Company registration number.. 06031955 Charity regi5trat40n number.. 1117698 The Meeting House Arts Centre Limited IA company lirniled by8uaranteel Annual Report and Financial siatements for the Year £nded 31 January 2022 Mitchams Chartered Accountants I Cornhill Ilminster Somerset TA19 OAD A8FCFEVD* 25110r2 COMPMIES HOUSE A11 M2
The Meetin£ House Arts Centre Limited Contents Reference and Administrative Detaits Trustees, Report 2tolO Statement of Trustees. Respon5ibilbties li Independent Examiner's Report 12to13 Statement of Financial Activities 14to15 Balance Sheet 16 Notes to the Financial Statements 17to32
The Meeting Mouse Arts Centre Limited Reference and Admlnistrative Detsils Chairman MrAJ8Nares Tiustees MrAJ8Nares Mrs V Hewitt Mr A Hyde Mr N finson M$PKe Charlty Re4istrion Number 1117698 Comparky Re8lstrlon Number 06D31955 The chafity is incorporated in Engjand and waS. The Meeting House Arts Centre East Sireet Ilmin5ter Somerset TA19 OAN ftt8iStered Offitè Independent Exarnlner Mitchams Chartered Accountants I Comhill Ilfflinster Somerset TA19 OAD 8ankèrs Triodos Bank Brunel House 11 The Promenade Bristol BS8 3NN Natwest Bank 10 East Street Ilminster Stsrnefset TA19 OAA Page I
The MeetlnK House Arts Centre Llmlted Trustees. Report The trustees. who are directors for the purposes of tompany law. present the annual report together with the financial statements of the charitable company lor the year ended 31 January 2022. Chairman's report There is no doubt that. in common with all organisations in the Third Sector, 2021122 has been a very challenging year. Following the lifting of H M Government restrittions. the Arts Cenire reopened in mid May 2021. The previous months had been "dark" with costs minimised. but ¥rrith the 10$5 of all revenue. Despite the set batks in the first few months of this financial year, we increased our total income to £80,322, and saw our funds grow to £43.457. We were extremety lortunate to benetit frorn £25.241 of donations and legacies. We have Successfully reinlroduced our varied prograrnme of li music. art exhibitions and craft workshops and have continued to support local artisans whose handmade gifts are displayed in our boutique shop. In parallel with our reopenift& we made a commitment to increase spending on rebuildin8 our txofile, both through traditional print media bui also a growing on-line and sotial media presence. More detail on our chievements and financial outcomes are set out in the lollowng pages. but in Closi I would like to thank our donors, volunteers. staff, sponsors. trading partners. friends and you. our audience, for your continuing 5UPPOrt in helping to keep the Arts Centre on the South West creative rnap. A5 you read our report remember. 3$ we do, that iys all about people Volunteers, eXhi"tOrS. performers, tutors. craft makers and their audiences and cu5tomef e will continue to keep you infomied of progress as often a5 we can. MrAJBN Chairrna p¢2
The Meetlng House Arts Centre Llmfted Trustee5' Report Location and prèml The Meeting House Arts Centre is housed in the beautiful old Unrtarian Meeting House, a Grade 2 listed building. close lo the centre of Ilmin5ter, Somerset. The building has an irnportant place in the history of the town as it was built in 1710 'for worship by dssenters. followin8 the Act of Toleration. For this reason. il is a quiet resolve of the Arts Centre to keep the buildin8 open and available to the publit. The local Tourist Infoimation Centre operates from the premises April to October. The lease on the building expires in 2031. Thi5 wonderful building has probably one of the best 8allery spaces in the area and the acoustics in the main hall. with the intimaty of its atmosphere. make il possib the best space for small conteyts and chamber music in the whole of Somerset, Dorset and Devon. Ilminster 15 an ancient market town midway between Taunton and Ye01. The Art Centre's catthment area encompasses not only other local market iowns and the many viHa8es around but a0 draws people from as far away as Cornw311. Devon and counties furthef afield. Trnstees and offkers The trustees and offirS ser¥in8 durin8 the year and sirKe the year end were as follows- Trustees.. Mrs C M Ackerman (resigned 30 September 20211 Mr A S Hayward Iresbgned 7 November 20211 MrAJ8NaTes Mrs V Hewitt Mrs C Hamilton lappointed I September 2021 and resvdnèd 30 September 20221 Mr A Hyde lappotnted 7 October 20211 Mr N finson (appointed 7 October 20211 Ms R Hall (appointed 2 November 2021 and resigned l February 20221 Ms P Kyte lappointed l June 20221 Chairrnan= MrAJ8Nares Page 3
The Meeting House Arts Centre Limited Trustee5' Report Oblertlves and attivities Obiertives ondolm5 The purpose of the charity is to educate the public in the studying and appretkition of the visual aJ)d performing ans by provision for ihe publi¢ benefrt of exhibitions. displays. workshop5. classes. groups. concerts. entertainments and in all other means which in the opinion of ihe trvstees further the said aims. Our mission is to develop Ilmtnsttr Arts Centre as a place for people of all ages to meet - a facility for the community and visitors, to raise their awareness of the arts- whether by taking part in a workshop. attending 3 contert. or just visiling the Arts Centre. brow5in8 around on exhibition. the craft area or enjoysn8 a coffee or lunch in our cafe. Our vision is of 3n imaginative. adventurou5 and valued programme of arts and entertainment activitse5 that meets the need5 and develops the tastes and expectstions of local people and visitor5 to the county. This will involve promot4ng understanding through involvement and education. developing tommunity cohesion through partiapation ir4 the arts and buildin8 rdationships with arbsts and communitie& We aim to ensure ihat we work with high levels of actountabiltty. indusivity and sustasnèbility. We actively entrage democracy and accessibility to decisbon-making and are keen to snvestl8ate more effective ways of doin8 this. We also wish to promoie a dear and shared wsion of the Centre's aims and values. Page 4
