Registered number: Charity Number: 0709030S 1137420 STAG COMMUNITY ARTS CENTRE (A company limited by guarantee) TRUSTEES, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 STAG COMMUNITY ARTS CENTRE (A Company Ilmlted by guarantee) FOR THE YEAR ENDED 31 MARCH 2024 Contents Page General information Chairman's Statement Trustees Report Independent Auditor's Report Consolidated Statement of Financial Activities Consolidated Balance Sheet Charity Balance Sheet Statement of Cash Flows and Consolidated Statement of Cash Flows Notes to the Financial Statements 7-18 19-21 22 23 24 25 26-38 STAG COMMUNITY ARTS CENTRE (A Company limlted by guarantee} FOR THE YEAR ENDED 31 MARCH 2024 General Informatlon Trustees Claire Shea Ichairmanl Catherine Daniell Ivice-chairmanl Chloe Gustard David Skinner OBE Elisabeth Ancrum Gareth Willis Lionel O'Hara Merilyn Canet Nicholas Varloy Nigel Wightman Peter Dixon Sally Higham Sue Camp Tony Clayton Victorla Granvllle.Baxter Company reglstered number 07090305 Charlly reglstered number 1137420 Re8lStered Oflice London Road Sevenoaks Kent TN13 IZZ Bank Natwest plc 67 High Street Sevenoaks Kent TN13 ILA Audltor Crowe U,K. LLP Medway Bridge House 1-8 Fairmeadow Maidstone Kent ME14 IJP Patrons Cheryl Baker Gloria Hunniford OBE Gfaham Cole OBE Page I STAG COMMUNITY ARTS CENTRE IA Company limited by guarantee) CHAIRMAN'S STATEMENT FOR THE YEAR ENDED 31 MARCH 2024 The Stag'5 annual report to you and to the Charity Commission continues to illustrate the success of The Sta8 in providing for its original aims - to provide cinema and theatre fècilitie5 for the people of Sevenoaks and beyond. Both l and the trustees of The Stag send our best wishes and thank5 to all our loyal supporters who have helped in this success. The Sta8 15 supported by a trustee body with a wide ran8e of ski115 and interest5 and a commitment to working with Andrew Eyre and his team to sustain and grow The Stag to be the best community arts facility it can be. This report covers the financlal sltuatlon between 1st April 2023 and 31st March 2024. but I will also look at our activities later in 2024, A Communlty A55et It remains unusual for a town the size of Sevenoaks to have its own independent theatre and dedicated cinema and we must continue to use it and fight to retain all the facilities. So many towns both in the region and nationally have lost the facilitie5 and with them those important cultural opportunities, Community space and nlght-tlme economy advantages. The Stag is not just, the building, but an important asset for us all. The use of ftAAC (Reinforced Autoclaved Aerated Concretel in so many public buildings and theatres across the country is thankfully not an issue at The Stag. OriEinally built in 1935 The Stag predates the invention and common use of this building material and I can confirm that there is no RAAC in The Stag. Unfortunately this issue has impacted many theatres and cinemas both locally and nationally with many closing either for long periods or, sadly, some permanently. Live performance5 lin the theatre, the Plaz3 and in the newly equipped Footli8ht5 Barl are doing well with many new shows and acts providing entertainment across all genres of music and dance. In addition The Stag continues to put on a wide range of films on theSr day of natlonal release alongside our Stag Select r3n8e of speciallst Ilve and film events. The Stag has developed an excellent communlty reputation for dance and theatre shows reglonally and natlonallv but l especSally want to bring to your attention the number of local dance and theatre schools which now see The Stag as their natural horne. The stag's huge stage and its large quota of dressing rooms (alongside using the Stag Plaza for the very largest shows) means shows can be bigger and better and allow young people access to professional stage for their performances and to allow their families to see a large-scale theatrical show. I want to repeat both mine and the board's heartfelt thanks to our ticket-buying customers who continue to give 50 much local support to The Sta8, But those watching our Shows are only part of our community presence in Sevenoaks. The large sta8e and our studio theatre Ithe Stag Plazal mean tens of thousands of local people appear on stage performing for those audiences. To£ether we continue to keep arts and culture alive, developing and booming in Sevenoaks. The entertainment and hospitality industry continue to face a developing landscape. The direct impacts of the pandemic are now past. However our experience is one felt across the sector: people are returning in numbers to shows but there continues a trend towards later bookings giving less certainty to businesses on ticket sale5. The Stag team, led by Andrew Eyre and assisted by Tony McEwen, has continued to work incredibly hard to collaborate with our current hirers, bring in new hirers for the future as well as enhance the range of f ilms shown in Sevenoaks especially through the Stag Select range of presentatiorbs covering Notional Theatre, drama. mu51C and specialist films often requested by people in Sevenoaks. The future of The Stag does look bright and stable and l am very gratef ul to Andrew, Tony and the tearll for the commitment, hard work and enthusiasm to not only keep The Stag commercially viable but also to evolve and develop it for the future. Page 2 STAG COMMUNITY ARTS CENTRE (A Company Ilmited by guarantee) CHAIRMAN'S STATEMENT FOR THE YEAR ENDED 31 MARCH 2024 Our Local Cinema Our two cinema screens provide a second path alongside the theatre for the commercial viability of The Stag as a business and are a wonderful asset for the town. Visits to the cinema continue to increase year-on.year post- pandemic and have increased more than 5Yo in 2023124 compared to 2022123 although they remain around 20% lower than the peak of 2019120. The issue of Video on Demand Ithe impact of new entrants to film production such as Netflix and Amazon Prime outside the traditional cinema distribution network) continue to affect cinemas nationally. However, the industry overall has settled back to its traditional model of providing a 'theatrical window. when films are released first to cinemas to be shown in the best way and in their designed format for the best picture and sound. This local sltuatlon is conslstent with the national plcture and represents another clarion call for the people of Sevenoak5 about The Stag cinema's long-term viability. People have to use the facS1ities for them to remain open. The Stag continues its long-term and successful film schedule providing the mix of fir5t-run film releases for everyone, young or old, family or friends. Our management team have a brilliant understanding of local cultural appetite and we are proud that thls year some 890A of the films we showed were aimed at either famllies or at those who want to explore more challenging and sophisticated artistic themes- another welcome increase year- on-year. This year saw the twin Successes of 8arbie and Oppenheimer although by the end of the year Wonka had attracted the familie5 of Sevenoaks and overtaken Oppenheimer as our second bi88est film in 2023124. The success of our Stag Select strand continues with nearly 40 presentatlons this year coverirn8 National Theatre, ballet, extremely successful art documentaries, muslc from Andre Rieu and ABBA plu5 many classic fllms celebrating the centenary of Oisney and the re-release of Monty Python and the Holy Grail. Our Local Theatre It is clear that The Stag continues to provide many in Sevenoaks wlth a welcome evenln8 of live entertainment with friends or family providing a wonderful backbone to the nlghttime economy of Sevenoaks. l am glad to See the success of many of the theatrical shows whlch choose The Stag. We continue to attract many hirers and promoters across many genres, which continues to bode well for the future. The performance venues at The Stag the theatre, the Plaza and the Footlights Bar have progressed well in attracting audiences. In the theatre ticket sales have increased by more than 6% this year over 2022123. Our Local Youth Theatre The Sta£ Youth Theatre's work which has gone on to be even bigger 2nd better with drama and film groups covering all ages f rom p.iEht to eiEhteen. The play-writing course which started durin8 lockdown and which provided such a creative release to its members has become an annual Halloween Festival. This year it facilitated 8 young people to deliver an excellent serie5 of Halloween plays in the Just Write 2023 course. l am really looking forward to seeing the new plays planned for Halloween 2024, The Film in a Week courses continue to sell out quickly which produces excellent professional film5 which have their premières in the Stag Cinema. There are many other opportunities for young people explorin8 the many aspects of theatre and film at the Stag, through Rare Productions musicals, school productions, dance shows, amateur dramatic groups and much more. The Stag also provides facilities for presentation courses and a pantomime school. Page 3 STAG COMMUNITY ARTS CENTRE IA Company limited by 8uarantee) CHAIRMAN'S STATEMENT FOR THE YEAR ENDED 31 MARCH 2024 Pantomime is a huge fixture in the diary of The Stag and local famil ies and a wonderful way to bring communilv into the theatre. It is often a child's first introduction to Ilve theatre. Jamie Alexander Wilson and simon Cosson5 produced their 15th performance at The Stag with a larger-than-life version of Jack & The Beanstalk featurinE the return of West End star Rosie Glossop plus Mark Goldthorp fresh from the West End production of Mary Poppins- and of course the ever-present local Sevenoaks star Silly Billy. The Incredible graphic wizardry of Simon Cossons keeps advancing with 3D effects now being included. Thi5 was the biggest of several pantomimes put on at The Stag thi5 year- multiple touring performances plus the show-run of 'Peter Pan, by Sevenoaks Entertainers- ever present at The Stag since 1990. The Entertainer5 also put on another show in 2024 and surpassed their ever- present performance excellence with a superlative 'School of Rock, findin8 four young actor musicians who played their instruments live- and brilliantly - on stage during the show. Our other local musical theatre and drama group the Sevenoaks Player5 performed a show-5topping 'Sweet Charity, plus in 2024 an exceptional version of Che5S. Sevenoaks is well served for musical theatre and The stag continues to provide facilities for local expertise like this to shine and flourish year upon year. Local Community The Stag is one of the features that makes Sevenoak5 such an interesting and unique town for us all, The Stag's reputatlon a5 a community arts facility with a broad offering continues to spread. We are attractlng new dance and performing arts schools to our large stage and excellent facilities such a5 multiple dre55ing rooms and backstage areas. We also contlnue to welcome the Stag Youth Theatre1SYTI with their drama and film productions. These are written, directed, performed land filmed) by members of SYT under the guidance of the multi-talented Simon Cossons who now has two additions to assist him,. Ollie Chugg who has written the original music for virtually all af the SYT films and Anja Gibbs who is principal dancer and deputy choreographer for the professional pantomime ensemble. Simon and his team are a very welcome technical and creative addition at The Stag and a valuable cultural asset for Sevenoaks. Youth activities and community