Company Registered No. 06864923 Charity Registered No. 1137231 BRIDPORT AREA DEVELOPMENT TRUSr TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
BRIDPORT AREA DEVELOPMENTTRUST coNrENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Charity Information Report of the Trustees Report of the Independent Examiner Statement of Financial Activities Balance Sheet Notes to the Financial Statements 9-18
BRIDPORT AREA DEVELOPMENT TRUST CHARITY INFORMATION FOR THE YEAR ENDED 31 MARCH 2024 TRusfEES: P Culpin- Chair l Bark J Bourbon {appointed on 28 August 2024) M Collard A Cook DLee M Wakar J West J Fisher (resigned 16 July 2024) l Johnson (resigned 26 July 2024) R Paterson {resigned 26 March 20241 A Scutt (resigned 26 March 20241 REGISTERED OFFICE: LSI 51 East Street Bridport Dorset DT6 3JX REGISTERED COMPANY NUMBER: 06864923 REGlSfERED CHARITY NUMBER: 1137231 BANKERS: TSB Bank plc 9 West street Bridport Dorset DT6 3QL INDEPENDENT EXAMINER: Marcus Cridland B.A.{Honsl F.C.A. Scott Vevers Ltd. Chartered Accountants and Registered Auditors 65 East Street Bridport Dorset DT6 3LB
BRIDPORT AREA DEVELOPMENTTRUST TRUSTEES, REPORT FOR THE YEAR ENDED 31 MARCH 2024 The trustees, who are also Directors for the purposes of the Companies Act, present their report and the accounts of the Bridport Area Development Trust IBADTI for the year ended 31 March 2024. The accounts have been prepared in accordance with the accounting policies set out in the notes to the accounts and comply with the Charity's governing document, applicable law and the requirements of the Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the U K and Republic of Ireland IFRS 102). Objectives and ortivities The Trust's objects, as set out in the Memorandum of Association, are the promotion for the benefit of the public of urban or rural regeneration in areas of social and economic deprivation. The Trust was set up with the aim of delivering community projects in Bridport and the surrounding area of West Dorset, with particular current focus being the provision of work and training spaces to support local startups and small businesses. The Trust is committed to the protection and retention of Community Assets, in the form of land and buildings, and in bringing them into renewed use in a manner that SUPPOrts and contributes to the Bridport Area Community. Achievements und performance The Trust took over, restored and revitalised, two historic buildings, the: Literary and Scientific Institute ILSil in Bridport, a Grade Il. listed building. now with a mixture of commercial office Space and community use; West Bay Discovery Centre, a former Grade 11 listed Methodist church in neighbouring West Bay, now providing visitor information about the history and environment of West Bay and its surrounds. Following a major review of the Literary and Scientific Institute ILSil in 2020/21, the Trust achieved a solution for the building that provided sufficient commercial income from tenants to underpin its medium-term fi- nancial 5UStainability, while also ensuring community access. The first full financial year for this new financial and operational model was 2022/23. Since the implementation of this innovative charitable/commercial partnership, however, it ha5 been a chal- lenging couple of years for the Lsi. More frequent severe weather has exposed and exacerbated weakne55es in the 200-year-old structure with floods and leaks damaging fixtures. fittings and decor. or compounding existing problems, causing disruption and inconvenience to the tenants, trying their patience and stretching the resources of the board. Neverthele55, we have worked together to minimi5e and mitigate any disturbance, and we are pleased to have renewed the lease of main tenants Crowdfunder. Crowdfunder are a successful, high-profile, high-tech business based in Bridport. They contribute significantly to the local economy, providing employment and career opportunities. They operate nationally but have also run crowdfunding for local organisations, helping to raise fund5 approaching £1,000,000 for a wide variety of community projects. On the Trust's behalf, Crowdfunder manage the operation and bookings of Lsi facilities including hot desks, drop desks, a meeting roorn, editing suite and the courtyard, which is available for talks, meetings, displays and other group activities. These amenities attract regular and occasional user5 from the local community and further afield. A notable regular activity 15 The Bank of Dreams and Nightmares, an innovative and inspiring creative writing workshop for young people. Other events include community talks, free drop-in
BRIDPORT AREA DEVELOPMENT TRUST TRUSTEES. REPORT FOR THE YEAR ENDED 31 MARCH 2024 legal clinics; and seasonal markets. The kitchen, originally built for the now-c105ed café, has been used for product development by a vegan chef and subsequently to bake cakes for a market stall. We are delighted to continue our relationship with Crowdfunder, but we must also report that financial ad- visers Gillingham's, our second tenants, have relocated and the vacated space is available to rent. Initially• Crowdfunderfs subtenant was 3DCentre13DCI, founded by renowned international human rights lawyer Clive Stafford Smith to mentor young people in human rights, humanitarian issues and social, econornic and environmental justice. 