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2023-08-31-accounts

Charity registration number 265667

Company registration number 01095244 (England and Wales)

PUMP HOUSE THEATRE AND ARTS TRUST LIMITED ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023

PUMP HOUSE THEATRE AND ARTS TRUST LIMITED

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees L D Farman
J Sadie
A M D Murphy
J I N Brameld
R J Pidgeon
S A Griffin
A Williams
D Bhudia
A J Cox (Appointed 7 November 2022)
P J Mccusker (Appointed 7 November 2022)
Secretary S A Griffin
Charity number 265667
Company number 01095244
Registered address 5-6 Local Board Road
Lower High Street
Watford
Hertfordshire
United Kingdom
WD17 2JP
Independent Examiner Sterling Accounting Solutions Ltd
SAS House, Friarswood
Chipperfield Road
Kings Langley
Hertfordshire
WD4 9JB

PUMP HOUSE THEATRE AND ARTS TRUST LIMITED

CONTENTS

Page
Trustees report 1 - 5
Statement of trustees responsibilities 6
Independent examiner's report 7
Statement of financial activites 8
Statement of financial position 9
Notes to the financial statements 10 - 16

PUMP HOUSE THEATRE AND ARTS TRUST LIMITED

TRUSTEES REPORT

FOR THE YEAR ENDED 31 AUGUST 2023

The trustees present their annual report and financial statements for the year ended 31 August 2023.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's trust deed, the Charities Act 2011 and "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 2019).

Objectives and activities

Charitable Aims

The charity was established to operate, maintain, and improve facilities to benefit the public through participation in all forms of accessible artistic activity. The Pump House Theatre and Arts Centre is the main asset used to achieve these aims, alongside a dedicated team of staff and volunteers. The charity has become Watford’s hub encouraging emerging talent and building a strong community artistic culture.

The trustees have reviewed and complied with their duty as set out in section 4 of the Charities Act 2006 in regard to public benefit. The trustees have used the number and type of artistic activities in a year as well as the number of participants (active participants and audience) as an indication of the public benefit achieved.

Charitable Activities

The principal activities of the Trust are aimed at supporting the provision of facilities for community groups in the fields of art, dance, music, theatre, comedy, and artistic activities. To achieve this, the Theatre and Arts Trust:

Fee levels for users of the centre are set at a level to cover the cost of operating and maintaining the centre. Evidence shows that these levels continue to be good value and do not act as a barrier to artists and user groups using the centre, however the balance between costs and income needs to be constantly monitored.

There is considerable evidence to support the Trustees view that the Trust enjoys a good relationship with its clients, users, and the wider community.

PUMP HOUSE THEATRE AND ARTS TRUST LIMITED

TRUSTEES REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023

Achievements and performance

The new normal is to expect constant change in the wider world and its effect on all. Through the dedication and skill of our staff, board, and volunteers we have managed to keep the Trust in a stable position and find a way to continue developing our offering.

Our two high profile patrons (Dan Dark and Chris Luff) have continued to help bring focus and connections to our future plans.

We continue to make good progress in our "Raise the Roof" campaign to replace the Theatre roof and provide significant improvement to our facilities and accessibility. Due to the dedicated work of a few volunteers, we have already developed architectural plans, secured planning permission and engaged initial specialists to support detailed planning. We have also progressed in detailed discussions with funding sources as well as running a number of successful fund-raising events.

We have continued to make progress in our vision to develop and improve the Pump House and to keep it relevant and connected to the needs of the local community and its users. We have sought and gained some additional funding. This has only been possible with the extraordinary support of a limited number of dedicated staff and volunteers. Support from Watford Borough Council and other partners has been critical during this period.

We have been in close communication with our user groups and hirers and supported them financially and with advice to help them continue their activities through various challenges.

During this year we have continued our programme maintenance and improvements.

Our part time business development manager has continued to help achieve significant progress on funding bids, audience development plans, building very good links with Watford Borough Council, Watford Palace Theatre, local business groups and establishing strong communications with many other partners.

