Charity reglstratlon number 10697801England and Wales Company reglstratlon number 03S50280 BRIDPORT ARTS CENTRE ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
BRIDPORT ARTS CENTRE LEGAL AND ADMINISTRATIVE INFORMATION Trustees R C Greenhalgh J Lowis G Jones T Llttle H Morgan-smith R P Hedley H J Beddard A Ellington A M Turner CGPike J Bridges (Appointed 22 August 2024) (Appointed 22 August 2024) (Appointed 22 August 2024) (Appointed 22 August 2024) (Appointed 22 Augusl 2024) Charlty number (England and Wales) 1069780 Company number 03550280 Registered office 9 South Street Bridport DT6 3NR Independent examlner Edwards 34 High Street Aldridge Walsall West Midlands WS9 8LZ Accountsnts Edwards 34 High Street Aldridge Walsall West Midlands WS9 8LZ
BRIDPORT ARTS CENTRE CONTENTS Page Trustees, report Independent examinels report Statement of financial activities Balano sheet Statement of cash flows 10 Notes to the financial stalements
BRIDPORT ARTS CENTRE TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 MARCH 2025 The trustees, who are directors for the purposes of company law, present the annual report togelher with the financial statements of the charitable company for the year ended 31 March 2025. The finan¢lal statements have been prepared in accordance with the accounting policies set out in note 1 to the financial slatemenls and comply with thé charity's governing document, the Companies Act 2006, FRS 102 The Financial Reporting Standard applicablé in the UK and Republic of Ireland" and the Charities SORP "Accounting and Reporting by Charities.. Statement of Recommended Practice applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 102)" Bridport Arts Cenlre is a company limlled by guarantee governed by its Memorandum and Articles of Association. It is a Charity registered with the Charity Commisslon. Objectlves and a¢VitieS The purposes of the charity are.. (1) To advance educalion and to fosler and promote the maintenance, improvement and development of the arts, 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 other opinions. {2) To promote such other charitable purposes as may from time to time be determined. All of our charitable activities are undertaken to further our Charitable purposes for the public benefit. BAC Purpose- who we a As part of the charty's Business Planning process in 2025, a review of the vision, mission and values has been undertaken by the Director and trustees to ensure their relevance and compatibility with the 2024-2027 business plan priorities. The strategles we will employ to deliver this vision and mission, in line with our values, emerge from the purpose the Charity has defined in the 2024 - 2027 business plan.. Culture: We inspire, entertain, and challenge our audiences through the programmes we present. Communty: We are a community asset, we share the stories of our community and create SPaS and opportunities for Communities to ¢ome together, to be seen and heard. CTrativity: We champion creativity, Celebrating and helping others to fulfil their potential, and providing the support to make things We define support in the broadesl sense, and this can include collaboration, the power to ¢onvene, physical space, resource, and advocacy. In planning our activities for the year we have kept in mind thé Charity Commission guidance on public benefit and the trustees, guidance published by the Charity Commission for England and Wales.
BRIDPORT ARTS CENTRE TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Organisational Culture Underpinning our purpose and priorities is an overarching set of values and organisational culture thal run through our work as a golden thread. We lebrate diversity and work lo make our organisation inclusive, equitable and a¢ssIble, enabling people to Participate in culture. We will carefully and thoughtfully balan a belief in creative expression and Ihe disruptive role that art can play in our society, with a commitment to ensuring we are always a welcoming, inclusive space. We care about each other, about our audiences and visitors, our partners and the wider community of which we are a part. We will be compassionate and generous in the way that we condu¢t our business and will lead by example. Bridport Arts Centre recognises the Climate Emergency and will work toward reducing our carbon footprint. We will prioritise opportunities within our programming for advo¢a¢y and to promote awareness around Environmental Responsibility. We believe in tr8nsparen¢y and op8nness to build trust and foster a slrong, thriving community. We are committed lo clear communication and responsible stewardship. Public benefft In planning our activities for the year we have kept in mind the Charity Commission guidan on public benefit. The trustees confirm that they have Complied with the requirements of section 17 of the charities Act 2011 to have due regard to the public benefit guidance published by the Charity Commission for England and Wales. Voluntsers The staff team is supported by a large number of volunteers who principally take the role of stewards in the theatre and the gallery. Volunteerfs contributions are highly valued by the slaff and board of BAC. Other programme such as Bridport Prize and From Page to Screen make grateful use of volunteers. We offer training at the beginning of each year to all stewards,. new and prospective slewards are briefed by the coordinator, and Ihere is ongoing briefing and training. All stewards have annual Fire Drill training. Strategi¢ Report The following sections for organisational development, achievements and performance and financlal review forrn the strategic report of the charity. A HR review pro$$ was undertaken by the director, supported by external HR consultanls, resulting in a refocus of key managerial and support roles. A new finance officer took up post in April 2024 (a 0.4 FTE role) The incumbent marketing manager resigned to pursue a different ¢areer. The resulting void was replaced by upgraded Marketing and Communications Manager role, to which an appointment was made in January 2025 (a 0.8 FTE role). The technical co-ordinator was promoted to Technical and Systems Manager. After a thorough recruitment Pro$$ 5 new Trustees were appointed to the board bringing with them a variety of éxperience and oversight lo enhan* the govemance and strategic oversight of the charity.
