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← The Plough Arts Centre Limited

2025-03-31-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 2025

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

The Plough Arts Centre Ltd

Contents of the Financial Statements for the Year Ended 31 March 2025

Page
Report of the Trustees 1 to 6
Independent Examiner's Report 7
Statement of Financial Activities 8 to 9
Balance Sheet 10 to 11
Cash Flow Statement 12
Notes to the Financial Statements 13 to 27
Detailed Statement of Financial Activities 28 to 30

The Plough Arts Centre Ltd

Report of the Trustees for the Year Ended 31 March 2025

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 2025. 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 60 volunteers who jointly gave nearly 9000 hours of their time in the period.

Volunteer activities 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 2025

The Plough Arts Centre Ltd

STRATEGIC REPORT Achievements and performance

Charitable activities

The year 2024/25 ticket sales increased very slowly. Our successful bid to the Arts Council for Capital Funding began in April 2024, and since then £105,000 has been raised in Match Funding. It took some time to get quotes and prices for the works, but the Trustees can report that a new scissor lift, fire alarm system, replacement fire doors and window upgrades have been completed. The Gallery roof is currently being replaced and in the new year, the foyer, toilets and passage floors will be resurfaced and replaced. Work will then move on to the dressing rooms which will be made more accessible and comfortable for performers. We continued to be supported financially by the ACE NPO funding, Torrington District Council and Great Torrington Town Council amongst other. However, the financial year (2024/5) closed with a deficit despite hard work to reduce costs and improve income. 50% of the deficit was in respect of HR and redundancy costs incurred in restructuring the staff team. All funding bodies have received regular reports and updates on our progress towards delivering project and funding objectives.

Trustees:

The Council of Management (COM) met 12 times during the year. Mark Taylor, Des Maisey and Penny Maisey stood down as Trustees and the Committee extends a vote of thanks to them all for their efforts over the years. Fran Hardiman, Mel Richardson, Debbie Kent and Clair Stevens continue in post following their election in November 2024. David Sheppard continues as Company Secretary and Fran Hardiman as Chair.

Our programme of activities 2024-2025:

Over the past year we have offered a diverse programme of live events theatre, music, comedy, dance, film screenings, gallery exhibitions and arts & crafts workshops from our home base in Great Torrington, plus we have also run events at our second centre ThePlough@StAnne's in Barnstaple, and a range of locations across North Devon. We are the sole provider of many arts activities in a vast rural area, and many of Torrington's residents meet up at The Plough for coffee and cake or come to see a show.

Activities and Events taking place at The Plough Arts Centre Apr 2024- Mar 2025

The Plough Arts Centre, Great Torrington Number of Events
Live events i.e. theatre, comedy, music
Film screenings 163
Workshops @ The Plough 217
Community meetings including dance classes, choirs 49
41 (PYT Dance)37
Award Ceremonies (Ploughcappella)
Stories in the
DustGTS-tivalINSPIRE
Dance FestivalDaisi and the
Melting Pot (Youth
Bands)David Mynne -
School Events Dickens' A Christmas Carol
Mayfair
CelebrationsTorrington
Public Events - For example: Mayfair celebrations, Antique evaluation days, Public 100Globe Public
Hustings MeetingDistribution Day
Plough Prism 39
Plough Motion 39
Plough The Future 8
Plough Youth Theatre - Infants (5-7 years) 41
Plough Youth Theatre - Juniors (8-11 years) 41
Plough Youth Theatre - Middlies (11-14 years) 41
Plough Youth Theatre - Seniors (14-18 years) 41
Plough Youth Theatre - Creative Dance (8-18 years) 41
Plough Youth Theatre - Writing for Performance (8-18 years) 37
Art & Craft Exhibitions 14

Page 2

The Plough Arts Centre Ltd

Report of the Trustees for the Year Ended 31 March 2025

The Plough @ St Anne's,
Barnstaple Number of Events
Live events i.e. theatre,
comedy, music 110
Workshops 105
Community meetings/
hirings? Meditations, Yoga, Poetry Stanza, Meetings/conferences
Hire of our smaller venue ThePlough@StAnne's in Barnstaple for occasional
Other events weddings, funerals and birthday parties

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 participants 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

Reserves policy

Having been a charity since 2002 The Plough Arts Centre Ltd has designated funds for closure contingency of £50,000.

