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← The Friends Of Crediton Arts Centre

2024-12-31-accounts

Charity registration number: 1155513

The Friends of Crediton Arts Centre

Annual Report and Financial Statements

for the Year Ended 31 December 2024

The Friends of Crediton Arts Centre

Contents (continued)

Reference and Administrative Details 1
Trustees' Report 2 to 6
Independent Examiner's Report 7
Statement of Financial Activities 8 to 9
Balance Sheet 10
Notes to the Financial Statements 11 to 24

The Friends of Crediton Arts Centre

Reference and Administrative Details

Trustees Tom Blaen
Paul Cartwright
Rebecca Child
Glen Chudley, Treasurer
James Cookson
Yvonne Crone
John Ingham
Beth Robson
Jack 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 2024.

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.

Achievements and performance

2024 kicked off in style with Brown Paper Bag’s expansive production of Friedrich Durrenmatt’s The Visit , which sold out three nights in January after much negotiation about performing rights involving emails pinging back and forth between three countries and two continents. Our partnership with Jazz on the Green which brings national and international jazz stars to Crediton continued throughout the year from February onwards, and there were a number of excellent music gigs throughout the year including Americana musican Daniel Kemish in March; Kathryn Roberts & Sean Lakeman at Holy Cross Church in April; Blackheart Orchestra , also in April; local country blues band Yellabellies in June; fascinating classical experimentalists Interstellar Duo in September; Dartmoor folk superstars Suthering in October; and alt-folk duo Ciderhouse Rebellion in November. The Arts Centre is building a name as a go-to venue for many top touring bands, and we now have productive relationships with several leading agents. We also continued our popular Live Lounge strand as a showcase for local music acts.

It was a good year for theatre in our East Street building. As well as The Visit we had the return of Living Room Theatre with The Washing Machine of Destiny in February; children’s theatre company Paddleboat Theatre with Framed in March; Townsend Productions with Behold Ye Ramblers in May; The Tempest in June; Darkstuff Productions with new play Possession , also in June; Hawk & Hill Theatre with Lost in the Woods in July; the Object Project with their puppet show The Ballad of the Underwater Daughter in October; Soap Soup Theare with Minnie Stynker during Autumn half-term; and Carbon Theatre with the thought-provoking and uplifting Bright Places in December. We also hosted a showcase of the experimental dance show Plue in October and had our first magic show with The Great Baldini in February.

Page 2

The Friends of Crediton Arts Centre

Trustees' Report (continued)

The other big theatre event in 2024 was the return of Shakespeare in the Square with Cider with Roadies’ Twelfth Night , co-produced by the Arts Centre and directed by Rachel Vowles, which sold out three nights in the Town Square. Crediton heart Project returned with their summer arts activities including concerts, workshops and the Arts in the Park event, a whole day of crafts, circus, music and activities in Newcombe’s Meadow Park.

The Arts Centre continued to support many events in the town including the Crediton Food Festival , The Big Boniface Bash, Crediton Youth Theatre’s summer production Community Spirit , 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.

Internationally renowned storyteller David Heathfield returned with Tell a Child in Gaza’s Tale in October, another beautiful and poignant evening of stories learned from children in Gaza. This was a fundraiser for Gaza charities.

It was a busy year for film at the Arts Centre. In collaboration with Crediton Heart Project we started a Sound & Vision series of music films, starting with The Last Waltz in March. Other films in the series included I’m Not There, Stop Making Sense, Koyaanisqatsi, Summer of Soul and Buena Vista Social Club . We also began hosting The Last Thursday Picture Show, programmed by Films for Crediton and showing a mix of indie, arthouse and popular films once a month.

Spring Half Term saw a week long exhibition in both our studios, featuring a dozen local professional artists alongside the work of students from our regular arts classes. Several hundred people attended the exhibition which was notable for the high standard of work from professionals and amateurs alike.

Following its success over the previous two years, a third 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. We also hosted a Klezmer dance with local band Ruach .

We have continued our successful and productive partnerships with Crediton Heart Project, Crediton Town Council and The Turning Tides Project, as well as developing new relationships with Crediton Congregational Church and Films for Crediton.

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 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 Patsy Lang, who took over from Jack Robson in the role in February, for all their hard work in maintaining the Arts Centre as a vibrant and vital part of local arts and community.

