Company Registered No. 06864923 Charity Registered No. 1137231 BRIDPORT AREA DEVEIOPMENT TRUST TRUSTEES, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
BRIDPORT AREA DEVELOPMENT TRUST CONTENTS OF THE FINANCIAL STATEMENT5 FOR THE YEAR ENDED 31 MARCH 2025 Charity Information Report of the Trustees Report of the Independent Examiner Statement of Financial Artivities Balance Sheet Notes to the Financial Statements 8-15
BRIDPORT AREA DEVELOPMENTTRusr CHARITY INFORMATION FOR THE YEAR ENDED 31 MARCH 2025 TRUSTEES: l Bark J Bourbon Iresigned 22 September 20241. M Collard A Cook P CLslpin (resigned 10 December 2024} J Fisher (resigned 16 July 20241 l Johnson (appointed 10 December 20241 DLee M Wakar J West J Bourbon remains as an observer on behalf of Bridport Town Council REGISTERED OFFICE: 51 East Street Bridport Dorset DT6 3JX REGISTERED COMPANY NUMBER: 06864923 REGISTERED CHAR1 NUMBER: 1137231 BANKERS: TSB Bank plc 9 West Street Bridport Dorset DT6 3QL INDEPENDENT EXAMINER: Marcus Cridland B.A.IHons} F.C.A. Scott Vevers Ltd. Chartered Accountants and Registered Auditors 65 East Street Bridport Dorset DT6 3LB
BRIDPORT AREA DEVELOPMENT TRUST TRUSTEES, REPORT FOR THE YEAR ENDED 31 MARCH 2025 The trustees, who are also Direttors for the purposes of the Companies Act, present their report and the accounts of the Bridport Area Development Trust Ithe Trust) for the year ended 31 March 2025. 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 UK and Republic of Ireland {FRS 1021. Objertives and artivities 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 wa5 set up with the aim of delivering community projects in Bridport and the surrounding area of West Dorset, with a 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. Achlevements and performance The Trust has acquired, restored and repurposed two historic buildings, the Literary and Scientific Institute ILSil in Bridport, a Grade I l listed building, now with a mixture of commercial office space and community use, and West Bay Discovery Centre IWBDCI, a former Grade11 listed Methodist church in neighbouring West 8ay, which was transformed into a visitor attraction providing information about the history and environment that made West Bay what it is today. The restoration of the West Bay Discovery Centre IWBDCI was completed by the Trust in 2018, supported by grants from the Coastal Communities Fund, Bridport Town Council and other local foundations. A multiple ward winner, the Centre has welcomed well in excess of 100,000 visitors and regularly ranks among the top 10 f ree attractions i n southwest England. In October 2024 ownership of the building was transferred to another charity, the Bridport Communities Trust IBCTI, which was set up by Bridport Town Council to own and to manage the WBDC. The Literary and Scientific Institute reopened its doors to the publ ic in 2018 and became a cultural. social and business hub that was an asset to the town. However, this innovative charitable/commercial partnership has also faced significant challenges in the aftermath of the Covid-19 pandemic which had a dramatic impact on its commercial social and cultural activities. More frequent severe weather has also exposed and exacer- bated weaknesses in the 200-year-old building which requires regular maintenance and some further signif- icant repair work. Trustees and users of the building have worked together to minimise any disturbance from repairs. In October 2024 a major flood resulting from a blockage in the drainage system on the roof caused damage to the ceilings in two floors and resulted in some tenants having to move out of their normal work areas. Initially the insurers declined to accept responsibility but have since agreed to fund repair work. However, this initial refusal caused delay to the repairs. As tho LSI is a Grade Il building, in February 2025 the Trust appointed the Beaminster based architects RRABC to oversee repair work. Until the work 15 completed no new long-term leases have been granted and current users are operating on short-term licenses. Normal day to day management of the building is carried
BRIDPORT AREA DEVELOPMENT TRUST TRUSTEES, REPORT FOR THE YEAR ENDED 31 MARCH 2025 out by the property management arm of local estate agent Symonds and Sampson. The income earned by the Lsi is significantly afferted by the re5trittion5 on its use, exacerbating by the relocation in 2024 of Gillingham's Financial Adviser5, who occupied the upper floors. While in normal circumstances the Lsi is funded mainly by tenants, it also benefit5 from a generous grant from Bridport Town Council. This support IS set out in a Service Level Agreement. In November 2024 Chair Phyllida Culpin stepped down at the AGM after having led the Trust Since 2020. Until a new Chair is appointed the seven-strong board of trustees shares the responsibilities. Financial Review The Statement of Financial Artivities shows 3 deficit on unrestricted funds, after transfers, of £1,69612024: surplus of £1,500). Restricted funds saw a total deficit of £102,090 in the year12024.. £4,021). Included in this reduction was the fund transfer of £80,000 to The Bridport Town Council for the West Bay Discovery Centre. The year's unrestricted SLsrpluses attributable to attivities at the two centres- LSI and West Bay Discovery Centre- were transferred into their respective operational restricted funds, in li ne wlth the Board's decision of December 2018. At the year end, the total funds held by the Charity were £2,662,77812024: £2.911,8201. This included restricted funds of £50,70912024'. £152,799) and endowment funds of £2,606,08312024.' £2.751,3391. Reserves Pollcy The Trust's reserves policy is to hold reserves 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 