2024-02-29-accounts

Company registration number: 03901677 Charity registration number: 1082208

Flavel Centre Trust

(A company limited by guarantee) Annual Report and Financial Statements for the Year Ended 29 February 2024

Flavel Centre Trust

Contents

Reference and Administrative Details	1
Trustees' Report	2 to 11
Independent Examiner's Report	12
Statement of Financial Activities	13
Balance Sheet	14
Notes to the Financial Statements	15 to 27

Flavel Centre Trust

Reference and Administrative Details

Trustees	A Green, Chair
	L Ellwood
	I McCall
	F Davidson
	A Dalton
	K Raffael
	J Dodd
	I Downing, Treasurer
	P Smith
	T Wills
Secretary	K Raffael
General Manager	L Turner
Charity Registration Number	1082208
Company Registration Number	03901677
	The charity is incorporated in England and Wales.
Registered Office	Flavel Place
	Dartmouth
	Devon
	TQ6 9ND
Independent Examiner	Westcotts (SW) LLP
	Chartered Accountants
	Petitor House
	Nicholson Road
	Torquay
	Devon
	TQ2 7TD

Page 1

Flavel Centre Trust

Trustees' Report

The trustees, who are directors for the purposes of company law, present the annual report together with the financial statements of the charitable company for the year ended 29 February 2024.

Structure, governance and management

The charity's governing document is by way of the Memorandum of Articles of Association, and it is a company limited by guarantee.

The trustees recognise that they are responsible for the good standing of the Trust, the safe management of its assets, the strategy for its future development and all key policy decisions.

The following committees have formally reported to and provided support to the Board during the period.

Management Committee

Chaired by the General Manager, comprising of two trustees and two members of the management team. Trustees with specific portfolios are invited to attend or may request to attend subject to the agenda. The Committee's function is to oversee the day-to-day operation and management of the Trust's activities in accordance with the general strategy, principles and policy and specific instructions and decisions of the Board. It meets monthly or more frequently as necessary.

Flavel Community Forum (formerly the Flavel Management Advisory Committee)

Chaired by a trustee and comprising other trustees, representatives of management, local authorities and community stakeholder groups, this committee serves as an advisory and support group for the trustees with respect to the overall activities of the Trust in the context of the community. It meets two or three times a year as appropriate.

Compliance Committee

Chaired by a Trustee, two other Trustees and the General Manager, this committee reviews compliance by the Trust with its legal, contractual and governance obligations and responsibilities, including the Charity Governance Code.

Fundraising Committee

Chaired by a trustee and comprising at least three other trustees and ad hoc members from time to time, this committee assists the board with fundraising initiatives and activities.

Finance Committee

Chaired by the treasurer and comprising at least two other trustees and the general manager, this committee is responsible for budget preparation and financial management policy.

Page 2

Flavel Centre Trust

Trustees' Report

Membership Committee

Chaired by a trustee and composed of trustees and members, the committee is responsible for the recruitment of new trustees and members. New trustees receive a briefing on their legal obligations under charity and company law, the content of the Memorandum and Articles of Association, the committee and decision-making processes, the business plan and recent financial performance of the charity, whilst also meeting key employees. They receive copies of all governing documents and agreed policies.

Directors and Trustees

The directors of the charitable company (the Trust) are its trustees for the purpose of charity law and throughout this report are collectively referred to as the trustees.

The trustees, who are also the appointed charity trustees, have control of the charity and its property and funds. The number of trustees must consist of at least three, but not more than twelve individuals, all of whom must be members. Membership of the Trust is open to any individual or organisation interested in promoting its objects and who applies to and is approved by the trustees.

The trustees who served during the year are listed on page 1.

In accordance with the Articles of association, one third of the Board of Trustees retired at the annual Retirement Meeting and offered themselves for re-election.

The trustees receive no remuneration or benefits.

Trustee recruitment

There is a Trustee Recruitment Committee, with a number of avenues for recruitment;

• Direct recruitment (if individual trustees think someone would be suitable).

• Holding an open evening for any interested parties to find out more.

• Promoting the role of trustee within our Flavel Friends (600+ members).

Once someone is interested, they are invited to apply to the chair of the Trustee Recruitment Committee and are invited for an interview. It is encouraged that this be a two-way conversation and are keen to ensure that the charity is right for them as well as being suitable for the role. They are offered an associate trustee role and they are invited to join meetings as an observer. After a few meetings if the trustees are happy, they are suitable and they are aware of the commitment, role, and responsibilities, they are formally proposed as a full trustee. Once approved they receive a contract and key documentation, including the Charity Governance Code.

Risk Management Policy

The Trust undertakes a six-monthly risk review.