The Trustees' policy is for the unrestricted general 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 below this level and are actively working on ways to improve the level of unrestricted reserves. New core funding has been agreed as mentioned above which the Trustees anticipate will result in these funds returning to the required level.

Going concern

At the end of March 2025, the unrestricted reserves were £228,521, although £200,000 of this can be attributed to the value of the gifted Freehold Property during the year. Despite increased ticket sales and reduced overheads, expenditure still outstripped income. The Chief Executive and Trustees decided to seek additional funding to underpin core costs over the next 2 years. It was calculated that an extra £60,000 was needed to mitigate the risk of closure. A case was made to Torridge District Council and Great Torrington Town Council and both organisations agreed to make funds available, for which we are very grateful.

Page 3

The Plough Arts Centre Ltd

Report of the Trustees for the Year Ended 31 March 2025

STRATEGIC REPORT

Financial and risk management objectives and policies

A rolling programme of grant applications has been implemented seeking funds to support core costs, building maintenance and project work. ACE have indicated that we are eligible to apply for an extension to the NPO programme.

Encouraging existing and new audiences to use The Plough is fundamental and whilst the programme has focussed on popular music, comedy and mainstream films, we are conscious of the demand for other genres of music and films. We are looking at ways to provide these whilst breaking even.

After a strategic reorganisation during 2024/25, a Chief Executive was appointed in September 2024 and she has, with the support of the Trustee, developed and implemented a recovery plan. However, our staff team is very thin on the ground, and this is a risk to the organisation. When someone is off sick or on leave, there is little or no cover for their workload. Our volunteers have been amazing, with people offering help in marketing, admin and even tidying the costume cupboard and offices.

In January 2025, a new ticketing system, Spektrix, went live, and this has resulted in a more dynamic and integrated approach to ticketing and reporting. Previous problems with a lack of consistent connectivity at the payment gateway have been greatly reduced. This system has enabled us to automate reminders for memberships and integrate email newsletters rather than exporting customer details to a third-party email interface.

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

Trustees are elected by members of The Plough Council of Management. If there are fewer candidates than places available, then Trustees are elected unopposed. Vacancies on the Council of Management are advertised on social media, the ACE website, and Voluntary Sector Sites too, when they arise. From time to time a person with specialist 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 (COM) which shall not be less than 3 or more than 12 until otherwise determined by a general meeting. The COM meets monthly.

Decision making

The Trustees are Directors of the Charity and responsible for decision making which takes place at regular COM meetings. Day to day management of The Plough is delegated to the Chief Executive, Emma Marston with support from The Chair and financial oversight on a voluntary basis from Mark Taylor (Accountant).

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. Since January 2025, the COM has moved to bimonthly business meetings with a strategy and planning meeting in between.

Key management remuneration

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

Page 4

The Plough Arts Centre Ltd

Report of the Trustees for the Year Ended 31 March 2025

STRUCTURE, GOVERNANCE AND MANAGEMENT

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

Financial reports are reviewed monthly by the COM.

Potential financial and non-financial risks

The Chair and Chief Executive maintain close contact 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

Trustees

Dr C F Hardiman Chair of Trustees Ms P J Maisey Vice-chair (resigned 7.1.25) Mr M Taylor Treasurer (resigned 20.11.24) Ms D A Kent Mr D J Maisey (resigned 20.2.25) Ms M M Richardson Mr D M Sheppard Ms M C Stevens Mr N J Ford (resigned 17.5.24)

Company Secretary

Mr D M Sheppard

Page 5

The Plough Arts Centre Ltd

Report of the Trustees for the Year Ended 31 March 2025

REFERENCE AND ADMINISTRATIVE DETAILS

Independent Examiner David Sims BSc FCA R T Marke & Co Ltd Chartered Accountants 69 High Street Bideford Devon EX39 2AT

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: 31/10/2025

........................................................................ Dr C F Hardiman - Trustee

Page 6

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 2025.

