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2024-12-31-accounts

Docusign Envelope ID: 6F7316D1-DA11-4606-8599-BBC94A0E18E8

REGISTERED CHARITY NUMBER: 1189424

Report of the Trustees and

Unaudited Financial Statements

for the Year Ended 31st December 2024

for

Sterts Arts and Environmental Centre

ATC Advisors Chartered Accountants Unit 2 Dunheved Court Pennygillam Way LAUNCESTON Cornwall PL15 7ED

Docusign Envelope ID: 6F7316D1-DA11-4606-8599-BBC94A0E18E8

Sterts Arts and Environmental Centre

Contents of the Financial Statements
for the Year Ended 31st December 2024
Page
Report of the Trustees 1 to 4
Independent Examiner's Report 5
Statement of Financial Activities 6
Statement of Financial Position 7
Notes to the Financial Statements 8 to 15
Detailed Statement of Financial Activities 16 to 17

Docusign Envelope ID: 6F7316D1-DA11-4606-8599-BBC94A0E18E8

Sterts Arts and Environmental Centre

Report of the Trustees for the Year Ended 31st December 2024

The trustees present their report with the financial statements of the charity for the year ended 31st December 2024. The trustees have adopted the provisions of 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 CIO came into use on 17 May 2021, taking over the charitable activities of Sterts Arts and Environmental Centre (registered charity number: 293973).

Significant Activities

Objectives and aims

Sterts is a regional charity providing community arts and education to people from all over the South West.

Our charitable aims are set out as:

Summary of Main Activities

2024 was the first year of a two-year transition, following the condemnation in 2022 of the metal structure supporting the canopy over the earlier theatre as the result of storm damage.

The focus during 2023 had been on settling the insurance claim for the loss of business from the closing of the theatre and on two bids under the national Levelling Up Fund and at the local level to Cornwall, which were successful between them in raising some £500,000 for the purpose of redesigning and rebuilding the theatre. This was designed as a 'barn' theatre to be installed over the original amphitheatre seating (originally constructed in 1990), in keeping with the rural context of the 'theatre on the moor' and expanding the Sterts offering by allowing a longer season. It has also enabled Sterts to meet its environmental responsibility, with the potential to become among the first theatres in England to be off-grid.

The trustees had also planned during 2023 for the establishment of a Community Interest Company (no. 15422924) to act as the trading arm of the charity. The CIC was established in January 2024.

This year, the charity saw the benefits realised of the grants from the national Levelling Up Fund and Good Growth Cornwall and Isles of Scilly Shared Prosperity Fund. 2024 saw the building of the new 500-seat Barn Theatre start in March and be completed in September thanks to the extraordinary efforts and contribution of my predecessor Richard Newton-Chance, architect/project leader Gregory Kewish, Matt Hoyle (Head of Technical at Theatre Royal Plymouth), and surveyor Simon Deacon. Thanks too to Hedgehog Construction and to Mark Snellgrove for their contributions of timber for the build and also to our many other collaborators who brought their energy and talents to the project.

The new space combines the raw beauty of the original Sterts amphitheatre with a striking new structure that protects audiences from the elements while maintaining Sterts' unique 'open air' feel. It's a theatre built for the future - sustainable, atmospheric and perfect for theatre, music, dance, comedy and many other events. Its continuing evolution is intended also to provide a space for creativity, learning and performances for all ages.

At the same time, with the ongoing and greatly appreciated support of consultant Mandy Precious, the charity undertook a fundamental review and revision of the scheme of its organisation - revisiting and updating its Vision, Mission and Values within its formal objects. These were worked up over the first half of the year and reaffirmed at the charity's Annual General Meeting in October. They are as follows:

Vision : Inspire creative growth, joy and confidence with communities, where everyone can thrive in a supportive and sustainable environment.

Mission: With our communities we will create a resilient arts organisation. We will do this by: - Producing, making and evolving our wider creative programme in the context of our environmental and place-based responsibilities - Learning and discovery being at the heart of what we do.

