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← Frome Cheese & Grain Limited

2024-03-31-accounts

Registration No: 04736751 Charity Registration No: 1108074

FROME CHEESE & GRAIN LIMITED

(A company limited by guarantee)

Trustee Directors’ Report and Audited Financial Statement

For the Year Ended 31 March 2024

AN Moore Scarrott

FROME CHEESE & GRAIN LIMITED FOR THE YEAR ENDED 31 MARCH 2024

CONTENTS
Page
Legal and Administrative Information 2
Trustee Directors’ Strategic Report 3 – 6
Trustee Directors’ Report 7 – 8
Independent Auditors’ Report 9 – 12
Consolidated Statement of Financial Activities 13
Consolidated Balance Sheet 14
Parent Charitable Company Balance Sheet 15
Consolidated Cash Flow Statement 16
Notes to the Financial Statements 17 – 33

Page 1

FROME CHEESE & GRAIN LIMITED FOR THE YEAR ENDED 31 MARCH 2024

LEGAL AND ADMINISTRATIVE INFORMATION

The trustees, who are also the directors for the purposes of company law, present their report and the audited financial statements of the charity for the year ended 31 March 2024.

Registered charity name Frome Cheese & Grain Limited Frome Cheese & Grain Limited
Charity registration number 1108074
Company registration number 04736751
Principal office and registered office Cheese & Grain
Market Yard
Frome
Somerset
BA11 1BE
Chairman T Allison Appointed as Chair 14 November 2023
CEO S MacArthur
Trustee Directors R Ackroyd
T Allison
N Waterhouse Resigned as Trustee and Chair 14
November 2023
K Barnes
S Butler
C Butler-Stroud
R Chagrin
D Grimes
M Hayden
S Mcleod
S Middle
C Payne Appointed 14 November 2023
M Peel
S Lachapelle Appointed 1 March 2024
Company Secretary S MacArthur
Independent Auditors Moore Scarrott Audit Limited
Calyx House
South Road
Taunton
Somerset
TA1 3DU

Page 2

FROME CHEESE & GRAIN LIMITED FOR THE YEAR ENDED 31 MARCH 2024

TRUSTEE DIRECTORS’ STRATEGIC REPORT FOR THE YEAR ENDED 31 MARCH 2024

The Trustees present their strategic report for the year ended 31 March 2024.

Principal activity

The principal activities of the company are the operation of arts/public performance facilities, vocational training, audio productions/record recording and the letting for, or the operating of, indoor markets, exhibitions, talks, conferences, and music education.

Structure, Governance and Management

The Cheese and Grain is an incorporated charitable association, registered with the Charity Commission, as Frome Cheese and Grain Limited. The organisation was established 1998 adopting a Memorandum and Articles of Association.

It is a company without share capital and a charitable association with a membership comprising of several hundred people living or working in the area-of-benefit. Membership is free and each member’s liability is restricted to £1. Members have a vote at the AGM and any policy EGMs and elects a Board of up to twelve Non-Executive Directors/Trustees. Four further members can be co-opted by the Board.

Being an ordinary member of the Cheese and Grain is an opportunity to contribute to the democratic accountability of the organisation and its work: it does not bestow any consumer benefits or privileged access. The Cheese and Grain and its services and activities are open and available to everyone on an equal basis for public benefit.

Appointment and Recruitment of new charity trustees: Trustees are nominated and elected at the AGM and serve for three years. To continue beyond three years Trustees must stand again for election and a new three-year term. Between AGMs, or at the AGM the Board, by majority decision, can second up to four additional Trustees. However, these seconded Trustees must stand for election at the next/following AGM to continue serving.

Provision for organisations to be members of the association is in the Articles, but the practice was dropped some years ago and no organisations are in membership. There are no plans to accept any organisations as members in the future.

Induction of new Trustees. Once elected new Trustees take part in an induction process that uses material from the Charity Commission and the Cheese and Grain “induction information pack” which includes information about Trustee’s responsibilities as company directors. This is enhanced by an induction meeting with experienced Trustees and the Director.

Affiliation to external bodies. The Cheese and Grain is a member of the Music Venue Trust and the Frome Chamber of Commerce. This has no direct implications for policy and service delivery.

Remuneration of staff: The Board appoints from its membership a Pay Review Group that meets once or twice a year to generate pay proposals which are then presented to the Board for consideration. No member of the staff earns more than £40,000 pa.

Public Benefit

The Trustees have complied with their duty under the Charities Act 2011 to have due regard to Public Benefit guidance published by the Charity Commission.

Page 3

FROME CHEESE & GRAIN LIMITED FOR THE YEAR ENDED 31 MARCH 2024

TRUSTEE DIRECTORS’ STRATEGIC REPORT FOR THE YEAR ENDED 31 MARCH 2024

Staffing

The Board of Trustees delegate the day-to-day running of the charity to the Director (CEO), Steve Macarthur, and his team of managers and their staff. Most are engaged in running the Cheese and Grain venue building and the activities within it, broadly divided into: programming, marketing and box-office staff, event management/delivery staff, hospitality staff, maintenance, and administration staff. Training and work experience activities are embedded in these teams. The charity employs technical staff in its recording studio.

In general, the Board sets policy, approves budgets and operational written plans and procedures and receives and considers regular finance reports from the Board Treasurer. The Board appoints the Director/CEO. Most operational day-to-day matters are dealt with by the staff.

Objectives and Activities

The company's objects are:

To advance education, to run a community hall and to promote for the benefit of the inhabitants of Frome and surrounding villages, without distinction of sex, sexual orientation, age, disability, nationality, race or political, religious or other opinions, the provision of facilities for learning, training, recreation or other leisure time occupation of individuals, who have need of such facilities by reason of their youth, age, infirmity or disablement, financial hardship or social and economic circumstances for the public benefit, in the interests of social welfare and with the object of improving the conditions of life of the said inhabitants.

