REGISTERED COMPANY NUMBER: 05336078 (England and Wales) REGISTERED CHARITY NUMBER: 1109836
Report of the Trustees and Unaudited Financial Statements for the Year Ended 31 August 2023
for
Shaftesbury Arts Centre (A Company Limited by Guarantee)
Ward Goodman 4 Cedar Park Cobham Road Ferndown Industrial Estate Wimborne Dorset BH21 7SF
Shaftesbury Arts Centre
Contents of the Financial Statements for the Year Ended 31 August 2023
| Page | |||
|---|---|---|---|
| Reportofthe Trustees | 1] | to | 5 |
| Independent Examiner's Report | 6 | ||
| Statement ofFinancia! Activities | 7 | ||
| Balance Shect | 8 | to | 9 |
| NotestotheFinancialStatements | 10 | to | 19 |
Shaftesbury Arts Centre (Registered number: 05336078)
Report of the Trustees
for the Year Ended 31 August 2023
The company is registered as a charity and limited by guarantee and its directors are its trustees for the purpose of charity law and throughout this report are collectively referred to as the trustees.
The trustees present their report with the financial statements of the company for the year ended 31 August 2023. The (rustees 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 | January 2015). This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.
OBJECTIVES AND ACTIVITIES
Objectives and aims
The objectives of the company according to its Articles of Association are to promote, maintain, improve and advance the education of the public in the arts and science of music, opera, ballet, drama, film, photography, literature, paintings, drawing and sculpture, in the presentation of concerts, performances, exhibitions and other activities.
Principal Activity
The principal activity of the company in the period under review was that of the promotion and performance of artistic and cultural activities.
Risk management
The major risks to which the company is exposed, as identified by the trustees, have been reviewed and systems have been established to mitigate those risks.
Public benefit
The trustees confirm that they have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the Arts Centre's aims and objectives and in the planning of future activities.
Page 1
Shaftesbury Arts Centre (Registered number: 05336078)
Report of the Trustees for the Year Ended 31 August 2023
ACHIEVEMENT AND PERFORMANCE
Charitable activities
The main activities of the Arts Centre have continued to be in-house Music and Drama performances; room hirings; art exhibitions in the Gallery; bar and catering; live streaming of films and events; externally booked theatre, dance and live music; films; and other events.
The Arts Centre is also used for and by many community groups including poetry, traditional dance and ukulele groups, an acappella choir, music for babies and toddlers, and drama groups both separately for children, young people and adults, and also a mixed group for all ages. The Centre also runs creative writing, photography, drawing and painting groups. The gallery is open for artists to hire and display their works, and twice a year the Arts Centre has its own exhibitions when attists from the town and surrounding area are encouraged to become part of a group exhibition.
Chairman's Report 2022-2023
With Covid almost behind us and our long-term mortgage paid off, we began the year with greater feelings of confidence and felt able to accept the recommendation from the AGM that we take on a paid manager.
In October 2022 we interviewed three excellent candidates for the position and chose, unanimously, Charlie Hamilton for her charisma, her background in dramatic arts and for her enthusiasm for attracting new members and children to the Arts Centre.
Charlie started work on the Ist November 2022 and in addition to her general management duties, in her first nine months has put on two school holiday courses encouraging up to 30 children to leam and perform a musical in a week and also a short run of West End to Broadway, a musical extravaganza of songs from the shows using local talent of all ages and demonstrating what can be achieved on a shoestring.
In addition, she put on a Christmas Fun Day and Bazaar and in May, a fundraising day to launch our new building project. For this she filled the stage with performances from local groups, bringing many people to the Arts Centre for the first time. She was ably supported by the Gallery who ran a post card sale, together raising £3,350.
The development group had decided it was time to look again at our building plans and in partnership with Shaftesbury architects PWCR, plans were drawn up to improve the public-facing areas of the building, including establishing a new and welcoming box office, bar and foyer area, an enlarged gallery and improved Rutter Room, all behind an enhanced frontage based on photos of the building before the 1950's fire. Plans are now in hand to raise the money required for this and the already-planned work to the rear of the building.