support are central plank5 of what The Stag does in Sevenoaks. I welcome you to study this annual report for 2023-2024 and very much hope that you will again return to visiting The Stag to see the many music, drama, dance and other events in the theatre, our clnemas and the Plaza which are already booking into our schedules through 2024 and into 2025,1 am told we are even taking bookings into 2026 with enquiries into 2027. l also want to thank the many local volunteers who work during our shows front of house but also on our kiosks, bars, back-stage and behind the scenes on paperwork and maintaining the building. This year we received nearly 5,000 hours of volunteering from more than 50 active volunteers, Without them The Stag would be a poorer place financially certainly but also poorer in spirit and enjoyment that the community at The Sta8 provides and enjoys. A Sustainable Community Model When we set out to re-open The Stag in 2009, we promised to keep ticket money and hirer booking fees safe and secure- something which hadn't happened with previous Custodians of The Stag. De5Plte the unexpected pandemic-related upheavals we have endured, that original 2009 promise the Trustee5 made has been kept and will continue to be kept. The pre-pandemic year of 2019-2020 was our best ever and l am reminded just what The Stag is capable of delivering in support of our local community- which, of course, is at the heart of what our charity aims to do. It is always worth reminding ourselves that when we took over The Stag in 2009 from its fourth bankruptcy, we set out to use an underlying commercial model to enhance the viability and delivery of cultural facilities to the community of Sevenoaks and surrounding villages. Our continuing recovery post-pandemic shows the succe55 of The Sta6,5 business model and 2 confirmation of the success of the business 5trate8y and business set up started nearly fifteen years ago. Page 4 STAG COMMUNITY ARTS CENTRE (A Company limited by guarantee) CHAIRMAN'S STATEMENT FOR THE YEAR ENDED 31 MARCH 2024 Sustainable Local Spaces We are ambitious for the future of the Stag. The sector continues to face challenges, and the theatre, cinema and hire spaces must be place5 of which the community feels proud and where they want to spend time and hard- earned income. Our lockdown refurbishments mean that more meeting space is available in the centre of Sevenoaks- in the theatre, the Stag Plaza, in the Llmelight Meetin8 Room and in the Footlights Bar. All provlde excellent audio-vlsual facilities and can support meetings from a dozen to 451. We are very proud that the fund-raising to put solar pane15 on the large and South-facing roof spaces. with accompanying battery storage, at The Stag is now complete and was installed in May 2023, The first full year of operation was very successful with no operational problems (accepting one day of blackout when all our panels were covered in snowl and our electricity consumption was reduced by more than £14,000. I want to thank Sevenoaks Town and Sevenoaks District Councils for providing two-thlrds of the installation costs to match The Stag'5 accrued savings which allowed the project to take plate 2nd which contlnues The Stag's green initiatives begun originally more than ten years ago. The nature of cinema and theatre means that electricity consumptlon is necessarily high and expensive. The solar panel array is a signif icant contribution to making the Stag sustainable in every way both immediately and over the long term. To delivcr thcso projects, Andrew and his team continue to follow throu8h with grant applications from counclls, Government bodies and privately funded grant givlnK companies. Applying for these is unfortunately not simple lespecially those with Government-related application proce55esl and involve a great deal of time to get a successful conclusion. Without these grants, we would have lost The Stag- $0, we all owe Andrew and the team an enormous thank you. As a charity we can use Gift Aid and we welcome donations with ticket sales and gifts. Every pound donated to The Sta8 means a better chance of survival - and the continued provision of Iheatre shows, cinema and meeting facilities to the people of Sevenoaks and beyond, which is our charitable commitment to the people of Sevenoaks. Financlal Results As we continue our recovery from the commercial depths of 2020 lockdown our overriding aim will be to continue to follow the successful business model that has served us so well, while retaining the small company flexibility which has equally served The Stag so well over the last IS years, The number of cinema tickets sold in 2023124 is SY. hi8her than 2022123 and we continue our recovery. However the number of people vi5itin8 us are still slightly down compared to 2019120. Theatre bookings by hirers are buoyant in both 2024 and 2025 and itls clear that The Stag and Sevenoaks has become a favoured date for touring bands to attend. We all need to be aware that those shows must get customers to see them so that the hiring companles get a commercial return themselves and they continue to return to Sevenoaks and The Stag on future tours. Our policy and commitment is the sustainability of The Stag and we put all available funds back Into the business and the building with the continued aim of keeping The Stag available to be used by local and touring hiring companies- and improving its servlces for the long-term. We have now invested £1.4M into the building and its equipment since we took over in 2009- more than £115,000 every year. This is separate from the operational handover grants we received from Sevenoaks District Council in our first five years and independent of the annual operational grant of £27,000 we receive from Sevenoak5 Town Council which remains a crucia I foundation for The Stag's budget. We will continue to search for grants wherever they are available a nd we weltorne donations and bequests to help us sustain the arts and culture in Sevenoaks. Page 5 STAG COMMUNITY ARTS CENTRE IA Company limited by guarantee) CHAIRMAN'S STATEMENT FOR THE YEAR ENDED 31 MARCH 2024 2024 2023 Turnover Net lexpenditurel/income (before transfers) Contribution from/ltol Project Reserves Operating Surplus Total Reserves at 31 March 2024 Free Reserves El,177,69 £1.081.642 28,392 60,254 52.736 62,000 £ 24344 £559,J55 364,503 £142,612 £132,504 A Community Future l ask that you consider a night out at The Stag, with perhaps a meal in town as an accompaniment to the entertainment. l and the other trustees remain absolutely committed to ensuring that The Stag continues to fulfil its charitable aims. We continue to operate 364 days per year, 7-days per week showing the latest films, specialist Stag Select performances such as drama, opera, musical theatre and cultural documentaries and many varied theatre, dance and music performances. The economic challenges continue to be present. Current inflation levels impact our operating costs and in particular our personnel costs. The people who work at The Stag are our most important asset but whether they are full-time, part-time or casual the costs of employing them continves to rise in both salary and Government- related costs. As Christmas approaches, now is the time to support your local theatre and cinema land your local pub and restaurant) by buying tickets and helping us all to survive, generate the buzz around town we all crave and ensure the services we have had in Sevenoaks for the last 15 years remain secure for us all to enjoy in the future. Clalre Shea, Chairman 27th November 2024 Page 6 STAG COMMUNITY ARTS CENTRE (A Company limited by guarantee) TRUSTEES, REPORT FOR THE YEAR ENDED 31 MARCH 2024 The Trustee5 (who are also directors of the charity for the purposes of the Companies Act) present their annual report together with the audited financial statements of Stag Community Arts Centre (the Charitvnhe Stag/SCACI for the year ended 31 March 2024. The Trustees confirm that the Annual report and financial statements of the Charity comply with the current statutory requirements, the requirements of the Charity's governing document and the provisions of the Statement of Recommended Practice ISORPI "Accounting and Reporting by Charities preparing their financlal statements in accordance with the Financial Reporting Standard appllcable in the UK and Republic of Ireland IFRS 1021. The Stag Community Arts Centre is a registered UK charity (No, 11374201 and a company {No.070903051 limited by guarantee. Our registered office is.. Stag Community Art5 Centre London Road Sevenoaks Kent TN13 IZZ Charlty Objectives The Stag Continues to operate as a receiving house and as a hlre-only facility in the performance spaces. It continues to use volunteers extensively. The prlnclpal objects of the Charity, as set out in the Memorandum and Articles of Assoclation are: 111 to advance education for the public benefit in the appreciation and practice of the arts, including the arts of drama, film, dance, singlng and muslc, In partScular but not excluslvely through the provision and production of theatre plays and educational and art based fllms and associated partielpation and educational activities,, and 121 such Charitable purposes for the benefit of the Inhabitant5 of Sevenoaks and the surrounding area as are charitable according to the laws of England and Wales as the Trustees may from time to time determine. The Stag Community Arts Centre acts in the best interest of the local community bv: lil Assisting the sustainability of the local economy of the town, particularly the night time economy and the tourism economy- 1111 Retainln8 a valuable soclal and leisure facility for both performers and audiences,. liiil Working to try and enable the development cf youth services both in perform ing arts and Youth Outreach services,. livl Retainin8 an iconic building in the town and preserving the street scene. Activities for this financial year12023-20241 have largely settled from the direct impact of the Covid pandemic but the commercial impacts continue- affecting customer behaviour in terms of going out for film and theatre entertainment and how c105e to the event tickets are booked. The commercial path to recovery and the return to pre-pandemic visitor numbers remains slow but confidence has returned. Pa8e 7 STAG COMMUNITY ARTS CENTRE (A Company limited by guarantee) TRUSTEES, REPORT FOR THE YEAR ENDED 31 MARCH 2024 The Stag has continued achieving its charitable aims during period5 of Government restrictions and continues that success now. The underlying charitable and artistic aims for The Stag, its Trustees and ils staff have not changed since it re-opened in 2009 - providing facilities for hundreds of events each year of all types, providing a focus for local groups and a location for national and touring groups to perform for the people of Sevenoaks. We continue providin8 facilitles for young people from babies to toddlers to the Stag Youth Theatre providin8 drama and film courses. Rare Productions tontinues to provide musical theatre and numerous dance schoo15 and companies use The Stag'5 facllities to provide expression through dance. The Stag has continued to support local amateur performing arts groups with 518nificant reductions in hirin8 rates providing an excellent route to profe55ional theatre service5 for local community groups. Local state schools are also supported i n this way, An excellent outcome from that Support durin8 lockdown has been the creation of a Youth Theatre writers, group which has flour15hed and h35 developed into an annual writing event, Our thanks 80 to Simon Cossons and the Stag Youth Theatre. A pantomime-introductory school ha5 a150 been started looking at the history and drama of pantomime as well as comedy, tlmSn8, son8 and dance. We also plan to introduce a similar course on opera. SYT Ithe Stag Youth Theatre) and the Stag'5 Youth Outreach provision are now well established. The Stag has not received any identified grant money specifically to Support youth-based activities since 2015. SYT providos drama, play-writlng and f ilm-making courses, The Charity has continued to build on the early year successe5 when those grants were available and continues to provlde f rom Its own revenues both reduced pricing for local state school performances and some limited support for youth groups. The Stag prlncipally provides facilities now for three youth groups (Rare Productions, Sevenoaks Theatre Productlons and the Stag Youth Thealrel. The cinema continues to show first run fllms on their date of national release alongslde our continuous development of Stag Select live transmissions, cult, classic and specialised films such as the increasingly popular art documentary shows which allow detailed examination of pictures and artifacts in high definition cinematography. This often allows a closer, more detailed and improved viewing than would be possible in the museum Itself. We also provlde facllitles for a variety of private hire & community users. Tickets sold at our cinemas continue to increase and in 2023124 we had 5.2% more visitors than the previous year with now more than 44,000 people using their local cinema. 