operational restricted funds totalled £56,695 {2024'. £160,481),. one year's operating costs would normallv not exceed £90,000. In light of the various recent uncertainties, the trustees will keep this policy under regular review. The high level of reserves is considered desirable given the historic nature of the Trust's building and the propensity of the LSI to require frequent unplanned maintenance to the building and plant. Strurture. Governance ond Management The Trust is a charitable company limited by guarantee and governed by a memorandum and articles of association dated 20 March 2009 as amended byspecial resolutionlsl dated 22 September 2017. Membership of the Trust is open to local community groups, organisations, businesses and individuals. The Trust has over 50 members who elert the trustees and directors at the Annual General Meeting. The Board carries out a skills 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 Importan of our partnership with the Council. The Trust looks to achieve diver51ty in terms of skill and other characteristics. The minimum number oftrustees is three, with no maximum. Trustees are appointed by a general resolution
BRIDPORT AREA DEVELOPMENTTRUST TRUSTEES, REPORT FOR THE YEAR ENDED 31 MARCH 2025 of the members or by the existing trustees. Any trustee appointed by the 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 law) are all volunteers from the Bridport area community. The trustees have reviewed the structure and governance of the Trust and have concluded that their futu re role should mainly, but not exclusively, be to enable va rious 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 objectives and need to demonstrate sustainability. Where applicable, new trustees 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 plans of the charitv. The Trust is a member of Locallty, the national assoclatlon for development trusts. It is also constituted to act as a Buildings Preservatlon Trust and is a member of the UK Association of Preservation Trusts. Statement of Trustees, Responslblllties The trustees are required under Charity law to prepare financlal 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 preparlng those financial statements, the trustees are required to: select sultable 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 disclosed and explained in the financlal statements; and prepare the financial Statements on the goin8 concern basis unle55 It Is inapproprlate 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 ensure that the financial statements comply with applicable laws and regulations. They are also responsible for ensuring that the Charity maintalns an adequate system of internal control designed to provide reasonable assurance that assets are safeguarded against loss or unauthorised use and to prevent and detect 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: l Johnson- Treasurer and Trustee Date: ..£.l.8..l.Is-............
8RIDPORT AREA DEVELOPMENTTRUST REPORT OF THE INDEPENDENT EXAMINER TO THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2025 I report to the charity trustees on my examination of the accounts of the company for the year ended 31 March 2025, which are set out on pages 6 to 15. Responsibilities and basis of report As the charity trustees of the company (and also its direttors for the purposes of company lawl you are responsible for the preparation of the accounts in accordance with the requirement5 of the Companies Act 20061'the 2006 Act'l. Having satisfied myself that the accounts of the company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examlnation, I report in respect of my examination of your company's accounts as carrled out under section 145 of the Charities Act 2011 {'the 2011 Att,). In carrying out my examination I have followed the Directions given by the Charity Comm ission under section 14515) Ibl of the 2011 Act. Independent examlner's statement I have completed my examination. I confirm that no matters have corne to my attention in connectlon with the examination giving me cause to believe that In any material respect: Accountlng records were not kept in respect of the company as requlred 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 fair view, 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 Prattice for accounting and reporting by charities [applicable to charities preparing their accounts in accordance with the Financial Reportin8 Standard applicable in the U K and Republic of Ireland IFRS 10211. I have no concerns and have come across no other matters in connectlon with the examlnation to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. Marcus Cridland B.A.{Honsl 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 2025 2025 Total funds 2024 Total Unrestricted Restricted funds funds Endowment nds Notes INCOME Income and endowments from: Donations and grants Other income including trading income 21,342 21,342 21,162 55,840 55,840 73,627 Investment income 1.782 1,782 2,160 Total Incoming resources 57,622 21,342 78,964 96,949 EXPENDITURE ON: Raising funds 39,403 39,403 44,517 Charitable activities 5,388 134,484 148,731 288,603 54,293 Total expenditure 44,791 134,484 148,731 328,006 98,810 Net incomellexpenditurel before transfers 12,831 {113,1421 1148,7311 1249,0421 11,8611 Transfers between funds 14 114,5271 11,052 3,475 Net Movement In Funds for the year 11,6961 1102,0901 1145,2561 1249,0421 11,8611 Total Funds.. Brought Forward 14 7,682 152,799 2,751,339 2,911.820 2,913.681 Carried Forward 14 5,986 50,709 2,606,083 2,662,778 2,911,820 All incoming resources and resources expended derive from continuing activitie5. The note5 on pages 8 to 15 form an integral part of these financi31 statement5.
