##
|||||Page|
|---|---|---|---|---|
|Reference and administrative|||details|1 —2|
|Report ofthe|trustees|||3
9|
|Independent|Auditor's|Report||10-12|
|Statement of|Financial|Activities||13|
|Balance Sheets||||14|
|Statement
of|Cash Flows|||15|
|Notes to the|Accounts|||16 —34|
|Charity number:|Charity number:|1080567||
|---|---|---|---|
|Company|number:|03908975||
|Registered|Office:|C/0 lrvin Mitchell LLP||
|||Riverside East||
|||2Millsands||
|||Sheffield||
|||South Yorkshire||
|||S3SDT||
|Auditors||UHY Ross Brooke||
|||Suite I||
|||Windrush
Court||
|||Abingdon
Business Park||
|||Abingdon||
|||OX14ISY||
|Bankers||National
Westminster|Bank|
|||30Market Place||
|||Newbury||
|||Berks||
|||RG14 5AJ||
|Solicitors||Irwin Mitchell Group||
|||Mercantile
House||
|||18London Road||
|||Newbury||
|||Berks||
|||RG14 IJX||
|Principal Office||Corn Exchange Newbury||
|||Market Place||
|||Newbury||
|||Berkshire||
|||RG14 5BD||
|Chief Executive Officer||KGriffiths||
|||JJhundoo-Evans||
|Secretary||Irwin Mitchell Secretaries Limited||
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
||||||Unrestricted|Designated|Restricted|Total Funds|Total Funds|
|---|---|---|---|---|---|---|---|---|---|
||||||Funds|Fuads|Funds|2023|2022|
|||||Note|f|||||
|Income:||||||||||
|Donations
and grants||||4|693,408|687|216,520|910,615|1,289,122|
|lncomePom
charitable||activities:||||||||
|Operation oftheatre|and|art centre||5|1,333,478|||1,333,478|1,086,417|
|Income from other trading activities:||||||||||
|Commercial
trading|operations|||7|238,352|||238,352|144,811|
|Investment
incoine||||6|5,198|||5,198|806|
|Total income|||||2,270,436|687|216,520|2,487,643|2,521,156|
|Expenditure:||||||||||
|Cost ofgenerating funds:||||7|107,265|||107,265|76,208|
|Commercial
trading|operations|||||||||
|Charitable
activities:||||7|2,056,875|56,864|211,293|2,325,032|2,373,239|
|Operation oftheatre|and|arts|centre|||||||
|Total expenditure|||||2,164,140|56,864|211,293|2,432,297|2,449,447|
|Net income / (expenditure)|||before||106,296|(56,177)|5,227|55,346|71,709|
|investment
gains / (losses)||||||||||
|Transfers between
funds||||21|(185,000)|185,000||||
|Other recognised
gains/losses:||||20|577,000|||577,000|192,000|
|Gains/fiosses)
on defined||benefit||||||||
|pension scheme||||||||||
|Net income
/ (expenditure)|||and net||498,296|128,823|5,227|632,346|263,709|
|movement
in funds|for|the|year|||||||
|Reconciliation offunds||||||||||
|Total Funds brought|forward||||315,071|544,360|180,876|1,040,307|776,598|
|Total funds carried|forward|||||||||
||||||813,367|673,183|186,103|1,672,653|1,040407|
##
||||Group|Group|Trust|Trust|
|---|---|---|---|---|---|---|
||||2023|2022|2023|2022|
|||Note|||||
|Fixed assets|||||||
|Tangible assets||13|362,309|394,783|352,654|394,783|
|Investments||14|||2|2|
|Total Fixed Assets|||362,309|394,783|352,656|394,785|
|Current
assets|||||||
|Stock||15|7,569|5,318|||
|Debtors||16|94,128|467,690|92,840|466,419|
|Cash at bank and in hand|||1,751,579|1,653,834|1,761,226|1,647,068|
|Total Current Assets|||1,853,276|2 126842|1,854,066|2,113,487|
|Liabilities|||||||
|Creditors
falling due within one year||17|459,318|816544|450,450|803,190|
|Net Current assets|||1,393,958|1,310,298|1,403,616|1,310,297|
|Creditors falling due after one year||17|5,614|9 774|5,614|9,774|
|Net assets excluding|pension||||||
|liabilty|||1,750,653|1,695,307|1,750,658|1,695/08|
|Pension scheme liability||20|(78,000)|(655,000)|(78,000)|(655,000)|
|Net assets including