The Music and Drama Group continues to be the raison d'etre for many of our members. The autumn production was ‘The Flint Street Nativity’. In January, in place of the traditional pantomime, they put on an extravagant performance of ‘Nativity, the Musical’, followed by the highly acclaimed 'Daisy Pulls it Off in the Spring. In the summer came the long-awaited musical 'Grease’, a very well-rehearsed show that attracted many newcomers to the cast and the audience.
Our Youth Theatre went from strength to strength and their contribution to the Fringe, 'The Magic Fairy in the Microwave’, earned them a well-deserved, Best in Show.
The Gallery is run by a great team of volunteers and continues to be a huge success, It provides a reason for the Centre to be open to the public every day, bringing new artists to the public eye and providing the Centre with a steady income.
This year has seen the gradual return of some of our regular activities that had faded away during the pandemic. We now offer Pilates, yoga, tap and ballet classes as well as a folk group, Rock Choir, and a new writing group.
During the summer of 2023, the Arts Centre continued to be open to a wide variety of performers and artists. One of the busiest weekends was the Shaftesbury Fringe Festival in which the Arts Centre played a key role. This was a huge success, and we look forward to continuing with this at Fringe 2024.
Page 2
Shaftesbury Arts Centre (Registered number: 05336078)
Report of the Trustees
for the Year Ended 31 August 2023
At the AGM in April, I stepped down as Chairman of the board after 9 years and was ably succeeded by Ruth Drewett. 1] will continue to be on the board and be involved in the box office and general management.
The structure of the management of the Arts Centre has changed somewhat since Ruth became Chairman in May, with the board holding bi-monthly meetings and focussing on a strategic overview of the Arts Centre. Different groups are being assigned more day-to-day managerial responsibility to ensure the smooth running of the Centre.
As always, we have to say a big 'thank you’ to all our many volunteers, who do so much to ensure the success of Shaftesbury Arts Centre and without whom we could not exist.
FINANCIAL REVIEW
Financial position
2022/23 was a successful trading year with the gross income from the main activities increasing by around £43,000, resulting in an increased net revenue of £81,340 after direct expenses of £46,456 (see table).
There were no substantial fundraising activities during the year, although several smaller events generated a surplus of £3,354 for the restricted fund (property development).
The Cash at bank increased to £433,556 (£428,634 at 31 August 2022).
The final loan taken out to purchase and refurbish no 11 Bell Street was fully repaid during the year.
During the year professional expenses of £30,450 were incurred towards the ongoing proposed redevelopment of the premises.
The charitable company has free reserves of £377,891 as at 31 August 2023 (£23,140 at 31 August 2022). The Trustees consider this level of reserves to be sufficient to deliver charitable objectives for the next twelve months. Free reserves are calculated by deducting fixed assets from the unrestricted (and undesignated) reserves held at the year-end. The Trustees consider the charity to be a going concern, a revaluation reserve of £335,000 is held in respect of 13 Bell Street.
Operations
The main income-generating activities of the Arts Centre were the Gallery and the Music and Drama productions, but other cost centres were also recovering well after the Covid-19 pandemic,
| Main Activities | Income | Cost | Contribution |
|---|---|---|---|
| Music and Drama (in-house productions) | £33,436 | £15,267 | £18,169 |
| Room Hire | £8,482 | £0 | £8,482 |
| Gallery (netof payments to artists) | £21,706 | £1,588 | £20,118 |
| BarandCatering | £19,781 | £11,256 | £8,525 |
| Live streaming | £9,110 | £5,152 | £3,958 |
| External Bookings (professional theatre and music) | £22,130 | £6,629 | £15,501 |
| Film shows (excluding Film Societymembership) | £13,151 | £6,564 | £6,587 |
| Total | £127,796 | £46,456 | £81,340 |
Membership subscriptions remained stable at £10,895, compared to £10,276 in 2021/22.
STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document
The organisation was established as a company limited by guarantee and registered as a charity. The company is controlled by its governing document, the Memorandum and Articles of Association, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006. The liability of the members in the event of being wound up is limited to a sum not exceeding £10.
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Shaftesbury Arts Centre (Registered number: 05336078)
Report of the Trustees for the Year Ended 31 August 2023
STRUCTURE, GOVERNANCE AND MANAGEMENT
Recruitment and appointment of new trustees
In accordance with the Articles of Association three trustees will retire by rotation at the forthcoming Annual General Meeting. They may if they wish to stand for re-election. All members are circulated with invitations to nominate trustees prior to the AGM advising them of those retiring and requesting any new nominations for the AGM. New trustees undergo an orientation day to brief them on: their legal obligation under charity and company law, the Charity Commission guidance on public benefit, the content of the Memorandum and Articles of Association, the committee and decision-making processes, the business plan and recent financial performance of the charity.
REFERENCE AND ADMINISTRATIVE DETAILS Registered Company number 05336078 (England and Wales)
Registered Charity number 1109836
Registered office 13 Bell Street Shaftesbury Dorset SP7 8AR
Trustees JC Parker J S Cadmore J A Cadmore R M Drewett K Burkett (resigned 18.10.22) A Chase R King T Royle D Jones J Grant (resigned 30.4.23) A Hargreaves R Slaymaker (resigned 4.12.22) J Pearce (appointed 30.4.23) S Roberts (appointed 18.12.22)
Company Secretary P GRyley
Independent Examiner Ward Goodman 4 Cedar Park Cobham Road Ferndown Industrial Estate Wimborne Dorset BH21 7SF
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Shaftesbury Arts Centre (Registered number: 05336078)
Report of the Trustees
for the Year Ended 31 August 2023
This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.
Approved by order of the board of trustees on 22nd February 2024 and signed on its behalf by:
J C Parker - Trustee
Page 5
Independent Examiner's Report to the Trustees of Shaftesbury Arts Centre
Independent examiner's report to the trustees of Shaftesbury Arts Centre ('the Company’) ] report to the charity trustees on my examination of the accounts of the Company for the year ended 31 August 2023.
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, | 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
I have completed my examination, ] confirm that no matters have come to my attention in connection with the examination giving me cause to believe:
-
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
-
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)).
1 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.
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| Jb
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I M Rodd BSc FCA FCCA
Ward Goodman
4 Cedar Park Cobham Road Femdown Industrial Estate Wimborme Dorset BH21 7SF
Date: Halong ett.
Page 6
Shaftesbury Arts Centre
Statement of Financial Activities for the Year Ended 31 August 2023
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||||||||||
|---|---|---|---|---|---|---|---|---|
|2023|2022|
|Unrestricted|Restricted|Total|Total|
|funds|funds|funds|funds|
|Notes|£|£|£|£|
|INCOME AND|ENDOWMENTS|FROM|
|Donations|and|legacies|3|5,174|-|5,174|87,479|
|Charitable|activities|6|
|Music|and|drama|group|productions|33,436|-|33,436|23,887|
|Art|group|580|-|580|389|
|Film|and Live|Streaming|22,261|-|22,261|10,005|
|Gallery|21,706|-|21,706|20,729|
|Other|income|from|charitable|activities|335|-|335|1,626|
|Room|letting|and|Extemal|bookings|30,612|-|30,612|18,040|
|Subscriptions|10,899|-|10,899|10,276|
|Bar and|Catering|19,781|-|19,781|11,830|
|Other|fundraising|activities|4|1,178|3,354|4,532|1,906|
|Investment|income|5|4,720|-|4,720|1,443|
|Total|150,682|3,354|154,036|187,610|