We have significantly improved our marketing capabilities and output to increase awareness of our activities and more work is needed to make best use of limited budgets to connect with local population.

We continued to be part of the Watford Council’s Voluntary Sector Commissioning Framework which provides some ongoing funds that enable us to act as a catalyst and support Watford Cultural activities and goals.

We have continued to modernise our structure and governance, including welcoming new board members who bring extensive, relevant connections and experience.

We have continued to take a leading role in Watford’s cultural leaders’ group and delivery of the Cultural Strategy, including:

This is a growing and successful festival across multiple Watford venues. This festival shows off the great, sometimes overlooked talent in Watford and, thanks to the dedication of the Pump House volunteers and support from our partners, is a growing artistic festival.

We also hosted other festivals including LP Record Day, the Jazz Junction jazz festival and the inaugural Proud Watford festival.

PUMP HOUSE THEATRE AND ARTS TRUST LIMITED

TRUSTEES REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023

We had a full programme of events, with activity almost returning to pre-pandemic levels, including plays, musicals, drama festivals, children’s theatre, dance, comedy, film, folk, jazz, classical music, open-mic music club, local band nights and art exhibitions. The quality of all events continues to be high, and the reputation of centre is building through increased numbers of new people coming through our doors drawn in by the new activities. Several fundraising activities have also helped support the Pump House as well as strengthening its community connection.

Our employees (all part time) have continued to perform well in their roles and are a significant asset in the smooth running of the centre. We have also welcomed new staff members this year who have brought new strength and capabilities to our friendly team.

We have developed our volunteering programme and will continue to do more work in this area, with some support from the Watford & Three Rivers Trust. Our volunteers are vital to our success and are the warmth at the core of the Pump House family. The bar volunteers especially are key to keeping the Pump House open and the ability to continue providing a community venue for all.

Delivering Public Benefit

Public benefit has been realised this year by the charity continuing to achieve its stated aims of operating the Pump House Theatre and Arts centre as a facility for community artistic activity.

The benefit has been demonstrated over the last year through the following indicators:

Plans for future periods

We have a plan of how to continue financially and practically in continuing difficult circumstances and will continue to constantly review and revise this plan to adapt to inevitable changes.

We will continue to build on our relationships with Watford Borough Council, Watford Palace Theatre, local business organisations and other partners to increase our influence and delivery of art to the local community. We will continue to build and develop Watford Fringe and hub activities.

We will continue to work with Watford Borough Council to investigate opportunities to add facilities to our building through partnerships and development. We are focusing on raising funds for our major theatre roof replacement project in the next period.

Investment powers

The Trustees have the power to invest the monies of the Company not immediately required for the furtherance of its objects in or upon such investments, securities or property as may be thought fit, subject nevertheless to such conditions (if any) and as such consents (if any) as may for the time being imposed or required by law. Funds surplus to immediate requirements are currently held in interest-bearing bank accounts.

PUMP HOUSE THEATRE AND ARTS TRUST LIMITED

TRUSTEES REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023

Financial review

The trust is primarily self-funding with income coming from five main areas. The contributions made to the centre from the resident user groups, the rent and hire fees charged for other users, various donations, the surplus from the bars and grants from various statutory bodies.

This year we have reviewed and restructured rents and contributions to ensure the Trust can balance the accounts. This has been a sensitive process as each of the groups has their own challenges and pressures. However, this process has been successful through the good working relationship between the Trust and the groups, and we would like to thank them for their continued support.

The trust continues to be in a stable position financially. However, there is much that needs to be done to provide additional facilities within the centre and maintain and improve those that already exist. Progress on these desirable activities is cash limited.

Reserves Policy

At the end of the financial year restricted funds were £25,359 and unrestricted funds £210,795.

The Trustees will continue their endeavors to build up funds. Our policy is to maintain working cash reserves to enable day to day operations and meet short term cash flow fluctuations while accumulating funds to carry out the larger developments to the centre. Following the AGM in December 2022 we have agreed to keep our minimum cash reserve at £30,000 to cover any unexpected issues without interrupting the operation of the centre.