2023124 was the year of 'Barbenheimerf with the surprise smash hit that was 8arbie alongside the more Sennockian film 'Oppenheimer'. Barbie became The Stag Cinema'5 fourth biggest seller behind only two previous Bond f ilms and the 2011 hit The King's Speech. Later in 2023 the family frlendly Wonka overtook Oppenheimer and overall nearly 14,000 people came to see one of these three top film5 at The Stag, We were also able to support the community and families land perhaps parents looking backl with many classic Disney films celebrating Walt Disney's centenary anniversary all the way back to the 1967 'Jungle 8ook', the 1961 'IOl Dalmatians, and the 1953 'Peter Pan, The Sta8 Select Strand of specialist films and live events was sponsored by Manak Solicitors and we thank them for their generou5 Support of The Stag in this and many other ways. In this year, 39 of the 102 films shown were Stag Select with National Theatre Live prod uction5 being most popular. The strand of arts documentaries was also received well with the film on Vermeer eventually being screened seven times through popular demand- the Stag Cinema showing meant many Sennockians could see it when the Museum exhibition was abroad in the Amsterdam Rijksmuseum and sold out there. Andre Rieu's music spectaculars always fare well in Sevenoaks. Phoebe Waller-Bridge's Stunning performance in Fleabag returned to Sevenoaks again through popular request and wa5 once again a hit with Sennockia ns, Matthew Bourne's 'Swan Lake, and 'Sleeping Beauty, were popular and we have also now negotiated with the Royal Ballet & Opera to show their 2024125 season of live transmissions of their shows which will begin in September 2024. Page 8 STAG COMMUNITY ARTS CENTRE (A Company limlted by guarantee) TRUSTEES, REPORT FOR THE YEAR ENDED 31 MARCH 2024 The Stag has also enabled locally made f ilms to be shown as part of the 'Film in a Week, original output from the Stag Youth Theatre. External donors and grant bodies continue to provide financial and support through benefit in kind. As a eharity. we can take financlal advantages of GiftAid for all donation5. We welcome offers of help, grants and bequests to help the work of The Stag in its charitable objectives. The Footlights Barfs stage has been increased in size and the lighting wash improved with new LED lighting. We are grateful to Front Seat Media and to Sevenoaks District Council for their donatlons and grants to make these improvements and to the Listening Agency locally which has provided a number of booklngs. More booked in 2024 and into 2025. As a performance area it works well for small acoustic-like performances. It also contlnues to be regularly used for meetings and events durin8 the day and as a bar in the evening supporting event5 in the main auditorium when the bar continues to operate being run by volunteers. The Trustees once again thank both our staff and our enthuslastlc 8nd dedicated group of volunteers without whom The Sta8 could not operate. All our volunteers are people who not only give their time but also their passion to continue the succes5 The Stag has enjoyed for more than a decade. The small group of staff is supported by the volunteers who regularly receive plaudits from customers and hirers for the excellence of the service they provide. We particularly want to once aBain thank Chris Holsate who contlnues to paint everythin8 in sight, fabricate shelves and oiher work to make The Stag shine and work better all around. In 2023124 volunteers provided nearly 5,000 hours of support to The stag on shows front of house, backstage, in our klosks and bars and maintaining the buildlng. Staff and volunteers are two sides of the same coin providing the individual service to Customers and hlrers whlch Is part of the overall success of The Stag, Achlevements thls year and alms for the future As a charlty all Infrastructure and equipment investment depends upon the availability of funds elther generated within the busincss or from external grant f unding. New developments and improvements to the building and its equipment for long-term investment can only be carried out as new funds are found. The Stag's operational aim has always been to provlde excellence In facllitles and servlces so that hlrers are successful in their shows . which then means they return to The Stag providlng the successful provision of our charitable objectives. Key to this is that our hiring Companies sell enough tickets for them to make a commercial return 50 that they want to return to Sevenoaks and The Stag on their next tour. Theatre ticket sales Icustomers buying ticket5 to see the shows put on at The Stag) have increased by more than 6% in 2023124 over the previous vear and continue a post-pandemic improvement. The audience for those shows has also increa5ed- by 7% on 2023124 over the previous year. The Stag has continued its aims to improve the facilities provided to hirers and customers and ha5 now invested £1,400,000 in capital improvements to The Stag and its equipment- more than £115.000 every year since The Sta8 re-opened. Page 9 STAG COMMUNITY ARTS CENTRE (A Company Ilmlted by guarantee) TRUSTEES, REPORT FOR THE YEAR ENDED 31 MARCH 2024 Theatre In this financial year12023-20241 bookin65 in the theatre have been very buoyant and the future continues to develop and to now look brighter than immediately post-pandemic, The repulation of The stag in providing excellence in facililies and services remains and we continue to enjoy strong relation5hip5 Wlth many promoters and individual bands. Local groups such as Sevenoaks Entertainers, Kentish Opera, Sevenoaks Symphony Orchestra and Sevenoaks Players have returned with large seale theatre productions. Overall The Stag Theatre hosted around 300 performance events covering music. musical theatre. drama and dance involving around 16,000 people and watched by more than 50,000. Truly encompassing the community. It is heartening for our hirers that the average capacity for live events in the theatre has increased by 7% over last yÈar- more people from Sevenoaks seeing the shows The StaB Puts on. As mentioned earlier, the Charity ha5 now invested £1,400,000 in capital improvements to the building and its equipment since 2009, more than £115,000 every year. Hirer feedback for the facilities and service - both technical and front of house servlce provided at the Stag Theatre continues to be 5tron8 and positive with many new companies be8Snnin8 to use the excellent on.sta8e and ba¢ksta8e facllltles which The Stag provides. Clnema Cinema distributors have followod through on their public commitment to provide new content and in particular the blockbuster films which attract rnost larger audiences. The recovery of cinema audience levels to pre. pandemic levels continue5 to be steadily upwards. Our two clnema screens are a wonderful local asset for the town, Visits to the cinema have Increased more than 5% in 2023124 compared to 2022123 although they remain around 20% lowerthan the peak of 2019120. The Impact of new entrants to film production such a5 Netflix and Amazon Prime outside the traditional cinema distribution network continue to affect cinemas nationally. However, the in(Justry overall has settled back to its traditional model of providing a 'theatrical window, when film5 are released first to cinemas to be shown in the best way and in their designed format for the best picture and sound. The Stag continue5 Its long-term and very successf ul film schedule providing the mix of first-run film releases for everyone, young or old, family or friends. This year The Stag Cinema once again showed more than 2,200 film performances covering more than a hundred different shows and titles. A quarter of these were aimed squarely at our family audiences attracted by our family-friendly kiosk prices and portions. Overall some 89% of the films we showed were aimed at either families or at those who want to see the challen8in8 films so Often requested by The Stag's customers. This year saw the twin successes of Barbie and Oppenheimer althou8h by the end of the year Wonka had also attracted the families of Sevenoaks and overtaken Oppenheimer 35 our second biggest film in 2023124. The Stag continues its commitment to provide thouBht-provokin8 films which do work well with the families and parents land grandparents) of Sennockians. Dune and Napoleon were huge epic blockbuster films and the Indian3 Jones and Mission Impossible franchises swept across the 5ta£ screens with flamboyance and fun. There were stunnin& powerful and moving performances from great British actors- Olivia Colman in Wicked Little Letlers, Anthony Hopkins in One Life and Michael Caine in The Great Escaper. We look forward to providing Royal Ballet and Opera production5 next year and with these and for 50 many Stag Select presentations it remains much easier to See such performances at The stag than journeyin8 to London with its attendant time. hassle and cost. Page 10 STAG COMMUNITY ARTS CENTRE (A Company limited by guarantee} TRUSTEES, REPORT FOR THE YEAR ENDED 31 MARCH 2024 The success of our Stag Select strand continues with nearly 40 presentatior15 this year covering National Theatre (Joseph Fiennes in Dear Eng13nd, David Tennant in Good, Andrew Scott in Vanya, Hiran Abeysekera in The Life of Pi, Carey Mulligan and Bill Nighy in Skylight and the welcome re-run of Phoebe Waller-Bridge in Fleabagl. Stag Select also showed ballet, extremely Successful art documentaries, music from Andre Rieu and ABBA plus many classic films celebrating the centenary of Disney and the re-release of Mcnty Python and the Holy Grail. The Stag deliberately continues to programme a wonderful mix of film aimed at all ages covering films for the whole family from youngest to oldest wilh a list of films to suit everyone's taste, We continue to welcome suggestions for films