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2021-03-31-accounts

BLACKFRIARS ARTS CENTRE LIMITED (Limited by Guarantee) Company No 00702834 Charity No 228391 (England and Wales)

DIRECTORS' AND TRUSTEES' REPORT AND ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2021

BLACKFRIARS ARTS CENTRE LIMITED

COMPANY INFORMATION FOR THE YEAR ENDED 31 MARCH 2021

Directors for the purposes of the Companies Act being:

Directors and Trustees acting as the Council of Management

Directors and Trustees acting as the
Council of Management Charles Bull - Chairman
Mrs Elizabeth Johnson
John Sabberton (Resigned 23 September 2020)
Paul Gibson
Michael Broadhurst (Resigned 12 May 2021)
John Jackson
David Grant
Robert Barclay
Stephen Brown (Resigned 23 September 2020)
Brenda Fleet (Resigned 23 September 2020)
John Tillson
Adrian Reed (Appointed 23 September 2020)
Annette Stewart (Appointed 23 September 2020)
Company Number 00702834 (England and Wales)
Charity Number 228391
Registered Office Spain Lane
Boston
Lincolnshire
PE21 6HP
Independent Examiner Mrs Nicola Michelle Lenton FCCA
Dexter & Sharpe
Chartered Certified Accountants
The Old Vicarage
Church Close
Boston
Lincolnshire
PE21 6NA
Bankers HSBC Bank Plc
53-54 Market Place
Boston
Lincolnshire
PE21 6LS

- 1 -

BLACKFRIARS ARTS CENTRE LIMITED

CONTENTS FOR THE YEAR ENDED 31 MARCH 2021

Directors' & Trustees' Report
Independent Examiner’s Report
Statement of Financial Activities
Balance Sheet
Notes to the Accounts		 Page
3 - 5
6
7 - 8
9
10 - 16

- 2 -

BLACKFRIARS ARTS CENTRE LIMITED

DIRECTORS' AND TRUSTEES' REPORT FOR THE YEAR ENDED 31 MARCH 2021

The directors who are trustees present their report and accounts for the year ended 31 March 2021.

Structure, Governance and Management

Constitution

Blackfriars Arts Centre is a company limited by guarantee governed by its Memorandum and Articles of Association (Company number 00702834). It is registered as a charity with the Charity Commission (Number 228391).

Directors and trustees

The directors of the charitable company (the charity) are its trustees for the purpose of charity law. The trustees are detailed on page 1.

Appointment of trustees

As set out in the Articles of Association, additional trustees can be co-opted on the board when it sees fit.

Trustee induction and training

New trustees undergo an orientation day to brief them on their legal obligations under charity and company law, the Charity Commission guidance on public benefit, content of the Memorandum and Articles of Association, the committee and decision-making processes, the business plan and recent financial performance of the charity.

Objects of the Charity

The charity’s objects and principal activity continues to be that of preserving and maintaining the Dominican Friary in Spain Lane, Boston, Lincolnshire as a cultural centre and to promote, maintain, improve and advance education particularly by the production of educational plays and the encouragement of the arts, including the arts of drama, mime, dance, singing and music, and to formulate, prepare and establish schemes.

We have referred to the guidance contained in the Charity Commission’s general guidance on public benefit when reviewing our aim and objectives and in planning our future activities. In particular, the trustees consider how planned activities will contribute to the aims and objectives they have set.

Our charitable activities are mainly provided to the residents of Lincolnshire. We aim to provide an opportunity to enable children and adults to experience art and culture and to further our charitable purposes for the benefit of the public.

Organisation

The board continues to provide a wide selection of amateur and professional acts of such a nature that there will be a higher level of public interest in all of the services provided by the Company, and provide a reasonable return on its investment and some success has been measured in the results for this financial year – it is hoped to continue this into 2022.

The company has the support of many volunteers in the theatre and gives thanks for their support – without which the theatre would not survive. It is estimated that the value of this is £55,000.

Cont.

BLACKFRIARS ARTS CENTRE LIMITED

DIRECTORS' AND TRUSTEES' REPORT FOR THE YEAR ENDED 31 MARCH 2021 CONT.

