Cl4rlty reglstratlon nurnbw265667 Companyrnglstr•lloThnumberO1095244{England andW•les) PUMP HOUSE THEATRE AND ARTS TRUST LIMITED ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMEKrs FOR THE YEAR ENDED 31 AUGUST 2022 1111 *A8IG3Tr160* 0811212022 COMPANIES FIOUSE A13 #353 PUMP HOUSE THEATRE AND ARTS TRUST LIMITED LEGALAND ADMINISTRATIVE INFORMAnoN Trusts•$ L D Farman J Salie AM D Murphy J l N Brameld R J Pi¢JgÈon SA Griffin A Wlliams D Bhudia IAppoinled6 Derember20211 (Appointed 11 July 20221 Secretary S A Griffin Charlty number Company number 01095244 R•gi$tw•d adrted financially and with a(fvice to helpthem continue their in adivitiesthroughvanous¢hallen9es. During this yew we have continued our wowamme MaiTrten￿￿ and improvements. W• contin￿￿ with a part lime d￿elopment nNanager wlx) has c￿bnved to aChI￿e signifirant progress on funding b%ls. audience development ￿an$. tsjild very good Ibnks with Wafford Borough Counril. Wattord Palacè Theatre, local business groups and established strong commurycalions wth many othèr partners. We have also exploret1 markethng resourorwJ opbons to increase awaren￿ gf our acts"vities and more work is needed to make best LrsethYlinMted bWs ts et￿￿th populalitin. We continued to be part of the Wafford CThJnd's Volunlary Se¢*or commiss￿1ng Framework which also provides some ￿oing fvThJs for our acti¥itie5. We have continued to ￿￿xIern1se our strlth￿ and go¥emart•. indulling weknming a new board member who bring an extensive, relevant ￿ne￿iOnS armlexperierte. We have conkn.nued to tske a leading role In Watl(*d's cuttwal leaders. group and delivèry of Cultural Slrategy. We gave strong support to the watfOr￿ogeIher initialive which has helped pull the local artistic ommunily togethw to wovide a(*vilies and entertainment durirvj these difficutt times. We organised th communily section of Watford's Centenary ¢Aebrations in CassiobLWy Park which induded 6 hours of entertainment with 15 community organisal￿nS ¢ontribuliry. 6 years 890 we created. lead and ran the annual Watford Frinye festkva as part of remit as a hub for emeT9ing talent to 9ive the thance for local artists ￿ all ty￿5 lo shrW￿ thwr work and for the local community to have access to a Ixoad range of quality entertainment from around the UK. This festival creates an accessible ￿atIO￿l for local taknt and bn.ngs many benefits to the Pump House and Watford. Desprte the lingering chall$ng¢s of Covid we sts'S1 manayed to run a Su￿SSful festival across mUlti￿e Watlord venues. This lèstival shows off thè great. sOrT￿lmeS overlooked talent in Watlotd arHJ thanks to the dedication of Ihe Pump Housevolunleers and supwrtfrtyn ourpartners is a gffjwir¥Jwiislicfestr4al. We had a full prLYJramme of events Ir￿uding plays, mu*¢a15. drama festNak. ¢hiklren'5 theatre, dance, comety, film, folk. jazz, dasstcal MUSK, ¢oen-mic musi¢ dub, kJ¢al band ri9hts and art exhibitions. The quality of all events continues to be hoh and Ihe repul81ion of centre is bulding through inueased numbers of new people coming through Ihe door drawn in ty Ihe new ad]vities. Several fvnd raising aL#Nrt*s have also helped support the Pump House as wdl as strerWeThng itSlX)mmunity ¢onnecaitin. PUMP HOUSE THEATRE AND ARTS TRUST LIMITED TRUSTEES REPORT REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2022 Our employees {all part time) ha¥e conlink￿d to perfwm well in their r(4e5 and are a siyrMfi¢ant assèt in th• smooth running ofthe ontre. We have developed our Volunteering programme and will conlinuè to do more work in this area. Our vdunteers are v¢tal to our succe55 and are the warmth at the core ofthe Pump H¢)use farTMty. The bar volunleers especially are keyto the kee￿ng the Puffp H(￿$¢ open ¥nd abktocoth.me p￿￿thn9 a commuThty¥erwe for all. I￿lIVerIng PublK Benefil Put4ic benefit ha5 been realised this year by the ¢*aiity conlj'nuing to actseve its slated aims of opw*in9 the Pump House Theatre and Arts centre as a fao.lty fot communhty artislbc aclivity. The benefit has been deffK)nstrated over t￿ last yearth[￿Jgh the Idl￿*•ng indicators: More Ihan 12.