Company registration number.. 01104422 Charty registration number. 265656 South Hill Park Trust Limited (A company limited by guarantee) Annual Report and Financial Statements For the Year Ended 31 March 2024
South Hlll Park Trust Llmlted Contents Reference and Administrative Detsils Trustees. Report 2to7 Independent Auditols Report 8t011 Consolidated Statement of Financial Actiwties 12to13 Consolidated 8alance Sheet 14 Balance Sheet 15 Consolidated Statement of Cash Flow5 16 Notes to the Financial Statements 17to34
South Hlll Park Trust Limited Reference and Admlnlstratlve Detalls Chairperson J JhundocpEvans Trustses L Renals B McKenzie-Boyle D Hirst M O'Donovan C Trikha C Wilson l Bruce Company Secretary S Parrott {appointed 11 September 2023) Sonior Managemenl C Titley-Rawson, Chief Executive Principal Offlce South Hill Park Rlngmead Bracknell Berkshire RG12 7PA Registered Offlce South Hill Park Ringrnead Bracknell Berkshire RG12 7PA Company Reglstratlon Number 01104422 Charity Registratlon Number 265656 Sollchors Stone King LLP 91 Charterhouse Street London EC1M 6HR Bankers Lloyds Bank plc 10 High Street Bracknell Betkshire RG12 1BT Independent Auditor UHY Ross Brooke Suile I Windrush Court Abingdon Business Park Abingdon Oxfordshire OX14 1SY Page 1
South Hill Park Trust Llmlted Trustees, Report The Trustees who are director5 for the purposes of company lawl present the annual report together wlth the financlal statements of the charitable company for the year ended 31 Marth 2024. Structurei govemance and management P4uture of governlng document South Hill pa Trust Llmtled { SHP", the'charlty" orthe"Trust"l 15 a company Ilmited by guarantee governed by its Memorandum and Articles of Association dated 8 February 1973 and amended to allow for current governance arrangements on 23 November 2017. It is registered as a charity with the Charrfly Commission. Anyone over the age of 18 can become a member of the company and there are currently 28 members, each of whom agrees to contribute £1 in the event of the charity wlndlng UP. The Board of Trustees operate5 wlthln the Iramework of the Charity Governance Codeand applles its principle5 throughout it5 work and decision-makin8. Recruitment ondoppolntment of Trustees As set otst in the Articles of Assoclation the chair of the Trustees is appolnted by the Trustees. The Trustees may at any tlme co-opt any person duly qualified to be appolnted as an elected Trustee to fill a vacancy or as an additional trustee, but a COvOPted member holds office only until the next AGM. Trustees hold a term of four years before renomlnatlon. When Considering co-opting trustees, the Board has regard to the requirement for any 5peclallst skllls needed. Onb¢>onllng and Oevelopment OA Trustees New Trustees are issued with an inductlon paek which contains the Memorandum and Articles of Associatton, details of other Board members, subcommlttee terms of reference and make up, Board of Trustees role escription and code of conduct, the Trust's business plan and recent financial performance of the Charitv. Designed around their previous experience, new Trustees take part In a briefin8 session on their I1 oblisations under charlty and tompany law, As part of the onboardin8 process, new Trustees meet with key employees and existlng Trustees. Trustees are encouraged to participate in the activtties of the centre and to engage In relevant external dèvelopment aclivities whlch have the potentlal to add to the effectiveness of their role. Employee Remuneratlon The remuneration and benefits of all employees, includin8 the senior rnanagement team, are annually reviewed using input from the buslness plan and benchmark data from comparable organisatlons and industries. Organisationolstrurture The Board of Trustees administers the Charity. The Board meets on at least a bimonthly basis. It appoints sub committees coverin81 inter alia, arts, fundralsing, people, finance and audit which meet as needed. Executivels} are appointed by the Trustees to manage the day-to-day operations of the Charity. To facilitate effective operations, the executlvelsl have delegated authorityi Wlthln terms of delegation approved by the Trustee5, for operational matters Including finante, employment and artistic performance related artivity. Relatlonshlps with related partle5 Bracknell Forest Council and Bracknell Town Council provide essential core funding in support of the artistic programme as an amenlty for resident5 and the public. Both organSsatlons actively promote the work of the Charlty on their websites and inforniation offices and take an artive Interest in the community aspects of the programme. A summary of transartions Wlth the councils. is set out in note 23 to the financial statements. Page 2
South Hill Park Trust Llmlted Trustees, Report Haversham Tr•dln8 Company Limited IHTCI The wholly owned tradlng subsidiaryi Haversham Tradlng Company Llmlted IHTCI, which is Incorporated In the UK, glfts Its taxable profits to the Trust. The principal areas of concern of HTC are the operation of the bar, caterin8, merchandlslng and conference facilltles at South Hill Park, with a view to Blfting its profit5 in favour of South Hill Park Trust Limited. HTC uses the Trust's fatilities and staff, for whlch the Charity makes mana8ement charge. Mojorrfsks and monagement of those rlsk Major Risks The major rlsks faclng the Charlty are the uncertalnty of future Brant funding from Its major providers, shortfall in income from charitable or commercial activities and insufficient reserves to allow for the replacement of capital and upkeep of the buildin8. In addition. the Charlty holds a deflned benefit pension scheme IlabSllty but has reached a settlement arrangement and repayment plan with the pension scheme adminlstrators. Risks are managed by a re8ular process of review and monitoring. Publk benefit The Trustees confirm that they have complied with the requirements of sertion 4 of the CharStles Act 2011 to have due regard to the public benefit guidance published by the Charlty CommSsslon for England and Wales. Oble¢tl¥es and artlvltles Oblerts ond ulms The objerts of the Trust are, for the publSc benefit: To make a meanln8lul and posltlve soclal Impau by fostering and promoiing the Improvement. development and maintenance of artlStic knowledge and understanding and appreciation of the arts. Those who benefrt from the Charit(s work are the residents of Bracknell Forest, the surroundin8 localityand beyond, by provldln8 for the education of the public in the fields of art, craft, music and drama. Arts include dance, digital arts, Ilterature, muslc, performance arts and vlsual arts. The Trust has the 8eneral aim of contributin8 to the quality of life of the people of Bracknell Forest and the wider area through the provision of exciting, challenglng and accesslble profe5s1onal and community arts events, exhibitions and participation opportunities. The strategies employed to achieve the Charity's objectives are to: o offer opportunitles for a broad range of people to get Involved in arts actlvltles explorlng thelr own ueative powers. provlde facllitles for amateur and professlonal art15ts to develop. oncentrate on involvlng young people in the art5 to help encourage a culture in which different age ranges play a complementary part. Celebrate the diversity of cultures in our society by programming presentatlons by, and wlth. artlsts of different cultural back8rounds. present a broad range of arts wo. South Hill Park continues to be an ambltlous arts centre strlvlng to produce and present excellent art across a wide range of disciplines. The programme of the arts centre seek5 to comblne professlonal, community and amateur event5 and participation opportunities, fusing the best elements Df each. Page 3