Related parties

None of the trustees receive remuneration or other benefit from their work with the charity and any expenses reimbursed to the trustees are detailed within the notes. Any connection between a trustee of the charity with a production company, contracted actor, performer or exhibitor must be disclosed to the full board of trustees in the same way as any other contractual relationship with a related party. In the current year no such related party transactions were reported.

Blackfriars Arts Centre Ltd owns the whole of the issued share capital of Blackfriars Club Ltd. This company’s principal activity continues to be that of licensed victuallers at the Blackfriars Arts Centre premises.

Blackfriars Club Ltd’s principal objects are to provide financial and such other forms of support as the directors think fit to Blackfriars Arts Centre Ltd. The company entered into a deed of covenant whereby all its distributable profits were paid to Blackfriars Arts Centre Ltd, and as such, no dividends were payable by that company. The deed of covenant now comes within the Gift Aid arrangements. During the year a loss of £4,848 was made by the Club and therefore no Gift Aid was paid to the Arts Centre (2020 - £10,836).

Development, activities and achievements this year

The trustees continue to find ways to secure the future of Blackfriars Art Centre Ltd. The management group is continuing to look at ways of providing funding without relying on grants from Boston Borough Council.

The interest free loan from members of the public raised revenue of £22,470, which is still outstanding.

Blackfriars Arts Centre focuses on concerts and stage performances, from both professional acts and amateur community groups. The programme achieves a mix to suit a range of public tastes, such as tribute acts, ballet, musicals, and opera. At Christmas each year there is a pantomime, which was well attended this year.

The work on the update, renew and replacing of items in the theatre continues to take place. Along with the completion of the new seating in August 2017, a new lift and kitchen facilities, which has been welcomed by our clientele, have been installed in previous years. The update will continue during 2020/21 to provide a more comfortable and accessible theatre for the future. This can only be achieved by the continuing support of all members and public through generous donations.

Future developments

As the Coronavirus pandemic continued throughout the year, the board endeavoured to safeguard the future of the charity by securing arts council funding to the value of £121,328. We had a variety of acts lined up for the coming year however, the Coronavirus outbreak has meant that acts have either had to be cancelled or rearranged. It is hoped that with the continued support of the public and the volunteers, Blackfriars Arts Centre will continue to attract top class acts and performances as it seeks to become one of best venues within the county.

The Shodfriars project had continued during this period, covered by these accounts, despite Covid with the project being successful in its application to the Towns Deal Fund of £2,100,000. The coffee shop was closed due to the Coronavirus outbreak, although did briefly reopen in August 2020.

Cont.

BLACKFRIARS ARTS CENTRE LIMITED

DIRECTORS' AND TRUSTEES' REPORT FOR THE YEAR ENDED 31 MARCH 2021 CONT.

Future developments cont.

Trading to date of the coffee shop and associated activities has been done as Blackfriars Arts Centre Ltd. This has been by way of a ring fenced account on the understanding that there is no financial risk to Blackfriars from these activities, for the year ended 31[st] March 2021 the net income over expenditure was £31,829. Since Shodfriars started in 2019 the overall position is a net income over expenditure of £34,111.

Reserves, financial position and risk management

The income and expenditure account shows a revenue profit for the year of £96,719 (2020 - £35,948 loss). This profit increased the charity funds to £329,251.

In order to continue to present a diverse programme and also to adequately remunerate our staff the trustees realise the need to seek additional revenue funding, and continually pursue policies to generate such funds.

Tangible fixed assets for use by the charity

Details of movements in fixed assets are set out in note 8 to the accounts.

Statement of Trustees' responsibilities

The trustees are required by company law to prepare financial statements for each financial year which give a true and fair view of the financial activities of the charity and of its financial position at the end of that year. In preparing those financial statements, the trustees are required to:

The trustees are responsible for keeping proper accounting records, which 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 Companies Act 2006. They 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.

Small Company Rules

This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 applicable to small companies.

This report was approved by the board of trustees on 8th September 2021 and signed by their order.