|EXPENDITURE|ON|
|Charitable|activities|7|
|Music|and|drama group|productions|15,267|-|15,267|11,335|
|Art group|500|-|500|400|
|Film|and|Live|Streaming|11,716|-|11,716|6,407|
|Gallery|1,588|-|1,588|865|
|Room|letting and|External|bookings|6,629|-|6,629|2,474|
|Subscriptions|155|-|155|35|
|Bar|and|Catering|11,256|-|11,256|6,559|
|Other|running|costs|85,618|-|85,618|55,956|
|Total|132,729|-|132,729|84,031|
|NET INCOME|17,953|3,354|21,307|103,579|
|Transfers|between|funds|22|30,450|(30,450)|-|-|
|Other|recognised|gains/(losses)|
|Gains on|revaluation|of fixed|assets|1,909,278|-|1,909,278|-|
|Net movement|in|funds|1,957,681|(27,096)|1,930,585|103,579|
|RECONCILIATION|OF|FUNDS|
|Total|funds|brought|forward|1,357,820|49,673|1,407,493|1,303,914|
|TOTAL|FUNDS|CARRIED FORWARD|3,315,501|22,577|3,338,078|1,407,493|
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The notes form part of these financial statements
Page 7
Shaftesbury Arts Centre (Registered number: 05336078)
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|||||||||
|---|---|---|---|---|---|---|---|
|Balance|Sheet|
|31|August|2023|
|2023|2022|
|Notes|£|£|
|FIXED|ASSETS|
|Tangible|assets|13|2,937,610|999,679|
|CURRENT|ASSETS|
|Stocks|14|1,268|1,553|
|Debtors|15|3,922|3,077|
|Cash|at|bank|and|in|hand|433,556|428,634|
|438,746|433,264|
|CREDITORS|
|Amounts|falling|due within|one year|16|(37,218)|(24,320)|
|NET CURRENT ASSETS|401,528|408,944|
|TOTAL|ASSETS|LESS|CURRENT|
|LIABILITIES|3,339,138|1,408,623|
|CREDITORS|
|Amounts|falling|due|after|more than one year|17|(1,060)|(1,130)|
|NET ASSETS|3,338,078|1,407,493|
|FUNDS|22|
|Unrestricted|funds:|
|General|fund|1,071,223|1,022,820|
|11-13|Bell|Street Revaluation|Reserve|2,244,278|335,000|
|3,315,501|1,357,820|
|Restricted|funds|22,577|49,673|
|TOTAL FUNDS|3,338,078|1,407,493|
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The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2023,
The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 2023 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 notes form part of these financial statements
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continued...
Shaftesbury Arts Centre (Registered number: 05336078)
Balance Sheet - continued 31 August 2023
These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the smal! companies regime.
The financial statements were approved by the Board of Trustees and authorised for issue on Zand February 2024 and were signed on its behalf by:
J C Parker - Trustee
The notes form part of these financial statements
Page 9
1, LEGAL FORM
Shaftesbury Arts Centre
Notes to the Financial Statements for the Year Ended 31 August 2023
Shaftesbury Arts Centre is a private charitable company registered in England and Wales, limited by guarantee (limited to £10 per member). Company number 05336078 and registered charity number 1109836. The registered office can be found on page 4.
- 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 | 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, as modified by the revaluation of certain assets.
Income
Incoming resources from charitable activities primarily represents ticket sales and related fees for performances conducted in the year. Gift vouchers and tickets sold in advance are included in creditors as deferred income.
Incoming resources from the Gallery are shown net of payments made to Artists as it is considered that the charitable company acts as an agent in these transactions.
Donations and legacies are included where there is entitlement, certainty of receipt and the amount can be measured with sufficient reliability.
Grants are recognised where there is entitlement, certainty of receipt and the amount can be measured with sufficient reliability. Grant income is deferred when the donor specifies use of the grant to be in the future, or where there are conditions for full entitlement and those conditions have not yet been satisfied.
Government grants are recognised as above.
Trade and other debtors are measured at the recoverable amount.
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.