The Meeting House Arts Centre Limlted Trurtees. Report Objetti¥*s strotegies and<Xtivities Performances.. Our poliry remains as it has been over the last few year& that 15. lo atlrart nationally and intematioxallv recognised performers. often the very best in their field. as well as more locallyounger talent still èt the developmental sta8e. There is a lon8 term trend of falling audience numbers and the trustets rectsgnise the neetl to review the Performan offering and to make every effort to support and encourage local tslent. We weltome all genres of 1322. modem. vintage. contemporary. small group classical music and soloists. folk and world mysic- maintaintn8 quality whi15t appealing to all market se8ments- including-tribute- bands and popular opera, along with small drama productions_ Poetry and the written word and talks from variou5 iThtere5t groups and celebrities are also featured. Audiences are drawn from a wide area across the Souih West as well as our more local populace. Our conrts are seen locally as being a major attraction within the community and by musicians as one of the best venues they visrt. some say it is their favourite venue at which to perform. Our performance events are a vital source of funding for the Arts Centre and we continualty moniior and survey our audience demographic. Workshops.. Our aim is to engage a5 many people as possible. young and old. from ovr local community In some forni of art activity by providing a ran8e of regular and one-day workshops and classes. The Gallery.. The Gallery provides an opportunity for up to 18 exhibitmjns a year from West Country art groups/socleties, individua15 and local schools. Additionalty. wè put together two mixed exhsbtrtions of 10 artists unknown to each other, to give emer8in8 artists the chance to display their artwork in a supportive environment. Exhibition space is also made available each year to local schools to exhibit the work of pupils and students. The age range is trom youngchildren in Recepts'on aass to A level students in their final year. Annually we hold an 'Open Exhibition. sponsored by 8ranston Ltd. a local firm. This 15 a judged exhits.tion 8ivin8 West Country art15ts. in all medium5. except photography. the opportunity to exhibit and be chosen to participate in a priie winners. exhibition to start off the New Year. The Open competition also gives visitors the chance to 5elett iheir favourite artist to join other winners in the prize wnneis. txhibition. as well as 8eneratin8 fundraisi incorne. At Christmas. for the month of December. the Gallery is used to dbsplay the creatr¥e Work of West Country crafts people to provtde an added opwrtunity to generate fundraising income from Visitors shopping for Christmas gifts. The craft tlisplay area.. The craft 5ertlgn of the Arts Centre provides a platform for local makers to Showcase their expeth"se. We have a constantty changing display featuring around 50 makers. all from the South West. Their work includes pottery. wotsd. silk. 3ewellery. glass. organic soap. candles and much more. We also display the work of approximately 45 card artists. The income generated from sales enables makers to suN¥e and continue to develop their skilb and techniques. Visitors to the Arts Centre are deli8hted to find unique handmade items whilst supporting our local art15an5. Page 5
The Meeting House Arts Centre Umlted Trustees. Report Pubvcbenefit In shapin8 our objectives for the year and planning our actiwties, the trustees have considered the Charity Commission's guidante on public benefit. including the guidance'public benefit.. running a charity IPB21'. The Arts Centre relies on the tncome from fees and charges to cover its operating costs. Affordability and access to our actwities is important to us and is refletted in our priting polity. sei out in detail later in this report. We endeavour to encourage all wrthin our community to take part in our activities, and attend our concerts andlor view our exhibitions. We artively engage with local Schools and tailor activities particularly to appeal to a wide range ol a8e groups. We have four major areas of actNiry'. Performan5. workshops. our gallery and craft display area and our aCtltieS very muth focus on bringing qualtty arts to the communrty of IlmSnster and the surroundin8 villa8es and towns. We are aware that art15tic tastes are not the Same for everyone and aim to keep a balance between the more challengin8 and the traditional. We have a feedback book in our gallery and 'we welcome youi comments, cards available for visitors to tell us iheir likes, dslikes and ways that we coultl improve. The trustees confirm that they have complied with the requirements of 5eclion 17 of the Chirities Act 2011 to have due regard to the public benefit guidance published by the Charity Commission for England and Wales. OurpFklng pollry Our pricing policy refiects our mission to create 'a place for people of all ages to meet a facility for the community and visitors. to raise their awar?ne55 of the arts.. ThEre 15 no entrance charge to the Arts Centre, enabling 311 mefflbers of our comrnunity free access to our art exhibits'on5 and uaft display aTea. five days a week. The tnjsiees strongly believe that ihe Arts Centre should be self-sufficient as far as possible and therefore do not ordinarily appty for grants to cover operating costs. arthough thi5 poliry may have to change as operating costs increase due to orcum51ances outside of our control. rieket prites to our concerts vary between £10 and £25. We host 8 tlassital toncerts per year organised by Concerts in The West. whith normally have a ticket price of £15 ry £16. Our adult workshops vary from £10 to E16 fof a half day. or £23 to £35 for a full day. wfjth untutored sesslons paying £7 for S hrs. Our Saturday children'5 workshops. which include rnaterials. are £S/se$5ion and zre noD-profit making. Artists txhibiting in our gallery pay a variable fee per exhibition. plus the Art Centre also receives 30% of the value of any sales of artwork. To eW details of our pro8ramme and price5 Wsit our websile www.themeetlnghouse.org.uk. or collea a brothure from the Arts Centre. Use olvolunteeis The Arts Centre is very involved in the Community and relies heavily on voluntary help. over 60 volunteers help with welcomtn8 visilors to the Arts Centre. stewardin8 the 8allery and performance5. or8anisin8 and han8in8 our exhibitions and managing our craft display are3. Our volunteer labovr s essential to the continuing success and Sustsinability of the Arts Centre. Page 6