The major risks to which the charity is exposed have been reviewed by the trustees during the year. The major opportunities and risks or threats to the continuance of the trust's operations have been identified and systems established where possible to mitigate the risks.

Page 3

Flavel Centre Trust

Trustees' Report

Reserves Policy

At least annually, the Trust reviews its reserves and working capital requirements in detail. Most of our major capital equipment is over ten years old and much of it will need replacement during the next ten years. The Trust has carried out a comprehensive review of replacement costs and lifetimes of major assets. Meanwhile, the Trust aims to transfer any surplus each year to the Asset Replacement Fund with the long-term aim of amassing a fund sufficient to replace all our asset needs. As at 29 February 2024 there are free unrestricted reserves of £80,771 (2023 - £95,575), which is the value of the net current assets from the balance sheet on page 14.

Investment Policy

The Trust does not hold any investments other than in the form of short notice bank deposit accounts.

Objectives and activities

In setting the objectives, activities and planning, the trustees of the charity have given careful consideration in regard to the Charity Commission's guidance on public benefit. The Trust's primary purpose is to provide the facilities of a community arts centre at Dartmouth, Devon, in order to promote the advancement of education, in the performing arts in all forms including film, music, theatre and talks, and by provision of space for a public library and associated facilities. The Flavel Centre also provides meeting and function rooms, together with associated catering facilities, to meet the needs of local societies and individuals.

The Trust's objectives in the year in pursuit of its primary aims were to offer an attractive range of events and films with a high educational content at accessible prices to a wide range of age groups and social backgrounds.

Chair's report - achievements and performance

This report covers the period from 1st March 2023 to the end of February 2024 and also looks ahead to the prospects for the current year.

Overview

Last year we faced a huge financial challenge and were concerned for the future of The Flavel. In order to support our business plan and to navigate the external factors which were beyond our control like inflation, the Ukraine war and unprecedented fuel prices we launched the Weathering the Storm (WTS) appeal. We reached our target for WTS in August 2023 and along with increased revenues and careful budgeting we have finished this year with a small deficit which though not ideal, means we can plan ahead.

Audience figures are slowly increasing though film remains challenging. We reduced the number of times we show a film in a week and this seems to have focussed the audience around attendance without any detrimental feedback. The Dartmouth Film club which met at the Guildhall has folded and we offer Talk Film, a book club but for film. It is early days but proving popular. The Film Distributer Association (FDA) indicate that 82% of audiences have returned after Covid but of those, 40% are attending less frequently. Film marketing budgets have been cut and 1 in 3 people surveyed by FDA say they have no idea what is being released, which means we need to work harder at marketing.

Page 4

Flavel Centre Trust

Trustees' Report

We recognise that we need a range of events but need to be mindful of saturating the market with one type of event.

Live events continue to attract good audience numbers and we have included more tribute bands where the audience includes those prepared to travel from across South Hams. Folk@theFlavel and the International Classical Series continue to be popular. Attempts to follow this model for jazz, did not attract interest and Dartmouth has a number of smaller venues offering jazz.

We continue to diversity our offer and ensure that each event maximises the potential through marketing, added value and a quality audience experience. By concentrating on quality and targeted marketing we ensure that those events are a financial success and there is less wasted staff time and costs which are disproportionate when running smaller unprofitable events.

As you are aware we have very few paid employees and largely rely on volunteers for the box office, bar, auditorium and so much more. We have an ongoing recruitment programme and currently have approximately 81 volunteers (of those 58 including 5 Trustees, are regularly active).

We are moving to a new method of engaging with volunteer activity where volunteers book online for duties like bar and stewarding. This is managed by a volunteer administrator and will make the process smoother, accessible and reliable. The digital booking system is now the norm in society for booking tickets, sports activities and travel. We will save staff time, reflect a modern organisation and improve our efficiency and accuracy.

Price increases took place for tickets, the bar, café and room bookings. This followed a review of our competitors and as a response to our rising costs. Room bookings have increased with an average of 58 bookings per month.

Business Performance

In order to tackle the ongoing challenges the Trustees working with the staff have formulated and agreed an operational business plan to measure and drive activity.

The business plan has addressed all areas of business and has forecast our expected performance on a monthly basis. This working document will inform and guide our decisions. The budget is balanced but still includes a substantial contribution from donations, fundraising and grants.

Based upon a recent strategic review and planning ‘away day’ we have formed three new working groups in order to inform the business; brand/aims/purpose, marketing and the building.

Board of Trustees

Paul Sterry retired as a Trustee and Treasurer at the end of February 2023. Thanks to Paul for steering us through a difficult period. Ian Downing who joined the Trustee Board in November 2023 has taken on the role of Treasurer. Paul Smith joins the Board in April and Trevor Wills moves to full Trustee from Associate Trustee. Val Bird resigned as Trustee and we thank her for her many years work as both Trustee and volunteer.