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 member of the 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.

David Sims BSc FCA The Institute of Chartered Accountants in England and Wales

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

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

Page 7

The Plough Arts Centre Ltd

Statement of Financial Activities (Incorporating an Income and Expenditure Account) for the Year Ended 31 March 2025

Unrestricted
funds
Designated
Notes
£
£
INCOME AND
ENDOWMENTS FROM
Donations and legacies
3
451,046
-
Charitable activities
6
Poetry prize
-
8,834
Live events
215,439
-
In-house arts workshops &
courses
5,254
-
Live Events at St Annes
46,247
-
Open air theatre
42,639
-
Other trading activities
4
54,161
-
Investment income
5
2,005
-
Total
816,791
8,834
EXPENDITURE ON
Raising funds
Raising donations and legacies
7
28,798
-
Other trading activities
8
10,273
-
39,071
-
Charitable activities
9
Poetry prize
-
8,834
Film Screening
25,273
-
Live events
117,643
-
In-house arts workshops &
courses
5,381
-
Outreach projects
17,155
-
Live Events at St Annes
28,134
-
Support and governance
156,880
-
Open air theatre
34,450
-
Staff costs
232,189
-
Total
656,176
8,834
NET
INCOME/(EXPENDITURE)
160,615
-
RECONCILIATION OF
FUNDS
Total funds brought forward
17,906
50,000		 Restricted
funds
£
47,089
-
-
-
475
-
13,767
-
61,331
-
-
-
-
-
-
-
-
660
9,237
-
13,767
23,664
37,667
8,569		 2025
Total
funds
£
498,135
8,834
215,439
5,254
46,722
42,639
67,928
2,005
886,956
28,798
10,273
39,071
8,834
25,273
117,643
5,381
17,155
28,794
166,117
34,450
245,956
688,674
198,282
76,475		 2024
Total
funds
£
247,396
10,548
198,646
8,182
43,516
35,143
58,507
3,676
605,614
10,202
31,869
42,071
10,548
27,055
97,080
9,387
19,921
27,739
167,731
28,705
238,451
668,688
(63,074)
139,549

The notes form part of these financial statements

Page 8

The Plough Arts Centre Ltd

Statement of Financial Activities (Incorporating an Income and Expenditure Account) for the Year Ended 31 March 2025

Unrestricted
funds
Designated
Notes
£
£
TOTAL FUNDS CARRIED
FORWARD
178,521
50,000		 Restricted
funds
£
46,236		 2025
Total
funds
£
274,757		 2024
Total
funds
£
76,475

CONTINUING OPERATIONS

All income and expenditure has arisen from continuing activities.

The notes form part of these financial statements

Page 9

The Plough Arts Centre Ltd (Registered number: 04404875)

Balance Sheet 31 March 2025

Unrestricted
funds
Designated
Notes
£
£
FIXED ASSETS
Tangible assets
18
232,268
-
Investments
19
1
-
232,269
-
CURRENT ASSETS
Stocks
20
768
-
Debtors
21
28,446
-
Cash at bank and in hand
30,974
54,755
60,188
54,755
CREDITORS
Amounts falling due within one
year
22
(113,936)
(4,755)
NET CURRENT ASSETS
(53,748)
50,000
TOTAL ASSETS LESS
CURRENT LIABILITIES
178,521
50,000
NET ASSETS
178,521
50,000
FUNDS
23
Unrestricted funds
Restricted funds
TOTAL FUNDS		 Restricted
funds
£
45,603
-
45,603
-
-
23,381
23,381
(22,748)
633
46,236
46,236		 2025
Total
funds
£
277,871
1
277,872
768
28,446
109,110
138,324
(141,439)
(3,115)
274,757
274,757
228,521
46,236
274,757		 2024
Total
funds
£
50,064
1
50,065
1,457
31,516
130,293
163,266
(136,856)
26,410
76,475
76,475
67,906
8,569
76,475

The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2025 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 10

The Plough Arts Centre Ltd (Registered number: 04404875)

Balance Sheet - continued 31 March 2025

.............................................31/10/2025 Dr C F Hardiman - Trustee ............................................. wh Mr D M Sheppard - Trustee