Values:

Page 1

Docusign Envelope ID: 6F7316D1-DA11-4606-8599-BBC94A0E18E8

Sterts Arts and Environmental Centre

Report of the Trustees

for the Year Ended 31st December 2024

2024 presented the first year of establishing the CIC operational structure to deliver the strategic direction set by the CIO board of trustees. A detailed 3-year business plan was drawn up for the CIC, Sterts Theatre, in April on the basis of the business opportunity provided by the new theatre and of the fact that there are very few venues of the same size in the far Southwest of England.

The main opening season for the new Sterts will not start until Spring 2025.

Of necessity and with the theatre under construction throughout the year, the opportunities for putting on shows were very limited. The main production was The Beast in September funded by Arts Council England. This was a musical written for Sterts and well received, enabling a large community company of performers and makers to be involved, supported by a professional core team and directed by Phil Croft. A number of open-air performances were also arranged in a temporary theatre area on the Sterts site. And, of course, the much-loved annual Christmas songs and music evening with the Sterts Singers led by Jane Warwick in December. The trustees express their considerable thanks to the many supporters and volunteers whose valiant efforts helped Sterts keep going through this uncertain period. In particular to Peter Woodward, who stood in as temporary centre manager for the first part of the year; Alison Fenn and Anne Perry for their support on accounts and administration and Front of House; Mike Vineer for gardening and estate maintenance; Bernice Strickland for leading volunteers; and everyone else who worked to book in, usher and look after the visitors to Sterts shows. Too many to name, but all greatly appreciated.

Following our new business plan, two highly skilled and experienced members of staff were appointed to the CIC in September. Sara Rhodes took up the post of CEO/Creative Director after twelve years at Theatre Royal Plymouth and freelancer Lucy Donald was recruited as administrator.

Public Benefit

Taking into account the objectives and activities, the trustees have concluded that the charity meets the public benefit requirement because:

  1. The benefits that arise from the charity's aims are that:

  2. a) The charity is able to educate the public in the arts and sciences and;

  3. b) The charity is able to provide educational opportunities and facilities in the field of dramatic and related arts.

  4. The charity's aims intend to benefit the public generally.

  5. There are no restrictions on who can have the opportunity to benefit; and

  6. Nobody receives any private benefit from the charity.

The trustees have given careful consideration to the Charity Commission's general guidance on public benefit.

FINANCIAL REVIEW

Financial Review

After the period of change, with the new build project spread through the majority of 2024, it was clear that finances would take time to settle. With most of the year taken up with the transitions both to the new theatre and to the new management team, 2024 was always going to be 'different'. With the new focus, organisational structure and business plan, the new Sterts was always going to take time to bed in - with the putting together at short notice of a shows programme for 2025 and the establishment of new educational, learning and performance programmes for children, young people and schools, as well as for adults. It was also always clear that the financial position of the charity - after the huge inflows dedicated to the building projects - would have to be viewed over the first year or two of the new era. And that was built into the Business Plan.

Page 2

Docusign Envelope ID: 6F7316D1-DA11-4606-8599-BBC94A0E18E8

Sterts Arts and Environmental Centre

Report of the Trustees for the Year Ended 31st December 2024

FINANCIAL REVIEW

Reserves policy

The charity's funds are mostly invested in the tangible fixed assets of the charity and therefore it has no free reserves. However, it is the trustees' policy to maintain net assets, at a figure approximately equal to 6 months overhead expenditure in the year ended 31st December 2024. At this level, the trustees feel they would be able to carry on the charity's activities in the event of a significant fall in funding. At 31st December 2024, the charity had net assets of £936,684.

Unrestricted free reserves available for spending after allowing for tangible fixed assets totalled £132,222.

It is the policy of the charity that unrestricted funds which have not been designated for a specific use should be maintained at a level equivalent to between three and six months expenditure (£77,129). The trustees consider that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the current activities whilst consideration is given to ways in which additional funds may be raised. This level of reserves has been maintained throughout the period.