Existing Trustees are Francis Davidson, Lindsay Ellwood, Iain McCall, Andrew Dalton and Kingsley Raffael (Company Secretary)

The Board and Management Committee have secretarial support from Julie Downing and Pamela Nicholson.

Page 5

Flavel Centre Trust

Trustees' Report

We are delighted that John Suchet, journalist, broadcaster and classical music expert has agreed to be our Patron.

Staffing

The Trustees reviewed the staff structure to ensure that it was fit for purpose and would be best placed to support the business plan.

Lesley Turner, General Manager, manages the staff. We have 6.45 FTE staff on permanent contracts with Lesley and Tara in full time posts and remaining staff on fractional posts. In order to maintain a differential between those on minimum wage and other staff and to recognise inflation, a 5% pay rise was approved from April 2024.

Staffing continues to be a challenge especially as we are growing our operation but until we can be assured of a stable and growing income stream, Trustees will keep the situation under review. Where temporary hours were in place we have made some reductions and some roles have been reallocated to provide the best skill mix. As volunteer recruitment has increased we will continue to engage with operational tasks to relieve staff time.

Café

The café is now open each weekday and the range of locally sourced, largely homemade food is well received. Pre-show suppers, winter warmers and catering for private functions continue to bringing additional income. The café is breaking even but we need to increase the number of covers and are looking at solutions.

Community

The Flavel Friends scheme continues to make an important contribution in terms of support and funding. We have increased the annual fee and reviewed the marketing material.

We continue to develop our community offering with a range of events and activities. The library with its ‘warm area’ initiative has been welcomed and we have hosted surgeries for the local MP and Citizens Advice Bureau.

With Dartmouth Academy and Doorstep Arts Theatre (supported by grants) we have hosted workshops and we are the venue for the GCSE final year art show. Together with Dartmouth Youth Club we have provided complimentary film showings along with a discount card for other showings.

We have continued to develop our relationships with existing festivals in the town. The auditorium will be used by Dartmouth Food festival to host one of their keynote speakers. Regatta are holding their ball at the Flavel and we are once more partners for the Dartmouth Music Festival with The Flavel as a venue. We benefited from food and drink sales with the bar, café and beer bar operating throughout the weekend.

We have a brand new festival this year, the Dartmouth Book festival. This is being held in September in partnership with the library, community book shop and independent book shop. If successful, we hope that it becomes an annual event.

Our meeting rooms continue to be popular for various groups and organisations.

Page 6

Flavel Centre Trust

Trustees' Report

Conclusion

The Board of Trustees has committed to a business plan that should see an increase revenue, maintenance of a healthy reserve and greater accountability month by month on performance.

I would like to thank my fellow Trustees for their contributions over this year as Trustees but also for the many volunteer roles they have undertaken in order to assist in day to day operations. The General Manager and her staff work hard and accept the levels of flexibility that the roles demand and together with the contributions of our excellent volunteers it is evident that people are at the heart of The Flavel.

Ann Green Chair of Trustees

Page 7

Flavel Centre Trust

Trustees' Report

Treasurer’s Report

To summarise the financial result before depreciation at the end of the financial year 2023/24 is that there was a deficit which amounted to 2% of earned income, but what is of more interest moving forward is the changes that analysis allow us to observe. The focus is on cost centres which show significant variation and where the impact of changes has had, and will in the future have, on organisational performance:

Earned revenue increased by 16% in comparison with the previous year as audiences grew in confidence after the Covid years. However, when this is analysed, we can see that live and film events only grew by 7%, in which cost centre, film did not perform well. Growth in income from the café and bar refreshments increased by 32%, and a large increase in cost recovery recharges from the Library of 56% also had an impact.

The costs of sales remained stable, only showing a small increase over the year which meant that the gross surplus showed a 29% increase, although again, closer analysis shows that café and refreshment costs increased by 27%, a reflection of greater activity in this sector which still demonstrated a contribution from this area of operation, after a slow build up.

Fixed costs showed an overall increase of 7%, led by sharply increased energy costs which jumped by 88%. Staffing is considered as being at a high level, especially when compared with top line, where costs are approximately 90% of gross profit while other fixed costs are 67%.

These changes have resulted in a reduction of the operating deficit by 20%.