Charity reserves at 31 August 2023 were as follows:

£ Restricted to donor nominated purposes £25,359 Tied up in tangible fixed assets £21,711 Available to meet operational requirements £189,084 Unrestricted funds £210,795

Structure, governance and management

Governing Document

The charity is governed by its Memorandum and Articles of Association dated 16 January 1973, as amended by special resolution dated 20 January 2020.

Anyone aged 18 years or over may become a member of the Company, through election by existing members at a general meeting of the company. Provision is included in the Articles of Association for Watford Borough Council to appoint two of its members as Company members. The Council has not exercised this right for several years.

Trustees

The trustees who are also directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were:

L D Farman J Sadie A M D Murphy J I N Brameld R J Pidgeon S A Griffin A Williams D Bhudia P J McCusker (Appointed on 07 Nov 2022) A J Cox (Appointed on 07 Nov 2022)

06/11/2023

PUMP HOUSE THEATRE AND ARTS TRUST LIMITED

STATEMENT OF TRUSTEES RESPONSIBILITIES FOR THE YEAR ENDED 31 AUGUST 2023

Statement of Trustees Responsibilities

Company law requires the trustees to prepare financial statements for each financial year, which give a true and fair view of the state of affairs of the charitable company and of the net incoming/(outgoing) resources for the year. In preparing the financial statements the Management Committee are required to

The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and to enable it 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 steps for the prevention and detection of fraud and other irregularities.

This report and the financial statements have been prepared in accordance with

Independent examination

The Pump House Theatre & Arts Limited is required to have an Independent Examination in accordance with the provisions in the Charities Act 2011 and Companies Act 2006. Accordingly, Sterling Accounting Solutions Ltd were appointed as Independent Examiner at the PHTATL Board Meeting on 05 December 2022.

PUMP HOUSE THEATRE AND ARTS TRUST LIMITED

INDEPENDENT EXAMINER'S REPORT

TO THE TRUSTEES OF PUMP HOUSE THEATRE AND ARTS TRUST LIMITED

I report to the trustees on the financial statements of Pump House Theatre and Arts Trust Limited (charity no: 265667; company no. 1095244) for the year ended 31 August 2023, which are set out on pages 8 to 16.

Responsibilities and basis of report

As the trustees of the charitable company you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 (the 2011 Act) and that an independent examination is needed.

I report in respect of my examination of the charitable company’s financial statements carried out under section 145 of the 2011 Act. In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.

Basis of independent examiner's report

My examination was carried out in accordance with the general Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the financial statements presented with those records. It also includes consideration of any unusual items or disclosures in the financial statements, and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit and consequently no opinion is given as to whether the financial statements present a 'true and fair view' and the report is limited to those matters set out in the next statement.

Independent examiner's statement

Your attention is drawn to the fact that the charity has prepared financial statements in accordance with Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has now been withdrawn.

I understand that this has been done in order for financial statements to provide a true and fair view in accordance with Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.

I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached.

Sterling Accounting Solutions Ltd SAS House Friarswood Chipperfield Road Kings Langley Hertfordshire WD4 9JB

10/11/2023 Dated: .........................

PUMP HOUSE THEATRE AND ARTS TRUST LIMITED

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 AUGUST 2023

Unrestricted
Restricted
funds
funds
2023
2023
Notes
£
£
Income from:
Donations and legacies
2
55,937
17,450
Charitable activities
3
178,141
-
Investments
4
1,337
-
Total income
235,415
17,450
Expenditure on:
Charitable activities
5
164,662
11,450
Bar Expenditure
7
27,056
-
Total expenditure
191,718
11,450
Net income for the year/
Net movement in funds
43,697
6,000
Fund balances at 1 September
2022
167,098
19,359
Fund balances at 31 August
2023
210,795
25,359		 Total Unrestricted
Restricted
funds
funds
2023
2022
2022
£
£
£
73,387
39,092
3,000
178,141
152,011
-
1,337
32
-
252,865
191,135
3,000
164,662
116,491
-
27,056
21,782
-
191,718
138,273
-
49,697
52,862
3,000
186,457
114,236
16,359
236,154
167,098
19,359		 Total
2022
£
42,092
152,011
32
194,135
116,491
21,782
138,273
55,862
130,595
186,457

The statement of financial activities includes all gains and losses recognised in the year.

