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2022-03-31-accounts

REGISTERED COMPANY NUMBER: 04404875 (England and Wales) REGISTERED CHARITY NUMBER: 1093715

The Plough Arts Centre Ltd (A Company Limited by Guarantee)

Report of the Trustees and

Unaudited Financial Statements

for the Year Ended 31 March 2022

R T Marke & Co Ltd Chartered Accountants 69 High Street Bideford Devon EX39 2AT

Contents of the Financial Statements for the Year Ended 31 March 2022

The Plough Arts Centre Ltd

Page
Report of the Trustees 1 to 8
Independent Examiner's Report 9
Statement of Financial Activities 10 to 11
Balance Sheet 12 to 13
Cash Flow Statement 14
Notes to the Financial Statements 15 to 30
Detailed Statement of Financial Activities 31 to 33

Report of the Trustees for the Year Ended 31 March 2022

The Plough Arts Centre Ltd

The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 March 2022. The trustees have adopted the provisions of 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) (effective 1 January 2019).

The financial statements have been prepared in accordance with the accounting policies set out in notes to the accounts and comply with the charity’s governing document, the Charities Act 2011 and 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 published on 16 July 2014.

OBJECTIVES AND ACTIVITIES

Objectives and aims

The charity's objects are:

a) To promote, maintain, improve, encourage and provide public education in the arts including the arts of drama, music, singing, dance, painting, sculpture, literature, cinematography and handicrafts.

(b) The provision of facilities in the interest of social welfare for the recreation and leisure time occupation of the public with particular regard to Great Torrington and its surrounding district with the object of improving the conditions of life of the persons for whom the facilities are primarily intended.

Significant activities

Details of all of the charity's activities during the year can be found below under "Achievements and performance".

Public benefit

The Plough Arts Centre provides exciting opportunities for all people to experience a wide and vibrant range of high quality arts events both as audience and participants. Through creative partnerships the Plough Arts Centre is a welcoming and dynamic venue for artistic expression and education, responsive to the needs of the local community and a beacon for the arts across North Devon - visible and valued throughout the South West.

From our stunning rural setting we offer a varied and exciting programme of arts events and activities. We aim to entertain, inspire, educate and challenge in equal measure. Our packed annual programme includes film, live events, exhibitions, workshops and educational outreach for people of all ages, interests and abilities. We think we are 'the largest arts centre in the smallest town' and we know our positive impact is felt across the region.

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.

Volunteers

Without our team of volunteers we could not run such a wide range of events, screenings, exhibitions and activities. We currently have over 50 volunteers who jointly clock up around 250 hours a month.

Volunteer tasks include stewarding events, screenings & exhibition previews, projecting films, assisting backstage with sound and lighting, marketing and publicity, building maintenance, helping with The Plough Cafe and Gallery exhibitions.

Page 1

Report of the Trustees for the Year Ended 31 March 2022

The Plough Arts Centre Ltd

STRATEGIC REPORT Achievement and performance

Charitable activities

The year 2021/22 continued to be completely dominated by the Covid pandemic, the impacts of which continued to threaten the existence of the arts centre. The support of the Arts Council, the National Lottery and Garfield Weston was instrumental in ensuring that the charity remained solvent during the period of enforced closure and also enabled us to offer a wide range of online participatory arts workshops and activities. This crucial and encouraging provision was very much appreciated by all who took part, plus their families. A programme of live open air theatre at 15 North Devon venues went ahead under the social distancing restrictions and the venue itself reopened on 1 September 2021 with a full arts programme.

The total audience for films and live events gradually began to recover from the impact of the virus and enforced partial closure. Tickets sold for films and live events increased by 449% from 3,073 in 2020/21 to 16,882 in 2021/22 but remained 58% lower than the year before covid.

During the year 2021/22 The Plough programmed 149 film screenings, up from 17 the previous year. The audience for film increased by 1,711% from 179 to 3,242.

During the year 2021/22 The Plough programmed 177 live events, up from 63 the previous year. The audience for live events increased by 371% from 2,894 to 13,640.

Plough Youth Theatre & Outreach workshops and performances continued online during the later lockdowns but live sessions returned when it was safe to do so. These much needed activities, skilfully delivered by PYT & Outreach Director, Sophie Hatch, (and later in the year by the new team of Samantha Remnant, Michelle Borston and Danielle Flowers) offered a welcome lifeline to participants during the continued restrictions. The online provision was particularly appreciated by adults with additional needs from Plough Prism and Motion Dance who later performed a live and thoroughly joyful version of 'The Jungle Book' in May 2022.

Live events were severely impacted by covid related cancellations and postponements, but once we reopened in September 2021 many successful performances went ahead as planned and were thoroughly appreciated by audiences who relished the shared experience of live arts events after such a long period of enforced absence. Highlights of the year included Dom Joly, Iain Stirling, Martin Carthy, Albert Lee, Steve Harley, Mark Thomas, Mark Radcliffe, Martin Harley, Edgelarks, Roger McGough, Suzi Ruffel, The Unravelling Wilburys, Andy Fairweather-Low, Devon Sessions Party at The Plough, Flo & Joan, Geoff Lakeman, Peggy Seeger A Salute to Humphrey Lyttelton, Patti Boulaye, Big Al, Multi Story Theatre, The Comedy Store, Voloz Collective, Toyah, Henry Normal and a tribute to Joyce Grenfall plus many busy Gallery Gigs with local artists. Grace Petrie delivered a wonderful gig on what was the 6th rearranged date after multiple covid-related postponements.

Plough the Future! members initiated a packed Gallery Gig in Feb 2021 to celebrate the talents of local performers and over 700 children flocked to Quirk Theatre's 'Rhia and The Tree of Lights' in December.

Ploughcapella singing sessions with Alison Whittall resumed, initially via open-air workshops in the Vicarage Garden, before restarting in The Gallery later in the year. Workshops that could not happen online, ceased during covid, so the process of rebuilding an active arts programme commenced during the year and will continue as confidence and interest returns.

Our popular Open Air Theatre Festival continued through the summer under social distancing restrictions with 52 performances by 14 companies at 15 North Devon venues (plus 14 pre-show drama workshops for children). Partner venues included Hartland Abbey, Arlington Court (NT), Castle Hill Filleigh, Tapeley Park, Blackberry Farm Milton Damerel, Lapford Mill Crediton, Clovelly Court , Tawstock Court, Brushford Barton, RHS Garden Rosemoor, The Big Sheep, The Lodge Eggesford, Castle Drogo (NT), Fyne Court Somerset, and attracted 6,080 people who were thrilled to be able to experience live theatre in the fresh air.

