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2025-03-31-accounts

Company registration number: 01104422 Charity registration number: 265656

South Hill Park Trust Limited

(A company limited by guarantee)

Annual Report and Financial Statements

For the Year Ended 31 March 2025

South Hill Park Trust Limited

Contents

Reference and Administrative Details Reference and Administrative Details Reference and Administrative Details 1
2 to 7
8 to 11
Consolidated Statement of Financial Activities 12 to 13
Consolidated Balance Sheet 14
Balance Sheet 15
Consolidated Statement of Cash Flows 16
Notes to the Financial Statements 17 to 34

South Hill Park Trust Limited

Reference and Administrative Details

Chairperson J Jhundoo-Evans Trustees L Renals (resigned 27 November 2024) B McKenzie-Boyle D Hirst M O'Donovan C Trikha C Wilson I Bruce Company Secretary S Parrott (resigned 18 June 2025) Senior Management C Titley-Rawson, Chief Executive Principal Office South Hill Park Ringmead Bracknell Berkshire RG12 7PA Registered Office South Hill Park Ringmead Bracknell Berkshire RG12 7PA Company Registration Number 01104422 Charity Registration Number 265656 Solicitors Stone King LLP 91 Charterhouse Street London EC1M 6HR Bankers Lloyds Bank plc 10 High Street Bracknell Berkshire RG12 1BT Independent Auditor UHY Ross Brooke Suite I Windrush Court Abingdon Business Park Abingdon Oxfordshire OX14 1SY

Page 1

South Hill Park Trust Limited

The Trustees who are directors for the purposes of company law, present the annual report together with the financial statements of the charitable company for the year ended 31 March 2025.

Structure, governance and management

Nature of governing document

South Hill Park Trust Limited ("SHP", the "Charity" or the "Trust") is a company limited 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 Charity Commission. Anyone over the age of 18 can become a member of the company and there are currently 27 members, each of whom agrees to contribute £1 in the event of the charity winding up.

The Board of Trustees operates within the framework of the Charity Governance Code and applies its principles throughout its work and decision-making.

Recruitment and appointment of Trustees

As set out in the Articles of Association the chair of the Trustees is appointed by the Trustees.

The Trustees may at any time co-opt any person duly qualified to be appointed as an elected Trustee to fill a vacancy or as an additional trustee, but a co-opted member holds office only until the next AGM. Trustees hold a term of four years before renomination.

When considering co-opting trustees, the Board has regard to the requirement for any specialist skills needed.

Onboarding and Development of Trustees

New Trustees are issued with an induction pack which contains the Memorandum and Articles of Association, details of other Board members, subcommittee terms of reference and make up, Board of Trustees role description and code of conduct, the Trust's business plan and recent financial performance of the Charity.

Designed around their previous experience, new Trustees take part in a briefing session on their legal obligations under charity and company law.

As part of the onboarding process, new Trustees meet with key employees and existing Trustees.

Trustees are encouraged to participate in the activities of the centre and to engage in relevant external development activities which have the potential to add to the effectiveness of their role.

Employee Remuneration

The remuneration and benefits of all employees, including the senior management team, are annually reviewed using input from the business plan and benchmark data from comparable organisations and industries.

Organisational structure

The Board of Trustees administers the Charity. The Board meets on at least a bimonthly basis. It appoints sub committees covering, inter alia, arts, fundraising, people, finance and audit which meet as needed. Executive(s) are appointed by the Trustees to manage the day-to-day operations of the Charity. To facilitate effective operations, the executive(s) have delegated authority, within terms of delegation approved by the Trustees, for operational matters including finance, employment and artistic performance related activity.

Relationships with related parties

Bracknell Forest Council and Bracknell Town Council provide essential core funding in support of the artistic programme as an amenity for residents and the public. Both organisations actively promote the work of the Charity on their websites and information offices and take an active interest in the community aspects of the programme. A summary of transactions with the councils, is set out in note 22 to the financial statements.

Page 2

South Hill Park Trust Limited

Haversham Trading Company Limited (HTC)

The wholly owned trading subsidiary, Haversham Trading Company Limited (HTC), which is incorporated in the UK, gifts its taxable profits to the Trust. The principal areas of concern of HTC are the operation of the bar, catering, merchandising and conference facilities at South Hill Park, with a view to gifting its profits in favour of South Hill Park Trust Limited. HTC uses the Trust's facilities and staff, for which the Charity makes a management charge.

Major risks and management of those risks

Major Risks

The major risks facing the Charity are the uncertainty of future grant funding from its major providers, a shortfall in income from charitable or commercial activities and insufficient reserves to allow for the replacement of capital and upkeep of the building. In addition, the Charity holds a defined benefit pension scheme liability but has reached a settlement arrangement and repayment plan with the pension scheme administrators.

Risks are managed by a regular process of review and monitoring.

Public benefit

The Trustees confirm that they have complied with the requirements of section 4 of the Charities Act 2011 to have due regard to the public benefit guidance published by the Charity Commission for England and Wales.

Objectives and activities

Objects and aims

The objects of the Trust are, for the public benefit:

To make a meaningful and positive social impact by fostering and promoting the improvement, development and maintenance of artistic knowledge and understanding and appreciation of the arts. Those who benefit cknell Forest, the surrounding locality and beyond, by providing for the education of the public in the fields of art, craft, music and drama. Arts include dance, digital arts, literature, music, performance arts and visual arts.

The Trust has the general aim of contributing to the quality of life of the people of Bracknell Forest and the wider area through the provision of exciting, challenging and accessible professional and community arts events, exhibitions and participation opportunities.

The strategies employed to achieve the Charity's objectives are to:

South Hill Park continues to be an ambitious arts centre striving to produce and present excellent art across a wide range of disciplines.