3DC has recently been superseded by The Justice League, also run by Stafford Smith, whose objective remains "empowering the next generation of human rights activists...and advocates for justice". The Justice League's aim is to ensure that these young people "have the motivation, mentoring and rnoney that they need to launch their own careers using the law... to protect vulnerable people and our vulnerable planet" This is achieved by working with schools, universities and through apprenticeships, whereby apprentices re- ceive hands-on experience of human rights work on Stafford Smith's cases and projects. Most apprentices come from programmes Stafford Smith teaches at Bristol University and Goldsmiths, University of London. He is particularly keen to work with young people from backgrounds that are under-represented in the legal profession. The Justice League is a community interest company ICICI, which means it has a social purpose and does not make a profit. The Lsi is funded mainly by rent from the tenants but also receives a grant from Bridport Town Council. The trustees a grateful to the Council for their continued support, which is embodied in a Service Level AgeMent. The Georgian Grade11 listed building is expensive to maintain and the rental income is absorbed by running and maintenance costs. For example. major maintenance expenses have included- re-rendering of one wall (funded by Historic England); re-decoration after flooding during very heavy rain (funded by an insurance claim less excess),. water ingress at various points causing damp {funded by the Trust): and work to identify the cause of structural cracks (to be paid by the Trust). The restoration of the West Bay Dlscovery Centre was completed by the Trust in 2018, supported by grants from the Coastal Communities Fund, Bridport Town Council and other local foundations. In the yearto March 2024 the Centre had 25,763 visitors, a new annual record for the Centre. Since opening, to date it has welcomed in total over 100,000 visitors. The Centre regularly ranks amongst the top ten free visitor attractions in the south-west of England. The operation of the Centre is supported by a part-time manager, a team of around 40 enthusiastic local volunteers and a small volunteer management group. which included two trustees, one of whom represents Bridport Town Council. In 2023124 the Discovery Centre ran pop-up exhibitions on commercial fishing and the Lyme Bay Marine COnseation Area, and later in the year West Bay at War, an exhibition looking back at life in West Bay prior to D-Day. The Centre a150 organised holiday activities for children in the Centre and a programme of weekly guided walks. It continues to build its reputation and the Centre team were delighted to add to their previous awards with an Eco Green Business Award" at the West Dorset Business Awards.
BRIDPORT AREA DEVELOPMENTTRUST TRUSTEES, REPORT FOR THE YEAR ENDED 31 MARCH 2024 The Discovery Centre is free to enter for visitors. A large proportion of its funding comes from merchandise sales, with the balance from vi51tor donations, fundraising, regular supporters, and grants. The largest grant is from Bridport Town Council. A grant from Dorset Council's Culture and Communities helped cover the cost of the Marine Conservation exhibition. The Centre continues to work in partnership with several local organisation5. including Bridport Town Council and its Tourist Information Centre. Following exploratory discussions, it was agreed by the Trust in Ju ly 2021 that the Centre building and its operation would transfer out of the Bridport Area Development Trust to the Bridport Community Trust, an arms-length trust body set-up by the Town Council. The Town Council will operate the Centre on behalf of the Trust. Further extensive discussions have progressed the proposed arrangement, which we believe will provide a secure futureforthe Discovery Centre and enable itto continue to develop within the framework of the Town Council and its Tourist Information function. The transfer is experted to be completed in autumn 2024. Financial Review The Statement of Financial Activities shows a surplus on unrestricted funds, after transfers, of £l,50012023: £3,454). Restricted funds saw a total deficit of £4,021 in the year (2023: surplus of £5,047). The year's unrestricted surpluses attributable to activities at the two centres- LSI and West Bay Discovery Centre- were transferred into their respective operational restricted funds, in line with the Board's decision of December 2018. At the year end, the total funds held by the Charity were £2,911,82012023: £2,913,681). This included restricted funds of £152,79912023: £156.8201 and endowment funds of £2,751,339 (2023: £2,750,679). Resenies Policy The Trust's reserves policy is to hold reserve5 amounting to at least one year's normal operating expenditure, to support the future running costs of the Trust. At the end of the year, Unrestricted Reserves and the two operational restricted funds totalled £160.481 (2023: £163.0021; one year's operating costs would normally not exceed £lOO,000. In light of the various recent uncertainties. the trustees will keep this policy under regular review. The high level of reserves 15 considered desirable Eiven the historic nature of both of the Trust's buildin85 and the propensity of the LSI to require frequent unplanned maintenance to the building and plant. Structure. Governance and Management The Trust is a charltable company limited by guarantee and governed by a memorandum and articles of association dated 20 March 2009 as amended byspecial resolution{s) dated 22 5eptember2017. Membership of the BADT 15 open to local community groups, organisations, businesses and individua15. The Trust has over 50 members who elect the trustees and directors at the Annual General Meeting. The Board carries out a 5ki115 audit of the trustees and assesses skills gaps. The Trust then advertises for trustees with appropriate skills and assesses candidates accordingly. There is one trustee from Bridport Town Council, reflecting the historic and current importance of our partnership with the Council. The Trust looks to achieve diversity in terms of skill and other characteristics.
