**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<br>funds<br>Designated<br>Notes<br>£<br>£<br>**INCOME AND**<br>**ENDOWMENTS FROM**<br>Donations and legacies<br>3<br>**451,046**<br>**-**<br>**Charitable activities**<br>6<br>Poetry prize<br>**-**<br>**8,834**<br>Live events<br>**215,439**<br>**-**<br>In-house arts workshops &<br>courses<br>**5,254**<br>**-**<br>Live Events at St Annes<br>**46,247**<br>**-**<br>Open air theatre<br>**42,639**<br>**-**<br>Other trading activities<br>4<br>**54,161**<br>**-**<br>Investment income<br>5<br>**2,005**<br>**-**<br>**Total**<br>**816,791**<br>**8,834**<br>**EXPENDITURE ON**<br>**Raising funds**<br>Raising donations and legacies<br>7<br>**28,798**<br>**-**<br>Other trading activities<br>8<br>**10,273**<br>**-**<br>**39,071**<br>**-**<br>**Charitable activities**<br>9<br>Poetry prize<br>**-**<br>**8,834**<br>Film Screening<br>**25,273**<br>**-**<br>Live events<br>**117,643**<br>**-**<br>In-house arts workshops &<br>courses<br>**5,381**<br>**-**<br>Outreach projects<br>**17,155**<br>**-**<br>Live Events at St Annes<br>**28,134**<br>**-**<br>Support and governance<br>**156,880**<br>**-**<br>Open air theatre<br>**34,450**<br>**-**<br>Staff costs<br>**232,189**<br>**-**<br>**Total**<br>**656,176**<br>**8,834**<br>**NET**<br>**INCOME/(EXPENDITURE)**<br>**160,615**<br>**-**<br>**RECONCILIATION OF**<br>**FUNDS**<br>Total funds brought forward<br>**17,906**<br>**50,000**|Restricted<br>funds<br>£<br>**47,089**<br>**-**<br>**-**<br>**-**<br>**475**<br>**-**<br>**13,767**<br>**-**<br>**61,331**<br>**-**<br>**-**<br>**-**<br>**-**<br>**-**<br>**-**<br>**-**<br>**-**<br>**660**<br>**9,237**<br>**-**<br>**13,767**<br>**23,664**<br>**37,667**<br>**8,569**|**2025**<br>**Total**<br>**funds**<br>**£**<br>**498,135**<br>**8,834**<br>**215,439**<br>**5,254**<br>**46,722**<br>**42,639**<br>**67,928**<br>**2,005**<br>**886,956**<br>**28,798**<br>**10,273**<br>**39,071**<br>**8,834**<br>**25,273**<br>**117,643**<br>**5,381**<br>**17,155**<br>**28,794**<br>**166,117**<br>**34,450**<br>**245,956**<br>**688,674**<br>**198,282**<br>**76,475**|2024<br>Total<br>funds<br>£<br>247,396<br>10,548<br>198,646<br>8,182<br>43,516<br>35,143<br>58,507<br>3,676<br>605,614<br>10,202<br>31,869<br>42,071<br>10,548<br>27,055<br>97,080<br>9,387<br>19,921<br>27,739<br>167,731<br>28,705<br>238,451<br>668,688<br>(63,074)<br>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<br>funds<br>Designated<br>Notes<br>£<br>£<br>**TOTAL FUNDS CARRIED**<br>**FORWARD**<br>**178,521**<br>**50,000**|Restricted<br>funds<br>£<br>**46,236**|**2025**<br>**Total**<br>**funds**<br>**£**<br>**274,757**|2024<br>Total<br>funds<br>£|
|---|---|---|---|
||||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<br>funds<br>Designated<br>Notes<br>£<br>£<br>**FIXED ASSETS**<br>Tangible assets<br>18<br>**232,268**<br>**-**<br>Investments<br>19<br>**1**<br>**-**<br>**232,269**<br>**-**<br>**CURRENT ASSETS**<br>Stocks<br>20<br>**768**<br>**-**<br>Debtors<br>21<br>**28,446**<br>**-**<br>Cash at bank and in hand<br>**30,974**<br>**54,755**<br>**60,188**<br>**54,755**<br>**CREDITORS**<br>Amounts falling due within one<br>year<br>22<br>**(113,936)**<br>**(4,755)**<br>**NET CURRENT ASSETS**<br>**(53,748)**<br>**50,000**<br>**TOTAL ASSETS LESS**<br>**CURRENT LIABILITIES**<br>**178,521**<br>**50,000**<br>**NET ASSETS**<br>**178,521**<br>**50,000**<br>**FUNDS**<br>23<br>Unrestricted funds<br>Restricted funds<br>**TOTAL FUNDS**|Restricted<br>funds<br>£<br>**45,603**<br>**-**<br>**45,603**<br>**-**<br>**-**<br>**23,381**<br>**23,381**<br>**(22,748)**<br>**633**<br>**46,236**<br>**46,236**|**2025**<br>**Total**<br>**funds**<br>**£**<br>**277,871**<br>**1**<br>**277,872**<br>**768**<br>**28,446**<br>**109,110**<br>**138,324**<br>**(141,439)**<br>**(3,115)**<br>**274,757**<br>**274,757**<br>**228,521**<br>**46,236**<br>**274,757**|2024<br>Total<br>funds<br>£<br>50,064<br>1<br>50,065<br>1,457<br>31,516<br>130,293<br>163,266<br>(136,856)<br>26,410<br>76,475<br>76,475<br>67,906<br>8,569<br>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 

- (a) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and 

- (b) preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company. 