The programme of the arts centre seeks to combine professional, community and amateur events and participation opportunities, fusing the best elements of each.

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South Hill Park Trust Limited

Professional touring companies rub shoulders with community productions led by a highly skilled professional creative and production team, and the Trust supplements its income by hiring out the theatre to local groups and societies.

The educational programme involves local schools, higher/further education establishments, other local charities and groups in the area in a range of expressive arts activities with professional arts practitioners. We provide opportunities for young people to explore the arts through schemes like 11/17, Wilde About Arts, Easter and summer schools and Wilde Week.

Our courses and workshops aim to develop our students' skills, confidence and expression across a range of arts from dance, drama, music, painting, printmaking, ceramics and jewellery making, often blending the traditional arts with digital technology.

We present a range of exhibitions ranging from national tours, through to local artists' exhibitions.

The buildings and the grounds are a highly valued community space which contributes to the health and wellbeing of the local population.

The Trust is involved in providing opportunities for volunteers to become involved in the life of the centre. We have more than 150 volunteers.

Our volunteers support visual arts, marketing, music promotion, front of house and backstage activity. All of this provides valuable skills and experience to residents as well as providing considerable help to South Hill Park to achieve its charitable aims.

Financial instruments

Objectives and policies

The Trust's activities expose it to several financial risks including credit risk, cash flow risk and liquidity risk. The use of financial derivatives is governed by the Trust's policies approved by the Board of Trustees, which provide written principles on the use of financial derivatives to manage these risks. The Trust does not use derivative financial instruments for speculative purposes.

Cash flow risk

The Trust's activities require investment to provide the productions, courses and workshops, resulting in a cash flow risk. The Charity maintains a cash reserve to manage this risk within the financial year.

Credit risk

The Trust's principal financial assets are bank balances and cash, trade and other receivables, and investments. The Trust's credit risk is primarily attributable to its trade receivables. The amounts presented in the balance sheet are net of allowances for doubtful receivables. An allowance for impairment is made where there is an identified loss event which, based on previous experience, is evidence of a reduction in the recoverability of the cash flows.

The credit risk on liquid funds and derivative financial instruments is limited because the counterparties are banks with high credit-ratings assigned by international credit-rating agencies.

The Trust has no significant concentration of credit risk, with exposure spread over many counterparties and customers.

Liquidity risk

To maintain liquidity to ensure that sufficient funds are available for ongoing operations and future developments, the Trust uses a mixture of long-term and short-term debt finance.

Further details regarding liquidity risk can be found in the Statement of accounting policies in the financial statements.

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South Hill Park Trust Limited

Achievements and performance

In the year, 1,772 performances, courses, workshops, cinema screenings and events were staged, with attendance at these events totalling 153,788 (including online engagement).

In 2024, South Hill Park Trust commemorated the 40th anniversary of its 320-seat Wilde Theatre, with a special one-off evening of nostalgia and celebration. The Trust staged 12 sold-out community performances of 19,000 people to its in-house Christmas pantomime Robin Hood and the Magic Arrow, and an estimated 6,000 people attended its free Festival of Food and Music. The work of the Trust's learning and participation department increased in 2024/25 and included a second summer school collaboration with resident performing arts college Artemis.

Income from admissions, courses and workshops was £1,200,929 (2024: £1,161,783).

Income from our commercial trading company was £354,440 (2024: £309,300) and generated a profit of £163,773 (2024: £214,100) after taxation and management fees from the parent company were deducted, a decrease of £50,327 from the previous year.

A total of £87,402 (2024: £64,758) was raised in the year from individual donations for a direct cost of £31,730 (2024: £30,559).

Free reserves decreased to £41,187 (2024: £43,815) in the year.

Future plans

The Trust will continue to focus on its current core activities in line with its charitable objects, offering a wide range of productions, courses, exhibitions and activities to our local community. We will also seek to make the Charity more sustainable in the medium term. By:

Financial review

Policy on reserves

Free reserves decreased to £41,187 at the 31 March 2025 (2024: £43,815).

The Trustees have set an absolute minimum level of free reserves at £350,000 to satisfy preferential creditors and necessary redundancy costs should the Arts Centre be forced to close and cease to trade. £350,000 equals 3 months operational costs, as recommended as a minimum by the Charity Commission.

Pension

In August 2019, the final employee of the Trust and member of the defined benefit RBWM Pension Scheme, retired. Therefore, the actuaries of the scheme were asked to provide a cessation report which would calculate both a full cessation and ongoing cessation liability for the Trust. The full cessation pension liability of £1,946,000 (2019: £1,280,000) was reflected in the financial statements for the year ending 31 March 2020.

In 2021 this liability reduced to £319,000 and the Trust agreed a repayment plan with the pension scheme administrators to finalise a settlement agreement for the ongoing cessation liability. The final payment will be in January 2026.

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South Hill Park Trust Limited

Going concern

The Trust continues to engage with all stakeholders and carefully monitors Cashflows to ensure they remain at a suitable level to meet current needs. The completion of the defined benefit RBWM Pension Scheme payments and longer-term funding commitments from Bracknell Town Council and hopefully Bracknell Forest Council will provide the Trust with greater financial certainty. On this basis the Trustees consider there to be adequate funding for the charity to remain as a going concern for a period of at least 12 months from the date of signing the financial statements and therefore the accounts have been prepared on a going concern basis.

More detail is set out under the going concern heading within the notes to the financial statements on page 18.

Page 6

South Hill Park Trust Limited

Trustees’ Report

Statement of Trustees' Responsibilities

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

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

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

Disclosure of information to auditor

Each member has taken steps that they ought to have taken as a member to make themselves aware of any relevant audit information and to establish that the Charity's auditor is aware of that information. The Trustees confirm that there is no relevant information that they know of and of which they know the auditor is unaware.