The notes form part of these financial statements

Page 11

The Plough Arts Centre Ltd

Cash Flow Statement for the Year Ended 31 March 2025

Notes
Cash flows from operating activities
Cash generated from operations
25
Net cash provided by/(used in) 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		 2025
£
28,106
28,106
(51,294)
2,005
(49,289)
(21,183)
130,293
109,110		 2024
£
(33,504)
(33,504)
(33,362)
3,676
(29,686)
(63,190)
193,483
130,293

The notes form part of these financial statements

Page 12

The Plough Arts Centre Ltd

Notes to the Financial Statements for the Year Ended 31 March 2025

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 13

The Plough Arts Centre Ltd

Notes to the Financial Statements - continued for the Year Ended 31 March 2025

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.

Freehold property - 1% straight line on property nil on land 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 estimated selling price less costs to complete and sell, 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.

Exceptional items

The charity discloses as exceptional items material items which derive from events or transactions that fall within the ordinary activities of the reporting entity and which individually, or, if of a similar type, in aggregate, it is considered need to be disclosed by virtue of their size or incidence if the financial statements are to give a true and fair view.

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.

Although the charity has reported a surplus in the year, this is in a large part due to the gifted receipt of the freehold property from which it operates which has been included as a donation at it's open market value. The charity was successful in obtaining new additional funding of £120,000 per year for three years from April 2023 which the Trustees are confident secures the charity's future for the foreseeable future.

Page 14

The Plough Arts Centre Ltd

Notes to the Financial Statements - continued for the Year Ended 31 March 2025

2. ACCOUNTING POLICIES - continued

Going concern

The charity has been invited to apply for additional funding and the trustees are confident that this will be received.

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.

3. DONATIONS AND LEGACIES

Donations
Gift aid
Torrington Town Council
Torrington Town and Lands
Barnstaple Town Council
Torridge District Council
Garfield Weston
Arts Council England
Other grants
National Lottery
Supporters Subscriptions
Plough Survival Fund
Business Supporters
Capital bid: matched funding
OTHER TRADING ACTIVITIES
Shop income
Commission income
Youth Theatre
Non arts hirings
Booking fees		 2025
£
216,740
4,902
9,000
-
15,000
20,000
-
120,000
1,000
40,000
14,499
-
10,905
46,089
498,135
2025
£
2,974
9,685
39,194
2,645
13,430
67,928		 2024
£
18,674
5,492
9,000
11,684
15,000
10,000
8,333
120,000
1,734
20,000
14,304
45
13,130
-		 2024
£
18,674
5,492
9,000
11,684
15,000
10,000
8,333
120,000
1,734
20,000
14,304
45
13,130
-
247,396
2024
£
5,681
5,268
33,280
2,774
11,504
58,507

4. OTHER TRADING ACTIVITIES

Page 15

The Plough Arts Centre Ltd

Notes to the Financial Statements - continued for the Year Ended 31 March 2025

5.
INVESTMENT INCOME
Bank account interest
6.
GOVERNMENT GRANT INCOME
Included in income are government grants totalling £44,000 (2024 - £34,000).
7.
RAISING DONATIONS AND LEGACIES
Staff costs
Costs of generating donations and legacies
8.
OTHER TRADING ACTIVITIES
Purchases
Bad debts
9.
CHARITABLE ACTIVITIES COSTS
The cost of charitable activities includes support costs of £168,413 (2024 - £161,280)
10.
DIRECT COSTS OF CHARITABLE ACTIVITIES
Staff costs
Events and projects costs		 2025
2024
£
£
2,005
3,676
2025
2024
£
£
27,333
6,879
1,465
3,323
28,798
10,202
2025
2024
£
£
10,273
8,232
-
23,637
10,273
31,869
as set out in note 11.
2025
2024
£
£
245,956
238,451
235,234
226,886
481,190
465,337		 2025
2024
£
£
2,005
3,676
2025
2024
£
£
27,333
6,879
1,465
3,323
28,798
10,202
2025
2024
£
£
10,273
8,232
-
23,637
10,273
31,869
as set out in note 11.
2025
2024
£
£
245,956
238,451
235,234
226,886
481,190
465,337		 2024
£
3,676
2024
£
6,879
3,323
10,202
2024
£
8,232
23,637
31,869
465,337