Financial review

Total income for 2024 increased from the previous year, to an amount of £62,967 (2023: £44,549), as activities continue to re-build following the circumstances of the past few years.

Overall expenditure also increased, to £66,457 (2023: £56,476),of which productions costs have increased in line with production income. Overall, overhead costs are considered to be around the same level and the previous year and well controlled.

This results in a small deficit of £3,490 (2023: £11,927) and closing reserves of £34,955, split between £33,467 of unrestricted funds and £1,488 of restricted Funds (2023: £38,445, split as £35,262/£3,183).

Page 3

The Friends of Crediton Arts Centre

Trustees' Report (continued)

Policy on reserves

The charity has a low level of overheads and we estimate that the running costs of the centre, no including production costs is around £1.5k per month, therefore the charity has free reserves at the year end to over around 13 months overhead costs, which the trustees believe to be sufficient.

Trustees and officers

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

Trustees: Tom Blaen Paul Cartwright Rebecca Child (appointed 12 March 2025) Glen Chudley, Treasurer James Cookson Yvonne Crone Geoff Fox, Chair (resigned 10 September 2025) Tim Harris, Secretary (resigned 13 November 2024) John Ingham Beth Robson Jack Robson (appointed 13 November 2024) Tim Salter

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 4

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.

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 5

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 29 October 2025 and signed on its behalf by:

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

......................................... Jack Robson Trustee

Page 6

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 2024.

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 FCA Wortham Jaques Limited Chartered Accountants and Charity Advisers

130a High Street Crediton Devon EX17 3LQ

29 October 2025

Page 7

The Friends of Crediton Arts Centre

Statement of Financial Activities for the Year Ended 31 December 2024

Note
Income and Endowments from:
Donations and legacies
2
Charitable activities
3
Other trading activities
4
Investment income
5
Total income
Expenditure on:
Raising funds
6
Charitable activities
7
Total expenditure
Net expenditure
Net movement in funds
Reconciliation of funds
Total funds brought forward
Total funds carried forward
19		 Unrestricted
funds
£
10,836
20,096
16,459
426
47,817
(8,035)
(41,577)
(49,612)
(1,795)
(1,795)
35,262
33,467		 Restricted
funds
£
3,500
11,650
-
-
15,150
-
(16,845)
(16,845)
(1,695)
(1,695)
3,183
1,488		 Total
2024
£
14,336
31,746
16,459
426
62,967
(8,035)
(58,422)
(66,457)
(3,490)
(3,490)
38,445
34,955

The notes on pages 11 to 24 form an integral part of these financial statements. Page 8

The Friends of Crediton Arts Centre

Statement of Financial Activities for the Year Ended 31 December 2024 (continued)

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		 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		 Restricted
funds
£
400
5,550
-
-
5,950
-
(6,505)
(6,505)
(555)
(555)
3,738
3,183		 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

All of the charity's activities derive from continuing operations during the above two periods. The funds breakdown for 2023 is shown in note 19.

The notes on pages 11 to 24 form an integral part of these financial statements. Page 9

The Friends of Crediton Arts Centre

(Registration number: 1155513) Balance Sheet as at 31 December 2024

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		 2024
£
14,679
2,203
22,954
25,157
(4,881)
20,276
34,955
1,488
33,467
34,955		 2023
£
16,709
1,541
24,873
26,414
(4,678)
21,736
38,445
3,183
35,262
38,445

The financial statements on pages 8 to 24 were approved by the trustees, and authorised for issue on 29 October 2025 and signed on their behalf by:

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

Glen Chudley Trustee

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

Jack Robson Trustee

The notes on pages 11 to 24 form an integral part of these financial statements. Page 10

The Friends of Crediton Arts Centre

Notes to the Financial Statements for the Year Ended 31 December 2024

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 11

The Friends of Crediton Arts Centre

Notes to the Financial Statements for the Year Ended 31 December 2024 (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.

Government grants

Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in income over the period in which the related costs are recognised. Grants relating to assets are recognised over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income.

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

Page 12

The Friends of Crediton Arts Centre

Notes to the Financial Statements for the Year Ended 31 December 2024 (continued)

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.

