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← The Friends Of Crediton Arts Centre

2023-12-31-accounts

Charity registration number: 1155513

The Friends of Crediton Arts Centre

Annual Report and Financial Statements

for the Year Ended 31 December 2023

The Friends of Crediton Arts Centre

Contents (continued)

Reference and Administrative Details 1
Trustees' Report 2 to 7
Independent Examiner's Report 8
Statement of Financial Activities 9 to 10
Balance Sheet 11
Notes to the Financial Statements 12 to 24

The Friends of Crediton Arts Centre

Reference and Administrative Details
Trustees Geoff Fox, Chair
Paul Cartwright
Tom Blaen
Glen Chudley, Treasurer
James Cookson
Yvonne Crone
Tim Harris, Secretary
John Ingham
Beth Robson
Tim Salter
Charity Registration Number 1155513
Principal Office Crediton Arts Centre
East Street
Crediton
Devon
EX17 3AX
Independent Examiner Wortham Jaques Limited
Chartered Accountants and Charity Advisers
130a High Street
Crediton
Devon
EX17 3LQ

Page 1

The Friends of Crediton Arts Centre

Trustees' Report

The trustees present the annual report together with the financial statements of the charity for the year ended 31 December 2023.

Objectives and activities

Objects and aims

‘The objects of the Friends of Crediton Arts Centre are to advance the education of the public in the Arts and particularly, the arts of Dance, Drama, Literature, Music and Visual Arts. In carrying out its objects the Charity shall promote equality of opportunity, and oppose discrimination on the grounds of age, culture, disability, gender, race, religion, sexual orientation or wealth.’

Public benefit

We believe our objectives and activities fulfil the following ‘public benefit’ categories listed by the Charity Commission:

In our general practice, we continue to work towards the advancement of human rights and the promotion of equality and diversity.

We attempt to avoid exclusion by adhering to our equal opportunities policy and by offering concessionary prices for most events at the Centre.

The trustees confirm that they have complied with the requirements of section 17 of the Charities Act 2011 to have due regard to the public benefit guidance published by the Charity Commission for England and Wales.

Page 2

The Friends of Crediton Arts Centre

Trustees' Report (continued)

Achievements and performance

The year 2023 saw a return to more normal life for the Arts Centre as things continued to recover after the pandemic. Audience numbers for the many and varied events gradually picked up and more classes in art, music, dance and fitness took place, meaning that the footfall of the Arts Centre reached more like pre-pandemic levels. Co-operation with the Town Council, Turning Tides and the Crediton Heart Project was further increased and the Heart Project worked with the Arts Centre to put on a varied programme of workshops, films and performances in August. Out and about in Crediton the Arts Centre was involved in many events including the Crediton Food Festival, Crediton Diversity Festival, several events for Sustainable Crediton and Christmas in Crediton. The ever-popular Busk It! once again took place with music up and down the High Street and two stages in the town square, as well as Share In The Square musical events and a theatrical one as well, a hilarious take on Greek legends from The Last Baguette Theatre Company entitled Pandora’s Box.

Back in the Arts Centre there was a lot going on, beginning with the in-house theatre group Brown Paper Bag’s production of Oscar Wilde’s The Picture of Dorian Gray in January, which was extremely well-received and saw very encouraging audience numbers. February saw performances of The Washing Machine of Destiny, an important original work by local writer and actor Philip Robinson and Luca Saunders about living with autism. Staying with home-grown theatre, the Arts Centre’s second touring Shakespeare production took place in June and July, with Much Ado About Nothing visiting eight towns and villages in the local area. In August Crediton Youth Theatre took over the Arts Centre for a week, working towards three performances of Tough as Old Boots, a musical play with surprising revelations about the town’s boot-making past.

There were many visits from outside theatre companies during the year, putting on many wonderful pieces. A particularly outstanding one was Pixiematosis, a puppet show for older teenagers and adults by The Object Project. Other highlights of the theatre programme were visits from perennial favourites Scratchworks Theatre and Townsend Productions, Cygnet Theatre with the fascinating play Airswimming and the beautiful environmental tale Stories in the Dust from Anna Harriot and Iona Johnson. There was plenty of music happening in the Arts Centre as well, from visiting musicians such as the wonderful Blackheart Orchestra, to Live Lounge continuing on several dates, show-casing local musicians and culminating in a Solstice evening in December at which many of them played. Other events included further film showings (co-programmed by Eugene Mullan), another in the series of I Like This Stuff evenings (during which Crediton’s longest serving mayor talked about his life) and the Big Christmas Quiz.

