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:
- offer opportunities for a broad range of people to get involved in arts activities exploring their own creative powers.
- provide facilities for amateur and professional artists to develop.
- concentrate on involving young people in the arts to help encourage a culture in which different age ranges play a complementary part.
- celebrate the diversity of cultures in our society by programming presentations by, and with, artists of different cultural backgrounds.
- present a broad range of arts work.
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.
Page 3
## **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.
Page 4
**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:
- Increasing income from trading activities and new external funding sources.
- Improving operational efficiency.
- Strengthening management.
- Building strong, long-term relationships with Bracknell Forest Council and Bracknell Town Council.
- Growing our learning, participation and community engagement programme as a result of an expanded team.
## **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.
Page 5
**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:
- select suitable accounting policies and apply them consistently.
- observe the methods and principles in the Charities SORP.
- make judgements and estimates that are reasonable and prudent.
- state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements.
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business.
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:
- give a true and fair view of the state of the charitable company's affairs as at 31 March 2025 and of 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.
## **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:
- the information given in the Report the purposes of company law, for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- with applicable legal requirements.
## **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:
- 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 statements are not in agreement with the accounting records and returns; or
- certain disclosures of remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit; or
- the trustees were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemption in preparing the Trustees' Annual Report and take advantage of the small companies exemption from the requirement to prepare a Strategic Report.
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:
- the nature of the charity and sector, control environment and operating performance;
- `o` irregularities may occur either as a result of fraud or error;
-
- identifying, evaluating and complying with 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 risks of fraud or non-compliance with laws and regulations;
- the matters discussed amongst the audit engagement team.
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.
Page 15
## **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.
Page 17
## **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:
- 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 entitlement.
- The income is admission fees or performance related grants received in advance of the performance or event to which they relate.
## _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:
- office equipment, e.g. laptop computers, printers, chairs, desks, display cabinets
- general conversion or refurbishment maintenance, unless it increases substantially the life of the asset
- computer software relating to box office or accounting systems
- the installation of security systems.
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 te1r 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