Page 16

The Plough Arts Centre Ltd

Notes to the Financial Statements - continued for the Year Ended 31 March 2025

11. SUPPORT COSTS

Governance
Finance Other costs Totals
£ £ £ £
Support and governance 349 149,606 18,458 168,413

12. NET INCOME/(EXPENDITURE)

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

2025 2024
£ £
Independent Examiners' remuneration 4,080 3,645
Depreciation - owned assets 23,487 22,406

13. TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 31 March 2025 nor for the year ended 31 March 2024.

Trustees' expenses

There were no trustees' expenses paid for the year ended 31 March 2025 nor for the year ended 31 March 2024.

14. STAFF COSTS

Wages and salaries
Social security costs
Other pension costs		 2025
£
253,089
13,008
7,192
273,289		 2024
£
225,580
12,505
7,245
245,330

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

Management
Box office and marketing
Technical
Outreach
Cleaning
Visual Arts
Fundraising
Maintenance		 2025
2
4
2
-
1
2
1
1
13		 2024
2
9
2
4
1
1
1
1
21

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

Page 17

The Plough Arts Centre Ltd

Notes to the Financial Statements - continued for the Year Ended 31 March 2025

15.
COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
Unrestricted
funds
Designated
£
£
INCOME AND ENDOWMENTS FROM
Donations and legacies
238,978
-
Charitable activities
Poetry prize
-
10,548
Live events
196,146
-
In-house arts workshops & courses
8,182
-
Live Events at St Annes
42,526
-
Open air theatre
35,143
-
Other trading activities
47,551
-
Investment income
3,676
-
Total
572,202
10,548
EXPENDITURE ON
Raising funds
Raising donations and legacies
10,202
-
Other trading activities
31,869
-
42,071
-
Charitable activities
Poetry prize
-
10,548
Film Screening
27,055
-
Live events
89,839
-
In-house arts workshops & courses
9,387
-
Outreach projects
19,921
-
Live Events at St Annes
27,739
-
Support and governance
156,358
-
Open air theatre
28,705
-
Staff costs
222,271
-
Total
623,346
10,548
NET INCOME/(EXPENDITURE)
(51,144)
-
Transfers between funds
47,869
(45,000)
Net movement in funds
(3,275)
(45,000)
RECONCILIATION OF FUNDS
Total funds brought forward
21,181
95,000
TOTAL FUNDS CARRIED FORWARD
17,906
50,000		 Restricted
funds
£
8,418
-
2,500
-
990
-
10,956
-
22,864
-
-
-
-
-
7,241
-
-
-
11,373
-
16,180
34,794
(11,930)
(2,869)
(14,799)
23,368
8,569		 Total
funds
£
247,396
10,548
198,646
8,182
43,516
35,143
58,507
3,676
605,614
10,202
31,869
42,071
10,548
27,055
97,080
9,387
19,921
27,739
167,731
28,705
238,451
668,688
(63,074)
-
(63,074)
139,549
76,475

Page 18

The Plough Arts Centre Ltd

Notes to the Financial Statements - continued for the Year Ended 31 March 2025

16. KEY MANAGEMENT REMUNERATION

The total compensation payable for the year to those individuals whom the trustees consider to be key management personnel was £71,991 (2024 - £50,265).

17. ROLE OF VOLUNTEERS

Volunteers collectively give approximately 8,854 hours of service each year to the charity.