There was a very special evening in December when David Heathfield, internationally acclaimed story-teller and long-time member of the Arts Centre community, told stories told to him by children in Gaza. The evening was entitled A Candle in The Dark and was moving, inspirational and very, very sad.

Following its success last year, a further Peter Hamilton Memorial Ceilidh was held in Sandford Parish Hall and was a hugely successful fund-raiser for the Arts Centre that he helped to found. The end of the year saw yet another huge loss for the Arts Centre community, the death of Pam Barnard. Pam had been a huge supporter of the Arts Centre and had been involved for many years, as a writer, performer and a forthright and perceptive audience member, and is much missed.

Page 3

The Friends of Crediton Arts Centre

Trustees' Report (continued)

Many thanks go to Ashgrove Kitchens, Wortham Jaques Accountants, Peck and Strong and Crediton Dairy for their continuing support as business partners and especially to Crediton Town Council for making contributions to the funding for several projects during the year. We are also very grateful to the Friends of the Arts Centre, whose numbers have increased a little and whose ongoing support helps to keep the Arts Centre afloat in these difficult times. Finally, a massive thank you to all the trustees and volunteers, and especially to our administrator Jack Robson, for all their hard work in maintaining the Arts Centre as a vibrant and vital part of local arts and community. A special mention should also go to Rosemary Stephenson, who resigned as a trustee to concentrate on pivotal her role as Chair of Crediton Heart Project, thus ending an ‘official’ association with the Arts Centre stretching back 16 years. The trustees are immensely grateful to Rosemary for her hard work and vision as administrator and trustee, and look forward to a new chapter as the two organisations continue to build their fruitful partnership.

Page 4

The Friends of Crediton Arts Centre

Trustees' Report (continued)

Financial review

Total income for 2023 increased from the previous year, to an amount of £44,549 (2022: £39,379), as activites continue to re-build following the circumstances of the past few years. However, this gap is narrowed when considering purely Unrestricted Income (£38,599, compared to £35,419 in 2022.

Overall expenditure also increased, to £56,476 (2022: £49,052), although again this movement is smaller in terms of Unrestricted funds (£49,971 compared to £45,852 in 2022). The trustees’ view is that these increased costs are a result of the general economic environment and do not represent a failure of financial controls or budgeting.

Overall, this led to increased deficit of £11,927 (2022: £9,673) and closing reserves of £38,445, split between £35,262 of Unrestricted funds and £3,183 of Restricted Funds (2022: £50,372, split as £46,634/£3,738). Despite this worsening in the overall financial position, the trustees, having taken into consideration the financial performance of the Arts Centre since the year-end, remain confident in the Centre’s ability to continue operating.

Trustees and officers

The trustees and officers serving during the year and since the year end were as follows:

Trustees: Geoff Fox, Chair Paul Cartwright Tom Blaen Glen Chudley, Treasurer James Cookson Yvonne Crone Tim Harris, Secretary John Ingham Beth Robson Tim Salter Rosemary Stephenson (resigned 25 April 2023)

Structure, governance and management

Nature of governing document

The Friends of Crediton Arts Centre is a Charitable Incorporated Organisation and is governed by its constitution.

Recruitment and appointment of trustees

Trustees are appointed in line with clause 13 of the charity’s constitution from amongst the members (Friends) of Crediton Arts Centre. All members of the Friends of Crediton Arts Centre are circulated with invitations to nominate trustees prior to the AGM advising them of retiring trustees and requesting nominations for the AGM. When considering nominations, the Arts Centre has regard for any particular skills or experience currently lacking amongst existing trustees.

Page 5

The Friends of Crediton Arts Centre

Trustees' Report (continued)

Induction and training of trustees

From Clause 14 of the charity’s constitution. “The charity trustees will make available to each new charity trustee, on or before his or her first appointment:

b) a copy of the CIO’s latest trustees’ annual report and statement of accounts.”

