REGISTEREO COMPANY NUMBER: 04789736 (England and Wales) REGISTERED CHARITY NUMBER: 1102787 rt of thè Trust••s a naudltèd Financlal Staterrig for th• Y ar Ended 31 March 20 for The Pound Arts Trust Llmlted Mander Duffill Chariered Accountants The Old Post Offir 4143 Market Plac8 Chippenham Wiltshire SN15 3HR 'A4KIXVJF• 2411212021 COMPANIES HOUSE A15 #22 e Pound Trust Llmited Contents of the Financial Statements for the Y•ar End&d 31 March 2021 Pago Report of the Trustees Independ¢nt Examin*rf$ Reptsrt Sfatement of Flnanclal Actfvltles Balance She•t Notes to tho Financial Stat•ments 10 to 15 Detalled Statement ol Flnanclal ActlvStles 16 to 17 Limi Re rt f the Trus the Yew En l M r¢h 2021 The trustees who are also directo￿ of tharlty for Ihe purposes of ihe Companies Act 2(￿. present their report with the financial stalements of the charity for the year ended 31 MarGh 2021. Thtr trustees havè edopted the provisions of Accounting and Reporting by Charilies= Slalemenl of Recommended Practi¢8 applicable to charities preparTng their accounts ￿ accordan￿ wilh the Fin8nci81 Reportry Standard applicabb in the UK and Rwbk of Ireland IFRS 11Y21 leffecti¥e 1 January 2019). OBJECTIVES ANO ACTIVITIES Objectivos and aims Our MlssSon - Connecting through crealiviiy. Our Values For the communili•s in our reg￿n lo be eryaged wilh brealhlaking •ttslic exptsriences. regard￿SS of their backg¥ound or circumstances. To bB a creativ8 catstysl arvj a placA ol rell￿e. discovery and nourishment for the publt and artists alke. To maintain and grow a sustalnablè flag5hlp arts provision across Ihè regSon Ihat acts as a model for excellent Work that en9898S th& soul. stlmukl&s the mlnd and entertalns the spirit of our Our Vi$ion - Artistic Excellen￿ chaMp￿ned across a broad range of art frjm - Creativity Ihrou9h devebping and suppoiting artisis - Social Responsibilily by fostering respect for dNersty and community rthesion - Incluslon by stripping down barriers lo oThJagerngnt P89e 1 The Poun Tru Llmlts Re rt C*1 the Truste for thè Year Ended 31 March OBJECTIVES AND ACTIVITIES Signlfi¢anl activilios The Pound Arls Trust Limiled delivws more than 230 perf0mlan￿ and flms. 160 participat￿Y arts events and 3 minimum of 8 exhibibons a year al The Pound aris ￿ntre and around ￿ rural venues across Wiltshire and South Gloucestershire. The Trust %w)rks in partnershrp with olh8r arts Qfganisations. schools & youth development agertcies. tsal aulhorities. communtty groups. volunieer$ and fundin9 bodies lo delivw a comprehensive annual arts pr(*3r8mme across county. in pwltular. wilhln rwal areas. The threo slrarKls wilhln POUNJ Ajls ¥e". The Pound acts as a hub for the art5 in nc¥th WiAshire and 15 open 50 weeks of thè ￿ar for up io 70 hours wtek and programm95 more than 150 performan¢&s ar￿ films. 120 parb"cipalory 8V8nts and a minimum 018 exhibitions a year. k provides perfomance. gallery, rehearsal and workshop spaces for both professional and communily artists. 11 also houses Ihree resident emerging artists, in ¢)pen studios. and ¥ programme of activity designed to prov4de professM)nal development for these arbsts and ihe region'5 wider artislic community. It also prowd&s support and a box office facility to a variety ofarls organisations 8nd 8v8nts. Rural Arts Touring programmes up lo 100 perfomiaw and 20 pathcipatory arts events a year in up to 60 villag&s across Wlltshlre and South Glouceslershire. Thfjs work is p￿dOmInantIY MUSK and Iheatie based although we occasionaNy wogramme comedylhlmlvtsual arts. This work is produced in partnership with volurtlear promoters in the 60 villages. Festivals. We operate festivals wnuall￿. Blue Sky F•$tival (June) in whth * kwoyrammè Ma￿ty Irèe lamil*fo¢ussed events. concentraiing on music, cralts, thealre, iheatre, comedy. visual arts and parliapalory work. Workshop *tivily aNJ V•Y)rk wlh local schools feature h¢avily in this (8SIN81. Magic & Mayhem Fostlval {Nove"mberl in we fogjs on c*Arg1. magic, mont8Nsrn. bwbsque. cl￿￿$. thealre, visual arts. vinla9e. and dance. The events in this festival tske place in a ¥a￿etY of venues ￿ and around Corsham, c818bratiny thè hlsloric n8bJre of thè ven￿$ wrth performances and evants. Both Festivals lake place inlaround Cowsham in a variely of venues. As well as The Pound arts cenlre we present work in Corsham Town Hall. St Bart￿oMe¥#S Church. The Almsfv)uses, Sprin91iekd Carrpus and olhers. We strive to Ltse our Feslival work to wKJen Ihe reach of programme beyond known allendeTS of Ttt? Pound. Publlc beneltt When considering the aims ol ihe charity thè trustees have had regafd to tt)e guidance issued by the Charity CommissK>n on publie benefil. Page 2 Trust Llm R• orioft for the Year Ende e Twstee 31 March 202 ACHIEVEMENT ANO PERFORMANCE Charitabl• activlties Our mlssion is Connecting peop￿ Ihrtyjgh croativity. This 15 how we did th￿ in 2020-2021.. 2020-21 was a second year iriWe(J by the Global COVD 19 pandemic. A8 With the previous year we had many su¢¢es$es and Siill managad lo pky a slgnificant ￿fe in our communities. Our rew conversion of live work to a digital programme continued to be very successful ￿achIng lar9È eng8gement numbers. and whan we were able lo hobj publk events and ￿rkshopS we did so V8ry $L￿esSfUllY ￿3¢hIng near maximum pemillled altendancgs. Our c(¥nmurLlI jes have repaatedty Infomied us that they fell safg and cared for In the$& envlronments. We also conUnu8d lo adapt txjr offer to serve new noeds in (xjr commtJnKl&s, whlch had ￿Se￿ out of th8 pandem￿. This includes an incr8as8d fwjs on u&ng Ihe arts lo ￿ng mental health benefits for those who were isolated or WInerab￿ and also suppc¥l fi* young peop￿ who are eli9ible for free ￿0] meals oul of lerrn lune. This kind of work will have a ￿gacY long ￿t0 ourfulw4. The Trust continued to deliver across Ihree Stra￿lS of wyk - The Pound arts centro Corsham. Rural Aris Touring (in Wlltshlr8 and South Gkjucestetshirel and Fèsbva15 (Bluo Sky Festival In June and Maglc and Mayhem Fesuval ￿ November). 2019-20 rnarked the Ihlrd year of tho ciirreni four yèar fundlng pertod as an Arts Council Englond Natlonal Portfdio OrganIsat￿ wh￿h will run unlll 2023 (Arts Council England have ex19nded support by an èxtra ￿ar1. Our rnnovalion project d￿¥ to a dose. with final works takirtg place in Ihe tr￿11￿1￿9 during Wjckdown {which allo￿￿￿ l¢x less disTuplwe ac￿ to spac85). This renovation places LY& in a much stronger posit￿￿ in temis of our long4enn sustaIr￿ll11y. iT7duding significanl enwronmental improvernents. There has been considerable investment n ￿J1 aUdit￿luM *thich customers now have the hance to experie￿. It feek like a new $p¥e. Fundraising conlinved to be succèssful ui this ￿rIOd with many Trusts and indrviduats choosing lo support Olkr plans al a very difficull time. We aim to buihj on Ihis succe5$ ¥$ thrn9s r￿Jrn to something liko norrn81ity. We continued lo be SL¢PPOrted by Wrftshire C¢xJncil and Corsham Town coun￿ kn ¥4rJrk in our comrnunities, helping them lo m881 Ihelr oblecuves Ihrough partnership. It bs pF8aslng tt18t all of U￿Se fundlng partnèrs have also gUPPOrted ow renovatlon fundralslng drbve. Pound Ms Centre continu&s lo thrfve. IAle recorded 167999 engagements across the programme, many ol them online. It hard t() wmpare this lo prèvious years as Ihere has been rlo year like t￿5 one. We abo r8corded 47.625 engagements wlh