Costs of fundraising activities are those incurred in activities designed to raise donations for a particular project.
Charitable activities include expenditure associated with the staging of shows and include both the direct costs and support costs relating to these activities.
Creditors are measured at the settlement amount.
Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 20% on reducing balance
Freehold property is initially measured at cost and subsequently under the revaluation model. No depreciation is provided. An annual impairment review is undertaken.
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continued...
Shaftesbury Arts Centre
Notes to the Financial Statements - continued for the Year Ended 31 August 2023
2. ACCOUNTING POLICIES - continued
Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.
Taxation
The charity is exempt from corporation tax on its charitable activities.
Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Further explanation of the nature and purpose of each fund is included in the notes to the financial stalements.
Acting as agent
SAC is acting as agent for Youth Theatre, a group affiliated with the Music and Drama section of SAC. The amounts held on behalf of Youth Theatre are recorded in bank and creditors within these financial statements. The creditor balance as at 31 August 2023 totalled £323 (2022: £564). SAC does not have any exposure to the risks and rewards of the Youth Theatre activities and is merely custodian of the cash funds for ease of administration. SAC does not receive an agents fee or commission for holding these funds on behalf of the Youth Theatre group.
Cash at Bank and in Hand
Cash at bank and in hand includes cash and short term highly liquid investments with maturity dates of up to a year from the date of acquisition or opening of the deposit or similar account. The latest maturity date for the investments is 12th July 2024.
| 3. | DONATIONS AND LEGACIES | ||
|---|---|---|---|
| 2023 | 2022 | ||
| £ | £ | ||
| Donations | 5,174 | 6,129 | |
| Legacies | - | 81,350 | |
| 5,174 | 87,479 | ||
| 4, | OTHER FUNDRAISING ACTIVITIES | ||
| 2023 | 2022 | ||
| £ | £ | ||
| Fundraisingevents | 4,532 | 1,906 |
continued...
Page 11
- INVESTMENT INCOME
Shaftesbury Arts Centre
Notes to the Financial Statements - continued for the Year Ended 31 August 2023
7,
| INVESTMENT INCOME | |||
|---|---|---|---|
| 2023 | 2022 | ||
| £ | £ | ||
| Depositaccount interest | 4,720 | 1,443 | |
| INCOME FROM CHARITABLE ACTIVITIES | |||
| 2023 | 2022 | ||
| Activity | £ | £ | |
| Production and events income | Music and dramagroup productions | 33,436 | 23,887 |
| Production and events income | Artgroup | 580 | 389 |
| Production andevents income | Film and Live Streaming | 22,261 | 10,005 |
| Production and events income | Gallery | 21,706 | 20,729 |
| Production and events income | Other income from charitable activities | 335 | 1,626 |
| Production and events income | Room lettingand External bookings | 30,612 | 18,040 |
| Production and events income | Subscriptions | 10,899 | 10,276 |
| Production and events income _Bar and Catering | 19,781 | 11,830 | |
| 139,610 | 96,782 |
CHARITABLE ACTIVITIES COSTS
| CHARITABLE ACTIVITIES COSTS | ||||
|---|---|---|---|---|
| Support | ||||
| Direct | costs | (see | ||
| Costs | note | 8) | Totals | |
| £ | £ | £ | ||
| Music and drama group productions | 15,267 | - | 15,267 | |
| Artgroup | 500 | - | 500 | |
| Film and Live Streaming | 11,716 | - | 11,716 | |
| Gallery Room letting and External bookings |
1,588 6,629 |
- - |
1,588 6,629 |
|
| Subscriptions Bar and Catering |
155 11,256 |
- - |
155 11,256 |
|
| Other running costs | 29,762 | 55,856 | 85,618 | |
| 76,873 | 55,856 | 132,729 |
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Shaftesbury Arts Centre
Notes to the Financial Statements - continued for the Year Ended 31 August 2023
| 8. | SUPPORT COSTS | ||||
|---|---|---|---|---|---|
| Governance | |||||
| Finance | Other | costs | Totals | ||
| £ | £ | £ | £ | ||
| Other running costs | 1,077 | 50,392 | 4,387 | 55,856 | |
| 9. | NETINCOMEAEXPENDITURE) | ||||
| Net income/(expenditure) is stated afler | charging/(crediting): | ||||
| 2023 | 2022 | ||||
| £ | £ | ||||
| Depreciation -owned assets | 1,797 | 2,246 | |||
| IndependentExamination | 2,160 | 2,040 |
10. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees’ remuneration or other benefits for the year ended 31 August 2023, nor for the year ended 31 August 2022.