BRIDPORT AREA DEVELOPMENT TRUST BALANCE SHEET AT 31 MARCH 2025 Company Registration No. 06864923 2025 2024 Fixed Assets Tangible assets Heritage assets Notes 15,263 2,606,083 2,621.346 io 21.082 2,751.339 2.772,421 Current assets Debtors Cash at bank and in hand li 8,380 74,112 82,492 11,385 175,361 186,746 Creditors.. Amounts falling due withln one vear 12 (12,6201 115,607} Net current assets Total assets less current Ilablllties Creditors.. Amounts falling due after more than one year Net assets 69,872 171,139 2,691,218 2,943,560 13 128,4401 2,662,778 131,7401 2,911,820 The funds of the charity.. Restrlcted Funds 14 50,709 Endowment 152,799 2,606,083 Unrestricted funds Total charlty funds 2,751,339 5,986 7,682 2,662,778 2,911,820 The company is entitled to exemption from audit under Section 477 of the Companie5 Act 2006 for the year ended 31 March 2025. The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2025 in accordance with Section 476 of the Companies Act 2006. The directors acknowledge their responsibilities for complying with the requirements of the Act wlth respect to accounting records and the preparation of accounts: These accounts have been prepared in accordance with the provisions applicable to small companies regime within Part 15 of the Companies Act and in accordance with FRS102 SORP. The financial statements were approved by the Board of Trustees on by.. and signed on its behalf l Johnson- Treasurer and Trustee The note5 on pages 8 to 15 form an integral part of these financial statements.
BRIDPORT AREA DEVELOPMENT TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE Y&4R ENDED31 MARCH 2025 General information Bridport Area Development Trust 15 a company, limited by guarantee. incorporated in England and Wales under the Companies Act 2006 and Charities Act 2011. Each of the member5 is liable to contribute an amount not exceedin8 EIO tOW3rds the assets of the chaTity in the event of liquidation. The address of the re8lStered office is provided in Reference and Administrative Details. Details of the charity's operations are provided in the Report of the Trustees. Accounting policies The principal accounting policie5 adopted. judgements and key sources of estimatlon uncertainty in the preparation of the financial ststements are as follows.. a. Statement of compliance and ba515 of preparation The charity constitutes a publit benefit entity as defined by FRS 102. The fittancial statement5 are prepared under the historical cost convention and in accordance with the Charities SORP IFRS 1021. the Financial Reporting Standard applicable in the UK and Republic ol Ireland IFRS 1021 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 charitlÈs not to prepare a statement of cash flows. b. Accountlng conventlon The financial statements have been prepared on a golng concern basis as the trustees believe that no rnaterial uncertainties exist. The trustees have consldered the level of funds held and the expected level of Income and expendlture for 12 months from authorising these financial statements. The budgeted income and expenditure 15 sufficient with the level of reserves lor the charity to be able to continue as a golng concern. c. Income and endowment5 All incomlng resourcés are included in thè Statement of financial actlvltles when the company has entitlement to the funds. certainty of receipt 3nd the amount can be quantlfièd with reasonable accuracv. Donated assets and services are included at their estimated open market valuatSon. No Income is recognised where there 15 no flnancial cost borne by a third party. Grants are recognised when the charity has an entStlement to the funds and any conditions Ilnked to the grants have been met. Where performance conditions are attached to the grant and are yet to be met. the income 15 recognised as a liability and included on the balance Sheet a5 deferred Income to be released. d. Classlficatlon of expenditure All expenditure is recognised onee there is a le8al or constructive obligation to that expenditure, it Is probable sèttlement is required and the amourst can be measured reliably. All costs are allocated to the applicable expenditure heading that aggregate similar costs to that category. Where cost5 cannot be