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2025-03-31-accounts

VirtualSignature Transaction Ref. STMF-4Y9F-BX9S 30 Jul 2025 12:44:26 BST (UTC +1) D 2/2 P 1/18

Registered number: 07810467 Charity number: 1156999

Adur and Worthing Trust Limited

(A company limited by guarantee)

Unaudited

Trustees' report and financial statements

For the period ended 31 March 2025

VirtualSignature Transaction Ref. STMF-4Y9F-BX9S 30 Jul 2025 12:44:26 BST (UTC +1) D 2/2 P 2/18

Adur and Worthing Trust Limited (A company limited by guarantee)

Contents

Page
Reference and administrative details of the Company, its Trustees and advisers 1
Trustees' report 2 - 3
Trustees' responsibilities statement 4
Independent examiner's report 5
Statement of financial activities 6
Balance sheet 7
Notes to the financial statements 8 - 16

VirtualSignature Transaction Ref. STMF-4Y9F-BX9S 30 Jul 2025 12:44:26 BST (UTC +1) D 2/2 P 3/18

Adur and Worthing Trust Limited (A company limited by guarantee)

Reference and administrative details of the Company, its Trustees and advisers For the period ended 31 March 2025

Trustees N J Pressley, Treasurer
P Bennett
K Simporis
T Gillham
A Shaw
M Pailthorpe (appointed 1 July 2023)
S Jovanovic (appointed 1 March 2024)
Company registered
number
07810467
Charity registered
number
1156999
Registered office
25 Church Street
Shoreham By Sea
West Sussex
BN43 5DQ
Accountants
Kreston Reeves LLP
Chartered Accountants
9 Donnington Park
85 Birdham Road
Chichester
West Sussex
PO20 7AJ

Page 1

VirtualSignature Transaction Ref. STMF-4Y9F-BX9S 30 Jul 2025 12:44:26 BST (UTC +1) D 2/2 P 4/18

Adur and Worthing Trust Limited

(A company limited by guarantee)

Trustees' report For the period ended 31 March 2025

The Trustees present their annual report together with the financial statements of the company for the 17 month period to 31 March 2025. The Trustees confirm that the Annual Report and financial statements of the company comply with the current statutory requirements, the requirements of the company's governing document and the provisions of the Statement of Recommended Practice (SORP), 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 2019).

Since the company qualifies as small under section 383, the strategic report required of medium and large companies under The Companies Act 2006 (Strategic Report and Director's Report) Regulations 2013 is not required.

OBJECTIVES

The objects of the Trust are the advancement of arts, culture and heritage for the public benefit in the District of Adur and the Borough of Worthing.

The Trustees have had due regard to the Charity Commission's guidance on public benefit and are satisfied that the charity meets the definition of a public benefit entity.

ACTIVITIES FOR ACHIEVING OBJECTIVES

The major activity of the Trust continues to be the operation of Colonnade House (CH) in partnership with Worthing Borough Council (WBC). CH provides a creative hub and studio space for those involved in creative work and are selected against criteria that match the aims of the project.

The other main activity is the making of grants for creative commissions. Grants of £8,529 (2023: £6,375) were awarded in the year.

FINANCIAL REPORT AND ACTIVITIES REVIEW

The statement of financial activities on page 6 shows a surplus of £1,412 for the 17 month period compared to a surplus of £432 for the previous year. Total unrestricted funds increased to £57,926 (2023: £56,514).

The surplus is after paying out small commission grants of £8,529 (2023: £6,375) and after receiving donations of £4,432 as a result of a fundraising campaign and a final insurance claim payment of £1,904.

Excluding these, there was a surplus on the CH activity of £3,605 (2023: £6,807). Rental income was proportionately unchanged but there was a 20% increase in gallery hire. £11,250 (2023: £Nil) was paid to WBC as a contribution to salary costs.