In addition, all new trustees attend a management committee prior to being confirmed as trustees. They also receive a visit from an existing trustee and a pack of other information, including recent minutes and the current brochure.

Organisational structure

The Friends of Crediton Arts Centre is constituted as a Charitable Incorporated Organisation registered with the Charity Commission. The board of trustees, which can have up to 12 members manages the business of the charity meeting as the management committee, which also includes management committee members (who are not trustees) and the administrator of the charity. The management committee meets monthly and there are sub committees covering programming, premises, the Friends, business partners, volunteers, and press and publicity. There is also an executive committee (the Chair group) which meets monthly between the management committee. Further details of the organisational structure of the charity are available in the current constitution.

Decision making

Decisions are made in line with Clause 10 of the constitution and the day to day management of the charity is delegated to the administrator. Sub-committees are also delegated decision making powers in their relevant areas by the management committee to which they must report on a monthly basis.

Decisions are made in line with Clause 10 of the constitution and the day to day management of the charity is delegated to the administrator. Sub-committees are also delegated decision making powers in their relevant areas by the management committee to which they must report on a monthly basis.

Major risks and management of those risks

The trustees have a risk management strategy which includes:

• the implementation of procedures designed to minimise any potential impact on the charity should those risks materialise.

Recently attention has been focused on fire and health and safety, with systems put in place to manage risks relating to legionella disease and fire procedures.

Page 6

The Friends of Crediton Arts Centre

Trustees' Report (continued)

Statement of Trustees' Responsibilities

The trustees are responsible for preparing the trustees' report and the financial statements in accordance with the United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) and applicable law and regulations.

The law applicable to charities requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that period. In preparing these financial statements, the trustees are required to:

The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charities (Accounts and Reports) Regulations 2008, and the provisions of the constitution. The trustees are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company's website. Legislation governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

The annual report was approved by the trustees of the charity on .................... and signed on its behalf by:

......................................... Geoff Fox Trustee

......................................... Glen Chudley Trustee

Page 7

The Friends of Crediton Arts Centre

Independent Examiner's Report to the trustees of The Friends of Crediton Arts Centre

I report to the trustees on my examination of the accounts of The Friends of Crediton Arts Centre for the year ended 31 December 2023.

Responsibilities and basis of report

As the charity trustees of The Friends of Crediton Arts Centre you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (‘the Act’).

I report in respect of my examination of the The Friends of Crediton Arts Centre's accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.

Independent examiner’s statement

I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

  1. accounting records were not kept in respect of The Friends of Crediton Arts Centre as required by section 130 of the Act; or

  2. the accounts do not accord with those records; or

  3. the accounts do not comply with the accounting requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a ‘true and fair view' which is not a matter considered as part of an independent examination.

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.

......................................

Charlotte Chapman Gibbs BFP ACA Wortham Jaques Limited Chartered Accountants and Charity Advisers

130a High Street Crediton Devon EX17 3LQ

Date:.............................

Page 8

The Friends of Crediton Arts Centre

Statement of Financial Activities for the Year Ended 31 December 2023

Note
Income and Endowments from:
Donations and legacies
Charitable activities
Other trading activities
Investment income
5
Total income
Expenditure on:
Raising funds
Charitable activities
Total expenditure
Net expenditure
Net movement in funds
Reconciliation of funds
Total funds brought forward
Total funds carried forward
19
Note
Income and Endowments from:
Donations and legacies
Charitable activities
Other trading activities
Investment income
5
Total income
Expenditure on:
Raising funds
Charitable activities
Total expenditure
Net (expenditure)/income
Gross transfers between funds
Net movement in funds
Reconciliation of funds
Total funds brought forward
Total funds carried forward
19		 Unrestricted
funds
£
7,101
17,279
13,719
500
38,599
(6,904)
(43,067)
(49,971)
(11,372)
(11,372)
46,634
35,262
Unrestricted
funds
£
11,651
12,764
10,879
125
35,419
(5,240)
(40,612)
(45,852)
(10,433)
250
(10,183)
56,817
46,634		 Restricted
funds
£
400
5,550
-
-
5,950
-
(6,505)
(6,505)
(555)
(555)
3,738
3,183
Restricted
funds
£
410
3,550
-
-
3,960
-
(3,200)
(3,200)
760
(250)
510
3,228
3,738		 Total
2023
£
7,501
22,829
13,719
500
44,549
(6,904)
(49,572)
(56,476)
(11,927)
(11,927)
50,372
38,445
Total
2022
£
12,061
16,314
10,879
125
39,379
(5,240)
(43,812)
(49,052)
(9,673)
-
(9,673)
60,045
50,372