dlrectly attributed to particular headings they have been allocated on a basis conslstent with the use of resources. with central staff cost allocated on the basis of tlme spent, and depre¢iation charges allocated on the portion of the assèt's use. Other support costs are allocated based on the spread of staff Costs. Charitrjble uctivities Charitable expenditure comprises those costs incurred by the tharity in the delivery of its actlvlties and servSces for Its beneficiaries. It includes both costs that can be allocated dirertly to such activities and those costs of an indirect nature necessary to support them. Heritsge assets Properties are stated at cost. Cost Includes the cost of acquiring land and bulldlngs, development, restoratlon and project managernent costs incurred during the development period and expendlture Incurred in respect of improvernent5. A re8lSter of all herltage assèts held by the Trust is available and the assets themselves will be accessible to the public on completion of development work. Freehold land 15 nat depreciated. No depreci3tion of buildings will be char8ed 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 C05ting more than £100 are capitalised at cost. Depreci3tion is provided at rate5 calculated to write off the cost less estimated fesidual value of each asset over Its expected useful life, as follows: Fixtures and fittings Computer equipment 10 yebTS Straight line 3 years straight line
BRIDPORT AREA DEVELOPMENT TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Accountin8 policies Icontinuedl g. Cash and cash Cash 3nd cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a knowll Bmount of cash and are subject to an insignificant risk of change in value. h. Fund Structure Unrestricted income fund5 are general funds that are available for use at the trustees, discretion in furtherance of the objectives of the charitv. Restricted income funds are those donated for use in a partiCLElar area or for specific purposes, the use of which is restrirted to that area or purpose. Endowment funds are restricted capitsl funds which represent the heritage assets of the charity. Capitalised development costs are transferred from restricted funds to endowment. Penslons The charity operates 3 defined contribution pension scheme which 15 a pension plan under whlch fixed contributions are paid into a pension fund and the charity has no le8al of construrtive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods. Contributions are charged to the Statement of Financial Activitie5 as they become payable in accordance with the rules of the scheme. j. FiNanclal Instruments Clossiflcotion Financial assets and financial 1Sabilities are rectsgnised when the charity becomes a party to the cr)ntractual provisions of the instrument. Financial liabilities and equity instruments are classified according to the substance of the contractual arran8ement entered into. An equity instrument is any contract that evldences a residual interest in the assets of the charity after deductlng all of its Recognition orjd meosurement All financial assets and liabllltles are initS3lly Measured at transaction price Ilncluding transaction costs). except for those financial assets classified as at fair value through profit or loss. which are initially measured at fair value Iwhich is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financSn8 transactions. If an arrangement constitutes financing transaction. 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. Financlal assets and liabilities are only offset in the statement of financial position when. and Only when there exists a legallv enforceable ri6ht to set off the recognised amounts and the charity intend5 either to settle on a net basis, or to realise the asset and settle the liability simultaneously. Financtal a55ets are derecognised when and only when al the rontractual rlghts 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 a55et, or cl the charity, despite having retained some, but not all, significant risks and rewards of ownershlp, has transferred control of the asset to another partv. Financlal liabilities are derecognised only when the obligation specified in the contract is dls¢har8ed, cancelled or expires.