The trustees have agreed to increase its contribution to salary costs by £20,000 in order for CH to continue trading. They have also decided not to have a grants programme in 2025/26 so as to sustain the reserves. They expect that there will be a deficit of around £15,000 in 2025/26.

FUTURE DEVELOPMENTS

During the period, it seemed possible that CH would cease to operate because of the budgetary problems faced by WBC. However in November 2024, WBC agreed that CH could continue to operate for a minimum of another year if the Trust made a further contribution of £20,000 in addition to the £9,000 previously agreed. WBC and the Trust would look at ways of increasing income, including grants, by around £35,000 this year and by at least £50,000 in a full year. The Trust can not continue to make a contribution of this size on a continuing basis.

By late summer, there will be a review of progress towards achieving this. At the time of this report, it is too early to judge the likelihood of success. If WBC conclude that income can not be increased sufficiently, then it is probable that CH will not be able to continue with its current operation.

The trustees believe that longer term prospects are good if CH can continue to trade as it will benefit from expansion into the adjoining building and the improvements to the building that are being funded by Arts Council England.

Page 2

VirtualSignature Transaction Ref. STMF-4Y9F-BX9S 30 Jul 2025 12:44:26 BST (UTC +1) D 2/2 P 5/18

Adur and Worthing Trust Limited

(A company limited by guarantee)

Trustees' report (continued) For the period ended 31 March 2025

GOING CONCERN

Based on the future developments sections and the current level of reserves that the Trust holds, the Trustees consider that they have a sufficient level of reserves to continue the charity’s operations for a period of at least 12 months from the signing of the accounts and therefore the Trustees have concluded that it remains appropriate for the accounts to be prepared on the going concern basis. They will not be able to continue to run CH if the losses incurred were to continue beyond this period of time.

FINANCIAL RISK MANAGEMENT

The risk to the Trust was that it would be exposed to increased costs if rent and salary costs were charged by WBC. The decision to only charge rent means that CH can trade profitably.

RESERVES POLICY

The Trust has sufficient reserves to meet its contribution to WBC in the current year. Any further modest contribution would only be made if it could be afforded. If it ceases to operate CH, then any remaining funds would be paid out in a grant making programme or transferred to an organisation with similar aims and objectives.

STRUCTURE, GOVERNANCE AND MANAGEMENT

The company is registered as a charitable company limited by guarantee and constituted under a Memorandum of Association. It is a registered charity number 1156999.

The management of the company is the responsibility of the Trustees who are elected and co-opted under the terms of the Articles of Association.

Approved by order of the members of the board of Trustees and signed on their behalf by:

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VirtualSignature Transaction Ref. STMF-4Y9F-BX9S 30 Jul 2025 12:44:26 BST (UTC +1) D 2/2 P 6/18

Adur and Worthing Trust Limited

(A company limited by guarantee)

Statement of Trustees' responsibilities For the period ended 31 March 2025

The Trustees (who are also the directors of the Company for the purposes of company law) are responsible for preparing the Trustees' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the Trustees to prepare financial statements for each financial . Under company law, the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Approved by order of the members of the board of Trustees and signed on its behalf by:

Page 4

VirtualSignature Transaction Ref. STMF-4Y9F-BX9S 30 Jul 2025 12:44:26 BST (UTC +1) D 2/2 P 7/18

Adur and Worthing Trust Limited

(A company limited by guarantee)

Independent examiner's report

For the period ended 31 March 2025

Independent examiner's report to the Trustees of Adur and Worthing Trust Limited ('the Company')

I report to the charity Trustees on my examination of the accounts of the Company for the period ended 31 March 2025.

Responsibilities and basis of report

As the Trustees of the Company (and its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act').

Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of the Company's accounts carried out under section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.

Independent examiner's statement

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

  1. accounting records were not kept in respect of the Company as required by section 386 of the 2006 Act; or

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

  3. the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a 'true and fair' view which is not a matter considered as part of an independent examination; or

  4. the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).

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.

