Examiner For and or) behalf of Westcolts (SW) LLP Timberly South Street Axminster Devon EX13 SAD Page 9
Brldport Arts Centre Statement of Financial Activities for the Year Ended 31 March 2024 (Including Income and Expenditure Account and Statement of Total Recognised Gains and Losses) Unreslrlcted funds Restrlcted funds Total 2024 Total 2023 Note Income and Endowments from: Donations and legacies Charitable activrties Other trading activities Investmenl income Other incomé 100,430 272,368 22,493 1,481 281 50 9,655 100,480 282,023 22,493 1,481 281 111.612 241,635 15,358 467 15.788 Total income 397,053 9,705 406,758 384.858 Expendlture on: Raising funds Charitable activities (8,200) (486,147 (8,200) 498.758 (9.377) 487.313 12,611 Total expenditure Net expenditure Net movement in funds {494,347) 12,611) 1506,958) 496.690 97,294) 2,906) 100,200 111,832 {97,294} (2,906) (100,200) (111,832) Reconclllatlon of funds Tot81 funds brought forward Totsl funds carried foNiard 19 184,900 8,376 193,276 305,108 87.606 5,470 93.076 193,276 All of the charity's activities derive from continuing operations during the above bNo periods. The funds breakdown for 2023 is shown in note 19. The notes on pagas 13 to 25 form an integral part of th8se financial statements. Page 10
Bridport Arts Centre (Registration number.. 03550280) Balance Sheet as at 31 March 2024 2024 2023 Note Flxed assets Tangible assets Investments 15 16 9,344 11,580 9,344 11,.581 Current assets Stocks Oeblors Cash at bank and in hand 6,409 45,106 48,190 99,705 17 43,379 167,353 210,732 {29,037 Credltor8: Amount8 fallSng due wlthln one year Nel current assets 18 (15,973 83,732 93,076 181,695 Net asset3 193,276 Funds of the charlty: Restricted income funds Restricted funds 5,470 8,376 Unrestricted Income funds Unrestricted funds 87,606 184,900 Tot•1 funds 19 93,076 193,276 For the financial year ending 31 March 2024 the charity wag entitled to exemption from audit under section 477 of the Companies Act 2006 relating lo small companies. Directors, responsibililies.. The members have not required the charity lo obtaln an audSt of its accounts lor the year In question in accordance with sedion 476-, and The directors acknowledge their responsibilities for complying with the requirements of the Acl with respect lo accounting records and the preparation of accounts. The notes on pages 13 to 25 form an inlegral part of these financial staternents. Page 11
Bridport Arts Centre {Registratlon number: 03550280) Balance Sheet as at 31 March 2024 The financial statements on pages 10 to 25 were approved by the trustees, and authorised for issue on. 24.06.24 and signed on their behalf by.. G Fearnyough Trustee CGPik• Trustee The notes on pages 13 to 25 form an integral part of these finartcial statements. Page 12
Bridport Arts Centre Notes to the Financial Statements for the Year Ended 31 March 2024 1 Charity status The charity is limited by guarantee, incorporated in England and Wales, and consequently doe5 not have share capital. Each of the Iruslees is liable to contribute an amount not exceeding £1 towards the assets of the charity in the event of liquidation. The address of its registered office is.. 9 South Street Bridport Dorset DT6 3NR 2 Accounting pollcles Summary of significant accountlng pollcles and key accountlng estimates The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consislenlly applied to all the years presented. unless othe19 staled. ststement of cornpllance The financial statements have been prepared In accordance wlth 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 1021} (issued in October 2019) - (Charlties SORP {FRS 102)), the Fin8nc181 Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006. Ba813 of preparatlon Bridport Arts Centre meets the definition of a public benefit entity under FRS 102. Assets and Ilabilities are initially recognised at historical cost or transaction value unless othep]Se stated in the relevant accounting policy notes. Golng concern The trustees consider that there are no material uncertainties about the charitls ability to continue as a going concern nor any significant areas of uncertainly that affect the carrying value of assets held by the charity. Exemption from preparing a cash flow statement The charily opted lo early adopt Bulletin 1 published on 2 February 2016 and have therefore not included a cash flow slatement in these financial statements. Judgements There were no judgements made in the year. Key sources of estlmation uncertainty There were no key sources of estimation uncertainty made in the year. Page 13