BRIDPORT AREA DEVELOPMENT TRUST TRUSTEES. REPORT FOR THE YEAR ENDED 31 MARCH 2024 The minimum number of trustees is three, with no maximum. Trustees are appointed by a general resolution of the members or bythe existingtrustees. Any trustee appointed bythe existing trustees is required to stand down at the next Annual General Meeting along with one third of the elected trustees. Retiring trustees are eligible for reappointment by the membership. The trustees (being directors of the company for the purposes of company lawl are all volunteers from the Bridport area community. The trustees have reviewed the structure and governance of the Trust and have concluded that their future role should mainly, but not exclusively, be to enable various community groups and individuals to establish and run projects that bring social and economic benefits to Bridport and the local area. These new projects would be measured against the Trust's aims and objettives and need to demonstrate sustainability. Where applicable, new trustee5 are invited to meet key members of staff and volunteers. They are also briefed on their legal obligations under charity and company law, the contents of the Memorandum and Articles of Association, recent financial performance and the future financial and objective plan5 of the charity. The BADT is a memberof Locality, the national association for development trusts. It is also constituted to act as a Buildings Preservation Trust, and is a member of the UK Association of Preservation Trusts. Statement of Trustees, Responsibilities The Trustees are required under Charity law to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the Charity and of the financial activities of the Charity for that period. In preparing those financial statements, the Trustees are required to: select suitable accounting policies and then apply them consistently; observe the methods and principles in the Charities SORP", make judgements and estimates that are reasonable and prudent; state whether applicable accounting standards have been followed, subject to any material departures disc105ed and explained in the financial statements: and prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. The Trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the Charity and to enable them to ensu re that the financial staternents comply with applicable laws and regulations. They are also responsible for ensuring that the Charity maintains an adequate system of internal control designed to provide reasonable assurance that asset5 are safeguarded again5t1055 or unauthorised use and to prevent and detert fraud and other irregularities. In preparing this report. the Trustees have taken advantage of the small companies exemptions provided by Section 415A of the Companies Act 2006. On behalf of the board: P Culpin- Chair Date:
BRIDPORT AREA DEVELOPMENT TRUST REPORT OF THE INDEPENDENT EXAMINER TO THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 I report to the charity trustees on my examination of the accounts of the company for the year ended 31 March 2024, which are set out on pages 7 to 18. Responsibilities and basis of report As the charity trustees of the company {and also its directors for the purposes of company lawl you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 20061'the 2006 Att'l. Having satisfied myself thatthe accounts of the company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your company's accounts as carried out under section 145 of the Charities Act 20111'the 2011 Act'l, In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(51 {bl of the 2011 Act. Independent examiner's statement I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect: Accounting records were not kept in respect of the company as qUired by section 386 of the 2006 Act; or 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 fairview, which is not a matter considered as part of an independent examination,. or The accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended practi for accounting and reporting by charities lapplicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021]. I 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 account5 to be reached. Marcus Cridland B.A.IHonsl F.C.A. Scott Vevers Ltd. Chartered Accountants and Registered Auditors 65 East Street Bridport Dorset DT63LB Date:
BRIDPORT AREA DEVELOPMENT TRUST STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING AN INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 MARCH 2024 2024 Total 2023 Total Unrestricted Restricted funds funds Endowment funds funds Notes INCOME Income and endowments from: Donations and grants Other income including trading income 21,162 21,162 75,868 73,627 73,627 61,878 Investment income 2.160 2,160 952 Total incoming resources 75,787 21,162 96,949 138,698 EXPENDITURE ON: Raising funds 44,517 44,517 33,061 Charitable activities 4,595 49.698 54,293 97,136 Total expenditure 49,112 49,698 98,810 130,197 Net income/lexpenditure} before transfers 26,675 128,5361 11,861) 8,501 Transfers between funds 14 (25,175) 24,515 660 Net Movement In Funds for the year 1,500 {4,0211 660 11,861) 8,501 Total Funds: Brought Forward 14 6.182 156,820 2,750,679 2,913,681 2,905,180 Carried Forward 14 7.682 152,799 2,751.339 2.911,820 2,913,681 All incoming resources and resources expended derive from continuing artivities. The note5 on pages 9 to 18 form an integral part of these financial statements.
BRIDPORT AREA DEVELOPMENTTRUST BALANCE SHEET AT 31 MARCH 2024 CoTHpany Registration No. 06864923 2024 2023 Notes Fixed Assets Tangible assets Heritage assets 21,082 2,751,339 26,901 2,750,679 io 2,772,421 2,777,580 Current assets Debtors Cash at bank and in hand li 11,385 175,361 186,746 6,823 182,358 189.181 Creditor5: Amounts falling due within one year 12 (15,6071 {17,600) Net current assets 171,139 171,581 Total assets less current liabilities 2,943,560 2.949,161 Creditors: Amounts falling due after more than one year Net asset5 13 131,740) 2,911,820 (35,4801 2,913.681 The funds of the charity: Restricted Funds 14 152,799 156,820 Endowment 2,751.339 2,750,679 Unrestricted funds 7,682 6,182 Total charity funds 2,911,820 2,913,681 The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024. The members have not required the company to obtain an audit of it5 financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006. The directors acknowledge their responsibilities for complying with the requirement5 of the Act with respect to accounting records and the preparation of accounts: These accounts have been prepared in accordance with the provisions applicable to Small companie5 regime within Part 15 of the Companie5 Act and in accordance with FRS102 SORP. The financial statements were approved by the Board of Trustee5 on L*l.?.l.LF-........ and signed on its behalf by: P Culpin Chair The note5 on pages 9 to 18 form an integral part of these financial statements.
BRIDPORT AREA DEVELOPMENT TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 General information Bridport Area Development Trust is a company, limited by guarantee, incorporated in England and Wales under the Companies Act 2006 and Charities Att 2011. Each of the members is liable to contribute an amount not exceeding £10 toward5 the assets of the charity in the event of liquidation. The address of the registered office is provided in Reference and Administrative Details. Details of the charity's operation5 are provided in the Report of the Trustees. Accounting policies The principal accounting policies adopted, judgements and key sources of estimation uncertainty in the preparation of the financial statements are as follow5: a. Statement of compllance and basis of preparation The charity constitutes a public benefit entity as defined by FRS 102. The financial statements are prepared under the historical cost convention and in accordance with the Charities SORP IFRS 102), the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 102) and the Companies Act 2006. The accounts include the results of the charity's operations which are described in the Trustees, Report, all of which are continuing. Advantage has been taken of the exemption under FRS 102 IA for smaller charitie5 not to prepare a statement of cash flows. b. Accounting convention The financial statements have been prepared on a going concern basis as the trustees believe that no material uncertainties exist. The trustees have considered the level of f unds held and the expected level of income and expenditure for 12 months from authori5ing these financial statements. The budgeted income and expenditure is sufficient with the level of reserves for the charity to be able to continue as a going concern. c. Income and endowments All incoming resources are included in the Statement of financial activities when the company has entitlement to the funds, certainty of receipt and the amount can be quantified with reasonable accuracy. Donated assets and services are included at their estimated open market valuation. No income is recognised where there is no financial cost borne by a third party. Grants are recognised when the charity has an entitlement to the funds and any conditions linked to the grants have been met. Where performance conditions are attached to the grant and are yet to be met, the income is recognised as a liability and included on the balance sheet as deferred income to be released. d. Classification of expenditure All expenditure 15 recognised once there is a legal or constructive obligation to that expenditure, it is probable settlement is required and the amount can be measured reliably. All costs are allocated to the applicable expenditure heading that aggregate similar c05tS to that category. Where costs cannot be direttly attributed to particular headings they have been allocated on a basi5 consistent with the use of resources, with central staff cost allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset's use. Other support costs are allocated based on the spread of staff costs. Choritoble octivitie5 Charitable expenditure comprises those costs incurred by the charity in the delivery of its activitie5 and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature nece55ary to support them.