This report is made solely to the Company's Trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. My work has been undertaken so that I might state to the Company's Trustees those matters I am required to state to them in an Independent examiner's report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the Company and the Company's Trustees as a body, for my work or for this report.

Lucy Hammond 30 Jul 2025 12:44:25 BST (UTC +1) 30 July 2025 Signed: Dated:

Lucy Hammond, BSc FCA

Kreston Reeves LLP

Chartered Accountants 9 Donnington Park 85 Birdham Road Chichester West Sussex PO20 7AJ

Page 5

VirtualSignature Transaction Ref. STMF-4Y9F-BX9S 30 Jul 2025 12:44:26 BST (UTC +1) D 2/2 P 8/18

Adur and Worthing Trust Limited

(A company limited by guarantee)

Statement of financial activities (incorporating income and expenditure account) For the period ended 31 March 2025

Note
Income from:
Grant Income
3
Charitable activities
4
Fundraising Income
5
Other Income
6
Total income
Expenditure on:
Charitable activities
Total expenditure
Net income/(expenditure)
Transfers between funds
13
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Net movement in funds
Total funds carried forward
Unrestricted
funds
17 months
ended
31 March
2025
£
-
92,686
4,432
1,904
99,022
97,574
97,574
1,448
(36)
1,412
56,514
1,412
57,926
Restricted
funds
17 months
ended
31 March
2025
£
1,070
-
-
-
1,070
1,106
1,106
(36)
36
-
-
-
-
Total
funds
17 months
ended
31 March
2025
£
1,070
92,686
4,432
1,904
100,092
98,680
98,680
1,412
-
1,412
56,514
1,412
57,926
Total
funds
31 October
2023
£
-
61,044
-
-
61,044
60,612
60,612
432
-
432
56,082
432
56,514

The Statement of financial activities includes all gains and losses recognised in the period.

The notes on pages 8 to 16 form part of these financial statements.

Page 6

VirtualSignature Transaction Ref. STMF-4Y9F-BX9S 30 Jul 2025 12:44:26 BST (UTC +1) D 2/2 P 9/18

Adur and Worthing Trust Limited (A company limited by guarantee) Registered number: 07810467

Balance sheet As at 31 March 2025

31 March 31 March 31 October
2025 2023
Note £ £
Current assets
Debtors 11 11,845 10,841
Cash at bank and in hand 54,030 54,075
65,875 64,916
Creditors: amounts falling due within one
year 12 (7,949) (8,402)
Net current assets 57,926 56,514
Total net assets 57,926 56,514
Charity funds
Restricted funds 13 - -
Unrestricted funds 13 57,926 56,514
Total funds 57,926 56,514

The Company was entitled to exemption from audit under section 477 of the Companies Act 2006.

The members have not required the company to obtain an audit for the period in question in accordance with section 476 of Companies Act 2006.

The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime.

The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:

The notes on pages 8 to 16 form part of these financial statements.

Page 7

VirtualSignature Transaction Ref. STMF-4Y9F-BX9S 30 Jul 2025 12:44:26 BST (UTC +1) D 2/2 P 10/18

Adur and Worthing Trust Limited (A company limited by guarantee)

Notes to the financial statements For the period ended 31 March 2025

1. General information

Adur and Worthing Trust Limited is a private limited company limited by guarantee and has no share capital. In the event of the charity being wound up, the liability in respect of the guarantee is limited to £1 per member.

The registered address of the charitable company is 25 Church Street, Shoreham By Sea, West Sussex BN43 5DQ.

2. Accounting policies

2.1 Basis of preparation of financial statements

The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - 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 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

Adur and Worthing Trust Limited 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.

2.2 Going concern

As explained in the Trustees Annual report the Trust is working with WBC to reduce the losses going forward, this together with the current level of reserves that the Trust holds the Trustees consider that they have a sufficient level of reserves to continue the charity’s operations for a period of at least 12 months from the signing of the accounts and therefore the Trustees have concluded that it remains appropriate for the accounts to be prepared on the going concern basis.