Some of these factors can be seen as being positive were it not that the actual operating deficit was £104K which is 33% of earned revenue. The deficit has been almost completely made up as a result of increased efforts to raise unearned income through a mixture of local charitable giving, fundraising activities and grant applications for specific activities. In particular, an appeal named Weathering the Storm, (branded as a recovery after Covid) raised £25K, which was match funded by a supporting local trust fund, the Hadley Trust who have given annual donations over the years, and were able to provide additional support for the WTS Appeal. The question remains for future years that there is a much-reduced chance of achieving sufficient grant support for core costs, as grants are being typically focussed on special needs such as deprivation, inclusion, and children and young people, and the special efforts of Trustees and Members in raising funds through a special appeal, may not be repeated.

In addition to the above analysis, it can be seen that over the last few years, deficits have meant that reserves are being reduced, and the deficit in 2023/24 has continued this reduction in reserves. The fund that had been established to allow the Flavel Trust to prepare for necessary expenditure on replacement of key equipment, in a more or less planned manner, and the regular reduction in the reserves should be seen as a vulnerability. The Trust has reduced its reserves (shown in the accounts as “Free Unrestricted Funds”) by £14,804 in 2023/24, after the previous year’s fall of £57,721.

The future requires more specific focus on increasing earned revenue, with careful programme selection and increased marketing and promotion to ensure increased gross surplus margins. Set against this must be every effort to ensure fixed costs are controlled and reduced where possible to be effective and efficient. Unearned income will continue to be part of the mix, but focus must be made on effective grant attracting projects, and greater efforts to attract local support in terms of sponsorship and fundraising.

Page 8

Flavel Centre Trust

Trustees' Report

Work is in progress to consider alternative operating practices (a “Plan B”). The opportunity of the Flavel’s twentieth birthday may offer opportunities for increased fundraising while progress is made to the balancing of the operating surplus/deficit.

Ian Downing Treasurer

Page 9

Flavel Centre Trust

Trustees' Report

Trustees and officers

The trustees and officers serving during the year and since the year end were as follows:

Trustees: A Green, Chair L Ellwood I McCall F Davidson C Webster (resigned 17 May 2023) A Dalton V Bird (resigned 21 December 2023) P Sterry (resigned 8 May 2024) K Raffael N Riley (resigned 23 May 2023) J Dodd (appointed 18 May 2023) I Downing, Treasurer (appointed 16 November 2023) P Smith (appointed 23 April 2024) T Wills (appointed 23 April 2024) Secretary: K Raffael General Manager : L Turner

Page 10

Flavel Centre Trust

Trustees' Report

Statement of trustees' responsibilities

The trustees (who are also the directors of Flavel Centre Trust 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". The report and accounts have been prepared in accordance with the provisions in the Companies Act 2006 relating to small companies.

Company law requires the trustees to prepare financial statements for each financial year. Under company law the trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including its income and expenditure, of the charitable company for that period. In preparing these financial statements, the trustees are required to:

• select suitable accounting policies and apply them consistently;

• observe the methods and principles in the Charities SORP;

• make judgements and estimates that are reasonable and prudent;

• state whether 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 charitable company will continue in business.

The trustees 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 to ensure that the financial statements 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 fraud and other irregularities.

The trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company's website. Legislation governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

Small companies provision statement

This report has been prepared in accordance with the small companies regime under the Companies Act 2006.

The annual report was approved by the trustees of the charity on 22 July 2024 and signed on its behalf by:

......................................... A Green Trustee

Page 11

Flavel Centre Trust

Independent Examiner's Report to the trustees of Flavel Centre Trust ('the Company')

I report to the charity trustees on my examination of the accounts of the Company for the year ended 29 February 2024.

Responsibilities and basis of report

As the charity’s trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 (‘the 2006 Act’).

Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity’s accounts as carried out under section 145 of the Charities Act 2011 (‘the 2011 Act’). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.

Independent examiner’s statement

Since the Company's gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of , which is one of the listed bodies.

I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:

1. accounting records were not kept in respect of Flavel Centre Trust as required by section 386 of the 2006 Act; or

2. the accounts do not accord with those records; or

3. the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a ‘true and fair view' which is not a matter considered as part of an independent examination; or

4. the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities [applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)].

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.

...................................... S R Smith FCA Westcotts Chartered Accountants Petitor House Nicholson Road Torquay Devon TQ2 7TD

2 August 2024

Page 12

Flavel Centre Trust

Statement of Financial Activities for the Year Ended 29 February 2024 (Including Income and Expenditure Account and Statement of Total Recognised Gains and Losses)

		Unrestricted		Restricted		Total		Total
		funds		funds		2024		2023
	Note	£		£		£		£
Income and Endowments	from:
Donations and legacies	3	98,296		-		98,296		53,392
Other trading activities	4	286,790		-		286,790		253,021
Investment income	5	937		-		937		462
Other income	6	25,354		-		25,354		42,549
Total income		411,377		-		411,377		349,424
Expenditure on:
Raising funds	7	418,906		15,829		434,735		419,879
Charitable activities	8	5,983		-		5,983		3,900
Total expenditure		424,889		15,829		440,718		423,779
Net expenditure		(13,512)		(15,829)		(29,341)		(74,355)
Net movement in funds		(13,512)		(15,829)		(29,341)		(74,355)
Reconciliation of funds
Total funds brought forward		108,124		1,444,233		1,552,357		1,626,712
Total funds carried forward	19	94,612		1,428,404		1,523,016		1,552,357

All of the charity's activities derive from continuing operations during the above two periods. The funds breakdown for 2023 is shown in note 19.