The Meeting House Arts Centre ilmlted TNstee5' Report Achlevements arbd perfofmance 2021122 was a challen8in8 year, snIfIcant distorted by the national and local impatt of Covid 19. both durlng closure and in the subsequent month5. Charitable activities relleaed the limiied opening of ihe Arts Centre lacilities. the key income calegorie5 as follows:. Performances.. £28,323 compared to £7A04 the preOS year. Gallery.. £7,815 compared to £4.8 the 4KÈvious year. Workshops". £7.818 compared to £3.653 the previou5 year. Craft shop and hall hire.. £7.361 compared to £4.501 the prewous year. Fundraising actsvities.. £3,753 compared to £1,406 the pre0$ year. Flnanclal review In 2021122 the chariws wholty owned subydiary. The meeti House Cafe Umited. was unable to make anv gift aid donations due to reduced income and repaying its loan from the Arts Centre. Polky on reserves Reserves are needed to bridge the 8ap between the spending and receiwng of income and to cover unplanned emer8enry repairs and other e¥penditure. The trustees consider that the ideal levd of reserves as at 31 January 2022 would be £30.CKW). Followin8 p¥udent financial management. the balance sheet remains strong with net current assets of £41.499. The tlustees have reviewed the circumstances of the Arts Centre and consider that adequate resources ¢ontinue to be available to fund the activities of the Arts Centre for the foreseeable future. Investmefttpollry ondoblertfves The trustees, having regard to the liquldity requirements of operatin8 the Arts Centre. have kept available funds in an interest bearing deposit account. Banking arrangements have been changed to reflect modefn bankin8- Illternet and on-line access. Page 7
The Meeting House Arts Centre Limited Tru5tees' Report Plansforfuture perlods Alms ondkey obJertlbwAorfvture perlods Althou8h good progress is being madt. thè road ahead remains challenging. Hawng emerged from this extended periotl of constraint and uncertainty, the Arts Centre faces è unique opportunity tts step back and larify who it is. why it exists. what it doe5. and how it matter5. The pandemit has been a striking prompt for us to be clear aboui our purpose and identity and to better know the people we serve. We can no longer take anythin8 for 8ranted and in February 2022 undertook the commencement of a five-year Business Plan. wtth an aspiration to propel the Arts Centre forward inlo a future that look5 significantly different from our past. And to cast a dear directTron of forward travel equipped with a profound understanding of what we'll need for thejourney. We h3¥e made a key step in resoFving to appoint #n Arts Centre Manager to ensure we run smoothly and efficiently on your behaw. Go•n8 concefn Despite ihe challenges fated due to the Coronavirus pandemio the trustees have carefully mana8ed the Arts Centre's financial position and with reserves in extes5 of £40.000. the trustees believe thai the charity will remain Wae. strnctur•. Eo¥ernance and management Ntsture olgovernlng document The Meeiing House Arts Centre Limited is a cornpany limited by guarantee land not having a share c3pitall governed by it5 Memorandum and Article5 of A550Uation dated 18 December 2006 together with a resolution dated 20 March 2c. The charity currently has five trustees. eath of whom agrees to contribute a maximum of EIO in the event of the charity winding up. It is registered a5 a charity with the Charity Comrnission. In 1996 the Meetin8 House Arts Centre was sel up as an unincorporoted association with charitable 5t3tU5. On l February 2007. the legal status of the charity was chaneed to its current status in order to share the re5pon5ibility of the finances of the tharity more wdely betreTh 311 the tnjstees (instead of the twffj named guarantors. as previously); this limits afty potential risk and encoura8es the involvernent of new trustees. who will bring fresh enef8y and new skills to the board. Recruttmentondappointmentof trustees A5 Set out in ihe Artitles of Association. the charity must have a minimum of three trvstees but there is no maximum number. The chair of the trustees is nominated by the trustees. Eath year at the annual general meetin& a Special rneeting of the trustees is held Inormally in ouoberl at which one-third of the trustees must retire by rotation lin 2021122 two trustees resigned and two were appointed). Appointment of new trustees requires a proposal from ihe potential trustee, signed by a current trustee to be presented to the trustees at least 14 day5 land not more than 35 days) before the next management meeting. New trustees are appointed for one year. Page 8
The Meetln8 House Art$ Centre Limited Trustees, Report IRdurtAon and tmlniry of tfUStees New trustees under80 an orientation day to brief them on their legal obli8ation5 under charity and companv law, the Charity Commission guidance on pU1C benefit and to inform them of the content of the Memorandum and Articles of Association. the management tommittee and decision-making Prosses, the busines5 plan and recent financial performance of the charity. During the indurtion day they will meet kev employees antl other trustees. Trustees are encouraged to attend appropriate external training events where these will facilitate the undertaking of their role. Armngementsfvrsetting keymonogementpetsonnelremunemtlon The diiectors cOnder the board of directors who are the charirfs trustees and the office administration team to be the key management personnel of the charity. who oversee dlrecting and controllin& running and operating the Arts Centre on a day-to-dzy basis. AH dirertor5/tntstees gNe their time Ireely and no directorltrustee received remuneration or expenses in the year. The pay of the office administration stafl is re%ryewed annualty and nomally intreased in line wth Minimum Wage/National Living Wage inueases. Oryanisationulstructu All trustees form the management committee and meet monthty. There are also sub-committees covering the gallery and perfofmances vthith meet more frequenily. To facilitate day to day operations the office administration team have been delegated authority. within terms of delegation approved by the trustees. for day-to-day operational matters includin8 finance, artistic related artNities and wsitorlcy5tomer related matters. Page 9