2.3 Income

All income is recognised once the charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.

Grants are included in the Statement of financial activities on a receivable basis. The balance of income received for specific purposes but not expended during the period is shown in the relevant funds on the Balance sheet. Where income is received in advance of entitlement of receipt, its recognition is deferred and included in creditors as deferred income. Where entitlement occurs before income is received, the income is accrued.

Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

2.4 Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use.

Page 8

VirtualSignature Transaction Ref. STMF-4Y9F-BX9S 30 Jul 2025 12:44:26 BST (UTC +1) D 2/2 P 11/18

Adur and Worthing Trust Limited (A company limited by guarantee)

Notes to the financial statements For the period ended 31 March 2025

2. Accounting policies (continued)

2.4 Expenditure (continued)

Expenditure on charitable activities is incurred on directly undertaking the activities which further the charity's objectives, as well as any associated support costs.

All expenditure is inclusive of irrecoverable VAT.

2.5 Debtors

Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

2.6 Cash at bank and in hand

Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

2.7 Liabilities and provisions

Liabilities are recognised when there is an obligation at the Balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.

Liabilities are recognised at the amount that the charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.

Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Statement of financial activities as a finance cost.

2.8 Fund accounting

General funds are unrestricted funds 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.

Page 9

VirtualSignature Transaction Ref. STMF-4Y9F-BX9S 30 Jul 2025 12:44:26 BST (UTC +1) D 2/2 P 12/18

Adur and Worthing Trust Limited (A company limited by guarantee)

Notes to the financial statements For the period ended 31 March 2025

3. Income from grants

Restricted Total
funds funds Total
17 months 17 months funds
ended ended
31 March 31 March 31 October
2025 2025 2023
£ £ £
Grants 1,070 1,070 -

4. Income from charitable activities

Rental income
Gallery hire
Recharged costs
Pop up shop income
Total 2025
Rental income
Gallery hire
Recharged costs
Pop up shop income
Total 2023
Unrestricted
funds
17 months
ended
31 March
2025
£
49,949
24,118
16,839
1,780
92,686
Unrestricted
funds
31 October
2023
£
35,412
14,507
10,674
451
61,044
Total
funds
17 months
ended
31 March
2025
£
49,949
24,118
16,839
1,780
92,686
Total
funds
31 October
2023
£
35,412
14,507
10,674
451
61,044

During 2025 and 2023 £nil of the income from charitable activities was restricted.

Page 10

VirtualSignature Transaction Ref. STMF-4Y9F-BX9S 30 Jul 2025 12:44:26 BST (UTC +1) D 2/2 P 13/18

Adur and Worthing Trust Limited (A company limited by guarantee)

Notes to the financial statements For the period ended 31 March 2025

5. Income from other trading activities

Income from fundraising events

Unrestricted Total
funds funds
17 months 17 months
ended ended
31 March 31 March
2025 2025
£ £
Fundraising 4,432 4,432

6. Other incoming resources

Unrestricted Total
funds funds Total
17 months 17 months funds
ended ended
31 March 31 March 31 October
2025 2025 2023
£ £ £
Insurance proceeds 1,904 1,904 -

Page 11

VirtualSignature Transaction Ref. STMF-4Y9F-BX9S 30 Jul 2025 12:44:26 BST (UTC +1) D 2/2 P 14/18

Adur and Worthing Trust Limited (A company limited by guarantee)

Notes to the financial statements For the period ended 31 March 2025

7. Analysis of expenditure by activities

Provision of space direct costs
Small commission grants - to individuals
Support costs
Provision of space direct costs
Small commission grants - to individuals
Support costs
Unrestricted
funds
17 months
ended
31 March
2025
£
87,293
8,529
2,858
98,680
Unrestricted
funds
31 October
2023
£
51,649
6,375
2,588
60,612
Total
funds
17 months
ended
31 March
2025
£
87,293
8,529
2,858
98,680
Total
funds
31 October
2023
£
51,649
6,375
2,588
60,612