(MJO Pwiicypants thr(￿h the th)oror via online channels in all activilies {8dive partiupants andaudIen￿) Over 20 thèatrical Ix0dL￿I￿ftS and workshops lin pwson arKI r)nlinel by rnany different art￿tiC groups. These groups indude some that are f(#)Jsed ¢M cJMldren and pers￿5￿ disabilrties Weekly'open mic.. folk andjazz musi4 publicaccess grtyjps Weekly Clc*J Morris dar￿ groups. tcthdancedassesand 01￿danCe￿tmlies W¢P￿Y open acce$s visual art events Drama sd)od aclmtsès Disabilityand specialistarti*wps Watford Frirye Wavord centenary(*teIyati(￿ inCassioburyP*k Hub events1nd￿jingccthedY. ¢uttur4 ev￿16. LGeTQ+ ¢venL wthshops more Pl8n$ forfulure periotts We have a ￿an of how to coniTrnL* fifi•TriJly and practi¢alty in ry)ntinuing diffiryjt arc￿MStanceS ant1 will conlinue to constanUy re¥iew and revise It#s plan lo adapt to in¢vrl•bl¢ ¢harwJes. We will conlinue to build on our ￿l*"onshIP vrith Watlord Borough Counol, Watford Palace Theatfe. local business organisations and other partners to if￿reaSe our infiLrence and ddivery of art to the loc* communty. We will conlinue to bulk1 and develop WatloTd FriThJe hub aLINitres. We will conlinL* to work with Watforrl 8oroU9h Counril to investTrgatÈ OPPOrtunitie$ to add tso"lrties to our building through partnerships and d￿elOpment. INe are f(￿￿n9 on raising fur¥15 for our maiN theatre roof replacement project in Ihe next perrc*J. InveSt￿nI￿ The Trustees have the power to invest the ofthe Company rnt imftwotety f￿the furtherance of its objKis in or UP￿ such investments, secunb.es or propety as may be thought fit. subject nevertheless to such conditions lif any) and as such C(￿sents Irf any) as may for the lime be imFosed or required by law. Funds surplusto immediate wuirements areojfrently held oninterest-bearing bank deposi15. PUMP HOUSE THEATRE AND ARTS TRUST LIMITED TRUSTEES REPORT REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2022 Financ•al ￿e￿ The trusl is Primarily sew-fijnding wth inc4)me coming from five main areas. The contributTrons madÈtothe centre from thè fesident user groups. the rent and hirefees cl• otheruser5. various donA140ns. the surplus from the bars and. Ihis yearfortheffirsttsmè. giants from various statutory tr)die5. This year we have reviewed and reslructured rents and contritxth.ons to ensure the Tfust can balarKe the accounts. This has been a sensitive process as ea¢h of the groLtps has their ¢Jwn challenges and pres$ure3. HtNever thi3 process has been successful thmugh the goc*J workin9 reIats"on5￿p betsveen the Trust and the groups. 8n¢J we wojld like to thank t1￿ for their Contirn￿ sUp[￿L The trust continues to be in a *able financially. Hmerltwe is rnuch th* needs to be done to pf074ide additional facilities ￿￿1ft the cents¥ aThJ maintain and imwo¥e those that alr￿Y exist. Proyress on thèse desirable ac*vrt¢es is cash linlted. Rgseryes PoliGy Atthe end oflhe finan¢i•l year ￿$tr￿￿ell funds were £19.359 and L￿eStnCted fvnds £167.098. The Trustees will continue theirendeav(xs to lyjild up unrestsicted fvnds. Ourpolicy is to fflaintwn working cash reservès to enable day lo day Operat￿ and rneet Short term cash fflow fluduations while accumulab.rg funds to ￿rry out the larger developments to the cenlre. Followin9 the AGNA In Dtr£mbET 2020 we agreed to in¢¥e8se OUT minimLbm cash rgswveto£30.1)JO to coverany uneypeLted isSueswrth￿t intemJtA"IrvJthe 0￿ration oflhe centre. Charity reseples at 31 Au9USt 2022 weTr av•latAe as frAl¢y•&%'. Restricted to donor r￿inated purposes Unrestricted funds Tie(l up in tsngible fixed assets A¥aiLable to meet operational reqLMThnents £19.3S9 £167.098 £9,855 £176.602 