South Hill Park Tru$t Limiled Truslees, Report Professional tourlng companie5 rub shoulder5 wrth communlty production5 led by a highly skilled professlonal creatThie and productlon team. and the Trust supplements Its Income by hiring out the theatre to local 8roups and socletles. The educatlonal programme Involves local schools, hlgherlfurther educatSon establishments, other local charilies and groups in the area in a range of expressive arts actlvltie5 Wlth professional arts practitioners. We provide opportunities for young people to explore the art5 through schemes like 11117, Wilde About Arts, Easter and summer schools and Wilde Week. Our courses and workshops aim to develop our students, ski115, confldence and expresslon across a range of arts from dance, drama, music, paintin& printmakin& ceramlcs and lewellery maklngi often blendlng the tradltlonal 8rt5 Wtth digital technologv. We present a range of exhibitions ranging from national tours, through to local artists, exhibitlons, The buildings and the grounds are a hlghly valued community space which contrlbutes lo the health and well- being of the local populatlon. The Trust is involved In providing opportunitles for volunteers to become involved in the lrfe of the centre. We have more than 150 volunteer5. Our volunteers support vlsual arts, marketlng, music promotlon, front of house and backstase activSty. All of this provirles valuable skllls and experience to resldents as well as providing considerable help to South Hill Park to achieve its charitable aims. Fln8nclal instNments Objertlves ondpolicies The Trust's activities exw5e it to several finantial rlsks including credit risk. cash flow rlsk and liquidity risk. The use of financial derivatives is governed by the Trust's pollcies approved by the Board of Trustees, whid) provide written principles on the use of financial derivatives to manage these risks. The Trust does not use derivative financlal Instruments for speculative purposes. Cashflownsk The Trust's actlvltles require investment to provide the productlons. courses and workshops. resulting In a cash flow risk The Charity maintalns a cash reseNe to mana8e this rlsk wlthin the financial year. Credft rlsk The Trust's princlpal flnancial assets are bank balances and cash,trade and other receivable5. and Investments. The Trust's credlt rhsk is primarlly attrlbutable to Its trade receivables. The amounts presented in the balance sheet are net of allowances for doubttul receivables. An allowance for impalrment is made Whe there is an identified loss event which, based on previous experience. is eVIden of a reduction in the recoverability of the cash flows. The credlt risk on liquld funds and derivative financial instruments Is Ilmited because the counterpartles are bank5 wilh hlgh credlt-ratings assigned by internatlonal credlt-rating agencies. The Trust has no slgnificant concentration of credit risk, with exposure spread over many counterparties and Customers. Ilquldity risk To maintain liquldity to ensure that sufflclent funds are avallable for ongoing operations and future development5, the Trust Uses a mixture of lonB-term and short-term debt finance. Further details regarding liquidity rlsk can be found In the Statement of accounting pollcies In the financi41 statements. Page 4
South Hlll Park Trust Llmited Trustees, Report Achlevemenls and perlorniance In the year, 1,623 performances, courses, workshops, ¢lnerna screenlngs and events were staged, with attendance at these events totalling 150,992 (including online en838ementl. In 2023, South Hlll Park Trust celebrated Its 50 anniversary with a variety of commemorative activfcies. The celebratlons Included: a speclally commissioned promenade pèrfomance of Follow The Yellow Brick Road (inspired by The Wizard of Ozl in collaboration with Bracknell Forest Council and The Lexicon: the comin8 together of over 2LTh) local performers forshowing Off, an opportunlty to present and hlghllght local talent. as well as several exhlbitlons reflectln8 various aspect5 of the Art5 Centre. The Trust staged 12 501d-out community perforniances of Kinky Boot5 The Musical, welcomed over 19,000 people to it5 In-house Chrlstmas pantomime Sleeping Beuuty, and an estimated 6,OC4) people to its Golden Festival of Food and Music. The work of the Trust's learning and participation department once agaln increased in 2023/24 and Included a summer school collaboration with resldent performing arts college Artemls. Artistically 2023124 was an excellent year for the Charty. Income from admisslons, cour5e5 and workshops was £1,161,78312023: £1,054,151). Income from our commercial trading company was £309,30012023: £314,408) and generated a profft of £214,IthJ12023: £90,848> after taxation and management fees from the parent company were deducted, an Increase of £123,252 from the prevlous year. A total of £64,75812023: £80,948) was raised in the yearfrom indSvidual donations for a direct Cost of £30,559 12023: £15,940). Free reserves increased to £43.81512023: £31,698) In the year. Future plans The Trust will continue to focus on its current core attivilies In Ilne wlth its charltable oblerts, offering a wide range of productions. course5, exhibitlons and activities to our local community. We will also seek to make the Charity more sustainable In the medium term. By: o Increasing income from tradin8 activities and new external funding sources. Improvlng operational efflclency. 5trengthenin8 management. Building stron8, long-term lationshipS wlth Bracknell Forest Council and Bracknell Town Council. Growlng our learning. partlcipatlon and communlty engagement programme as a result of an expanded team, Financlal revlew Policy on reserves Free reserves increased to £43.815 at the 31 March 202412023: £31,698). In the year, Trustees re-allocated £84,500 of designated fund io free reserves. The Trustees have set an absolute minimum level of free reserves at £350,1)OQ to satisfy preferentlal creditors and necessary dundancy costs should the Arts Centre be forced to close and cease to trade. £350,000 equals 3 months operatSonal costs, as recommended as a minimum by the Charity Comm15510n. Penslon In August 2019. the final employee of the Trust and member of the defined benefit RBWM Pension Scheme, retired. Thefore, the actuaries of thescheme were asked to provide a cessation reportwhich would calculate both a full cessatlon and on8olnB cessation liability for the Trust. The full cessation penslon liability of £1,946,00012019: £1,280,000) was reflected In the financial Statements for the year endlng 31 March 2020. In 2021 this liability redUd to £319,000 and the Trust agreed a repayment plan wlth the pension scheme administrators to finalise a settlement agreement for the ongoing cessation liability. Page 5
soirth Hlll Park Trust Limited Trustees, Report Golng concern The Trust contlnues to engage wlth all stakeholders. has increased Capacity In its fundraising and marketing teams and w511 produce a new three-year strate8ic plan from Aprll 2025. Cashflows are carefully monltored and remaSn at a sultable level to meet crnt needs. Whilst the commitment to on8oing 8rant funding from Bracknell Forest Council and Bracknell Town Councll has not yet been aBreed beyond 2024125, the Trustees antlclpate a level of fundlng based on their experiencè of neWa1 ond expectatSons that funding from Bracknell Forest Councll and Bracknell Town Council will be agreed. On this basis the Trustees consider there to be adequate funding for ihe charFty to remain as a 8oin8 concern for a period of at least 12 months from the date of 5ignln8 theflnanclal statements and therefore the accounts have been prepared on a golng concern basis. More detail is set out under the going concern headlng wlthln the notes to the financlal statements on page 18. Page 6