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 13

The Friends of Crediton Arts Centre

Notes to the Financial Statements for the Year Ended 31 December 2024 (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;
Government grants
Friends' subscriptions
Total for 2024
Total for 2023
3
Income from charitable activities
Programme of events
Community projects
Total for 2024
Total for 2023		 Unrestricted
funds
General
£
1,600
4,259
1,000
3,977
10,836
7,101
Unrestricted
funds
General
£
20,096
-
20,096
17,279		 Restricted
funds
£
-
3,500
-
-
3,500
400
Restricted
funds
£
10,850
800
11,650
5,550		 Total
funds
£
1,600
7,759
1,000
3,977
14,336
7,501
Total
funds
£
30,946
800
31,746
22,829

Page 14

The Friends of Crediton Arts Centre

Notes to the Financial Statements for the Year Ended 31 December 2024 (continued)

4 Income from other trading activities

Trading income;
Bar sales
Property rental income
Total for 2024
Total for 2023
5
Investment income
Interest receivable and similar income;
Interest receivable on bank deposits
Total for 2024
Total for 2023		 Unrestricted
funds
General
£
7,812
8,647
16,459
13,719
Unrestricted
funds
General
£
426
426
500		 Total
funds
£
7,812
8,647
16,459
13,719
Total
funds
£
426
426
500

6 Expenditure on raising funds

a) Costs of trading activities

Note
Costs of goods sold
Staff Costs
Allocated support costs
Total for 2024
Total for 2023		 Unrestricted
funds
General
£
4,772
1,965
1,298
8,035
6,904		 Total
funds
£
4,772
1,965
1,298
8,035
6,904

Page 15

The Friends of Crediton Arts Centre

Notes to the Financial Statements for the Year Ended 31 December 2024 (continued)

7 Expenditure on charitable activities

Note
Programme of events
Community projects
Depreciation, amortisation and other
similar costs
Grant funding of activities
Staff costs
Allocated support costs
Governance costs
Total for 2024
Total for 2023		 Unrestricted
funds
General
£
10,593
-
1,523
-
14,734
8,213
6,514
41,577
43,067		 Restricted
funds
£
15,695
800
-
350
-
-
-
16,845
6,505		 Total
funds
£
26,288
800
1,523
350
14,734
8,213
6,514
58,422
49,572
Community projects
Grantmaking
Programme of events
Membership support
Governance
Total for 2024
Total for 2023		 Activity
undertaken
directly
£
800
-
26,288
-
1,620
28,708
17,490		 Grant funding
of activity
£
-
350
-
-
-
350
500		 Activity
support costs
£
13,050
-
8,157
3,263
4,894
29,364
31,582		 Total
expenditure
£
13,850
350
34,445
3,263
6,514
58,422
49,572

Page 16

The Friends of Crediton Arts Centre

Notes to the Financial Statements for the Year Ended 31 December 2024 (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 2024
Total for 2023
Support costs allocated to charitable activities
Basis of allocation
Programme of events
A
Community projects
A
Membership support
A
Governance
A
Total for 2024
Total for 2023		 Staff costs
£
1,965
1,965
2,098
Staff costs
£
4,911
7,858
1,965
2,947
17,681
18,882		 Administration
costs
£
360
360
328
Administration
costs
£
900
1,440
360
540
3,240
2,955		 Premises costs
including
depreciation
£
938
938
1,083
Premises costs
including
depreciation
£
2,345
3,752
938
1,408
8,443
9,745		 Total
funds
£
3,263
3,263
3,509
Total
funds
£
8,156
13,050
3,263
4,895
29,364
31,582

Page 17

The Friends of Crediton Arts Centre

Notes to the Financial Statements for the Year Ended 31 December 2024 (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
Total for 2024
Total for 2023		 Unrestricted
funds
General
£
2,947
1,620
1,947
6,514
6,805		 Total
funds
£
2,947
1,620
1,947
6,514
6,805

9 Grant-making

Analysis of grants

Analysis of grants
Grants to individuals
2024 2023
£ £
Analysis
Pete Mason Music Fund 500 500
The support costs associated with grant-making are £Nil (31 December 2023 - £Nil).

Page 18

The Friends of Crediton Arts Centre

Notes to the Financial Statements for the Year Ended 31 December 2024 (continued)

10 Net incoming/outgoing resources

Net outgoing resources for the year include:

Depreciation of fixed assets 2024
£
1,523		 2023
£
1,681

11 Trustees remuneration and expenses

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

Tom Blaen

Tom Blaen received remuneration of £40 (2023: £Nil) and £Nil (2023: £40) of expenses were reimbursed to Tom Blaen during the year.