To achieve these objectives a programme of public performances and other activities are arranged. The hall, recording studio and meeting rooms are hired out to both commercial, voluntary sector, and statutory sector users. A programme of student placements, work experience and apprenticeships is in place. Activities for children and families are held in close collaboration with local voluntary organisations, Community Interest Companies, and other charities. NHS outreach services and a local hospice use the café for regular coffee mornings aimed at supporting patients

The charity adds to its income and carries out some of its activities through its wholly Cheese and Grain charity owned trading companies. Grain Hospitality Ltd runs the café and bar in the Cheese and Grain venue and undertakes catering work elsewhere. The café is a useful and locally valued meeting place.

The box-office is run by a second subsidiary, Cheese & Grain Trading Ltd. A third subsidiary company, Grain Events Ltd, has been established to handle joint ventures with musicians and promoters.

The Board appoints from its own members Directors of the subsidiary trading companies. The subsidiary trading companies, in their articles of association, commit to donate any and all net profits to the parent charity as well as paying the charity rent and various other charges for use of the building and utilities, or for staff time provided by the charity. The Trading (box-office) Company levies a charge to customers for purchasing tickets and charges external promoters for selling tickets to cover merchanting and other box office costs, and a venue fee to help meet premises costs. These rents and charges made up all the financial contributions made by the subsidiary companies in the financial year 2023/2024.

Fair review of the business

In April 2023, the Cheese and Grain successfully began running events at a second venue. This smaller venue permits the charity to work with emerging bands and local bands/musicians and enabled the Cheese the Grain to increase the number of performances as well as creating further vocational training opportunities. The second venue has increased revenues and net income, while requiring very little financing/investment.

An aim of the charity remains to ensure that local people who are currently excluded have access to careers and employment in the music and related hospitality industries. The Covid lockdowns temporarily ended this work. The year saw a gradual return of this work to pre-Covid levels. Vocational training help the Cheese and grain meet its own growing staffing needs, helps to secure grant aid and donations and supports the development of the local economy.

Page 4

FROME CHEESE & GRAIN LIMITED FOR THE YEAR ENDED 31 MARCH 2024

TRUSTEE DIRECTORS’ STRATEGIC REPORT FOR THE YEAR ENDED 31 MARCH 2024

Fair review of the business (continued)

The café/bar has continued to increase turnover and is open seven days and six evenings every week. The café especially is heavily used regardless of what other activities are being held elsewhere in the building. Bar revenues are more dependent on high sales events and fluctuations in bar turnover largely reflect the nature of performances and ticket sales.

The recording studio has hosted artists with international reputations and saw the completion of its vocal and percussion room. The studio means that the Cheese and Grain’s vocational training programme can include audio recording and production. It also runs a repair service for musical instruments and equipment. The skills required are rare and in great demand. The studio is also available for youth work and music education activities and plays a role in the annual Children’s Festival held at the Cheese and Grain. The studio has been sufficiently successful to need, and to be able to afford, a full-time salaried recording engineer.

Frome Community Education has grown its programme of further education classes at the venue, with the Cheese and Grain providing information and booking services as well as hosting some of its classes.

The Cheese and Grain will continue to develop means of measuring and evaluating its impact through counting footfall, consulting local groups and communities, schools and colleges and engaging with local public authorities and the NHS. The Cheese and Grain main hall is hired regularly by the NHS as a vaccination centre.

Overall, the Cheese and Grain as a social enterprise continues to grow and the diversification of activities/services continues to underpin it sustainability. The long, secure, peppercorn lease of its main building remains a major strength

Financial review

High inflation, reaching almost 10%, meant the financial year 2022/23 was challenging. However, a reduction in inflation and successful social enterprise trading has significantly improved financial outcomes in 2023/24.

The charity and two of its subsidiary trading companies took out Covid related “Bounce Back” loans with a total value of £150,000 loans. These are being repaid at a cost of £25,000 a year without difficulty. A loan from the Somerset Community Foundation, used to upgrade the café and bar is also being repaid, costing £5,000 a year. The hospitality subsidiary, Grain Hospitality Ltd, was permitted to defer service and rent payments to the charity and this is expressed on the respective balance sheets as a debt to the charity.

The commencement of trading by the new gig-promotion company, Grain Events, has contributed significantly to the charity’s income, principally through to rent being paid to the charity and enhanced income from box-office charges. It also enabled the Cheese and Grian to successfully apply (for the first time) to the Arts Council for a grant supporting grass roots music. The grant began to be deployed in March 2024 and will support performances through to the summer of that year. The grant will assist in establishing the second, smaller, venue without creating a dependency on a subsidy.

Annual block booking arrangement has increased and stabilised room hire income.

Financial Key Performance Indicators (KPIs)

The Charitable group’s key financial and other performance indicators during the year were as follows:-

2024 2023
Turnover 1,529,611 1,178,677
Gross Profit 903,460 640,269
Net Profit/(Loss) 57,405 (99,799)

Page 5

FROME CHEESE & GRAIN LIMITED FOR THE YEAR ENDED 31 MARCH 2024

TRUSTEE DIRECTORS’ STRATEGIC REPORT FOR THE YEAR ENDED 31 MARCH 2024

Non-Financial Key Performance Indicators (KPIs)

2024 2023
Number of events run 157 126
Visitor numbers 186,000 164,000

Given the straightforward nature of the Charity, the Trustees are of the opinion that analysis using KPI’s is not necessary for the understanding of the development, performance or position of the business. However, the Trustees are very hands on within the business and therefore monitor performance regularly, analysing footfall, success of events, turnover and profitability.