Annette Stewart Director

BLACKFRIARS ARTS CENTRE LIMITED

INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES OF BLACKFRIARS ARTS CENTRE LIMITED

I report on the accounts of the charitable company for the year ended 31 March 2021 which are set out on pages 7 to 16.

Responsibilities and basis of report

As the charity’s trustees of the Company (who are also the directors of the company 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 for this year under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity’s accounts as 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 material matters have come to my attention which gives me cause to believe that:

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.

MRS NICOLA MICHELLE LENTON FCCA Independent Examiner

Dexter & Sharpe Chartered Certified Accountants The Old Vicarage Church Close Boston Lincolnshire PE21 6NA

Date: 8[th] September 2021

BLACKFRIARS ARTS CENTRE LIMITED

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2021

Designated
Restricted Capital General Total Total
Funds Funds 2021 2021 2020
Note £ £ £ £ £
Incoming resources:
Incoming and endowments from:
Voluntary income:
2 Donations and legacies - Blackfriars 102,334 - 71,796 174,130 31,921
Donations and legacies - Shodfriars 7,621 - 49,918 57,539 -
3 Charitable activities 1,500 - 43,633 45,133 293,457
4 Other trading activities - - 1,923 1,923 121,632
Theatre Tax Relief - - 6,928 6,928 -
Investment Income
 - - 14 14 15
_ _ _ _ _
TOTAL INCOMING RESOURCES 111,455 - 174,212 285,667 447,025
═════ ═════ ═════ ═════ ═════
Expenditure on:
5 Charitable activities - Blackfriars 56,960 - 111,166 168,126 400,159
Charitable activities - Shodfriars 2,121 - 18,701 20,822 82,814
_ _ _ _ _
TOTAL EXPENDITURE 59,081 - 129,867 188,948 482,973
═════ ═════ ═════ ═════ ═════
NET INCOME/EXPENDITURE
FOR THE YEAR:
52,374 - 44,345 96,719 (35,948)
13 TRANSFERS BETWEEN FUNDS (35,958) - 35,958 - -
_ _ _ _ _
NET (DEFICIT)/SURPLUS
FOR THE YEAR AFTER
TRANSFERS 16,416 - 80,303 96,719 (35,948)
═════ ═════ ═════ ═════ ═════

The notes on pages 10 to 16 form part of these financial statements

BLACKFRIARS ARTS CENTRE LIMITED

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2021

Statement of Other Recognised Gains

Designated
Restricted Capital General Total Total
Funds Funds 2021 2021 2020
Note £ £ £ £ £
Net Movement in
Funds for the Year 16,416 - 80,303 96,719 (35,948)
Total Funds
brought forward - - 232,532 232,532 268,480
Capital Contribution - - - - -
_ _ _ _ _
TOTAL FUNDS
CARRIED FORWARD 16,416 - 312,835 329,251 232,532
═════ ═════ ═════ ═════ ═════
CAPITAL AND RESERVES
PER BALANCE SHEET 329,251 232,532
═════ ═════

None of the company’s activities were acquired or discontinued during the year and there were no recognised gains and losses for 2020 or 2021 other than those included in the Statement of Financial Activities.

The notes on pages 10 to 16 form part of these financial statements

BLACKFRIARS ARTS CENTRE LIMITED

BALANCE SHEET AS AT 31 MARCH 2021 COMPANY NUMBER 00702834

Notes 2021 2020
Fixed Assets £ £
8 Tangible Assets:
Land and Buildings 164,692 170,251
Cinema Equipment 11,699 12,999
Equipment and Fixtures 78,015 85,294
_ 254,406 _ 268,544
Unquoted Investments:
9 Blackfriars Club Limited 100 100
_ _
254,506 268,644
Current Assets
Stock 549 508
10 Debtors 9,726 37,317
Cash at Bank and in Hand 164,949 11,730
_ _
175,224 49,555
11 Creditors:amounts falling due within one year (28,009) (63,197)
_ _
Net Current Assets/(Liabilities) 147,215 (13,642)
_ _
Net Current Assets 401,721 255,002
12 Creditors:amounts falling due after one year (72,470) (22,470)
_ _
Net Assets 329,251 232,532
═════ ═════
13 Funds of the Charity
Designated Capital Funds - -
Restricted Capital Funds 16,416 -
Unrestricted Funds 312,835 232,532
Unrestricted Funds – Capital Contribution - -
_ _
Total Charity Funds 329,251 232,532
═════ ═════