BRIDPORT ARTS CENTRE TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Achievements and perforn)an¢e The annual From Pag8 to Screen film f8Stival was SUC$sfUllY delivered, curated by playwrighl, screenwriter, and film direclor Rebecca Lenkiewicz. The festival saw a growth in audien¢e numbers and revenue. The 2024 Bridport Prize competition was successfully delivered with entries reaching a ten-year high. The online crowd cast events grew in popularity and reach, and a new award was launched for the 2025 competition the never too late award-re¢ognislng the highest placed entry for an individual over the age of 60. Audien$ continue to grow for BAC'S annual theatre programme, through the reinvigoration of BAC programming, and the implementation of a community engagement slralegy. BAC was commissioned by Bridport Town Council to b8 the lead delivery partner for a six-month Town of Culture pilot programme (part of Dorset Council's cultural strategy). The programme focuséd on celebrating the cultural landscape for Bridport, encouraging new o)Ilaborations and supporting emerging creatives to participate in Bridport's cultural lrfe. The delivery of this work advanced BAC strategic objective to re-engage and strengthen our community relationships and expanding our partnership work in and around the town. The café space within the Arts Centre was reopened, through a sublet agreement wilh local catering business Feast, encouraging new visitors and providing an opportunity for customers to further enjoy the venue. A new fundralsing stralegy has been implemented to highlight arts centre's charitable status with an emphasis on increasing income from philanthropi¢ support and individual giving. The Allsop Gallery hosted a series of well attended and acclaimed exhibitions, including Ggowe Bi18s, The Ifjng of Signwn'ters and The Dorset Pawlion. Financial review The £118k cash deficit in 2023124 has improved in 2024125 to be a deficit of £21 k. As at 31 March 2025, the annual defi¢il in the Statement of Financial Activities for 2024125 was £38.5k. The focus of the Diréctor and the Trustees has been on increasing revenue and reducing overheads. This focus resulted in the fact that we reduced our deficit by £61.7k comparing this year vs last. Going concern The trustees Consider that there are no material nrtaInlieS about the charity's ability to continue as a going concern nor any significant areas of uncertainty that affect Ihe carrying value of assets held by the charity. The financial oversight of Ihe charity is overseen by a sub committee of Trustees. The finance committee and wider Trustee body are confident that the charity will continue to see improvement in our financial performance. The charity continues lo work within the budgetary framework of the 2024 to 2027 business plan, moving from a significantly redUd deficit in 2024-2025, to a break-even position in 202&2026, and a surplus in 2026-2027. S¢rutiny of the budgetary posttion show that we are on target in terms of revenue with a lower deficit at year end, and an increase in our major revenue ilems. Cash proje¢tlon shows that all month's end with a positive cash balan. There has been a review of our overheads which has led lo a significant saving in respect of our utility costs. Policy on reserves The art cenlre's reserves poliw is deslgned to ensure that our funding provides a contingency for emergenciés while meeting the working ¢apilal requirements of the arts centre. It normally allows for investment on a case-by- case basis. Poor financial performancé in recent years have depleted reserves, which will be re-bullt during the period of the business plan 2024-27. Positive cashflow in Ihe early months of 2025 wlll provide the working Capital required for the rest of the period.