18. TANGIBLE FIXED ASSETS

COST OR VALUATION
At 1 April 2024
Additions
Revaluations
At 31 March 2025
DEPRECIATION
At 1 April 2024
Charge for year
At 31 March 2025
NET BOOK VALUE
At 31 March 2025
At 31 March 2024
Cost or valuation at 31 March 2025 is represented by:
Valuation in 2025
Cost		 Freehold
property
£
2,610
30,744
200,000
233,354
-
-
-
233,354
2,610
Freehold
property
£
200,000
33,354
233,354		 Fixtures
and
fittings
£
370,844
20,550
-
391,394
323,390
23,487
346,877
44,517
47,454
Fixtures
and
fittings
£
-
391,394
391,394		 Totals
£
373,454
51,294
200,000
624,748
323,390
23,487
346,877
277,871
50,064
Totals
£
200,000
424,748
624,748

No depreciation has been provided on freehold property during the year due on the basis that the property was gifted to the charity during the year and has been included at it's open market value. Depreciation charge will commence using the charity's standard policy for depreciation with effect from 2025/26.

Page 19

The Plough Arts Centre Ltd

Notes to the Financial Statements - continued for the Year Ended 31 March 2025

19. FIXED ASSET INVESTMENTS

19. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£
MARKET VALUE
At 1 April 2024 and 31 March 2025 1
NET BOOK VALUE
At 31 March 2025 1
At 31 March 2024 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
2025 2024
£ £
Aggregate capital and reserves (26,436) (19,712)
Loss for the year (6,724) (5,480)
20. STOCKS
2025 2024
£ £
Stocks 768 1,457
21. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2025 2024
£ £
Trade debtors 16,860 2,871
Other debtors 6,075 19,325
Prepayments and accrued income 5,511 9,320
28,446 31,516

Page 20

The Plough Arts Centre Ltd

Notes to the Financial Statements - continued for the Year Ended 31 March 2025

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		 2025
£
36,861
4,589
53,852
15,235
30,902
141,439		 2024
£
31,623
5,047
42,656
21,936
35,594
136,856

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

MOVEMENT IN FUNDS
Unrestricted funds
General fund
Closure Contingency Fund
Restricted funds
Arts Council Project
Staircase Fund
School Transport
Scissor Lift Fund
Balcony Seats Fund
Culture Recovery Fund
National Lottery Fund
Capital Bid
TOTAL FUNDS		 At 1.4.24
£
17,906
50,000
67,906
1,194
1,285
818
138
2,112
1,142
1,880
-
8,569
76,475		 Net
movement
in funds
£
160,615
-
160,615
(834)
(1,285)
(185)
(138)
(2,112)
(572)
(579)
43,372
37,667
198,282		 At
31.3.25
£
178,521
50,000
228,521
360
-
633
-
-
570
1,301
43,372
46,236
274,757

Page 21

The Plough Arts Centre Ltd

Notes to the Financial Statements - continued for the Year Ended 31 March 2025

23. MOVEMENT IN FUNDS - continued

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

Unrestricted funds
General fund
Poetry Prize
Restricted funds
Arts Council Project
Staircase Fund
Youth Theatre
School Transport
Other sundry restricted funds
Scissor Lift Fund
Balcony Seats Fund
St Annes
Culture Recovery Fund
National Lottery Fund
Capital Bid
TOTAL FUNDS		 Incoming
resources
£
816,791
8,834
825,625
-
-
13,767
-
1,000
-
-
475
-
-
46,089
61,331
886,956		 Resources
Movement
expended
in funds
£
£
(656,176)
160,615
(8,834)
-
(665,010)
160,615
(834)
(834)
(1,285)
(1,285)
(13,767)
-
(185)
(185)
(1,000)
-
(138)
(138)
(2,112)
(2,112)
(475)
-
(572)
(572)
(579)
(579)
(2,717)
43,372
(23,664)
37,667
(688,674)
198,282

Page 22

The Plough Arts Centre Ltd

Notes to the Financial Statements - continued for the Year Ended 31 March 2025

23. MOVEMENT IN FUNDS - continued

Comparatives for movement in funds

Unrestricted funds
General fund
Building Reserves Fund
Technical Equipment Reserves Fund
Closure Contingency Fund
Restricted funds
Arts Council Project
Staircase Fund
Youth Theatre
School Transport
Scissor Lift Fund
Balcony Seats Fund
DCF Plough the Future
Culture Recovery Fund
National Lottery Fund
TOTAL FUNDS		 At 1.4.23
£
21,181
30,000
15,000
50,000
116,181
6,235
2,827
2,869
1,156
966
4,645
219
1,933
2,518
23,368
139,549		 Net
movement
in funds
£
(51,144)
-
-
-
(51,144)
(5,041)
(1,542)
-
(338)
(828)
(2,533)
(219)
(791)
(638)
(11,930)
(63,074)		 Transfers
between
funds
£
47,869
(30,000)
(15,000)
-
2,869
-
-
(2,869)
-
-
-
-
-
-
(2,869)
-		 At
31.3.24
£
17,906
-
-
50,000
67,906
1,194
1,285
-
818
138
2,112
-
1,142
1,880
8,569
76,475