to include in The Stag's programme, We continue to provide first-run films 7 days per week 52 weeks per year providing family friendly and local service & facilities with excellent value. We have continued to provide booster seats for our customers Imalnly small children but also some small adultsl in our cinemas. Stoq Plazo The Stag Plaza is an increasingly popular choite providing superb Iow-cost value and a flexible space for hirers and customers for all forms of shows covering meotings. music, drama and comedy. The Stag Plaza remains available for training seminars. community and business meetlngs. It hosted around 300 meetin8s and groups from craft fèirs, baby support shows Isuch as music and phonics), the Youth Theal're and Rare Production5 and music, 23 performance shows were hosted to more than 7,000 people wlth tributes to Tom Petty and the Heartbreakers, Jam, Led Zepplin and Jimi Hendrix The talk by Gloria Hunniford OBE was a sell out as was the very successful and now regular children's magic show by the Kent Magicians, Guild which also holds its regular meetings at The Stag. The Stag's own Silly Billy sold out multiple shows whilst we also enjoyed Flamenco Dancing, Barbra Streisand'5 music, Whitney Houston's muslc and comedy from Nick Helm. We welcomed back live ballet this year to the Plaza with the sell-out family show Goldilocks from the Let's All Dance touring group, a group which enjoyed its visit and wlll return later in 2024. Our Sevenoaks community here not only includes those watching the shows but also those involved in them with around 10,000 people watchlng or takln8 part In the very varied actlvlties supported by the flexibility of The Stag and the Stag Plaza. Stag Llmellght Room The Stag Limelight Room is a well-equipped meeting and boardroom provlding su perb low-cost value and a flexible meeting space with alv facllities, free WIFI and self-serve tea & coffee facilities. It is regularly used for internal meetings but is also now increasingly ronted out to local companies holding Staff briefings or management meetings. Stag Footllghts Bar The Stag Footlights Bar was set up and launched thls year as a third performance area at The Stag with an opening performance by Charlie Dore. It has quickly become a favourite intimate atmosphere for small scale acoustic shows with a capacity of 60. The addition of a small stage, a dedicated sound system and some general LED wash lighti ng means the regular rlleeting5 held there throughout the day and evenings are also enhanced. A5 well as the ticketed shows, more than 130 Eroups held meetings there with nearly 2,500 people attendinE or taking part- an increase of 30% over the previous year. The Footlights is an increasingly popular room for daytime community meetings as well as formal evening meetings. We are proud to host West Kent Mind Mental Health first aid courses as part of our Community offer. Page 11 STAG COMMUNITY ARTS CENTRE (A Company limited by guarantee TRUSTEES, REPORT FOR THE YEAR ENDED 31 MARCH 2024 Bars & Kiosks The Sta8 continues to follow its community ethos by providing refreshments In child and family friendly serving5 with family friendly pricing, The range of refreshments continue5 to be monitored and enhanced when suitable producls are available. Ice cream tubs in various flavours (including vegan) continue to be a popular offering at both theatre and cinema shows. The Art Wall continues to be provided as the only free to use - 2nd the only freely available - art display space in Sevenoaks. It displays a selection of the Town Council'5 modest art collection when The Stag doesn't have a community or professional display booked in to use it. Sevenoaks Town Council published a booklet for the 2024 celebrations of So years since its inauguration Eivin8 a record of the Mayoral pieces of artwork the Council has to display. The booklet is available in the Footlights Bar, Theatre and Stag Plaza events continue to be supported by volunteers for front of house 5UPPOrt backed up by a dedicated staff event manager in addition to the on.site Duty Manager. The volunteers not only provide support during the evening shows but during matinee5, meetings and special events. Our team of volunteers also assist with adminlstration and other tasks within the charity. Without them the Charity could not operate so successfully and the trustee5 are deeply grateful, Morketlng The Stag ha5 replaced its in-house poster displays with TV adscreens in both the main foyer, the upper foyer and linklng spaces. These can display statlc pictures and GIFS a5 well as video content. We have returned to println8 a bi-monthly What's On brochure with distribution from The Stag and to local shops & supermarkets and we welcome and thank Manak Solicitors for their continuing sponsorship of this. We continue to look for areas of marketing where printed materials work best but concentrate on social media and direct regular email contact. Our social media reach now includes facebook, X, Inslagram and traditional ema il reaching around 300,000 hits per month. The Stag continue5 to provide eTickets for our customers wlth qulck and direct access to tlckets which do not even have to be printed. This has now been enhanced by the use of QR code5. Electronic tickets can be shown at the theatre or cinema door on your smart phone or tablet. We also provide print and design services to hlrers. The Sta8 has a close relatlonshSp with both Sevenoaks Town Council and Sevenoaks TownTeam and hosts an advertisSng video screen in the foyer which provides tourist and business information for visitor5. The Stag has a community presence on an advertising screen at Sevenoaks Rail Station. We will continue to Strive for greater income from advert15ingi sponsorshipi sift-aid, le8acies and other source5 of charit8ble donations. We would welcome any donations and beq uest5 to help support the contlnued presence of art and culture in Sevenoak5, Youth Outreach Many groups use The Stag's facilities for our community of young people. The Stag's Youth Outreach programme is provided primarily by Simon Cosson5 working with The Stag but also includes successful week-long run5 of annual musical theatre show5 from Rare Productions. This year we also weltomed a Youth Opera week-long course leading to a performance for friends and family of Gilbert and Sullivan's Trial by Jury,. We have also started a week-long pantomime course led by The Stag's professional pantomi me producer, jamie Alexander-wilson, which similarly culminated in a performance at the end of the course for friends and family of the participants. Page 12 STAG COMMUNITY ARTS CENTRE (A Company limited by guarantee) TRUSTEES, REPORT FOR THE YEAR ENDED 31 MARCH 2024 We provide the facilities and support for the Stag Youth Theatre drama courses and Film in a Week professional film courses, musicals on the main stage through Rare Production5 plus courses on pantomime and also opera. In the absence of external dedicated funding for youth activities, we have continued to provide tho Stag's facilities at a Eenerously reduced rate for youth and school user5 - subsidised by the Charity under its aims, This enables state school productions to have professional facilitie5 for their shows at greatly reduced charges alongside some youth production sponsorship. It provides a wonderful professional experience for pupils and staff. We were also proud to host the Weald of Kent School's day of modern languages when nearly 600 pupils from the School's year nine and year ten took over The Stag for a day to see foreign language films and discuss language and historical topics across Europe. The Stag was able to provide facilities to provide13rge-scale audio and visual presentations in the theatre, the Plaza. both cinemas as well as a teachers, èdmini5tration centre in the Footllghts Bar. During thSs year the Stag Community Arts Centre has.. Supported drama through SYT (the Sta8 Youth Theatrel with theatrica I productions, and an over- subscribed weekly youth drama development ccurse Supported the development of opera In young people through Kitchen Youth Opera's week-long course Supported the development of pantomlme In young people through Sevenoaks Theatre Productions, week-long course Hosted the Sevenoaks Town Council free-to-all youth café, House in The Basement. Provlded the fa¢illty for professional film making courses where orlginal 20-mi nute feature film5 created and made by young people are shown at the The Stag's cinemas, Supported seven local schools to perform at The Stag. Volunteers We continue to have the support of many individual volunteers. We send out a weekly newsletter to all volunteers and provide social events and information for them. As well as seein8 the shows at which they asslst, regular volunteers qualify for tickets to see shows under our Volunteer Rewards scheme. The Stag Community Arts Centre could not operate so successfully without its volunteers and this year they provided nearly 5,000 hours of volunteering from more than So active volunteers. The majority of the volunteerlng effort provides front of house support for events at The Sta8 but also Supports our kiosks, bar5 and back-stage and there are opportunities for placements in other parts of The Stag- retail, maintenance, administration and gardening. Without them The Stag would be a poorer place- financially certainly but also poorer in spirit and enjoyment that the community at The Stag provide5 and enjoys. Fundralslng. Sponsorshlp, Grants und Bequests Income via fundraising, sponsorship and grants has taken place plus special collections and donatlons, the use of gift ald and tax effective giving schemes. The Stag doesn't at present use bucket collections but does have a cash slide donation facility in the foyer which 15 popular with children. The Stag now has four different route5 to receive donated funds.. Donate through the website Donate at the box office Donate by text Donate coins or notes in the foyer Page 13 STAG COMMUNITY ARTS CENTRE (A Company limited by guarantee) TRUSTEES. REPORT FOR THE YEAR ENDED 31 MARCH 2024 The Sta8 also welcomes discussions on bequests and legacies to help support it and keep the arts and culture alive in Sevenoak5. This type of income enables more refurbishment to be carried out and new equipment to be sourced. We also receive donations of goods and equipment from external donors and benefit in kind donations from other organisation5 such as our technical partner H2 Productions and our general facilities partners Stellar Maintenance. This year we have also been pleased to receive donations of equipment from the Criterion Theatre in London as well as a Birmingham based supplier, Front Seat Media. We receive significant donations in kind of their time and equipment from these partners as well as from volunteers and their support is gratefully received. We will continue to apply for Erant funding wherever it is available to meet the objectives of the Charity and we will continue to source commercial sponsorship whenever possible. We successfully finished off the installation of 55kW of solar pane15 in May 2023 which included 108kWh of battery storage which Is topped up elther from cheaper overnight electricity or f rom excess solar energy when the sun shines. As part of our green agenda we have been following since 2014, we are working on a project to replace our tungsten theatrical lighting with LEO light units so reduclng our carbon use as well 35 our overall electricity consumption and we hope to move forward on this with new grant funding in 2024. We have received no complaints regarding our fundraislng actlvlties, Other Income The Charity continued to receive grant income of £27,000 from Sevenoaks Town Council during the financial year 2023124 into its 8eneral fund towards general operational costs, Structure, Governance and Management Governlng Document The Charity is a company limited by guarantee and does not have share capit31. The constitution of the Charity is set out in the Memorandum and Articles of Association dated 28 November 2009. Trustees A full list of trustees who served during the year 15 detailed below'.