The charity has assessed the major risks to which they are exposed and are satisfied that systems are in place to mitigate exposure to major risks.

Going concern

At the time of approving the accounts, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the accounts.

FUTURE PLANS

The trustees remain confident that the need in this part of Cornwall and the model being pursued are strong and offer great opportunities for the future.

They confirm that they have had and continue to have regard to the Charity Commission's guidance on public benefit and indeed all the efforts and objects of the charity are dedicated to making a positive difference to the public across a wide range of actions relating to the arts, theatre, education and learning, and the environment.

Thanks go from the present trustees to all the trustees who served during 2024 and also to all the many helpers, contractors and other supporters over this time of transition.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing document

The charity and its property are managed and administered by the Council of Management who are also the trustees.The trustees are elected by the members at the Annual General Meeting (AGM). Each of the trustees must retire with effect from the conclusion of the AGM three years after their appointment, but is eligible for re-election at that AGM. The trustees elect the officers of the charity (chair, treasurer, secretary) from among their number.

The trustees may delegate any of their powers or functions to a committee of two or more trustees, but the terms of any such delegation must be recorded in the minute book and must include the terms that: no expenditure may be incurred on behalf of the charity except in accordance with a budget previously agreed with the trustees; and all acts and proceedings of the committee must be fully and promptly reported to the trustees.

The charity is controlled by its constitution (adopted 24/09/2019) and constitutes a Charitable Incorporated Organisation (CIO).

Recruitment and appointment of new trustees

The charity looks to appoint as trustees, candidates with relevant skills and experience and a keen interest in the objects of the charity. Suitable candidates are sought both through public channels and through networking.

Risk management

The trustees have a duty to identify and review the risks to which the charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error.

REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number

1189424

Page 3

Docusign Envelope ID: 6F7316D1-DA11-4606-8599-BBC94A0E18E8

Sterts Arts and Environmental Centre

Report of the Trustees for the Year Ended 31st December 2024

Principal address Upton Cross Liskeard Cornwall PL14 5AZ Trustees Ms S Spake (resigned 3.7.24) Ms B Strickland (resigned 31.12.24) Ms S Lodge Ms K Brailsford (resigned 8.2.25) R Newton Chance (resigned 14.11.24) Ms S L Pym D Sturrock Ms J Dent E Hunter (resigned 20.3.24) M Brownrigg (appointed 3.7.24) Independent Examiner Sarah Gay FCA/FCCA ATC Advisors Chartered Accountants Unit 2 Dunheved Court Pennygillam Way LAUNCESTON Cornwall PL15 7ED 01/10/2025 Approved by order of the board of trustees on ............................................. and signed on its behalf by:

........................................................................ M Brownrigg - Trustee

Page 4

Docusign Envelope ID: 6F7316D1-DA11-4606-8599-BBC94A0E18E8

Independent Examiner's Report to the Trustees of Sterts Arts and Environmental Centre

Independent examiner's report to the trustees of Sterts Arts and Environmental Centre

I report to the charity trustees on my examination of the accounts of Sterts Arts and Environmental Centre (the Trust) for the year ended 31st December 2024.

Responsibilities and basis of report

As the charity trustees of the Trust 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 Trust's accounts carried out under Section 145 of the Act and in carrying out my examination I have followed all applicable Directions given by the Charity Commission under Section 145(5)(b) of the Act.

Independent examiner's statement

Since your charity's gross income exceeded £250,000 your examiner must be a member of a listed body. I can confirm that I am qualified to undertake the examination because I am a member of the Institute of Chartered Accountants in England and Wales, which is one of the listed bodies.

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 Trust as required by Section 130 of the Act; or 2. the accounts do not accord with those records; or

  2. the accounts do not comply with the applicable 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.