BRIDPORT AREA DEVELOPMENTTRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Accounting policies (continued) Heritage assets Properties are stated at cost. Cost includes the cost of acquiring land and buildings, development, restoration and project management costs incurred during the development period and expenditure incurred in respect of improvements. A register of all heritage assets held by the Trust is available and the assets themselves will be accessible to the public on completion of development work. Freehold land is not depreciated. No depreciation of buildings will be charged on completion of restoration and development work as it is intended that properties will have an indefinite life and will be fully maintained. f. Tangible fixed assets Tangible fixed assets costing more than £100 are capitalised at cost. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, a5 follows: Fixtures and fittings Computer equipment g. Flxed asset investment Fixed asset investments, other than programme related investments, are included at market value at the balance sheet date. Realised gains and losses on investments are calculated as the difference between sales proceeds and their market value at the start of the year, or their subsequent cost, and are charged or credited to the Statement of Financial Activities in the period of disposal. Unreali5ed gains and losses represent the movement in market values during the year and are credited or charged to the Statement of Financial Activities based on the market value at the year end. h. Cash and cash Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value. Fund structure Unrestricted income fund5 are general funds that are available for use at the trustees, discretion in furtherance of the objectives of the charity. Restricted income funds are those donated for use in a particular area or for specific purposes, the use of which is restricted to that area or purpose. Endowment funds are restricted capital funds which represent the heritage assets of the charity. Capitalised development costs are transferred from restrirted funds to endowment. j. Pensions The charity operates a defined contribution pension scheme which is a pension plan under which fixed contributions are paid into a pension fund and the charity has no legal of constructive obligation to pay Contributions are charged to the Statement of Financial Activities as they become payable in accordance with the rules of the scheme. 10 years straight line 3 years straight line io
BRIDPORT AREA DEVELOPMENT TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Accounting policies (continued k. Financial instruments Classification Financial assets and financial liabilities are recogni5ed when the charity becomes a party to the contractual provisions of the instrument. Financial liabilities and equity instruments are classified according to the substance of the contractual arrangement entered into. An equity instrument is any contract that evidences a residual interest in the a55ets of the charity after deducting all of its liabilitie5. Recognition Grnd measurement All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs}, unless the arrangement constitutes a financing transactions, If an arrangement constitutes a financing tra nsaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for similar debt instruments. Financial assets and liabilities are only offset in the statement of financial position 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 simultaneously. Financial assets are derecognised when and only when a) the contractual rights to the cash flows from the financial asset expire or are settled, bl the charity transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or cl the charity, despite having retained some, but not all, significant risks and rewards of ownershipi has transferred control of the asset to another party. Financial liabilities are derecognised only when the obligation specified in the contract is discharged, cancelled or expires. Donations and grants Unrestricted funds 2024 2023 Restricted funds 2024 2023 Total 2024 2023 Grants Donations 11,625 9,537 21,162 65,069 10.799 75,868 11,625 9,537 21,162 65,069 10,799 75,868 Other income including trading income Unrestricted funds 2024 2023 Restricted funds 2024 2023 Total 2024 2023 Rental and events income Merchandise sales Other income 54.081 42,033 54,081 42,033 19,484 62 73,627 19,359 486 61,878 19,484 62 73.627 19,359 486 61,878 li