BRIDPORT ARTS CENTRE TRUSTEES, REPORT (INCLUDING DIRECTORS, REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Major risks and management of those rlsks The trustees have a risk management strategy which comprises.. • A risk register updated for each board meeting, outlining the risks the charity may fa. The establishment of systems and pro¢edures lo mitigate those risks identified in the plan. The implementation of procedures designed lo minlmise any potential impact on the charity should those risks materialise. Aims and key objectives for future perfods The charity conlinues to work within the budgetary framework of the 2024 to 2027 business plan, moving from a significantly reduced deficit in 2024-2025, to a break-even position in 2025-2026, and a surplus in 2026-2027. Strategic priorities for the organisation remaln broadly in line with previous year, although slightly re-focused and with the inclusion of Continulng to grow audiences. Working t¢)wards a sustainable business model remains the principal priority for the charity, taking a holistic approach to sustainability that includes finances, recourses and capacity and environmental impa¢t. Fundraising from individual giving remains a focus for the remainder of the 2024 to 2027 business plan period. supported by a communication strategy that focuses on the organisation's wmmunlty and charitable status. Structuroy governance and management The Trustees, who are also the directors for the purpose of company law. and who served during the year and up to the date of signature of the financial statements were.. R C Greenhalgh J Lowis G Jones T Little H Morgan-smith R P Hedley H J Beddard A Ellington A M Tumer CGPike J Bridges I Cavill G Feamyough H Bowk8tt R Dominy (Appointed 22 Augusl 2024) (Appointed 22 August 2024) (Appointed 22 August 2024) (Appointed 22 August 2024) (Appointed 22 August 2024) (Resigned 25 November 2024) (Resigned 24 June 2024) (Resigned 23 July 2024) (Resigned 24 June 2024) Recrullment and appointment 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 term if re-elecled. The Chair and other officers of Ihe board are elected by th8 Board of Trustees. Inductlon and tralnlng of trustees New trustees undergo an orientation and induction session with the Chair and Director (CEO) to bri8f them on thelr legal obligations under charity and company law, the content of the Memorandum and Articles of Association, th8 board and decision-making processes, the buslness plan and rent financial performance of the charity.
BRIDPORT ARTS CENTRE TRUSTEES, REPORT (INCLUDING DIRECTORS, REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Organisatlon The board meets no fewer than six times a year. The Director is appointed by the tnjstees to manage the day-to-day operations of the charity. To facilitate effective operations, the Director has delegaled authority, within terms of delegation approved by the Trustees, for operational matters including finance, employment and arlistic perfomiance related activity. The board has a finance committee consisting of the Chair, the Diréctor, the Treasurer and olher truslees who meet regularly to review the management accounts and report to the full board. Funders The charity remains an Arts Council England National Portrolio Organisation (NPO) and will receive confirmed regular funding until 31 March 2026 and anticipates an exténsion to this funding agreement lo cover the period of 1 April 2026 to 31 Mar¢h 2028, pending confirmation of funding from central government. BAC o)ntinues to receive revenue funding from Dorset Council (shared with the Lyric Theatre as part of the Bridport Venues Partnership), which is confimied until 31 March 2027. Bridport Town Council renewed a Setvice Level Agreement with BAC in September 2024, providing an annual revenue grant covering the period 1 April 2024 to 31 March 2029, supporting BAC in line with the cultural ambitions outlined in the Town Council five-year plan. BAC reiVed a one-off strategic development grant from Arts Council England to strengthen collaborative working with the Lyric Theatre and to support an options appraisal for the charity's future occupancy and relationship with the building. The charity was successfvl in securing a number of small project grants to fund various activities in support of our ¢haritable objectives from Dorsét Council, Battens Charitable Trust, The Garrick Charitable Trust and Amazon Literary Partnership Fund. BAC was also selected as a beneficiary from the Big Give's Art for Impad Campaign, receiving a commitment of £2,500 in matched fvnding. Setting of Key Management Pay Decisions around setting senior staff pay levels are taken by the board, considering renumeralion levels for comparable roles within the sector as well as local levels of pay. A HR review was undertaken during the year which resulted in a simpler banding structure for management and support slaff, ensuring clarity in renumeratiors levels. statement of trustees. responsibilities The Trustees, who are also the directors of Bridport Arts Centre for the purpose of company law, are responsible for preparing the Trustees, Report and the financial stalements in accordan with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Company law requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the slate of affairs of the Charity and of the incoming resources and application of resources, including the income and expendlture, of the charitable company for that year. In preparing these financial statements, the Trustees are required to.. select suilable accounting policies and then apply thém consistently., observe the methods and principles in the Charities SORP., make judgements and estimates that are reasonable and prudent; stale whelher applicable UK Accounting Standards have been followed, subject lo any matérial departures disclosed and explained in the finan¢lal statements- and prepare the financial statements on the going concern basis unless it is inappropriate to presume thal the charity will continue in operation.