Page 12

VirtualSignature Transaction Ref. STMF-4Y9F-BX9S 30 Jul 2025 12:44:26 BST (UTC +1) D 2/2 P 15/18

Adur and Worthing Trust Limited (A company limited by guarantee)

Notes to the financial statements For the period ended 31 March 2025

8. Analysis of direct costs

Establishment expenses
Cleaning
Insurance
Rates / Utilities
Rent
Repairs and maintenance
Other operational expenses
Advertising
Contribution to WBC salary costs
Professional services
Telephone
Bank charges
Tenant operational costs
Total direct costs
31 March
2025
£
5,786
3,545
8,471
44,200
5,180
3,173
11,250
-
1,237
95
4,356
87,293
31 October
2023
£
3,535
1,902
7,551
29,033
3,222
2,061
-
586
2,065
127
1,567
51,649

All of the support costs in the year relate to Governance costs £2,858 (2023: £2,588).

During 2025 and 2023 there was no restricted expenditure in establishment or other operational expenses.

9. Independent examiner's remuneration

The independent examiner's remuneration amounts to an independent examiner fee of £2,500 ( 2023 - £2,460 ) , and other accountancy services of £358 (2023 - £388).

10. Trustees' remuneration and expenses

During the period, no Trustees received any remuneration or other benefits (2023 - £NIL).

During the period ended 31 March 2025, no Trustee expenses have been incurred (2023 - £NIL).

Page 13

VirtualSignature Transaction Ref. STMF-4Y9F-BX9S 30 Jul 2025 12:44:26 BST (UTC +1) D 2/2 P 16/18

Adur and Worthing Trust Limited (A company limited by guarantee)

Notes to the financial statements For the period ended 31 March 2025

11. Debtors

Trade debtors
Prepayments and accrued income
31 March
2025
£
3,356
8,489
11,845
31 October
2023
£
2,103
8,738
10,841

12. Creditors: Amounts falling due within one year

Tenant deposits held
Accruals and deferred income
Small commissions grants payable
31 March
2025
£
2,938
5,011
-
7,949
31 October
2023
£
2,698
4,504
1,200
8,402

Deferred income relates to rent received in advance and deposits for future exhibitions.

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VirtualSignature Transaction Ref. STMF-4Y9F-BX9S 30 Jul 2025 12:44:26 BST (UTC +1) D 2/2 P 17/18

Adur and Worthing Trust Limited (A company limited by guarantee)

Notes to the financial statements For the period ended 31 March 2025

13. Statement of funds

Statement of funds - current period

Balance at 1
November
2023
£
Income
£
Unrestricted funds
56,514
99,022
Restricted funds
Pride Project
-
1,070
Total of funds
56,514
100,092
Pride Project - Funding for the Rainbow Pride Project.
Statement of funds - prior period
Balance at
1 November
2022
£
Unrestricted funds
56,082
Expenditure
£
(97,574)
(1,106)
(98,680)
Income
£
61,044
Transfers
in/out
£
(36)
36
-
Expenditure
£
(60,612)
Balance at
31 March
2025
£
57,926
-
57,926
Balance at
31 October
2023
£
56,514

14. Related party transactions

There have been no related party transactions in the year that require disclosure under the Charities SORP (FRS 102).

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Adur and Worthing Trust Limited (A company limited by guarantee)

Notes to the financial statements For the period ended 31 March 2025

15. Operating lease commitments

At 31 March 2025 the Company had commitments to make future minimum lease payments under noncancellable operating leases as follows:

31 March 31 October
2025 2023
£ £
Not later than 1 year 7,800 7,800

The following lease payments and changes in lease payments have been recognised in the Statement of financial activities:

Operating lease rentals 31 March
2025
£
44,200
44,200
31 October
2023
£
29,033
29,033

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