The Meeting House Arts Centre Limited Trustees, Report Rtlation5hip5 with related partie5 The Meeting House Cale Limlted The charities wholly owned Subsidiary. The Meetin8 House Cafe Limited w85 established in 2004 tD operate a cafe facility at the Arts Centre. Profits made by the cafe are donated to the Arts Centre under the 8ift aid stheme. None of Dur tfU5tee5 receive rernUngrdt0n or other benefit from their work with the charrty. Any tonnection between a trustee and a contracted performer, exhibiter or tor must be disdosed to the full board of trustees in the same way 3s any other contrathial relationship wrth a related party. Moior rtsks 0ndnnagement01thOsè rsks FInunclSU5tl7inObl1rfY Financial sustainability is the major financial risk for both the tharity and its subsrdiary. A key element in the management of financial risk is a regular review of available liquid funds to settle debts as they fall due. regular liaison with the bankers and artive management of trade debtor and creditor balances to ensure suffictent workin8 Capltal is held by the Arts Centre and its subsidiary companv. Nonfinqnciol Attention has also been focusse(l on non-financial risk5 arising from fire. heahh and safety of anists, volunteers. staff and tontert audiences as well as management of performing rights and food hygiene. These risks are managed by ensuring accreditation is up to date. hawng robust policies and procedure5 in place and regular awareness trainin8 for staff worknn8 in these areas. Insurance covers are regularly. wewed to ensure adequary. The trustees have a risk mana8ement stratw which comprises.. An annual review ol the principal rsks and uncertainties that the charity and its subsidiary The Meeting House Cafe bmited face.. The establishment of policies. systems and procedure5 to mitigate those risks Identified in the annual review; and • The implementation of procedure5 designed to minimise or manage any potential impart on the ¢harity should those risks materia5ise. Small tonynies pro¥lsSon slatement This report has been epared in accordan wth the small companie5 regime under the Companies Act 2(. The annual report d bythe trustees of the tharity on 21 October 2022 and si8ned on its behalf bv= asa MrAJ Ch3 ares and Trustee Pa8e 10
The Meeting House Arts Centre Limited Statement of Trustees. Responslblllties The trustees (who are also the directors of The Meeting House Art5 Centre Limited for the purposes of ornpany lawl are responsible for preparing the trustees. report and ihe financial statements in accordance with applicable law and United Kin8dom Accounting Stsndards (Uniled Kingdom Generally Accepted Accountin8 Prarticel, includin8 FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland". The report and accounts have been prepared in accordance with the provisions in the Companies A 2006 felating to small companies. Company law requires the triF5tee5 to prepare financial 51atements for each financial year. Under company law the trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state ol affairs of the ¢haritable company and of the incoming resources and application of re59UTces. includin8 Its income and expenditure, ol the chaiitable company for that period. In preparing these financial statements. the trustees are required to= select suitable accounting policies and apply them consistently; observe the rnethods and prinaple5 in the Charities SORP- make judgements and estimates that are reasonable and prudent- state whether applicable accounting standards. cornprisin8 FRS 102 have betn followed, subject to any material departures disdosed and explained In the financial statements.. and prepare the financial statements on the going concem basis unless It inappropriate to presume that the charitable Company will tontinue in bvsines5. The trustees are responsible for keeping proper accounting e0rd$ thai tan disclose with reasonable accuracy at any time the linanci31 position of the charitable company and enable them to en5yre that the financial statements comply wilh the CompanTres Act 2fA)6. They are also responsible for safe8uardin8 the assets of the charitable company and hence for taking reasonable steps for the prevention and detettion of fraud and other The trustees are re5 included on the c finantial stateme Onble for the maintenance and inte8rity of the corporate and financial information itable company's webstie. Legislation governing the preparation Ind dTrssefflinatton of ts May diffef ation in other jurisdirtions. of the chanty on 21 ottober 2022 and signed on its behalf by= Approved bv e irus Mr J B Nares airman and trustee Pa8e 11
The Meeting House Arts Centre Limited Independent Examiner's Report to the trustee5 of The Meeting House Arts Centre limited ('the Company.) I report to the tharity trnstees on my examination gf the accounts of the Company ft>r the year pnded 31 January 2022. Responslbilltles and basls of rept As the charivs trustees of the Company land also bts directors for the purposes of company lawl you are responssble for the preparation of the accounts in accordance 7th the requlrements of the Companie5 Act 2DJ61'the 2006 ACVI. Having satisfied myself that the accounts of the Company are not required to be audited vnder Part 16 of the 2006 Act and are eligible lor independent examination. I report in respect of my examination of your charivs actounts as tarried out under section 145 of the Charities Act 2011 1.the 2011 Act'l. In carrying out mv examination I have followed the Directions given by the Charity Commission under section 14515llbl of the 2011 Act. Basls of Independentexamlnees statemert My examination was carried ovt in accordance wth general Dirertions given by the Charity Commiss40n. An examination includes a review of the accounting records kept by the Charity and a comparison of the accounts presented with those records. It 3150 include5 consideration of any unusual item5 Qr disc195ure5 in the accounts and seekin8 explanatsons from the trustees concernin8 any such Matters. The Procedures undertaken do not provide all the evidence that would be reqUId in an autlit. and consequently no opinion is 8iven as to whether the èttounts present a 'true ènd faie wew and the report is limited to those matters set out in the staternent below. Independent