liability|pension||1,672,653|1,040,307|1,672,658|1,040,308|
|The funds ofthe charity:|||||||
|Unrestricted
income funds||21|891,367|970,071|891,372|970,070|
|Designated
funds||21|673,183|544,360|673,183|544,361|
|Restricted income funds||21|186,103|180,876|186,103|180,877|
|Pension
fund surplus/(deficit)|||(78,000)|(655,000)|(78,000)|(655,000)|
|Total charity funds|||1,672 653|1040,307|1,672,658|1,040,308|
##
||||||Group|Group|Trust|Trust|
|---|---|---|---|---|---|---|---|---|
||||||2023|2022|2023|2022|
|||||Note|||f.||
|Cash used in operating|activities|||24|126,129|394,670|123,730|427,118|
|Cash flows from investing|||||||||
|activities|||||||||
|Interest income|||||5,198|806|5,198|806|
|Loss on fixed asset disposal||||||12,481||12,421|
|Purchase oftangible fixed assets|||||(26,924)|(24,403)|(8,110)|(24,403)|
|Cash provided
by (used
investing
activities|in)||||(21,726)|(11,116)|(2,912)|(11,176)|
|Cash flows from financing|||||||||
|activities|||||||||
|Proceeds/(repayment)
of|long-term||||||||
|borrowings|||||(6,660)|(6,660)|(6,660)|(6,660)|
|Cash used in financing|activities||||6
60|6660|6,660|6660|
|Increase/(decrease)
in cash||and cash|||||||
|equivalents
in the year|||||97,745|376,892|114,158|409,282|
|Cash and cash equivalents||at the|||||||
|beginning ofthe year|||||1,653,834|1,276,942|1,647,068|1,237,786|
|Total cash and cash equivalents
the end ofthe year|||at||1,751,579|1,653,834|1,761,226|1,647,068|
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
##
||||2023|2022|
|---|---|---|---|---|
|Income|||2,380,377|2,438,874|
|Expenditure|on charitable|activities|(2,325,032)|(2,373,239)|
|Gains/(loss)|on pension scheme||577,000|192,000|
|Net income|||632,345|257,635|
|Total funds|brought forward||1,040,308|782 673|
|Total funds|carried forward||1672658|1040308|
|Represented|by:||||
|Restricted income funds|||186,103|180,876|
|Unrestricted|income funds||1,486,555|859,432|
||||1672658|I 040308|
##
||2023|2022|
|---|---|---|
|Donations|156,746|168,911|
|Membership|22,231|19,420|
|Grants|731638|1,100,791|
||910,615|I 289122|
##
|ncome from|charitable
activities|||||
|---|---|---|---|---|---|
|||Restricted|Unrestricted|Total|Total|
|||funds|funds|funds|funds|
|||||2023|2022|
|Income from|films||96,254|96,254|42,127|
|Performance|grants and sponsorships||641,423|641,423|749,539|
|Rent, snd costs recharged|||442,711|442,711|218,755|
|Sales commissions|||79,363|79,363|50,546|
|Other related|income||73,727|73,727|25,450|
|Total income
|from charitable||1,333,478|1,333,478|1,086,417|
##
##
##
|alysis ofexpendi|ture
on charitabl|e
activities|||||
|---|---|---|---|---|---|---|
|||Designated
funds 8|Restricted
funds f|Unrestricted
funds|Total funds
2023|Total funds
2022|
|Live programme|costs|||7,151|7,151|7,277|
|Film costs||||52,382|52,382|20,572|
|Specific projects —productions||||118,426|118,426|100,200|
|Specific projects|- other||211,293|187,305|398,598|881,596|
|Marketing
and advertising||||107,240|107,240|105,651|
|Staffcosts||||1,067,450|1,067,450|766,774|
|Premises costs||56,864||136,696|193,560|140,773|
|Repairs and renewals||||97,197|97,198|136,755|
|General overheads||||156,659|156,659|96,025|
|Depreciation||||50,239|50,239|59,422|
|Support costs (see note 8)||||76,130|76,130|58,194|
|||56,864|211,293|2,056,875|2)325)032|2/73,239|
|he summary
fina|ncial performan|ce ofthe|subsidiary
alone is:|||
|---|---|---|---|---|---|
|||||2023|2022|
||||||8|
|Tultlovef||||238,352|144,811|
|Cost ofsales and|administrative|expenses||(107,265)|(76,208)|