- Claire Shea (Chairman) Catherine Daniell (Vice-chairman) lappointed 14 June 20231 Chloe Gustard lappointed 14 June 20231 David Skinner OBE (appointed 14 June 20231 Elisabeth Ancrum Gareth Willis (appointed 14 June 20231 Lionel O'Hara (appointed 11 September 20231 Merilyn Canet Nicholas Varley (appointed 14 June 20231 Nigel Wightman (appointed 14 June 20231 Peter Dixon (appointed 14 lune 20231 Sally Higham (appointed 14 June 20231 Sue Camp Tony Clayton Victoria Granville-Baxter Page 14 STAG COMMUNITY ARTS CENTRE (A Company limited by guarantee) TRUSTEES, REPORT FOR THE YEAR ENDED 31 MARCH 2024 The following trustees rÈsiEned on 10 May 2023:_ Nicholas Busvine OBE Keith Bonin Rachel Parry Richard Parry Robert Piper Roderick HoBarth Simon Raikes Appointment OA new Trustees The Articles of Association allow for the number of Trustees to be between 2 and 16 In number. 111 The subscribers to the Memorandum are the first Members of the Chaiity. 121 Membership is open to any person who Is a Town Councillor of Sevenoaks Town Council who: lal applies to the Charity in the form required by the Trustees,. and Ibl is approved by the Trustees, (31 The Trustees may only refuse an application for Membership if, actinE reasonably and properly, they consider it to be In the best interests of the Charity to refuse application. 141 The Trustees must inform the applicant in writing of the reasons for the refusal within twenty one days of the decision. (51 The Trustees must consider any written representatlons the applicant may make about the decision. The Trustees decision following any written representations must be notified to the applicant In writlng but may be final. 161 Membershlp Is not transferable to anyone else. The only Members of the Company are the Trustees. Any person appointed as a Trustee automatically becomes member and ceases to be a member when they cease to be a Trustee. At 31 March 2024 there were fifteen members each of which guarantee to contribute EIO Sn the event of the Charity ceasing to operate. Inductlon and Training of Trustees New Trustees under80 an individual induction session and tour of The Stag to brief them on their legal obligatlons under charity and company law, the content of the Article5 of Association (incorporating Memoranduml, the Trustee Board and decision making process, the business plan and the recent financial performance of the Chaiity. Duri ng induction they formally meet the executive management team. Trustees are given the opportunity to attend appropriate external training events to help them undertake their role. The Governance Structure The Board of Trustees administers the Charity and meets normally on a bi-monthly basis. All issues are con5idored at the Trustee Board meetings. A Chief Executive manages all day to day operations of the Charity under a contract of employment by the Trustees. To facilitate effective operations, the Chief Executivo has delegated authority for all operational matters including artistic programming, finance and employment issues. Page 15 STAG COMMUNITY ARTS CENTRE (A Company limited by guarantee) TRUSTEES, REPORT FOR THE YEAR ENDED 31 MARCH 2024 The Trustees are aware of the Charily Commission's Charity Governance Code published in 2017 and are en-route to applying principles one to five. The Charity is set up to accept Trustees from the elected representatives of Sevenoaks Town Council which is an open democratic process. For principle six the Board wèlcomes Trustees from any background and anyone who falls within any of the protected characteristics of the Equality Act 2010. The Charity follows principle seven within the confines of commercial conf identiality. Subsldlary The Stag Community Arts Centre has one wholly owned subsidiary company, StaE Community Arts Centre Trading Limited (Company Number 76147101. The tompany's principal activity is the provision of commerclal recreatSonal facilities in support of the Charity. The subsidiary donates its profits via a deed of covenant to the Charity. The results of the subsidiarws trading is summarised in Note 2 of the financial statements. Reloted Porty Relationshlps The Trustees consider the followin8 entities to be related parties of the Charity: Sevenoaks Town Council Sevenoaks District Council The Stag Community Arts Centre also has a working relationship with the following orga ni5ations; • BBC SE Television, BBC Radio Kent & KMFM Radio H2 Productlons Kent Libraries Kent County Council Everyone Active Sevenoaks Leisure Centre Sevenoaks Chamber cf Commerce Sevenoaks Chronlcle and other local print media Sevenoaks Lions Sevenoaks Round Table Sevenoaks Theatre Productlons Sevenoak5 TownTeam Stag Youth Theatre Pay pollcyforsenlor 5tolf The directors make up the board of direclors, (who are the Charity's trusteesl. All Trustee5 give of their time freely and no Trustee received remuneration in the year. The senior management team comprise the key management personnel of the Charity who are in charge of directing & controlllng, running & operating the Charity on a day to day basis. The pay of all staff is reviewed regularly by the Chief Executive a5 a wholly executive function and increased as appropriate in line with meritorious work for the Charity. In view of the nature of the Charity. the Chief Executive onsiders pay levels in similar roles held elsewhere in the industry with Similar attributes as the Stag whilst cor)siderinE experience and any additional responsibilites. If recruitment proves difficult then a market addition can be paid. Pa8e 16 STAG COMMUNITY ARTS CENTRE IA Company Ilmited by guarantee) TRUSTEES, REPORT FOR THE YEAR ENDED 31 MARCH 2024 Risk ML7nt7gement rhe Trustees have a comprehensive risk manaEement strategy which comprlses: 111 A regular review at its board meetings of the risks the charity may face,. (ill The establishment of systems and procedures to mitiEate those risks.. liiil The implementation of procedures designed to minimise any potential impact on the Charity should those risks materialize. The risk management process is a continuous one both for the operation of the buslness and for hlrers of The Sta8. It is reviewed annually by the Board of Trustees. The trustees recognise that the Charity operates in an area where reputational and financial risk is Inherent in the very nature of its tharitable purposes, Consideration is given to the Charitws appetite for such r15ks and the balance of financial and artistic rlsk whi15t avoiding censorship through potential social pressure. A key element in the management of financial risk is to continue worklng towards establishing an appropriate level of reserves in the unrestricted funds of the Charity. Flnanclul Revlew The overall result for the year was a deficit of £5,34812023 - surplus of £31,832). We have contlnued to adapt to the financial pressures experienced in relation to above Inflation cost rlses and the slow but steady recovery In terms of customer numbers post COVlD19. The alm Is to contlnue to build and consolldate the financlal position for future growth, The Stag Community Arts Centre earned 93% {2023 - 87%) of its income from performance and hlre fees, bar and catering income, the Youth Outreach programme and the showin8 of film5 in the cinemas. The remaining 70A12023 13%) of income was raised through external grants and donatlons, The Charity is continuing to work towards buildlng stability in Its flnanclal position in order to support the Stag Community Art Centre's alms and obJectlves and to be able to fund any future cost5 arising in relatlon to malntalnlng the fabrlc of the historlc building and replacing key items of equlpment as they wear out. Reserves Policy Reserves are needed to cover short term falls In day to day operational cashflows and to cover unplanned emergency repalrs and other expenditure. The trustees consider the ideal level of reserves required to mitigate the above to be £58,885, which equates to S% of turnover, and £50,000 to cover unplanned emergency repalrs. The Unrestricted General Reserves balance at the year-end amounts to £142.61212023 - £132,504). The balance held is utilised on f uture projects ènd also assists with the working capital required for the normal day to day operations and for any unplanned emergency repairs. The grants received from the Sevenoaks Town Council in the year of £27,00012023 £27,000) and the continued generosity of public donations has helped to maintain the sustainability and viablity of The Stag and its charitable aims for the future. Restricted funds arise from donations and grants received from third parties to be uti lised toward5 Specific projects. During the year the Charity utilised £14,266 from Sevenoaks District Council and £13,853 from Sevenoaks Town Council towards the LED Lightin8 upgrade project.The £30,086 received from Sevenoaks Town Council last year, to part fund the Solar Panel project, was Utilised and the project completed in May 2023. Investments Policy t7nd Powers The Charity currently holds short term surplus funds with its bankers, National Westminster Bank. Any surplus funds held in excess of one month's average working capital requirements are placed on deposit at a suitable UK based financial institution, depending on the credit rating and prevailing interesi rates available, The Stag continues to avoid any form of investment risk. Page 17 STAG COMMUNITY ARTS CENTRE IA Company limited by guarantee) TRUSTEES, REPORT FOR THE YEAR ENDED 31 MARCH 2024 Going Concern Accounting standard5 require that the trustees of the charity consider appropriateness of the Eoing concern basis when preparing the financial statements. The Trustees have taken notice of the Financial Reporting Council guidance especially following the impact of the pandemic. The trustees continue to regard that the basis for 'going concern, remains appropriate since the Charity has net assets of £359,15512023 - £364,503) and free reserves of £142,61212023 - £132,504) at the balance sheet date, cash balances of £548,53012022 £420,664) and no long term borrowings.The board has reviewed the cashflow forecast for the next twelve months in conjunction with future bookings. The Stag has built up cash reserves which will cover up to six months of operations. The board has discussed and taken account of factors affecting the short and medium term future for The Stag. It has agreed a Board Memorandum at the board meeting held on 21st November 2024 stating this. The board is therefore confident that on the basis of information provided to it and which show the current situation iii the UK and in the entertainment sector that they are content that The Stag rema￿nS a going concern. Statement of Trustees, Responslbllltles The trustees (who are also directors of the Stag Community Arts Centre for the purposes of company lawl are responsible for preparln8 the trustee5' report and the flnancial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Company