Bridport Arts Centre Notes to the Financial Statements for the Year Ended 31 March 2024 Income and endowments All incorne is recognised once the charity has entitlement to the income, it is probable that the income will be received and the amount of the income receivable can be measured reliably. Donatlons and legacl•s Donation5 are recognised when the charity has been notrfied in writing of both the amount and settlement date. In the event that a donation is subject to conditions that require a level of pertormance by the charity before the charity is entitlod lo the funds, the income is deferred and not recognised until eElher those conditions are fully met, or th& fulfilment of those conditions is wholly within the control of the charity and il is probable that these conditions will be fulfilled in the reporting period. Grants recelvabl• Grants are recognised when the charity has an entitlement to the funds and any conditions linked to the grants have been met. Where performance conditions are attached to Ihe grant and are yet to be mel, the income is recognised as a liability and included on the balance sheet as deferred income to be released. Deferred Incom• Deferred income reprosent$ amounts received for fulure periods and is released to incoming resources in the period for which, it has been received. Such income is only deferred when.. The donor specifies that the grant or donation musl only be used in future accounting periods., or The donor has imposed conditions which must be met before the charity has unconditional entitlement. Donated servlces and lacllltles Wh8re services or facilities are provided lo the charity as a donation that would normally be purchased from our suppliers. this benelit is included in the financial statements al it's fair value unless it's fair value cannot be reliably measured, then at the cost to the donor or the resale value of goods that are to be sold. Glft •ld Incoming resources from tax reclaims are inclucled in the Statement of Financial Activities al the same time as the gift to which they relate. Investment Income Dividends a recognised once the dividend has been declared and notification has been received of the dividend due. Expenditure All expenditure is recognised once there is a legal or constructive obligation to that expendrture. il is probable settlement is required and the amount can be measured reliably All costs are allocated to the applicable expenditure heading that aggregate similar costs to that category. Where cost5 cannot be directly attributed to particular headings they have been allocated on a basis consistent wth the use of resources, with central staff costs allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset's use. Other support costs are allocated based on the spread of staff costs. Pa9e 14
Bridport Arts Centre Notes to the Financial Statements for the Year Ended 31 March 2024 Ralslng funds These are costs incurred in attracting voluntary income, the management of investments and those Incurred in trading activities that raise funds. Charitable activities Charitable expenditure comprises those costs incurred by the charity in the delivery of its activltles and services for Its beneficiaries. 11 includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary lo support them. Government grants Government grants are recognised based on the accrual model and are measured al the fair value of the asset received or receivable, Granls are classified as relating either to revenue or to assets. Grants relating lo revenue are recognised in income over the period in which the related costs are recognised. Grants relating lo assets are recognised over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, il is recognised as deferred income. Taxation The charity is considered lo pass the tests sel out in Paragraph 1 Schedule 6 of the Finance Acl 2010 and Ih8refore it meels the delinition of a charitabl8 company for UK corporation lax purposes. Accordingly, the charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Acl 1992, to the exlenl'th81 such Income or gains are applied exclusively lo charltable puiposes. Tanglble flxed assets Tangible fixed assets are initially recorded al cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Depreclatlon and amortlsation Depreciation is provided on tangible fixed assets so as to write off the cost or valuats'on, less any estimated sIdUal value, over Iheir expected useful economic life as follows.. Asset class Furnilure and equipment Depreclation method and rate 33 /9 reducing balance Business combinations Business combinations are accounted for under the ptjrchase method. Where necessary, adjustments are made to the financial statements of subsidiaries lo bring the accounting policies used into line with those used by the charity. All inlra-group transactions, balances, income and expenses are eliminated on consolidation. In accordance with Section 35 of FRS 102. Section 19 of FRS 102 has not been applied in Ihese financial slalernents in respect of business combinations effected prior to the date of transilion. Page 15