South Hlll Park Trust Llmlted Trustees. Report Statement of Trustees, Responslbllltles The Trustees (who a also the dirertors of South Hlll Park Trust Limlted for the purpose5 of company lawl are responsible for preparing the Trustees, report and the financial statements in accordance wlth the Unlted Kingdom Accounting Standards (United Kingdom Generally Atcepted Accounting Practice) and applicable law and regulations, Company law requires the Trustees to prepare flnanclal statements for each finantial year. Under companv law the Trustee5 must not approve the financial statement5 unless they are satisfied that they give a true and falr vlew of the state of affairs of the charitable company and of its Incomlng resources and application of resources, intluding its income and expendlture for that period. In preparing these financial statements, the Trustees are required to.. select suitable accounting policSes and apply them consistently. observe the methods and principles Sn the Charltles SORP. make Sudgements and estimates that are reasonable and prudent. o state whether applicable UK Accounting Standards have been followed, subSect to any material departures dlsclosed and explained in the flnanclal statements. prepare the financial statements on the 80in8 concern basis unless it is Inappropriate to presume that the charitable company will contlnue In buslness. The Trustee5 are responsible for keeping adequate accountlng records that are sufficlent to show and explaln the charitable company's transactlons and dSsclose with reasonable accuracy at any tlme the flnancial position of the charStable company and enable them to ensure that the financial statements comply with the Companles Act 2006. They are abo responsible for safeguardlng the assets of the charhable company and hence for takin8 reasonable steps for the prevention and detectlon of fraud and other Irregularities. Dlsclosure of infomiation to auditor Each member ha5 taken steps that they ought to have taken as a member to make themselves aware of any relevant audit infomiatlon and to establish that the Charity's auditor is aware of that Information. TheTrustees confim1 thatthere is no relevant informatlon that they know of and of whlch they know the audltor Is unaware. Approved by the Trustees of the Charity on signed on its behalf by: ndoo-Evans Chairperson Page 7
South Hill Park Trust Llmited Independent Audltor's Roport to the Members of South Hill Park Trust Limitsd Opinion We have audited the financial statements of South Hill PaH( Trust Limited (the 'charitable company.) for the year ended 31 Marth 2024 which comprise the Consolidated Statement of Financial Activities, Balance Sheets and Statement5 of Cash Flows and notes lo the financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financiol Reporting Stondurdapplicuble irj the UK und Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements: give a true and fair view of the state of the group's and charitable company's affairs as at 31 March 2024 and of the group's incoming resources and application of resources, including it5 income and expenditure, for the year then ended; have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice", and have been prepared in accordance with the requirements of the Companies Act 2006. Basls for oplnion We conducted our audit accordance with International Standards on Auditing IUKI Ils IUK)) Ind applicable law. Our responsibilities under those standards a further described in the Auditorfs responsibilities for the audit of the financial statements section of our report. We are independenl of the charitable company in accordance wth the ethical requirements that are relevant to our audit of the linancial statements in the UK, including the FRC'S Ethical Standard. and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Mat*rial unc•rtainty r•lat•d to going concem We draw your attention to note 2 in the finanaal statements, which indicates the continuing activities of the charitable ccrnpany are dependent on the receipt of grant income at a similar level to that of the current year. Grants are awarded annually. As such. the level of funding is not known more than 12 month5 in advance. As ststed in Note 2, these events or conditions, coupled with the charitable company's level of free reserve5, indicate that a material uncertainty exists that may cast significant doubt on the charitable compan/s ability lo continue as a going concern. Our opinion is not modified in respect of thi5 matter. In auditing the financial statements, we have concluded that the trustees, use of the going concern basis of accounting in the preparati of the financial statements is appropriate. Our spOnSIbl11t1eS and the responsibilitie5 of the trustees with respect to going concem are described in the Televant sections of this repo Page 8
South Hlll Park Trusl Limited Independent Audltorfs Report to the Members of South Hlll Park Trust Llmlted Other Inforniatlon The other infomiation comprise5 the information included in the twstees annual reporL Other than the financial statements and our auditor's report thereon. The trustees are responsible for the other information contained within the annual reporL Our opinion on the finanoal ststements does not cover the other infomiation and, except to the extent otherwise expliciily stated in our reporL we do not express any form of assurance conclusion thereon. Our responsibility is to read the other infomiation and. in doing so, consider whether the other information is materially inconsistent with the financial statements or our knoedge obtsined in the course of the audit or otheN4ise appears to be materially misstated. If we iéentify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives T15e to a material misstatement in the financial statements themselves. If, based on the work we have performed. we conclude that there is a material misstatement of this other infomation, we are required to report that fart. We have nothing to report in thi5 regard. Oplnlons on othqr m•tters prescrfbed by the Companles A(t 2006 In our opinion, based on the work undertaken in the course of ujr audit.. the information given in the Trustees, Annual Report which includes the Dirertor5' Report prepared for the purposes of company law, for the financial year for which the financial Statements are prepared is consistent with the financial statements,. and the Directors. Report included within the Trustees, Annual Report has been prepared in accordance with applicable legal requirements. Mattérs on whlch w• ar• r•qulr•d to r•port by •xc•ptlon In the light of the knoedge and understanding of the tharitable company and its environment obtained in the course of the audiL we have not identified material misstatements In the Trustees. Report includecl within the Trustees, Annual Report. We have nothing to report in respert of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: adequate accounting records have not been kept or returns adequate for our audit have not been received from branches not visited by us: or the parent charitable company financial ststement5 are not in agreement with the accoUnng records and retums: or certain disclosures of trustees, remuneration specified by law are not made,. or we have not received all the infomiation and explanations we require for our audit or Pag8 9
South Hlll ParkTrust Limitsd Indop•nd•nt Auditor's Report to the Members of South Hlll Park Trust Limlted Responslbllliios of trustees A5 explained more fully in the Trustees. Respon5ibilits'es Statement the charity trustees (who are also the directors of the South Hill Park Trust tsmited for the purposes of company lawl are responsible for the preparation of a trustees, annual report and financial statements and for being sat15fied that they give a true and fair view, and for such internal control as the trustees determine is ne(e55ary to enable the preparation of financial statements ihat are free from mater&al misstatement whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the charitable companls ability to continue as a going concern, disclosing, as applicable. matters related to going concern and using the going concem basis of accounting unless the trustees either intend to liquid3te the charitable company or to cease operations, or have no realistic alternative but to do so. Audltofs responsibilitles for the audit of the flnancial statement5 Our objectives are to obtain reasonable assurance about vA)ether the financial statements as a whole am free from material misStatemen( whether due to fraud or error, and to Issue kn auditorfs report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAS IUKI will always detect a material misstatement when it exists. Misstatements can arise from fraud or eOr