and charity law requires the trustees to prepare financial statements for each financial year which Eive a select suitable accounting policSes and then apply them consistentlv,, observe the methods and principles in the Charities 50RP,' make judgments and estimates that are reasonable and prudent,. prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will conlinlse in operation. The trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companie5 Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Provision of Information to Auditor Each of the persons who are trustees at the time when this trustee5' report Is approved has confirmed that.. so far as that trustee is aware, there is no relevant audit information of which the charitable company's auditor is unaware, and that Trustee has taken all the steps that ought to have been taken as a Irustee in order to be aware of any information needed by the charitable company's auditor in connection with preparing its report and to establish that the charitable company's auditor is aware of that information. In preparing this report, the Trustees have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006. This report was approved by the trustee5 on 27th November 2024 and signed on their behalf, bv.. Clalre Shea, Chairman Page 18 STAG COMMUNITY ARTS CENTRE (A Company limited by guarantee) INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS AND TRUSTEES OF THE STAG COMMUNITY ARTS CENTRE Opinion We have audited the financial statements of Stag Community Arts Centie Ithe 'pa rent charity, l and its subsidiary {the 'group'} for the year ended 31 March 2024 which comprise the Consolidated Statement of Financial Activities. the Consolidated Balance Sheet, the Charity Balance Sheet, the Consolidated Statement of cash f lows and the related notes, including a summary of 518nificant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). The financlal statements have been prepared in accordance with Accounting and Reporting by Charities preparing theSr accounts in accordance with the Financial Reporting Standards applicable in the UK and Republic of Ireland IFRS 1021 in preference to the Accounting and Reporting by Charities.. Statement of Recommended Practlce issued on l AprS12005 which Is referred to in the extant regulations but has been withdrawn. This has been done in order for the accounts to provide a true and fair view in accordance with the Generally Accepted Accounting Practice effective for reporting periods beginning on or after l January 2015. In our opinion the financial statements.. give a true and farr vlew of the state of the Group's and of the parent charity's affair5 as at 31 March 2024 and of the Group's incoming resources and application of resources, including its income and expenditure for the year then ended,. have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice,. and have been prepared In accordance wlth the requirements of the Charities Act 2011. Basls for Oplnlon We conducted our audit In accordance wlth International Standards on Auditln8 IUKI IISAs {UKII and applicable law. Our responslbilltles under those standard$ are further descrlbed In the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the fSnancial statements In the United Kingdom, including the Financial Reporting Council's Ethical Standard. and we have fulfilled our other ethical responsibilities In accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions relatlng to golng concern In auditing the financial statements. we have concluded that the Trustees, use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast Sl8nificant doubt on the Group's or the parent charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authori5ed for i55ue. Our responsibilities and the responsibilities of the Trustee5 With respect to going concern are described in the relevant sections of this report. Page 19 STAG COMMUNITY ARTS CENTRE (A Company limited by guarantee) INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS AND TRUSTEE5 OF THE STAG COMMUNITY ARTS CENTRE Other information The other information compri5e5 the information included in the Annual report other than the financial statements and our Auditor's report thereon. The Trustee5 are responsible for the other information contained within the Annual report. Our opinon on the financial statements does not cover the other information and. except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially incon51Stent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially mi5Stated. If we identify such materlal InconsSstencles or apparent mateiial mis5t3tements, we are required to determine whether thi5 gives rise to a material mi55tatement in the financial statements themselve5. If, based on the work we have performed, we conclude that there is a material misstatement of this Other information, we are required to report that fact. We have nothing to report in this regard, Matters on whl¢h we are requlred to report by exceptlon We have nothing to report in respect of the following matters where the Charities (Accounts and Reports) Re£ulations 2008 requires us to report to you if, in our opinion., the information given in the Trustees, report Is Inconsistent in any material respect with the financial statements,. or the parent Charity has not kept sufficient accountln8 records. or the parent Charity financial statements are not in agreement wlth the accountin8 records and returns,. or we have not recelved all the information and explanations we require lor our audit. Responssbi1StSes of trustees As explained more fully in the Trustees, responslbllitles statement, the Trustees are re5pon5ible for the preparation of the financial statements which give a true and fair vlew, and for such Internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free f rom material misstatement, whether due to fraud or error. In preparing the financial statements, the Trustees are responsible for assessing the Group's and the parent charity's ability to continue as a going concern, disclosing, as applicable, matters related to Eoing concern and using the 80ing concern ba515 Of accounting unle55 the Trustee5 either intend to liquidate the Group or the parent charity or to cease operations, or have no realistic alternative but to do 50. Audltor'5 responsibilities for the audit of the financial statements We have been appointed as auditor under section 151 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder. Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance wilh ISAS IUKI will always detect a material misstatement when it exists. Misstatements Can arise from fraud or error and are considered material if, individually or in the ag£reEate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Page 20 STAG COMMUNITY ARTS CENTRE (A Company limited by guarantee) INDEPENDENT AUDITOR'5 REPORT TO THE MEMBERS AND TRUSTEES OF THE STAG COMMUNITY ARTS CENTRE Irregularities, including fraud, afe instances of non-eompliance with laws and re8ulations. We design procedures in li ne with our responsibilities, Outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularitie5. includin8 fraud is detailed below: enquiry of management about the Group's policie5, procedures and related controls regarding compliance with laws and reEulations and if there are any known instances of non-compliance,. examining supporting documents for all material balances, transactions and dlsclosures,. review ofthe board meeting minutes,. enquiry of management and review and inspection of relevant correspondence,. evaluation of the selection and application of accounting policies related to subjective measurements and complex transactions,. analytical procedures to identify any unusual or unexpected relationships; testing the appropriateness of journal entries recorded in the general ledger and other adjustments made in the preparation of the financial statements; and review of accounting estimates for biases. A further descriptlon of our responsiblllties for the audit of the financial statements is located on the Financial ReportlnB Council's websile at.. www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditor's report, Use of our report ThSs report Is made solely tc the charitvs trustees, as a body, In accordance with Part 4 of the Charities IAccounts and Reports) Regulations 2008, Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an Auditorfs report and for no other purpose. To the f ullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and Its trustee5, as a body, for our audit work, for this report, or for the opinions we have formed, lan Weekes Senior Statutory Auditor For and on behalf of Crowe U.K. LLP Statutory Auditor Medway Bridge House 1-8 Fairmeadow Maidstone Kent ME14 IJP De,. Page 21 STAG COMMUNITY ARTS CENTRE CONSOLIDATED BALANCE SHEET AS AT 31 MARCH 2024 Company number 070903Q5 2024 2023 Notes Flxed Assets Tangible assets 14 216,129 201.893 216,129 201,893 Current Assets Stock Debtors Cash at bankand in hand 8,472 37,528 548,630 8,716 66,411 420, 764 16 594,630 495,891 Current Llabllltles Creditors.. amounts falling due within one year 17 1451,604) (333,281) NET CURRENT ASSETS 143,026 162,610 NET ASSETS 359.155 364,503 FUNDS Restricted funds Designated funds Unrestricted funds 18 18 18 414 216,129 142,612 30,106 201,893 132,504 359,155 364,503 The financial statements have been prepared in accordance with the special provisions of Part 15 of the Companies Act relating to small companie5. The financial statements were approved and authorised for issue by the trustees and were signed on its behalfon 27th November 2024. Claire Shea, Chairman The notes on pages 26 to 38 form part of these financial statements. Page 23 STAG COMMUNITY ARTS CENTRE CHARITY BALANCE SHEET AS AT 31 MARCH 2024 Company number 07090305 2024 2023 Note5 Flxed Assets Tangible assets Investment 14 15 216,129 loo 201,893 loo 216,229 201,993 Current A55etS Stock Debtors Cash at bank and in hand 8,472 86,362 548,530 8,716 72,289 420.664 16 643,364 501.669 Current Liabllltles Creditors: amounts falling due within one year 17 1500,4381 {339,159J NET CURRENT ASSETS 142,926 162,510 NET ASSETS 359,155 364.503 FUNDS Restricted funds Deslgnated funds Unrestricted funds 18 414 216.129 142,612 30,106 201,893 132,504 18 18 359,155 364,503 The financial statements have been prepared in accordance with the special provi5ion5 of Part 15 of the Companies Act relatin8 to small companles. The company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of financial activitie5 in these financial statements. The Ideficitl/surplus of the parent company for the year was £{5,3481 {2023'. £31,832}. The financial statements were approved and authorised for issue by the trustees and were signed on its behalfon 27th November 2024. Claire Shea, Chairman The notes on pages 26 to 38 form part of these financial statements. Page 24 STAG COMMUNITY ARTS CENTRE STATEMENT OF CASH FLOWS AND CONSOIIDATED STATEMENT OF CASH FLOW5 YEAR ENDED 31 MARCH 2024 Group Charity 2024 2023 2024 2023 Notes Cash generated in operating actlvltles 22 173.538 97.050 173,538 97.050 Cash flows from Ihvestlng activitie5 Interest income Purchase of tangible fixed assets 7,064 152,7361 2.043 (116,747J 7,064 152,736) 2,043 1116, 747) Cash provlded by (used In) Investlng actlvltles {45,6721 {114, 704) 145,6721 {114,704J Cash used In flnanclng actlvltles Increasellde¢rease} In cash and ¢ash equlvalents In the year 127,866 117.654) 127,866 (17,654J Cash and cash equivalents at the beginning of the year 420,764 438,418 420,664 438,318 Total Cash and (ash equlvalents at the end of the year 548,630 420.764 548,530 420,664 ANALYSIS OF CHANGES IN NET DEBT At l Aprll 2023 Cash Flow$ other non- At Cash ¢hange$ 31 March 2024 Group Cash and cash equlvalentS Cash Cash equlvalents 420,764 127,866 548,630 Total 420,764 127,866 548,630 At l April 2023 Cash Flows oiher non- At cash changes 31 March 2024 Charlty Cash and tash equlvalents Cash Cash equivalents 420,664 127,866 548,530 Total 420,664 127,866 548.530 The notes on pages 26 to 38 form pait of these financial statements. Page 25 STAG COMMUNITY ARTS CENTRE NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2024 Accounting Policies The principal accounting policies adopted, judgements and key sources of estimation uncertainty in the preparation of the financial statements are as follow5,. 