BRIDPORT ARTS CENTRE TRUSTEES, REPORT (INCLUDING DIRECTORS, REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 The Trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure Ihat the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charity and hence for laking reasonable steps for the prevention and detection of fraud and other irregularities. The Trustees, report was approved by the Board of Trustees. G Jones Trustee CGPike Trustse
BRIDPORT ARTS CENTRE INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF BRIDPORT ARTS CENTRE I report lo the Trustees on my examination of the financial slatements of Bridport Arts Cenlre (the charity) for the year ended 31 March 2025. Responsibilities and basls of report As the Truslees of Ihe charity (and also its direclors for Ihe purposes of company law), you are responsible for the preparatlon of the financial staternenls in accordance wth the requirements of the Companies Act 2006. Having satisfied myself that the financial statements of ihe charFty are not required lo be audited under Part 16 of the Companies Acl 2006 and are eligible for independent exaFnination. I report in respecl of my examinalion of the charity's financial statements carTied out under section 145 of the Charttles Act 2011. In carrying out my examination I have followed the Directions given by the Charity Commission undor section 145(5)(b) of Ihe charleS Act 2011. Independent examlnerfs statgmgnt Since Ihe charity's gross income ex(%eded £250,000, the independent exarniner must be a member of a body listed in section 145 of the Charilies Act 2011. 1 confirm thal l am qualified to undertake the examination be¢ause l am a member of the Institute of Chartered Accountants in England and Wales. which is one of the listed bodies. I have completed my examination. I confim) that no matters have come to my attention in connectlon with the examination giving me cause lo believe that in any material respect= accounting rerdS were not kept in respect of the charity as required by section 386 of the Companies Act 2006,. or the finan(yal statements do not accord with those records., or the financial statements do not C£smply with the accounting requirements of section 396 of the Companie5 Acl 2006 other than any requirement that the financial slalements give a true and fair view, which is not a matter considered as part of an independent examination., or the financial statements have nol been prepared in accordance with the methods and prtnciples of the stalemenl of Recommended Practice for accounling and reporting by tharit18s applicable lo charities preparing their financial stalements in accordan with the Finanoal Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). I have no nCernS and have come aGros5 no other matters in conneciion with th8 8xamination to which attenllon should be dra in this report in order to enable a proper understanding of the financial slalemenls to be reaGhed. Webb FCA For and on behalf of Edwards 34 High Street Aldridge Walsall Wesl Midlands WS9 8LZ Dale.. 2 L'zs
BRIDPORT ARTS CENTRE STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2025 Unrestricted Restrlcted funds funds 2025 2025 Total Unrestrictsd Restri¢ted funds funds 2024 2024 Total 2025 2024 Notes Income and endowments from: Donations and legacies Charitable aclivilies Other trading activities Investments Other income 203,527 307,366 27,881 1,028 1,049 17 12,536 203,544 319,902 27,881 1,028 1,049 100,430 272,368 22,493 1,481 281 50 9,655 100,480 282,023 22,493 1,481 281 Total income 540,851 12,553 553,404 397,053 9,705 406,758 Expenditure on: Raising funds Charitable activilies 14,328 571,041 14,328 577,629 8,200 486,147 8,200 498,758 6,588 12,611 Total expenditu 585,369 6,588 591,957 494,347 12,611 506,958 Net in¢omel{expendlture) and movement In funds (44,518) 5.965 (38,553) (97,294) {2,906) (100,200) Reconclliation of funds: Fund balances at 1 April 2024 87,606 5,470 93,076 184,900 8,376 193,276 Fund balances at 31 March 2025 43,088 11,435 54,523 87,606 5,470 93,076 The statement of finandal activitles indudes all gains and losses recognised in the year. All income and expenditure derlve from continuing activities.