examknerfs statement I have complel2d my examination. I confirm that no matters have come to rny attention in connection with th? examination glving me cause to believe.. l. accounting records were not kept in respert of The Meeting Hou Arts Centre knmried as required bv 5ertion 386 of the 2L)J6 Art.. or 2. the attounis do not attord with th¢)se retords.. or 3. the accounts do not compty with the accounting requirements of section 396 of the 2006 Act other than arry requirement that the accounts give a 'true and fair thich is not a matter tonsidertd as part of an independent examination,. or 4. the accounts have not been prepared in atcordante with the methods and principles of the Statement of Recommended Practice for accounting and feportiftg by charities lapplicable to charities preparin8 their accounts in accordance t the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 10211. I have no concerns and have come acro55 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. Page 12
The Meeting House Arts Centre Limlted Independent Examiner's Report to the trustees of The Meeting House Arts Centre Limited ('the Company,) Mbss Anna L Whaites FCA Institute ol Chartered Accountants in England and Wales IICAEWI I Cornhill Ilmlnster Somerset TA19 OAD 21 October 2022 Page 13
The Meeting House Arts Centre Limited Statement of Flnanclal Activitles for the Year Ended 31 January 2022 (Including Income and Expenditure Account and Statement of Total Recognlsed Gains and Losses) Total 2022 UnTe5trirted Note lfi¢ome and Endowments from: Donations and le8aues Charitable actiwties Othertrading aditIeS Investment income 25,241 51.317 3.753 li 25,241 51.317 3.753 li Total Income 80,322 80.322 Expenditure on: Raising funds Charitable actiwities 11,2481 124,0561 IS.0671 13,2461 136.3411 11,2481 124,0561 15,0671 13,2461 136.3411 Staff costs Independent examinerfs remuneration Other Total Expenditure 169,9581 169,9581 Net income 10.364 10.364 Net movement in funds 10.364 10.364 Reconciliation of fvnds Total funds brou8ht forward 33,093 33.093 Totsl funds tarried lonward 19 43,457 43.457 The notes on pa8es 17 to 32 form an integral part ofthese finanual statemEx)ts. Page 14
The Meeting House Arts Centre Umtted Statement of Financial Activities for the Year Ended 31 January 2022 (Including Income and Expenditure Account and Statement of Total Recogni5ed Galns and Losses) Total 2021 Unrestrkt•d Note Intomè and End4)wrnents from: Donations and legacies Chaiitable aciivitie5 44.550 20,758 1.406 29 44.550 20,758 1,406 29 Other trading actie$ Investment income Total Income 66.743 66,743 Expenditure on: Raising funds charitalt activities Staff 5t5 12391 16,0981 119,2801 13,0591 138.5071 12391 16,0981 119.2801 13.0591 138.5071 Independent examinerfs remunerotion Other Total Expenditure 167,1831 167,1831 Net expenditure 14401 14401 Net movement in funds 14401 14401 Re¢on¢iliation of lunds Total funds brought forward 33,533 33.533 Total funds carried forward 19 33,093 All of thè tharity's activities derive from Continuir operations during the above two periods. The funds breakdown for 2021 is shDwn in note 19. 33,093 The notes on pa8e5 17 to 32 form an inte8ral part ofthese finanoal ststements. Page 15
The Meeting House Arts Centre Limlted {Registration number: 060319551 Balance Sheet a5 at 31 January 2022 2022 Z021 Nthe Fixed assets Tangible assets Investments 12 1.956 13 1,958 2.610 Current assds Stocks Debtor5 14 250 2W 15 9.301 47.436 13.949 26.623 Cash at bank and in hond 16 56.987 40.772 Credltors: Amounts tslliry due within one year 17 115.4881 110,2891 Net cwrrent assets 41.499 30.483 Net aets 43.457 33,093 Funds ol the chaTity: Unr•5trlrted In¢ome fvnds Unrestricted fvnds 43,457 33,093 Total funds 19 43.457 33.093 For the financial year endin8 31 January 2022 the charity was entiued to exemption from autjit under section 477 of the Companies Act 21M)6 relating to small companies. Directors. responsibilities.. The members have not required the tharity to obtsin an audit of its accounts for the year in question in accordance with sertion 476." and The director5 acknowledge their re5pon5ibilities for complwn8 With the quIrements of the Act wTrth respert to accounting record5 and the preparation of actounts. These financial staternents have been prepared in attoidante wth the special prowstons relating to companies SLtbject to the small companies regime within Part 15 of the Companie5 Acl 2006. The financial statements on pages 14 to 32 were approved by the trustee5. and authiSed foi issue on 21 Ottober 2022 and signed on their behalf by". MrN Inson Trustee The notes on pages 17 to 32 fomi an integral part of these financial statements. Page 16
The Meeting House Arts Centre Limited Notes to the Financial Statements for the Year Ended 31 January 2022 I Charfty status The charity ts limited by 8varantee, incorporated in EnOand Wales, and consequently does not have share capital. Each of the trusiees is liable io contribuie an amount not exceeding f 10 towards the assets of the tharity in the event of liquyd?tion. The addre$5 of its registered office i5= The Meetin8 House Arts Centre East Street Ilminster Somerset TA19 OAN These financial statements were authorised for issue by the trustees on 21 O¢tober 2022. 2 Accountlnz Olcles Surnmary of 5*nIfiC accountlng pollcles and kry accountlni estlmates The principol accounting policies applied in the Pfeparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated. statement of tompliznce The financial statements have been prepared in accordance wr¢h Accountin8 and Reporting by Charltie5'. statement of Recommended Prartice lapplicable to charitie5 preparing their accounts in accordance with the Fbnancial Reporting Standard applicable in the UK and Aepublic of Irdand IFAS 10211 lissued sn October 20191 Icharities SORP IFRS 10211, the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 and the Compantes Act 2C¥J6. 8asls of preparation The Meeting House Arts Centre Limited meets the definition of a public benefit entity under FRS 102. A55ets and liabilities are initially recognised at historical c05t or transaction value unless Otherwise stated in the relevant accounting policy notes. Golng concern The financial statements have been prepared on a going concem basis. The tTilStees assess whether the use of 80in8 concern is appropriate i.e. whether there are any material uncertaintles relaied to events or Conditions that may cast signifitant doubt on the ability of thè charity to continue as a 80in8 concern. The trustees make this assessment in respect ol a period of one year from the date of approval of the finanoal statements. Exemption from preparin8 youp accounts The chafity has taken advantage of the exemption in section 398 of the Companies Act 2006 from the requirement to prepare consolidated financial siatements. on the 8rounds thai it IS 3 small sized 8rDup. Page 17