our Creative Learning programme l#galn much of this Mlinel. figuio$ 5￿ remarkable and we ar8 vary proud of Ihern. We were able lo relain all elements of our prograrnme afls cenlre, festtvals. rural louring arKI woikshops. Rural Touring has been most severely affècted - wilh many of these small venues not openin9 al all during the year. We wll WEk especially hard to reinmgoraie Ihis when W￿ are able lo. Our work seas US WOTk in partnèrship *ith many org8nssats"on5 and many volunteèrs. In this year we wojkéd with 214 volunt8ers (working for an approL S019 hours). We also continsjed lo impact ihe national arts ecology by offering resldencles to artists and companias lo makg wNk In our bulhying whlch thèn tours far and wde. In 2020-21 we were able to complete 17 such resxYencAes. This is thè most signtfr2nl artist resKlency programme in the area. We also continued lo commissSon new *￿rk - 19 commissions in this pertc*J. FINANCIAL REVIEW Financial positlon For the year ended 31 Marth 2021, Ihe charity is a siwpkjs of£147,66812020:£272.0401. R•serves poll¢y It is the pots'cy ol the charity that unrestricted funds which have not b8en designated lor a specrfic use should be maintained at a bvel equNalent to at least three months expenditure. Th8 Tnjstees consider that reserv•s at Ihls 18vel wlll ensure Ihal. in th& evgnt of a stgnrficant dTOP in fundlng, they wlll be able to continue the charflYs ujrrenl a¢tivltie$ whlle consider8Uon Is givgn to ways In whl¢h •Jdllk)nal funds may be raised. Thls level of reserves has been rnaintained throughout the year. Page 3 The Pound Art$ Trn$t Limit Re ort ol the TTUSte¢ Year Ended 31 March 2021 for STRUCTURE. GOVERNANCE AND MANAGEMENT Gavernin9 documènt The charity is ¢onlrolied by ts goveming document. a deed of trust. and ccmskntutes a knilted u%npany. fimite¢J by guarantee, as defined by the Companies Act 2006. None of the Truslees has any benefictal inieresi ¥Tr the ¢omp•)y. AJI of tho Truslg8s are members of the company and guarantee to ¢ontributo £1 in the event of a winding up. REFERENCE AND ADMNISTRATIVE DETAILS Règlstèred Company number 04789736 (England and W8￿5) R8915tered Charily numbèr 1102787 Regl$t•rod offl¢• The P.ound Arts Centr6 Pound Pill Corsham Wlllshire SN13 9HX Trustees K L Crawford T￿aSurer I￿S￿Jned 14.12.20) J R SandeT5 Trustee C Norman Trustee L F Brown Chair K R Roynon Truste• S A D8wes Twstee E J Crarer Trustee E V Calterall Trustee A J Walton Tftsstee M Roberlson Trustee A M Wallers Truslee {appoinied 14.12.20) Company Se¢Tetary D R Tunhey Independent ex￿l￿er Mander DuNi Chartered Accountanls The Old Post Officè 4143 Mark8t Place Chippenham Wiltshiie SN15 3HR Page 4 Tho Pound Arts Trusl Limited R ort of the Trustees e Year Endèd 021 TREASURER'S REPORT This has been a highly unusual year for Th¢ P￿Id Arts Trust Lwnited. a5 it has been foi lh¥ whole sectop. despite this the Trust has finished the year with a krge surplus. The loss of income from trading actsvities b&lng compens8led by inueased income Iron funders in response to the pandemic, inclu¢ing L¢xal Business Support Gtants. Arts Councd England Cuttural Recovery Fund. grants from irusts and foundations as well as income from the Coronavirus JrA)s Rel8ntion Scheme. Expenditure on funded projects was down srgnrficantly on Ihe prw)r year due to the reduced 18vel of physical perfomancèg. Runnlng cost$ w8rÈ 8t a reducxd 18vel moinly drf¥en by reduced staff costs due to several members of staff being on furtough during Ihe year. In the year ended 31.03.19, The Pound Arts Trust Llmited seojad funds from th¥ Arts Coundl to renovate the Arls CenlT8 Grade 11 lisled building. The bid was based on ￿)nSt￿erable matthed