The notes on pages 12 to 24 form an integral part of these financial statements. Page 9

The Friends of Crediton Arts Centre

Statement of Financial Activities for the Year Ended 31 December 2023 (continued)

All of the charity's activities derive from continuing operations during the above two periods. The funds breakdown for 2022 is shown in note 19.

The notes on pages 12 to 24 form an integral part of these financial statements. Page 10

The Friends of Crediton Arts Centre

(Registration number: 1155513) Balance Sheet as at 31 December 2023

Note
Fixed assets
Tangible assets
15
Current assets
Debtors
16
Cash at bank and in hand
17
Creditors: Amounts falling due within one year
18
Net current assets
Net assets
Funds of the charity:
Restricted income funds
Restricted funds
Unrestricted income funds
Unrestricted funds
Total funds
19		 2023
£
16,709
1,541
28,656
30,197
(8,461)
21,736
38,445
3,183
35,262
38,445		 2022
£
18,890
3,078
30,760
33,838
(2,356)
31,482
50,372
3,738
46,634
50,372

The financial statements on pages 9 to 24 were approved by the trustees, and authorised for issue on .................... and signed on their behalf by:

......................................... Geoff Fox Trustee

......................................... Glen Chudley Trustee

The notes on pages 12 to 24 form an integral part of these financial statements. Page 11

The Friends of Crediton Arts Centre

Notes to the Financial Statements for the Year Ended 31 December 2023

1 Accounting policies

Statement of compliance

The financial statements have been prepared in accordance with the second edition of the Charities Statement of Recommended Practice issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011.

Basis 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 Republic of Ireland (FRS 102) (effective 1 January 2015) - (Charities SORP (FRS 102)) as amended by Update Bulletin 1, the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

The Friends of Crediton Arts Centre meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy notes.

Going concern

The trustees consider that there are no material uncertainties about the charity's ability to continue as a going concern.

Income and endowments

Voluntary income including donations, gifts, legacies and grants that provide core funding or are of a general nature is recognised when the charity has entitlement to the income, it is probable that the income will be received and the amount can be measured with sufficient reliability.

Donations and legacies

Donations and legacies are recognised on a receivable basis when receipt is probable and the amount can be reliably measured.

Grants receivable

Grants are recognised when the charity has an entitlement to the funds and any conditions linked to the grants have been met. Where performance conditions are attached to the grant and are yet to be met, the income is recognised as a liability and included on the balance sheet as deferred income to be released.

Expenditure

All expenditure is recognised once there is a legal or constructive obligation to that expenditure, it is probable settlement is required and the amount can be measured reliably. All costs are allocated to the applicable expenditure heading that aggregate similar costs to that category. Where costs cannot be directly attributed to particular headings they have been allocated on a basis consistent with the use of resources, with central staff costs allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use. Other support costs are allocated based on the spread of staff costs.

Raising funds

These are costs incurred in attracting voluntary income, the management of investments and those incurred in trading activities that raise funds.

Page 12

The Friends of Crediton Arts Centre

Notes to the Financial Statements for the Year Ended 31 December 2023 (continued)

Charitable activities

Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.

Grant provisions

Provisions for grants are made when the intention to make a grant has been communicated to the recipient but there is uncertainty about either the timing of the grant or the amount of grant payable.

Support costs

Support costs include central functions and have been allocated to activity cost categories on a basis consistent with the use of resources, for example, allocating property costs by floor areas, or per capita, staff costs by the time spent and other costs by their usage.

Governance costs

These include the costs attributable to the charity’s compliance with constitutional and statutory requirements, including audit, strategic management and trustees meetings and reimbursed expenses.