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

Approved by the Trustees of the Charity on ……………………. and signed on its behalf by:

Page 7

South Hill Park Trust Limited

Opinion

We have audited the financial statements of South Hill Park Trust Limited (the 'charitable company') for the year ended 31 March 2025 which comprise the Consolidated Statement of Financial Activities, Balance Sheets and Statements of Cash Flows and notes to 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 Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, cal 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.

Material uncertainty related to going concern

We draw your attention to note 2 in the financial statements, which indicates the continuing activities of the charitable company 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 months in advance. As stated in Note 2, these events or conditions, coupled with the charitable company's level of free reserves, indicate that a material uncertainty exists that may cast significant do continue as a going concern. Our opinion is not modified in respect of this matter.

accounting in the preparation of the financial statements is appropriate.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

8

South Hill Park Trust Limited

Other information

The other information comprises the information included in the trustees annual report, other than the financial The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise 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 information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Report included within

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

9

South Hill Park Trust Limited

Responsibilities of trustees

As explained more fully in the Responsibilities Statement, the charity trustees (who are also the directors of the South Hill Park Trust Limited for the purposes of company law) are responsible for the preparation of financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charitable to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances 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:

As a result of these procedures, we considered the opportunities 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 disclosure of adjusting items. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override.

10

South Hill Park Trust Limited

We also obtained an understanding of the legal and regulatory framework that the charity operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context were the Companies Act, Charities Act and tax 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 the 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 instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities for the audit of the financial statements is located on the Financial

Use of our report

This report is made solely to the charitable Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable

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 r audit work, for this report, or for the opinions we have formed.

Grace Pay (Senior Statutory Auditor) for and on behalf of UHY Ross Brooke, Statutory Auditor

Suite I Windrush Court Abingdon Business Park Abingdon Oxfordshire OX14 1SY

Date: 18/12/2025

11

South Hill Park Trust Limited

Consolidated Statement of Financial Activities for the Year Ended 31 March 2025 (Including Consolidated Income and Expenditure Account)

Note
Income:
Donations and legacies
3
Charitable activities
4
Other trading activities
5
Investments
6
Total income
Expenditure:
Raising funds
7
Charitable activities
8
Total expenditure
Net expenditure
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Total funds carried forward
20
fu
£		 2,317,795
16,118
2,287,165
64,681
354,440
Unrestricted
funds
£
422,262
1,494,345
2,382,476
(95,311)
(95,311)
2,893,798
2,798,487		 -
-
£
9,725
16,275
Restricted
funds
-
26,000
35,278
35,278
(9,278)
(9,278)
152,757
143,479		 Total
2025
£
431,987
1,510,620
354,440
16,118
2,313,165
64,681
2,353,073
2,417,754
(104,589)
(104,589)
3,046,555
2,941,966

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 Companies Act 2006 not to publish its own Statement of Financial Activities. The parent company's net deficit for the year was £54,264, (2024: £274,556).

Page 12

South Hill Park Trust Limited

Consolidated Statement of Financial Activities for the Year Ended 31 March 2024

(Including Consolidated Income and Expenditure Account)

Note
Income:
Donations and capital grants
3
Charitable activities
4
Other trading activities
5
Investments
6
Total income
Expenditure:
Raising funds
7
Charitable activities
8
Total expenditure
Net expenditure
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Total funds carried forward
nds
£		 Unrestricted
funds
394,898
£
15,184
1,447,906
309,300
2,232,702
2,167,288
47,639
2,280,341
(113,053)
2,893,798
(113,053)
3,006,851		 £
2,000
Restricted
funds
-
-
2,550
4,550
42,801
-
42,801
(38,251)
152,757
(38,251)
191,008		 Total
2024
£
396,898
1,450,456
309,300
15,184
2,171,838
47,639
2,275,503
2,323,142
(151,304)
(151,304)
3,197,859
3,046,555

Page 13

South Hill Park Trust Limited

(Registration number: 01104422) Consolidated Balance Sheet as at 31 March 2025

Note
Fixed assets
Tangible assets
14
Current assets
Stock
Debtors
16
Cash at bank and in hand
Liabilities
Creditors: Amounts falling due within one year
17
Net current assets
Total assets less current liabilities
Creditors: Amounts falling due after more than one year
17
Total net assets
The funds of the group:
Unrestricted income funds
Restricted income funds
Total funds
20		 2025
£
2,906,409
10,484
295,439
524,916
830,839
(749,682)
81,157
2,987,566
(45,600)
2,941,966
2,798,487
143,479
2,941,966		 2024
£
3,010,359
14,705
307,955
631,855
954,515
(781,589)
172,926
3,183,285
(136,730)
3,046,555
2,893,798
152,757
3,046,555

The trustees have prepared group accounts in accordance with section 398 of the Companies Act 2006 and section 138 of the Charities Act 2011. These accounts are prepared in accordance with the special provisions of Part 15 of the Companies Act relating to small companies and constitute the annual accounts required by the Companies Act 2006 and are for circulation to members of the company.

Page 14

South Hill Park Trust Limited

(Registration number: 01104422) Charity Balance Sheet as at 31 March 2025

Note
Fixed assets
Tangible assets
14
Investments
15
Total Fixed assets
Current assets
Stock
Debtors
16
Cash at bank and in hand
Creditors: amounts falling due within one year
17
Net current liabilities
Total assets less current liabilities
Creditors: Amounts falling due after more than one year
17
Net assets
The funds of the charity:
Unrestricted income funds
Restricted income funds
Total funds
20		 2025
£
2,905,277
100
2,905,377
10,484
253,838
360,728
625,050
(706,635)
(81,585)
2,823,792
(45,600)
2,778,192
2,634,713
143,479
2,778,192		 2024
£
3,007,084
100
3,007,184
14,705
371,371
320,044
706,120
(744,119)
(37,999)
2,969,185
(136,730)
2,832,455
2,679,698
152,757
2,832,455

The trustees have prepared group accounts in accordance with section 398 of the Companies Act 2006 and section 138 of the Charities Act 2011. These accounts are prepared in accordance with the special provisions of Part 15 of the Companies Act relating to small companies and constitute the annual accounts required by the Companies Act 2006 and are for circulation to members of the company.