BRIDPORT ARTS CENTRE BALANCE SHEET AS AT31 MARCH 2025 2025 2024 Notes Flxed assets Tangible assets 13 8,130 9,344 Current assets Stocks Debtors Cash al bank and in hand 14 15 5,260 51,693 25,377 6,409 45,106 48,190 82,330 99,705 Creditors: amounts falling due withln one year 16 135,937) (15,973) Net current assets 46,393 83,732 Total assets loss current liabilifjes 54,523 93,076 The funds of the Charity Restricted income funds Unrestricted funds 18 19 11,435 43,088 5,470 87,606 54,523 93,076 The company is entitled lo the exemplion from the audit requirement contained in section 477 of the Companies A 2006, for the year ended 31 Marth 2025. The directors acknowledge their responsibilities for complying with Ihe requirements of the Companies Act 2006 with respect lo a¢¢ounting re¢ords and the preparation of financial staléments. The members have not required the company to obtain an audit of its financial statements for the year in queslion in accordance with section 476. These financial statements have b8en prepared in accordance with the provisions applicable to companies subject to the small companies regime. The financial stalements were approved by the Trustees on G Jones Trustee CGPike Trustse Company registration number 03550280 (England and Wales)
BRIDPORT ARTS CENTRE STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2025 2025 2024 Nots8 Cash flows from operating activities Cash absorbed by operations 121,051) (118,27n Inv8sting activities Purchase of tangible fixed assets Inveslmenl income reiVed {2,790) 1,028 (2,367) 1,481 Net cash used in investing activities (1,762) (886) Net cash generated from financing activities Not decrease in cash and cash equivalents {22,813) (119,163) Cash and cash equivalents at beginning of year 48,190 167,353 Cash and cash equivalents at end of year 25,377 48,190 10-
BRIDPORT ARTS CENTRE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Accountlng pollcles Charity infomiation Bridport Arts Centre is a private company limited by guarantee incorporated in England and Wales. The registered office is 9 South Street, Bridport, DT6 3NR. 1.1 Accounting Convention The financial statements have been prepared in accordance with the charity's governlng document, the Companies Act 2006, FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Charities SORP 'Accounting and Reporting by Charities.. Statement of Recommended Practi applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ir8land (FRS 102)" The charily is a Public Benefit Entity as defined by FRS 102. The charity has taken advantage of the provisions in the SORP for charities not to prepare a statement of cash flows. The financial statements are prepared in sterling, which is the fvndional currency of the charity. Monetary amounls in Ihese financial statements are rounded to the nearest £. The financial statements have been prepared under the historical cost convention. Th8 principal accounting policies adopted are set out below. 1.2 Going concern The trustees consider that there are no mat8rial UnrtaIntieS about the charity's ability to continue as a going concern nor any significant areas of uncertainty that affect the carrying value of assets held by the charity. The financial oversight of the charity is overseen by a sub committee of Trustees. The finance committee and wider Trustee body are confident that the charity will continue to see improvement in our financial performance. The charity continues to work within the budgetary framework of the 2024 to 2027 business plan, moving from a significantly redUd deficil in 2024-2025, to a break-even position in 2025-2026, and a surplus in 2026- 2027. Scrutiny of the budgetary position show thal we are on target in terms of revenue with a lower deficit at year end, and an increase in our major revenue Ftems. Cash projelOn shows that all month's end with a positive cash balance. There has been a review of our overheads which has led to a significant saving in respect of our utillly ¢OSts. 1.3 Charitable funds Unrestricted funds are available for use at the discretion of the Trustees in furtheran of their charitable objectives. Restricted fLtnds are subject to specific conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements. 11