BRIDPORT AREA DEVELOPMENTTRUST NOTE5 TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Expenditure on raising funds Unrestricted funds 2024 2023 Restrlcted funds 2024 2023 Total 2024 2023 Promotion and advertising Utilities Telephone Cleaning and refuse Legal and professional fees Bank charges 13,329 10,768 13,329 10,768 13,670 5,284 9,737 7,247 4,478 8,137 13,670 5,284 9,737 7,247 4,478 8,137 2,200 2,200 2,200 2,200 297 44.517 231 33,061 297 44,517 231 33,061 Expenditure on charitable activities Unrestricted funds 2024 2023 Restricted funds 2024 2023 Total 2024 2023 Staff costs Direct costs Support costs Governance costs 3,501 40,528 2,859 2,810 49,698 14,429 74,467 1,737 2,070 92,703 3,501 40,980 3,837 5,975 54,293 14,429 74,568 2,783 5,356 97,136 452 978 3,165 4,595 ioi 1,046 3.286 4,433 Staff costs Salaries and employers pension Staff training Travel 2,505 13,934 2,505 13,934 500 496 3,501 500 496 3,501 495 14,429 495 14,429 Direct costs Project costs Building insurance Utilities Cleaning and refuse Promotion and advertlsing Depreciation Legal and professional fees 21.323 6,796 800 64 52.842 6,287 636 47 21,323 6,796 800 64 52,842 6,287 636 47 417 66 2,226 1.590 2,643 1,656 5,819 6.123 5,819 6,123 35 35 3,500 6,942 3,535 6,977 452 ioi 40.528 74.467 40,980 74,568 12
BRIDPORT AREA DEVELOPMENT TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Expenditure on charitable activities {continued) Unrestricted funds 2024 2023 Restricted funds 2024 2023 Total 2024 2023 Support costs Tru5tees' indemnity insurance Telephone Printing, postage and stationery Sundry expenses Bank charges 570 572 570 572 353 257 353 257 1,369 1,272 1,369 1,272 25 449 1.046 1,137 208 1,137 408 3,837 233 449 2,783 408 978 2,859 1,737 Governance costs Accountancy services 3,165 3,165 3,286 3,286 2,810 2,810 2,070 2,070 5,975 5,975 5,356 5,356 Staff costs No remuneration or expenses were paid to trustees in the year12023: £nill. The costs of the remaining staff were: 2024 2023 Wages and salaries Pension costs 2.308 197 2,505 13,725 209 13,934 No employee earned more than £60,000 during the year. The number of staff employed by the charity during the year was as follows: 2024 2023 No. Average number of employees, per head count Net income / (expenditure) for the year This is stated after charging: 2024 2023 Depreciation of tangible fixed a55ets Independent examiner's remuneration 5,819 2,695 6,123 2,825 13
BRIDPORT AREA DEVELOPMENTTRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Tangible fixed assets Furniture & equipment Computer equipment Total C05t or valuation As at l April 2023 Disp05als As at 31 March 2024 55,533 (2,3821 53,151 21,948 77,481 {2,382} 75,099 21,948 Depreciation As at l April 2023 Charge for the year Eliminated on disposals As at 31 March 2024 28,632 5,819 12,3821 32,069 21,948 50,580 5,819 12,3821 54,017 21,948 Net bookvalue As at 31 March 2024 21,082 21,082 As at 31 March 2023 26,901 26,901 10 Heritage assets West Bay Literary & Methodist Scientific Chapel Institute Total Cost orvaluation As at l April 2023 Additions As at 31 March 2024 148,731 2,601,948 660 148,731 2,602,608 2,750.679 660 2,751,339 Depreciation As at l April 2023 As at 31 March 2024 Net bookvalue As at 31 March 2024 148,731 2,602,608 2.751.339 As at 31 March 2023 148,731 2,601.948 2,750,679 Heritage assets have been capitalised at C05t in the balance sheet as development proceeds. The Literary & Scientific Institute is Subject to a charge over the building held by the Heritage Lottery Fund, following the funding they provided towards its renovations. 14
BRIDPORT AREA DEVELOPMENT TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 li Debtor5 2024 2023 Debtors and prepayments VAT recoverable Other debtors 2,223 219 8,943 11,385 3,981 2,689 IS3 6,823 12 Creditors: Amounts falling due within one year 2024 2023 Other loans Other creditors Accruals 3,740 5,734 6,133 15,607 3,740 5,202 8,658 17,600 13 Creditors.. Amounts falling due after one year 2024 2023 Other loans Other creditors 22.440 9,300 31,740 26,180 9,300 35,480 Included in the creditors are the following amounts due after more than five years: 2024 2023 After more than five years by instalment 7,480 11.220 15