Taxation

The charity is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.

Tangible fixed assets

Individual fixed assets costing £100.00 or more are initially recorded at cost.

Depreciation and amortisation

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Asset class Depreciation method and rate
Improvements to leashold property 5% straight line
Office equipment 10% reducing balance
Theatre and other equipment 15% reducing balance

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the charity will not be able to collect all amounts due according to the original terms of the receivables.

Page 13

The Friends of Crediton Arts Centre

Notes to the Financial Statements for the Year Ended 31 December 2023 (continued)

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade creditors

are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Fund structure

Unrestricted income funds are general funds that are available for use at the trustees discretion in furtherance of the objectives of the charity.

Designated funds are unrestricted funds set aside for specific purposes at the discretion of the trustees.

Restricted income funds are those donated for use in a particular area or for specific purposes, the use of which is restricted to that area or purpose.

Financial instruments

Classification

Financial assets and financial liabilities are recognised when the charity becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the charity after deducting all of its liabilities.

Page 14

The Friends of Crediton Arts Centre

Notes to the Financial Statements for the Year Ended 31 December 2023 (continued)

Recognition and measurement

All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Financial assets and liabilities are only offset in the statement of financial position when, and only when there exists a legally enforceable right to set off the recognised amounts and the charity intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Financial assets are derecognised when and only when a) the contractual rights to the cash flows from the financial asset expire or are settled, b) the charity transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or c) the charity, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Financial liabilities are derecognised only when the obligation specified in the contract is discharged, cancelled or expires.

2 Income from donations and legacies

Donations and legacies;
Donations from companies, trusts and similar
proceeds
Donations from individuals
Grants, including capital grants;
Grants from other charities
Friends' subscriptions
Total for 2023
Total for 2022
3
Income from charitable activities
Programme of events
Community projects
Total for 2023
Total for 2022		 Unrestricted
funds
General
£
1,850
-
1,850
3,401
7,101
11,651
Unrestricted
funds
General
£
17,279
-
17,279
12,764		 Restricted
funds
£
-
100
300
-
400
410
Restricted
funds
£
1,500
4,050
5,550
3,550		 Total
funds
£
1,850
100
2,150
3,401
7,501
12,061
Total
funds
£
18,779
4,050
22,829
16,314

Page 15

The Friends of Crediton Arts Centre

Notes to the Financial Statements for the Year Ended 31 December 2023 (continued)

4 Income from other trading activities

Trading income;
Bar sales
Property rental income
Total for 2023
Total for 2022
5
Investment income
Interest receivable and similar income;
Interest receivable on bank deposits
Total for 2023
Total for 2022		 Unrestricted
funds
General
£
4,604
9,115
13,719
10,879
Unrestricted
funds
General
£
500
500
125		 Total
funds
£
4,604
9,115
13,719
10,879
Total
funds
£
500
500
125

6 Expenditure on raising funds

a) Costs of trading activities

Note
Costs of goods sold
Staff Costs
Allocated support costs
Total for 2023
Total for 2022		 Unrestricted
funds
General
£
3,395
2,098
1,411
6,904
5,240		 Total
funds
£
3,395
2,098
1,411
6,904
5,240

Page 16

The Friends of Crediton Arts Centre

Notes to the Financial Statements for the Year Ended 31 December 2023 (continued)

7 Expenditure on charitable activities

Programme of events
Community projects
Depreciation, amortisation and other
similar costs
Grant funding of activities
Staff costs
Allocated support costs
Governance costs
Total for 2023
Total for 2022
Community projects
Grantmaking
Programme of events
Membership support
Governance
Total for 2023
Total for 2022		 Note
Activity
undertaken
directly
£
1,030
-
14,919
-
1,541
17,490
18,437		 Unrestricted
funds
General
£
9,804
140
1,681
-
15,735
8,902
6,805
43,067
40,612
Grant funding
of activity
£
-
500
-
-
-
500
-		 Restricted
funds
£
4,905
1,100
-
500
-
-
-
6,505
3,200
Activity
support costs
£
14,036
-
8,773
3,509
5,264
31,582
25,375		 Total
funds
£
14,709
1,240
1,681
500
15,735
8,902
6,805
49,572
43,812
Total
expenditure
£
15,066
500
23,692
3,509
6,805
49,572
43,812