The notes on pages 15 to 27 form an integral part of these financial statements. Page 13

Flavel Centre Trust

(Registration number: 03901677) Balance Sheet as at 29 February 2024

		2024		2023
	Note	£		£
Fixed assets
Tangible assets	14	1,442,245		1,456,782
Current assets
Stocks	15	3,065		3,166
Debtors	16	25,373		25,282
Cash at bank and in hand	17	114,926		135,465
		143,364		163,913
Creditors: Amounts falling due within one year	18	(62,593)		(68,338)
Net current assets		80,771		95,575
Net assets		1,523,016		1,552,357
Funds of the charity:
Restricted income funds
Restricted funds		1,428,404		1,444,233
Unrestricted income funds
Unrestricted funds		94,612		108,124
Total funds	19	1,523,016		1,552,357

For the financial year ending 29 February 2024 the charity was entitled to exemption from audit under section 479A of the Companies Act 2006 relating to subsidiary companies.

Directors' responsibilities:

• The members have not required the charity to obtain an audit of its accounts for the year in question in accordance with section 476; and

• The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

The financial statements on pages 13 to 27 were approved by the trustees, and authorised for issue on 22 July 2024 and signed on their behalf by:

......................................... I Downing Trustee

The notes on pages 15 to 27 form an integral part of these financial statements. Page 14

Flavel Centre Trust

Notes to the Financial Statements for the Year Ended 29 February 2024

1 Charity status

The charity is limited by guarantee, incorporated in England and Wales, and consequently does not have share capital. Each of the trustees is liable to contribute an amount not exceeding £10 towards the assets of the charity in the event of liquidation.

The address of its registered office is: Flavel Place Dartmouth Devon TQ6 9ND

2 Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)) (issued in October 2019) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

Basis of preparation

Flavel Centre Trust meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy notes.

Going concern

The trustees consider that there are no material uncertainties 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.

Exemption from preparing a cash flow statement

The charity opted to early adopt Bulletin 1 published on 2 February 2016 and have therefore not included a cash flow statement in these financial statements.

Page 15

Flavel Centre Trust

Notes to the Financial Statements for the Year Ended 29 February 2024

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. The key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year is depreciation.

Income and endowments

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 receivable can be measured reliably.

Donations and legacies

Income from donations is recognised when there is evidence of entitlement to the gift, receipt is probable, and its amount can be measured reliably. Legacy income is recognised when receipt is probable, and entitlement is established. In the event that a donation is subject to conditions that require a level of performance by the charity before the charity is entitled to the funds, the income is deferred and not recognised until either those conditions are fully met, or the fulfilment of those conditions is wholly within the control of the charity and it is probable that these conditions will be fulfilled in the reporting period.

Grants receivable

Income from grants is recognised when there is evidence of entitlement to the gift, receipt is probable, and its amount can be measured reliably.

Other trading activities

Income from contracts for the supply of services is recognised with the delivery of the contracted service. This is classified as unrestricted funds unless there is a contractual requirement for it to be spent on a particular purpose and returned if unspent, in which case it may be regarded as restricted. The turnover of the amount derived from the provision of goods and services is stated after trade discounts, other sales taxes and net of VAT.

Expenditure

All expenditure is recognised once there is a legal or constructive obligation to that expenditure, it 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 costs cannot be directly attributed to particular headings they have been allocated on a basis consistent with 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.

Raising funds

These are costs incurred in attracting voluntary income, the management of investments and those incurred in trading activities that raise funds.

Page 16

Flavel Centre Trust

Notes to the Financial Statements for the Year Ended 29 February 2024

Charitable activities

Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.

Support costs

Support costs include central functions and have been allocated to activity cost categories on a basis consistent with the use of resources.

Governance costs

These include the costs attributable to the charity’s compliance with constitutional and statutory requirements.

Government grants

Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the charity will comply with the conditions attaching to them and the grants will be received.

Where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.

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 company for UK corporation tax 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 Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.