BRIDPORT ARTS CENTRE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 A¢¢ounting pollcles (Continued) 1.4 Income All income 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 re1vable Can be measured reliably. Donations and legacies Donations are Tecognised when the charily has been notified in writing of both the amounl and settlement date. In the event thal a donation is subject to conditions that require a level of performance by the charity before the charity Is enlltled to Ihe funds, the income is deferred and not recognised until either those conditions are fully met, or the fvlfilment 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 receivable Grants are recognised when the charity has an entitlement to the funds and any conditions linked to the grants have been mel. Where perfomiance conditions are attached to the grant and are yel to be met, the income is recognised as a liability and Induded on the balance sheet as deferred income to be released. Deferred income Deferred income represents amounts reiVed for future 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 must only be used in future accounting periods; or The donor has imposed conditions which must be met before the charity has unconditional entitlement. Donated seThicos and facilities Where services or facilities are provided to the charity as a donation that would nomially be purchased from our suppliers., this benefit is induded in the financial statements at 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 lo be sold. Gift ald Incoming resources from tax reclalms are includ8d in the Statement of Financial Activities at the same time as the gift to which they relate. Investment income Dividends are recognised once the dividend has been declared and notification has been reiVed of the dividend due. 1.5 Expenditure Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefil 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. Expendilure is classifiéd by activity. The costs of each adivity are made up of Ihe lotal of direct costs and shared costs, including support costs involved in undertaking each a¢tlvity. Dire¢t costs attributable to a slngle activity are allocated directly to that activity. Shared costs which contribLrte to more than one activty and support cosls 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 allocaled on the basis of time spenl, and depreciation ¢harges are allo¢aled on the portion of the asset's use. 12-
BRIDPORT ARTS CENTRE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Accountlng policles {Continued) Raising funds These are cosls incurred in attracting voluntary income, the management of investments and those incurred in trading activities that raise funds. Charitable activities Charitable expendilure comprises those costs incurred by the charlly In the delivery of its actlvities and services for its benafi¢iaries. It Includes both costs that can b8 allocated diredly to such activitiés and those costs of an indirect naturé necessary to support them. 1.6 Tangible fixed assets Tangible fixed sssets are initially measured at cost and subsequently measured at cost or valuation, net of depredation and any impaimient losses. Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases.. Furniture and equipment 330/0 reducing balan The gain or loss arising on the disposal of an asset is delemiined as the difference between the sale prOed8 and the carrying value of the asset, and is recognised in the statement of financial activities. 1.7 Impaimient of fixed assets At each reporting end date, the Charity reviews the carrying amounts of its tangiblé assels to determine whether there is any indication that those assets have suffered an impairment loss. If any such indi¢ation exists, the recoverable amount of the ass8t is estimated in order to determine the extent of the impaimient loss (if any). 1.8 Stocks Stocks are stated at the lower of cosl and estimated selling Pri less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour cosls and those overheads that have been incurred in bringing the stocks to their present location and condition. Items held for distrtbution at no or nominal consideration are measured the lower of replacement cost and cost. Net realisable value is the estimated selling price less all estimaled Costs of completion and costs to be incurred in marketing, selling and distribution. 1.9 Cash and Cash equivalents Cash and cash equivalents include cash in hand, deposits held at call wlth banks, other short-lerm liquid inveslments with origin81 m8lurilies of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities. 1.10 Flnanclal Instruments The charity has elected to apply the provisions of Section 11 'Basic Financial Instruments, and Section 12 'Other Financial Instruments Issues, of FRS 10210 all of its financial instruments. Financial instruments are recognised in the charily's balance sheet when the charlty becomes paty to the conlractual provisions of the Instrument. Financial assets and liabilities ar8 offset, with Ihe net amounls presented in the financial statements, when there is a legally enforceable right to set off the re¢ognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. 13-