Page 23

The Plough Arts Centre Ltd

Notes to the Financial Statements - continued for the Year Ended 31 March 2025

23. MOVEMENT IN FUNDS - continued

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

Unrestricted funds
General fund
Poetry Prize
Restricted funds
Arts Council Project
Staircase Fund
Youth Theatre
School Transport
Other sundry restricted funds
Scissor Lift Fund
Balcony Seats Fund
DCF Plough the Future
Culture Recovery Fund
National Lottery Fund
TOTAL FUNDS		 Incoming
resources
£
572,202
10,548
582,750
-
-
21,874
-
990
-
-
-
-
-
22,864
605,614		 Resources
Movement
expended
in funds
£
£
(623,346)
(51,144)
(10,548)
-
(633,894)
(51,144)
(5,041)
(5,041)
(1,542)
(1,542)
(21,874)
-
(338)
(338)
(990)
-
(828)
(828)
(2,533)
(2,533)
(219)
(219)
(791)
(791)
(638)
(638)
(34,794)
(11,930)
(668,688)
(63,074)

Page 24

The Plough Arts Centre Ltd

Notes to the Financial Statements - continued for the Year Ended 31 March 2025

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
Restricted funds
Arts Council Project
Staircase Fund
Youth Theatre
School Transport
Scissor Lift Fund
Balcony Seats Fund
DCF Plough the Future
Culture Recovery Fund
National Lottery Fund
Capital Bid
TOTAL FUNDS		 At 1.4.23
£
21,181
30,000
15,000
50,000
116,181
6,235
2,827
2,869
1,156
966
4,645
219
1,933
2,518
-
23,368
139,549		 Net
movement
in funds
£
109,471
-
-
-
109,471
(5,875)
(2,827)
-
(523)
(966)
(4,645)
(219)
(1,363)
(1,217)
43,372
25,737
135,208		 Transfers
between
funds
£
47,869
(30,000)
(15,000)
-
2,869
-
-
(2,869)
-
-
-
-
-
-
-
(2,869)
-		 At
31.3.25
£
178,521
-
-
50,000
228,521
360
-
-
633
-
-
-
570
1,301
43,372
46,236
274,757

Page 25

The Plough Arts Centre Ltd

Notes to the Financial Statements - continued for the Year Ended 31 March 2025

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 Movement
resources expended in funds
£ £ £
Unrestricted funds
General fund 1,388,993 (1,279,522 ) 109,471
Poetry Prize 19,382 (19,382) -
1,408,375 (1,298,904 ) 109,471
Restricted funds
Arts Council Project - (5,875) (5,875)
Staircase Fund - (2,827) (2,827)
Youth Theatre 35,641 (35,641) -
School Transport - (523) (523)
Other sundry restricted funds 1,990 (1,990) -
Scissor Lift Fund - (966) (966)
Balcony Seats Fund - (4,645) (4,645)
St Annes 475 (475) -
DCF Plough the Future - (219) (219)
Culture Recovery Fund - (1,363) (1,363)
National Lottery Fund - (1,217) (1,217)
Capital Bid 46,089 (2,717) 43,372
84,195 (58,458) 25,737
TOTAL FUNDS 1,492,570 (1,357,362 ) 135,208

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 was previously 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.

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.

Page 26

The Plough Arts Centre Ltd

Notes to the Financial Statements - continued for the Year Ended 31 March 2025

24. RELATED PARTY DISCLOSURES

At the balance sheet date the charity was owed £30,289 by its trading subsidiary, The Plough Arts Centre (Trading) Ltd. £23,637 is considered irrecoverable and was provided against in full as a bad debt during the previous year.