BRIDPORT AREA DEVELOPMENTTRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Donations and grants Unrestricted funds 2025 2024 Restricted funds 2025 Z024 Total 2025 2024 Grants Donations 11,500 9,842 21,342 11.625 9,537 21,162 11,500 9.842 21.342 11,625 9,537 21,162 Other Incorne intluding trading Intome Unrestricted funds 2025 2024 Restrirted fund5 2025 2024 Total 2025 Z024 Rental and events income Merchandise sales Other income 42,136 13.704 54,081 19,484 62 73,627 42,136 13.704 54,081 19,484 62 73,627 55,840 55,840 Expendlture on ra15in8 fund5 Unre5trfcted funds 2025 2024 Re5trlcted fund5 2025 2024 Total 2025 2024 Promotion and advertlsln 6,352 16,871 4,970 10,593 396 221 39,403 13,329 13,670 S,284 9,737 2,200 297 44.517 6,352 16.871 4,970 10,593 396 221 39.403 13,329 13,670 5,284 9.737 2,200 297 44.517 Telephone Cleaning and refuse Legal and professlonal fees Bank charges io
BRIDPORT AREA DEVELOPMENT TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Expendbture on charitable actTrvities Endowment 20Z5 2024 Unre5tTirted funds 2025 2024 Restrirted funds 2025 2024 Total 2025 2024 Staff costs Direct costs Support costs Governance costs 7.591 122,456 1.317 3.120 134,484 3,501 40,528 2,859 2,810 49,698 7.591 272.994 2.646 5,372 288,603 3,501 40,980 3,837 5.975 54,293 148,731 1,807 1,329 2,252 5,388 452 978 3,165 4,595 148,731 Staff costs Salaries and employers penslon Staff training Travel 7.189 2,505 7,189 2,505 500 496 3,501 500 496 3.501 402 402 7.591 7,591 Olrert costs Project cost5 Transfer to Bridport Town Council Donations Building insurance 26,519 21,323 26.519 21,323 80,000 80,000 I,oDo 1,000 8,382 324 30 8,382 324 30 6.796 800 64 6.796 800 64 Cleanlng and refuse Promotion and advertising Depreciation Loss on asset transfer of West Bay Methodist Chapèl Legal and professional fees 772 417 1,382 2,226 2,154 2,643 5,819 5,819 5,819 5,819 148,731 148,731 35 35 3,500 35 3,535 148,731 1,807 452 122,456 40,528 272,994 40,980 Support costs Trustees, indemnlty Insurance Telephone Printlng, postage and stationery Sundry expenses Bank charges 456 570 456 570 358 353 358 353 726 1,369 726 1,369 526 347 1,329 233 1.137 759 347 2,646 1,137 408 3.837 408 978 1,317 2,859 Govemance costs Accountancy 5eTvices 2,252 2,252 3,165 3,165 3.120 3,120 2,810 2.810 5,372 5,372 5.975 5,975 li
BRIDPQRT AREA DEVELOPMENTTRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Staff costs No remuneration or expense5 were paid to trustees in the year12024'. £nill. The costs of the remaining staff were.. 2025 2024 Wage5 and salaries Social security costs Pension costs 7.055 2,308 134 7,189 197 2,505 No employee earned more than £60,000 durin8 the year. The number of staff employed by the charity during the year was as follows.. 2025 No. 2024 No. Average number of employees, per head count Net income / lexpendlturel for the year This 15 Stated after charging.. 2025 2024 Depreciation of tan8ible fixed assets Loss on disposal of tangible assets Independent examiner's remuneration 5.819 148,731 1,690 5,819 2,695 Tanglble fixed awts Furnlture & Computer equlpment equlpment Total Cost or valuation As at l April 2024 As at 31 March 2025 53,151 53,151 21,948 21,948 75,099 75,099 Depre¢latlon As at l April 2024 Charge for the year As at 31 March 2025 32.069 5.819 37,888 21,948 54,017 5,819 59,836 21,948 Net book value As at 31 March 2025 15,263 15.263 As at 31 March 2024 21.082 21.082 12
BRIDPORT AREA DEVELOPMENTTRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 io Heritage assets West Bay Literary & Methodist Stièntific Chapel Institute Total Cost or valuatlon As at l April 2024 Additions D&sposals As at 31 March 2025 148,731 2,602.608 3.475 2,751,339 3,475 1148,7311 2,606.083 1148,7311 2,606,083 Oepreclatlon As at l April 2024 As at 31 March 2025 Net book value As at 31 Mèrch 2025 2,606 083 2,606.083 As at 31 March 2024 148.731 2,602.608 2,751,339 Heritage 355ets have been capitalised at C05t in the balance sheet 35 development proceed5. The Literary & Stientrfic Institute 15 subject to a charge over the building held by the Heritage Lottery Fund. following the fundln8 they provided towards it5 renovations. Five year summary of additions and dlsposals.. 2025 2024 2023 2022 2021 Oevelopment Costs capitslised Assets held at cost Total addition5 3,475 3,475 660 660 2,666 2,666 Net Book Value Disposals Assets held at cost Total NBV disposals 148,731 148,731 li Debtors 2025 2024 Debtors and prepayments VAT recoverable Othèr dèbtors 5,563 2,223 219 8.943 11,385 2.817 8,380 12 Creditors: Amounts fallln8 due withllt one year 2025 2024 Other loans Other creditor5 Taxation and social securlty Accruals 1,870 3,860 2,447 4.443 12.620 3,740 5.734 6,133 15.607 13