BRIDPORT ARTS CENTRE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Accountlng policies (Continued} Basic financlal assets Basic financial assets, which include debtors and cash and bank balances, are initially measured al transaction pri including transaction costs and are subsequently carried at amortised cost using the effective interest method unless Ihe arrangement constitutes a financing transaction, where the transaction is measured at the presenl value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable withln one year are not amortised. Basic finan¢lal Ilabllltles Basic finan¢lal liabiltties, induding creditors and bank loans are inilially recognised at transaction price unless the affangement constitutes a financing transaction, where the debt inslrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised. 1.11 Taxation The charity is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable o)mpany for UK corporation tax purposes. Accordingly, the ¢harity is polentially exempt from taxation in respect of income or capital gains received within ¢ategories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent 'that such income or gains are applied exdusively to charitable purposes. 1.12 Employee benefits The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received. Temiination benefits are recognised immediately as an expense when the charity is demonstrably committed to t8rminate the employment of an employee or to provide temiination benefits. 1.13 Retirement benefits Payments to defined Contributlon retirement benefit schemes are charged as an expense as they fall due. 1.14 Government grants Govemment grants are recognised based on the accrual model and are measured at the fair value of th8 asset reiVed or receivable. Grants are classified as relating éither lo revenue or to assets. Grants relating to revenue are recognised in income over the period in which Ihe related cosls are recognised. Grants relating to assets are recognised over the expected useful life of the asset. Where part of a grant relating io an asset is deferred, il is recognised as deferred income. 14-
BRIDPORT ARTS CENTRE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Income from donations and legacies Unre8tr1cted Restricted funds funds 2025 2025 Total Unrestrictsd Restricted funds funds 2024 2024 Total 2025 2024 Donalions from individuals Gift aid reclaimed Government grants Regular giving and capital donations Sponsorship Membership fees 26,389 645 160,189 26,389 645 160,189 2,963 703 89,801 2,963 703 89.801 4,204 12,100 4,204 12,100 17 3,463 3,500 3,463 3,500 50 17 50 203,527 17 203,544 100,430 50 1(M),480 Income from charitsble activities Unrestricted Restrictsd funds funds 2025 2025 Total Unrestricted Restricted funds funds 2024 2024 Total 2025 2024 Performing arts and box office Bridport Prize Visual arts Cinema Education 77,874 193,656 7,247 26,781 1,808 77,874 206,192 7,247 26,781 1,808 59,689 174,215 3,157 32,742 2,565 59,689 183,870 3,157 32,742 2,565 12,536 9,655 307,366 12,536 319,902 272,368 9,655 282,023 Income from other tradlng acVItIeS Unrestrictsd Unrestricted funds funds 2025 2024 Cafe and bar income Arts centre hire 23,009 4,872 13,627 8,866 Other trading activities 27,881 22,493 15-
BRIDPORT ARTS CENTRE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Income from investments Unrestricted Unrestricted funds funds 2025 2024 Inter8St r8C8ivable on bank deposits 1,028 1,481 Other income Unrestricted Unrestrictsd funds funds 2025 2024 Misc income 1,049 281 Expenditure on ralslng funds Unrestricted Unrestricted funds funds 2025 2024 Staff costs Bar costs 2,892 11,436 3,232 4,968 14,328 8,200 16-
BRIDPORT ARTS CENTRE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Expendlture on charftable activities 2025 2024 Charitable activities Staff costs Communications and IT General office Utililies Insurance Bank charges and interest Premises Legal and professional Depreciation Marketing Independent examinels fee 277,369 190,394 21,824 2,990 29,488 4,489 5,753 21,921 8,477 4,004 9,520 203,852 187,937 21,732 7,744 20,182 4,022 6,493 18,578 7,377 4,603 15,014 11 1,400 1,424 577,629 498,758 Analysls by fund Unrestricted funds Restrictéd funds 571,041 6,588 486,147 12,611 577,629 498,758 Net movement in funds 2025 2024 The net movement in funds is stated afler chargingl(crediting): Fees payable for the independent examinatlon of the charily's financial statements Depreciation of owned tangible fixed assets 1,400 4,004 1,424 4,603 10 Trustees None of the Trustees (or any persons connected with them) received any remun8ration or benefits from the charity during the year. 11 Employees The monthly average number of persons (including senior management I leadership team) employed by the charity during the year expressed as full time equivalents was as follows.. 2025 Number 2024 Number 13 18 17