and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of Use taken on the bosis of these financial statements. IegUlaritieS, including fraud, are inStanS of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities. including fraud. The specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud is detailed below.. We have considered.. o the nature of the charity and sector, control environment and operating performance,. o the CharItS own assessment including aeSsrnents made by key management, of the risks that irregL¢larilies may occur either a5 a result of fraud or error any matters we identified having reviewed the charity's pollcies and procedures relating to: iderttifying, evaluating and complying wth laws and regulations and whether they were aware of any instances of non-compliance; detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud- and the internal controls established to mitigate Tisks of fraud or non-compliance wth laws and regulations: o the matters discussed amongst the audit engagement team. As a result of these procedures, we considered the oprJ)rtunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in the areas in which management is required to exercise significant judgement, such as the disclosu of adjusting items. In common wrth all audits under ISAS IUKI, we are also required to perform specific procedures to respond to the risk of management override. Page 10
South Hlll Park Trust Llmited Indèpendenl Auditorfs Report to the Members of South Hlll Park Trust Llmlted We also obtained an understanding of the legal and regulatory framewod( that the charity operates in, focusing on provisions of those laws and regulations that had a dirert effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in thi5 context were the Companies Act, Charities Art and lax legislation. Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases Ihe more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instance5 of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error. as fraud involves intentional concealmenL forgery, collusion, omission or misrepresentation. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at.. http://ww.frcorg.uVauditorsre5ponsibilitie& This description forms part of our auditor's report. Use of our report This report is made solely to the charitable (ompanS members as a body, in accordance with Chapter 3 of Part 16 of the Companie5 Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to stste to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable compan5 members as a body. for our audit work, for this report, or for the opinions we have formed. Ine Webster (Senlor Ststutory Audltor) for and on behalf of UHY Ross Brooke, Statutory Audltor Suite I Windrush Court Abingdon Business Park Abingdon Oxfordshire OX14 1SY Date.. 11 Iitl Page11
South Hill Park Trust Limited Consolldated Ststement of Financial Activities for the Year Ended 31 March 2024 (Including Consolidatsd Income and Expendlture Account) Unrestrlcted Funds Restrlcted Funds Total 2024 Note Incomv. Donations and legacies 394.898 ioc 396,898 Charitable activities 1,447,6 2,550 IA50,456 Other trading acts'vities 309,300 309.31)0 Investment income 15,184 15,184 Totsl incorne 2,167,288 4.550 2.171,838 Expenditure: Raising Funds Charitable activities 47,539 2,232,702 47,639 2,275,503 42.801 Totsl expendlture 2.280,341 42,801 2.323.142 Net intome l (expenditure) 1113,0531 138,2S11 1151.3041 Tiansfers between fvnds Net movement in funds 113,053 38,251 151,304 Reconciliation of funds Total Funds brought forward 3.006,851 191.¢)08 3,197,859 Totsl funds rrIed forward 22 2.893.798 152,757 3,046,555 All of the group's activities derive from continuing operations during the two periods. The charitable company has taken advantage of section 408 of the Companie5 Act 2006 not to publish its own Ststement of Financial Activities. The parent companYs net surplus/ldeficitl for the year was1£274,5561,12023:1£104,36811. The funds breakdown for 2023 and 2024 is shown in note 21. Page 12
South Hlll Park Trust Llmlted Consolldated Statement of Flnanclal Actlvltles for the Year Ended 31 March 2023 Ilncluding Consolidated Income and Expenditure Account) Unrnstrlded Funds R•strict•d Fund$ Totsl 2023 Note Income: Donations and legacies Charitable activitie5 403.038 9.918 411956 1,360,393 3.788 1.364.181 Other trading activities 314,408 314,408 Investment income 8,773 8.773 Total Income 2,086,612 13,706 2,100,318 Expenditure". Raising Funds Charitable activities 196,1261 2,029,486 196.1261 12,071,654) (42,1681 Totsl expenditure 12,125,612) 142,1681 12,167,780) Net incom• l (PendIture) 139,0001 128,4621 167,4621 Tramfeys betwoon funds 12,842 {12,842 Net movomont In funds 126,158 41,3041 167,4621 Reconclllalion of funds Total Fund5 brought fOard 3,033,009 231312 3,265,321 Total funds rri•d f•¥ward 21 3,006,851 191,008 3,197,859 Page 13
South Hill Park Trust Llmtted (Registratlon number". 011044221 Consolidated Balance Sheet as at 31 March 2024 2024 2023 Note Flxed assets Tangible assets 14 3,070,359 3,099,163 Current assets Stocks Debtors Cash at bank and in hand 16 17 14.705 307.955 631,855 954.515 14.989 341,506 639,482 995.977 Creditors.. Amounts falling due within one year Net Current assths 18 781.589 172.926 536.238 459.739 Totsl a55ets less current liabilities 3,183.285 3.558.902 Creditors falling due after one year Provisions 18 (136,7301 (220.3681 140,675 3.197.859 3.046.555 Th• funds of the group: Unrestricted income funds Restricted income funds T¢)tal fvnds 2,893,798 152,757 3 046 555 3,006,851 191,008 3,197,859 21 ncial statements on pages 17 to 34 were approved by the Trustees. and authorised for issue on .1021 and signed on their behalf by. Jhundoo. Chairman vans Page 14
south Hlll Park Trust Llmltsd (Registration number: 01104422} Company Balance Sheet as at 31 March 2024 2024 2023 Note Flxod a5$0ts Tangible assets Investments Totsl Fixed Assets 14 15 3,¢)07.084 100 3.007.184 3,096,048 3.096.148 Curront assets Stocks Debtor5 Cash at bank and in hand 16 17 14,705 371.371 320.044 706.120 14,989 304.134 438.332 757.455 Creditors.. Amounts falling due wrthin one year Net Current (Ilabllltl•s) / ass•ts 18 1744.1191 37.999 1526,224) 231.231 Totsl assets less current liabilities 2,969,185 3,327,379 cditorS falling due after one year Net assets 18 136,7301 2,832.455 220,368} 3.107.011 The funds of the company: Unrestricted income funds Restricted income funds Total charlty funds 2,679,698 152,757 2.832.455 2,916.003 191.008 3,107.011 21 ncial statements on pages 17 to 34 were approved by the Trustees, and authorised for issue on and signed on their behalf by. Jhundoo-Evans Chaimian Page 15
South Hlll Park Trust Llmlted Consolldated Statement of Cash Flows for the Year Ended 31 March 2024 2024 2023 Note Cash flows from operating adivities Net movement in funds Adjustments to cash flows from non-cash Items Depreciation Investment income {151,304) (67,462} 14 138,092 15,184) 128,3961 133.707 18.7731 57,472 Worldng capltal adjustments Decreasellincrease) in stocks Decrease/lincreasel in debtors {DeC8$eIr1ncrease in creditors Increase/(decasel in retirernent benefit obligation net of actuarial changes (Decreaseifincrèase in provisions 16 17 18 20 17,557 93,059 183,7701 (259,0) 33.551 176,551 1140,6751 140,675 Net cash flows from operating activities 41,315 134,0071 Cash flows from Investlng activltl•s Inte5t receivable and similar income Purchase of tangible fixed 8ssets 15,184 149,2881 8,773 {23,097) 14 Net cash flows from investing activities (34,1041 114,3241 Cth flows from financing activities Repayment of loans and borrowings 18 114,8381 15,399 Net Idecreasellincrease in cash and cash equivalents Cash and cash equivalents at l April 2023 Cash and cash equivalents at 31 March 2024 17,6271 639,482 631.855 163,7301 703,212 639,482 All of the cash flows are derived from continuing operations during ihe above two periods. Page 16