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2021. The members have not required the company to obtain an audit of its financial statements for the year ended in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

The financial statements have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

The financial statements were approved by the Board of Directors on 8th September 2021 and were signed on its behalf by:

Annette Stewart Director

Charles Bull Chairman

BLACKFRIARS ARTS CENTRE LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

1. ACCOUNTING POLICIES

Share Capital

The company is incorporated under the Companies Act as a Guarantee Company. No share capital has been issued. In the event of the company's winding up each member may be required to contribute an amount not exceeding £1 as a contribution towards the debts and liabilities of the company.

Basis of Preparation of Financial Statements

The financial statements of the charitable company, which 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 2015)’, Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ and the Companies Act 20016. The financial statements have been prepared under the historical cost convention.

Tangible Fixed Assets and Depreciation

Tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Freehold Land and Buildings - Nil Charged Equipment and Fixtures - 10% Reducing Balance Basis or 10% on cost as appropriate Cinema Equipment - 10% Reducing Balance Basis Computer and I.T. Equipment - 25% Straight Line Basis

The freehold buildings are maintained to such a standard that their estimated residual value is not less than their cost. No depreciation is charged as it is not material.

Grants Received

All grants received relevant to the year whether of a revenue or capital nature are included within incoming resources in the Statement of Financial Activities. Grants received for specific projects are included in restricted funds. Grants received are included in the year in which they are received any Grants received for restricted purposes are applied as specified.

Operating Income

Revenue income represents the invoiced amount of goods sold, services provided and revenue grant aid received during the year.

Investments

Investments are stated at either (a) their cost to the charity or (b) if no cost was involved at their valuation at the balance sheet date. Realised and unrealised gains and losses on investments are dealt with in the Statement of Financial Activities.

Stocks

Stocks are stated at the lower of cost and net realisable value.

Taxation

The company is a registered charity and no corporation tax liability is provided on income arising. The company is registered for VAT, under the partial exemption rules.

Management & Administration Expenditure

Administration expenditure includes expenditure related to the charitable activity or fund raising ventures. This includes costs of running the office and general publicity.

BLACKFRIARS ARTS CENTRE LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

2.
3.
4.		 DONATIONS AND LEGACIES- UNRESTRICTED
Blackfriars
Donations from Individuals
BBC Covid Grants
HMRC CJRS Grant
Membership Fees
Gift Aid
Shodfriars
BBC Covid Grants
HMRC CJRS Grant
DONATIONS AND LEGACIES- RESTRICTED
Grants
The following grants were received in the year:
-
Arts Council funding - Blackfriars
-
Arts Council Funding – Shodfriars
CHARITABLE ACTIVITIES- UNRESTRICTED
Theatre and Revue Bar
Hire of Premises
CHARITABLE ACTIVITIES– RESTRICTED
-
Arts Council Funding – loss of revenue on ticket sales
OTHER TRADING ACTIVITIES
Shop Sales
Advertising
Paintings
Other Income
Blackfriars Club – Corporate Gift Aid
Shodfriars Café Income
Shodfriars Other Income		 2021
2020
£
£
12,125
24,326
28,114
-
28,917
-
765
1,050
1,875
6,545
_
_
71,796
31,921
═════
═════
43,204
-
6,714
-
_
_
49,918
-
═════
═════
111,455
-
_
_
111,455
-
═════
═════
103,834
-
7,621
-
_
_
111,455
-
═════
═════
5,589
198,704
38,044
94,753
_
43,633
293,457
═════
═════
1,500
-
_
1,500
-
═════
═════
652
26,233
-
990
-
2,131
659
9,945
-
10,836
58
71,497
554
-
_
_
1,923
121,632
═════
═════