BRIDPORT ARTS CENTRE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 11 Employees (Continued) Employment costs 2025 2024 Wagés and salaries Social security ¢osts Other pension costs 184,525 6,688 2,073 183,631 5,910 1,628 193,286 191,169 Bridport Arts Centre has 9 permanent staff (5.6 FTE) and a number of duty managers, technicians and others whose numbers and hours vary depending on the programmed activity. There were no employees whose annual remuneration was more than £60,000. 12 Taxation The charity is exempt from taxation on its activities becaus8 all its income is applied for charitsble purposes. 13 Tanglble flxed assets Fumiture and gqulpm•nt Cost At 1 April 2024 Additions 26,826 2,790 At 31 March 2025 29,618 Depreclatlon and Impaimient At l April 2024 Depreciation charged in Ihe year 17,482 4,004 At 31 March 2025 21,486 Carying amount At 31 March 2025 8,130 At 31 March 2024 9,344 14 Stocks 2025 2024 Bar and Bridport Anlhology stock 5,260 6,409 18-
BRIDPORT ARTS CENTRE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 15 Debtors 2025 2024 Amounts falling due within one year: Trade deblors Other debtors 51,693 44,868 238 51,693 45,106 16 Creditors: amounts falllng due within one year 2025 2024 other laxation and social security Deferred income Trade creditors Other creditors Accruals 1,987 3,762 1,383 6,386 1,624 2,818 28,311 870 4,769 35,937 15,973 17 Retsment benefit schemes 2025 2024 Defined contribution schemes carge to profit or loss in respect of defined contribution schemes 2,073 1,628 The charity operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the charity in an independently administered fund. 18 Restricted funds The restricted funds of the charity comprise the unexpended balances of donations and grants held on Irust subject to specific conditions by donors as to how they may be used. At 1 Aprfl 2024 Incomlng Resources At 31 March resources expended 2025 Bridport Prize Membership fe8S 5,420 50 12,536 (6,588) 11,368 67 5,470 12,553 (6,588) 11,435 19-
BRIDPORT ARTS CENTRE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 18 Restncted funds {Contlnued) Prevlous year: At 1 Aprll 2023 Incomlng resources Resources At 31 March expended 2024 Bridport Prize Membership fees 8,376 9,655 50 (12,611) 5,420 50 8,376 9,705 (12,611) 5,470 Bridport Prize These are funds donated by participants in the Bridport Prize and are being used for bursaries to support entrants to the prize and the black writer residency. Membership Fees These are one-off fees paid by members on joining the charity and must be returned if they leave. 19 Unrestricted funds The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject lo specific ¢ondltions by donors and grantors as to how they may be used. At 1 April 2024 Incoming Resourcos At 31 March resources expended 2025 General funds 87,608 540,851 (585,369) 43,088 General funds 184,900 397,053 (494,347) 87,606 20 Analysis of net assets between funds Unrestricted funds 2025 Restricted funds 2025 Total 2025 At 31 March 2025: Tangible assets Current assets Current liabilities 8,130 70,895 (35,937) 8,130 82,330 (35,9371 11,435 43,088 11,435 54,523 -20-
BRIDPORT ARTS CENTRE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 20 Analysis of net assets between funds (Continued Unrestricted funds 2024 Restricted funds 2024 Totsl 2024 At 31 March 2024: Tangible assets Current assets Current liabililles 9,344 92,852 (14,590) 9,344 99,705 (15,973) 6,853 (1,383) 87,606 5,470 93,076 21 Operatlng lease commitments Lessee Al the reporting end date the charity had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows: 2025 2024 Wrthin one year Between and five years 1,858 5,621 1,CQ7 252 7,479 1,259 The Bridport Arts Cenlre building is occupied und8r a ten year lease temi lo 20 February 2030 charged at rent of £1 per annum rfdemanded. 22 Related party transactlons There wére no disclosable related party Iransactiorss during the year (2024 - none). 23 Members. liability The company is limited by guarantee, not having a share capital and consequenlly the liabiliiy of members is limited, subject to an undertaking by each member to contribute to the nét assets or liabilities of the company on winding up such amounts as may be required not exceeding £1. 21
BRIDPORT ARTS CENTRE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 24 Cash absorbed by operations 2025 2024 Deficit for the year {38,553) (100,200) Adjustments for.. Investment income recognised in statement of financial activities Depreciation and impairment of tangible fixed assets (1,028) 4,004 (1,481) 4,603 Movements in working capital.. De¢reasel{in¢rease) in stocks (Increase) in debtors Increasel(decrease) in Creditors (De¢rease)lincrease in deferred income 1,149 (6,58n 21,347 (1,383) (6,409) (1,7271 (13,178) 115 Cash absorbod by operntions (21,051) {118,277) 25 Analysis of changes In net funds At 1 Aprll 2024 Cash I10At 31 March 2025 Cash al bank and in hand 48,190 (22,813) 25,377 -22-