South Hill Park Trust Limlted Notes to the Finan¢lal Ststements for the Year Ended 31 March 2024 Notes on the accounts Charity The Trust Is a charitable company limited by guarantee and consequently does not have share capital. Each of the Trustees is liable to contribute an amount not exceeding £1 towards the assets of the Charity in the event of liquidation. The charitys registered office is South Hill Park Ringmead, Br8¢knell. Berkshire, RG12 7PA and is registered in England. A¢¢ountlng Pollcies Summary of slgnificant aetountln9 pollcles and key accounting estimates The principal accounting policies applied in the preparation of these financtal statements are set out below. These policies have been consistently applied to all the years presented, unless otherwse stated. Statement of (omplianct The financial statements have been prepared in accordance with Accounting and Reporting by Charlties: Statement of Recommended Practice applicable to charities preparlng their account5 in accordance with the Financial Reporting Standard applicable in the UK and Republic of Iland IFRS 1021 (effective 1 January 20151 (Charities SORP IFRS 10211, the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 and the Companies Art 2006. Bas15 of preparatlon South Hill Park Trust knmited meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwse stated in the relevant accounting policy note5. The functional currency is in sterfing and the values are rounded to the nearest £. Basls of consolldatlon The consolidated financial statement5 consolidate the financial statements of the Trust and its Subsidiary undertaking drawn up to 31 March 2024, together known as the 'group'. No statement ot financial activities is presented for the Trust as permitted by section 408 of the Companie5 Act 2006. The Trust made a deficit for the financial year of £274,55612023 - deficit of £221.299). A subsidiary is an entity controlled by the Trust. Control is achieved where the TNst has the power to govern the financial and operating policies of an entity so as to obtsin benefits from its activtties. The results of subsidiaries aCqUid or disposed of during the year are included in the statement of financial actiwties from the effective date of acquisition or up to the effertive date of disposal. as appropriate. The purchase method of accounting is used to account for business combinations that result in the acquisition of a subsidiary by the group. The cost of a business combination is measured as the fair value of the assets given, equity instruments issued and liabilitie5 incurred or assumed at the date of exchange, plus costs directly attributable to the business combination. Identifiable assets acquired and liabilities and contingent liabilities ssumed in a business combination are measured initially at their fair values at the acquisition date. Any excess Page 17
South Hlll Park Trust Llmitsd Notes to the Financlal Ststements for the Year Ended 31 March 2024 of the cost of the business combination over the acquirds interest in the net fair value of the identifiable assets liabilities and contingent liabilities recognised is recorded as goodwill. Inter-company transaction5, balance5 and unrealised gains on transactions beeen the Twst and its subsidiaries, which are relaled parties, are eliminated in full. Golng C(C•1 The Trust receives core grant furbding from two major bodies18racknell Forest Counol,. "BFC") and Bracknell Town Council {"BTC'I. At the date of signing the financial statements these grants were renewed for 2024125. including a 5% increase from BTC, though the availability of funding at these levels cannot be guaranteed for future years. Free reseNes as 31 March 2024 represent-1.9% of the total annual expenditure incurred in the year to 31 March 2024. The Tnjst faces added risk from the ongoing cost-of-living crisis and its impart on revenue5, especially fundraising and room hire and an increase in employers Nl from April 2025. In August 2019 the final ernployee of the Trnst and member of the defined benefrt RBWM Pension Scheme retired. The actuaries of the Scheme were asked lo provide a cessation report which would calculate both the full cessation and an ongoing cessation liability for the Trust The full cessation was reflected in the financial statements, and the Trust a9reed a repayment plan with the pension scheme. The final payment is due in 2025R6. The ability of the Trusl to continue as a going concern is dependent on the commitment to ongoing funding by BFC and BTC, together with any impact on the ability to create revenues and fundraising by the cost-of- liwng crisis. These condition5 indicate the existence of a material unrtaintY which may cast $19nificant doubt about the ability of the Charity to continue as a going concem. However, the Trust continues to engage wlth all stakeholders. has increased capacity in its fundraising and Maeting teams and wi51 produce a new three-year strategic plan from April 2025. Whilst the commitment to ongoing grant funding from BFC and BTC has not yet been agreed beyond 2024125, the Trustees anticipate level of funding based on their experience of renewal and expectstions that funding from BFC and BTC will be agreed. And, the Trustees have an agreement for a defined benefit pension deficit repayrnent plan. On this basis the TrL5Stees consider there to be adequate funding for the Trust to remain a5 a going concem for a period of at lèast 12 months from the date of signing the financial statements and therelore the accounts have been prepared on a going concern basis. The financial staternents do not include the adjustments that would result if the Charity was unable to continue as a going concem. Judgements In preparing these financial 5tatement5. management has made the following judgements.. Determination of whether there are indicators of impaim)ent of the Trust's tangible assets. Factors taken into consideration in reaching such a decision include the economic viability and expected future financial perfornance of the asset and where it is a cornponent of a larger cash-generating unlL the viability and expected future perfom)ance of that uniL Page 18
South Hlll Park Trust Llmlted Notes to the Flnanclal Statements for the Year Ended 31 March 2024 Key sources of esllmatl¢)n uncertalnty Tangible fixed assets are depreciated over their useful lives taking into account residual values, where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. In re-assessing asset lives, factors such as technological innovation. produrt life cycles and maintenance program5 are taken into account. Residual value assessments consider issues such as future market conditions, the remaining life of the asset and projected disposal values. The recoverability of book debts is reviewed by management and a provision is made based on all the infomation available. In¢ome and endowments All income is recognised once the Trust has entitlement to the income, it is probable that the income will be received and the amount of the income receivable can be measured reliably. t)onations and legacies Donations are recognised when the Trust has been notified in writing of both the arTr)unt and seltlement date. In the event that a donation is subject to conditions that require a level of performance by the Trust before the Trust is entitled to the funds, the income is deferred and not recognised until either th05e conditions are fully met, or the fuifilment of those conditions is wholly within the control of the Trust and it is probable that these conditions will be fulfilled in the rewrting period. Gn7nts recavable Grants are recognised when the TNst ha5 an entitlement to the fund5 and any conditions linked to the grants have been meL Where performance conditions are attached to the grant and a yet to be met the income is recognised as a liability and included on the balance sheet as deferred income to be released. Deftrred income Deferd income represents amount5 received for future periods and is released to incoming resources in the period for which, it has been received. Such income is only deferred when.. The donor specifies that the grant or donation must only be used in future accounting periods., or The donor has imposed conditions which must be met before the charity has unconditional entitlemenL The income is admission fees or perfomiance related grants received in advance of the performance or event to whith they relate. Other truding actiwtie5 Income derived from fundraising and commercial trading activities is recognised as earned Ithat is. as the related goods or seNices are provided). Investment income Investment income Is recognised on a receivable basis. Choritoble Ottivities The income is recognised in the period when the perfoman¢e takes place. Income is deferred when admission fees are received in advance of the perfomances or events to which they relate. Page 19