|Amount
gifted to the Trust||||(131,087)|(62,528)|
|Net profit/(loss)|retained||||6,075|
|The assets and liabilities ofthe||subsidiary|were:|||
|Fixed assets||||9,655||
|Current assets||||8,874|13,356|
|Current liabilities||||(18,527)|(13,354)|
|Total net assets||||||
|Aggregate
share|capital and reserves|||||
##
##
||||Basis ofapportionment|General|Governance||
|---|---|---|---|---|---|---|
|||||support|function|Total|
|Audit and accountancy||fees|Governance||11,000|11,000|
|Professional|fees||Governance||37,345|37,345|
|Interest and|charges||General support|27,785||27,785|
|Total||||27,785|48,345|76,130|
##
##
|9|Net income/(expenditure)
for the year
This is stated atter charging:|||
|---|---|---|---|
|||2023|2022|
||Depreciation|50,669|59,422|
||Auditor's
remuneration:|||
||Audit fees|14,500|14,500|
|10|Analysis ofstaff costs, trustee remuneration|and expenses, and the costofkey management||
||personnel|||
|||2023|2022|
||Salaries and wages|961,304|687,246|
||Social security costs|70,293|46,186|
||Pension costs|31,451|26,582|
||Other staff costs|4,402|6,760|
|||1,067,450|766,774|
##
##
|||2023|2022|
|---|---|---|---|
|||No|No|
|Concert and|stage performers|||
|Management||||
|Administration||||
|Marketing||||
|Front ofHouse||14|12|
|Community|and Arts|||
|||48|45|
##
##
##
##
|3|Tangible|fixed assets —charity|(also comprising
that ofth|e group)|||
|---|---|---|---|---|---|---|
||||Plant ds|Assets Bought|Capital Refurb|Total|
||||machinery,|with Funding|Project||
||||fixtures, fittings||||
||||di equipment||||
||Cost:||||||
||As at|1 April 2022|647,475|247,891|287,428|1,182,794|
||Additions||10,085|8,110||18,195|
||Disposals||(24,383)||(2,541)|(26,924)|
||As at|31March 2023|633,177|256,001|284,887|1,174,065|
||Depreciation:||||||
||As at|1 April 2022|590,186|118,626|79,199|788,011|
||Charge for the year||16,821|22,957|10,891|50,669|
||Disposals||(24,383)||(2,541)|(26,924)|
||As at|31March 2023|582,624|141,583|87,549|811,756|
||Net book value:||||||
||As at|1April 2022|57,289|129,265|208,229|394,783|
||As at|31 March 2023|50,553|114,418|197,338|362,309|
|14|Investments||||||
|||||Shares in|Other|Total|
||Charity|||subsidiary|investments||
|||||undertakings|||
||Cost;||||||
||As at|1 April 2022|||||
||Movement||||||
||As at|31March 2023|||||
||Group|||Shares in|Other|Total|
|||||subsidiary|investments||
|||||undertakings|||
||Cost:||||||
||As at|1 April 2022|||||
||Movement||||||
||As at|31 March 2023|||||
##
##
##
|||||Group||Trust||
|---|---|---|---|---|---|---|---|
|||||2023|2022|2023|2022|
|Goods|held|for|resale|7,569|5,318|||
|||||7,569|5,318|||
##
||||Group|||Trust||
|---|---|---|---|---|---|---|---|
|||2023||2022|2023||2022|
|Trade debtors||60,968||238,669|60,968||238,689|
|Other debtors||1,411||187,354|123||186,066|
|Prepayments|&,accrued income|31,749||41,664|31,749||41,664|
|Amounts
due|from subsidiary|||||||
|undertaking||||||||
|||94,128||467,690|92,840||466,419|
##
|reditors: amounts
falling due withi|n one year||||||
|---|---|---|---|---|---|---|
|||Group|||Trust||
||2023||2022|2023||2022|
|Trade creditors|82,360||200,604|76,504||190,808|
|Other creditors &.accruals|44,766||147,449|42,207||143,999|
|Deferred income (note 19)|328,175||461,831|327,722||461,723|
|Other loans|4,017||6,660|4,017||6,660|
|Taxation &social security|||||||
||459,318||816,544|450,450||803,190|
##
||||Group|||Trust||
|---|---|---|---|---|---|---|---|
|||2023||2022|2023||2022|
|Other|loans|5,614||9,774|5,614||9,774|
|||5,614||9,774|5,614||9,774|