Page 2

Report of the Trustees for the Year Ended 31 March 2022

The Plough Arts Centre Ltd

After 19 years, The Plough's international poetry competition 'The Plough Prize' enjoyed another successful year with over 1,500 worldwide entries received. The competition was judged again by Roger McGough CBE and the winner was Di Slaney for her poem 'History of a Field'. Alex Toms came second for 'The Climbing Girl's Wedding' and Bruce Harris came third for 'Morning Machine'. Roger explained his approach to judging the competition: "I put on my judge's wig and cloak, sit and carefully read through the poems in the hope that I will come across ones I wish I had written. This year, the standard was particularly high. (So high in fact, that none of the poems I had submitted anonymously made it through to the final). I jest, although not about the standard of entries, which made whittling down the final selection almost impossible. So many fine poems, so many difficult choices. But, as poets must write, so judges must judge, and having carried 10 poems around with me all week, any one of which was a worthy winner, I finally reached a verdict. My congratulations to the three winners, to the three commendations and to all the poets who entered this very special competition." Rachel Walden administered the competition with diligence and energy.

Our programme of arts activities at ThePlough@StAnne's, Barnstaple continued to grow, with new workshops and providers being added to our ever-increasing offer, which is managed by our Welcome Manager Sharon Dixon and financially supported by Barnstaple Town Council. The Plough Storytelling Circle relocated to ThePlough@StAnne's from The Plough Arts Centre in November 2021 and enjoyed a steady increase in new members. Private hires for events such as The Poetry Stanza, Meditation Classes, music gigs and weddings also continued to increase. Feedback from John Piper, art tutor: "Excellent venue for a variety of events and workshops. Extremely professionally run and promoted. As a workshop tutor, I can't rate it highly enough and deserves all the support the local area can provide."

The Gallery programme was further impacted by covid but we reopened in June with a show of paintings by Bill Stewart followed with paintings by Mahali O'Hare in July, both of whom, coincidentally, were selected later for the prestigious touring Contemporary British Painting exhibition. A show by Alice and Emily Haworth-Booth included work for their recent publication "Protest! How people have come together to change the world" and they ran an assembly at Bluecoats as well as holding an evening of words and music at the Plough. This year saw many younger artists and recent graduates appearing in the gallery. Pavel Isupov was able to have a proper show of his work after his original exhibition had to close after only one day due to the pandemic. Other work by recent graduates included a large tapestry by Myrtle Glanville that covered an entire wall downstairs and the mixed exhibition "A Chorus of Faff" put together by Madeline Rolt, which featured 9 recent graduates from Falmouth.The Christmas craft fair returned and a number of local artists including Helyne, Trevor and Elise Jennings, Shan Miller's portraits of Torrington, Paul Seed and Irene Jones, Jacob Lane and Timothy Tennant all held successful shows. After the years of stop and start and virtual exhibitions it was good to get work back on the walls again.

During 2021/22 Facebook likes were up 29% from 4,799 in March 2021 to 6,200 in March 2022.

During 2021/22 Twitter followers were up 6% from 2,778 in March 2021 to 2,933 in March 2022.

During 2021/22 Instagram followers increased by 28% from 1,242 in March 2021 to 1,588 in March 2022.

During 2021/22 email subscribers increased by 14% from 6694 in April 2021 to 7637 in March 2022.

Following the introduction of online sales in early 2016, after the installation of the PatronBase box office system, the proportion of Plough tickets sold online grew to 38% by March 2018 and 44% by March 2020. Sales during COVID were severely restricted, but by March 2021 online ticket sales had grown to 69% of total ticket sales.

Several building projects that had commenced during the first lockdown were completed including improvements to the stairs from the foyer to the gallery, total refurbishment of the toilets and the dressing rooms and the installation of automatic fire doors on the ground floor.

Staff: At the end of the year there was a core staff team of 10 FTE (and no staff in our trading arm), plus freelance artists and workshop leaders. After long-serving and committed members of staff retired, resigned, or were made redundant during covid, new staff were appointed to enable us to reopen in September 2021, including a new role of Operations Manager. Our long serving Technical Manager, Andrew Hawkins, took a one year sabbatical from Sept 2021 to allow him to pursue an advanced sound engineering course.

Page 3

The Plough Arts Centre Ltd

Report of the Trustees for the Year Ended 31 March 2022

Breakdown of staff by role

ROLE FTEs
Management 1.4
Sales and marketing 3.1
Technical 1.4
Outreach 0.6
Cleaning 0.5
Visual Arts 0.3
Bar 0.7
Fundraising 0.2
Maintenance 0.4
Café 1.4
TOTAL 10.0

Fundraising activities

All fundraising activities undertaken by or on behalf of the charity are managed by either the Trustees or the staff of the charity. No professional fund-raisers or commercial participators have been used during the year and the fundraising was not bound by any voluntary scheme for regulating fundraising or any voluntary standard of fundraising.

The charity has monitored fundraising activities and has not received any complaints about any activities for the purpose of fundraising.

Section 172(1) statement

A director of a company must act in the way he considers, in good faith, would be most likely to promote the success of the company for the benefit of its members as a whole, and in doing so have regard (amongst other matters) to-

(a) the likely consequences of any decision in the long term,

(b) the interests of the company's employees,

(c) the need to foster the company's business relationships with suppliers, customers and others,

(d) the impact of the company's operations on the community and the environment,

(e) the desirability of the company maintaining a reputation for high standards of business conduct, and

(f) the need to act fairly as between members of the company.

Financial review

Financial position

Total income for the charity decreased from £533,403 in 2020/21 to £476,676 in 2021/22.

The Statement of Financial Activities shows the charity had incoming resources of £476,676 of which £145,312 was from donations and grants, £207,384 from charitable activities and events and £123,980 from other trading activities. Outgoings during the period totalled £582,165 resulting in a deficit for the year of £105,489.

The Plough continued to receive core grant aid from Torrington Town Council and Barnstaple Town Council. Torridge District Council had supported The Plough with a grant of £25,000 during 2020/21 but this funding was not repeated during 2021/22. Future TDC support will continue to be negotiated as part of The Plough's business planning process. Additional significant funding came through Garfield Weston, Claire Milne and Devon Community Foundation.