Principal risks and uncertainties

Risks: The Board has identified principal risks including rises in costs in utilities and maintenance. The mitigate these risks the Board has worked with the Director to identify new and growing income streams and sources for soft loans.

External Investment: The charity does not and has not committed any of its income to external financial investments.

Future developments

The Cheese and Grain is aiming to further strengthen its sustainability by building skills in the workforce and further improving facilities at the Cheese and Grain building. It is investing in design work and submitting a planning application for a building project (an extension to the existing main Cheese and Grain building) that would provide rehearsal and editing facilities and enhance access to the studio. It will also improve back-stage logistical facilities and improve the handling of waste and recycling. Formal permission to build on Somerset Council land has been given and work will commence on redrafting the lease. The plan is to submit a planning application in September 2025.

Access for people with disabilities and additional needs will be enhanced, strengthening representation of these beneficiaries on the Cheese and Grain Board and providing enhance information. To help with this automatic/assisted opening front doors have been fitted, all access policies have been reviewed.

Reserves policy

The Trustees have adopted a policy of seeking to build a reserve for the charity of 10% of typical turnover or at least £60,000. This is approximately 4 weeks running costs for the charity. This is considered sufficient because most trading is undertaken by subsidiary trading companies and ticket income for performances is kept in a separate holding account of the Cheese and Grain Trading Company allowing for the full refund of all ticket income if necessary.

Approved and authorised by the Board on ………………….. and signed on its behalf by:

…………………………… T Allison

Chair & Trustee Director

Page 6

FROME CHEESE & GRAIN LIMITED FOR THE YEAR ENDED 31 MARCH 2024

TRUSTEES’ REPORT FOR THE YEAR ENDED 31 MARCH 2024

The Trustees present their annual report and the audited consolidated financial statements of the charity for the year ended 31 March 2024.

The Trustees’ confirm that the financial statements have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the charity's Memorandum of Association, applicable by law, and the requirements 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) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102), the Charities Act 2011 and the Companies Act 2006.

Trustees of the Charitable Group

A body of Trustees administer Frome Cheese & Grain Limited. The Trustees’ professional and personal interests represent a broad range of areas of influence, including accountancy, law, the local community and other interested parties. A full list of Trustees is listed on page 2.

None of the trustee directors has any beneficial interest in the company. All are members of the company and guarantee to contribute £1 each in the event of it winding up.

Financial Instruments

The Trustees have considered the major risks to which the charity is exposed and have reviewed those risks and established systems and procedures to manage those risks. The Standard Operating Procedures were updated in the prior year, and are being constantly reviewed to ensure the safety of crew and members of the public.

The trustee directors have reviewed the Governance Code to ensure the charity is run in accordance with the code. In addition, the charity is continuing to review a number of existing policies, which is intended to provide further clarity to those involved with the charity.

The group's principal financial assets are its bank balances, fixed assets and debtors. The group's credit risk is primarily attributable to its trade debtors. To mitigate this credit risk, the group has an internal credit control function. The accounts presented in the balance sheet are net of provisions for doubtful debts. The group does not purchase any significant goods or services in foreign currencies.

Price risk, credit risk, liquidity risk and cash flow risk

The group is exposed to fair value interest rate risk on its fixed rate borrowings and cash flow interest risk on any floating rate borrowings. In order to maintain liquidity and ensure that sufficient funds are available for ongoing operations and future developments, the group uses a mixture of long-term and short-term debt finance.

Disclosure of information to the auditor

Each Trustee has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the Charitable company's auditor is aware of that information. The Trustees confirm that there is no relevant information that they know of and of which they know the auditor is unaware.

Page 7

FROME CHEESE & GRAIN LIMITED FOR THE YEAR ENDED 31 MARCH 2024

TRUSTEES’ REPORT FOR THE YEAR ENDED 31 MARCH 2024

Statement of Trustees’ Responsibilities

The Trustees (who are also directors of Frome Cheese & Grain Limited for the purposes of company law) are responsible for preparing the Trustees' Report (incorporating the Strategic Report and the Directors’ Report) and the financial statements in accordance with applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102: The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

The law applicable to charities in England & Wales requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that period. In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for keeping proper accounting records that are sufficient to show and explain the charity's transactions and disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Companies Act 2006, the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Signed on behalf of the board of Trustees.

…………………………… T Allison Chair & Trustee Director

Date:

Registered office: Cheese & Grain Market Yard Frome Somerset BA11 1BE

Page 8

FROME CHEESE & GRAIN LIMITED FOR THE YEAR ENDED 31 MARCH 2024

INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEES OF FROME CHEESE & GRAIN LIMITED

Opinion

We have audited the financial statements of Frome Cheese & Grain Limited (the 'parent charitable company') and its subsidiaries (the 'group') for the year ended 31 March 2024, which comprise the Consolidated Statement of Financial Activities, the Consolidated Balance Sheet, the parent charity Balance Sheet, the Consolidated Statement of Cash Flows, and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the Trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Group's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report.

Other information

The Trustees are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Page 9

FROME CHEESE & GRAIN LIMITED FOR THE YEAR ENDED 31 MARCH 2024

INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEES OF FROME CHEESE & GRAIN LIMITED

Matters on which we are required to report by exception

In the light of our knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Annual Report.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the Trustees’ Responsibilities [set out on page 8], the Trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the Trustees are responsible for assessing the charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the Group or the parent charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor Responsibilities for the audit of the financial statements

We have been appointed as auditor under the Companies Act 2006 and report in accordance with this act.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Page 10

FROME CHEESE & GRAIN LIMITED FOR THE YEAR ENDED 31 MARCH 2024

INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEES OF FROME CHEESE & GRAIN LIMITED

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.