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South Hill Park Trust Limited

Consolidated Statement of Cash Flows for the Year Ended 31 March 2025

Note
Cash flows from operating activities
Net movement in funds
Adjustments to cash flows from non-cash items
Depreciation
14
Investment income
6
Working capital adjustments
Decrease in stocks
Decrease in debtors
16
(Decrease)/increase in creditors
17
(Decrease) in provisions
Net cashflows from operating activities
Cash flows from investing activities
Interest receivable and similar income
6
Purchase of tangible fixed assets
14
Net cash flows from investing activities
Cashflow from finacing activites
Repayment of loans and borrowings
17
Net (decrease)/increase in cash and cash equivalents
Cash and cash equivalents at the beginning of the year
Cash and cash equivalents at the end of the year		 2025
£
(104,589)
132,641
(16,118)
11,934
4,221
12,516
(107,481)
-
(78,810)
16,118
(28,691)
(12,573)
(15,556)
(106,939)
631,855
524,916		 2024
£
(151,304)
138,092
(15,184)
(28,396)
284
33,551
176,551
(140,675)
41,315
15,184
(49,288)
(34,104)
(14,838)
(7,627)
639,482
631,855

Page 16

South Hill Park Trust Limited

Notes to the Financial Statements for the Year Ended 31 March 2025

1. Charity status

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 charity's registered office is South Hill Park, Ringmead, Bracknell, Berkshire, RG12 7PA, and is registered in England.

2. Accounting Policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2015) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

Basis of preparation

South Hill Park Trust Limited meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy notes.

The functional currency is in sterling and the values are rounded to the nearest £.

Basis of consolidation

The consolidated financial statements consolidate the financial statements of the Trust and its subsidiary undertaking drawn up to 31 March 2025, together known as the 'group'.

No statement of financial activities is presented for the Trust as permitted by section 408 of the Companies Act 2006.

A subsidiary is an entity controlled by the Trust. Control is achieved where the Trust has the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities.

The results of subsidiaries acquired or disposed of during the year are included in the statement of financial activities from the effective date of acquisition or up to the effective 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 liabilities incurred or assumed at the date of exchange, plus costs directly attributable to the business combination. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. Any excess of the cost of the business combination over the recognised is recorded as goodwill.

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South Hill Park Trust Limited

Notes to the Financial Statements for the Year Ended 31 March 2025

Inter-company transactions, balances and unrealised gains on transactions between the Trust and its subsidiaries, which are related parties, are eliminated in full.

Going concern

At the date of signing the financial statements these grants were renewed for 2025/26. BTC has agreed to continue to fund the Charity for another two years and BFC is considering a three-year funding agreement with the Charity but has not confirmed this at the point of signing the accounts.

Free reserves as 31 March 2025 represent 1.7% of the total annual expenditure incurred in the year to 31 March 2025. The Trust faces added risk from the ongoing cost-of-living crisis and its impact on revenues, especially fundraising and room hire and the annual increases in minimum wage.

In August 2019, the final employee of the Trust and member of the defined benefit RBWM Pension Scheme retired. The actuaries of the scheme were asked to 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 agreed a repayment plan with the pension scheme. The final payment is due in January 2026.

The ability of the Trust 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-living crisis.

These conditions indicate the existence of a material uncertainty which may cast significant doubt about the ability of the Charity to continue as a going concern.

However, the Trust continues to be fully engaged with all stakeholders and has increased capacity in its fundraising and marketing teams. There will be several new Trustee appointments to the Board and the Charity will appoint a new Chair in 2026. The Board, with the senior leadership team will review the stability, artistic excellence, social impact, and environmental sustainability. Due to the expected longer term funding commitments from BFC and BTC and the completion of the defined benefit pension deficit repayment plan, Trustees consider there to be adequate funding for the Trust to remain as a going concern for a period at least 12 months from the date of signing the financial statements and therefore the accounts have been prepared on a going concern basis. The financial statements do not include the adjustments that would result if the Charity was unable to continue as a going concern.

Judgements

In preparing these financial statements, management has made the following judgements: Determination of whether there are indicators of impairment of the Trust's tangible assets. Factors taken into consideration in reaching such a decision include the economic viability and expected future financial performance of the asset and where it is a component of a larger cash-generating unit, the viability and expected future performance of that unit.

Page 18

South Hill Park Trust Limited

Notes to the Financial Statements for the Year Ended 31 March 2025

Key sources of estimation uncertainty

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, product life cycles and maintenance programs 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 information available.

Income 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.

Donations and legacies

Donations are recognised when the Trust has been notified in writing of both the amount and settlement 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 those conditions are fully met, or the fulfilment of those conditions is wholly within the control of the Trust and it is probable that these conditions will be fulfilled in the reporting

Grants receivable

Grants are recognised when the Trust has an entitlement to the funds and any conditions linked to the grants have been met. Where performance conditions are attached to the grant and are yet to be met, the income is recognised as a liability and included on the balance sheet as deferred income to be released.

Deferred income

Deferred income represents amounts 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:

Other trading activities

Income derived from fundraising and commercial trading activities is recognised as earned (that is, as the related goods or services are provided).

Investment income

Investment income is recognised on a receivable basis.

