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$PK￿e Charlty Re4istr*ion Number 1117698 Comparky Re8lstr*lon Number 06D31955 The chafity is incorporated in Engjand and wa￿S. 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 Ye0￿1. The Art Centre's catthment area encompasses not only other local market iowns and the many viHa8es around but a￿0 draws people from as far away as Cornw311. Devon and counties furthef afield. Trnstees and offkers The trustees and offi￿rS 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 ent￿rage 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 andr the year pnded 31 January 2022. Responslbilltles and basls of rep￿t 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 reqUI￿d 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 adi￿tIeS 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 acti￿￿e$ Investment income Total Income 66.743 66,743 Expenditure on: Raising funds charital￿t 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 a￿ets 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 auth￿iSed 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 aSs￿S 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 mo￿n8 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 perforn￿d 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 lI￿nte 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