The Meetlng House Arts Centre Llmited Notes to the Flnancial Statements for the Year Ended 31 January 2022 Income and tndtr*mènlS All income is recognised once the charity has entitlefflent to the income, it is probable that the income wll be re¢eNed and the amount of the income recei¥able can be measured reliably. Oonoti?ns and legocles 0on3tions are recognised when the charity has been notified in writ¥ng of both the amount and settlement date. In the eveni that a donation is subject to conditions that require a level of performance by the charity before the charity is entitjetl to the funds. the intome is deferred and not recognised until either those conditions are fulty met. or the fulfilment of those conditions is wholty wf(hin the control of the charity and It Is Plobable that these conditions wll be fulfilled in the reporting period. Legacy gifts are recognised on a case by case basis follown8 the 8rant of probate when the administrator/executor for the estste has communicated in writing both the amount and settlement date. In the event that the PJ"ft is in the fomi of an a55et other than cash or a financial asset traded on a reco8nised stotk exthangè. recognition is subject to the value of the gift being reliably measurable with a degree of reasonable accurary and the title to the asset havin8 been transferred to the charty. Grants recelvable Grants are recognised when the tharity has an enutlement to the funds and any conditions linked to the grants have been met. Where performante conditions are attathed to the grant and art yet to be met. the income is recognised as a liability and included on the balan sheet as defer income to be released. Defvrred inconje Deferred income represents amount5 received for fvture persods and is released to incoming resources in the period for which, it has been received. Such income is only deferred when: The donor specifies that the grant or donation must only be used in future accounting periods- or - The donor ha5 irnposed ndItionS which must be met before the charity has unconditional entitlement. Intorning iesourtes from tax reclaims are included in the Ststement of Financial Activities at the same time as the gift to which they relate. Expendlture All expenditure is recognised once there is a legal or c¢)nstructNe obligation to that expenditure. it is probable settlement is required and the amount can be me35ured reliabty. Raisiftgfvnds ondcharitoble ortivities These are ¢0515 incurred in attrarting vdunlary income and those incurred in trading activities that raise hjnds. Stuff costs These are siafl and administrative costs arisin8 from the day to day running of the tharity. Independent exqminers remunerotlon ond other These are all other ancilliary costs incurred by the charity. Page 18
The Meeting House Arts Centre Limited Note5 to the Financial Statements for the Year Ended 31 January 2022 Go¥ernment Brants Government 8rants are ognIsed based on the accNal model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either lo revenue or to a$5ets. Grant5 relating to revenue are recognised in income over the period in which the related costs are reco8nised. Grants relatin8 to 5sets are recognised over the expeded useful lrfe of the asset. Where part ol a grant reL4ts"ng to an asset is deferred. it is recoBnised 35 deferred inc¢)me. Taxatlon The charity is considered lo pass the tests set out in Paragraph I Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a Charitable Company for UK torporation tsx purposes. Attordingly. the tharSty is potentially exempt from taxation in respert of income or capital gain5 receNed wlhin cate8orie5 covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that Such income or gain5 are applied exclu5ivefy to thaiitable purp05e5. Tangible fixed assets Individual fixed aSsS are initially recorded at cost. le55 any subsequent accumulated depreciation and subsequent accumulated irnpairment losses. Depreclatlon and amortlsatlon Oepreciation 15 provtded on tangible fued a55ets so as to write off the c05t or valuation, less any estimated residual value. over their expected tjseful economic life as follows: Asset ¢lasS Furniture and equipment Depreciatlon method and rate 25% reducing balance Fixed asset investments Investments in subsidiaries and assotiates are rneasured at cost less impzirment. Stotk Stock is valued at the lower of cost and e5tirnated selling price le5S Costs to complete and sell. after due regard for obsolete and slow mon8 5tock5. Cost is determined USI the first-in. first-out IFIFOI. Tr¥de debtors Trade debtors are amoynts due from customer5 for merchandise 50kl or seNces perfornd in the ordinary course of business. Trade debtors are recognised initially at ihe iransaction price. They are subsequently measured at amortised tost using the effective interest meihod. less Pro$10 for impairment. A provision for the impairm2nt of trade debtors is established when there is objective evidence that the charity wll not be able to collect all amounts due according to the original tern of the ietei7fdbles. Page 19