Page 17

The Friends of Crediton Arts Centre

Notes to the Financial Statements for the Year Ended 31 December 2023 (continued)

8 Analysis of governance and support costs

Support costs allocated to raising funds

Support costs allocated to raising funds
Basis of allocation
Costs of trading activities
A
Total for 2023
Total for 2022
Support costs allocated to charitable activities
Basis of allocation
Programme of events
A
Community projects
A
Membership support
A
Governance
A
Total for 2023
Total for 2022		 Staff costs
£
2,098
2,098
-
Staff costs
£
5,245
8,392
2,098
3,147
18,882
17,687		 Administration
costs
£
328
328
138
Administration
costs
£
821
1,313
328
493
2,955
1,242		 Premises costs
including
depreciation
£
1,083
1,083
716
Premises costs
including
depreciation
£
2,707
4,331
1,083
1,624
9,745
6,446		 Total
funds
£
3,509
3,509
854
Total
funds
£
8,773
14,036
3,509
5,264
31,582
25,375

Page 18

The Friends of Crediton Arts Centre

Notes to the Financial Statements for the Year Ended 31 December 2023 (continued)

Basis of allocation

Reference

Method of allocation

Where support costs cannot be directly apportioned to the activities of the charity they have been split amongst the various areas. As the Administrator is considered the main A driver of these costs, they have been split based on the time the Administrator spends on each activity.

Governance costs

Staff costs
Wages and salaries
Independent examiner fees
Examination of the financial statements
Allocated support costs
Staff costs
Wages and salaries
Independent examiner fees
Examination of the financial statements
Allocated support costs
9
Grant-making
Analysis of grants
Analysis
Pete Mason Music Fund		 Unrestricted
funds
General
£
3,147
1,542
2,116
6,805
Unrestricted
funds
General
£
2,948
1,506
1,368
5,822		 Total
2023
£
3,147
1,542
2,116
6,805
Total
2022
£
2,948
1,506
1,368
5,822
Grants to
individuals
2023
£
500

The support costs associated with grant-making are £Nil (31 December 2022 - £Nil).

Page 19

The Friends of Crediton Arts Centre

Notes to the Financial Statements for the Year Ended 31 December 2023 (continued)

10 Net incoming/outgoing resources

Net outgoing resources for the year include:

Depreciation of fixed assets 2023
£
1,681		 2022
£
1,850

11 Trustees remuneration and expenses

During the year the charity made the following transactions with trustees:

Peter Hamilton

Peter Hamilton received remuneration of £Nil (2022: £330) during the year.

Professional fees

Tom Blaen

£40 (2022: £Nil) of expenses were reimbursed to Tom Blaen during the year.

Reimbusement of travel costs

No trustees, nor any persons connected with them, have received any remuneration from the charity during the year.

No trustees have received any other benefits from the charity during the year.

Donations made by the trustees without any conditions attached totalled £482 for the year (2022 - £605).

12 Staff costs

The aggregate payroll costs were as follows:

Staff costs during the year were:
Wages and salaries
The monthly average number of persons (including senior management /
charity during the year expressed as full time equivalents was as follows:
Administration
No employee received emoluments of more than £60,000 during the year
13 Independent examiner's remuneration
Examination of the financial statements		 2023
£
2022
£
20,980
19,652
leadership team) employed by the
2023
No
2022
No
1
1
2023
£
2022
£
1,542
1,506		 2022
£
19,652
2022
£
1,506

Page 20

The Friends of Crediton Arts Centre

Notes to the Financial Statements for the Year Ended 31 December 2023 (continued)

14 Taxation

The charity is a registered charity and is therefore exempt from taxation.