BRIDPORT AREA DEVELOPMENTTRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 14 Fund5 Incoming 01.04.2023 resources Resources expended Transfers 31.03.2024 Restricted fund5 The Bridport Literary and Scientific Institute The West Bay Methodist Chapel 87,435 6,570 136,6741 18,879 76,210 69,385 14,592 113.0241 5,636 76,589 156,820 21,162 149,698} 24.515 152,799 Endowment funds Expendable 2,750,679 2,750,679 660 2,751,339 660 2.751,339 General Funds Unrestricted 6,182 6,182 75.787 75,787 (49,1121 149,1121 125,1751 {25,175) 7,682 7,682 Total 2,913,681 96,949 198,8101 2,911,820 Incoming resources Resources expended Tmnsfers 2023 01.04.2022 31.03.2023 Restrictedfunds The Bridport Literary and Scientif ic Institute The West Bt7y Methodist Chopel 87,612 54,701 (68,610) 13.732 87,435 64,161 21,167 (24,093) 8,150 69,385 151. 773 75.868 (92, 703) 21.882 156,820 Endowmentfunds Expendoble 2, 750,679 2, 750,679 2, 750,679 2, 750,679 Generol Funds Unrestricted 2.728 2,728 62,830 62,830 (37,494) (37,494) (21,882) (21,882) 6,182 6,182 Total 2,905.180 138,698 (130,197J 2,913,681 16
BRIDPORT AREA DEVELOPMENT TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 14 Funds Icontinued) Restricted Funds Restricted funds arise when funding is given for a specific purpose or project.. The Bridport Literary and Scientific Institute ILSI) fund originally represented grants and donations from various sources to restore and develop the building, with capitali5ed development costs transferred to endowment funds. It now represents funds restricted by the trustees to support ongoing operations at that location. The West Bay Methodist Chapel fund originally represented grants and donations from various sources to restore and develop the building. with capitalised development costs similarly transferred to e ndowment funds. It now represents funds restricted by the trustees to support ongoing operations at that location. Endowment fund5 Heritage assets are capitalised assets held for conservation and preservation purposes and are therefore shown as an expendable endowment. Transfers are made from restricted funds to the endowment funds representing development costs capitalised. The trustees are confident that sufficient reserves are held to enable each fund to be applied in accordance with any restrictions, 15 Analysis of fund balances between net assets Unrestricted Restricted Endowment funds funds funds Total Tangible fixed assets Heritage assets Current assets Current liabi lities Creditors over l year 21,082 21,082 2,751,339 186,746 115,607) 131.740) 2,751,339 33.862 13,740) 122,440) 152,884 {11,8671 19,3001 Total funds 7,682 152,799 2,751,339 2,911,820 2023 Tangiblefixed assets Heritage (JSsetS Current assets Current liabilities Creditor5 over l year 26,901 26,901 2, 750,679 189,181 {17,600J (35.480) 2,750,679 36,102 (3,740) (26,180) 153,079 (13,860) (9,300) Totalfunds 6.182 156.820 2, 750,679 2,913,681 17
BRIDPORT AREA DEVELOPMENTTRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 16 Financial Instruments 2024 2023 Categorisation of financial instruments.. Financial assets that are debt instrument measured at amortised cost 184,523 185,200 Financial liabilities measured at amortised cost Loan commitments measured at cost less impairment 21,167 26,180 47,347 23,160 29.920 53,080 Items of income, expense, gains or losses The total interest income for financial assets not measured at fair value through profit or10s5 is £2,160 12023: £952}. 17 Penslon commitments The charity operates a defined contribution scheme for certain employees. The assets of the scheme are administered by trustees in a fund independent from those of the charity. The pension cost charge for the year represents contributions payable by the charity to the scheme and amounted to £19712023: £2091. 18 Related party transactions There were no related party transactions during the year. 18