South Hlll Park Trust Llmlted Not08 to tho Flnanclal Statements for the Yoar Ended 31 March 2024 Expenditure All expenditure 15 recognised once the is a legal or constructive obligation to that expenditure, it 15 probable settlement is required and the amount can be measured reliably. All cost5 are allocated to the applicable expenditure heading that aggregate similar costs to that category. whe cests cannot be directly altributed to particular headings they have been allocated on a basis consistent with the use of resources, Wlth central staff costs allocated on the basis of time spenL 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 fvnds These are costs incurred in attracting voluntary income, the management of investments and those incurred in trading activities that raise fund& Charitable ortivities Charitable expenditure comprises those costs incuThed 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. Support Costs Support Costs include central functions and have been allocated to activity cost categories ori a basi5 con515tent with the use of resourtes, for example, allocating property costs by floor areas, or per capita. stsff costs by the time Spent and other costs by their usage. Governan<e Costs These include *he costs attributable to the charity's compliance with constitutional and statutory requirements. including abdiL Strategic management and trLJStees' meetings and reimbursed expenses. Govèmment granls Government grants are retognised 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 I 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 that meet the definition of an asset and c05t £1,000.QO or more are initially recorded at cosL Exceptions to this are.. office equipment e.g. laptop computers, printers, chairs, desks, display cabinets general conversion or refurbishrnent maintenance, unle55 It increases substantially the life of the asset computer software relating to box office or accounting systems - the installation of security Systems. Page 20
South Hlll Park Trust Llmlted Notes to the Financial Ststemenl8 for the Year Ended 31 March 2024 Assets that are donated to the Trust and meet the definition of a heritage asset will be recorded at deemed cost. The Trust ha5 been donated in the past a srnall number of paintings and ststues, which have not been capitalised as a deemed cost for these items is not readily available and cannot bè obtained at a cost commensurate to the benefit of including these items. Paintings on display at South Hill Park do not meet the definition of heritsge assets as they remain the propety of the artist. Expenditure which. in the Trustees. view. is require(I to preseNe or prevent further deterioration of individual items, is rOgnISed in the statement of financial activities when it is incurred. In view of the immateriality of heritage assets, no further disclosures have been provided. Depreclatian and amortisation Depreciation is provided on tangible fixed assets so a5 to write off the cost or valuation, less any estimated residual value. over their expected usefvl economic life as follows.. Assèt ¢lass Long leasehold D•pr8ciatlon method and rate 1%-2% straight line, other than Coach House at 5% straight line 2%-33% strai9ht line 10% straight line Plant and equipment Pianos Business ¢ombinations Bu5ine55 combinations are accounted for under the purchase method. Where necessary. adjustments are made to the financial stalements of subsidiaries to bring the accounting policies used into line with those used by the group. All intra-group transactions, balances, income and expenses are eliminated on consolidation. In accordance with Section 35 of FRS 102, Section 19 01 FRS 102 has not been applied in these financial statements in respert of business combinations effected prtor to the date of transltion. Stock Stock is valued at the lower of c05t and net realisable value, after éue regard for obsolete and slow moving stocks. Net realisable value is based on selling price less anticipated costs to completion and selling costs. Items donated for resale or dislribution are not included in the financial statements until they are sold or distributed. Trad• deblor5 Trade debtors are amounts due from customers for merchandise 501d or Services performed in the ordinary course of business. Trade debtor5 are recognised initially ai ihe transaction price, 8 provision for the impaimient of trade debtors is established when there is objective evidence that the Trust will not be able to collect all amounts due according to the original temis of the receivable5. Cash and cash qqulvalents Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily cOnVebIe to a known amount of cash and are subject lo an insignificant risk of change in value. Page 21
South Hlll Park Trust Llmlted Notes to the Financlal Ststements for the Year Ended 31 March 2024 Trade ¢redltors Trade creditors are obligations to pay for good5 Qr setmces that have been acquired in the ordinary course of business trom supplier> Accounts payable are classified as current liabilities if the Trust does not have an unconditional righL 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. Trade creditors are recognised at the transaction price. Borrowlngs Interest expense is recognised in Inte$t payable and similar charges. Borrowings are classified as current liabilities unless the charity has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date. ProvlsFons Provisions are recognised when the Charity has an obligation at the reporting date as a result of a past evenL rt 15 probable that the Charity will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation. Fund structurè Unrestricted incorne ftJnd5 are general funds that a available for use at the trustee's discretion in fvrtherance of the objectives of the group. Designated funds are unrestricted funds set asde for spetifit 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. Flnan¢lal instruments The Trust only has financlal assets and financial liabilitie5 of a kind that quallfy as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value wth the exception of bank loans whith are subsequently measured at amortised cost using the effective interest method. T•rmlnatlon payments Any additional payments on temiination of employment are authorised by the Board. Penslons and oth•r post ror•mont obllgatlons The Trust operates a defined contribution pension scheme. Contributions are charged in the statement of finanoal activitie5 as they becorne payable in accordance the rules of the schem& The Trust had previously operated a defined benefrt scheme for some rr*mbeN The scheme is now dosed and the Trust has agreed a repayment plan wth the pension scheme administrators to finalise a settlement agreement for the cessation liability which 15 recognised in the Trust's balance sheeL The annual repayment is reducing the liability in the balance sheet Page 22
South Hill Park Trust Llmlted Notes lo the Financial Statements for the Year Ended 31 March 2024 Iorne from donations and1¢9aci¢s UnrtrICted Funds General Total 2024 Total 2023 Funds Donations and legacies., Donations from individuals Grants, inclL,ding capital grants- Grant- Bracknell Forest Council Grant- Bracknell Town Council Giant - Other 61758 2,000 64,758 80,948 194,090 135,000 3,050 394,898 000 194,09) 135.000 3,050 396 898 194.0 135,000 2,918 412,956 Income from charitable activities Unrestricled funds Restrict•d Funds Total 2024 Totsl 2023 Courses and workshops Admissions Room hire Other 269.706 892,077 101,246 184,877 269,706 892,077 101,246 187,427 257,189 796.962 141.309 168.721 2,550 1A47,906 2,550 1,450,456 1,364,181 Income from other tradlng a¢tlvliles Unr•strict•d funds Total 2024 Total 2023 Other income from other tradin9 (including HTQ 309,300 309,300 314,408 309,300 309,300 314,408 Page 23