Charitable activities

The income is recognised in the period when the performance takes place.

Income is deferred when admission fees are received in advance of the performances or events to which they relate.

Page 19

South Hill Park Trust Limited

Notes to the Financial Statements for the Year Ended 31 March 2025

Expenditure

All expenditure is recognised once there is a legal or constructive obligation to that expenditure, it is probable settlement is required and the amount can be measured reliably. All costs are allocated to the applicable expenditure heading that aggregate similar costs to that category. Where costs cannot be directly attributed to particular headings they have been allocated on a basis consistent with the use of resources, with central staff costs allocated on the basis of time spent, and depreciation charges staff costs.

Raising funds

These are costs incurred in attracting voluntary income, the management of investments and those incurred in trading activities that raise funds.

Charitable activities

Charitable expenditure comprises those costs incurred by the Charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.

Support costs

Support costs include central functions and have been allocated to activity cost categories on a basis consistent with the use of resources, for example, allocating property costs by floor areas, or per capita, staff costs by the time spent and other costs by their usage.

Governance costs

requirements, including audit, strategic management and trustees' meetings and reimbursed expenses.

Government grants

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

Taxation

The Charity is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the Charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.

Page 20

South Hill Park Trust Limited

Notes to the Financial Statements for the Year Ended 31 March 2025

Tangible fixed assets

Individual fixed assets that meet the definition of an asset and cost £1,000 or more are initially recorded at cost.

Exceptions to this are:

Assets that are donated to the Trust and meet the definition of a heritage asset will be recorded at deemed cost. The Trust has been donated in the past a small number of paintings and statues, which have not been capitalised as a deemed cost for these items is not readily available and cannot be 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 heritage assets as they remain the property of the artist. Expenditure which, in the Trustees' view, is required to preserve or prevent further deterioration of individual items, is recognised in the statement of financial activities when it is incurred. In view of the immateriality of heritage assets, no further disclosures have been provided.

Depreciation and amortisation

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Asset class Depreciation method and rate
Long leasehold 1%-2% straight line, other than Coach
House at 5% straight line
Plant and equipment 2%-33% straight line
Pianos 10% straight line

Business combinations

Business combinations are accounted for under the purchase method. Where necessary, adjustments are made to the financial statements 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 of FRS 102 has not been applied in these financial statements in respect of business combinations effected prior to the date of

Stock

Stock is valued at the lower of cost and net realisable value, after due 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 distribution are not included in the financial statements until they are sold or distributed.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price, a provision for the impairment 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 terms of the receivables.

Page 21

South Hill Park Trust Limited

Notes to the Financial Statements for the Year Ended 31 March 2025

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the Trust does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised at the transaction price.

Borrowings

Interest expense is recognised in interest 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.

Provisions

Provisions are recognised when the Charity has an obligation at the reporting date as a result of a past event, it is 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 structure

Unrestricted income funds are general funds that are available for use at the trustee's discretion in furtherance of the objectives of the group.

Designated funds are unrestricted funds set aside for specific purposes at the discretion of the trustees.

Restricted income funds are those donated for use in a particular area or for specific purposes, the use

Financial instruments

The Trust only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.

Termination payments

Any additional payments on termination of employment are authorised by the Board.

Pensions and other post retirement obligations

The Trust operates a defined contribution pension scheme. Contributions are charged in the statement of financial activities as they become payable in accordance with the rules of the scheme.

The Trust had previously operated a defined benefit scheme for some members. The scheme is now closed and the Trust has agreed a repayment plan with the pension scheme administrators to finalise a settlement agreement for the cessation liability which is recognised in the Trust's balance sheet. The annual repayment is reducing the liability in the balance sheet.

Page 22

South Hill Park Trust Limited

Notes to the Financial Statements for the Year Ended 31 March 2025

3. Income from donations and legacies

Donations and legacies;
Donations from inviduals
Grants - Bracknell Forest Council
Grants - Bracknell Town Council
Grants - Other
Total 2025
4.
Income from charitable activities
Courses and workshops
Admissions
Room Hire
Other
funds
-		 Unrestricted Restricted Total
2025
£
87,402
194,090
142,000
8,495
431,987
Total
2025
£
302,216
898,713
126,223
183,468
1,510,620		 Total
2024
£
64,758
194,090
135,000
3,050
funds funds
£
77,677
194,090
142,000
8,495
422,262
Unrestricted
funds
£
302,216
898,713
126,223
167,193
1,494,345		 £
9,725
-
-
-
9,725
Restricted
funds
£
-
-
-
16,275
16,275
396,898
Total
2024
£
269,706
892,077
101,246
187,427
1,450,456

5. Income from other trading activities

Other income from other trading activities (including HTC) Unrestricted
funds
£
354,440
354,440		 Total
Total
2025
2024
£
£
354,440
309,300
354,440
309,300

6. Investment income

0 Unrestricted
Total
Total
funds funds
2025
2024
£ £
£
£
Interest receivable on bank deposits 16,118
16,118
15,184

Page 23

South Hill Park Trust Limited

Notes to the Financial Statements for the Year Ended 31 March 2025

7. Expenditure on raising funds

Expenditure on raising funds
2025
£
Allocated support costs
31,730
Costs of goods sold
7,370
Trading subsidiary costs
25,581
64,681		 2025
£
31,730
7,370
25,581
64,681		 2024
£
30,559
5,181
11,899
47,639

8. Expenditure on charitable activities

Expenditure on charitable activities
Desig
Note
Courses and workshops
Admissions
Other
Staff Costs
Allocated support costs
9
Governance costs
9
Designated
-
6,058
-
-
£
73,096
-
79,154		 Restricted funds
General
Restricted
£
£
16,062
-
727,917
10,531
820
-
1,051,545
-
395,361
24,747
46,936
-
2,238,641
35,278		 Total 2025
£
16,062
744,506
820
1,051,545
493,204
46,936
2,353,073		 Total 2024
£
20,518
686,323
1,506
1,029,628
486,305
51,223
2,275,503