The Plough's trading arm did not trade in 2021-22. Any trading activity is shown within the parent company figures.

Subscriptions from Supporters increased from £16,103 in 2020/21 to £18,226 in 2021/22.

Subscriptions from Business Supporters increased substantially from £1,250 in 2020/21 to £12,700 in 2021/22.

Page 4

Report of the Trustees for the Year Ended 31 March 2022

The Plough Arts Centre Ltd

STRATEGIC REPORT Financial review

Reserves policy

After twenty years as a charity and business The Plough Arts Centre Ltd has designated funds for buildings, technical equipment, closure contingency, the PloughPlus Development Fund, Social Prescribing, Poetry Prize and the Plough Survival Fund of £224,459. There are also restricted funds of £38,862 allocated to Youth Theatre, the Arts Council Catalyst Evolve Project and several other building refurbishment funds.

The Trustees' policy is for the designated Plough Survival fund to be kept at a level which will allow the charity to continue to operate in the event of a short term drop in income. Currently the Trustees consider the fund to be adequate but are actively working on ways to improve the level of unrestricted reserves.

Going concern

The charity continues to be significantly impacted by the Coronavirus pandemic. On the basis of accurate monthly management accounts derived from new accounting software the charity is confident it can continue to operate for a minimum of 12 months from the date of these accounts. Whilst the Trustees are monitoring the income and outgoings on a monthly basis, careful consideration is being given to reducing overheads and obtaining further grant aid.

Financial and risk management objectives and policies

The charity's principle financial risk is an ongoing deficit of unrestricted income over outgoings. This has been compounded by the impact of the Coronavirus pandemic after the balance sheet date. The Trustees have prepared a detailed financial forecast which is updated periodically as necessary to allow the charity to plan as well as it is able to for likely deficits. The Trustees are also considering carefully how the charity's operations can be organised in future to ensure that unrestricted income is likely to exceed outgoings.

Future plans

With the Coronavirus pandemic continuing to have adverse impacts on the organisation, the Trustees are currently focussing on ensuring that the charity can survive while operating on a significantly reduced basis. An application to become a National Portfolio Organisation of Arts Council England was submitted in the spring, supported by a detailed Business Plan. The application was successful and a conditional offer was received from ACE on 4th November 2022.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Nature of governing document

The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006.

The charity was incorporated on 27th March 2002 (Company Registration Number: 04404875) and is limited by guarantees given by the members of the charity. On winding up of the charity a member's individual liability is limited to £10. The Plough Arts Centre Ltd is a registered charity under the Charities Act 1993 (Registration Number: 1093715).

Recruitment and appointment of new trustees

Council of Management members are democratically elected by members of The Plough Supporters Club. If there are fewer candidates than places available, then trustees are elected unopposed. Vacancies on the Council of Management are advertised to the supporters when they arise. From time to time a person with specific skills may be co-opted onto the Council of management for a specific purpose.

Organisational structure

The trustees of the charity form the council of management which shall not be less than 3 or more than 12 until otherwise determined by a general meeting. This meets monthly. Trustees are appointed on the basis of an election of the Supportership. Much of the day to day running of the charity during the year was delegated by the Trustees to Mr Richard Wolfenden-Brown who is the Director. A new post of Operations Manager (later changed to General Manager) was created in August 2021 when Trina Jones took on the buildings related administration.

Page 5

Report of the Trustees for the Year Ended 31 March 2022

The Plough Arts Centre Ltd

STRUCTURE, GOVERNANCE AND MANAGEMENT

Decision making

The Trustees are responsible for decision making which takes place at regular Trustee meetings. Certain operational decisions are delegated to senior staff members as the Trustees see fit.

Induction and training of new trustees

New Council of Management members (Trustees) undertake a detailed briefing on their legal obligations under charity and company law, the Charity Commission guidance on public benefit, the memorandum and Articles of Association, the decision making processes via monthly Council of Management meetings, the business plan and minutes of previous Council of Management meetings plus all tabled documents, budgets, accounts and reports.

Key management remuneration

The pay of key management personel is set by the Trustees.

Related parties

The charity has a trading subsidiary, The Plough Arts Centre (Trading) Ltd, which operates a cafe. Profits from the trading subsidiary are donated to the charity.

Risk management

The trustees have a duty to identify and review the risks to which the charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error.

Significant financial risks

Monthly review of any significant financial risks via regular meetings with the Director and other members of staff.

Potential financial and non-financial risks

Regular close contact with the Plough Director, Operations Manager and other staff to assess potential financial and non-financial risks in all parts of the operation.

Reserves policy

The reserves policy helps to mitigate risk by setting aside funds to deal with unforeseen eventualities.

Non-financial risks

Non-financial risks are assessed via close adherence to statutory regulations re Fire Risk Assessment, Health and Safety legislation, working at heights directives, food hygiene, electrical safety, lift maintenance, winch gear maintenance, seating maintenance, heating maintenance. Annual insurance with NFU covers all risks to Plough property, staff, volunteers, freelance staff, outreach, plus public liability for customers and visiting artists.

REFERENCE AND ADMINISTRATIVE DETAILS Registered Company number

04404875 (England and Wales)

Registered Charity number

1093715

Registered office

9-11 Fore Street Torrington Devon EX38 8HQ

Page 6

The Plough Arts Centre Ltd

Report of the Trustees for the Year Ended 31 March 2022

Trustees

Mr H J Wormington Chair Ms P J Maisey Vice-chair Mr D J Maisey Dr J Bremner (resigned 14.2.22) Ms K Wedgeworth Ms L K Porter (resigned 29.7.22) Mr A M Pluckrose (resigned 17.11.21) Mr D A Shepherd Mr D M Sheppard Mr P J Villiers Mr R Mullick (resigned 18.4.21) Mr J M Bix (appointed 17.11.21) Ms T J Alexander (appointed 6.12.21) Mr M Taylor (appointed 17.11.21)

Company Secretary

Mr D M Sheppard

Independent Examiner

Edward Meardon FCA Institute of Chartered Accountants in England and Wales R T Marke & Co Ltd Chartered Accountants 69 High Street Bideford Devon EX39 2AT

STATEMENT OF TRUSTEES' RESPONSIBILITIES

The trustees (who are also the directors of The Plough Arts Centre Ltd for the purposes of company law) are responsible for preparing the Report of the Trustees and the financial statements in accordance 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 state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing those financial statements, the trustees are required to

The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and to 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 in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

Page 7

The Plough Arts Centre Ltd

Report of the Trustees for the Year Ended 31 March 2022

Report of the trustees, incorporating a strategic report, approved by order of the board of trustees, as the company directors, on ............................................. and signed on the board's behalf by:

........................................................................ Mr D M Sheppard - Trustee

Page 8

Independent Examiner's Report to the Trustees of The Plough Arts Centre Ltd

Independent examiner's report to the trustees of The Plough Arts Centre Ltd ('the Company')

I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 March 2022.