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<br>**Cash flows from operating activities**<br>Cash generated from operations<br>25<br>Net cash provided by/(used in) operating activities<br>**Cash flows from investing activities**<br>Purchase of tangible fixed assets<br>Interest received<br>Net cash used in investing activities<br>**Change in cash and cash equivalents in**<br>**the reporting period**<br>**Cash and cash equivalents at the**<br>**beginning of the reporting period**<br>**Cash and cash equivalents at the end of**<br>**the reporting period**|**2025**<br>**£**<br>**28,106**<br>**28,106**<br>**(51,294)**<br>**2,005**<br>**(49,289)**<br>**(21,183)**<br>**130,293**<br>**109,110**|2024<br>£<br>(33,504)<br>(33,504)<br>(33,362)<br>3,676<br>(29,686)<br>(63,190)<br>193,483<br>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<br>Gift aid<br>Torrington Town Council<br>Torrington Town and Lands<br>Barnstaple Town Council<br>Torridge District Council<br>Garfield Weston<br>Arts Council England<br>Other grants<br>National Lottery<br>Supporters Subscriptions<br>Plough Survival Fund<br>Business Supporters<br>Capital bid: matched funding<br>**OTHER TRADING ACTIVITIES**<br>Shop income<br>Commission income<br>Youth Theatre<br>Non arts hirings<br>Booking fees|**2025**<br>**£**<br>**216,740**<br>**4,902**<br>**9,000**<br>**-**<br>**15,000**<br>**20,000**<br>**-**<br>**120,000**<br>**1,000**<br>**40,000**<br>**14,499**<br>**-**<br>**10,905**<br>**46,089**<br>**498,135**<br>**2025**<br>**£**<br>**2,974**<br>**9,685**<br>**39,194**<br>**2,645**<br>**13,430**<br>**67,928**|2024<br>£<br>18,674<br>5,492<br>9,000<br>11,684<br>15,000<br>10,000<br>8,333<br>120,000<br>1,734<br>20,000<br>14,304<br>45<br>13,130<br>-|2024<br>£<br>18,674<br>5,492<br>9,000<br>11,684<br>15,000<br>10,000<br>8,333<br>120,000<br>1,734<br>20,000<br>14,304<br>45<br>13,130<br>-|
|---|---|---|---|
|||247,396||
||||2024<br>£<br>5,681<br>5,268<br>33,280<br>2,774<br>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.**<br>**INVESTMENT INCOME**<br>Bank account interest<br>**6.**<br>**GOVERNMENT GRANT INCOME**<br>Included in income are government grants totalling £44,000 (2024 - £34,000).<br>**7.**<br>**RAISING DONATIONS AND LEGACIES**<br>Staff costs<br>Costs of generating donations and legacies<br>**8.**<br>**OTHER TRADING ACTIVITIES**<br>Purchases<br>Bad debts<br>**9.**<br>**CHARITABLE ACTIVITIES COSTS**<br>The cost of charitable activities includes support costs of £168,413 (2024 - £161,280)<br>**10.**<br>**DIRECT COSTS OF CHARITABLE ACTIVITIES**<br>Staff costs<br>Events and projects costs|**2025**<br>2024<br>**£**<br>£<br>**2,005**<br>3,676<br>**2025**<br>2024<br>**£**<br>£<br>**27,333**<br>6,879<br>**1,465**<br>3,323<br>**28,798**<br>10,202<br>**2025**<br>2024<br>**£**<br>£<br>**10,273**<br>8,232<br>**-**<br>23,637<br>**10,273**<br>31,869<br>as set out in note 11.<br>**2025**<br>2024<br>**£**<br>£<br>**245,956**<br>238,451<br>**235,234**<br>226,886<br>**481,190**<br>465,337|**2025**<br>2024<br>**£**<br>£<br>**2,005**<br>3,676<br>**2025**<br>2024<br>**£**<br>£<br>**27,333**<br>6,879<br>**1,465**<br>3,323<br>**28,798**<br>10,202<br>**2025**<br>2024<br>**£**<br>£<br>**10,273**<br>8,232<br>**-**<br>23,637<br>**10,273**<br>31,869<br>as set out in note 11.<br>**2025**<br>2024<br>**£**<br>£<br>**245,956**<br>238,451<br>**235,234**<br>226,886<br>**481,190**<br>465,337|2024<br>£<br>3,676<br>2024<br>£<br>6,879<br>3,323|