Sarah Gay FCA/FCCA

The Institute of Chartered Accountants in England and Wales

ATC Advisors Chartered Accountants Unit 2 Dunheved Court Pennygillam Way LAUNCESTON Cornwall PL15 7ED 01/10/2025 Date: .............................................

Page 5

Docusign Envelope ID: 6F7316D1-DA11-4606-8599-BBC94A0E18E8

Sterts Arts and Environmental Centre

Statement of Financial Activities for the Year Ended 31st December 2024

Unrestricted
fund
Notes
£
INCOME AND ENDOWMENTS FROM
Donations and legacies
28,477
Charitable activities
Charitable Activities
-
Other trading activities
2
8,545
Investment income
3
3,601
Other income
-
Total
40,623
EXPENDITURE ON
Raising funds
800
Charitable activities
4
Charitable Activities
88,925
Total
89,725
NET INCOME/(EXPENDITURE)
(49,102)
RECONCILIATION OF FUNDS
Total funds brought forward
405,008
TOTAL FUNDS CARRIED FORWARD
355,906		 Restricted
funds
£
260,000
-
-
-
-
260,000
-
17,131
17,131
242,869
337,910
580,779		 2024
Total
funds
£
288,477
-
8,545
3,601
-
300,623
800
106,056
106,856
193,767
742,918
936,685		 2023
Total
funds
£
318,678
42,487
29,099
1,997
329,721
721,982
5,320
221,668
226,988
494,994
247,924
742,918

The notes form part of these financial statements

Page 6

Docusign Envelope ID: 6F7316D1-DA11-4606-8599-BBC94A0E18E8

Sterts Arts and Environmental Centre

Statement of Financial Position 31st December 2024

Notes
FIXED ASSETS
Tangible assets
11
CURRENT ASSETS
Stocks
12
Debtors
13
Cash at bank and in hand
CREDITORS
Amounts falling due within one year
14
NET CURRENT ASSETS
TOTAL ASSETS LESS CURRENT LIABILITIES
CREDITORS
Amounts falling due after more than one year
15
NET ASSETS
FUNDS
17
Unrestricted funds
Restricted funds
TOTAL FUNDS		 Unrestricted
fund
£
227,821
-
104,794
60,292
165,086
(24,290)
140,796
368,617
(12,711)
355,906		 Restricted
funds
£
579,342
-
-
1,437
1,437
-
1,437
580,779
-
580,779		 2024
Total
funds
£
807,163
-
104,794
61,729
166,523
(24,290)
142,233
949,396
(12,711)
936,685
355,906
580,779
936,685		 2023
Total
funds
£
271,752
125
304,674
213,343
518,142
(31,116)
487,026
758,778
(15,860)
742,918
405,008
337,910
742,918

The financial statements were approved by the Board of Trustees and authorised for issue on 01/10/2025 ............................................. and were signed on its behalf by:

............................................. M Brownrigg - Trustee

The notes form part of these financial statements

Page 7

Docusign Envelope ID: 6F7316D1-DA11-4606-8599-BBC94A0E18E8

Sterts Arts and Environmental Centre

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

1. ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements of the charity, which is a public benefit entity under FRS 102, 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)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011. The financial statements have been prepared under the historical cost convention.

Income

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

Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation. Grants are recognised on entitlement.

Legacies are recognised on receipt or otherwise if the charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is now known, the legacy is treated as a contingent asset.

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods and services provided in the normal course of business, net of discounts, VAT and other sales related taxes.

Expenditure

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, 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 accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Freehold property - 5% on cost and 2% on cost Fixtures and fittings - 25% on reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in net income/(expenditure) for the year.

The charity has a policy of capitalising assets over the value of £500 only.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation

The charity is exempt from tax on its charitable activities.

Fund accounting

Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.

Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.

Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.

Donated goods and services

Donated goods and services are recognised as income within the accounts where these are material to the understanding of the funds available to the charity and where their value can be reliably quantified through the consideration of an open market value for the goods or service.