Tangible fixed assets

Tangible fixed assets are initially recorded at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

Depreciation and amortisation

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Asset class Land and buildings Fixtures, fittings and equipment

Depreciation method and rate 1% straight line 10%-50% straight line

Page 17

Flavel Centre Trust

Notes to the Financial Statements for the Year Ended 29 February 2024

Stock

Stock is valued at the lower of cost and estimated selling price less costs to complete and sell, after due regard for obsolete and slow moving stocks. Cost is determined using the first-in, first-out (FIFO).

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Fund structure

Unrestricted income funds are general funds that are available for 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.

Pensions and other post retirement obligations

The charity operates a defined contribution pension scheme which is a pension plan under which fixed contributions are paid into a pension fund and the charity has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised in the Statement of Financial Activities when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Financial instruments

Classification

Financial assets 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 to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the charity after deducting all of its liabilities.

All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Debt instruments are subsequently measured at amortised cost.

Page 18

Flavel Centre Trust

Notes to the Financial Statements for the Year Ended 29 February 2024

3 Income from donations and legacies

		Unrestricted
		funds		Total		Total
		General		2024		2023
		£		£		£
Donations and legacies;
	Donations to major appeals	50,912		50,912		-
	Donations from individuals	23,382		23,382		36,392
	Gift aid reclaimed	12,502		12,502		7,000
Grants, including capital grants;
	Government grants	1,500		1,500		-
	Grants from other charities	10,000		10,000		10,000
		98,296		98,296		53,392
4	Income from other trading activities
		Unrestricted
		funds		Total		Total
		General		2024		2023
		£		£		£
Trading income;
	Sales of goods and services	286,790		286,790		253,021
		286,790		286,790		253,021
5	Investment income
		Unrestricted
		funds		Total		Total
		General		2024		2023
		£		£		£
Interest receivable and similar income;
	Interest receivable on bank deposits	937		937		462
6	Other income
		Unrestricted
		funds		Total		Total
		General		2024		2023
		£		£		£
Insurance claim		-		-		26,282
Rental income		25,354		25,354		16,267
		25,354		25,354		42,549

Page 19

Flavel Centre Trust

Notes to the Financial Statements for the Year Ended 29 February 2024

7 Expenditure on raising funds

a) Costs of generating donations and legacies

	Unrestricted
	funds		Total		Total
	General		2024		2023
	£		£		£
Donations - fundraising costs	1,861		1,861		1,055
b) Costs of trading activities
	Unrestricted
	funds		Restricted		Total
	General		funds		2024
	£		£		£
Trading activities	231,610		15,829		247,439
	231,610		15,829		247,439
	Unrestricted
	funds		Restricted		Total
	General		funds		2023
	£		£		£
Trading activities	228,024		15,832		243,856
	228,024		15,832		243,856
					Total
			Direct costs		2024
			£		£
Costs of generating donations and legacies			1,861		1,861
Costs of trading activities			243,450		243,450
			245,311		245,311
					Total
			Direct costs		2023
			£		£
Costs of generating donations and legacies			1,055		1,055
Costs of trading activities			243,856		243,856
			244,911		244,911

Page 20

Flavel Centre Trust

Notes to the Financial Statements for the Year Ended 29 February 2024

8 Expenditure on charitable activities

Note Allocated support costs 9 Governance costs 9	Unrestricted funds General £ 1,573 4,410 5,983	Total 2024 £ 1,573 4,410 5,983	Total 2023 £ 1,400 2,500 3,900

In addition to the expenditure analysed above, there are also governance costs of £4,410 (2023 - £2,500) which relate directly to charitable activities. See note 9 for further details.

Page 21

Flavel Centre Trust

Notes to the Financial Statements for the Year Ended 29 February 2024

9 Analysis of governance and support costs

Charitable activities expenditure

Charitable activities expenditure
	Unrestricted
	funds		Total		Total
	General		2024		2023
	£		£		£
Insurance	1,438		1,438		1,295
Legal and professional fees	35		35		55
Office expenses	100		100		50
	1,573		1,573		1,400
Governance costs
	Unrestricted
	funds		Total		Total
	General		2024		2023
	£		£		£
Independent examiner fees
Examination of the financial statements	1,750		1,750		1,000
Other fees paid to examiners	2,660		2,660		1,500
	4,410		4,410		2,500
10 Net incoming/outgoing resources
Net outgoing resources for the year include:
			2024		2023
			£		£
Depreciation of fixed assets			20,544		24,345

11 Trustees remuneration and expenses

No trustees, nor any persons connected with them, have received any remuneration from the charity during the year (2023 - None).

No trustees have received any reimbursed expenses or any other benefits from the charity during the year (2023 - None).