StrUc￿re. govemanct and rnoMgement The ch￿ty is governed by rts mernc¥￿￿uM Arfides ofAssLxth dated 16 JaNary 1973. as amended by Special resolutionsdated 5 June2017. Anyone aged 18 years ¢y0ver￿Y berAyfte 8 memberofthe Company. through election by ex¢siing membets at general meeb.ng of ¢thnpany. pr￿lS1On is i￿luded in the Ariic4es of Ass(x>abon for Watford Borough Counal to appoint two of its mernbers as Company memters. The CourKil has not exerosed this right for severayears. rntstees The tw$lees who we also th"reclors for the puw of company law. a￿1 seryed during the year and up to the date of￿A#ture of the financaal s&*menls ww•: L D Faman J Sadie A M Dmurphy J l N Brameld R J Pidgeon SA Grtffin Awilliams O BhLvJi (App)inted6 t)ecember2021) IApFLintsd 11 JLty 2022) PUMP HOUSE THEATRE AND ARTS TRUST LIMITED TRUSTEES REPORT REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2022 Th• trustees under charity law *• •lso fv company direcior$ under eompany law. The Board of Tru$tee$ are appointed by the members at the Annual G•n•rnl M••ling. Th• board ol irustee$, which can have between nile andfifteen members.admN)istetsthecharity. As set tsyt in Ih¢ Arttcles of Assooalion Ihe boa￿ mèèts at kast ten times in 3 year. The￿ is a standing subcommittee managin9 the bar. Other sub cornmittees of worting groups m•y bg er¢aled a$ wquifed. All p(4icy and major deci*ons relalong to Ihe trust a￿ taken by the Trusiees. The Truslees operate a hand$-on mèna9emenl approach and af• very muth invow the day to day opernlion ofthtttheatre and arts contm. Slaff The trust employs four part time and ¢)thgr contracii)r$ 10 handle the day lo day centre adffltsni51r31ion and matnttfianeè, and IM￿ement its policies_ Voluntfrers Like many charitabl• orgarMsatK>n5. the trust re￿•9 to a cons*lerable •¥lent on the ¥0￿￿10ry work of many peopl¢. The charity has had di¥cussions with Watford Borough Counol to enable c0-ordinat￿n ofthè pr¢)vision of arts Tn thg borough. The Walford Borough Couwl owns th• fr¢ehokl ollhe Pump House Theatre and Arts Centre. The only financial tiansaclions with the Counril during Iht year wer• Ihe paym•nt of rent and buildings insurartrce emiurns duè underthe leaseand ongoing $ubsith"sed rates payments. Risk Man8pment Internal risks are minimised by implèmèntation of procÈduresforthe aUlh￿15alItsn of all transacb.ons and proie¢ts and to ensure consistent quality of delivery for all opèralional aspects ol the Trust. These pro￿dur¢S are pèriodKally rewewed to •nsur• that they still meet th• netds of the Trvst. The Trustees regularly review the m¥jor Msks towhKh Ihe trust is exposeo medings and have established systemsto mrtlgate those ri$ks. These risks include damage lo reputation. crirninal acls. dala los$. heatth and 50f•ty, and change to income sources. Thi$ fftport was apswo¥•d by the tntstees on................... 5ign•d on Iheir behaw by L D Farnian Chairman J Sad•0 Finanwl PUMP HOUSE THEATRE AND ARTS TRUST LIMITED STATEMENT OF TRUSTEES REPORT RESPONSIBILrriES FOR THE YEAR ENDED 31 AUGUST 2022 ststement of Truslees Responsiblllti¢s Company law fequires the truslees to prepare finanual statements for e8th finantyal year. whTrch gwe a true and fair view of Ihe slale of affairs of the chaiitable company and of the net 1rwrnln￿{Wlgoir#jI resources for the yèar. lft preparing thefinawal slalementslhe Management CcKnn*tiee arn required to Selectsustable accounting wjiriesand applythem consistenuy Makejudgmentsand eth'matesthatare reaSona￿t and wdent Pfepafe Ihe financial statement$ on a [X￿ceM basis unlessit is inappropriateto do so trustees are resF*Msible for keeKX"n9 proper accowth.ng records whith thsdose with Teasonable at any lime Ihe fin8naal position of the charitable ccfflpany and to enatye rt to ensure that the ffinan¢ial $t*ement$ eompty with the Companies Acl 20￿. They a￿ also respC￿$1b1e