Auditor Responsibilities for the audit of the financial statements (continued)

As a result of these procedures, we have considered the opportunities and incentives that exist within the organisation for fraud and identified the highest area of risk to be in relation to revenue recognition, with a particular risk in relation to year-end cut-off. In come with all audits under ISAs (UK) we are also required to perform specific procedures to respond to risk of management override.

We have also obtained understanding of the legal and regulatory frameworks that the charity operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included the UK Companies and Charities Act and FRS 102 (SORP). In additions, we considered the provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the parent charitable company’s ability to operate or avoid a material penalty, including licencing regulations, health and safety legislation and employment law.

Our procedures to respond to risks identified included the following:-

We also communicated identified laws and regulations and potential fraud risks to all members of the engagement team and remained alert to possible indicators of fraud and non-compliance with laws and regulations throughout the audit.

As a result of the inherent limitations of an audit, there is a risk that not all irregularities, including a material misstatement in financial statements or non-compliance with regulation, will be detected by us. The risk increases the further removed compliance with a law and regulation is from the events and transactions reflected in the financial statements, given we will be less likely to be aware of it, or should the irregularity occur as a result of fraud rather than a one-off error, as this may involve intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Page 11

FROME CHEESE & GRAIN LIMITED FOR THE YEAR ENDED 31 MARCH 2024

INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEES OF FROME CHEESE & GRAIN LIMITED

Use of our report

This report is made solely to the charitable company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Trustees those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and its members, as a body, for our audit work, for this report, or for the opinions we have formed.

…………………..

Duncan Nicholas FCA (Senior Statutory Auditor)

For and on behalf of Moore Scarrott Audit Limited Chartered Accountant & Statutory Audits Calyx House South Road Taunton TA1 3DU

Dated:

Page 12

FROME CHEESE & GRAIN LIMITED FOR THE YEAR ENDED 31 MARCH 2024

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2024

(Including Income and Expenditure Account)

Notes
Incoming resources
Donations and legacies
5a
Charitable activities
5b
Other sources
5c
Total incoming resources
Resources expended
Charitable activities
6
Costs of generating voluntary
income
6
Total resources expended
Net income/(expenditure) and
net movement in funds
Total funds brought forward
13
Total funds carried forward		 Unrestricted
Funds
2024
£
33,881
1,431,689
64,041
1,529,611
(1,472,206)
-
(1,472,206)
57,405
(65,426)
(8,021)		 Restricted
Funds
2024
£
-
-
-
-

-
-
-
-
-
-		 Total
Funds
2024
£
33,881
1,431,689
64,041
1,529,611
(1,472,206)
-
(1,472,206)
57,405
(65,426)
(8,021)		 Total
Funds
2023
£
58,495
1,108,383
11,799
1,178,677
(1,278,476)
-
(1,278,476)
(99,799)
34,373
(65,426)

The Group has no recognised gains or losses other than the results for the year as set out above.

All incoming resources and resources expended derive from continuing activities.

The notes on pages 17 to 33 form an integral part of these financial statements.

Page 13

FROME CHEESE & GRAIN LIMITED FOR THE YEAR ENDED 31 MARCH 2024

CONSOLIDATED BALANCE SHEET AS AT 31 MARCH 2024

Notes
Fixed assets
Tangible assets
14
Current assets
Stocks
16
Debtors
17
Cash at bank and in hand
18
Current liabilities
Creditors: amounts falling due within one
year
19
Net current liabilities
Total assets less current liabilities
Creditors: amounts falling due after more
than one year
20
Net Assets
FUNDS
Unrestricted funds
23
Restricted funds
23
Total Funds
11,873
60,717
513,231
585,821
(669,532)		 2024
£
132,919
132,919
(83,711)
49,208
(57,229)
(8,021)
(8,021)
-
**(8,021) **
11,396
175,104
281,458
467,958
(583,879)		 2023
£
141,769
141,769
(115,921)
25,848
(91,274)
(64,426)
(65,426)
-
(65,426)

The financial statements were approved and authorised for issue by the Trustees and are signed on their behalf by:

…………………………… T Allison Chairman

Dated:

The notes on pages 17 to 33 form an integral part of these financial statements.

Page 14

FROME CHEESE & GRAIN LIMITED FOR THE YEAR ENDED 31 MARCH 2024

PARENT CHARITABLE COMPANY BALANCE SHEET AS AT 31 MARCH 2024

Notes
Fixed assets
Tangible assets
14
Investments
15
Current assets
Debtors
17
Cash at bank and in hand
18
Current liabilities
Creditors: amounts falling due
within one year
19
Net current assets/(liabilities)
Total assets less current liabilities
Creditors: amounts falling due
after more than one year
20
Net Assets
FUNDS
Unrestricted funds
23
Restricted funds
23
Total Funds
108,879
41,309
150,188
(132,963)		 2024
£
109,447
201
109,648
17,225
126,873
(23,747)
103,126
103,126
-
103,126
123,092
102
123,194
(159,392)
 2023
£
114,938
201
115,139
(36,198)
78,941
(37,609)
41,332
41,332
-
41,332

The financial statements were approved and authorised for issue by the Trustees and are signed on their behalf by:

…………………………… T Allison Chairman

Dated:

The notes on pages 17 to 33 form an integral part of these financial statements.

Page 15

FROME CHEESE & GRAIN LIMITED FOR THE YEAR ENDED 31 MARCH 2024

CONSOLIDATED CASH FLOW STATEMENT FOR THE YEAR ENDING 31 MARCH 2024


Net cash generated/(absorbed) in operating activities
22
Cash flows from investing activities
Acquisition of tangible assets
14
Cash flows from financing activities
Dividends, interest and rents from investments
Repayment of bank borrowings
Repayment of other borrowings
Drawing/repayment of bank overdraft
Change in cash and cash equivalents in the year
Cash and cash equivalents brought forward
Cash and cash equivalents carried forward		 2024
2023
£
£
290,833
48,968
(8,639)
(38,338)

(4,046)
(4,992)
(28,725)
(18,142)
(5,520)
(5,830)
(12,130)
12,130
231,773
(6,204)
281,458
287,662
513,231
281,458

Page 16

FROME CHEESE & GRAIN LIMITED FOR THE YEAR ENDED 31 MARCH 2024

The notes on pages 17 to 30 form an integral part of these financial statements.