BLACKFRIARS ARTS CENTRE LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

5. CHARITABLE ACTIVITIES - BLACKFRIARS

5. Restricted Unrestricted
2021
2020
£
£
£
£
Theatre and Revue Bar
3,213
14,752
17,965
186,429
Shop Merchandise
-
(41)
(41)
15,417
Other Expenditure
-
23
23
874
Rates, Insurance and Licences
3,908
9,035
12,943
14,159
Light and Heat
3,418
1,129
4,547
14,215
Cleaning and Maintenance
5,213
18,861
24,074
10,809
Depreciation
-
15,943
15,943
15,927
Loss on Sale of Fixed Assets
-
-
-
18,684
Marketing
1,100
467
1,567
14,655
Subcontract Labour
23,600
7,158
30,758
23,691
Wages
5,065
42,874
47,939
52,720
Social Security
-
-
-
1,025
Pension
292
648
940
1,148
Other Admin Costs
10,091
27
10,118
25,271
Donations
-
-
-
3,560
Accountancy
1,060
290
1,350
1,575
Notional Interest on Interest Free Loan
-
-
-
-
_
_
_
_
56,960
111,166
168,126
400,159
═════
═════
═════
═════
CHARITABLE ACTIVITIES- SHODFRIARS
Restricted Unrestricted
2021
2020
£
£
£
£
Purchases
-
(150)
(150)
25,895
Rates, Insurance and Licences
-
2,976
2,976
797
Rent
-
(600)
(600)
3,000
Light and Heat
-
153
153
5,635
Freelance Staff
-
396
396
-
Maintenance and Repairs
-
1,271
1,271
1,286
Depreciation
-
-
-
558
Professional Fees
321
2,350
2,671
6,104
Telephone
300
342
642
-
Postage
-
12
12
-
Website Costs
427
-
427
550
Other Admin Costs
-
-
-
1,310
Sundry Expenditure
79
3,500
3,579
-
PayPal Charges
-
3
3
-
Wages
994
6,579
7,573
32,235
Refurbishment
-
-
-
5,300
Pension
-
136
136
-
Loss on disposal of assets
-
1,733
1,733
144
_
_
_
_
2,121
18,701
20,822
82,814
═════
═════
═════
═════

BLACKFRIARS ARTS CENTRE LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

6. SURPLUS FOR THE YEAR

The (deficit) / surplus of expenditure over income is stated after charging:

£ £
Loss on Sale of Fixed Assets 1,733 18,684
Depreciation of Tangible Fixed Assets 15,943 16,485
═════ ═════

The loss on the disposal of assets relates entirely to assets that were held by Shodfriars which have now either been scrapped or transferred to Blackfriars Club Ltd.

7. STAFF COSTS

No remuneration was paid to Committee of Management during the year and no trustee expenses have been incurred. Staff costs of the remaining staff were:

Sub Contract Labour 30,758 23,691
Wages 55,512 83,640
Social Security - 2,017
Pension 1,076 1,470
_ __
87,346 110,818
═════ ═════

The average weekly number of staff employed by the charity during the year was as follows:

Direct Charitable Work
═══		 No.
No.
4
7
══
═════

No employees received more than £60,000 in the year. Included in the above wages figure is £7,573 which relates to employees who worked at Shodfriars. This figure is included in Shodfriars expenses (note 5).

BLACKFRIARS ARTS CENTRE LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

8. TANGIBLE FIXED ASSETS

Freehold
Land and Cinema Equipment & Fixtures
Buildings Equipment Blackfriars Shodfriars Total
£ £ £ £ £
Cost
At beginning of Year 181,964 17,090 135,657 6,124 340,835
Additions - - 6,812 - 6,812
Disposals - - - (6,124) (6,124)
Reclassification - - - - -
_ _ _ _ _
At end of Year 181,964 17,090 142,469 - 341,523
═════ ═════ ═════ ═════ ═════
Depreciation
At beginning of Year 11,713 4,091 55,370 1,117 72,291
Released - - - (1,117) (1,117)
Reclassification - - - - -
Charge for Year 5,559 1,300 9,084 - 15,943
_ _ _ _ _
At end of Year 17,272 5,391 64,454 - 87,117
═════ ═════ ═════ ═════ ═════
Net Book Value 2021 164,692 11,699 78,015 - 254,406
═════ ═════ ═════ ═════ ═════
Net Book Value 2020 170,251 12,999 80,287 5,007 268,544
═════ ═════ ═════ ═════ ═════