for Safeguarding the assets of the charitabl• company and h￿cefortakir￿a 5tepsforthe prevenlicffland detethon offrwd 8nd other iwre9ularities. Tli$ report and the financial staternent5 ha¥e been in aCc￿3Fte Ihe special provisions ofpart 15ofthe compan￿ACt20￿ relating to small entities the Finanoal Reporting Standard forsmall Entitles issued inApril 2Crt)8 the provisions ofthe char￿lIe$AC1S that delermine the lorm and C￿lent ofCharityAnnual Reports Statementol Recom￿delI Practice.. Ar¢(xmling and Repvrb"ng tychaiitses i5$ued in March 2C#)5. Ind•perNlent examination The Pump House Theatre & Arts Lirniled is required to have an Inwndent Examinalion in a¢uwdancè wilh Ihè provisions in the CharitiesAd 2011 and Companie5Acl 20(￿. Accorth"nyy. SlerfingAmnting Soluti?ns Ltd was appointed Independent Examiner8llhè ty the PHTATLBtsartl Meeting on 20A￿"1202o. PUMP HOUSE THEATRE AND ARTS TRUST LIMITED INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF PUMP HOUSE THEATRE AND ARTS TRUST LIMITED I report lo the trustees on financTral s&itenwl& of Pw House Theatre ￿K1 Arts Trusl Limited (charity no.. 265667 ,' c¥mpany no. 1(P35244) fw the year ended 31 August 2022. which are sel OLrt on ptyes 8 to 16. Responslbllities and Imls of itport As the truslees of the tharitable company you are reSp￿sItI￿ for the preparab.on of the finanual statements in accordance￿1h the Tequirernenls Of1￿ ChaTibes Ad 2011 {the 2011 A¢1) and Ihal an Independenl examinalion is needed. I report in respect of my examinabon of the charitable ccrfnpanys financaal statemen15 carried out under section 145 of the 2011 Act. In carrying (Mjt my examinalion I have k41rywed all the aFplicable Diredions given by Ihe Charity Comrrnssion under section 14515)Ib) of the 2011 Act. 8asls of Ind•p•nd•nt •xamiMfs rnptyt My examination was carried txrt in 8¢x0rd￿ genw¥ Dire¢*on8 grwen by Ihe Charify Ctynmis$i¢)n. An examinats.on includès a review of the accounts.ny re¢ords kepl by tharity arKI a comparison of the finanaal statements p￿sented wrth those re(xxd$. It also indudes cowderabon of any unusual items or disdosures in Ihe fÈnanrial ststements, and seeking explanab.ons from you as trustees conceming any such matters. The procedures undertaken do nol proyth all the eVIder￿ that WOLsld be req￿re￿ in an audit and consequenuy no Opini￿ is gwen as to whether the financial statements wesent a Irue and fair vie* and Ihe Teport is lirnited to those mattws Set (MJI in tP* next statement. In2 19,3rJ 110,415 Net In¢om• for th* y•arl Net Mo￿￿?￿1 In fund 115,gSSI 35.782 19.826 Fund balances at 1 September 2021 Release of restrided fun(Is 48.649 81.946 I65.￿) . 130.S95 46,164 110,769 Fund ￿lanCeS at 31 August 2022 167. 19.359 186.457 48.649 81,946 130,595 The slat•ment of thrlres MKludes all pins•NJlosses re¢r4ni8e(l in Iheyear. All irDJmeand exFenditure deri¥efrcrfn continuin9athilw. PUMP HOUSE THEATRE AND ARTS TRUST LIMITED STATEMENT OF FINANCIAL POSITION AS AT3f AUGUST2022 2022 2021 Fix•d ass•ts Property, plant and equipmw 9.855 11.￿0 c￿rrent assets Inventoiiès Trade and otherr￿1v9ble$ Cash at bank and in hand 3.070 18.340 174.520 3.073 4.305 149.478 10 195.930 {19.3281 . 156.856 138.221) ¢urr•nt Ilatsfjllo 11 Net current assels 178.802 118.635 Total as591¥ letys ¢urr•nt Il•bllltl•s 186.457 130,595 Incoffle funds Re$ln"cted funds UTrreslnLled fuThJs 19,359 167.098 81.946 48.649 186.457 130,595 The company is enlitled toth• exempthon from aud￿1 requir•m•nt contain•d in section 477 ofthtcompanies Ad 2006, lor the yearfrnded 31 Au9USt 2022. No member 01the￿MpwY deposited a Th0￿Ce. pwsuant lo secb"on476. requiring an auJrt ofthese finanoal $tatoment$. Th• iruste•$ acknowledge th•r respon5ibililie5 for ensuring that the tharity h•eps accknufiting rec4rds which eomplywith section 386 of theAct and for preparing financial stattments whKh grve a true and fair views oflhe stste of affairs of the company as Ihe end of ffinancial year and ol its in￿ming resources and application of fesources. including its income and •xpenditure, lof the frnanekal year in aecordance wilh the reqU1￿mentS ofthe CompanlèsA￿ 2006 relallng io finaneiai 51alements. $0 farasappliubktothg company. The$efinancialstalements h•vebeen prepared in 8￿rIance￿1th the pmvisions applwt¢ltrto¢ompanies subj•clto Ihe srnzllcompanies regime. 