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 your charity's gross income exceeded £250,000 your examiner must be a member of a listed body. I can confirm that I am qualified to undertake the examination because I am a registered member of Institute of Chartered Accountants in England and Wales 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 the Company 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.

Edward Meardon FCA Institute of Chartered Accountants in England and Wales R T Marke & Co Ltd Chartered Accountants 69 High Street Bideford Devon EX39 2AT

Date: .............................................

Page 9

The Plough Arts Centre Ltd

Statement of Financial Activities (Incorporating an Income and Expenditure Account) for the Year Ended 31 March 2022

Unrestricted
funds
Designated
Notes
£
£
INCOME AND
ENDOWMENTS FROM
Donations and legacies
3
88,259
16,178
Charitable activities
Gallery & visual art workshop
3,241
-
Poetry prize
-
678
Live events
105,372
-
Arts hirings
788
-
In-house arts workshops &
courses
14,741
-
Satellite projects
664
-
Live Events at St Annes
8,399
-
Open air theatre
69,260
-
Live events at Devon Hall
4,020
-
Other trading activities
4
92,429
-
Investment income
5
282
-
Other income
30,769
-
Total
418,224
16,856
EXPENDITURE ON
Raising funds
Raising donations and legacies
7
6,310
-
Other trading activities
8
50,561
-
56,871
-
Charitable activities
9
Gallery & visual art workshop
-
-
Poetry prize
-
115
Film Screening
7,939
-
Live events
65,551
-
Arts hirings
-
-
In-house arts workshops &
courses
14,451
-
Outreach projects
319
-
Satellite projects
148
-
Live Events at St Annes
4,920
-
Support and governance
150,148
-
Open air theatre
52,125
-
Live events at Devon Hall
590
-
Staff costs
147,269
-
Total
500,331
115		 Restricted
funds
£
40,875
-
-
221
-
-
-
-
-
-
500
-
-
41,596
-
290
290
-
-
-
-
-
200
10,843
-
-
41,575
1,680
-
27,131
81,719		 2022
Total
funds
£
145,312
3,241
678
105,593
788
14,741
664
8,399
69,260
4,020
92,929
282
30,769
476,676
6,310
50,851
57,161
-
115
7,939
65,551
-
14,651
11,162
148
4,920
191,723
53,805
590
174,400
582,165		 2021
Total
funds
£
337,042
-
14,246
5,192
80
4,015
-
3,328
23,841
-
6,224
211
139,224
533,403
6,589
3,841
10,430
1,090
5,890
29
2,309
64
4,779
6,607
395
1,935
140,113
17,503
-
178,358
369,502

The notes form part of these financial statements

Page 10

The Plough Arts Centre Ltd

Statement of Financial Activities (Incorporating an Income and Expenditure Account) for the Year Ended 31 March 2022

Unrestricted
funds
Designated
Notes
£
£
NET
INCOME/(EXPENDITURE)
(82,107)
16,741
Transfers between funds
23
82,107
(82,282)
Net movement in funds
-
(65,541)
RECONCILIATION OF
FUNDS
Total funds brought forward
3,352
290,000
TOTAL FUNDS CARRIED
FORWARD
3,352
224,459		 Restricted
funds
£
(40,123)
175
(39,948)
78,810
38,862		 2022
Total
funds
£
(105,489)
-
(105,489)
372,162
266,673		 2021
Total
funds
£
163,901
-
163,901
208,261
372,162

CONTINUING OPERATIONS

All income and expenditure has arisen from continuing activities.

The notes form part of these financial statements

Page 11

The Plough Arts Centre Ltd (Registered number: 04404875)

Balance Sheet 31 March 2022

Unrestricted
funds
Designated
Notes
£
£
FIXED ASSETS
Tangible assets
18
24,751
-
Investments
19
1
-
24,752
-
CURRENT ASSETS
Stocks
20
10,205
-
Debtors
21
48,316
-
Cash at bank and in hand
20,375
232,107
78,896
232,107
CREDITORS
Amounts falling due within one
year
22
(100,296)
(7,648)
NET CURRENT ASSETS
(21,400)
224,459
TOTAL ASSETS LESS
CURRENT LIABILITIES
3,352
224,459
NET ASSETS
3,352
224,459
FUNDS
23
Unrestricted funds
Restricted funds
TOTAL FUNDS		 Restricted
funds
£
33,885
-
33,885
-
-
4,977
4,977
-
4,977
38,862
38,862		 2022
Total
funds
£
58,636
1
58,637
10,205
48,316
257,459
315,980
(107,944)
208,036
266,673
266,673
227,811
38,862
266,673		 2021
Total
funds
£
53,807
1
53,808
2,807
54,829
344,181
401,817
(83,463)
318,354
372,162
372,162
293,352
78,810
372,162

The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2022 in accordance with Section 476 of the Companies Act 2006.

The trustees acknowledge their responsibilities for

The financial statements were approved by the Board of Trustees and authorised for issue on ............................................. and were signed on its behalf by:

The notes form part of these financial statements

Page 12

The Plough Arts Centre Ltd (Registered number: 04404875)

Balance Sheet - continued

31 March 2022

............................................. Mr H J Wormington - Trustee

............................................. Mr D A Shepherd - Trustee

The notes form part of these financial statements

Page 13

The Plough Arts Centre Ltd

Cash Flow Statement for the Year Ended 31 March 2022

Notes
Cash flows from operating activities
Cash generated from operations
25
Net cash (used in)/provided by operating activities
Cash flows from investing activities
Purchase of tangible fixed assets
Interest received
Net cash used in investing activities
Change in cash and cash equivalents in
the reporting period
Cash and cash equivalents at the
beginning of the reporting period
Cash and cash equivalents at the end of
the reporting period		 2022
£
(52,587)
(52,587)
(34,417)
282
(34,135)
(86,722)
344,181
257,459		 2021
£
202,405
202,405
(5,124)
211
(4,913)
197,492
146,689
344,181

The notes form part of these financial statements

Page 14

The Plough Arts Centre Ltd

Notes to the Financial Statements for the Year Ended 31 March 2022

1. STATUTORY INFORMATION

The Plough Arts Centre Ltd is a private company registered with the Charity Commission, limited by guarantee, registered in England and Wales. The charitable company's registered company number, registered charity number and registered office address can be found in the Report of the Trustees.