Page 24

South Hill Park Trust Limited

Notes to the Financial Statements for the Year Ended 31 March 2025

9. Analysis of governance and support costs

Support costs allocated to raising funds

Staff Administration Total Total
costs Costs 2025 2024
£ £ £ £
Cost of generating donations 28,688 3,042 31,730 30,559

Support costs allocated to charitable activities

Admissions
Room Hire
Other
Administration
costs
£
5,258
-
5,258
-
Courses and
workshops
-		 £
11,597
-
565
-
11,032
Finance
costs		 £
130,498
322,617
8,428
-
461,543
Premises
costs
including
depreciation		 £
-
14,806
-
-
14,806
Other
support
costs		 Total
Total
2025
2024
£
£
130,498
134,856
343,246
326,675
8,428
16,331
11,032
8,443
493,204
508,010

Governance costs

Governance costs
Staff costs
Legal fees		 Unrestricted
funds
£
24,487
22,399
50
46,936		 Total
2025
£
24,487
22,399
50
46,936		 Total
2024
£
16,971
33,377
875
51,223

10. Trustees remuneration and expenses

No Trustee nor any persons connected with them, have received any remuneration from the group during the year.

No Trustees have received any reimbursed expenses from the Trust during the year.

Page 25

South Hill Park Trust Limited

Notes to the Financial Statements for the Year Ended 31 March 2025

11. Staff costs

Staff costs
Salaries and wages
Social security costs
Pension costs
Other staff costs		 2025
£
1,035,413
53,529
15,778
325
1,105,045		 2024
£
1,012,162
49,057
14,018
876
1,076,113

The number of persons (including senior management team) employed by the group during the year was as follows:

Arts activities and performances
Administration and marketing
Box office and front of house
Operations
Technical
Governance		 2025
2024
No
No
39
36
15
13
20
21
13
11
11
13
1
1
99
95

One employee received emoluments of more than £60,000 during the year.

The total employee benefits of the key management personnel of the group were £173,493 (2024: £127,510).

Chief Executive

Financial Controller Directors of Operations Sales and Marketing Director Director of Learning, Participation and Community Engagement

12. Auditor's remuneration

Auditor's remuneration
Audit of financial statements of the charity
Other fees to auditors
Audit of the financial statements of the subsidiary
All other non-audit services		 2025
£
15,600
3,900
2,899
6,799		 2024
£
15,000
3,600
14,777
18,377

13. Taxation

The charitable company is a registered charity and as such is entitled to tax exemptions on income and gains, properly applied for its charitable purposes.

Page 26

South Hill Park Trust Limited

Notes to the Financial Statements for the Year Ended 31 March 2025

14. Tangible fixed assets

Group
£
Cost
At 1 April 2024
3,798,970
Additions
-
Disposals
(68,500)
Reclassification
-
At 31 March 2025
3,730,470
Depreciation
At 1 April 2024
1,743,049
Charge for the year
73,095
On disposals
(68,500)
At 31 March 2025
1,747,644
Net book value
At 31 March 2025
1,982,826
At 31 March 2024
2,055,921
Charity
£
Cost
At 1 April 2024
3,798,970
Additions
-
Disposals
(68,500)
Reclassification
-
At 31 March 2025
3,730,470
Depreciation
At 1 April 2024
1,743,049
Charge for the year
73,095
On disposals
(68,500)
At 31 March 2025
1,747,644
Net book value
At 31 March 2025
1,982,826
At 31 March 2024
2,055,921
Long
leasehold
property:
Project 2000
Long
leasehold
property:
Project 2000		 Long
leasehold
property:
Other
£
1,736,507
-
-
(34,683)
1,701,824
927,557
26,127
-
953,684
748,140
808,950
Long
leasehold
property:
Other
£
1,736,507
-
-
(34,683)
1,701,824
927,557
26,127
-
953,684
748,140
808,950		 Plant and
equipment
£
1,000,236
28,691
(105,697)
34,683
957,913
854,748
33,419
(105,697)
782,470
175,443
145,488
Plant and
equipment
£
974,368
28,691
(89,489)
34,683
948,253
832,155
31,276
(89,489)
773,942
174,311
142,213		 Pianos
£
15,325
-
-
-
15,325
15,325
-
-
15,325
-
-
Pianos
£
15,325
-
-
-
15,325
15,325
-
-
15,325
-
-		 Total
£
6,551,038
28,691
(174,197)
-
6,405,532
3,540,679
132,641
(174,197)
3,499,123
2,906,409
3,010,359
Total
£
6,525,170
28,691
(157,989)
-
6,395,872
3,518,086
130,498
(157,989)
3,490,595
2,905,277
3,007,084

The Trust occupies a property under a lease agreement with a nominal (peppercorn) rent. The lease term is 99 years, commencing in 2009.

Page 27

South Hill Park Trust Limited

Notes to the Financial Statements for the Year Ended 31 March 2025

14. Tangible fixed assets (continued)

During the year, certain assets previously classified as long leasehold property: other were reclassified to plant and equipment to better reflect their nature.

15. Fixed asset investments

Charity
Shares in group undertakings and participating interests		 2025
£
100		 2024
£
100

Details of undertakings

Details of the investments in which the Charity holds 20% or more of the nominal value of any class of share capital are as follows:

Country of Proportion
of voting
rights and
Undertaking incorporation Holding
shares held
Principle activity
Haversham Trading England and Ordinary
100%
Room lettings and royalties
Company Limited Wales derived from letting of bar
(Company number: and catering facilities.
03524575)

The turnover of the subsidiary during the year amounted to £355,998 (2024: £311,504); expenditure of £191,914 (2024: £97,404); leaving profit for the year after taxation of £163,733 (2024: £214,100). As at the balance sheet date the capital and reserves amounted to £163,733 (2024: £214,100). Profits are gift aided to the charity and reflected in the charity in the year they are paid.

