WALTON.ON.THAMES COMMUNrrY ARTS TRUST Report and Financial Statements Year ended 31 December 2023 Charity Number 292178 Contents Legal and administrative information Page 2 Report of the Trustees Page 3 Statement of Financial Activities Page 5 Balance Sheet Page 6 Notes fonning part of the financial statements Page 7 Legal and Administrative Inforniation Trustees as at 31 December 2023 Mr D Grimshaw, Chairnian Mr M Jenkins, Councillor C Sadler, Mr Ian Thomas Treasurer Councillor C Sadler Princi al Office Address for Corres ndence Riverhouse Barn, Manor Road, Walton-on-Thames, Surrey KT12 2NZ 29 River Mount Walton-on-Thames Surrey K'l"12 2PR Inde ndent Examiner Mr John Lisle, FCG, 63 Stoke Road, Walton-on-Thames, Surrey KT12 3DD Bankers Lloyds TSB Bank, 83 High Street, Walton-on-Thames, Surrey KT12 IDU Report of the Trustees for the Year ended 31 December 2023 The Trlistees preseD_t their report &long with the financial statements of the ch?rity for the year ended 31 December 2023. The financial statements have been set out in accordance with the accounting policies set out on Page 7 and comply with the cl]arity's trust deed and applicable law. Constithtion and Objects The Walton-on-Thames Community Arts Trust (WOTCAT) is constituted under a Trust Deed dated 26th June 1985 artd is a registered charity. number 292178. The object of the trust is to advance the education of the public, particularly amongst the inhabitants of Walton on Thames and the sunY)unding localitie.s in arts and crafts of all descriptioTh4. In fijrtherance of this object, the trustees are speciflcally empowered to establish and maintain premises as an arts and community centre, providing for theatre, cinema, stiidius, exhibition halls, assembly ri)orns and workshups, to grnge the production, perfornLance and exhibition of all kinds of litcrary, dramatic and musical works, dancing and ballet. and of art, fme art and craftsmanship. The trustees are also empowered to arrange lectures and instruction in the arts and crafts of all descriptions and to give advice and infornution concerning the same. Org4nisation The Trustees during 2023 w¢re David Grimshaw, chaInna￿ Martin Jenkins, CILristopher 8adler and Tan Thoiii&s. Activities and Financial Review 2023 saw the impact of the C,OVID Pandemic significantly rediiced and programming at Riverhouse continued to develop with audiences growing to match. We also developed plans to refurbish the Cafè Bar a￿a following the decision by Elmbridge Borough Council to fund the majority of the work with a grant of £88,000 under their C.IL ( Community Infrastructure Levy) programme. A fair amount of time and effort was spent on looking at how we n]ight recruit some younger people to become Trust¢es of WOTCAT or DireLtors of Riverhous¢ Barn Limited but so far without success. Fortw]ately, we continue to have strong support frotn Elmbridge Borough Council and the R C Sherriff Trust who value the venue and its spread ofactiviti¢s which have Idened to include a day long event on "Green" issues and a "Ukraine" day. We look forward to developing these themes in 2024 and 2025. Trnstees, responsibllities ill Telation to the finaneial statements The Trust¢¢s are well aware of their need to oversee the fllRncial obligations of Riverhouse and mc¢t rcgLdarly to ensur¢ that th¢y will be able to continue to meet all their financial obligations on time. Law applicable to charities in England and Wales reqUI￿S the Tnistees to prepare financial statements for each fllYaDcial year which give a true and fair view of the charity's fuLqncial activities during the year and of its financial position at the end of the year. In preparing those financial statements, the Trustees are reqiiired to = select suitable accounting policies and then apply them consistently; niake.judgements and estimates that are reasonable &id prudent. stste whether applicable accounting standards and statements of recommended practice havc bcen followed subj¢cl to any departures disclosed and explained in the financial statements; and prepare the financial accounts on the going Concern basis unless it is inappropriate to presume that the Ch￿lty will continue in business. The Trtistees are responsible for keeping accoiinting records which disclose with reasonable accuracy at t￿Y time the financial position of the charity and enable them to ensure that the financial statemcnts comply with the Cl]arities Act 1993. They are also responsible for safeguarding the assets of the charity and hence for taking reasonabl¢ steps for the prevention ot" tEaud and other irregularities. Approved by the Trustees and signed on their behalf by D Grimshaw, chairll￿ of Trustees, 30th September 2024 