Performance fees

Tim Salter

Tim Salter received remuneration of £100 (2023: £Nil) during the year.

Performance fees

Jack Robson

Jack Robson received remuneration of £200 (2023: £Nil) during the year.

Technical support fees

James Cookson

James Cookson received remuneration of £90 (2023: £Nil) during the year.

Performance fees

Beth Robson

Beth Robson received remuneration of £210 (2023: £Nil) during the year.

Performance fees

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

Donations made by the trustees without any conditions attached totalled £1,150 for the year (2023 - £482).

12 Staff costs

The aggregate payroll costs were as follows:

Staff costs during the year were:
Wages and salaries		 2024
£
19,646		 2023
£
20,980

The monthly average number of persons (including senior management / leadership team) employed by the charity during the year expressed as full time equivalents was as follows:

Page 19

The Friends of Crediton Arts Centre

Notes to the Financial Statements for the Year Ended 31 December 2024 (continued)

Administration
No employee received emoluments of more than £60,000 during the year
13 Independent examiner's remuneration
Examination of the financial statements		 2024
No
1
2024
£
1,620		 2023
No
1
2023
£
1,542

14 Taxation

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

15 Tangible fixed assets

15 Tangible fixed assets
Cost
At 1 January 2024
At 31 December 2024
Depreciation
At 1 January 2024
Charge for the year
At 31 December 2024
Net book value
At 31 December 2024
At 31 December 2023		 Land and
buildings
£
17,508
17,508
8,750
875
9,625
7,883
8,758		 Furniture and
equipment
£
27,304
27,304
19,353
1,155
20,508
6,796
7,951		 Total
£
44,812
44,812
28,103
2,030
30,133
14,679
16,709

Included within the net book value of land and buildings above is £Nil (2023 - £Nil) in respect of freehold land and buildings and £7,883 (2023 - £8,758) in respect of leaseholds.

16 Debtors

Trade debtors
Prepayments		 2024
£
970
1,232
2,202		 2023
£
1,189
352
1,541

Page 20

The Friends of Crediton Arts Centre

Notes to the Financial Statements for the Year Ended 31 December 2024 (continued)

17 Cash and cash equivalents

Cash at bank 2024
£
22,954		 2023
£
24,873

Page 21

The Friends of Crediton Arts Centre

Notes to the Financial Statements for the Year Ended 31 December 2024 (continued)

18 Creditors: amounts falling due within one year

Other taxation and social security
Other creditors
Accruals
19 Funds
Unrestricted funds
General
General Funds
Designated
Fixed asset depreciation
Total unrestricted funds
Restricted funds
Productions
Busk It!
Pete Mason Music Fund
Total funds		 Balance at 1
January 2024
£
19,332
15,930
35,262
1,345
-
1,838
3,183
38,445		 Incoming
resources
£
47,817
-
47,817
14,350
800
-
15,150
62,967		 2024
£
1,436
417
3,028
4,881
Resources
expended
£
(49,612)
-
(49,612)
(15,695)
(800)
(350)
(16,845)
(66,457)		 2023
£
1,874
122
2,682
4,678
Balance at 31
December
2024
£
17,537
15,930
33,467
-
-
1,488
1,488
34,955

Page 22

The Friends of Crediton Arts Centre

Notes to the Financial Statements for the Year Ended 31 December 2024 (continued)

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

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

Tangible fixed assets
Current assets
Current liabilities
Total net assets		 Unrestricted
funds
General
£
14,679
23,668
(4,881)
33,466		 Restricted
funds
£
-
1,488
-
1,488		 Total funds at
31 December
2024
£
14,679
25,156
(4,881)
34,954

Page 23

The Friends of Crediton Arts Centre

Notes to the Financial Statements for the Year Ended 31 December 2024 (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
£
16,709
22,631
(4,678)
34,662
At 1 January
2024
£
24,873
24,873		 Restricted
funds
£
-
3,783
-
3,783
Financing cash
flows
£
(1,919)
(1,919)		 Total funds at
31 December
2023
£
16,709
26,414
(4,678)
38,445
At 31
December
2024
£
22,954
22,954

Page 24