##
##
|rrowings|||||
|---|---|---|---|---|
||||Trust|Trust|
||||2023|2022|
|Repayable|within|I year|4,160|6,660|
|Repayable|within|5 years|5,614|9,774|
|Repayable|after 5|years|||
||||9,774|16,434|
##
##
||||Group|Trust|
|---|---|---|---|---|
||||f.||
|Balance|as at I April 2022||461,831|461,723|
|Amount|released to income earned &om charitable|activities|(461,831)|(461,723)|
|Amount|deferred in year||328 150|327,696|
|Balance|as at 31March 2023||328,150|327,696|
##
##
##
##
##
##
|Changes in th|e defined benefit obligation
are as follows:||
|---|---|---|
|||2023|
|||8'000|
|Present value|at start ofyear|(1,735)|
|Current service cost||(17)|
|Interest cost||(45)|
|Actuarial
gains and losses||700|
|Experience gain/(loss)
on defined benefit obligation||(76)|
|Benetits paid||15|
|Contributions|by scheme participants|~2|
|Present value|at end ofyear|1 160|
##
|||||2023|
|---|---|---|---|---|
|||||g'000|
|Fair value at start ofyear||||1,080|
|Interest income||||28|
|Return
on plan assets, excluding|amounts|included|in interest income/(expense)|(28)|
|Administration
expenses||||(I)|
|Employer contributions
Contributions
by scheme participants
Benefits paid||||16
2
~15|
|Fair value at end ofyear||||I 082|
||||2023|2022|
|---|---|---|---|---|
||||K'000|8'000|
|Current|service cost||(1'/)|(16)|
|Contributions||by employer|16|15|
|Other finance||income/(cost)|17|113|
|Actuarial|(losses)/gains||577|80|
||||593|192|
##
##
|The major categories ofscheme assets are as follows:|||
|---|---|---|
||2023|2022|
||0/||
|Cash and cash equivalents|||
|Equity instruments|62|62|
|Other bonds|14|16|
|Property|13|12|
|Target return portfolio|||
|Infrastructure|14|12|
|Longevity
insurance||~5|
||100|100|
|Return on scheme assets|||
||2023|2022|
||0'000|0'000|
|Return
on scheme assets|27|15|
##
|The principal
actuarial
assumptions
at the balance sh|eet date are as follows:||
|---|---|---|
||2023|2022|
|Discount rate|4.80|2.60|
|Future salary increases|3.95|4.20|
|Future pension increases|2.95|3.20|
##
|||||2023|2022|
|---|---|---|---|---|---|
|||||Years|Years|
|Current|UK pensioners|at retirement|age -male|21.10|21.00|
|Current|UK pensioners|at retirement|age - female|23.90|24.00|
|Future|UK pensioners|at retirement|age - male|22.30|23.00|
|Future|UK pensioners|at retirement|age -female|25.30|25.00|
##
##
|nalysis ofmovem|ents
in unrestricted|funds|||||
|---|---|---|---|---|---|---|
||Balance I|Income|Expenditure|Gains and|Transfers|Funds 31|
||April 2022|||losses||March|
|||||||2023|
|General fund|970,071|2,270,436|(2,164,140)||(185,000)|891,367|
|Pension|(655,00Q)|||577,0QQ||(78,000)|
|asset/(deficit)|||||||
|Total|315,071|2,270,436|(2,164,140)|577,000|(185,000)|813,367|
##
||Balance 1|Income|Expenditure|Gains and|Transfers|Funds 31|
|---|---|---|---|---|---|---|
||April|||losses||March|
||2021|||||2022|
|General fund|978,239|2,203,340|(2,076,508)||(135,000)|970,071|
|Pension|||||||
|asset/(deficit)|847,000|||192,000||(655000|
|Total|131,239|2,203,340|(2,076,508)|192,000|(135,000)|315,071|
##
|nalysis ofmovemen|ts
in designated|funds|||||
|---|---|---|---|---|---|---|
||Balance 1|Income|Expenditure|Gains and|Transfers|Funds 31|
||April 2022|||losses||March|
|||||||2023|
|Learning
Projects|43,500|||||43,500|
|Repairs and
replacement|50,000||(33,427)|||16,573|
|Future Fund|260,920||||185,000|445,920|
|Covid recovery
fund|70,750|||||70,750|
|Cinema and Bar
upgrade|55,000|687|(687)|||55,000|
|101Funds|52,000||(22,750)|||29,250|
|Green Shoots|2,190|||||2,190|