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Docusign Envelope ID: 6F7316D1-DA11-4606-8599-BBC94A0E18E8

Sterts Arts and Environmental Centre

Notes to the Financial Statements - continued for the Year Ended 31st December 2024

1. ACCOUNTING POLICIES - continued

Donated goods and services

Where their value is not considered material, donated goods and services which are not immediately consumed are recognised as income when sold.

2. OTHER TRADING ACTIVITIES

Fundraising events
Catering and cafe income
Memberships
Hire of centre facilities
Other incoming resources
INVESTMENT INCOME
Interest Receivable
CHARITABLE ACTIVITIES COSTS
Charitable Activities
DIRECT COSTS OF CHARITABLE ACTIVITIES
Rates and water
Insurance
Light and heat
Telephone
Advertising
Production costs
Repairs and maintenance
Hall hire
Interest payable and similar charges		 Direct
Costs (see
note 5)
£
35,646		 2024
£
-
-
2,882
5,103
560
8,545
2024
£
3,601
Support
costs (see
note 6)
£
70,410
2024
£
1,865
18,885
6,139
1,539
-
-
7,218
-
-
35,646		 2023
£
261
4,381
10,653
8,773
5,031
29,099
2023
£
1,997
Totals
£
106,056
2023
£
3,476
11,961
4,929
1,129
343
42,658
3,339
5,735
1,337
74,907

3. INVESTMENT INCOME

4. CHARITABLE ACTIVITIES COSTS

5. DIRECT COSTS OF CHARITABLE ACTIVITIES

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Docusign Envelope ID: 6F7316D1-DA11-4606-8599-BBC94A0E18E8

Sterts Arts and Environmental Centre

Notes to the Financial Statements - continued for the Year Ended 31st December 2024

6. SUPPORT COSTS

Finance
£
Charitable Activities
2,147
Support costs, included in the above, are as follows:
Finance
Bank charges
Loan interest
Other
Wages
Postage and stationery
Sundries
Marketing
Depreciation of tangible fixed assets
Loss on sale of tangible fixed assets
Computer costs
Cleaning
Governance costs
Accountancy
Professional fees		 Governance
Other
costs
£
£
39,001
29,262
2024
Charitable
Activities
£
416
1,731
2,147
2024
Charitable
Activities
£
-
761
4,840
10,709
13,838
-
2,978
5,875
39,001
2024
Charitable
Activities
£
2,394
26,868
29,262		 Totals
£
70,410
2023
Total
activities
£
638
1,819
2,457
2023
Total
activities
£
(1,584)
672
1,231
-
16,468
108,432
8,852
3,399
137,470
2023
Total
activities
£
2,340
4,494
6,834

7. TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 31st December 2024 nor for the year ended 31st December 2023.

Trustees' expenses

There were no trustees' expenses paid for the year ended 31st December 2024 nor for the year ended 31st December 2023.

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Docusign Envelope ID: 6F7316D1-DA11-4606-8599-BBC94A0E18E8

Sterts Arts and Environmental Centre

Notes to the Financial Statements - continued for the Year Ended 31st December 2024