1.1 Basls of preparation The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and the Republic of Ireland IFRS 1021 (Charities SORP (FRS 10211, the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 and the Companies Act 2006. The Stag Community Arts Centre meets the definition of a public benefit entity under FRS 102. Assets and liabililies are initially recogni5ed at historical cost or transaction value unless otherwise stated in the relevant accountin8 policy note. 1.2 Preparation of the financlal statement5 on a going concern basis The tr¢Jstees regard the going concern basis as appropriate since the Charity has net assets of £359,155 12023 - £364,5031,f ree reserves of £142,612 (2023 - £132,504), cash balances of É548.53012023 - £420,6641 and no long term borrowin8S. 1.3 Basls of consolldatlon The con501idated financial statements include the Charity and its subsidiary, Sta8 Community Arts Centre Trading Limited Ino. 076147101. Intra.group sales and income are eliminated on consolidation and all sales and income relate to external transactions only. The 5ubsidiary'5 results and balance sheet have been con501idated on a line by line basis. A separate Statement of Financial Activities and Income and Expenditure Account for the Charity has not been presented because the Stag has taken advantage of the exemption afforded by Section 408 of the Companies Act 2006, 1.4 Income All income is included in the Statement of Financial Activities when the Charity is legally entitled to the Income and the amount can be quantified with reasonable accuracv. All grants and donatlons receivable are recognlsed when the condltions for receSpt have been met. Where grants and donations received are performance related or restricted to future accoLJnting periods they are deferred and accounted for as a liability. Donations in kind are recognised at their value to the Charity when they are received. Income f rom other trading activities is recognised when the group is legally entitled to the income and the amount can be quantif led with reasonable accuracy. Income from goods supplied and non-refundable hire deposits are recognised at the point of sale. Other Income from hire and ticket sales are reco8nised on the date the performance takes place. No amounts are included in the financial statements for services donated by volunteers. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant 8 re retognised at the time of the donation. Page 26 STAG COMMUNITY ARTS CENTRE NOTES TO THE FINANCIAL STATEMENTS YEAR ENDEO 31 MARCH 2024 1.5 Interest recelvable Interest on f unds held on deposit is included when receivable and the amount can be measured reliably by the Charity; this is normally upon notification of the interest paid or payable by the Bank, 1.6 Restricted, Deslgnated and Unrestrlcted Funds General funds are unrestricted f unds which are available for use at the discretion of the trustees in furtherance of the general objectives of the Charity and which have not been designated for other purposes. Designated f unds comprise unrestricted funds that have been set aside by the trustees for particular purposes. The aim and uso of cach designaled fund is set out in the notes to the financial statement5. Restricted funds are funds which are to be used in accordance with specific restrictlons imposed by donors which have been raised by the Charity for particular purposes. The cost of raising and administerlng such funds are charged agalnst the specific fund. The aim and use of each restrlcted fund is set out in the notes to the financlal staternentS. Investment income, gains and losses are allocated to the approprlate fund. 1.7 Expendlture Expenditure is recognlsed once there Is a legal or constructive obllgation to make a payment to a thlrd party, it is probable that settlement wlll be required and the amount of the obligation can be measured reliably, Expendlture Is classlfied under the following activity headings.. • Cost of raising fund5 comprise the costs of commerclal trading and their associated support costs. Expenditure on charitable actlvities includes the costs of all activities undertaken to further the purposes of the Charlty and their associated support costs. Support costs are those functions that assist the work of the Charity but are not dlrectly attributable to one particular activity. Support costs include back office costs and governance costs which support the Stag's activities. These costs have been allocated between c05t of raising fund5 and expenditure on charitable activities on a basis consistent with the use of the resources concerned, 1.8 Operatlng leases Rentals under operating leases are charged to the Statement of Financlal Actlvities on a straight line basi5 over the term of the lease, Page 27 STAG COMMUNITY ARTS CENTRE NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2024 1,9 Tanglble flxed a5setS Individual fixed assets costing £1,000 or fflore are capitali5ed at cost and depreciated over their estimated Leasehold improvements Venue fittings and equipment IOYO per annum or over the life of the lease 10-20% per annum 1.10 Stock Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow moving Costs. 1.11 Debtors Trade and other debtors are recognised at the settlement amount due after any trade discount offered, Prepayments are valued at the amount prepaid net of any trade discounts due. 1.12 Cash at bank and In hand Cash at bank and in hand includes cash and short term liquid investments held withln a current and instant access deposit accounl. 1,13 Credltors and provlslons Creditors and provislon5 are recogni5ed where the Charity has a present obligation resultin8 from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably, Creditors and provisions ale normally recognised at their settlernenl amount afler allowln8 for any trade dlscounts due. 1.14 Penslons All eligible employees of the Charity are automatically enrol led into the Worksave money purchase defined contribution pension scheme operated by Legal & General unless they have excercised their right to opt out ofthe scheme membership. Employees joining the money purchase pension scheme coiitract directly with Legal & General, The Charity makes a matching contribution of up to 3Yo of the qualifying employees earnings to this pension scheme and acts as agent in collecting and paying over employee pension contributions. The contributions made for the accounting period are treated as an expense and were £7,28912023 - £6,228). 1.15 General Informatlon The Stag Community Arts Centre is a registered UK charlty and a company limited by euarantee. The address of its registered office and principal place of business together with details of the principal activity are disclosed in the trustees, report. Page 28 STAG COMMUNITY ARTS CENTRE NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2024 Fin2nclal performance of the subsldiar¥ The Charity has a wholly owned trading subsidiary that is incorporated in the UK. This subsldiary. Stag Community Arts Centre Trading Limited. runs the commercial cinema together with any commercial hire and sale operations within the Stag Community Arts Centre. The company donates its profits via deed of covenant to the Charity. The summary financial performance of the subsidiaiy is as follows: 2024 2023 Turnover Cost of sales and administration Costs Profit for the flnanclal year Distribulion - Deed of Covenant ProfSt for the financlal year after distrlbutlon 802,672 1753,8381 48,834 148,8341 670,872 (664,994) 5,878 15.878) Aggregate share capltal and reserves loo loo Donatlons 2024 2023 Donations from Trusts, Foundation5 and Councils 87,124 143,988 The income f rom donations was £87.124 {2023 - £143,9881 of which £28,53312023 £97,086) was restricted and £58,59112023 £46,902) unrestricted. The Charity benefits greatly from the involvement and enthusiastic support of its many volunteers, detalls of which are given in our annual report. In accordance with FRS 102 and the Charitie5 SOFIP IFRS 1021, the economic contribution of general volunteers is not recognised in the financial statements. Income from charltable activities Unrestrlcted Funds 2024 Unrestricted Funds 2023 Performance and Hire Community Cinema Ba rs and Catering Youth Outreach 163,066 52,510 58,326 6,934 280,836 166, 771 33.872 56,982 7,114 264,739 Page 29 STAG COMMUNITY ARTS CENTRE NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2024 Investment income All of the Charity's investment income of £7,06412023 £2,043> arises f rom money held in the Charity's interest bearinE deposit accounts. Analysls ol expendlture on charitable activitie5 Theatre Performance Youth Outreach Bars and Caterlng 2024 2023 and Hlre Clnema Total rotal Direct staff costs Other direct costs Depreciation Governance Support Costs 93,133 11,915 36,926 17,217 96,746 255,937 8,316 25,128 1,284 101,449 91.135 59,831 54,613 38,500 31.058 17,217 13,250 212,209 194,760 429,206 384.816 22,788 290 63,033 97,761 3,809 3,809 48,621 71,699 Expenditure on charitable activities was £429,20612023 - £384,816> of which £5,48912023 - £5,000> was restricted and £423,71712023 £379,816) was unrestricted, Summary analys15 of expenditure and related Income for charitable activitles This table shows the cost of the four maln charltable activities and the sources of income directly to support those activities. Theatre Performance and Hlre Youth Outrea¢h Bars and Caterln8 2024 Total 2023 Clnema Totol Costs Hire and ticket Sales Food and drlnk sales Net cost funded from other income 1255,937} 197,761) 163,066 52,510 (3,8091 171,699) {429,2061 (384,816) 6,934 222,510 207,757 58,326 56.982 58,326 {92,8711 145,251} 3,125 113,3731 1148,3701 f120,077J Analysis of support Costs Theatre Performance and Hlre Youth Outreach Bars and 2024 2023 Clnema Caterlng Total loiol Establishment expenses Wages and salaries Other staff costs General office costs 41,993 41,410 855 12,488 96,746 24,396 34,333 276 4,028 63,033 1,737 1,421 42 609 3,809 20,249 22,932 349 5,091 48,621 88,375 79,254 100,096 95,625 1,522 1,276 22,216 18,575 212,209 194.760 Page 30 STAG COMMUNITY ARTS CENTRE NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2024 Analysls of governance costs ilnrestricted Funds 2024 Unrestricted Funds 2023 External auditor remuneration 17,217 13,250 17,217 13,250 10 Net Incomel{expendlture) for the year 2024 2023 This is stated after charging: Depreciation Auditor's remuneration Audit fees for current year Audit fees for subsidiary undertaking 38,500 31.058 12,250 3,200 11,000 2,500 11 Analysls of staff costs, trustee remuneration and expenses and the cost of key management personnel 2024 2023 Wages and salaries Social security C05t5 Pension