The Meeting House Arts Centre Limited Notes to the Finan¢ial Statements for the Year Ended 31 January 2022 Cash and cash equfvalents Cash and cash equivalents comprise ¢ash on hand and call deposits. and other short-term highty liquid investments that are readity convertible to a known amount of cash and are subject to an insignfjficant risk of chan8e in value. Trade creditor5 T13de creditors are obligations to pay for Boods or services that have been acquired in the ordinary course of business Irom suppliers. Accounts payable are classified as current liabilittes if the charity dges not have an unconditional right. at the end of the reportin8 period, to defer seidement of the creditor for at least twelve months after the reporting date. If there s an unconditional right to defer settlement lor at least twelve monlhs after the reporting date. they are presented as non-current liabilities. Tiade creditors are recognised initi.ally at the transartion price and subsequently measured at amortised cost using the effective interest method. Fund strurture Unre5trirted income funds are 8eneral funds that are available for use at the trustees discretion in fvrtherance of the obfrertives of the charity. There are 3150 re5trirted funds allocated for kitchen expenditure. the car park and garden whith will be used in future years as required. Hlre puychast and lInte lèa Leases in which substantially all the risks and rewards of ownetship are retsined by the le550r are classified as operating leases. Rentals payèblt under operatin8 lea are thar8ed in the Statement of Financial Activities on a straight line basis over the lease term. Pensions and other post retlrement obligations The charity operates a dehned contrrbution pension scheme which is a pension plan under which fixed contributions are paid into a pension fund and the charbty has no le8al or constructive obli8ation to pay further contiibution5 even if the fund does not hold sufficient assets to pay all employee5 the benefits relatin8 to employee service in the current and Pfior periods. Contributions to defined contributs'on plans are reco8nised in the Statement Df Financial Activities when they re due. If conlribution payments exceed the contribution due for service. the excess is re¢ognbsed a5 a prepayment. Pale 20
The Meeting House Arts Centre limited Notes to the Flnancial Staternents for the Year Ended 31 January 2022 Finantial instruments Clo5sificotion Financial assets and finanoal liabilitie5 are reco8ni5ed when the tharity becornes a party to the contractual ovisions of the instrument. Financial liabilities and equity instruments are dassified accordin8 to the substance of the contractual arr•eMentS entered into. An equity instrument is any contratt ihat evidentes 4 residual Intefest In the assets of the charity after deducting all of its liabilities. Recognftion ond meosurement All financial assets and liabilitie5 are initialty measured at transaction price linduding transaction cost51. except for ihose finantial assets dassified as at fair value through profil or loss, which are initially measured at fair value (which is normally the transartion price exduding transacti costs). unless the arrangernent constitutes rinancing transaction. If an arrangement Constitutes a ffinancing transaction. the financial asset or financial liability is rnea5ured at ihe present value of the future payments discounted at 3 market rate of interest for a Similar debt instrument. Financial assets and liabilities are only offset in the statement of financial posithjn when. and only when there exists a legally enforceable right to set off the recognised amounts and the charity intends either to settle on a net basis, or to realise the asset and settle the liability simultaneouslv. Financial assets are derecogni5ed when and onty when al the contrarlual rights tr* the cash flows from the financial asset expire or are settled. bl the charity transfers to another party substantially all of the risk5 and rewards of ownership of the finantial asset. or tl the charity. despite having retained some. but not all, Si8nificant risks and rewards of ownership, ha5 transferred control of the asset to another partv. Financial liabilitles are derecognised only when the obligation spe(rfied In the contract is discharged, cancelled or expires. Fair value rneosurement The best evidence of fair value is a quoted prrte for an identital asset in an active m3rt<et. When quoted prices are unavailable. the price of a recent tr3n5aCtion for an identical a55et provides ewdence of fair value as long as there has not been a wgnificant ehange in eeonomic orcumstances or a signffjicant lapse of time since the transactlgn took place. If the market is not active and recent transactions of an identical asset on their own are not a good estimate of foir value. the fair value is estimated by using a valuation techrtique. Pa8e 21
The Meeting House Arts Centre Limited Note5 to the Financial Statements for the Year Ended 31 January 2022 3 In¢ome from donatlon5 and legades Unrestrtrted funds General Total 2022 Donations and legacies- Oonations 17,925 220 17.925 220 Mernbeiships Grant5. including capital BTants- Ggvernment grants General 8rants 2.096 5.000 2,096 5.000 25,241 25.241 Unrestrlrted funds General Totsl 2021 Donations and legacies- Donations 17.824 1.910 1.465 17.824 1.910 1.465 Mernbership5 Gift aid reclaimed Grarfs, including capltal granis: Government grants 23,351 23,351 44.550 44.550 Page 22
The Meeting House Arts Centre Limited Notes to the Financial Statements for the Year Ended 31 January 2022 4 Incornefrom tharftable acli¥itses Unrestrfrted fvnds General Total 2022 Performances Gallery Workshops Craft shop Hall hire 28.323 7,815 7,818 6,731 630 28.323 7,815 7,818 6,731 630 51,317 51,317 Urye5tr1rted funds General Total 2021 Performances Gallery Workshops Craft shop all hire 4,800 3,653 4,396 105 4,800 3,653 4,396 ios 20,758 20,758 5 Incgme from tradlng actl¥ltles Unresirirted lunds General Total 2022 Events income.. Other events incorne 3.753 3.753 3.753 3.753 Unrestrlrted fvnds General Total 2021 Events income: Other events InuKne 1.406 1.4Cé 1.406 1.406 Page 23
The Meetin8 House Arts Centre ilrnlted Notes to the Financial Statements for the Year Ended 31 January 2022 6 Ib)¥estmeffl inttyne Unrestricted funds General 2022 Interest receivable and similar income- Interest receivable on bank deposits li li li li Unrestrlcted funds General Totsl 2021 Interest receivable and similar income.. Interest receivable on bank deposits 29 29 29 Pa8e 24
The Meeting House Arts Centre Limited Notes to the Flnanclal Statements for the Year Ended 31 January 2022 7 Expendlture on: al Ralslnglunds Unr•strlrted Total 2022 Total 2021 General Sponsors, Marketin& brochvres and ad¥ertisir Fundraising events 1.223 25 1,223 25 104 135 1.248 1.248 239 b) tharttable acthAIIès Total 2022 Tr)tsl 2021 Gener•1 Performances 24.056 24.056 6.098 24,056 24.056 6,098 cl Staff ¢osts IrestrICted T¢ftal 2022 Ttstal 2021 General Wage5 and salaries Administration and book keewn8 Staff pensions 5.067 5.067 18.683 505 92 5.067 5.067 19.280 Page 2S