Page 22

Flavel Centre Trust

Notes to the Financial Statements for the Year Ended 29 February 2024

12 Staff costs

The aggregate payroll costs were as follows:

The aggregate payroll costs were as follows:
	2024		2023
	£		£
Staff costs during the year were:
Wages and salaries	176,806		161,470
Social security costs	5,371		5,393
Pension costs	1,943		1,046
Other staff costs	1,315		7,059
	185,435		174,968

The monthly average number of persons (including management) employed by the charity during the year expressed as full time equivalents was as follows:

year expressed as full time equivalents was as follows:
	2024	2023
	No	No
Administration	5	4
Café	2	2
	7	6

Contributions to the employee pension schemes for the year totalled £1,943 (2023 - £1,046).

No employee received emoluments of more than £60,000 during the year (2023 - None).

Volunteers

Our volunteers carry out a number of tasks which are vital to the Flavel. The Board of Trustees are all volunteers and most of them also help in other areas. Currently there is a 70+ team of volunteers acting as duty managers, auditorium stewards, managing the bar, helping with event management, staffing the box office and also with maintenance tasks.

Page 23

Flavel Centre Trust

Notes to the Financial Statements for the Year Ended 29 February 2024

13 Taxation

The charity is a registered charity and is therefore exempt from taxation.

14 Tangible fixed assets

14 Tangible fixed assets
				Furniture
	Land and			and
	buildings			equipment		Total
	£			£		£
Cost
At 1 March 2023	1,713,921			355,366		2,069,287
Additions	-			9,752		9,752
At 29 February 2024	1,713,921			365,118		2,079,039
Depreciation
At 1 March 2023	270,576			341,929		612,505
Charge for the year	15,040			9,249		24,289
At 29 February 2024	285,616			351,178		636,794
Net book value
At 29 February 2024	1,428,305			13,940		1,442,245
At 28 February 2023	1,443,345			13,437		1,456,782
15 Stock
				2024		2023
				£		£
Stocks				3,065		3,166
16 Debtors
				2024		2023
				£		£
Trade debtors				3,520		8,314
Prepayments				9,544		8,056
Accrued income				12,309		7,367
Other debtors				-		1,545
				25,373		25,282

Page 24

Flavel Centre Trust

Notes to the Financial Statements for the Year Ended 29 February 2024

17 Cash and cash equivalents

	2024		2023
	£		£
Cash on hand	2,064		4,430
Cash at bank	112,862		131,035
	114,926		135,465
18 Creditors: amounts falling due within one year

	2024		2023
	£		£
Trade creditors	24,224		27,300
Other taxation and social security	4,299		3,015
Pension scheme creditor	427		206
Accruals	7,400		13,073
Deferred income	26,243		24,744
	62,593		68,338
	2024		2023
	£		£
Deferred income at 1 March 2023	24,744		24,496
Resources deferred in the period	26,056		24,744
Amounts released from previous periods	(24,744)		(24,496)
Deferred income at year end	26,056		24,744

Deferred income relates to advanced ticket sales and event bookings.

19 Funds

19 Funds
							Balance at
	Balance at 1		Incoming		Resources		29 February
	March 2023		resources		expended		2024
	£		£		£		£
Unrestricted funds
General
General Funds	108,124		411,377		(424,889)		94,612
Restricted funds
Restricted Funds	1,444,233		-		(15,829)		1,428,404
Total funds	1,552,357		411,377		(440,718)		1,523,016

Page 25

Flavel Centre Trust

Notes to the Financial Statements for the Year Ended 29 February 2024

									Balance at
		Balance at 1			Incoming		Resources		28 February
		March 2022			resources		expended		2023
		£			£		£		£
Unrestricted funds
General
General Funds		166,647			349,424		(407,947)		108,124
Restricted funds
Restricted Funds		1,460,065			-		(15,832)		1,444,233
Total funds		1,626,712			349,424		(423,779)		1,552,357
The specific purposes for which the funds are to be				applied are as follows:
Unrestricted funds are held for working capital,			if		income falls significantly, for any IT upgrades,
building upkeep and repairs when necessary.
Restricted funds represents	specific grants from local authorities and donations towards the building
and equipment costs of the Flavel Centre, and is reduced by depreciation on an annual									basis.
20 Analysis of net assets between funds
									Total funds
					Unrestricted				at 29
					funds		Restricted		February
					General		funds		2024
					£		£		£
Tangible fixed assets					13,841		1,428,404		1,442,245
Current assets					143,364		-		143,364
Current liabilities					(62,593)		-		(62,593)
Total net assets					94,612		1,428,404		1,523,016
									Total funds
					Unrestricted				at 28
					funds		Restricted		February
					General		funds		2023
					£		£		£
Tangible fixed assets					12,549		1,444,233		1,456,782
Current assets					163,913		-		163,913
Current liabilities					(68,338)		-		(68,338)
Total net assets					108,124		1,444,233		1,552,357

Page 26

Flavel Centre Trust

Notes to the Financial Statements for the Year Ended 29 February 2024

21 Related party transactions

There were no related party transactions in the year (2023 - None).