Trustees’ expenses
During the year 3 August 2023 the trustees and secretary were reimbursed for out of pocket expenses £7,963 (2022: £2,968).
11. STAFF COSTS
| STAFF COSTS | |||
|---|---|---|---|
| 2023 | 2022 | ||
| £ | £ | ||
| Wages and salaries | 20,000 | - | |
| Other pension costs | 309 | - | |
| 20,309 | - | ||
| The average monthly numberofemployees during theyear was as follows: | |||
| 2023 | 2022 | ||
| Employees | 1 | - |
No employees received emoluments in excess of £60,000.
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Shaftesbury Arts Centre
Notes to the Financial Statements - continued for the Year Ended 31 August 2023
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|||||||||
|---|---|---|---|---|---|---|---|
|12,|COMPARATIVES|FOR THE STATEMENT OF|FINANCIAL|ACTIVITIES|2022|
|Unrestricted|Restricted|Total|
|funds|funds|funds|
|£|£|£|
|INCOME|AND|ENDOWMENTS|FROM|
|Donations|and|legacies|87,479|-|87,479|
|.|
|Charitable|activities|
|Music|and|drama group|productions|23,887|-|23,887|
|Art group|389|-|389|
|Film|and|Live|Streaming|10,005|-|10,005|
|Gallery|20,729|-|20,729|
|Other|income|from|charitable|activities|1,626|-|1,626|
|Room|letting|and|External|bookings|18,040|-|18,040|
|Subscriptions|10,276|-|10,276|
|Bar and|Catering|11,830|-|11,830|
|Other|fundraising|activities|1,906|-|1,906|
|Investment|income|1,443|-|1,443|
|Total|187,610|-|187,610|
|EXPENDITURE|ON|
|Charitable|activities|
|Music|and|drama group|productions|11,335|-|11,335|
|Art group|400|-|400|
|Film and|Live|Streaming|6,407|-|6,407|
|Gallery|865|-|865|
|Room|letting|and|External|bookings|2,474|-|2,474|
|Subscriptions|35|-|35|
|Bar and Catering|6,559|-|6,559|
|Other|running|costs|55,956|-|55,956|
|Total|84,031|-|84,031|
|NET|INCOME|103,579|-|103,579|
|RECONCILIATION|OF|FUNDS|
|Total|funds|brought|forward|1,254,241|49,673|1,303,914|
|TOTAL|FUNDS|CARRIED FORWARD|1,357,820|49,673|1,407,493|
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Shaftesbury Arts Centre
Notes to the Financial Statements - continued for the Year Ended 31 August 2023
| 13. | TANGIBLE FIXED ASSETS | |||
|---|---|---|---|---|
| Freehold | Plant and | |||
| property | machinery | Totals | ||
| £ | £ | £ | ||
| COSTOR VALUATION | ||||
| At | September 2022 | 990,694 | 26,559 | |
| Additions Revaluations |
30,450 1,909,278 |
- - |
30,450 1,909,278 |
|
| At31 August 2023 | 2,930,422 | 26,559 | 2,956,981 | |
| DEPRECIATION | ||||
| At | September2022 | - | 17,574 | |
| Charge foryear | - | 1,797 | 1,797 | |