NOTES TO THE ACCOUNTS

1 General Information

Frome Cheese & Grain Limited is a company limited by guarantee and a charity registered at the Charity Commission in England and Wales (registered number 04736751 & charity number 1108074).

The principal address is:

Cheese & Grain Market Yard Frome Somerset BA11 1BE

2 Statement of Compliance

The accounts (financial statements) have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant note(s) to these accounts. The financial statements have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued on 16 July 2014 and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) (effective 1 January 2019) and the Charities Act 2011.

The trust constitutes a public benefit entity as defined by FRS 102.

3 Accounting Policies

3.1 Basis of consolidation

The Group financial statements consolidates the results of the charity and its wholly-owned subsidiaries Frome Cheese & Grain Trading Limited, Grain Hospitality Limited and Grain Events Limited, on a line-byline basis. A separate Statement of Financial Activities, or income and expenditure account, for the charity itself is not presented because the charity has taken advantage of the exemptions afforded by section 408 of the Companies Act 2006.

3.2

Going Concern

The Trustees assess whether the use of going concern is appropriate, i.e. whether there are any material uncertainties related to events or conditions that may cast significant doubt on the ability of the Group to continue as a going concern. The Trustees make this assessment in respect of a period of one year from the date of approval of the financial statements.

The Trustees continue to monitor the operations of the group and are taking actions to maximise liquidity within the group to support the long-term future of the Group. Under all the scenarios reviewed, the charity has sufficient reserves to enable it to continue as a going concern for the foreseeable future. For this reason, it continues to adopt the going concern basis in preparing the financial statements.

3.3 Fund accounting policy

Unrestricted income funds are general funds that are available for use at the Trustee’s discretion in furtherance of the objectives of the charity.

Restricted funds are those fund that have particular restricted purposes within the objects of the charity. Restrictions arise when specified by donors or by the purpose of the appeal.

Page 17

FROME CHEESE & GRAIN LIMITED FOR THE YEAR ENDED 31 MARCH 2024

NOTES TO THE ACCOUNTS

3 Accounting Policies (continued)

3.4 Incoming resources

Incoming resources are recognised in the accounts on the accruals basis, during the period in which they are due, and therefore match any related expenditure.

All income is included in the Statement of Financial Activities when entitlement has passed to the charity; it is provably that the economic benefits associated with the transaction will flow to the charity and the amount can be reliably measured.

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

3.5 Resources expended

Liabilities are recognised as resources expended as soon as there is a legal or constructive obligation committing the Charity to the expenditure. All expenditure is accounted for on an accruals basis and includes any VAT which cannot be fully recovered.

Costs incurred directly relating to the charitable company’s objectives are included within charitable activities.

Expenditure is classified under headings of the Statement of Financial Activities to which it relates:

3.6 Judgements in applying accounting policies and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgments, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for income and expenditure during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. Apart from those judgments involving significant estimates as detailed in the accounting policies, there are no judgments to note that have had a significant effect on amounts recognised in the financial statements.

3.7 Operating leases

Rentals in respect of assets held under operating leases are charged against revenue on a straight-line basis over the term of the lease.

Page 18

FROME CHEESE & GRAIN LIMITED FOR THE YEAR ENDED 31 MARCH 2024

NOTES TO THE ACCOUNTS

3.8 Pensions

The Group operates a contributory group personal pension scheme for the benefit of the staff. The scheme’s funds are administered by independent Trustees and are independent of the Group’s finances. Benefits under the scheme are dependent on contributions paid and the group is not committed to the provision of a pension related to final salary.

3.9 Financial instruments

A financial asset or a financial liability is recognised only when the charity becomes a party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the amount receivable or payable including any related transaction costs.

Current assets and current liabilities are subsequently measured at the cash or other consideration expected to be paid or received and not discounted.

Debt instruments are subsequently measured at amortised cost.

Where investments in shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in income and expenditure. All other such investments are subsequently measured at cost less impairment.

Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Other financial instruments are subsequently measured at fair value, with any changes recognised in the statement of financial activities, with the exception of hedging instruments in a designated hedging relationship.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised under the appropriate heading in the statement of financial activities in which the initial gain was recognised.

For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics.

Any reversals of impairment are recognised immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

3.10 Trade debtors

Trade debtors are non-interest bearing and are stated at original invoiced amount less an appropriate allowance for irrecoverable amounts. Such allowances are based on known customer exposures.

3.11 Cash

Cash can comprise cash at bank and in hand.

Page 19

FROME CHEESE & GRAIN LIMITED FOR THE YEAR ENDED 31 MARCH 2024

NOTES TO THE ACCOUNTS

3 Accounting Policies (continued)

3.12 Trade creditors

Trade creditors are non-interest bearing and are stated at the original invoiced amount.

3.13 Income from financial instruments

Interest is accrued and credited to the profit and loss account in the period to which it relates.

3.14 Tangible fixed assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other recognised gains and losses, unless it reverses a charge for impairment that has previously been recognised as expenditure within the statement of financial activities. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other recognised gains and losses, except to which it offsets any previous revaluation gain, in which case the loss is shown within other recognised gains and losses on the statement of financial activities.