The Meeting House Arts Centre Limited Notes to the Financial Statements for the Year Ended 31 January 2022 dl Irtdepeftdent eMI'S reMu•at50fi Unrestrlrted Total 2022 Total 2021 General Accoufitanty and payroll fee5 Independent examiner's fee 1623 623 2.623 623 2.665 394 3.246 3.246 3.059 el Otl Uhrthrftted Total 2022 Total 2021 Opening stock C105in8 Stock Rent 21x1 2QJ 200 12501 15.(XO 83 12SOI 1S,OLYJ 83 12001 IS,LXJO 81 Water rate5 Light. heat and power Insurance 4.958 4.OS8 1.811 1.102 2.215 1.611 12 4.958 4,058 1,811 1.102 2,215 1,611 12 ,457 4,138 945 Equipment repair5 and renewals Telephone and fax P05ta8e, stationery, photocopying and computer tosts Hire of plant and machinery (Operating leases) Sundry expenses Cleanin8 Premises and oihef Ilcences 1.233 1,762 1,611 785 2,502 2,502 IBO 1,859 Website costs 307 307 381 Bank charges Credit card charges Depreciation of fixture5 and fittings 245 245 306 1.655 652 1.655 652 899 870 36.341 36.341 38.507 Po8e 26
The Meeting House Arts Centre Limited Notes to the Financlal Statements for the Year Ended 31 January 2022 8 Trustees remuneratlon and expenses No tru5tee5. nor any persons connected with them, have receNed any remuneration from the tharity during the year_ No trustees have received any reimbursed expenses or any otr berth from the charity during the year. 9 Staff costs The a88831e payroll costs were as follows.. 2022 2021 Staff ¢osts d1 the y•arwere: Wages and salaries Pension costs 5.067 18,683 92 5,067 18,775 The monthly average number of persons lincluding senior management / leadership team) employed by the charity duringthe year expressed a5 full time equlvants was os follows.. 2022 No 2021 No 112021- 21 of the above employees partitipated in the Defined Contribution Pension khemes. ContTibutions to the employee pension sthemes for the year totalled £Nil12021- £921. During the year, the charity made redundancy andlor iermination payments whi¢h totalled £Nil 12021 £3.3211. No employee received emurnents of more than £60.CrfJO during the year. 10 Independent •xamFn•rfs r•munwatlon 2022 2021 Examination of the financial ststements 623 394 Other lee5 to exarniners l other services 2.623 2.665 Page 27
The Meetlng House Arts Centre Llmited Note5 to the Financial Statements for the Year Ended 31 January 2022 11 Tax*l(m The charity is 8 registered tharity and 15 therefore exempt from lax3on. 12 Tznlible fixed assets Fwniture and equipment Total Cost At l February 2021 16,463 16,463 At 31 January 2022 16.463 16.463 Oepreciatlon At l February 2021 Char8e for the year 13.855 652 13,855 652 At 31 January 2022 14,S07 14.507 Net book Value At 31 January 2022 1.956 1.956 At 31 January 2021 2.608 2.608 Pa8e 28
The Meeting House Arts Centre Limited Notes to the Flnanclal Statements for the Year Ended 31 January 2022 13 FIMed asset Investments 2022 2021 Shares in group undertakings and participating interests Shares in 8roup undertaklw and participating intertsts Subskllary ndertakln Total Cost At l February 2021 At 31 January 2022 Net boo ¥alue At 31 January 2022 At 31 January 2021 Oetalls ol undertakbngs Details of ihe investments in whith the thaTity holds 21YA or more of the nominal value of any class of share capital are 35 follow5.. Country of Inco013111) ltrop(wtion of ¥otin8 rizhts Principal and sharts hdd Undertakin8 Hold4 2022 2¢ni Subsidiary undrtakinES The Meeting House Cafe England and Wales Limited ordinary lOO% shares Ico% Cafe 14 Stock 2022 2021 Stocks 250 2CQ Page 29
The Meeting House Arts Centre Limited Notes to the Financial Statements for the Year Ended 31 January 2022 IS Debtors 1022 1021 Prepayments Other debtors 270 264 9.031 13.685 9,301 13.949 16 Cash and cash equi¥Jlents 2022 2021 Cash on hand 420 Cash ai bank 46.768 26,203 47.436 26.623 17 CreditQW5: arnounts fall&n8 due within one year 2022 2021 Trade creditors 6,125 9.363 2,852 7.437 Deferred income 15,488 2022 10,289 2021 t)eferred income at l February 2021 Resources deferred in the period Amounts released from previous periods 7,437 21,170 3.747 117.4801 12.7221 Deferred incorne at year end 9,363 7.437 Deferred income includes 2022123 membership subscription5 received prior to the year end and gallery dep05itslticket sale5 received in advance of the exhibitionlperformance_ It also includes grants received for specific resiricted purposes ihat have noi been spent by the ye3r end. 18 Commltments Capital commltments Phototopier opeTating lease and rent of bUnesS premises. The ttstal amount contracted for but not provided in the financial statements was £136.61112021- £151,611). Page 30
The Meeting House Arts Centre Limited Notes to the Flnanclal Statements for the Year Ended 31 January 2022 19 Funds Balan al I February 2021 Incomlry resources Resour¢es expended Balance at 31 January 2022 Llnrestrlded Genwal 33,093 80,322 169,9581 43.457 Balance at I February 2020 Incomlng Balance at 31 January 2021 expended Unrestrlrted General 33.533 66.743 167,1831 33.093 20 Anatysis of net assets between funds Unrestrlrted lunds General Tolal funds at 31 January 2022 Restrlcied lunds Tangible fixed assets Fixed asset investments 1956 1.956 Curreni assets 52.272 110.7731 4,715 14,71SI 56.987 115,4881 Currtni liabilities Total net assets 43,457 43.457 21 Anafysi5 of net fvnds At l F*bnry 2021 Financing cash At 31 January 2022 Cash atbank and in hand 26.623 20.813 47.436 Net debt 26.623 20.813 47.436 P4e 31
The Meeting House Arts Centre Limited Notes to the Financial Statements for the Year Ended 31 January 2022 22 Related party trnnsad5(mS Dvring the year the charity made the following related partytransact40ns: The Meetlng House Cafe Umited rrhe Meeting House Arts Centre Limited own5 I( of the ordinary Share capital of The Meeting House Cafe Umitedl The Cafe is operated from ihe same premises as the Arts Centre and they share the same regFstered office. Ouring the year ended 31 January 2022. there We no gift aid donations donated from the Cafe profits lo the Arts Centre but the Cafe did repay £4.654 of it5 loan from the Arts Centre. At ihe balance sheet date the amount due from The Meeting House Cafe Limited was £9.03112021- £13.6851. Page 32