South Hlll Park Trust Llmlted Notes to the Flnanclal Statements for the Year Ended 31 March 2024 Inveslment income Unr•strlct•d fvnds Tot•1 2024 Total 2023 Interest receivable on bank deposits 15,184 15,184 8,773 15,184 8,773 Exp•nditur• on raising fund5 2024 2023 Allocated support cost Costs of goods sold Trading subsidiary costs Legal fees 30,559 5,181 11,899 15.940 7,635 35,991 36,560 96.126 47.639 Expenditure on charitable activities Designated General Restricted Total 2024 Total 2023 Note Courses and workshops Admis%ons 20,518 669,397 1,506 20,518 36,412 730,407 2,475 14,451 686,323 1,506 1,029,628 486,305 Other 1,593 Staff costs 1,029,628 384,519 51223 835,473 Allocated 5UPPOrt costs Governance costs 73,436 28.350 416,411 51,223 51,358 75,911 2,156,791 42,801 2.275,503 1071,654 Page 24
South Hlll Park Trust Llmlted Notes to the Flnanclal Ststements for the Year Ended 31 March 2024 Analysls of governance and support costs Support costs allocated to raising funds stsff Costs Admlnislratlon Totsl 2024 Totsl 2023 Cost5 of generating donations and legacies 28,635 1,924 30.559 1 5,940 Supports ¢•sts allo¢al¢d t¢ ¢harftabl• artlvltl•s Premises costs In¢ludlng d•preciation Othèr support costs Flnance C05ts Adminlstrntlon ¢osts Totsl 2024 Totsl 2023 Courses and workshops Admissions 134,856 134.856 126.267 914 4,512 293,997 27,252 326.675 16,331 276,012 9,437 Room hire 16,331 Other 8,443 9,357 8,443 2,507 414,223 4,512 445.184 27,252 486,305 Gov•rnanc4 costs Unrostrf¢t•d funds Totsl 2024 Total 2023 Auditor remuneratio Staff costs Legal and professional fee5 of subsidiary Other interest payable 33,377 16,971 875 33,377 16.971 875 31,073 19,108 4.109 {2,9321 51.358 51,223 51.223 10 Trustees remuneration and expenses No Trustee nor any persons connected with thery have received any remuneration from the group during the year. No Trvstees have received any reimbursed expenses from the Trust during the year. Page 25
South Hlll Park Trust Limited Notes lo the Flnanclal Statements for the Year Ended 31 March 2024 11 stsff cost The aggregate wage costs We as follows.. 2024 2023 Salaries and wages Social security costs Pension c05tS Other staff c05ts 1,012.162 49,057 14,018 876 1,076,113 800,924 50,993 13.294 3,010 868,221 The number of persons fincluding senior management team} employed by the group during the year was as follows: 2024 No 2023 No Arts activities and performances Administration and marketing Box office and front of house Operations Technical Governance 36 13 21 11 13 34 18 13 13 95 90 One employee received emolvments of more than £60.WO during the year. The total employee benefits of the key management personnel of the group were £127,510 (2023.. £82.923). During the year the Trust's key management personnel con51Sted of.. Chief Executive Financial Controller D1CtorS of Operations Sales and Marketing Director Director of Learning, Participation and Community Engagement 12 Auditorfs r•muneratlon 2024 2023 Audit of financial statements of the tharity 15,000 13,350 Other fèes to auditors Audit of the financial ststements of the subsidiary All other non-audit seNices 3,600 14,777 18,377 3,510 14,213 17,723 13 Taxatlon The d)arit3ble company is a wistered charity and as such is entitled to tsx exemptions on income and gains, propedy applied for its charitable purposes. Page 26
South Hill Park Trust Limited Note$ lo the Flnanclal Statsments for the Year Ended 31 March 2024 14 Tangible fixed assets Group Long leasehold propety. PrOjt 2000 Long leasehold propety. Plant and equlpment Planos Totsl Cost As at 1 April 2023 Addition5 Disposals As al 31 March 2024 3,798,970 1,700,738 35,769 986.717 13.519 15,325 6,501,750 49,288 3,798,970 1,736,507 1,C4)0,236 15,325 6,551,038 Depreciation.. As al l April 2023 Charge for the year Disp05als As at 31 March 2024 1,669.613 73,436 901,253 26,304 816,396 38.352 15.325 3.402,587 138.092 1,743,049 927,557 854,748 15,325 3.540,679 Net book value.. As at 31 March 2023 2,129,357 799,485 170.321 3,099,163 As at 31 March 2024 2,055,921 808,950 145.488 3,010.359 Charlty Long leasehold propety. Prolect 2000 Lon9 l*as•hold property: Other Plant and equlpment Pianos Total Costr. As at 1 April 2023 Additions Disposals As at 31 March 2024 3,798,970 1,7(M).738 35,769 964,246 10,122 15,325 6.479,279 45,891 3,798,970 1.736,507 974,368 15.325 6.525.170 Depreciation.. As at 1 April 2023 Charge for the year Disposals As at 31 March 2024 1.669,613 73.436 1,253 26,304 797,040 35,115 15,325 3,383.231 134,855 1,743.049 927.557 832.1 $5 15,325 3,518,086 Net book value.. As at 31 March 2023 2,129,357 799.485 167,206 3,096,048 As at 31 March 2024 2,055,921 808,950 142,213 3.007.084 Page 27
South Hlll Park Trust Limited Notes to the Financial Statements for the Year Ended 31 March 2024 15 Fixed asset Investments Charlty 2024 2023 Sha$ in group undertakings and participating intere5tS 100 100 Detslls of und•rtaking5 Details of the investments in which the Charity holds 20% or more of the norninal value of any cla55 of Share capital are as follows.. Country of incorporation Proportion of voting rlghts and shares held Undertaking Holdlng Prln¢lple artfvlty Haversham Tradin9 Company Limited (Company number. 035245751 England and Wales Ordinary 100% Room lettings and royalties derived from letting of bar and catering facilities. The turnover gf the subsidiary during the year amcunted to £311,50412023.' £314,709),. expenditure of £97.40412023: £223,861),. leaving profit for the year after tsx3tion of £214,100 (2023.. £90,848). As at the balance sheet date the capital and reserves amounted to £214,1 CN)12023: £90,848). Profits are gift aided to the charity and r@ected in the charity in the year they are paid. 16 Stocks Group Charity 2024 2023 2024 2023 Raw materials 14.705 14.989 14,705 14.989 14,705 14,989 14,705 14,989 17 Debtors Group Charity 2024 2023 2024 2023 Trade debtor Due from group undertakin95 Prepayments and accrued income VAT recoverable Other debtor5 148,261 138,600 82,296 130,951 71,266 108,668 99,794 11,765 72,836 718,048 951 83,907 86,858 86,858 83.907 307,955 341,506 371,371 304.134 Page 28
South Hill Park Trust Llmlted Notes to the Flnanclal Statements for the Year Ended 31 March 2024 18 Creditors.. amounts falllng due wlthin one year Group Charlty 2024 2023 2024 2023 Trade creditors Loans Other taxations & sotial security Other creditor5 154,600 15,562 65,325 546.102 102,520 15,479 19.374 398.865 145,974 1 5,562 42,860 539,723 98,653 15,479 19.374 392,718 781,589 536.238 744,119 526,224 Other loan5 The £1.667 loan from Bracknell Forest Counal is repayable by annual instslments with interest being charged at the aggregate of the Bank of England base rote plus 0.125% the final instalment is due on 31st March 2025. The £51,(X)) loan from Bracknell FO$t Council is repayable by annual instalments wth nil interest being charged. the final instalment Is due on 1st March 2038. Creditor& amounts falllng due after more than one year Gr•up Ch#rity 2024 2023 2024 2023 Loans Other creditors 60,661 76,069 75,662 144,706 60,661 76.069 75,662 144.706 136.730 220,368 136.730 220.366 19 Obligations under lease and hiTe purtha5e contracts Operating Iwe commlthients Total futu minimum lease payments under non-cancellable operating lease are as follows.. Group Charity 2024 2023 2024 2023 Land and builthngs Within one year Between one and five years After five years 10 40 420 470 10 10 10 430 480 420 470 430 480 Page 29