15 Tangible fixed assets

Cost
At 1 January 2023
At 31 December 2023
Depreciation
At 1 January 2023
Charge for the year
At 31 December 2023
Net book value
At 31 December 2023
At 31 December 2022		 Land and
buildings
£
17,508
17,508
7,875
875
8,750
8,758
9,633		 Furniture and
equipment
£
27,304
27,304
17,987
1,366
19,353
7,951
9,317		 Total
£
44,812
44,812
25,862
2,241
28,103
16,709
18,950

Included within the net book value of land and buildings above is £Nil (2022 - £Nil) in respect of freehold land and buildings and £8,758 (2022 - £9,633) in respect of leaseholds.

16 Debtors

Trade debtors
Prepayments
Accrued income
17 Cash and cash equivalents
Cash at bank
Bank overdrafts
Cash and cash equivalents in statement of cash flows		 2023
£
1,189
352
-
1,541
2023
£
28,656
(3,783)
24,873		 2022
£
1,048
353
1,677
3,078
2022
£
30,760
-
30,760

Page 21

The Friends of Crediton Arts Centre

Notes to the Financial Statements for the Year Ended 31 December 2023 (continued)

18 Creditors: amounts falling due within one year

18 Creditors: amounts falling due within one year
Bank overdrafts
Other taxation and social security
Other creditors
Accruals		 2023
£
3,783
1,874
122
2,682
8,461		 2022
£
-
849
-
1,507
2,356

19 Funds

Unrestricted funds
General
General Funds
Designated
Fixed asset depreciation
Total unrestricted funds
Restricted funds
Productions
Busk It!
Share in the Square
Pete Mason Music Fund
Total funds		 Balance at 1
January
2023
£
28,463
18,171
46,634
1,500
-
-
2,238
3,738
50,372		 Incoming
resources
£
38,599
-
38,599
4,750
800
300
100
5,950
44,549		 Resources
expended
£
(49,971)
-
(49,971)
(4,905)
(800)
(300)
(500)
(6,505)
(56,476)		 Transfers
£
2,241
(2,241)
-
-
-
-
-
-
-		 Balance at
31
December
2023
£
19,332
15,930
35,262
1,345
-
-
1,838
3,183
38,445

Page 22

The Friends of Crediton Arts Centre

Notes to the Financial Statements for the Year Ended 31 December 2023 (continued)

Unrestricted funds
General
General Funds
Designated
Fixed asset depreciation
Total unrestricted funds
Restricted funds
Productions
Brighten up!
Mural
Busk It!
Share in the Square
Pete Mason Music Fund
Total funds		 Balance at 1
January
2022
£
36,179
20,638
56,817
-
-
1,000
-
-
2,228
3,228
60,045		 Incoming
resources
£
35,419
-
35,419
2,100
250
-
800
800
10
3,960
39,379		 Resources
expended
£
(45,852)
-
(45,852)
(600)
-
(1,000)
(800)
(800)
-
(3,200)
(49,052)		 Transfers
£
2,717
(2,467)
250
-
(250)
-
-
-
-
(250)
-		 Balance at
31
December
2022
£
28,463
18,171
46,634
1,500
-
-
-
-
2,238
3,738
50,372

The specific purposes for which the funds are to be applied are as follows:

The fixed asset depreciation fund was set up by the trustees to absorb future depreciation on fixed assets.

The restricted funds represent income and expenditure relating to the specific activities shown, where the use of the income has been specified by the donors.

20 Analysis of net assets between funds

20 Analysis of net assets between funds
Tangible fixed assets
Current assets
Current liabilities
Total net assets		 Unrestricted
funds
General
£
16,709
30,197
(4,678)
42,228		 Restricted
funds
£
-
-
(3,783)
(3,783)		 Total funds at
31 December
2023
£
16,709
30,197
(8,461)
38,445

Page 23

The Friends of Crediton Arts Centre

Notes to the Financial Statements for the Year Ended 31 December 2023 (continued)

Tangible fixed assets
Current assets
Current liabilities
Total net assets
21 Analysis of net funds
Cash at bank and in hand
Net debt		 Unrestricted
funds
General
£
18,890
30,100
(2,356)
46,634
At 1 January
2023
£
30,760
30,760		 Restricted
funds
£
-
3,738
-
3,738
Financing cash
flows
£
(5,887)
(5,887)		 Total funds at
31 December
2022
£
18,890
33,838
(2,356)
50,372
At 31
December
2023
£
24,873
24,873

Page 24