16. Debtors

Trade debtors
Due from group undertakings
Prepayments and accrued income
Other debtors		 2025
2024
£
£
98,454
148,261
-
-
112,816
72,836
84,169
86,858
295,439
307,955
Group		 2025
2024
£
£
57,369
82,296
-
130,951
112,300
71,266
84,169
86,858
253,838
371,371
Charity

Page 28

South Hill Park Trust Limited

Notes to the Financial Statements for the Year Ended 31 March 2025

17. Creditors: amounts falling due within one year

Trade creditors
Amounts owed to group undertakings
Loans
Other creditors
Other taxation and social security		 2025
2024
£
£
176,358
154,600
-
-
15,067
15,562
509,355
546,102
48,902
65,325
749,682
781,589
Group		 2025
2024
£
£
176,358
145,974
3,905
-
15,067
15,562
465,524
539,723
45,781
42,860
706,635
744,119
Charity

The loan from Bracknell Forest Council is repayable by annual instalments with nil interest being charged, the final instalment is due on 1st March 2038.

Creditors: amounts falling due in greater than one year

Other creditors
Loans		 2025
£
-
45,600
45,600		 2024
£
76,069
60,661
136,730

18. Obligations under lease and hire purchase contracts

Operating lease commitments

Total future minimum lease payments under non-cancellable operating lease are as follows:

Within one year
Between one and five years		 2025
2024
£
£
1,400
1,400
-
1,400
1,400
2,800
Group		 2025
2024
£
£
1,400
1,400
-
1,400
1,400
2,800
Charity

Page 29

South Hill Park Trust Limited

Notes to the Financial Statements for the Year Ended 31 March 2025

19. Pension 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 £15,778 (2024 - £14,018).

20. Funds

Group

£
Unrestricted funds
General
819,870
Designated
2,073,928
Total unrestricted funds
2,893,798
Restricted
152,757
Total funds
3,046,555
£
Unrestricted funds
General
775,987
Designated
2,230,864
Total unrestricted funds
3,006,851
Restricted
191,008
Total funds
3,197,859
Balance at
1 Apr 2024
Balance at
1 Apr 2023		 Income
£
2,287,165
-
2,287,165
26,000
2,313,165
Income
£
2,166,288
1,000
2,167,288
4,550
2,171,838		 Expenditure
£
(2,303,322)
(79,154)
(2,382,476)
(35,278)
(2,417,754)
Expenditure
£
(2,206,905)
(73,436)
(2,280,341)
(42,801)
(2,323,142)		 £
-
-
-
-
£
84,500
(84,500)
-
-
-
Transfers
Transfers		 £
803,713
1,994,774
2,798,487
143,479
2,941,966
£
819,870
2,073,928
2,893,798
152,757
3,046,555
Balance at
31 March
2025
Balance at
31 March
2024

Page 30

South Hill Park Trust Limited

Notes to the Financial Statements for the Year Ended 31 March 2025

Charity

£
Unrestricted funds
General
General Fund
741,841
Designated
Project 2000
2,055,926
Future Projects
18,000
2,073,926
Other
Pension scheme
(136,069)
Total unrestricted funds
2,679,698
Restricted fund
Piano fund
5,272
Cinema Funding
5,979
99,107
Youth @ South Hill Park
16,596
Cinema Projects
1,349
1,061
Business Plan
11,740
2,954
991
ACE Small Grant
7,341
Syder Foundation
367
Morrison - Carpet
-
-
Total restricted funds
152,757
Total funds
2,832,455
Cinema - foreign filim
project
Balance at
1 Apr 2024
arts project
Donation for Ukelele
sponsorship
Council		 Income
£
2,298,001
-
-
2,298,001
-
-
-
16,275
-
-
-
-
-
-
-
9,125
600
26,000
2,324,001		 Expenditure
£
(2,349,901)
(73,096)
(6,058)
(79,154)
86,069
(2,342,986)
-
(1,742)
(15,761)
(9,752)
(779)
-
(5,198)
(985)
-
-
-
(1,061)
-
(35,278)
(2,378,264)		 £
-
-
-
-
-
-
991
-
-
-
-
(991)
-
-
-
-
-
-
Transfers		 £
689,941
1,982,830
11,942
1,994,772
(50,000)
2,634,713
5,272
4,237
83,346
24,110
570
1,061
6,542
1,969
-
7,341
367
8,064
600
143,479
2,778,192
Balance at
31 March
2025

Page 31

South Hill Park Trust Limited

Notes to the Financial Statements for the Year Ended 31 March 2025

£
Unrestricted funds
General
General Fund
881,210
Designated
Project 2000
2,129,362
Future Projects
101,500
2,230,862
Other
Pension scheme
(196,069)
Total unrestricted funds
2,916,003
Restricted fund
Piano fund
5,822
Cinema Funding
7,372
119,886
Youth @ South Hill Park
23,322
Cinema Projects
1,349
1,061
Business Plan
16,934
3,938
3,983
ACE Small Grant
7,341
Syder Foundation
-
Total restricted funds
191,008
Total funds
3,107,011
Donation for Ukelele
sponsorship
Council
arts project
Balance at
1 Apr 2023		 Income
£
2,092,422
-
1,000
1,000
2,093,422
-
-
-
2,550
-
-
-
-
-
-
2,000
4,550
2,097,972		 Expenditure
£
(2,316,291)
(73,436)
-
(73,436)
60,000
(2,329,727)
(550)
(1,393)
(20,779)
(9,276)
-
-
(5,194)
(984)
(2,992)
-
(1,633)
(42,801)
(2,372,528)		 £
84,500
-
(84,500)
(84,500)
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Transfers		 £
741,841
2,055,926
18,000
2,073,926
(136,069)
2,679,698
5,272
5,979
99,107
16,596
1,349
1,061
11,740
2,954
991
7,341
367
152,757
2,832,455
Balance at
31 March
2024

The specific purposes for which the funds are to be applied are as follows:

Project 2000 - This formed the basis of an extensive refurbishment plan including the construction of assets which came into use in March 2002. The outgoing resources represent depreciation charged on fixed assets purchased by Project 2000.

increase of £10,000 for this designated fund.