costs 453,394 31,030 7,289 491,713 427,757 29,464 6,228 463,449 No employee had employee benefits in exces5 of £60,000 in the current or preceding year. The key management personnel of the Charlty comprlse the Trustees, the Chief Executive Officer, The Chlef Financial Officer, Deputy Chief Executlve and the Cinema and Events ManaEer. The value of the total employee benefits of the key management personnel of the Charity was £125,13712023 - E123,5981, Pension costs are allocated to activities in proportion to the related 5tafflng costs incurred and are whollv charged to unrestricted funds. No Trustee received any remuneration, benefits from employment nor reimbursement of expenses in the current or preceding year. Page 31 STAG COMMUNITY ARTS CENTRE NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2024 11 Analysls of staff costs, trustee remuneration and expenses and the cost of key management personnel (continuedl No Trustee received payment for professional or other services supplied to the Charity in the current or preceding year. 12 Staff numbers The average monthly head count was 34 5taff12023 - 36 staff) and the average monthly number of full tlme equivalent employee5 lincluding casual and part time staff) durin8 the year were as follows: 2024 Number 2023 Number Operations Finance Events and Marketing li li 19 18 13 Corporatlon tamatlon The Charity is exempt from tax on income and gains falling within Section 505 of the Taxes Act 1988 or Section 252 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied t¢ its charitable objects, Page 32 STAG COMMUNITY ARTS CENTRE NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2024 14 Tanglble fixed a55ets . Charlty lalso comprislng that of the group) Venue Flttings & Equipment Le3sehold improvements Total Cost At l April 2023 Additions Disposals At 31 March 2024 203,542 24,616 308,603 28,120 512,145 52,736 228,IS8 336,723 564,881 Depreclatlon At l April 2023 Char8e for the year Disposals At 31 March 2024 59.115 16.835 251,137 21,665 310,252 38,500 75,950 272,802 348,752 Net Book Value At 31 March 2024 At 31 Morch 2023 152,208 144,427 63,921 57,466 216,129 201,893 15 Investments The Charlty holds 100 shares of £ l each in its wholly owned trading subsidiary company Stag Community Arts Centre Trading Limited which is incorporated in the United Kingdom. These ale the only shares allotted, called up and fully paid. The activities and results of this company are 5ummarised in note 2, 16 Debtor5 Group Charlty 2023 2024 2023 2024 Tfade debtors Other debtors Prepayments and accrued income 6,697 5,677 25,154 37,528 3,160 11,735 51,516 66,411 6,697 54,511 25.154 86,362 3.160 17.613 51,516 72,289 17 Creditors: amounts falling due withln one year Group Charlty 2023 2024 2023 2024 Trade creditors Taxation and social security costs Other creditors Accruals and deferred income 71,819 30,275 259,865 89,645 451,604 106, 748 71,819 7.331 30,275 158,609 308,699 60,593 89,645 333,281 500,438 106, 748 7,331 164.487 60.593 339,159 Pa8é 33 STAG COMMUNITY ARTS CENTRE NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2024 18 Analys15 of charitable funds Analysls of movements in unrestrlrted fund5 Funds l April 2023 Funds 31 March 2024 Incoming resources Resources expended Transfers General Fund 132,504 1,149,163 11,177,555) 38,500 142,612 Deslgnated Property Assets Fund 201,893 14,236 216,129 334,397 1,149,163 11,177,555) 52,736 358,741 AnalysSs of movements in unrestricted funds - previous year Funds l April 2022 Funds 31 March 2023 Incoming resources Resources expended Transfers General Fund 62,790 984.556 11,044.810) 129,968 132,504 General DilapidatiOn5 Fund 175,106 1175,1061 Desi8noted Cinema Projector Fund 40,000 140,0001 De518nated Property Assets Fund 54,755 147,138 201.893 332,651 984,556 11,044,810} 62,000 334,397 Name of unrestrlcted f und Descrlptlon, nature and purposes of the fund General Funcl The 'free reserves, after allowing for all other funds. General Dilapidation5 Fund Fund for the continuing refurblshment of The Stag and for future dilapidation repairs and renewals. This has been Sncorporated into the general fund, Designated Funds: al De518nated Cinema Projector fund for the futu re replacement of The stag'5 cinema projectors. This has been incorporated into the general fund. bl Designated Property Assets Fund is the value of tangible f ixed assets acqulred by the Stag from unrestricted funds and used by the Charily on an ongoing basis for its daily operations. Page 34 STAG COMMUNITY ARTS CENTRE NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2024 Analysis of movements In restricted fund Funds l April 2023 Funds 31 March 2024 Incoming resources Resources expended Transfers Fixed asset donations 20 1201 Solar Panel grant 30,086 15,4691 124,6171 Theatre LEO Lights upgrade 28,533 128,1191 414 30,106 28,533 15,4891 152,7361 414 Analysls of movements In restrlcted fund . prevlous year Funds l April 2022 Funds 31 March 2023 Incoming Resources resources expended Transfers Fixed asset donation5 20 20 Solar Panel grant 92,086 162,0001 30,086 Stag Town Takeover grant 5,000 15,0001 20 97,086 15,0001 162,0001 30,106 Name of restricted f und Description, nature and purposes of the fund Fixed asset donations Donations received from the Friends of Stag and other thlrd parties that have been used to purchase specific fixed assets, Solar Panel grant Grants received from the CIL funds provided by Sevenoaks Dlstrict CouncS1- £42,600 and Sevenoaks Town Council- £49,486 towards the supply and Installation of Solar Panels. Theatre LEO Lights upgrade Grant5 received from the CIL funds provlded by Sevenoaks District Council . £14,266 and Sevenoaks Town Councll - £14,267 towards the LED lights upgrade project in the theatre auditorium. stag Town Takeover grant Grant received from Sevenoaks Town Council12022 - from Kent County Council) towards the cost of the annual Stag Town Takeover event held throughout Sevenoak5 Town in the sunimer. Page 35 STAG COMMUNITY ARTS CENTRE NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2024 19 Analysls of net a55et5 between funds Group Restrlcted Unrestritted Total funds funds funds 2024 Fixed assets Current assets Current liabilities 216,129 216,129 594,216 594,630 1451,6041 1451,6041 358,741 359,155 414 414 Analysis of net assets between funds - previous year Group Restrlctld Unrestrlcled Total funds lunds funds 2023 Fixed assets Current assets Current liabilitie5 20 30,086 201,873 201,893 465,80S 495,891 1333,2811 1333,2811 334,397 364,503 30,106 Analysls of net a55ets between funds Charlty Restrl¢ted Vnrestrl¢¢ed Tgtal funds lund5 funcls 2024 Fixed assets Current a55ets Current liabilities 216,229 216,229 642,950 643,364 1500,43811500,4381 358,741 359,155 414 414 Analysls of net assets between funds- previous year Charlty Restri¢ted Unrestrltied Total funds funds funds 2023 Fixed assets Current assets Current liabilities 20 30.086 201,973 201,993 471,583 501,669 1339,1591 (339,1591 334,397 364,503 30,106 Pa8e 36 STAG COMMUNITY ARTS CENTRE NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2024 20 Related Party Transaction5 The trustees of the Charity are all olected Town Counclllors of Sevenoak5 Town Council. During the year Sevenoak5 Town Council granted £27,00012023 £27,000) to the Charity toward5 general operational costs, £14,26712023- £N illtowards the LED lighting upsrade project, £Nil {2023 . £5,000) toward5 the Stag Town takeover event and £Nil12023 £49,486) towards the Solar Panel project of which £Nil was due at the year end12023 £30,086). In addition. the Charity operates The Stag via an agreement with Sevenoaks Town Council and Sevenoaks Dlstrict Council where there is an annual peppercorn rent of £1 payable to Sevenoaks Town Council. Donations in kind recelved from Sevenoaks Town Council towards the annual rent of the Stag have been reasonably estimated at £1,000 {2023 - £1,QOQI. Durlng the financial year Sevenoaks District Council granted £14,26612023 £N il} towards the LED li8hting upgrade project and £Nil12023 £42,600) towards the Solar Panel project. During the financial year the following transactions took place between the Charity and Its wholly owned subsidiary Stag Community Arts Centre Trading Limited,. The transfer under deed of covenant of the trading proflts of Stag Community Arts Centre Tradlng Limited of £48,834 {2023- £5,878) of which £48,834 was outstandlng at 31 March 202412023- £5,878). There were no other outstanding balances with related parties a5 at 31 March 2024 {2023 . £Nill, 21 Agency Arran8ements The Charity's wholly owned subsldSary, Stag Communlty Arts Centre Trading Limited, is responsible for the operatlon of the commerclal cinema together wlth other commercial activity undertaken at the Stag. The Charity collects the revenup on behalf of its subsidiary and incurs some ol the costs associated with the running of the commercial operation. A contribution is made by the subsidiary to cover the costs Incurred and donates its taxable profits to the Charity via a deed of covenant. The Stag also acts as an agent for all performances that take place in the Stag Theatre, Stag Plaza and other performance spaces at The Stag. The Stag charges the hirer a hire fee for the use of the Sta8 Theatre, Sta8 Plaza and other performance spaces at the Stag and collects the ticket sales for the performances on behalf of the hirer. All amounts due to the performer are paid followlng the completion of the performance. At the year end the amounts due to hirers are included within other creditors (see note 171, Pa8e 37 STAG COMMUNITY ARTS CENTRE NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2024 22 Reconciliatlon of net movement in funds to net cash f low from operating activities Group Charlty 2023 2024 2023 2024 Net movement in funds Add back depreciation charge Deduct interest income shown in investing Decrease/lincreasel in stock Decrease/lincreasel in debtor5 Increase/ldecreasel in creditors Net cash generated in operating activities 15,3481 38,500 17,0641 244 28,883 118,323 173,538 31,832 (5,3481 31,832 31,058 38,500 31,058 {2.043J (7,0641 (2,043) 13,022) 244 (3.022) 4,890 114,0731 4,890 34.335 161,279 34,335 97,050 173,538 97,05Q 23 Accounting estimate5 and judgement5 In preparing the financial statements. the trustees are required to make estimates and judgements. The matters considered below are considered to be the most important in understanding the judgements that rc involved in preparing the flnanclal statcments and Ihe unccrtainties that could impact the amounts reported in the results of operations, financial position and cashflows. Accounting policies are shown in note I to the financial statements. Cost allocatlon Costs not attributable to a Single activity are allocated or apportioned to activities on a basis consistent with identified cost drivers for that cost category. C05t driver5 Utilised include turnover and floor space and judgement Is exercised in applying cost drivers to cost categories, Remalnlng useful economic life of assets Assets are depreciated over their useful economic life as explained in note 1.9. The estimation of the remaining useful economic life of the assets concerned 15 one of judgement based on current and past knowled8e of their operational use. Notlonal rent charge As descrlbed in note 20. the Charity receives a donation in kind from Sevenoaks Town Council towards the annual rent of The Stag. A notlonal rent charge has therÈfore been estimated in the financial statements based upon the specialised nature of the building. Page 38