|ITcosts|10,000|||||10,000|
|Total|544,360|687|(56,864)||185,000|673,183|
##
##
||Balance 1|Income|Expenditure|Gains and|Transfers|Funds 31|
|---|---|---|---|---|---|---|
||April|||losses||March|
||2021|||||2022|
|||||||g'000|
|Learning|||||||
|projects|43,500|||||43,500|
|Repairs and|||||||
|replacement|50,000|||||50,000|
|Future Fund|242,920||||18,000|260,920|
|COVID|||||||
|recovery fund|75,000||(4,250)|||70,750|
|Cinema and Bar|||||||
|upgrade|||||55,000|55,000|
|101Funds|||||||
||||||52,000|52,000|
|Green Shoots|||||||
|||2,190||||2,190|
|ITcosts|||||10000|10000|
|Total|411,420|2,190|(4,250)||135,000|544,360|
##
##
##
||||Balance 01|Income|Expenditure|Transfers|Funds 31|
|---|---|---|---|---|---|---|---|
||||April 2022||||March|
||||||||2023|
||||||||g|
|Outdoor events|||6,030||||6,030|
|Evolve||||||||
||||54,272|36,591|(76,070)||14,793|
|Learning
and
development|projects||54,725||||54,725|
|Careers in the arts||||54,000|(14,173)||39,827|
|Ageing creatively|||15,447|73,409|(82,537)||6,319|
|Independent|cinema|||3,613|(3,613)|||
|101|||22,000||(22,000)|||
|Capital funding||||48,907|(12,900)||36,007|
|library||||||||
|Other restricted||fund|28,403||||28,403|
|Total|||180,876|216,520|(211,293)||186,103|
##
##
|||Balance 1|Income|Expenditure|Transfers|Funds 31|
|---|---|---|---|---|---|---|
|||April||||March|
|||2021||||2022|
|Outdoor events||6,030||||6,030|
|Evolve||59,772||(5,500)||54,272|
|Ageing creatively|||75,308|(59,861)||15,447|
|101|||22,000|||22,000|
|Evolve||14,183|72,020|(31,478)||54,725|
|Ambition|for|125,550|150,000|(275,550)|||
|excellence|||||||
|Other restricted||28,403||||28,403|
|funds|||||||
|Total||233,938|319,328|372,389)||180,877|
##
##
||General fund|Designated|funds|Restricted|Total|
|---|---|---|---|---|---|
|||||funds||
|Fixed assets|362,309||||362,309|
|Cash at bank and in hand|892,293|672,496||186,790|1,751,579|
|Long tenn liabilities|(5,614)||||(5,614)|
|Pension Scheme deficit|(78,000)||||(78,000)|
|Other net current|(357,621)||||(357,621)|
|assets/(liabilities)||||||
|Total|813,367|672,496||186,790|1,672,653|
|nalysis ofgroup net assets between|funds —previous|year||||
||General fund|Designated|funds|Restricted|Total|
|||||funds||
|Fixed assets|394,783||||394,783|
|Cash at bank and in hand|928,600|544,360||180,876|1,653,836|
|Long term liabilities|(9,774)||||(9,774)|
|Pension scheme deficit|(655,000)||||(655,000)|
|Other net current||||||
|assets/(liabilities)|(343,537)||||(343,537)|
|Total|315,072|544,360||180,876|1,040,308|
##
##
|cellable
operating
leases, which fall d|ue as follows:||||||
|---|---|---|---|---|---|---|
|||Group|||Trust||
||2023||2022|2023||2022|
|||||||g|
|Within one year|22,500||58,383|22,500||58,383|
|Between two aud five years|15000|||15000|||
||37,500||58,383|37,500||58,383|
##
##
##
|ReconciTiation ofnet movement|ReconciTiation ofnet movement|in funds to net cash flow|from operating|activities|||
|---|---|---|---|---|---|---|
||||Group|||Charity|
|||2023f||2022|2023
f|2022
f|
|Net movement
in|funds|632,346||263,709|632,350|257,635|
|Add back depreciation
charge||50,669||60,157|50,239|59,422|
|Dividends,
interest|and rents from||||||
|investments||(5,198)||(806)|(5,198)|(806)|
|(Increase)/decrease|in stocks|(2,251)||(839)|||
|Decrease/(increase)|in debtors|363,576|(139,165)||373,579|(139,225)|
|Increase/(decrease)|in provisions|(577,000)|(192,000)||(577,000)|(192,000)|
|Increase/(decrease)|in creditors|336013||403,614|350240|442,092|
|||126,129||394,670|123,730|427,118|