7 2oL Tho finanoal Sta￿￿￿nIS wefe approved by th? Trnstees 1)n ......................... LD Farnian Ch8im)an J Sadi• PUMP HOUSE THEATRE AND ARTS TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST2022 A¢countlNJ policies Charity inforniation Purnp Hou$e Theatre An(1 Arts Tru51 Lin*ted is a pwivate rAmpany limit¢d by yLor8rfee in¢orporated in England and wales. Ihe registtred offKe is M Lo¢•1 Board Road. Walford. Hertfordshire, WD 17 2JP. 1.1 Accounling convenlon The ffinancial statements have been wepared in accordance with the charil￿S tgoverning docurnentl. the Charities Act 2011. FRS 102 "The Frnanoal Rety)rtiThJ Standard appjicatde in the UK and Republic of Ireland" {"FRS 102"18nd the chth.es SORP "Accounts"ng and Reporbng by Charrties." Statement of Recommended Prathce to charities preparing their ￿nts in accordance with Finan¢?al Reporting Standard appticable in the UK and RepU￿1C of Ireland IFRS 102)" {effec*'¥e l January 20191. The chanty is a PU￿4¢ 8enefrt Enb"ty a$ defined by FRS 102. The financial ststements have departed from the Charilies IAccc¥Jnls and Reports) RegulalK)ns 2008 only to the extent Tequired to provide a true and fairviv*. This departure has invo￿Ted folltrwing the Statement of Recommendet1 Practice for charilies ap￿YIng FRS 102 ralher than the versitjn of the Statement of Recommended Piacts"cewhich is reft￿e￿I0 WJ the Regulations butwhich has since beenwithdrawn. The ¢harilabtecompany has tsken adv￿t￿e0fthtt WO￿l0nS in the SORP forcharilies applying FRS102 notto Pfepare a statÈmeM ofcash flows. The finonoal statemenls are prepwed tn sterfffwJ, whith B the funcl￿n¥1 cuffency of the d)arity. Monthary amounts ￿ thesefina￿1sl siatements are roUr￿ed ttst￿ nearest £. 1.2 Goingconc¢rn At the ty.me of approving the financaal staterr￿t$. the trustees have a reasonable expectation Ihal Ihe charity has adequate resources lo conlinue in operational existence for the fweseeable fvlure. Thu5 the trustees ￿ntinue to adopl the 9c4n9 concem basis of acrxjunb'ng in preparing Ihe firwiciaj statements. 1.3 Charltsblefunds Unré*ridefJ are those fwKts that are avalaNe to the Iruste•s kn ihe furtherance of the c*aritable objectives. Rèstiicted lurM15 represent 9rants. donakn arxl legac*s wved are subject to spec4.fic conditions by donors as to how they may be used. 1.4 I￿ome Income is recognised when chaiitat>l& company is enlilled to it after any perfrJrmarr* conditions have been rnel. the amounts¢an be n*asured relwbty. 8nd it ￿ probable thatincome wll received. 1.5 Exp•nditure Expendrture is recogrmsed when a is in(yJrred, rt is wobable that the l￿bIlity wll r3ystallise and can bemeasuredreliably. 10- PUMP HOUSE THEATRE AND ARTS TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2022 Aeeounting pollcles {Continu•dl 1.6 Property.plantandequlF¥nènt Property. plant and Èquipment are iThbaly rTEa5wed at C051 arAI SLknsÈwty mtssured at cost valualion. net of dewecialion and any impam)ent losses. Depreuation 1$ rec(>Jnised so as lo wrrie off the ¢031 ￿ valuation of assets less their res￿￿al values over thw"r useful lives on the foll￿ing bases: Leasehold improvernents Fixtures ant1 fittings Slage Equipment Stagè Lightiny Redwng Balance 20% per anum Reduting b8lance at25% peraftum Reduting 8aiance25% perartum ReduciThJ Bal￿ 12.5% peranum The gain or 1055 arising on the disposal of an asset is detemihned a5 the dtfference bebveen the sale procee