Page 27

Flavel Centre Trust

Statement of Financial Activities by fund for the Year Ended 29 February 2024

Unrestricted Funds

		Total			Total
	Unrestricted		Unrestricted
		Funds			Funds
		2024			2023
		£			£
Income and Endowments from:
Donations and legacies		98,296			53,392
Other trading activities		286,790			253,021
Investment income		937			462
Other income		25,354			42,549
Total income		411,377			349,424
Expenditure on:
Raising funds		(418,906)			(404,047)
Charitable activities		(5,983)			(3,900)
Total expenditure		(424,889)			(407,947)
Net expenditure		(13,512)			(58,523)
Net movement in funds		(13,512)			(58,523)
Reconciliation of funds
Total funds brought forward		108,124			166,647
Total funds carried forward		94,612			108,124

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Flavel Centre Trust

Statement of Financial Activities by fund for the Year Ended 29 February 2024

Restricted Funds

Restricted Funds
	Total		Total
	Restricted		Restricted
	Funds		Funds
	2024		2023
	£		£
Income and Endowments from:
Expenditure on:
Raising funds	(15,829)		(15,832)
Total expenditure	(15,829)		(15,832)
Net expenditure	(15,829)		(15,832)
Reconciliation of funds
Total funds brought forward	1,444,233		1,460,065
Total funds carried forward	1,428,404		1,444,233

This page does not form part of the statutory financial statements. Page 29

Flavel Centre Trust

Detailed Statement of Financial Activities for the Year Ended 29 February 2024

	Total		Total
	2024		2023
	£		£
Income and Endowments from:
Donations and legacies	98,296		53,392
Other trading activities	286,790		253,021
Investment income	937		462
Other income	25,354		42,549
Total income	411,377		349,424
Expenditure on:
Raising funds	434,735		419,879
Charitable activities	5,983		3,900
Total expenditure	440,718		423,779
Net expenditure	(29,341)		(74,355)
Net movement in funds	(29,341)		(74,355)
Reconciliation of funds
Total funds brought forward	1,552,357		1,626,712
Total funds carried forward	1,523,016		1,552,357

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Flavel Centre Trust

Detailed Statement of Financial Activities for the Year Ended 29 February 2024

	Total		Total
	2024		2023
	£		£
Donations and legacies
Donations	9,584		18,987
Friends of Flavel	13,798		13,877
Fundraising	-		3,528
Weathering The Storm Appeal	50,912		-
Gift Aid tax reclaimed	12,502		7,000
Hadley Trust	10,000		10,000
Devon County Council	1,500		-
	98,296		53,392
Other trading activities
Trading income	286,790		253,021
	286,790		253,021
Investment income
Interest on cash deposits	937		462
	937		462
Other income
Insurance claim	-		26,282
Devon County Council (library)	25,354		16,267
	25,354		42,549
Raising funds
Fundraising costs	1,861		1,055
Purchases	110,592		119,925
Trading wages and salaries	50,697		38,003
Wages and salaries	126,109		123,467
Staff NIC (Employers)	5,371		5,393
Staff pensions	1,943		1,046
Redundancy pay	-		6,289
Staff welfare and training	1,315		770
Water rates	4,034		3,526
Light, heat and power	38,441		20,485
Insurance	8,745		8,104
Repairs and maintenance	8,918		18,944
Telephone	3,654		2,980
Office expenses	2,063		2,272
Website and computer costs	7,479		4,378
Licences and subscriptions	3,591		3,879

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Flavel Centre Trust

Detailed Statement of Financial Activities for the Year Ended 29 February 2024

	Total		Total
	2024		2023
	£		£
Sundry expenses	382		1,089
Cleaning	14,063		12,593
Refuse collection	2,315		1,390
Advertising	6,250		12,360
Legal and professional fees	5,012		-
Bad debts written off	-		165
Bank charges	80		76
Credit card charges	5,273		5,087
Leasing payments	2,258		2,258
Depreciation of freehold property	15,040		15,040
Depreciation of fixtures and fittings	789		792
Depreciation of fixtures and fittings	8,460		8,513
	434,735		419,879
Charitable activities
Insurance	1,438		1,295
Office expenses	100		50
Legal and professional fees	35		55
Independent examiner's fee	1,750		1,000
Independent examiner's fee	2,660		1,500
	5,983		3,900

This page does not form part of the statutory financial statements. Page 32