8.
COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
Unrestricted
fund
£
INCOME AND ENDOWMENTS FROM
Donations and legacies
15,389
Charitable activities
Charitable Activities
42,487
Other trading activities
27,099
Investment income
1,997
Other income
329,721
Total
416,693
EXPENDITURE ON
Raising funds
5,320
Charitable activities
Charitable Activities
176,430
Total
181,750
NET INCOME
234,943
RECONCILIATION OF FUNDS
Total funds brought forward
170,065
TOTAL FUNDS CARRIED FORWARD
405,008
9.
INDEPENDENT EXAMINER REMUNERATION
Accountancy
Independent Examination
TTR Claims
Payroll		 8.
COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
Unrestricted
fund
£
INCOME AND ENDOWMENTS FROM
Donations and legacies
15,389
Charitable activities
Charitable Activities
42,487
Other trading activities
27,099
Investment income
1,997
Other income
329,721
Total
416,693
EXPENDITURE ON
Raising funds
5,320
Charitable activities
Charitable Activities
176,430
Total
181,750
NET INCOME
234,943
RECONCILIATION OF FUNDS
Total funds brought forward
170,065
TOTAL FUNDS CARRIED FORWARD
405,008
9.
INDEPENDENT EXAMINER REMUNERATION
Accountancy
Independent Examination
TTR Claims
Payroll		 8.
COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
Unrestricted
fund
£
INCOME AND ENDOWMENTS FROM
Donations and legacies
15,389
Charitable activities
Charitable Activities
42,487
Other trading activities
27,099
Investment income
1,997
Other income
329,721
Total
416,693
EXPENDITURE ON
Raising funds
5,320
Charitable activities
Charitable Activities
176,430
Total
181,750
NET INCOME
234,943
RECONCILIATION OF FUNDS
Total funds brought forward
170,065
TOTAL FUNDS CARRIED FORWARD
405,008
9.
INDEPENDENT EXAMINER REMUNERATION
Accountancy
Independent Examination
TTR Claims
Payroll		 Restricted
funds
£
303,289
-
2,000
-
-
305,289
-
45,238
45,238
260,051
77,859
337,910		 Restricted
funds
£
303,289
-
2,000
-
-
305,289
-
45,238
45,238
260,051
77,859
337,910		 Total
funds
£
318,678
42,487
29,099
1,997
329,721
721,982
5,320
221,668
226,988
494,994
247,924
742,918
2024
£
1,440
900
1,080
144
3,564		 2023
£
1,440
900
1,080
144
1,368

10. OTHER INCOME

Included in other income in 2023 is an insurance claim of £329,721 in respect of the canopy that was damaged beyond repair and had to be removed.

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Docusign Envelope ID: 6F7316D1-DA11-4606-8599-BBC94A0E18E8

Sterts Arts and Environmental Centre

Notes to the Financial Statements - continued for the Year Ended 31st December 2024

11. TANGIBLE FIXED ASSETS

COST
At 1st January 2024
Additions
At 31st December 2024
DEPRECIATION
At 1st January 2024
Charge for year
At 31st December 2024
NET BOOK VALUE
At 31st December 2024
At 31st December 2023
12.
STOCKS
Stocks
13.
DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Trade debtors
Other debtors
Prepayments
14.
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Trade creditors
Other creditors		 Freehold
property
£
435,336
363,143
798,479
169,430
10,801
180,231
618,248
265,906		 Fixtures
and
fittings
£
14,772
186,106
200,878
8,926
3,037
11,963
188,915
5,846
2024
£
-
2024
£
-
104,794
-
104,794
2024
£
17,293
6,997
24,290		 Totals
£
450,108
549,249
999,357
178,356
13,838
192,194
807,163
271,752
2023
£
125
2023
£
915
303,120
639
304,674
2023
£
24,716
6,400
31,116

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Docusign Envelope ID: 6F7316D1-DA11-4606-8599-BBC94A0E18E8

Sterts Arts and Environmental Centre

Notes to the Financial Statements - continued for the Year Ended 31st December 2024

15. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

Other creditors
16.
LOANS
An analysis of the maturity of loans is given below:
Amounts falling due within one year on demand:
Other loans
Amounts falling between one and two years:
Other loans - 1-2 years
Amounts falling due between two and five years:
Other loans - 2-5 years
17.
MOVEMENT IN FUNDS
Unrestricted funds
General fund
Restricted funds
Hub fund
New Box Office
New Canopy Fund
COF Theatre Fund
Cornwall Council Shared Prosperity Fund
TOTAL FUNDS
Net movement in funds, included in the above are as follows:
Unrestricted funds
General fund
Restricted funds
Hub fund
New Box Office
New Canopy Fund
COF Theatre Fund
Cornwall Council Shared Prosperity Fund
TOTAL FUNDS		 At 1.1.24
£
405,008
799
30,610
6,501
300,000
-
337,910
742,918
Incoming
resources
£
40,623
-
-
-
-
260,000
260,000
300,623		 2024
2023
£
£
12,711
15,860
2024
2023
£
£
2,579
2,010
12,711
-
-
15,860
Net
movement
At
in funds
31.12.24
£
£
(49,102)
355,906
(200)
599
(976)
29,634
(137)
6,364
(1,737)
298,263
245,919
245,919
242,869
580,779
193,767
936,685
Resources
Movement
expended
in funds
£
£
(89,725)
(49,102)
(200)
(200)
(976)
(976)
(137)
(137)
(1,737)
(1,737)
(14,081)
245,919
(17,131)
242,869
(106,856)
193,767

Page 13

continued...

Docusign Envelope ID: 6F7316D1-DA11-4606-8599-BBC94A0E18E8

Sterts Arts and Environmental Centre

Notes to the Financial Statements - continued for the Year Ended 31st December 2024

17. MOVEMENT IN FUNDS - continued

Comparatives for movement in funds

At 1.1.23
£
Unrestricted funds
General fund
170,065
Restricted funds
Canopy Fund
43,956
Hub fund
1,065
New Box Office
31,586
New Canopy Fund
1,212
Sterts Singers
40
COF Theatre Fund
-
77,859
TOTAL FUNDS
247,924
Comparative net movement in funds, included in the above are as follows:
Incoming
resources
£
Unrestricted funds
General fund
416,693
Restricted funds
Canopy Fund
-
Hub fund
-
New Box Office
-
New Canopy Fund
5,289
Sterts Singers
-
COF Theatre Fund
300,000
305,289
TOTAL FUNDS
721,982		 Net
movement
At
in funds
31.12.23
£
£
234,943
405,008
(43,956)
-
(266)
799
(976)
30,610
5,289
6,501
(40)
-
300,000
300,000
260,051
337,910
494,994
742,918
Resources
Movement
expended
in funds
£
£
(181,750)
234,943
(43,956)
(43,956)
(266)
(266)
(976)
(976)
-
5,289
(40)
(40)
-
300,000
(45,238)
260,051
(226,988)
494,994

Canopy

A new theatre canopy was purchased in the year ended 30th September 2014, funded by grants and donations. This balance has reduced to nil during the year due to irreparable storm damage which arose on the canopy which has resulted it the canopy needing to be removed and disposed.

The Hub

The hub fund represents monies received in order to set up a community hub at Sterts to provide services for the local rural communities on the Southern Flank of Bodmin Moor. These funds were received through grants and crowdfunding throughout 2020 and 2021 and have been utilised in full in earlier years. The remaining balance represents the net book value of cinema equipment purchased for the hub. This is being released from the restricted fund through depreciation.

New Box Office

Grants totalling £33,538 were received for the creation of a new box office and adjoining changing places facilities from Cornwall Council and the Claire Milne Trust. These funds have been fully utilised with the facilities being officially open in July 2021. The balance is being released from the restricted fund through depreciation.

New Canopy Fund

Donations totalling £6,689 were received during the year to replace the canopy which has been removed as above. The full balance on this fund has been utilised towards the cost of the planning application and fees. This will be released from the restricted fund through depreciation once the theatre comes into use.

Page 14

continued...

Docusign Envelope ID: 6F7316D1-DA11-4606-8599-BBC94A0E18E8

Sterts Arts and Environmental Centre

Notes to the Financial Statements - continued for the Year Ended 31st December 2024

17. MOVEMENT IN FUNDS - continued

Sterts Singers

A donation was received in the previous year for the benefit of Sterts Singers. The remaining balance of £40 was utilised in the year towards the cost of a keyboard player to accompany Sterts Singers during a performance.