The presentation currency of the financial statements is the Pound Sterling (£).

2. ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) '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) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The principal accounting policies adopted in the preparation of the financial statements are set out below and remain unchanged from the previous period, and also have been consistently applied within the same accounts.

Preparation of consolidated financial statements

The financial statements contain information about The Plough Arts Centre Ltd as an individual company and do not contain consolidated financial information as the parent of a group. The charity is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

Income

All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.

The following specific policies are applied to particular categories of income:

Voluntary income is received by way of grants, donations and gifts and is included in full in the Statement of Financial Activities when receivable. Grants where entitlement is not conditional on the delivery of a specific performance by the charity, are recognised when the charity becomes unconditionally entitled to the grant.

Donated services and facilities are included at the value to the charity where this can be qualified. The value of services provided by volunteers has not been included.

Income from investment is included in the year in which it is receivable.

No incoming resources are included in the SOFA net of expenditure.

Expenditure

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.

Raising funds

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

Page 15

The Plough Arts Centre Ltd

Notes to the Financial Statements - continued for the Year Ended 31 March 2022

2. ACCOUNTING POLICIES - continued

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.

Pension costs and other post-retirement benefits

The charitable company operates a defined contribution pension scheme. Contributions payable to the charitable company's pension scheme are charged to the Statement of Financial Activities in the period to which they relate.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Fixtures and fittings - 10% to 40% straight line basis

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended by management.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation

The charity is exempt from corporation tax on its charitable activities.

Fund accounting

Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.

Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.

Further explanation of the nature and purpose of each material fund is included in the notes to the financial statements.

Investments

Investments in subsidiaries are valued at cost less impairment.

Going concern

Having regard to the charity's anticipated future revenues and costs including repayment of debt where appropriate, together with the expected availability of working capital, the trustees consider that it is appropriate to prepare the financial statements on the going concern basis.

Government grants

Government grants in respect of capital expenditure are treated as deferred income and are credited to the income and expenditure account over the estimated useful life of the assets to which they relate.

Government grants in respect of revenue items are credited to the income and expenditure account when they are receivable.

Page 16

The Plough Arts Centre Ltd

Notes to the Financial Statements - continued for the Year Ended 31 March 2022

3. DONATIONS AND LEGACIES

3.
DONATIONS AND LEGACIES
Donations
Gift aid
Trading subsidiary donation
Torrington Town Council
Torrington Town and Lands
Barnstaple Town Council
Torridge District Council
North Devon Council
Arts Council COVID grant
National Lottery
Culture Recovery Fund
Supporters Subscriptions
Plough Survival Fund
Fundraising
Business Supporters
COVID fund income
4.
OTHER TRADING ACTIVITIES
Shop income
Commission income
Fees and supplies
Cafe
Bar
Non arts hirings
5.
INVESTMENT INCOME
Bank account interest		 2022
£
24,174
3,400
-
10,000
-
15,000
2,667
2,667
-
-
40,000
18,226
16,178
-
12,700
300
145,312
2022
£
6,300
8,177
25,855
27,231
23,191
2,175
92,929
2022
£
282		 2021
£
25,518
(1,685)
1,761
10,000
10,000
15,000
25,000
-
50,000
73,000
80,424
16,103
2,819
1,063
1,250
26,789
337,042
2021
£
429
1,154
4,171
-
-
470
6,224
2021
£
211

Page 17

The Plough Arts Centre Ltd

Notes to the Financial Statements - continued for the Year Ended 31 March 2022

6. GOVERNMENT GRANT INCOME

Included in income are government grants totalling £101,103 (2021 - £392,648).

7. RAISING DONATIONS AND LEGACIES

Staff costs
Costs of generating donations and legacies
8.
OTHER TRADING ACTIVITIES
Purchases
Staff costs		 2022
£
6,001
309
6,310
2022
£
31,133
19,718
50,851		 2021
£
5,859
730
6,589
2021
£
3,841
-
3,841

9.

CHARITABLE ACTIVITIES COSTS

The cost of charitable activities includes support costs of £184,895 (2021 - £137,364) as set out in note 11.

10. DIRECT COSTS OF CHARITABLE ACTIVITIES

Staff costs
Events and projects costs
Bad debts
SUPPORT COSTS
Poetry prize
Support and governance		 Finance
£
25
420
445		 2022
£
174,400
165,709
-
340,109
Governance
Other
costs
£
£
-
-
164,069
20,381
164,069
20,381		 2021
£
178,358
43,286
64
221,708
Totals
£
25
184,870
184,895

11. SUPPORT COSTS

Page 18

The Plough Arts Centre Ltd

Notes to the Financial Statements - continued for the Year Ended 31 March 2022

12. NET INCOME/(EXPENDITURE)

Net income/(expenditure) is stated after charging/(crediting):

2022 2021
£ £
Independent Examiners' remuneration 5,040 3,360
Depreciation - owned assets 29,588 25,521

13. TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 31 March 2022 nor for the year ended 31 March 2021.

One trustee received £nil (2021 - £1,500) for website work on a self employed basis.

Trustees' expenses

There were no trustees' expenses paid for the year ended 31 March 2022 nor for the year ended 31 March 2021.

14. STAFF COSTS

Wages and salaries
Social security costs
Other pension costs		 2022
£
187,774
7,265
5,080
200,119		 2021
£
175,346
5,504
3,367
184,217

Additionally, the charity incurred redundancy costs of £nil (2021 - £23,058) during the year.

The average monthly number of employees during the year was as follows:

Management
Box office and marketing
Technical
Outreach
Cleaning
Visual Arts
Bar
Fundraising
Maintenance
Cafe		 2022
2
6
2
1
1
1
3
1
1
2
20		 2021
1
5
2
1
1
1
1
1
1
-
14

No employees received emoluments in excess of £60,000.