BRIDPORT AREA DEVELOPMENT TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 13 Creditors: Amounts falling due after one year 2025 2024 Other loans Other creditors 22.440 6,000 28,440 22,440 9,300 31.740 Included in the creditors ar¢ the followiftg amounts due after more than five years.. 2025 2024 After more than flve year5 by In5talrnent 14,960 7,480 14 Funds Incoming resour$ Resources Èxpended 01.04.2024 Transfers 31.03.2025 Restricted funds The 8ridport Literary and Scientific Institute Thè West Bay Methodist Chapel 76,210 76,589 152,799 6,250 15,092 21.342 139.7571 194,7271 134,4841 6.598 4,454 11,052 49.301 1,408 50,709 Endowment funds Expendable 2,751.339 2,751.339 1148,7311 1148,7311 3,475 2,606,083 3,475 2,606,083 General Funds Unrestricted 7,682 7,682 57,622 57,622 144,7911 144,7911 114.5271 114,5271 5,986 5,986 Total 2,911,820 78,964 1328,0061 2,662,778 2024 Incomlng 01.042023 resources Re50urce5 expended Tronsfrrs 31.03.2024 Restrlctedfvnds The 8ridport Literary and S¢ientiflc Institute Thè West B13y Methodist Chapel 87,435 69,385 156,820 6,570 14,592 21,162 136,674) (13,0241 (49,698) 18,879 5.636 24,515 76.210 76,589 152, 799 Endowmentfvnds Expendoble 2,750.679 2.750,679 660 2.751,339 660 2, 751,339 Genernl Funds Unrestrirted 6,182 6.182 75,787 75,787 149.112) (49,112J 125,175) [25,175) 7,682 7,682 Total 2,913,681 96,949 198,810) 2.911,820 14
BRIDPORT AREA DEVELOPMENT TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 14 Funds Icontinuedl Re5trirted Funds Restricted funds arise when funding Is given for a specific purpose or project.. The Bridport Literary and Scientific Institute ILSII fund originally represented grants and donation5 from various sources to restore and develop the building, with capitallsed development tosts transferred to endowment funds. It now represents funds restricted by the tfU5tees 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 buildin& with cèpitalised development costs similarly transferred to endowment funds. During the year. the Bridport Communities Trust ha5 taken ownership of the Discovery Centre building Ithe former Methodist Chapel), and it is operated on their behalf by the Community Trust's Corporate Shareholder, the Bridport Town Council. The majorlty of the restricted funds received for the West Bay Discovery Centre have been transferred to Bridport Town Council during the year. Endowment funds Heritage assets are capitali5ed assets held for conservation and preservation purposes and are therefore shown a5 an expendable endowment. Transfers are made from restricted funds to the endowment funds representing development costs capitalised. The trustees are confident that SLtfficient rè5erve% are held to enable each fund to be applied in accordance with any restrictlons. 15 Analysls of fund balancès between nèt assets Unrestricted Restrlcted Endowment funds funds funds Total Tangible fSxed assets Heritage assets Current assets 15,263 15,263 2,606,083 82.492 112,6201 128,4401 2,606.083 32.743 14,3171 122,4401 5.986 49.749 18,3031 16,0001 50.709 Creditors over l year Total fund5 2,606,083 2,662,778 2024 Tongiblefixed ossets Heritage ossets Current Ossets Current liabilities Credltors over l yeor Totolfunds 21,082 21,082 2,751,339 2,751.339 186,746 {15,607J (31,740) 152, 799 2,751,339 2,911,820 33,862 f3, 740} 122,440J 152,884 (11,867J [9,300) 7,682 16 Flnancial Instruments 2025 2024 Cate8orisation of financial instruments.. Financial assets that are debt instrument measured at amort15ed cost 80,899 184.523 Financial liabllities measured at amortised cost Loan tommitments measured at cost lèss impairment 16,750 24,310 41,060 21,167 26,180 47,347 Items of income. expense, galns or losses The total interest income for financlal assets not measured at fair value through profit or loss is £1.78212024.. £2,160). 17 Penslon commitments The charity operates a defined contributlon 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 represent5 cDntribLStions payable by the charity ro the scheme and amounted to £13412024.. £1971. 18 Related party transactlon5 There were no related party transactions during the year. 15