All income and expenditure derive from continuing activities.

2423 2022
Notes s t t €
Fixed assets
Property,plant and equipment I 21,711 9,855
Current assets
lnventories 10 4,270 3,070
Tradeand other receivables 11 6,963 18,340
Cash atbankandin hand 219,803 174,520
231,036 195,930
Currentliabilities 12 (16,593) (1e,s28)
Net currentassets 214,443 176,602
Totalassets less currentIiabilities 236,154 186,457
:
lncomefunds
Restrictedfunds 25,359 19,359
Unrestricted funds 210,795 167,098
236,154 186,457
:

PUMP HOUSE THEATRE AND ARTS TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023

1 Accounting policies

Charity information

Pump House Theatre And Arts Trust Limited is a private company limited by guarantee incorporated in England and Wales. the registered office is 5-6 Local Board Road, Watford, Hertfordshire, WD 17 2JP.

1.1 Accounting convention

The financial statements have been prepared in accordance with the charity's governing document, the Charities Act 2011, FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the Charities SORP "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 2019). The charity is a Public Benefit Entity as defined by FRS 102.

The financial statements have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a true and fair view. This departure has involved following the Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations but which has since been withdrawn.

The charitable company has taken advantage of the provisions in the SORP for charities applying FRS102 not to prepare a statement of cash flows.

The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.

1.2 Going concern

At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3 Charitable funds

Unrestricted funds are those funds that are available to the trustees for the furtherance of the charitable objectives.

Restricted funds represent grants, donations and legacies received and are subject to specific conditions by donors as to how they may be used.

1.4 Income

Income is recognised when the charitable company is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

1.5 Expenditure

Expenditure is recognised when a liability is incurred, it is probable that the liability will crystallise and can be measured reliably.

PUMP HOUSE THEATRE AND ARTS TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023

1 Accounting policies

(Continued)

1.6 Property, plant and equipment

Property, plant and equipment are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Leasehold improvements Reducing Balance 20% per annum Fixtures and fittings Reducing Balance at 25% per annum Stage Equipment Reducing Balance 25% per annum Stage Lighting Reducing Balance 12.5% per annum

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in net income/(expenditure) for the year.

Capitalisation

Expenditure in excess of £500 which enhances or adds to the value of fixed assets is capitalised and depreciated. Expenditure on maintaining or returning assets to original condition is written off as incurred.

1.7 Inventories

Stocks are initially recognised at transaction value and subsequently valued at the lower of cost and net realisable value. Stock movements are accounted for on a first in, first out basis.

1.8 Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

2 Donations and legacies

Unrestricted
Restricted
funds
funds
2023
2023
£
£
Donations and gifts
10,781
-
Grant Income
45,156
17,450
55,937
17,450
Grants receivable
Watford Borough Council
45,156
17,450
Arts Council
-
-
45,156
17,450		 Total
Unrestricted
Restricted
funds
funds
2023
2022
2022
£
£
£
10,781
1,892
-
62,606
37,200
3,000
73,387
39,092
3,000
51,156
28,440
3,000
-
8,760
-
62,606
37,200
3,000		 Total
2022
£
1,892
40,200
42,092
31,440
8,760
40,200

PUMP HOUSE THEATRE AND ARTS TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023

3 Charitable activities

Theatre & Arts Bar Income Other Income Bar Income Other Income Total Theatre & Arts Bar Income Other Income Bar Income Other Income Total
Centre 2023 Centre 2022
2023 2023 2023 2022 2022 2022
£ £ £ £ £ £ £ £
Sales within charitable activities 119,245 53,836 5,060 178,141 91,161 40,855 19,995 152,011

PUMP HOUSE THEATRE AND ARTS TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 AUGUST 2023