Page 19

The Plough Arts Centre Ltd

Notes to the Financial Statements - continued for the Year Ended 31 March 2022

15.
COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
Unrestricted
funds
Designated
£
£
INCOME AND ENDOWMENTS FROM
Donations and legacies
175,964
2,819
Charitable activities
Poetry prize
-
14,246
Live events
5,192
-
Arts hirings
80
-
In-house arts workshops & courses
4,015
-
Live Events at St Annes
3,328
-
Open air theatre
23,841
-
Other trading activities
3,247
-
Investment income
211
-
Other income
139,224
-
Total
355,102
17,065
EXPENDITURE ON
Raising funds
Raising donations and legacies
6,589
-
Other trading activities
3,841
-
10,430
-
Charitable activities
Gallery & visual art workshop
90
-
Poetry prize
-
5,890
Film Screening
29
-
Live events
2,309
-
Arts hirings
64
-
In-house arts workshops & courses
3,779
-
Outreach projects
1,600
-
Satellite projects
395
-
Live Events at St Annes
1,935
-
Support and governance
38,488
-
Open air theatre
17,503
-
Staff costs
112,244
-
Total
188,866
5,890
NET INCOME/(EXPENDITURE)
166,236
11,175
Transfers between funds
(162,884)
176,645
Net movement in funds
3,352
187,820
RECONCILIATION OF FUNDS
Total funds brought forward
-
102,180		 Restricted
funds
£
158,259
-
-
-
-
-
-
2,977
-
-
161,236
-
-
-
1,000
-
-
-
-
1,000
5,007
-
-
101,625
-
66,114
174,746
(13,510)
(13,761)
(27,271)
106,081		 Total
funds
£
337,042
14,246
5,192
80
4,015
3,328
23,841
6,224
211
139,224
533,403
6,589
3,841
10,430
1,090
5,890
29
2,309
64
4,779
6,607
395
1,935
140,113
17,503
178,358
369,502
163,901
-
163,901
208,261

Page 20

The Plough Arts Centre Ltd

Notes to the Financial Statements - continued for the Year Ended 31 March 2022

15.
COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued
Unrestricted
Restricted
funds
Designated
funds
£
£
£
TOTAL FUNDS CARRIED FORWARD
3,352
290,000
78,810		 Total
funds
£
372,162

16. KEY MANAGEMENT REMUNERATION

The total compensation payable for the year to those individuals whom the trustees consider to be key management personnel was £39,427 (2021 - £34,405).

17. ROLE OF VOLUNTEERS

Volunteers collectively give approximately three thousand hours of service each year to the charity.

18. TANGIBLE FIXED ASSETS

COST
At 1 April 2021
Additions
At 31 March 2022
DEPRECIATION
At 1 April 2021
Charge for year
At 31 March 2022
NET BOOK VALUE
At 31 March 2022
At 31 March 2021		 Fixtures
and
fittings
£
303,596
34,417
338,013
249,789
29,588
279,377
58,636
53,807

Page 21

The Plough Arts Centre Ltd

Notes to the Financial Statements - continued for the Year Ended 31 March 2022

19. FIXED ASSET INVESTMENTS

19. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£
MARKET VALUE
At 1 April 2021 and 31 March 2022 1
NET BOOK VALUE
At 31 March 2022 1
At 31 March 2021 1
There were no investment assets outside the UK.
The company's investments at the balance sheet date in the share capital of companies include the following:
The Plough Arts Centre (Trading) Ltd
Registered office: 9-11 Fore Street, Torrington, Devon, England
Nature of business: Cafe
%
Class of share: holding
Ordinary 100
2022 2021
£ £
Aggregate capital and reserves (3,228) (2,062)
Loss for the year (1,166) (1,382)
20. STOCKS
2022 2021
£ £
Stocks 10,205 2,807
21. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2022 2021
£ £
Trade debtors 1,650 114
Other debtors 40,066 26,205
Prepayments and accrued income 6,600 28,510
48,316 54,829

Page 22

The Plough Arts Centre Ltd

Notes to the Financial Statements - continued for the Year Ended 31 March 2022

22. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Trade creditors
Social security and other taxes
Other creditors
Accrued expenses
Deferred income		 2022
£
35,423
2,524
6,642
14,823
48,532
107,944		 2021
£
16,554
3,332
9,301
26,589
27,687
83,463

Deferred income relates to income received in advance of the related event taking place. Deferred income at the start of the year was released in full during the year.

23. MOVEMENT IN FUNDS

Unrestricted funds
General fund
Building Reserves Fund
Technical Equipment Reserves Fund
Closure Contingency Fund
Plough Survival Fund
Social Prescribing
Poetry Prize
Restricted funds
Box Office/IT Upgrade Fund
Arts Council Project
Lift Fund
Staircase Fund
Youth Theatre
School Transport
Plough Development
Refurbishment
Scissor Lift Fund
Balcony Seats Fund
DCF Plough the Future
Jubilee Wood
Culture Recovery Fund
National Lottery Fund
TOTAL FUNDS		 At 1.4.21
£
3,352
80,000
15,000
50,000
138,000
5,000
2,000
293,352
2,520
22,460
5,032
5,911
11,313
1,853
629
4,861
2,622
9,711
4,722
1,288
-
5,888
78,810
372,162		 Net
movement
in funds
£
(82,107)
-
-
-
16,178
-
563
(65,366)
(2,520)
(8,465)
(5,032)
(1,542)
(8,444)
(497)
(96)
(4,861)
(828)
(2,533)
(4,503)
(1,288)
2,771
(2,285)
(40,123)
(105,489)		 Transfers
between
funds
£
82,107
(50,000)
-
-
(29,719)
-
(2,563)
(175)
-
-
-
-
-
-
-
-
-
-
-
-
175
-
175
-		 At
31.3.22
£
3,352
30,000
15,000
50,000
124,459
5,000
-
227,811
-
13,995
-
4,369
2,869
1,356
533
-
1,794
7,178
219
-
2,946
3,603
38,862
266,673

Page 23

The Plough Arts Centre Ltd

Notes to the Financial Statements - continued for the Year Ended 31 March 2022

23. MOVEMENT IN FUNDS - continued

Net movement in funds, included in the above are as follows:

Unrestricted funds
General fund
Plough Survival Fund
Poetry Prize
Restricted funds
Box Office/IT Upgrade Fund
Arts Council Project
Lift Fund
Staircase Fund
Youth Theatre
School Transport
Plough Development
Refurbishment
Scissor Lift Fund
Balcony Seats Fund
DCF Plough the Future
Jubilee Wood
Culture Recovery Fund
National Lottery Fund
TOTAL FUNDS		 Incoming
resources
£
418,224
16,178
678
435,080
-
-
-
-
1,096
-
-
-
-
-
500
-
40,000
-
41,596
476,676		 Resources
Movement
expended
in funds
£
£
(500,331)
(82,107)
-
16,178
(115)
563
(500,446)
(65,366)
(2,520)
(2,520)
(8,465)
(8,465)
(5,032)
(5,032)
(1,542)
(1,542)
(9,540)
(8,444)
(497)
(497)
(96)
(96)
(4,861)
(4,861)
(828)
(828)
(2,533)
(2,533)
(5,003)
(4,503)
(1,288)
(1,288)
(37,229)
2,771
(2,285)
(2,285)
(81,719)
(40,123)
(582,165)
(105,489)

Page 24

The Plough Arts Centre Ltd

Notes to the Financial Statements - continued for the Year Ended 31 March 2022

23. MOVEMENT IN FUNDS - continued

Comparatives for movement in funds

Unrestricted funds
General fund
Building Reserves Fund
Technical Equipment Reserves Fund
Closure Contingency Fund
Plough Survival Fund
Social Prescribing
Poetry Prize
Restricted funds
Box Office/IT Upgrade Fund
Arts Council Project
Lift Fund
Staircase Fund
Youth Theatre
School Transport
Plough Development
Refurbishment
Scissor Lift Fund
Balcony Seats Fund
Fire Doors Fund
DCF Plough the Future
Jubilee Wood
Culture Recovery Fund
National Lottery Fund
TOTAL FUNDS		 At 1.4.20
£
-
10,000
5,000
50,000
34,680
2,500
-
102,180
6,715
30,006
10,171
7,453
4,885
1,853
1,050
6,926
3,622
12,245
14,945
4,922
1,288
-
-
106,081
208,261		 Net
movement
in funds
£
166,236
-
-
-
2,819
-
8,356
177,411
(4,195)
(7,546)
(5,139)
(1,542)
6,428
-
(421)
(2,065)
(1,000)
(2,534)
(14,945)
(200)
-
6,226
13,423
(13,510)
163,901		 Transfers
between
funds
£
(162,884)
70,000
10,000
-
100,501
2,500
(6,356)
13,761
-
-
-
-
-
-
-
-
-
-
-
-
-
(6,226)
(7,535)
(13,761)
-		 At
31.3.21
£
3,352
80,000
15,000
50,000
138,000
5,000
2,000
293,352
2,520
22,460
5,032
5,911
11,313
1,853
629
4,861
2,622
9,711
-
4,722
1,288
-
5,888
78,810
372,162

Page 25

The Plough Arts Centre Ltd

Notes to the Financial Statements - continued for the Year Ended 31 March 2022

23. MOVEMENT IN FUNDS - continued

Comparative net movement in funds, included in the above are as follows:

Unrestricted funds
General fund
Plough Survival Fund
Poetry Prize
Restricted funds
Box Office/IT Upgrade Fund
Arts Council Project
Lift Fund
Staircase Fund
Youth Theatre
Plough Development
Refurbishment
Scissor Lift Fund
Balcony Seats Fund
Fire Doors Fund
DCF Plough the Future
Culture Recovery Fund
National Lottery Fund
TOTAL FUNDS		 Incoming
resources
£
355,102
2,819
14,246
372,167
-
-
-
-
7,012
-
-
-
-
-
-
81,224
73,000
161,236
533,403		 Resources
Movement
expended
in funds
£
£
(188,866)
166,236
-
2,819
(5,890)
8,356
(194,756)
177,411
(4,195)
(4,195)
(7,546)
(7,546)
(5,139)
(5,139)
(1,542)
(1,542)
(584)
6,428
(421)
(421)
(2,065)
(2,065)
(1,000)
(1,000)
(2,534)
(2,534)
(14,945)
(14,945)
(200)
(200)
(74,998)
6,226
(59,577)
13,423
(174,746)
(13,510)
(369,502)
163,901

Page 26

The Plough Arts Centre Ltd

Notes to the Financial Statements - continued for the Year Ended 31 March 2022

23. MOVEMENT IN FUNDS - continued

A current year 12 months and prior year 12 months combined position is as follows:

Unrestricted funds
General fund
Building Reserves Fund
Technical Equipment Reserves Fund
Closure Contingency Fund
Plough Survival Fund
Social Prescribing
Poetry Prize
Restricted funds
Box Office/IT Upgrade Fund
Arts Council Project
Lift Fund
Staircase Fund
Youth Theatre
School Transport
Plough Development
Refurbishment
Scissor Lift Fund
Balcony Seats Fund
Fire Doors Fund
DCF Plough the Future
Jubilee Wood
Culture Recovery Fund
National Lottery Fund
TOTAL FUNDS		 At 1.4.20
£
-
10,000
5,000
50,000
34,680
2,500
-
102,180
6,715
30,006
10,171
7,453
4,885
1,853
1,050
6,926
3,622
12,245
14,945
4,922
1,288
-
-
106,081
208,261		 Net
movement
in funds
£
84,129
-
-
-
18,997
-
8,919
112,045
(6,715)
(16,011)
(10,171)
(3,084)
(2,016)
(497)
(517)
(6,926)
(1,828)
(5,067)
(14,945)
(4,703)
(1,288)
8,997
11,138
(53,633)
58,412		 Transfers
between
funds
£
(80,777)
20,000
10,000
-
70,782
2,500
(8,919)
13,586
-
-
-
-
-
-
-
-
-
-
-
-
-
(6,051)
(7,535)
(13,586)
-		 At
31.3.22
£
3,352
30,000
15,000
50,000
124,459
5,000
-
227,811
-
13,995
-
4,369
2,869
1,356
533
-
1,794
7,178
-
219
-
2,946
3,603
38,862
266,673

Page 27

The Plough Arts Centre Ltd

Notes to the Financial Statements - continued for the Year Ended 31 March 2022

23. MOVEMENT IN FUNDS - continued

A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:

Incoming
resources
£
Unrestricted funds
General fund
773,326
Plough Survival Fund
18,997
Poetry Prize
14,924
807,247
Restricted funds
Box Office/IT Upgrade Fund
-
Arts Council Project
-
Lift Fund
-
Staircase Fund
-
Youth Theatre
8,108
School Transport
-
Plough Development
-
Refurbishment
-
Scissor Lift Fund
-
Balcony Seats Fund
-
Fire Doors Fund
-
DCF Plough the Future
500
Jubilee Wood
-
Culture Recovery Fund
121,224
National Lottery Fund
73,000
202,832
TOTAL FUNDS
1,010,079		 Resources
Movement
expended
in funds
£
£
(689,197)
84,129
-
18,997
(6,005)
8,919
(695,202)
112,045
(6,715)
(6,715)
(16,011)
(16,011)
(10,171)
(10,171)
(3,084)
(3,084)
(10,124)
(2,016)
(497)
(497)
(517)
(517)
(6,926)
(6,926)
(1,828)
(1,828)
(5,067)
(5,067)
(14,945)
(14,945)
(5,203)
(4,703)
(1,288)
(1,288)
(112,227)
8,997
(61,862)
11,138
(256,465)
(53,633)
(951,667)
58,412

Purpose of material unrestricted funds

General funds are donations and other incoming resources receivable or generated for the objects of the charity without further specific purpose and which the charity may use for its purpose at its discretion.