|---|---|---|---|
||||10,202|
||||2024<br>£<br>8,232<br>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<br>Social security costs<br>Other pension costs|**2025**<br>**£**<br>**253,089**<br>**13,008**<br>**7,192**<br>**273,289**|2024<br>£<br>225,580<br>12,505<br>7,245|
|---|---|---|
|||245,330|



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

|Management<br>Box office and marketing<br>Technical<br>Outreach<br>Cleaning<br>Visual Arts<br>Fundraising<br>Maintenance|**2025**<br>**2**<br>**4**<br>**2**<br>**-**<br>**1**<br>**2**<br>**1**<br>**1**<br>**13**|2024<br>2<br>9<br>2<br>4<br>1<br>1<br>1<br>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.**<br>**COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES**<br>Unrestricted<br>funds<br>Designated<br>£<br>£<br>**INCOME AND ENDOWMENTS FROM**<br>Donations and legacies<br>238,978<br>-<br>**Charitable activities**<br>Poetry prize<br>-<br>10,548<br>Live events<br>196,146<br>-<br>In-house arts workshops & courses<br>8,182<br>-<br>Live Events at St Annes<br>42,526<br>-<br>Open air theatre<br>35,143<br>-<br>Other trading activities<br>47,551<br>-<br>Investment income<br>3,676<br>-<br>**Total**<br>572,202<br>10,548<br>**EXPENDITURE ON**<br>**Raising funds**<br>Raising donations and legacies<br>10,202<br>-<br>Other trading activities<br>31,869<br>-<br>42,071<br>-<br>**Charitable activities**<br>Poetry prize<br>-<br>10,548<br>Film Screening<br>27,055<br>-<br>Live events<br>89,839<br>-<br>In-house arts workshops & courses<br>9,387<br>-<br>Outreach projects<br>19,921<br>-<br>Live Events at St Annes<br>27,739<br>-<br>Support and governance<br>156,358<br>-<br>Open air theatre<br>28,705<br>-<br>Staff costs<br>222,271<br>-<br>**Total**<br>623,346<br>10,548<br>**NET INCOME/(EXPENDITURE)**<br>(51,144)<br>-<br>**Transfers between funds**<br>47,869<br>(45,000)<br>**Net movement in funds**<br>(3,275)<br>(45,000)<br>**RECONCILIATION OF FUNDS**<br>Total funds brought forward<br>21,181<br>95,000<br>**TOTAL FUNDS CARRIED FORWARD**<br>17,906<br>50,000|Restricted<br>funds<br>£<br>8,418<br>-<br>2,500<br>-<br>990<br>-<br>10,956<br>-<br>22,864<br>-<br>-<br>-<br>-<br>-<br>7,241<br>-<br>-<br>-<br>11,373<br>-<br>16,180<br>34,794<br>(11,930)<br>(2,869)<br>(14,799)<br>23,368<br>8,569|Total<br>funds<br>£<br>247,396<br>10,548<br>198,646<br>8,182<br>43,516<br>35,143<br>58,507<br>3,676<br>605,614<br>10,202<br>31,869<br>42,071<br>10,548<br>27,055<br>97,080<br>9,387<br>19,921<br>27,739<br>167,731<br>28,705<br>238,451<br>668,688<br>(63,074)<br>-<br>(63,074)<br>139,549<br>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**<br>At 1 April 2024<br>Additions<br>Revaluations<br>At 31 March 2025<br>**DEPRECIATION**<br>At 1 April 2024<br>Charge for year<br>At 31 March 2025<br>**NET BOOK VALUE**<br>At 31 March 2025<br>At 31 March 2024<br>Cost or valuation at 31 March 2025 is represented by:<br>Valuation in 2025<br>Cost|Freehold<br>property<br>£<br>**2,610**<br>**30,744**<br>**200,000**<br>**233,354**<br>**-**<br>**-**<br>**-**<br>**233,354**<br>2,610<br>**Freehold**<br>**property**<br>**£**<br>**200,000**<br>**33,354**<br>**233,354**|Fixtures<br>and<br>fittings<br>£<br>**370,844**<br>**20,550**<br>**-**<br>**391,394**<br>**323,390**<br>**23,487**<br>**346,877**<br>**44,517**<br>47,454<br>**Fixtures**<br>**and**<br>**fittings**<br>**£**<br>**-**<br>**391,394**<br>**391,394**|Totals<br>£<br>**373,454**<br>**51,294**<br>**200,000**|