The HSBC Bank Plc have a charge against the deeds and documents they hold for 10, 11 and 12 Spain Court, Boston, and for the property Blackfriars Theatre, Spain Lane, Boston, although no loans or liabilities are outstanding to the bank at present.

9. UNQUOTED INVESTMENTS

2021 2020
At Cost £ £
Blackfriars Club Ltd. -
100 Ordinary Shares at £1 each 100 100
═════ ═════

The company owns the whole of the issued share capital of Blackfriars Club Ltd, being 100 ordinary shares of £1 each issued at par.

The financial results were as follows:
Summary Profit and Loss Account:
Turnover 467 25,699
Costs 5,315 14,863
_ _
Operating Profit / (loss) (4,848) 10,836
Gift Aid to Blackfriars Arts Centre Ltd - 10,836
_ _
Profit / (Loss) Absorbed (4,848) -
═════ ═════
The shareholders' funds at the end of the year were (4,441) 407
═════ ═════

BLACKFRIARS ARTS CENTRE LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

10. DEBTORS: DUE WITHIN ONE YEAR

11.
12.		 £
£
Trade Debtors
103
5,396
Other Debtors
6,769
23,784
Prepayments
2,854
2,491
VAT
-
5,646
_
_
9,726
37,317
═════
═════
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Trade Creditors
15,725
28,292
Accruals
2,241
3,549
Deferred Income
8,498
30,597
Social Security Costs and Other Taxes
1,545
545
Wages
-
214
_
_
28,009
63,197
═════
═════
CREDITORS: AMOUNTS FALLING DUE AFTER ONE YEAR
Bonds
22,470
22,470
Bounce Back Loan
50,000
-
_
_
72,470
22,470
═════
═════
In accordance with the Charities SORP (FRS 102), the interest free loan has been discounted at a market
rate of interest.
Interest Free Loans
22,470
22,470
Notional interest for assumed term of loan
(2,056)
(2,056)
Notional interest already utilised
2,056
2,056
Notional interest charged in the year
-
-
_
_
Assumed net present value of interest free loan
22,470
22,470
═════
═════

BLACKFRIARS ARTS CENTRE LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

13. FUNDS OF THE CHARITY

Blackfriars Blackfriars Shodfriars Shodfriars
Restricted Unrestricted Restricted Unrestricted Total
£ £ £ £ £
Tangible Assets - 254,406 - - 254,406
Unquoted Investments - 100 - - 100
Stock - 549 - - 549
Debtors - 9,726 - - 9,726
Cash at Bank and in Hand 16,416 114,422 - 34,111 164,949
Creditors (within 1 year) - (28,009) - - (28,009)
Creditors (after 1 year) - (72,470) - - (72,470)
_ _ _ _ _
16,416 278,724 - 34,111 329,251
═════ ═════ ═════ ═════ ═════
Movement in Funds
Net Transfer
At movement between At
1.4.20 in funds funds 31.3.21
£ £ £ £
Restricted
Blackfriars - 46,874 (30,458) 16,416
Shodfriars - 5,500 (5,500) -
_ _ _ _
Total Restricted - 52,374 (35,958) 16,416
═════ ═════ ═════ ═════
Unrestricted
Blackfriars 230,250 12,516 35,958 278,724
Shodfriars 2,282 31,829 - 34,111
_ _ _ _
Total Unrestricted 232,532 44,345 35,958 312,835
═════ ═════ ═════ ═════

(c) Movement in Funds

14. RELATED PARTY TRANSACTIONS

During the year, the charity received gift aid contributions of £NIL (2020 - £10,836) from Blackfriars Club Limited.