| At31 August 2023 | - | 19,371 | 19,371 | |
| NET BOOK VALUE | ||||
| At 31 August 2023 | 2,930,422 | 7,188 | 2,937,610 | |
| At31 August 2022 | 990,694 | 8,985 | 999,679 | |
| Costorvaluation at31 August 2023 is represented by: | ||||
| Freehold | Plant and | |||
| property | machinery | Totals | ||
| £ | £ | £ | ||
| Valuation in 2023 | 2,930,422 | 26,559 | 2,956,981 | |
| The freehold property at 13 Bell Streetwas transferred to thecompany at valuation in February 2007. | A revaluation | |||
| ofthe frechold property was completed within the yearended 31 August 2023. | ||||
| 14. | STOCKS | |||
| 2023 | 2022 | |||
| £ | £ | |||
| Stocks | 1,268 | 1,553 |
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Shaftesbury Arts Centre
Notes to the Financial Statements - continued for the Year Ended 31 August 2023
| 15, | DEBTORS: AMOUNTS FALLING DUEWITHIN ONE YEAR | ||
|---|---|---|---|
| 2023 | 2022 | ||
| £ | £ | ||
| Trade debtors | 518 | 586 | |
| Prepayments | 3,404 | 2,491 | |
| 3,922 | 3,077 | ||
| 16, | CREDITORS: AMOUNTS FALLING DUEWITHIN ONE YEAR | ||
| 2023 | 2022 | ||
| £ | £ | ||
| Bank loans and overdrafts (see note 18) | - | 2,369 | |
| Other loans (seenote 18) | 2,000 | 2,000 | |
| Trade creditors | 12,573 | 2,530 | |
| Social security and othertaxes | 304 | - | |
| Other creditors | 827 | 1,114 | |
| Accruals and deferred income | 21,514 | 16,307 | |
| 37,218 | 24,320 | ||
| 17, | CREDITORS: AMOUNTS FALLING DUE AFTERMORE THAN ONE YEAR | ||
| 2023 | 2022 | ||
| £ | £ | ||
| Accruals and deferred income | 1,060 | 1,130 | |
| 18. | LOANS | ||
| An analysis ofthe maturity offoans isgiven below: | |||
| 2022 | 2022 | ||
| £ | £ | ||
| Amounts falling due within one yearon demand: | |||
| Bank loans | - | 2,369 | |
| Otherloans | 2,000 | 2,000 |
With respect to other loans, this amount is a loan from members free of interest with no repayment date agreed.
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Shaftesbury Arts Centre
- LEASING AGREEMENTS
Notes to the Financial Statements - continued for the Year Ended 31 August 2023
Minimum lease payments under non-cancellable operating leases fall due as follows:
| 2023 | 2022 | ||||
|---|---|---|---|---|---|
| £ | £ | ||||
| Within | one | year | - | 832 |
- SECURED DEBTS
Bank loans are secured by a fixed charge over 13 Bell Street and 11 Bell Street and also by a fixed and floating charge over current and future assets including book debts, fixtures, plant and machinery. This registered charge was satisfied on 22 March 2023.