3.15 Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Property improvements - straight line over 50 years
Leasehold improvements - straight line over 4 years
Plant & equipment (including technical equipment) - straight line over 5-7 years
Fixtures & fittings - straight line over 10 years
Office equipment - straight line over 3 years

3.16 Investments

Unlisted equity investments are initially recorded at cost, and subsequently measured at fair value. If fair value cannot be reliably measured, assets are measured at cost less impairment.

Listed investments are measured at fair value with changes in fair value being recognised in income or expenditure.

3.17 Investment in Associates

Investments in associates accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses.

Investments in associates accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value taken through income or expenditure. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted.

Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.

Page 20

FROME CHEESE & GRAIN LIMITED FOR THE YEAR ENDED 31 MARCH 2024

NOTES TO THE ACCOUNTS

3 Accounting Policies (continued)

3.18 Stock

Stock is valued at the lower of cost and net realisable value, after due regard for obsolete and slowmoving stocks.

Net realisable value is based on the selling price less anticipated costs to completion and selling costs. Items donated for resale or distribution are not included in the financial statements until they are sold or distributed.

4 Limited by Guarantee

The company is limited by guarantee not having share capital. Every member of the company undertakes to contribute such amounts as may be required (not exceeding £1) to the assets of the company if it should be wound up while he is a member or within one year after he ceases to be a member, for payments of the company's debts and liabilities contracted before he ceases to be a member, and of the costs, charges and expenses of winding up, and for adjustment of the rights of the contributories among themselves.

5 a) Donations and legacies

Current Year

Donations
General donations
Grants
Mendip District Council
Other grants
Total income from donations and grants
Prior Year
Donations
General donations
Grants
Mendip District Council
Other grants
Total income from donations and grants		 Unrestricted
Funds
£
8,656
-
25,225
33,881
Unrestricted

Funds
£
13,244
7,350
37,901
58,495		 Restricted
Funds
£
-
-
-
-
Restricted
Funds
£
-
-
-
-		 Total
Funds
2024
£
8,656
-
25,225
33,881
Total
Funds
2023
£
13,244
7,350
37,901
58,495

Page 21

FROME CHEESE & GRAIN LIMITED FOR THE YEAR ENDED 31 MARCH 2024

NOTES TO THE ACCOUNTS

5 b) Income from Charitable activities

Current Year

Hall hires
Community events
Commercial ticket sales
Bar/café sales
Studio hire
Membership
Meeting room & mezzanine income
Total income from charitable activities
Prior Year
Hall hires
Community events
Commercial ticket sales
Bar/café sales
Studio hire
Membership
Meeting room & mezzanine income
Total income from charitable activities
c) Income from Other sources
Current Year
Commission income
Other income
Total income from other sources
Prior Year
Commission income
Other income
Total income from other sources		 Unrestricted

Funds
£
136,941
266,999
123,567
806,035
35,223
16,634
46,290
1,431,689
Unrestricted
Funds
£
107,848
218,700
76,238
652,173
14,820
8,880
29,724
1,108,383
Unrestricted

Funds
£
59,290
4,751
64,041
Unrestricted

Funds
£
9,250
2,549
11,799		 Restricted
Funds
£
-
-
-
-
-
-
-
-
Restricted
Funds
£
-
-
-
-
-
-
-
-
Restricted
Funds
£
-
-
-
Restricted
Funds
£
-
-
-		 Total
Funds
2024
£
136,941
266,999
123,567
806,035
35,223
16,634
46,290
1,431,689
Total
Funds
2023
£
107,848
218,700
76,238
652,173
14,820
8,880
29,724
1,108,383
Total
Funds
2024
£
59,290
4,751
64,041
Total
Funds
2023
£
9,250
2,549
11,799

Page 22

FROME CHEESE & GRAIN LIMITED FOR THE YEAR ENDED 31 MARCH 2024

NOTES TO THE ACCOUNTS

6 Expenditure on Charitable activities

Current Year

Current Year
Note
Cheese & Grain Community Centre
Direct costs
7
Support costs
8
Total expenditure on charitable activities
Prior Year

Note
Cheese & Grain Community Centre
Direct costs
7
Support costs
8
Total expenditure on charitable activities		 Unrestricted

Funds
£
1,400,570
71,636
1,472,206
Unrestricted

Funds
£
1,198,889
79,586
1,278,475		 Restricted
Funds
£
-
-
-
Restricted
Funds
£
-
-

-
 Total
Funds
2024
£
1,400,570
71,636
1,472,206
Total
Funds
2023
£
1,198,889
79,586
1,278,475

Page 23

FROME CHEESE & GRAIN LIMITED FOR THE YEAR ENDED 31 MARCH 2024

NOTES TO THE ACCOUNTS

7 Direct costs

The breakdown of direct costs is show in the table below:-

Direct costs
Direct costs & purchases
Labour costs
Staff wages and salaries
Staff NIC
Staff pensions
Subcontractors
Staff training
Establishment expenses
Rates
Rent
Water
Light, heat and power
Insurance
Repairs and maintenance
General overheads
Marketing
Equipment costs
Subscriptions
Sundry expenses
Management charges payable
Entertainment
Depreciation
Leasehold improvements
Technical equipment
Fixtures and fittings
Office equipment
Plant and equipment
Total Direct Costs		 2024
£
467,362
590,149
37,284
15,619
18,243
2,470
663,765
-
1,056
2,026
39,669
4,348
32,409
79,508
37,736
6,491
46,231
10,914
68,887
2,186
172,445
4,996
1,047
1,623
6,940
2,884
17,490

1,400,570		 2023
£
347,205
522,351
26,190
11,578
20,545
128
580,792
832
1,586
2,670
26,004
4,239
31,796
67,127
39,210
84,565
30,498
15,233
15,990
55
185,551
4,653
1,047
1,583
8,510
2,421
18,214
1,198,889