funding and a fundvaising campaKJn was eompleled. raisin9 lurther funds throu9h generous local donalions and 5UPF￿rt from trusts and loundalions. The renovaiion work was ujmpleted by 31.03.21. This projecl is considered by the trustees lo be part restricted arKt part non-restricled fvnds. The resiricled In￿Me %•ras spent on irnprovementS that have bèen capitaltsed on the balance she8t, onv* capi￿rIsed, thèsB funds are no long81 restricled and have been transforred to th& g•n&ral fund.. publ￿ ILtndlng of the core 8clivities of the Trust has rgmaine11 statA8, vthil$ the addiyonal funds In r8sponse io the Cowd pandemic have enabled the Trust to conlinue to delwer through Ihis challenging ye81. Tha Trust is very gr8telul f(x th6 funds rgceivgd from Arts Covncll England. Wiltshire Co(fncil and Corsham Town Council. as wèll as lor all other ftjnds il recei¥es tx)th pub*¢ and wivale that enab￿$ the organisalron to piovide quality arts events for as many people as possibk. Approved by order of the board of Irustees on ... ...... .. arml SI￿ on ils behalf by.. A M iNalters- TTusig8 Page 5 dt nd•nt Examinèrfs R• ort to th• Trust•es of The Pound Arts Trust Limited Independent examinerfs report to the trustee$ ol The"Pound Arts Trust Llmlted fth• Company'l I repofl to the Charity trusloes on my examinatty)n of the accounts of the Corrspany for Ihe year ended 31 March 2021. Respon$ibilili•$ and basis of report As the charity's trustees of ihe Company {aThJ also ils direct(ws for the NJrKx)ses of comp8ny Lqw) yrAJ are responsible lor the preparèbon of the accounts n a¢c¢ydance wth the requirements ol the.Companies Acl 2(%)61lhe 2006 Acl.) Having satisfied myseff that the accounts of the Company are not required io be audited under Pan 16 01 the 2(K)6 Act and ar8 elkjible for Independent examlnation. I repNI in resp8Ct of my examirtation of your ehatlty's accounts as C8rriad out under section 145 of the Chartrbgs Act 2011 llhg 2011 Act'}. In carrying oul my examination I have folbwed tho Directions glvon by the Charity Cijmmlssion under section 145151 Ib) tsf the 2011 Act. Independent examin•rfs stalement Since your charily's gross income exceeded £250,0(MJ your examiner must be a membei of a knsted body. I can confwm that l am qualifEd lo undertake Ihe ex8minatw)n because l am a regisiered member ol the Insbtul8 ol Chartered Accountants in EnglarKI and Wa￿S is om of ￿ listed bod￿8. I have completed my èxamination. I confirrn that no matters have eA)me to my attentlon in eA)nneclion the examinatk￿ giving me cause to belie￿.. accounting {ec￿dS were not kept in iespecl ol the CLxnpany as requtr8d by section 386 of the 2006 Act: or the accounts do not a¢cord with those iewrds: the accounts do nol comply wilh the accounlwy requirements of section 396 of Ihe 2￿6 Act olher than any requ¥rement that the accounts give a true and fair view which is nol a mailer ¢xn5ideTed as part of an independent examination.. or the accounls have not been prepared in accord￿￿ the mel￿S and principles ol the StatemenL of Re¢ommended Prdci¢ce for accounting and weFrf￿ting by chaDtie5 lappli¢8blg lo chariiies pregaring their accounls in accordance with Ihe Finanoal Repryting Standard applicabk in the UK and Republic of Irdan(I IFRS 102}1. I have no concerns and have come auoss ￿ other malters In c0Th￿t￿n wlth the examination to vthich 8ltenlion Str￿Ul￿ be drawn IA this rewt in order io enab* a fwoper unde￿I8￿dIng ol the accounts lo be re￿hed. Qth-M.rf MandeT Duffil Chartered Accountanls The Old Post Office 41-43 Mark81 Hace Chippenham Willshi SN15 3HR Oate-. Page 6 Poun Arts T st Llmlt•d m of Flnanclal vi ar Ended 31 March 202 31.3.21 Totsl funds 31.3.20 Total funds