|---|---|---|---|
||||**624,748**|
||||**323,390**<br>**23,487**|
||||**346,877**|
||||**277,871**|
||||50,064|
||||**Totals**<br>**£**<br>**200,000**<br>**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<br>Social security and other taxes<br>Other creditors<br>Accrued expenses<br>Deferred income|**2025**<br>**£**<br>**36,861**<br>**4,589**<br>**53,852**<br>**15,235**<br>**30,902**<br>**141,439**|2024<br>£<br>31,623<br>5,047<br>42,656<br>21,936<br>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**<br>General fund<br>Closure Contingency Fund<br>**Restricted funds**<br>Arts Council Project<br>Staircase Fund<br>School Transport<br>Scissor Lift Fund<br>Balcony Seats Fund<br>Culture Recovery Fund<br>National Lottery Fund<br>Capital Bid<br>**TOTAL FUNDS**|At 1.4.24<br>£<br>**17,906**<br>**50,000**<br>**67,906**<br>**1,194**<br>**1,285**<br>**818**<br>**138**<br>**2,112**<br>**1,142**<br>**1,880**<br>**-**<br>**8,569**<br>**76,475**|Net<br>movement<br>in funds<br>£<br>**160,615**<br>**-**<br>**160,615**<br>**(834)**<br>**(1,285)**<br>**(185)**<br>**(138)**<br>**(2,112)**<br>**(572)**<br>**(579)**<br>**43,372**<br>**37,667**<br>**198,282**|At<br>31.3.25<br>£<br>**178,521**<br>**50,000**|
||||**228,521**<br>**360**<br>**-**<br>**633**<br>**-**<br>**-**<br>**570**<br>**1,301**<br>**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**<br>General fund<br>Poetry Prize<br>**Restricted funds**<br>Arts Council Project<br>Staircase Fund<br>Youth Theatre<br>School Transport<br>Other sundry restricted funds<br>Scissor Lift Fund<br>Balcony Seats Fund<br>St Annes<br>Culture Recovery Fund<br>National Lottery Fund<br>Capital Bid<br>**TOTAL FUNDS**|Incoming<br>resources<br>£<br>**816,791**<br>**8,834**<br>**825,625**<br>**-**<br>**-**<br>**13,767**<br>**-**<br>**1,000**<br>**-**<br>**-**<br>**475**<br>**-**<br>**-**<br>**46,089**<br>**61,331**<br>**886,956**|Resources<br>Movement<br>expended<br>in funds<br>£<br>£<br>**(656,176)**<br>**160,615**<br>**(8,834)**<br>**-**<br>**(665,010)**<br>**160,615**<br>**(834)**<br>**(834)**<br>**(1,285)**<br>**(1,285)**<br>**(13,767)**<br>**-**<br>**(185)**<br>**(185)**<br>**(1,000)**<br>**-**<br>**(138)**<br>**(138)**<br>**(2,112)**<br>**(2,112)**<br>**(475)**<br>**-**<br>**(572)**<br>**(572)**<br>**(579)**<br>**(579)**<br>**(2,717)**<br>**43,372**<br>**(23,664)**<br>**37,667**<br>**(688,674)**<br>**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**<br>General fund<br>Building Reserves Fund<br>Technical Equipment Reserves Fund<br>Closure Contingency Fund<br>**Restricted funds**<br>Arts Council Project<br>Staircase Fund<br>Youth Theatre<br>School Transport<br>Scissor Lift Fund<br>Balcony Seats Fund<br>DCF Plough the Future<br>Culture Recovery Fund<br>National Lottery Fund<br>**TOTAL FUNDS**|At 