Page 24

FROME CHEESE & GRAIN LIMITED FOR THE YEAR ENDED 31 MARCH 2024

NOTES TO THE ACCOUNTS

8 Support costs

The breakdown of support costs is show in the table below:-

Support costs
Computing and software costs
Telephone
Printing, postage and stationery
Legal and professional fees
Staff welfare
Bank interest and charges
Loan interest
Accountancy costs
Audit fees
Travel costs
Total Support Costs
9
Net income for the year
This is stated after charging:-
Depreciation
Auditors fees
- Audit fees
- Non-audit fees
Trustees’ expenses		 2024
£
4,920
4,869
12,075
301
974
14,373
3,975
16,817
9,350
3,982
71,636
2024
£
17,489
9,350
5,250
-		 2023
£
5,106
6,238
10,502
2,161
707
21,579
4,992
18,037
9,000
1,264
79,586
2023
£
18,214
9,000
5,000
-

The Trustees received no emoluments or reimbursement for expenditure during this or the previous year.

No Trustee waived expenses during the current or previous year.

Page 25

FROME CHEESE & GRAIN LIMITED FOR THE YEAR ENDED 31 MARCH 2024

NOTES TO THE ACCOUNTS

10 Staff costs

The total staff costs and employee benefits for the reporting period are analysed as follows:-

Wages and salaries
Social security costs
Employers’ pension costs
Subcontractors
Staff training
Total staff costs		 2023
£
590,148
37,284
15,619
18,243
2,471
663,765		 2022
£
522,352
26,190
11,578
20,545
128
580,793

The average head count of employees during the year was 82 (2023: 64).

No employee received employee benefits of more than £60,000 during the current or previous year. The number of permanent employees is supplemented by casual workers who are deployed at events. The total staff costs include payments to casual workers.

The key management personnel are considered to be the Trustees, the Director, the Operations and Contracts Manager, the Programme, Events and Marketing Manager and the Office and HR Manager.

11 Parent company profit for the year

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of comprehensive income in these financial statements. The profit after tax of the parent Company for the year was £61,794 (2023 loss: £39,683).

12 Taxation

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

13 Group Statement of Financial Activities: comparative figures

Notes
Incoming resources
Donations and legacies
5a
Charitable activities
5b
Other sources
5c
Total incoming resources
Resources expended
Charitable activities
6
Costs of generating voluntary income
6
Total resources expended
Net income/(expenditure) and net
movement in funds
Total funds brought forward
Total funds carried forward		 Unrestricted
Funds
2023
£
58,495
1,108,383
11,799
1,178,677
(1,278,476)
-
(1,278,476)
(99,799)
34,373
(65,426)		 Restricted
Funds
2023
£
-
-
-
-
-
-
-
-
-
-		 Total
Funds
2023
£
58,495
1,108,383
11,799
1,178,677
(1,278,476)
-
(1,278,476)
(99,799)
34,373
(65,426)

Page 26

FROME CHEESE & GRAIN LIMITED FOR THE YEAR ENDED 31 MARCH 2024

NOTES TO THE ACCOUNTS

14 Tangible Fixed Assets

Group

Cost:
At 1 April 2023
Cost of disposal
Additions
At 31 March 2024
Depreciation:
At 1 April 2023
Eliminated on disposal
Charge for the year
At 31 March 2024
Net book value:
At 31 March 2024
At 31 March 2023
Company
Cost:
At 1 April 2023
Additions
At 31 March 2024
Depreciation:
At 1 April 2023
Charge for the year
At 31 March 2024
Net book value:
At 31 March 2024
At 31 March 2023		 Property
Improv’s
£
252,438
-
-
252,438
148,208
-
4,996
153,204
99,234
104,230
Property
Improv’s
£
247,270
-
247,270
147,588
4,738
152,326
94,944
99,682		 Fixtures
& Fittings
£
110,613
-
4,907
115,520
97,014
-
7,054
104,068
11,452
13,599
Fixtures
& Fittings
£
64,852
970
65,822
57,770
1,623
59,393
6,429
7,082		 Office
Equipment
£
12,366
-
2,457
14,823
10,029
-
1,510
11,539
3,284
2,337
Office
Equipment
£
12,367
2,457
14,824
10,030
1,510
11,540
3,284
2,337		 Plant &
Equipment
£
82,901
(9,148)
1,275
75,028
61,298
(9,148)
3,929
56,079
18,949
21,603
Plant &
Equipment
£
51,431
-
51,431
45,594
1,047
46,641
4,790
5,837		 Total
£
458,318
(9,148)
8,639
457,809
316,549
(9,148)
17,489
324,890
132,919
141,769
Total
£
375,920
3,427
379,347
260,982
**8,918 **
269,900
109,447
114,938

Page 27

FROME CHEESE & GRAIN LIMITED FOR THE YEAR ENDED 31 MARCH 2024

NOTES TO THE ACCOUNTS

15 Investments

Company

Cost:
At 1 April 2023
Additions
At 31 March 2024
Carrying amount:
At 31 March 2024
At 31 March 2023		 Shares in
Group
Undertakings
£
201
-
201
201
201

Details of the investments in which the Group holds 20% or more of the nominal value of any class of share capital are as follows:-

Proportion of voting Proportion of voting
rights and shares held
Undertaking Holding 2024 2023
Frome Cheese & Grain Trading Limited Ordinary 100% 100%
Grain Hospitality Limited Ordinary 100% 100%
Grain Events Limited Ordinary 100% 100%

All of the subsidiary undertakings are incorporated in England & Wales.

