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 I0￿Ul. 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 othe￿19￿
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 Ma￿h
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
ctsr￿nt 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