COF Theatre Fund

During the year, the charity received confirmation of entitlement to £300,000 in grants due from COF, being £50,000 towards revenue expenditure and £250,000 towards capital expenditure relating to rebuilding Sterts.

18. RELATED PARTY DISCLOSURES

During the year there were £80 of donations received from B Strickland, and £1,452 paid to D Sturrock for construction costs.

19. RESTRICTED FUNDS

Canopy

A new theatre canopy was purchased in the year ended 30 September 2014, funded by grants and donations. This balance is being released from the restricted fund through depreciation.

The Hub

The hub fund represents monies received in order to set up a community hub at Sterts to provide services for the local rural communities on the Southern Flank of Bodmin Moor. These funds were received through grants and crowdfunding throughout

2020 and 2021. These funds were utilised previously on new chairs and tech supplies for the hub. This balance is being released from the restricted fund through depreciation.

New Box Office

Grants totalling £33,538 were received for the creation of a new box office and adjoining changing places facilities from Cornwall Council and the Claire Milne Trust. These funds were fully utilised previously with the facilities being officially opened in July 2021. The funds are being released from the restricted fund through annual depreciation.

Replacement Canopy

Fundraising income and donations were received during the year amounting to £1,212 following irreparable damage to the canopy.

These will be carried forward until such a time that sufficient funds are raised to replace the canopy.

COF Theatre Fund

A £300,000 grant from Community Ownership Fund has been included within the accounts which was announced in September 2023. This has been split as £250,000 for capital spending and £50,000 revenue spending.

Cornwall Council Shared Prosperity Fund

Cornwall Council provided a grant to enable the completion of the building of the new Theatre. This spend was split between the fabric of the building and fixtures within the building.

Page 15

Docusign Envelope ID: 6F7316D1-DA11-4606-8599-BBC94A0E18E8

Sterts Arts and Environmental Centre

INCOME AND ENDOWMENTS
Donations and legacies
Donations and Gifts
Grants
Other trading activities
Fundraising events
Catering and cafe income
Memberships
Hire of centre facilities
Other incoming resources
Investment income
Interest Receivable
Charitable activities
Theatrical performances
Other income
Insurance claims
Total incoming resources
EXPENDITURE
Other trading activities
Bar and kiosk purchases
Fundraising costs
Charitable activities
Rates and water
Insurance
Light and heat
Telephone
Advertising
Production costs
Repairs and maintenance
Hall hire
Credit card charges
Support costs
Finance
Bank charges
Loan interest		 Detailed Statement of Financial Activities
for the Year Ended 31st December 2024		 2024
£
28,477
260,000
288,477
-
-
2,882
5,103
560
8,545
3,601
-
-
300,623
-
800
800
1,865
18,885
6,139
1,539
-
-
7,218
-
-
35,646
416
1,731
2,147		 2023
£
16,928
301,750
318,678
261
4,381
10,653
8,773
5,031
29,099
1,997
42,487
329,721
721,982
4,720
600
5,320
3,476
11,961
4,929
1,129
343
42,658
3,339
5,735
1,337
74,907
638
1,819
2,457

This page does not form part of the statutory financial statements

Page 16

Docusign Envelope ID: 6F7316D1-DA11-4606-8599-BBC94A0E18E8

Sterts Arts and Environmental Centre

Detailed Statement of Financial Activities for the Year Ended 31st December 2024

Finance
Other
Wages
Postage and stationery
Sundries
Marketing
Freehold property
Fixtures and fittings
Loss on sale of tangible fixed assets
Computer costs
Cleaning
Governance costs
Accountancy
Professional fees
Total resources expended
Net income		 2024
£
-
761
4,840
10,709
10,801
3,037
-
2,978
5,875
39,001
2,394
26,868
29,262
106,856
193,767		 2023
£
(1,584)
672
1,231
-
13,589
2,879
108,432
8,852
3,399
137,470
2,340
4,494
6,834
226,988
494,994

This page does not form part of the statutory financial statements

Page 17