IA* ..TON'-ON-THAMES vOW,J141TY ARTS TRUST STATEMENT OF FINANCIAL ACTIVITIES YEAR ENDED 31112 12023 Unrèstrictèd Restricted Total Funds Total Funds Funds Funds 2023 2022 Incomin Resources Notes o.ly) 97000 00 97000 00 26969 50 Bank and Other Interest 12.19 0.00 12.19 1.23 TOTALS 12.19 97000.00 97012.19 26970.73 esources Ex ended Cost of GeneTrting Funds NIL 0.00 0.00 0.00 0.00 Ch8ritable Expenditure Depreciation of Leasehold Improvements 8083.81 0.00 8083.81 8083.81 Contribution to Riverhouse Bam Ltd re revenue expenditure 0.00 105432.00 105432.00 36300.00 1Th￿rease in l Reduction in (-) Funds earmarked for payment to Riverhouse Bam Ltd re revenue exp. 0.00 -8419.81 -8407.62 -9329.27 ContributÈon to Events 0.00 0.00 0.00 TOTALS 8083.81 105108.19 35054.54 NEf MOVEMENT IN FUNDS 4071.62 8082.58 -8083 81 TOTAL FUNDS AT 1 JAN 207015.19 0.00 207015.19 231264.05 TOTAL FUNDS AT 31 DEC 198943.57 0.00 198943.57 223180.24 WALTON-ON-THAMES COMMUNif< ARTS TRUST BALANCE SHEEf AS AT 31112 12023 Unrestricted Restr5¢ted Totsl Funds Totsl Funds Funds Funds 2023 2022 Notes FIXED ASs￿s 177.843.90 0.00 177.843.90 185,927.71 r4uRRENT ASSETS Cash at Bank 21,099.67 59,462.46 80,562.13 88,981.94 Credttors . Amounts falling due within one year 0.00 59,462.46 59,462.46 67,894.46 NET CURREKf ASSErs I (LIABILITIES) 21,099.67 21,099.67 21,087.48 Total Assets less Current Liabiliites 198,943.57 198,943.57 207,015.19 Creditors , Amounts falling due after one year 0.00 0.00 0.00 TOTAL ASs￿s 198,943.57 198,943.57 207,015.19 FUNDS lg 198,943.57 198,943.57 207,015.19 Notes forniiD art of the fillallcial st%tEment5 for the eAr ended 31 December 2023 l. Principal Accounting PolicRes (a) AceDuntin% convention The financial statements have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard For Smaller Entities (effective March 2000) and follow the reconunendations in Accounting and Reporting by Charities . Statement of Recommended Practice issued in October 2000. (b) Dq)llutions and Gif¢s Voluntary income is received by way of donations and gifts and is included in full in the Statement of Financial Activities (SOFA) when received. The value of services pruvided by vokimieerq has iiot been included. (c) Grants Rceeivable Grants, including grants for the purchase of fixed assets, are recognised in full in the SOFA in the year ID which they are received. (d) Expenditure All expenditure is included on an accruals basis and is recognised when there is a legal or constructive obligation to pay for the expenditure. All costs have been di￿tlY attrihuted to or,e nf the ￿nCtiOnal categnries ot. resoiirce8 expended in the 8()FA. Tl)e Trust is not r¢gisteTed for VAT and accordingly expenditure is shown gross of irrccoverable VAT. (e) Txn%ible Fixed Assets The Trust's main fixed asset is its leasehold interest in the land and buildings known as Riverhouse Barn in Manor Road, Walton-on-Thatlles. This is an 18 century tithe b whose freehold is owned by Elmbridge Borough Council. In 1985 the C.oiincil agreed to lease the land and buildings to the Trust at a peppercorn rent on condition that the Trust renovated the derelict building and converted it to con]munity arts use. This work was carried out largely by voluntary labour linder professional supervision and the Riverhouse Barn opened for artistxc perforn]ances in Sept¢mber 1989. Building- related expenditure (i.e. excluding voluntary labour) for the renovation and conversion ovei- the four years came tv approXin￿telY £134,000. In lQQ$16 a new c.raft Studio building was added on at the rcar of Riverhouse Barn, at a cost of jusl over £125,000, excluding equipment. In 1998, a lease was executed by Elmbridgc Borough Council over the Riverhouse Barn land and biuldings in favour of the Tn14t fnr a period of 50 years from I" February 1996. In 2000, the T￿￿t rebuilt the Cafe - Bar area and the new Robert Phillips Gallery above. Until 1998 Étll expenditure on the buildings was treated as an expenge and written off as alld when incurred. The true original cost of the assets and improvements thereto are therefore not readily calculable wkth any degree of accuracy. The users of the awounts are principally the Trustees and the vaEiOUS donors to th_e Trust and bodies t.hat make grants to it. The Trustees consider that the cost of ca￿Illg out a professional valuation to include these assets at a value in the accounts would be substantial compared to the limited additional benefit that might be gained by users of the accounts. The value ascribed to the Improvements to Leasehold Land and Buildings therefore represents the cost of ouilding the Cafe - Bar and Robert Phillips Gallery. The Tn￿teeS have agreed that all impTovements to the land and building since I January 1998 should be capitslised and depreciated over the re￿￿1￿1￿ period of the lease. Other tangible fixed as4ets with a cost of more than £1,000 will be capitalised and depreciated over 4 years. As at 3111212023, the only such assets acquired by the Trust have been the new lighting system (cost £13225.9D and th¢ new boil¢r (cost £9369.45) which were acquired during 2007 and they have been fully depreciated to a nil value in accordance with this policy. 