The principal activity of each subsidiary undertaking is set out below:-

Undertaking Holding Frome Cheese & Grain Trading Limited The sale of tickets for performance art events Grain Hospitality Limited The running of the Cheese & Grain café and bar Grain Events Limited The sale of tickets for performance art events

16 Stocks

Stocks held for resale Group
2024
2023
11,873
11,396
11,873
11,396		 Company
2024
2023
-
-
-
-

Page 28

FROME CHEESE & GRAIN LIMITED FOR THE YEAR ENDED 31 MARCH 2024

NOTES TO THE ACCOUNTS

17 Debtors

Trade debtors
Prepayments and accrued
income
Amounts owed from group
undertakings
Other debtors		 Group
2024
2023
53,614
131,659
3,968
2,497
-
-
3,135
40,948
60,717
175,104		 Company
2024
2022
17,825
103,994
2,829
2,497
87,989
-
236
16,601
108,879
123,092

18 Cash and cash equivalents

Cash on hand
reditors: amounts falling
Bank loans
Trade creditors
Amounts owed to group
undertakings
Social security and other
taxes
Other creditors
Accruals		 Group
2024
2023
513,231
281,458
513,231
281,458
due within one year
Group
2024
2023
44,559
56,888
35,817
101,326
-
-
57,904
46,006
68,066
27,489
463,186
352,170
669,532
583,879		 Company
2024
2023
41,309
102
41,309
102
Company
2024
2023
14,100
26,929
6,740
13,035
-
35,474
31,214
33,088
37,772
23,256
43,137
27,610
132,963
159,392

19 Creditors: amounts falling due within one year

HSBC Bank Plc hold a fixed and floating charge over the undertaking and all property and assets present and future including goodwill, book debts, uncalled capital, buildings, fixtures and fixed plant and machinery.

Page 29

FROME CHEESE & GRAIN LIMITED FOR THE YEAR ENDED 31 MARCH 2024

NOTES TO THE ACCOUNTS

20 Creditors: amounts falling due after one year

Bank loans
Other creditors		 Group
2024
2023
42,065
77,170
15,164
14,104
57,229
91,274		 Company
2024
2023
8,583
23,505
15,164
14,104
23,747
37,609

HSBC Bank Plc hold a fixed and floating charge over the undertaking and all property and assets present and future including goodwill, book debts, uncalled capital, buildings, fixtures and fixed plant and machinery.

21 Financial commitments, guarantee and contingencies

Amount not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £10,000 (2023 - £10,000)

22 Reconciliation of net movement in funds to net cash inflow from operating activities

Statement of Financial Activities: Net movement in funds
Interest paid
Depreciation
(Increase)/decrease in stocks
(Increase)/decrease in debtors
Increase/(decrease) in creditors
Net cash (outflow)/inflow from operating activities		 2024
£
57,405
4,046
17,490
(477)
(34,263)
246,632
290,833		 2023
£
(99,798)
4,992
18,215
(3,990)
50,249
79,300
48,968

Page 30

FROME CHEESE & GRAIN LIMITED FOR THE YEAR ENDED 31 MARCH 2024

NOTES TO THE ACCOUNTS

23
Movement in funds
Group
Current Year
Unrestricted Funds
Unrestricted fund
Total Unrestricted Funds
Restricted Funds
Total Funds
Prior Year
Unrestricted Funds
Unrestricted fund
Total Unrestricted Funds
Restricted Funds
Total Funds		 At 1
April 2023
£
(65,426)
(65,426)
-
(65,426)
At 1
April 2022
£
34,372
34,372
-
34,372		 Incoming
resources
£
1,529,611
1,529,611
-
1,529,611
Incoming
resources
£
1,178,677
1,178,677
-
1,178,677		 Resources
expended
£
(1,472,206)
(1,472,206)
-

(1,472,206)
Resources
expended
£
(1,278,475)
(1,278,475)
-

(1,278,475)		 Transfers
£
-
-
-
-
Transfers
£
-
-
-
-		 At 31
March 2024
£
(8,021)
(8,021)
-
(8,021)
At 31
March 2023
£
(65,426)
(65,426)
-
(65,426)

Page 31

FROME CHEESE & GRAIN LIMITED FOR THE YEAR ENDED 31 MARCH 2024

NOTES TO THE ACCOUNTS

24 Movement in funds

Company

Current Year

Unrestricted Funds
Unrestricted fund
Total Unrestricted Funds
Restricted Funds
Total Funds
Prior Year
Unrestricted Funds
Unrestricted fund
Total Unrestricted Funds
Restricted Funds
Total Funds		 At 1
April 2023
£
41,332
41,332
-
41,332
At 1
April 2022
£
81,015
81,015
-
81,015		 Incoming
resources
£
707,903
707,903
-
707,903
Incoming
resources
£
557,379
557,379
-
557,379		 Resources
expended
£
(646,109)
(646,109)
-

(646,109)
Resources
expended
£
(597,062)
(597,062)
-

(597,062)		 Transfers
£
-
-

-
-
Transfers
£
-

-

-
**- **		 At 31
March 2024
£
103,126
103,126
-
103,126
At 31
March 2023
£
41,332
41,332
-
41,332

Page 32

FROME CHEESE & GRAIN LIMITED FOR THE YEAR ENDED 31 MARCH 2023

NOTES TO THE ACCOUNTS

25 Analysis of net assets between funds

Current Year

Current Year
As at 31 March 2024
Tangible fixed assets
Other net assets
Prior Year
As at 31 March 2023
Tangible fixed assets
Other net assets		 Unrestricted
General
Funds
£
132,919
(140,940)
(8,021)
Unrestricted
General
Funds
£
141,769
(207,195)
(65,426)		 Total
£
132,919
(140,940)
(8,021)
Total
£
141,769
(207,195)
(65,426)

26 Related party transactions

Included in debtors is £57,195 (2023: £64,379) due from Grain Hospitality Limited, a wholly-owned subsidiary.

Included in debtors is £30,794 (2023: -£35,474) due from Frome Cheese & Grain Trading Limited, a wholly-owned subsidiary.

Page 33