Bridport Arts Centre Notes to the Financlal Statements for the Year Ended 31 March 2024 Fixed asset Investmenls Fixed asset investments, other than programme related investments, are included at market value at the balance sheet date. Realised gains and losses on investments are calculated as the difference between sales proceeds and their market value al th8 Start of the year, or their subsequent cost, and are charged or credited to the Statement of Financial Activities in Ihe period of disposal. Unrealised gains and losses represent the movement in market values during the year and are credited or charged to the Statement of Financial Aclivilies based on the market value al the year end. Fund structure Unrestricted income funds are general funds that are available lor use at the trustees discretion in furtherance of the objectives of the charity. Restricted income funds are those donated for use in a particular area or for specific purposes, the use of which is restricted to that area or purpose. Flnanclal Instruments Classiflcatlon Financial assels and financial liabilities are recognised when the charity becomes a party to the contractual provisions of the instrument. Financial liabilities and equity instruments are classified according lo the substanc& of the contractual arrangements entered Into. An equily instrument is any conlracl Ihal evidences a residual interest in the assets of the charity after deducting all of its liabilitie5. Recognltlon and measurement All financial asset$ and liabilities are initially mea$ufed al transaction price (including transactton coslsl, except for those financial assets classified a8 at fair value through profit or loss, which are initially measured al fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitules a financing transaction, the financial asset or financial liability is measured at the presenl value of the future payments discounted at a market rate of interest for a similar debt instrumenl. Financial assels and liabilities are only offset in thè slalèment of financial position vthen, and only when there exists a legally enforceable right to sel off the recognised amounts and the charily Intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously. Financial assets aré derecognised whèn and only when a) the Gontractual rights to the cash flov from the financial asset expire or are settled, bl the charity transfers lo another party substantially all of the risks and rewards of ownershlp of the f1nanclal asset, or c) the charity, despite having retained some, bul not all, significant risks and rewards of ownership, has transferred control of the asset to another party. Financial liabililies are derecognised only when the obligation specified in the contract is discharged. cancelled or expires. Page 16
Bridport Arts Centre Notes to the Flnancial Statements for the Year Ended 31 March 2024 Investments Investmenls in non-convertible preference shares and non-putlable ordinary or preference shares (where shares are publicly traded or Iheir fair value is reliably measurable) are measured at fair value through Profit or loss. Where fair value cannot be measured reliably, investments are measured at cost less impairment. Investments in subsidiaries and associates are measured at cost less impairment. For investments in subsidiaries acquired for consideration including the issue of shares qualifying for merger relief. cost is. measured by reference to the nominal value of the shares issued plus fair value of other consideration. Any premium is ignored. 3 Income from donations and legacies Unrestrlcted fund8 General Restrlcted funds Total 2024 Total 2023 Donations from individuals Gift aid reclaimed Governmenl grants Regular giving and capital donations Sponsorship Membership fees 2,963 703 89,801 2,963 703 89,801 4,503 77 92,218 3,463 3,500 3,463 3,500 50 2,299 12,515 50 100,430 50 100,480 111,612 The lolal 2023 balance is made up of unreslricled funds, 4 Income from charltable actlvltles Unrestricted funds General Restrlcted fund3 Totsl 2024 Total 2023 Performing arts and box office Bridport Prize Visual arts Cinema Education 59,689 174,215 3,157 32,742 2,565 59,689 183,870 3,157 32,742 2,565 64,728 161,935 3,047 11,435 490 9,655 272,368 9,655 282,023 241,635 In 2023 there was £7,954 of reslricled income received in relation to the Bridport Prize. All other income was unrestricted. Page 17
Bridport Arts Centre Notes to the Financial Statements for the Year Ended 31 March 2024 S Income from other tradlng acllvltl•$ Unrestrl¢tod funds Gengral Total funds Total 2023 Cafe and bar income Arts centre hire 13,627 8,866 13.627 8,866 22,493 12,096 3,260 15,356 The tolal 2023 balance is made up of unrestricted funds. 6 Investment Incom• Unr8Stricted funds Genoral Total 2024 Total 2023 Intefèst receivable on bank deposit5 1,481 1.481 467 The total 2023 balance Is made up of unrestricted funds. 7 Other Income Unrestrlctad funds General Total 2024 Total 2023 Mlsc Income Ulility income 281 281 2,045 13.743 281 281 The total 2023 balance is made up of unrestricted funds. Page 18
Bridport Arts Centre Notes to the Financial Statements for the Year Ended 31 March 2024 8 Expenditura on raising funds Costs of trading activities Unrestrlcted funds General Total 2024 Total 2023 Bar costs 8,200 ,200 8,200 9,377 9,377 8,200 The total 2023 balance is made up of unrestricted funds. 9 Expenditufe on charltable activltles Vnrestrlcted funds Goneral Restrlcted funds Total 2024 Total 2023 All charitable activities Staff costs Allocated support costs Governance costs 191,042 187,936 105,745 1,424 12.611 203,653 187.936 105,745 1.424 498,758 180,526 196,891 108,571 1,325 487,313 486,147 12,611 In 2023 £14,540 of expenditure was restricted in relation to the Bridport Prize. All other expendilure was unrestricted. Page 19