5t The land an(1 buildings at Riverhouse Barn are occupied and operated without charge by Riverhouse Barn Ltd, a limited company beneficially owned by the Trust. The Tr￿SteeS approve nominations for officers of the company but do not participate in its day to day management. The buildings have a replacement cost estiD]ated for insurance purposes at over £900,000. (t) Fund Aeeolllltin% The Unrestricted Funds represent the funds which the Trustees are free to use in accordance with the Charitable Objerts of the Trust. Restricted Funds represent those amounts which have been given earn]arked for a certain purpose. In 2014 Elmbridge Borough Council and R C Sherriff Rosebriars Trust decided that they would pay the grants. previously given dir¢cdy to Riverhouse Barn Ltd to WOTCAT for payment to Rii'erhouse Barn Ltd as and when deenied ¢ippropriÉlte by the Trustees. These grants appear as a restricted fimd until they are paid over to Riverhouse Barn Limited. In 2017, the Elmbtidge Music Club. which had previously used Riverhouse as Ihe venue for classical music perforniances that it arranged decided that it sliould be wound up and its remaining funds halld￿ to the Trust to support futu￿ classical music perfornLqnces at ltiverhouse as approved by the Trustees. 2. Cyrants 2022 Elmbridge Borough Council R C Shcrriff Rosebriars Trust TOTAL 85,000.00 12 000.00 97 000.00 26 969.50 14969.50 3. Bank and Other Interest Unrestricted Funds 2023 2022 Bank Interest 12.19 1.23 TOTAL 12.19 1.23 4. Tangible Fixed A.$$ets Improvemcllts to Lvasehold Land and Buildings Cost -4t l January ?023 Additions during 2023 At 31 December 2023 369.649.58 NIL 369,649.58 Depreciation At l January 2023 Charge for the year At 31 Decenber 2023 183,721.87 8 083.81 191,80.5.68 Net Book Value At 31 December 2022 18£.927.87 At 31 December 2023 177 843.90 PIRllt and Equipment - Fully depreciated aq At l.1.2011. S. Creditors ( falling dlle within one year) 20L1 2022 Grants payable to Riverhouse Barn Ltd 56,956.82 65588.52 JITAde ndent F.xamiDer'% Re ort t¢p the Trustee4 of Wa1thTr4>R-Tbamo8 Communi . ArLg Tr= I Teport on the acwunts of Wah(m-on-Thames Community Arts Trnst for the year ended 31112 12023 NN,h7ch are attached io thiq repnrt and set nut on Pages I to 9. Respecttve Responsibilities of Trustees and Examiner The C,harity'8 TTU%tee8 are Te8p(Insible fDr the preparntinn nf the accnuntq. The eharily's TTU8tees consider that an audit is not required for this year under section 144 (2) of the Clwities Act 2011 ( th¢ 2011 Act) and that an independent examination is needed. Tt iq m). re8p(JnqibilitJ' tn: - e￿lMine the a￿OUnts under section 145 of the 2011 Act - to follow the procedures laid down in the general Directions given by the commission under section 145(5)(b) of the 2011 Act - to state whether particular matters have come to my attention. Basis of Tndependent F.xamsner)s Report My examination was carried out in accordance with the general Directions given by the Charity C,o-, ,w,i8871)n. An exllrnination iricludes a review nf thc accounting recnrds kept by the Charity and a comparison of the a￿O￿nts presented with those records. It also includes rA)nsiderntion of any unusual items or dtsclosures in the accounts, and seeking explanations from you as Trustees concerning any such matters. Thc proceaures undertaken do not provide all the evidence that would be required in an audit and consequently no opinion is as to whether the accounts present a 'true and fair view, and the report is limited tv those matters set out in thc ncxt siatemenL Independent Fxaminer % K%tatement In connection with my examinati￿ no mattw has Come to my attention . ( l ) which give4 mc ￿&￿Onablc eau4¢ to believe that in any material regPCCt the reqiiirements :. to keep accounting Terords in accordance with Section 130 of the 2011 Act. and to p￿pare accounts which accord with the accounting records and comply with the accounting requiremenÈ8 nf thc 2011 Act, have not been m¢t or (2) to whicb, in my Opinio￿ attention should be drawn in order to enable a proper understanding of the a¢wunts to be reacbeiL John Lisl¢, Fellow of the Chartered Governance Institute 63 Stoke Roa Valton-on-ThaTn=. , SURREY. KT12 3DD 30th September 2024 10