Page 32

South Hill Park Trust Limited

Notes to the Financial Statements for the Year Ended 31 March 2025

Piano fund - to provide for the maintenance and/or replacement of the pianos.

ACE Small Capital Grant - A grant of £379,006 was successfully 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 donations received 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, enlargement of the screen and upgraded sound quality.

Cinema Projects - A fund for applications made for initiatives sponsored by the British Film Institute. In 2015/16 for example funding was received for the autumn blockbuster LOVE. 2017/18 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 Screenings, with 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 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 Trust to deliver it'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 make 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 facility introduces a new function space and capability not previously available.

Donation for Ukulele Sponsorship - Sponsorship received to provide students of the ukulele class with a free ukulele or automatic tuner when booking the ten week course.

Grant - Winkfield Parish Council (Telephone System) - Three year grant first received in 2017/18 to replace the South Hill Park telephone system.

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.

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 with hidden disabilities.

ACE Small Grant - awarded at the start of Covid-19 to provide innovative ways to offer online artsbased courses.

Page 33

South Hill Park Trust Limited

Notes to the Financial Statements for the Year Ended 31 March 2025

21. Analysis of net assets between funds

Group

Fixed assets
Current assets
Creditors due within one year
Creditors due in more than one year
Charity
Fixed assets
Current assets
Creditors due within one year
Creditors due in more than one year		 Unrestricted
General
2025
£
762,528
836,469
(749,682)
(45,600)
803,715
Unrestricted
2025
£
761,496
630,680
(706,635)
(45,600)
639,941		 Designated
2025
£
1,982,830
11,942
-
-
1,994,772
Designated
2025
£
1,982,830
11,942
-
-
1,994,772		 Restricted
2025
£
161,051
(17,572)
-
-
143,479
Restricted
2025
£
161,051
(17,572)
-
-
143,479		 Total
2025
£
2,906,409
830,839
(749,682)
(45,600)
2,941,966
Total
2025
£
2,905,377
625,050
(706,635)
(45,600)
2,778,192

22. Related party transactions

Charity

During the year the Charity made the following related party transactions: Bracknell Forest Council

(Key provider of finance)

Awarded a revenue grant of £194,090 (2024 - £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 cost. At the balance sheet date, the amount due to Bracknell Forest Council was £49,872 (2024 - £53,723).

Bracknell Town Council

(Key provider of finance)

Awarded a revenue grant of £142,000 (2024 - £135,000) to South Hill Park Trust Limited. At the balance sheet date, the amount due to/from Bracknell Town Council was £Nil (2024 - £Nil).

Haversham Trading Company Limited (HTC)

(See note 15 for information regarding HTC.)

During the year, the Trust charged HTC management charges of £152,734 (2024: £146,790) for the provision of staff and other services and expenditure incurred on its behalf. At the balance sheet date the amount due to HTC was £3,905 (2024 - £130,951 due from HTC).

Page 34

South Hill Park Trnst Limited (Registratlon number: 011044221 Consolidated Balance Sheet as at 31 March 2025 2025 2024 Note Fixed a55ets Tangible assets 14 2,906,409 3,010.359 Current assets 10.484 295,439 524,916 14,705 307,955 631855 Debtors Cash at bank and .n hand 16 830,839 954.515 C.rpditors' Amounts falling due within one year 17 1749.6821 1781,5891 N¢t current as5•ts 81,157 172,926 Total assets less current liabilitlèS 2,987,566 3,183,285 Creditors. Amounts falling due after more than one year 17 145,6C¥)I 1136,7301 Total net assets 2.941,966 3,046.555 The funds of the group: Unrestricted income funds RÉstricted income lund5 2,798.487 143.419 2,893,798 ' 52,757 Tolal éunds 20 2.941.966 3.046,555 The financial statements on pages 12.,0 34 were approved by the Trustee5, and aulhorised IOT issue on and are signed on t￿e1r behalf. by". ans Chairman Page 14

South Hill Park Trust Limlted (Reglstration number: 01104422} Charity Balance Sheet as at 31 March 2025 2025 2024 Note Fixed assets Tangible assets Investments 14 2,905,277 100 3,007,084 100 15 Total Fixed assets 2.90S.377 3,007,184 Currènt assets Stock 10.484 253.838 360,728 14.705 Debiors C38h ar bank in han 16 371,371 3?o.n44 625,050 706.120 Creaitors.. amounts falling due within one year 1706,6351 1744.1191 Net current liabS1Stiès 181,5851 137.9991 Total assets less current liabilities 2,823,792 2,969,185 Creditors.. Amounts fallin9 due after more than one year 145,6001 1136,7301 N•t assets 2.778,192 2.832.455 The funds of the charity- Unrestricted income fund5 Restricted Income funds 2,634.713 143.479 2,679,698 152,757 Total lunds 20 2.778.192 2,832,455 The financia1 statements on pages 12 to 34 were approved by the Trustees. and authorised lor issue on 25. and are signed on their behalf, by." Chairman Page 15