There were no further disclosable related party transactions for the year ended 31 March 2025 other than the key management remuneration.

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

2025
£
Net income/(expenditure) for the reporting period (as per the
Statement of Financial Activities)
198,282
Adjustments for:
Depreciation charges
23,487
Interest received
(2,005)
Donation of freehold property
(200,000)
Decrease in stocks
689
Decrease in debtors
3,070
Increase/(decrease) in creditors
4,583
Net cash provided by/(used in) operations
28,106		 2024
£
(63,074)
22,406
(3,676)
-
86
11,690
(936)
(33,504)

26. ANALYSIS OF CHANGES IN NET FUNDS

At 1.4.24 Cash flow At 31.3.25
£ £ £
Net cash
Cash at bank and in hand 130,293 (21,183) 109,110
130,293 (21,183) 109,110
Total 130,293 (21,183) 109,110

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 27

The Plough Arts Centre Ltd

Detailed Statement of Financial Activities for the Year Ended 31 March 2025

INCOME AND ENDOWMENTS
Donations and legacies
Donations
Gift aid
Torrington Town Council
Torrington Town and Lands
Barnstaple Town Council
Torridge District Council
Garfield Weston
Arts Council England
Other grants
National Lottery
Supporters Subscriptions
Plough Survival Fund
Business Supporters
Capital bid: matched funding
Other trading activities
Shop income
Commission income
Youth Theatre
Non arts hirings
Booking fees
Investment income
Bank account interest
Charitable activities
Live events
Live events at St Annes
Open air theatre
Poetry prize
In-house arts workshops & courses
Total incoming resources
EXPENDITURE
Raising donations and legacies
Wages
Carried forward		 2025
£
216,740
4,902
9,000
-
15,000
20,000
-
120,000
1,000
40,000
14,499
-
10,905
46,089
498,135
2,974
9,685
39,194
2,645
13,430
67,928
2,005
215,439
46,722
42,639
8,834
5,254
318,888
886,956
24,137
24,137		 2024
£
18,674
5,492
9,000
11,684
15,000
10,000
8,333
120,000
1,734
20,000
14,304
45
13,130
-
247,396
5,681
5,268
33,280
2,774
11,504
58,507
3,676
198,646
43,516
35,143
10,548
8,182
296,035
605,614
6,318
6,318

This page does not form part of the statutory financial statements

Page 28

The Plough Arts Centre Ltd

Detailed Statement of Financial Activities for the Year Ended 31 March 2025

Raising donations and legacies
Brought forward
Social security
Pensions
Costs of generating donations and legacies
Other trading activities
Purchases
Bad debts
Charitable activities
Wages
Social security
Pensions
Events and projects costs
Support costs
Finance
Bank charges
Other
Rates and water
Insurance
Light and heat
Telephone
Postage and stationery
Sundries
Repairs and maintenance
Advertising
Volunteer & travel expenses
Legal fees
IT and software
Freelance staff
Fixtures and fittings depreciation
Governance costs
Independent Examiners' remuneration
Bookkeeping		 2025
£
24,137
2,285
911
1,465
28,798
10,273
-
10,273
228,952
10,723
6,281
235,234
481,190
349
2,123
9,236
35,428
2,706
3,363
8,691
13,237
21,345
2,987
2,467
10,491
14,045
23,487
149,606
4,080
14,378
18,458		 2024
£
6,318
370
191
3,323
10,202
8,232
23,637
31,869
219,262
12,135
7,054
226,886
465,337
494
1,933
9,016
43,644
5,859
2,787
7,525
12,937
23,865
605
2,272
11,603
-
22,406
144,452
3,645
12,689
16,334

This page does not form part of the statutory financial statements

Page 29

The Plough Arts Centre Ltd

Detailed Statement of Financial Activities for the Year Ended 31 March 2025

Total resources expended
Net income/(expenditure)		 2025
£
688,674
198,282		 2024
£
668,688
(63,074)

This page does not form part of the statutory financial statements

Page 30