- ANALYSIS OF NET ASSETS BETWEEN FUNDS
| 2023 | 2022 | |||
|---|---|---|---|---|
| Unrestricted funds |
Restricted funds |
Total funds |
Total funds |
|
| £ | £ | £ | £ | |
| Fixed assets | 2,937,610 | - | 2,937,610 | 999,679 |
| Current assets | 416,169 | 22,577 | 438,746 | 433,264 |
| Current liabilities | (37,218) | - | (37,218) | (24,320) |
| Long term liabilities | (1,060) | - | (1,060) | (1,130) |
| 3,315,501 | 22,577 | 3,338,078 | 1,407,493 | |
| MOVEMENT IN FUNDS | ||||
| Net | Transfers | |||
| movement | between | At | ||
| At 1.9.22 | in funds | funds | 31.8.23 | |
| £ | £ | £ | £ | |
| Unrestricted funds | ||||
| General fund | 1,022,820 | 17,953 | 30,450 | 1,071,223 |
| 11-13 Bell Street Revaluation Reserve | 335,000 | 1,909,278 | - | 2,244,278 |
| 1,357,820 | 1,927,231 | 30,450 | 3,315,501 | |
| Restricted funds | ||||
| Fundingour Future | 44,673 | 3,354 | (30,450) | 17,577 |
| Lift for building phaseIV | 5,000 | - | - | 5,000 |
| 49,673 | 3,354 | (30,450) | 22,577 | |
| TOTALFUNDS | 1,407,493 | 1,930,585 | - | 3,338,078 |
22. MOVEMENT IN FUNDS
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Shaftesbury Arts Centre
Notes to the Financial Statements - continued for the Year Ended 31 August 2023
22, MOVEMENT IN FUNDS - continued
Net movement in funds, included in the above are as follows:
| Incoming resources |
Incoming resources |
Resources expended |
Gains and losses |
Movement in funds |
|
|---|---|---|---|---|---|
| £ | £ | £ | £ | ||
| Unrestricted funds | |||||
| General fund | 150,682 | (132,729) | - | 17,953 | |
| 11-13 Bell Street Revaluation Reserve | - | - | 1,909,278 | 1,909,278 | |
| 150,682 | (132,729) | 1,909,278 | 1,927,231 | ||
| Restricted funds | |||||
| FundingourFuture | 3,354 | - | - | 3,354 | |
| TOTAL FUNDS | 154,036 | (132,729) | 1,909,278 | 1,930,585 | |
| Comparatives for movement in funds | |||||
| Net | |||||
| movement | At | ||||
| At 1.9.21 | in funds | 31.8.22 | |||
| £ | £ | £ | |||
| Unrestricted funds | |||||
| General fund | 919,241 | 103,579 | 1,022,820 | ||
| 11-13 Bell Street Revaluation Reserve | 335,000 | - | 335,000 | ||
| 1,254,241 | 103,579 | 1,357,820 | |||
| Restricted funds | |||||
| FundingourFuture | 44,673 | - | 44,673 | ||
| Lifi forbuilding phase IV | 5,000 | - | 5,000 | ||
| 49,673 | - | 49,673 | |||
| TOTALFUNDS | 1,303,914 | 103,579 | 1,407,493 | ||
| Comparative netmovement in funds, included in the above | areas follows: | ||||
| Incoming | Resources | Movement | |||
| resources | expended | in funds | |||
| £ | £ | £ | |||
| Unrestricted funds | |||||
| General fund | 187,610 | (84,031) | 103,579 | ||
| TOTALFUNDS | 187,610 | (84,031) | 103,579 |
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Shaftesbury Arts Centre
Notes to the Financial Statements - continued
for the Year Ended 31 August 2023
22. MOVEMENT IN FUNDS - continued
Restricted Funds
The Lift for building phase I'V fund is a restricted donation received to be specifically used towards a lift for the new phase in the SAC building development.
The Funding our Future fund is restricted to expenditure on capital projects.
Unrestricted Funds
Unrestricted funds are available for use on charitable expenditure at the discretion of the trustees. Included within unrestricted funds is a revaluation reserve which represents the amount of gain on the revaluation of the freehold property to market value.
Transfers between funds
A transfer of funds has been completed between the Funding our Future fund and the general fund to recognise the fulfilment of the restriction on capital expenditure incurred over the course of the current renovation project.
- RELATED PARTY DISCLOSURES
Related party transactions in relation to trustee expenses have been disclosed in note 10.
During the year ended 31 August 2023, three Trustees held exhibitions. The contribution of rent paid to Shaftesbury Arts Centre from the Trustees was £827 (2022: £370) and commission received from paintings sold by the Trustees totalled £2,094 (2022: £782).
During the year ended 31 August 2023, one trustee donated £1,000 to Shaftesbury Arts Centre (2022: £nil).
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