1.4.23<br>£<br>21,181<br>30,000<br>15,000<br>50,000<br>116,181<br>6,235<br>2,827<br>2,869<br>1,156<br>966<br>4,645<br>219<br>1,933<br>2,518<br>23,368<br>139,549|Net<br>movement<br>in funds<br>£<br>(51,144)<br>-<br>-<br>-<br>(51,144)<br>(5,041)<br>(1,542)<br>-<br>(338)<br>(828)<br>(2,533)<br>(219)<br>(791)<br>(638)<br>(11,930)<br>(63,074)|Transfers<br>between<br>funds<br>£<br>47,869<br>(30,000)<br>(15,000)<br>-<br>2,869<br>-<br>-<br>(2,869)<br>-<br>-<br>-<br>-<br>-<br>-<br>(2,869)<br>-|At<br>31.3.24<br>£<br>17,906<br>-<br>-<br>50,000|
|---|---|---|---|---|
|||||67,906<br>1,194<br>1,285<br>-<br>818<br>138<br>2,112<br>-<br>1,142<br>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**<br>General fund<br>Poetry Prize<br>**Restricted funds**<br>Arts Council Project<br>Staircase Fund<br>Youth Theatre<br>School Transport<br>Other sundry restricted funds<br>Scissor Lift Fund<br>Balcony Seats Fund<br>DCF Plough the Future<br>Culture Recovery Fund<br>National Lottery Fund<br>**TOTAL FUNDS**|Incoming<br>resources<br>£<br>572,202<br>10,548<br>582,750<br>-<br>-<br>21,874<br>-<br>990<br>-<br>-<br>-<br>-<br>-<br>22,864<br>605,614|Resources<br>Movement<br>expended<br>in funds<br>£<br>£<br>(623,346)<br>(51,144)<br>(10,548)<br>-<br>(633,894)<br>(51,144)<br>(5,041)<br>(5,041)<br>(1,542)<br>(1,542)<br>(21,874)<br>-<br>(338)<br>(338)<br>(990)<br>-<br>(828)<br>(828)<br>(2,533)<br>(2,533)<br>(219)<br>(219)<br>(791)<br>(791)<br>(638)<br>(638)<br>(34,794)<br>(11,930)<br>(668,688)<br>(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**<br>General fund<br>Building Reserves Fund<br>Technical Equipment Reserves Fund<br>Closure Contingency Fund<br>**Restricted funds**<br>Arts Council Project<br>Staircase Fund<br>Youth Theatre<br>School Transport<br>Scissor Lift Fund<br>Balcony Seats Fund<br>DCF Plough the Future<br>Culture Recovery Fund<br>National Lottery Fund<br>Capital Bid<br>**TOTAL FUNDS**|At 1.4.23<br>£<br>21,181<br>30,000<br>15,000<br>50,000<br>116,181<br>6,235<br>2,827<br>2,869<br>1,156<br>966<br>4,645<br>219<br>1,933<br>2,518<br>-<br>23,368<br>139,549|Net<br>movement<br>in funds<br>£<br>109,471<br>-<br>-<br>-<br>109,471<br>(5,875)<br>(2,827)<br>-<br>(523)<br>(966)<br>(4,645)<br>(219)<br>(1,363)<br>(1,217)<br>43,372<br>25,737<br>135,208|Transfers<br>between<br>funds<br>£<br>47,869<br>(30,000)<br>(15,000)<br>-<br>2,869<br>-<br>-<br>(2,869)<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>(2,869)<br>-|At<br>31.3.25<br>£<br>178,521<br>-<br>-<br>50,000|
|---|---|---|---|---|
|||||228,521<br>360<br>-<br>-<br>633<br>-<br>-<br>-<br>570<br>1,301<br>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**<br>**£**<br>**Net income/(expenditure) for the reporting period (as per the**<br>**Statement of Financial Activities)**<br>**198,282**<br>**Adjustments for:**<br>Depreciation charges<br>**23,487**<br>Interest received<br>**(2,005)**<br>Donation of freehold property<br>**(200,000)**<br>Decrease in stocks<br>**689**<br>Decrease in debtors<br>**3,070**<br>Increase/(decrease) in creditors<br>**4,583**<br>**Net cash provided by/(used in) operations**<br>**28,106**|2024<br>£<br>(63,074)<br>22,406<br>(3,676)<br>-<br>86<br>11,690<br>(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**<br>**Donations