The Building Reserves fund has been designated to cover future costs relating to the charity's property and in particular refurbishment of toilets and replacement of fire doors, to the extent that costs exceeded the balance on the restricted fire doors fund.

The Closure Contingency fund has been designated to cover the costs expected to be incurred in the event the charity was forced to close.

The Plough Survival fund has been designated to cover short term losses in the event of unforeseen operating circumstances and based on six months of overheads.

Purposes of material restricted funds

The Arts Council Project fund provides funding for a variety of the projects undertaken by the charity.

Page 28

The Plough Arts Centre Ltd

Notes to the Financial Statements - continued for the Year Ended 31 March 2022

23. MOVEMENT IN FUNDS - continued

The Culture Recovery fund and National Lottery fund are both funds relating to support during Covid and related lockdowns.

In the opinion of the Trustees, sufficient funds are held in an appropriate form to enable each fund to be applied in accordance with the relevant restrictions.

Transfers between funds

Transfers have between made between designated funds to bring the closing balances on these funds to the amounts which the trustees consider appropriate to meet the financial requirements of the relevant fund.

A transfer of overspent funds from general reserves has been made to the Culture Recovery fund.

24. RELATED PARTY DISCLOSURES

There were no disclosable related party transactions for the year ended 31 March 2022 other than the key management remuneration.

25. RECONCILIATION OF NET (EXPENDITURE)/INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES

Net (expenditure)/income for the reporting period (as per the
Statement of Financial Activities)
Adjustments for:
Depreciation charges
Interest received
(Increase)/decrease in stocks
Decrease in debtors
Increase in creditors
Net cash (used in)/provided by operations		 2022
£
(105,489)
29,588
(282)
(7,398)
6,513
24,481
(52,587)		 2021
£
163,901
25,521
(211)
253
10,472
2,469
202,405

26.. ANALYSIS OF CHANGES IN NET FUNDS

At 1.4.21 Cash flow At 31.3.22
£ £ £
Net cash
Cash at bank and in hand 344,181 (86,722) 257,459
344,181 (86,722) 257,459
Total 344,181 (86,722) 257,459

Page 29

Notes to the Financial Statements - continued for the Year Ended 31 March 2022

The Plough Arts Centre Ltd

27. CHARITY STATUS

The charity is a private company limited by guarantee 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.

Page 30

The Plough Arts Centre Ltd

Detailed Statement of Financial Activities for the Year Ended 31 March 2022

INCOME AND ENDOWMENTS
Donations and legacies
Donations
Gift aid
Trading subsidiary donation
Torrington Town Council
Torrington Town and Lands
Barnstaple Town Council
Torridge District Council
North Devon Council
Arts Council COVID grant
National Lottery
Culture Recovery Fund
Supporters Subscriptions
Plough Survival Fund
Fundraising
Business Supporters
COVID fund income
Other trading activities
Shop income
Commission income
Fees and supplies
Cafe
Bar
Non arts hirings
Investment income
Bank account interest
Charitable activities
Live events
Live events at St Annes
Live events at Devon Hall
Open air theatre
Poetry prize
Arts hirings
In-house arts workshops & courses
Other income
Government grants
Total incoming resources		 2022
£
24,174
3,400
-
10,000
-
15,000
2,667
2,667
-
-
40,000
18,226
16,178
-
12,700
300
145,312
6,300
8,177
25,855
27,231
23,191
2,175
92,929
282
106,257
8,399
4,020
69,260
678
788
17,982
207,384
30,769
476,676		 2021
£
25,518
(1,685)
1,761
10,000
10,000
15,000
25,000
-
50,000
73,000
80,424
16,103
2,819
1,063
1,250
26,789
337,042
429
1,154
4,171
-
-
470
6,224
211
5,192
3,328
-
23,841
14,246
80
4,015
50,702
139,224
533,403

This page does not form part of the statutory financial statements

Page 31

The Plough Arts Centre Ltd

Detailed Statement of Financial Activities for the Year Ended 31 March 2022

EXPENDITURE
Raising donations and legacies
Wages
Social security
Pensions
Costs of generating donations and legacies
Other trading activities
Purchases
Wages
Social security
Pensions
Charitable activities
Wages
Social security
Pensions
Events and projects costs
Bad debts
Support costs
Finance
Bank charges
Other
Rates and water
Insurance
Light and heat
Telephone
Postage and stationery
Sundries
Repairs and maintenance
Advertising
Travel
Redundancy costs
Legal fees
Consultancy costs
Fixtures and fittings depreciation		 2022
£
5,565
283
153
309
6,310
31,133
18,509
709
500
50,851
163,700
6,273
4,427
165,709
-
340,109
445
1,119
6,842
9,319
4,105
4,391
11,735
78,818
11,677
2,766
-
900
2,809
29,588
164,069		 2021
£
5,445
266
148
730
6,589
3,841
-
-
-
3,841
169,901
5,238
3,219
43,286
64
221,708
257
770
7,972
6,215
3,678
2,580
13,387
42,345
1,382
250
23,058
1,338
-
25,521
128,496

This page does not form part of the statutory financial statements

Page 32

The Plough Arts Centre Ltd

Detailed Statement of Financial Activities for the Year Ended 31 March 2022

Other
Governance costs
Independent Examiners' remuneration
Accountancy and bookkeeping
Total resources expended
Net (expenditure)/income		 2022
£
5,040
15,341
20,381
582,165
(105,489)		 2021
£
3,360
5,251
8,611
369,502
163,901

This page does not form part of the statutory financial statements

Page 33