South Hill Park Trust Llmlted Notes to the Flnanclal SL*ments for the Year Ended 31 March 2024 20 Penslon and other schemes Defined contribution pension scheme The group operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the group to the scheme and amount to £14.01812023 - £13.294}. 21 Fundj Group Balance l Aprll 2023 Ealanie 31 March 2024 Income Expendliure Translers Unreslrirted funds General Designated T¢)tal unrestricted funds 775,987 2.230,864 3.W6.851 2.166,288 12,206,905) 173,4361 12,280,341) 84.5(X) I84,5) 819,870 2,073,928 2B93,798 2,167.288 Restricted 191,008 4.550 1418011 152,757 Totsl funds 3.197.859 2,171.638 11323,1421 3,046,555 Balanc• 1 Aprll 2022 Balanc¢ 31 March 2023 Incomè Expendlture Trnnsf•rs Unrestrlcted funth General Designated Total unrestricted funds 738,707 2,294,302 3,033,009 2,086,612 (1052,1741 (73,4381 {1125.6121 2,842 10,000 12,842 775,987 2,230,864 3.006.851 2,086,612 Restricted 232.312 13,706 142,1681 112,8421 191,008 Totsl funds 3.265,321 2,100318 (2,167,780) 3,197,859 Page 30
South Hill Park Trust Llmltsd Notes to the Financlal Ststements for the Year Ended 31 March 2024 Charity Balance Balance 31 March 2024 2023 Income Expendlture Transfers Unrestricted fynds Generol General Fund 881,210 2.092,422 12,316,2911 84.500 741,841 Designated Project 2000 Future Projects 2.129,362 101,500 2.230.862 173.4361 2,055,926 18,000 1073,926 184,5001 1,000 73,4361 Other Pension scheme 1196.0691 60,CQO 1136,0691 Totsl unrèstricted funds 2,916,3 1093A22 12,329,727) 2,679,698 R¢strfcted funds Piano fund Cinema Funding ACE- Small Capital Grant Youth @ South Hill Pa Cinema Projects Donation for Ukelele sponsorship Business Plan Grant- Winkfield Parish Council Lottery fvnding - Wisual arts project ACE Small Grant Syder Foundation Totsl restrlctgd funds 5,822 7,372 119,886 23,322 1,349 1.061 (5501 11,3931 120,7791 19,2761 5,272 5,979 99,107 16,596 1,349 1,061 2,550 16,934 3.938 15,1941 {984) 11,740 2,954 3,983 12,9921 991 7.341 7.341 367 1 $2,757 11,6331 1418011 191.008 4,550 Total funds 3,107,011 2,097,972 2,371S28 2 832,455 Pag8 31
South Hlll Park Trust Llmlted Notes to the Flnanclal Statements for the Year Ended 31 March 2024 Balance 1 Aprll 2022 Balanc• 31 Maich 2023 Incom• Expendltur• Tran51ers Unrestricted funds Generol General Fund 943,767 1,959,779 12,025,178} 2,842 881,210 Designated Project 2000 Futu Projects 2.202,800 91,500 2,294,300 173,438} 2,129,362 101,500 2,230,862 10,000 70,000 173,4381 Other Pension scheme (259,0001 62,931 1196,0691 Total unrestricted funds 2,979,067 1.959.779 {2,035,6851 12,842 2,916,003 Restrkted funds Piano fund Wilde Young Producers Cinema Funding ACE- Small Capital Grant Youth @ South Hill Park Cinema Projects Donation for Ukelde sponsorship Business Plan Grant- Winkfield Parish Council Lottery funding- Visual arts project ACE Small Grant Donations Total restrlcted funds 5.822 1,390 7,372 140,665 31,723 1,349 1,061 5,822 (1,3901 7,372 119,886 23,322 1,349 1,061 120.7791 (13.5791 3,788 1,39) 22,128 4.922 15,1941 19841 16,934 3,938 5,615 11,6321 3.983 10.265 1918 7.000 13.706 15.8421 7,000 12,842 7,341 232.312 191,008 Totsl fvnds 3211,379 1,973 485 077,853 3,107,011 The specific purposes for which the funds are to be applied are a5 follows.. Project 2000 - Thls formed the basis of an extensive refurtJi5hrnent plan including the construction of assets which came into Use in March 2002. The outgoin9 resources represent depreciation charged on fixed assets purchased by Projert 2CiIO. Future Projects - £101.50D designated - at their meeting in March 2023. the Board agreed an increase of £10,000 for this designated fund. Piano fund - to provide for the maintenance and/or replacement of the pianos. 32
South Hlll Park Trust Llmitsd Notes to the Flnanclal Ststsments for the Year Ended 31 March 2024 ACE Small Capital Grant - A grant of £379,006 was sutcessfully applied for, to replace equipment in the Wilde and Studio Theatres, implement energy saving initiatives and invest in new digital technology. Cinema Funding - This represents donation5 te1Ved for the digitalisation of the cinema. Donations were received from two Foundation Trusts and BFC and from public donations for the purchase of a digital projector, enlar9ement of the screen and upgraded sound quality. Cinema Projects - A fund for applications made for initiatNes sponsored by the Brit15h Film Institute. In 2015/16 for example funding was received for the autumn blockbuster LOVE. 2017118 was the year in which South Hill Park together with Bracknell Film Society and supported by The Bracknell Dementia Action Alliance, began its programme of Dementia Friendly Scieenings. Wlth the first film being shown in March 2017. The programme of Dementia screenings was initially funded by a grant received by BFS. It was however decided that South Hill Park would continue to fund the project. The Bracknell Dementia Action Alliance are continuing to support this venture and we've had excellent feedback from them on the difference that this project will make to the lives of those living with all forms of dementia, including following stroke. Business Plan - Capital investment of £165,000 was agreed by BFC to assist the Twst to deliver t'S business plan. The plan to convert the Wilde Gallery into the new function Space, was on further investigation changed, mainly due to problems with noise impacting on the Wilde Theatre and a new plan was Put in place to move the current Print room to the Wilde Gallery and m?ke the Print room the new Function space. The development was predominantly completed by the end of the March 19 and it became available for hire from this point. This faolity introduces a llew function Space and capability not previously available. Donation for Ukulele Sponsorship - Sponsorship received to provide students of the ukulele class with free ukulele or automatic tuner when booking the ten week course. Grant - Winkfield Parish Council elephOne System) - Three year grant first received in 2017118 to replace the South Hill Path telephone $tem. The Youth Programme at South Hill Park is comprised of four main elements.. Eleven Seventeen, Wilde About Arts, Wilde Young Producers and Bursary/Scholarship Places. The Wilde Young Producers attend the class for free (cUrntlY) are mentored to produce a children's festival for South Hill Park Arts Centre. The young producers also have responsibility for programming including the cinema space. Lottery funding - Visual Arts Project - a printmaking and exhibition project working with and supporting residents Wlth hidden disabilities. ACE Small Grant - awarded at the start of Covid-19 to provide innovative ways to offer online arts- based courses. 33
South Hlll Park Trust Limlted Notes to the Flnanclal Statements for the Year Ended 31 March 2024 22 Analys15 of n•t assets b•twqen funds Group Total 2024 General Deslgnat•d R•strf¢ted Fixed assets Current assets Current liabilities Creditors over l year Total 776,055 %2.134 (781.5891 (136,7301 819.870 2.055,928 18,000 178,376 125,6191 3,010,359 954.515 (781,5891 (136,7301 3,046,555 2,073,928 152.757 Chrity Total 2024 G•n•ral Deslgnated Restricted Fixed assets CUrnt assets Current liabilitie5 Creditors over l year Totsl 771882 713,739 {744,1191 1136,7301 605,772 2,055,926 18.000 178,376 125,6191 3,007,184 706,120 1744,1191 1136,7301 2,832,455 2,073,926 152,757 23 Related party trarbsaction5 Charity During the year the Charity made the following related paty transactions.. Biacknell Forest Councll (Key provider of finance) Awarded a revenue grant of £194,09012023 - £194,090) to South Hill Park Trust Limited in the year. South Hill Park Trust Limited also received a donation in kind from Bracknell Forest Council for the rent of the premises at South Hill Park, which could not be quantified because the data can only be extracted by the expenditure of unreasonable amounts of time and/or cosL At the balance sheet date, the amount due to Brackndl Forest Council was £53,72312023 £58,641). Bracknell Town Council (Key provider of finance) Awarded a revenue grant of £135,00012023 £135,000> to South Hill Park Trust Limited. At the balance sheet date, the amount due to/from 8rad¢nell Town Council wa5 £Nil (2023 - £Nill. Haversham Tradlng Company Umlt¢d IHTC) (See note 15 for information regarding HTC.) During the year, the Trust charged HTC management charges of £146,79012023'. £133.9341 for the provision of staff and other services and expenditure incurred on its behalf. At the balance sheet date the amount due from Haversham Trading Company Limited IHTQ was £130.951 (2023 - £99,794). 34