Unrestrthd R•strthd funds funds Notes INCOME AND ENDOWAqEKfs FROM Donations and18gaaes 62.641 61.502 124.143 349,998 Charftable acifvlties Funtsrs 253.404 16.825 270.229 135,686 Other tradlng actlvities Investhienl in¢orne 58.677 59 4.052 62.729 59 232,384 103 Total 374,781 82.379 457,160 718.171 EXPENDITURE ON Funded projects 60.341 164.571 Other 243.588 243.588 Totsl 303.929 5.563 309.492 446.131 NEf INCOME 70,652 76.816 147,666 272,rJ40 Transfers batwè8n funds 56.357 56.3571 N¢t movement In funds 127,209 20.459 147.668 272.040 RECONCILIATION OF FUNDS Total funds brought fonward 344.988 72.948 TOTAL FUNDS CARRIED FORINARD 472.197 20.459 492,656 344,988 The notes fomi part ol Ihese fina￿traI $k￿ments Pago 7 Thèp Trust Limited Balance Sheet 1 March 2021 31.3.21 Totsl funds 31.3.20 Total fvnds Unrestricled Restri¢ttd funds fuThJs No￿$ FIXED ASSETS Tangible assets 357.826 357,826 280.095 CURRENT ASSETS 08btors Cash at bank and in hand 7,974 179. 7.974 2(KJ,449 13.411 81.139 20.459 187,964 20.459 208.423 94.550 CReoiTORS Amwnts fallry due within on8 ye8r 10 173.5931 173,5931 {29.6571 NET CURRENT ASSETS 114.371 20.459 134,830 64.893 TOTAL ASSETS LESS CURRENT LIABILITIES 472.197 20.459 492,656 344.988 NET ASSETS 472.197 20.459 492,656 344.988 FUNDS Unrestricted fvnds Reslri¢tèd fvftds 472.197 20.459 344.988 TOTAL FUNDS 492.656 The charitable company is enlilbd to exemption from audit under S8cti(M 477 01 the Ccwnpènie$ Acl 2(06 lor the year ended 31 M8ich 2021. The members have nol required the eornpany lo oblain an aLKlil of its financial 5ts1emeJ)ts fv the year ènded 31 March 2021 in 8¢eordance with Section 476 of the Companies Acl 2006. The Iruslees acknowkdge thelr Tesponslbilillgs fcf 8nsuring Ih81 the charitablè company keeps a(￿in1￿9 r8cc*d$ Ihat compty wlth SectK)ns 386 and 387 of the Companies Act 2006 and Ib) preparing financial slaiements gi￿ 3 true and fair view of lh& stats of affair5 of the charstable ompany as al the end of each fmancial year and of 115 sulplus or deficii foi each financial year in accordancè with the requwemenls of Secii0rn8 394 and 395 and which otherwise wmply with the requiremenls of the CompaThes Act 2￿6 relating to financol slalemenls. $0 far as applicable trj the chariiabEe company. The noles fm parl of those fyTrancial ststgments Page 8 Itinue(l... Th Pound Arts Tws Llm Balance Shtr•t- nlln 31 Mavch 2021 These financial stalemenls have beon PTepaTed in accordm with the provisipns appticable to choritable ccfflpanias subject to the small c(￿panieS regirne. The flnan¢ial st*èments We￿ approved by the Board of Trustees an(1 aulhorised lor issu8 on ..Il: lo-.IA.. and were si9ne(l on its ty. Walton- Trustee UJJkn . A M Walters - Trustè8 The notes f(Mm part of these finawal Statements Page 9 Th Pound Arts TnAS Limi Notes to the Flnanclal Statemènts rEn I IAarch 2021 ACCOUNTING POLICIES 8asi$ of preparing the fjnancial statements financial slalemenls of the charilabk wnpany, whth is a pubtic benefit enlily undgr FRS 102, have been prepared in ac￿rdance wth the Charilies SORP IFRS 1021'Accounling and Reporting by Charitfes." Statement of Recornmended Pfacltc* appS¢8ble to Charities preparing Ihglf accounts in accordance with the Finan¢i81 Reportin9 Slandard applicabk in the UK and Republic of Ireland IFRS 7021 leffeciive 1 January 20191., Finan(i* Rep)riin9 Stsndar¢Y 102 The FinarKial Reporting Stsnd8r(J applicable In the UK and Repub16c of Irèland, and the Companies Act 2006. The financlal statements have been prepared under th8 historlcal cost conventi￿. Income l income is recognised in the Siatement of Finanoal Activities once the Chaflty has entillemanl lo thè nds, il is probab￿ that th• inc