Brldport Arts Centre Notes to the Financial Statements for the Year Ended 31 March 2024 10 Analysis of support costs Support costs allocated to charltable activities ¢harltable activities Total 2024 Total 2023 Communications and IT General office Utilrties 21,732 7,744 20,182 21,732 7,744 20,182 17,981 8.071 23,231 F 111 Insurance Bank charges and interesl Premises Legal and professional Depreciation Marketing 4,022 6,493 18,578 7,377 4,603 15,014 4,022 6,493 18,578 7,377 4,603 15,014 105 745 3,940 5.083 15,634 13,432 5,704 15,495 108 571 105.745 11 Net In¢omlngloutgolng resources Net outgoing resources for the year include.. 2024 2023 Depreciation of fixed assets 4,603 5,704 12 Trustees romuneratlon and expenses During the year the charity made the following transactions with Iruslees.. G Fearnyough G Feamyough was paid for the assistance of interim financial management during the year. Costs of £Nil (2023.. £5.169) are included within professional fees in respect of this. No other trustees have received any reimbursed expenses or any other benefit5 Irom the charty during the year. Page 20
Brldport Arts Centre Notes to the Financial Statements for the Year Ended 31 March 2024 13 Stsff costs The aggregate payroll costs were as follows.. 2024 2023 Staff costs durlng the year were: Wages and salaries 191.168 198.811 The monthly average number of persons (including senior management I leadership team) employed by the charity during the year expressèd as full lime equivalents was as follows: 2024 2023 Average headcounl 18 15 Bridport Arts Centre has 9 permanent slaff15.5 FTEJ and a number of duty managers, technicians and others whose numbers and hours vary depending on the programmed activity. No employee received emoluments of more than £60,000 during the year. 14 Independent examlnerfs remuneratlon 2024 2023 Independenl examiner's fee 1,424 1,325 Page 21
Brldport Arts Centre Notes to the Financial Statements for the Year Ended 31 March 2024 16 Tangible fixed assets Furniture and équipment Total Cost At 1 April 2023 Additions 24,459 2,367 24,459 2.367 At 31 March 2024 26,826 26.826 Depreclatlon At 1 April 2023 Charge for the year At 31 March 2024 12,879 4,603 12,879 4,603 17,482 17,482 Net book value At 31 March 2024 9,344 9,344 At 31 March 2023 11,580 11,580 16 Flxed asset Investmenlg 2024 2023 Shares In group undertaklngs and particlpating interests Shares In group undertaklngs and partlclpating Interests Sharès In group undertakSngs Total Cost At 1 April 2023 Disposals At 31 March 2024 1} (1 Net book value At 31 March 2024 At 31 March 2023 All investments are held at cost. The charity previously held the entire share capital of The Bridport Prize Limited. This company was dormant since incorporation and was formally dissolved on 20 Febwary 2024. Page 22
BridportArts Centre Notes to the Financial Statements for the Year Ended 31 March 2024 17 Debtor8 2024 2023 Trade debtors Other debtors 44,868 238 43,379 45.106 43,379 18 Creditors: amounts falling due withln one year 2024 2023 Trade credrtors Other taxation and social security Other credilors Accruals ooterred income 6,386 3,762 1,624 2,818 1,383 15,973 12,387 8.071 1,781 5,550 1,268 29,037 Page 23
Bridport Arts Centre Notes to the Financial Ststements for the Year Ended 31 March 2024 19 Funds 8alanc6 at 31 Mah 2024 Balance at 1 April 2023 Incomlng resource8 Resources expended Unrestricted funds General General Funds 184,900 394,488 (491,782) 87,606 Restrlcted funds Bridport Prize Membership Fees 8,376 9,655 50 (12,611) 5,420 50 8,376 112,611) 5,470 Total funds 193,276 404,193 504,393 93,076 Balance at 31 March 2023 Balance at 1 Aprll 2022 Incomlng resources Resources expended Unreslrlcted funds General General Funds 290,146 376,414 1481,660) 184,900 Rèstrlcted funds 8ridport Prize Susan Bittker 9,962 5,000 14,962 7,954 (9,540) 5,000 14,540) 8.376 7.954 8.376 Total funds 305,108 384,368 496,200 193,276 The specific purposes for which the funds are to be applied are as follows- Bridport Prlze These are funds donated by p8rticipants in Ihe Bridport Prize and are being used for bursaries to support entrants to the prize and the black writer resldency. Susan Bittker This fund is held on the provision of two residencies for black writers, delivered in partnership wtih Dorsel Museum. Mernbership Fees These are one-off lees paid by members on joining the charity and must be retumed if they leave. Page 24
Bridport Arts Centre Notes to the Financial Statements for the Year Ended 31 March 2024 20 Analysis of net assets between funds Unrestrlcted funds General Total funds at 31 March 2024 Restricted funds Tangible fixed assets Current assets Current liabilities 9,344 92,852 14.590 9,344 99,705 15,973 6.853 (1 ,383} 5,470 Total net assets 87,606 93.076 Unrestricted funds General Total funds at 31 March 2023 Restrlcted funds Tangible fixed as8et8 Fixed asset investments ctsrnt assets Current liabilities 11,580 11,580 201,088 {27,769) 184.900 9,644 (1,268) 8,376 210.732 (29,037) 193,276 Total net assets 21 Related party tran8acllons There were no related party transactions in the year (2023.. none). Page 25