4 Investments

**Unrestricted ** Unrestricted
funds funds
2023 2022
£ £
Interest receivable 1,337 32

5 Charitable activities

Charitable
Charitable
Expenditure Expenditure
2023 2022
£ £
Staff costs 35,634 31,882
Depreciation and impairment 5,099 2,106
Rent 10,370 8,255
Rates 247 526
Water 527 546
Insurance 7,966 6,990
Cleaning 1,729 5,853
Light & Heat 18,198 13,933
Professional Fees 209 (1,716)
Telephone 632 814
Licences 3,243 1,261
Security 388 309
Repairs & Maintenance 33,117 11,600
Printing & Stationery 1,027 2,300
Sundry 3,114 3,484
Independent Examiner's Fee: For Examination 1,750 1,500
Accountancy Fees 1,231 1,290
Business Development & Marketing 38,934 14,314
Performer & Venue Payments 12,697 11,244
164,662 116,491
Analysis by fund
Unrestricted funds 164,661 116,491
Restricted funds 11,450 -
176,111 116,491

PUMP HOUSE THEATRE AND ARTS TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023

6 Employees

The average monthly number of employees during the year was:

2023 2022
Number Number
Caretaker 1 1
Cleaner 1 1
Office Administration 2 2
Total 4 4
Employment costs 2023 2022
£ £
Wages and salaries 35,634 31,882

There were no employees whose annual remuneration was more than £60,000.

7 Bar Expenditure

Unrestricted Unrestricted
funds funds
2023 2022
Opening Stock 3,070 3,073
Purchases 21,442 15,225
Closing Stock (4,270) (3,070)
Consumables 6,814 6,554
27,056 21,782

8 Taxation

The charity is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or section 252 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects.

PUMP HOUSE THEATRE AND ARTS TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 AUGUST 2023

9
Property, plant and equipment
Leasehold
improvements
Fixtures and
fittings
Stage
Equipment
Stage Lighting
£
£
£
£
Cost
At 1 September 2022
81,903
46,412
13,418
53,843
Additions
16,953
-
-
-
At 31 August 2023
98,856
46,412
13,418
53,843
Depreciation and impairment
At 1 September 2022
77,852
45,051
13,403
49,413
Depreciation charged in the year
4,201
340
4
554
At 31 August 2023
82,053
45,391
13,407
49,967
Carrying amount
At 31 August 2023
16,803
1,021
11
3,876
At 31 August 2022
4,051
1,360
14
4,430
10
Inventories
2023
£
Finished goods and goods for resale
4,270
11
Trade and other receivables
2023
Amounts falling due within one year:
£
Other receivables
2,044
Prepayments and accrued income
4,234
6,963
12
Current liabilities
2023
£
Trade payables
6,448
Other payables
5,000
Accruals and deferred income
5,145
16,593		 Total
£
195,576
16,953
212,529
185,719
5,099
190,818
21,711
9,855
2022
£
3,070
2022
£
1,089
17,254
18,340
2022
£
7,890
5,506
5,932
19,328

PUMP HOUSE THEATRE AND ARTS TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 AUGUST 2023

13
Analysis of net assets between funds
Unrestricted
funds
Restricted
funds
2023
2023
£
£
Fund balances at 31
August 2023 are
represented by:
Property, plant and
equipment
21,711
-
Current assets/(liabilities)
189,084
25,359
210,795
25,359		 Total
Unrestricted
funds
Restricted
funds
2023
2022
2022
£
£
£
21,711
9,855
-
214,443
157,243
19,359
236,154
167,098
19,359		 Total
2022
£
9,855
176,602
186,457

14 Related party transactions

There were no disclosable related party transactions during the year (2022 - none).

15 Operating lease commitments

As at the reporting date the charitable company had an outstanding commitment for lease payments under the current lease which contains a break clause in favour of the lessee, the lessee may give 6 months to quit and leave at the end of the notice period. Currently the landlord is invoicing a rent of £8,589 p.a. for the period to 2024.

16 Trustee Remuneration and expenses

The trustees comprise the key management of the Trust. None of the trustees received any remuneration payments for activities carried out on behalf of the Trust (2022: none).