and legacies**<br>Donations<br>Gift aid<br>Torrington Town Council<br>Torrington Town and Lands<br>Barnstaple Town Council<br>Torridge District Council<br>Garfield Weston<br>Arts Council England<br>Other grants<br>National Lottery<br>Supporters Subscriptions<br>Plough Survival Fund<br>Business Supporters<br>Capital bid: matched funding<br>**Other trading activities**<br>Shop income<br>Commission income<br>Youth Theatre<br>Non arts hirings<br>Booking fees<br>**Investment income**<br>Bank account interest<br>**Charitable activities**<br>Live events<br>Live events at St Annes<br>Open air theatre<br>Poetry prize<br>In-house arts workshops & courses<br>**Total incoming resources**<br>**EXPENDITURE**<br>**Raising donations and legacies**<br>Wages<br>Carried forward|2025<br>£<br>**216,740**<br>**4,902**<br>**9,000**<br>**-**<br>**15,000**<br>**20,000**<br>**-**<br>**120,000**<br>**1,000**<br>**40,000**<br>**14,499**<br>**-**<br>**10,905**<br>**46,089**<br>**498,135**<br>**2,974**<br>**9,685**<br>**39,194**<br>**2,645**<br>**13,430**<br>**67,928**<br>**2,005**<br>**215,439**<br>**46,722**<br>**42,639**<br>**8,834**<br>**5,254**<br>**318,888**<br>**886,956**<br>**24,137**<br>**24,137**|2024<br>£<br>18,674<br>5,492<br>9,000<br>11,684<br>15,000<br>10,000<br>8,333<br>120,000<br>1,734<br>20,000<br>14,304<br>45<br>13,130<br>-|
|---|---|---|
|||247,396<br>5,681<br>5,268<br>33,280<br>2,774<br>11,504|
|||58,507<br>3,676<br>198,646<br>43,516<br>35,143<br>10,548<br>8,182|
|||296,035|
|||605,614<br>6,318<br>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**<br>Brought forward<br>Social security<br>Pensions<br>Costs of generating donations and legacies<br>**Other trading activities**<br>Purchases<br>Bad debts<br>**Charitable activities**<br>Wages<br>Social security<br>Pensions<br>Events and projects costs<br>**Support costs**<br>**Finance**<br>Bank charges<br>**Other**<br>Rates and water<br>Insurance<br>Light and heat<br>Telephone<br>Postage and stationery<br>Sundries<br>Repairs and maintenance<br>Advertising<br>Volunteer & travel expenses<br>Legal fees<br>IT and software<br>Freelance staff<br>Fixtures and fittings depreciation<br>**Governance costs**<br>Independent Examiners' remuneration<br>Bookkeeping|2025<br>£<br>**24,137**<br>**2,285**<br>**911**<br>**1,465**<br>**28,798**<br>**10,273**<br>**-**<br>**10,273**<br>**228,952**<br>**10,723**<br>**6,281**<br>**235,234**<br>**481,190**<br>**349**<br>**2,123**<br>**9,236**<br>**35,428**<br>**2,706**<br>**3,363**<br>**8,691**<br>**13,237**<br>**21,345**<br>**2,987**<br>**2,467**<br>**10,491**<br>**14,045**<br>**23,487**<br>**149,606**<br>**4,080**<br>**14,378**<br>**18,458**|2024<br>£<br>6,318<br>370<br>191<br>3,323|
|---|---|---|
|||10,202<br>8,232<br>23,637|
|||31,869<br>219,262<br>12,135<br>7,054<br>226,886|
|||465,337<br>494<br>1,933<br>9,016<br>43,644<br>5,859<br>2,787<br>7,525<br>12,937<br>23,865<br>605<br>2,272<br>11,603<br>-<br>22,406|
|||144,452<br>3,645<br>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<br>**Net income/(expenditure)**|2025<br>£<br>**688,674**<br>**198,282**|2024<br>£<br>668,688<br>(63,074)|
|---|---|---|



This page does not form part of the statutory financial statements 

Page 30