Charlty num1. 301S95 THE PAINSWICK CENTRE (A CHARITY REGISTERED IN ENGLAND & WALES) TRUSTEES. REPORT AND FINANCIAL STATEPAENTS FOR THE YEAR ENDED 31 DECEMBER 2022
THE PAINSWICK CENTRE IA CHARrrY REGISTERED IN ENGLAND & WALES. NUMBER 301695) CONTENTS Page R9f¢r•n and administrnllv• dots11s of the charity, its tr¥t8¢S and advls•rs Trustee8' report Independent examIne$ rgport Statement of fin¥n¢ial actlvltle• Balance sh•el Notos to the financial ststements 10-12
THE PAINSWICK CENTRE (A CHARJTY REGISTERED IN ENGLAND & WALES. NUMBER 301595) REFERENCE AND ADMINISTRAMVE DEfAILS OF THE CHARITY. rrs TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 DECEMBER 2022 Trustges DavKI Albtt (Appointed 30 May 2023) Vtvien Ba {Chair) Irestgned 22 Septemter 21722) stephen Brignall {appointed 11 June 2023} Ktm Brc¢kett (apF(Jirrted 30 May 20231 Ceri Chaplin { appointed 27 June 2023} Claire Clement (appointed 17th October 2022, resigned 20 April 2023) Atyson Davis (resigned 22 September 21)22) Adrian Gyde (appointed 30 May 2023) Judith Hill (resigned 30 May 2023) Mahbcx)b Hussain (apinted 11 June 2023} Dawn Jolley (appointed 27 June 2023} Simon Jones lapp)inted 27 June 2023. resigned 24 August 2023) David Lc¥Jse (apwnted 27 June 20231 John Petrie {appointed 27 June 2023) John Podmore {resigned 30 May 20231 Matyn Smith {resKJTbed 31%t t)ecember 2022) Dawn Tyson {resigned 22 September 2022) Roy Wallis(resLqned 30 May 2023} Antonia Wright {apFtJinted 27 June 2023) John Willkimson Iresbgned 22TrJ September 2022). {Chair) {appointed 30 May 20231 Charity r•gl8t•r•d number 301595 Rogisterod office Palnsvk, Gloucestershire GL6 6QQ Indewmlent examinor Price Davis Limited The Old Baptist ChaFel New SL Palnsvk. GIoUterShIre GL6 6XH Pe1
THE PAINSWICK CEKfRE IA CHARtrY REGISTERED IN ENGLAND & WALES. NUMBER 301595) TRUSTEES. REPORT (continued) FOR THE YEAR ENDED 31 DECEMBER 2022 The Tmstees present their annual report tojether witrt the unaudtEed financial statements of the Charity for the year 181 January to 31 December 2022. The Trustees fmifim thatthe Annual Report and financial ststements of the Chanty comply with the current statutory requirements. the requirements of the Charity's goveming document and the provtsions of the Statement of Recommended PraG1e (SORPI, applirAble to charities preparing their accounts in accordan wrth the Financial Rewrb"ng Stsndard applicablè in the UK and Republic of Ireland IFRS 1021 {effethe 1 January 2015} as amended by Uplate Bulletin 1 (effective 1 January 20151. ABOUT THE CHARtrY The charity owns and operates a vile hall in PainswKK GloucesteTrhl. OBJECTIVES AND ACTIVITIES Purposes of the charlty The object of the chanty is the provi8ion and maintsnance of a village hall for use by the inhabitants of the ecclesiasb'cal parish of Painswid( and the sumunding neighbourhcÉd thOut distinction of political, religious or other opinions, including use for la) meetings. CtsJreS and classes. and {bl otherforns of recreation and leisure- time CUpatiOn. wrth the object of improving the ndion$ of lrfe for the inhabitsnts. Main adivities undertaken to rther the charws purposes for public bonefft The Trustees Gonfim that they have LX)mplied wrth theirduty to have due regard to theguidance on public benefft published by the Chartty Commi8swJn in exercising their FK)wers and duties. The Centre has a range of rooms for hire. It hosts a wde range ofevents. induding art exhibitions, conferences. meetings. private part. SFOrts. theatre events and concerts. art"sts' studios and weddings. It also puts on events, such as the Wick-Flix film screenings and p0kp f(K#J events. ACHIEVEMENTS AND PERFORMANCE After the last AGM in September 2022 fve Trustees were elected. Follcpwing the resignation of trugtees in March 2023 the rnana9ement of the ¢harty was reduced to three trustees which meant there was a significant lack of resource and skills. Shortly afteThvards the Centre manager reswjned b3ether with the events manager. wrthout any attempt to consutt wtih the befiaarles of the tnL8t i.e. the ¢ommunty of Painswick, a number of poor decisions were made which induded announcing the dosure of the Centre in June 2023, stopping essential rna1ntenan and terminating the lease agreement on the Centre's cottage. These decisions appear to have been made as a consequence of a shortage of commercial and operational skills supplemented by a poorty produced financial rnodel which contxined numerous errors and poor predictions and have had an ongoing effect on the Centre's finances. It was only after Ihe deciwins were announced that any attempt to Consult was made. Followillg a strong adverse reaction from the local o)mmunity the three trustees agreed to step down and hand over to a new group of indNiduals who appointed a new iKJard of 12 trustee5 with busine55, commercial, financial, estate management, legal and marketing competences. Tha new board has set OLrt to réctify th• issues. Many of the users who had Len fCe0 into firK1ing attemative facslib'es have or will shortly be returning to the Centre, essential maintenance has been under12ken and the cottage is being prepared to let. The announcement to close the Centre viill have an adverse efft on the income in 2023 but the actions taken to improve forward looking projections including the careful management of costs give confidence that the Centre has a reasonable expectstion that the Charity has ajequate resources to continue in operational
THE PAINSWICK CEPItRE IA CHARITY REGISTERED IN ENGLAND & WALES. NUMBER 301595) TRUSTEES. REPORT (continu) FOR THE YEAR ENDED 31 DECEIABER 2022 existence for the foreseeable future. The Centre could not suNi¥e without the tireless effcrts of many dedKated volunteers. The Twstees are delighted to take this opwrhjnity to thank eh and every one of them. particularly the new group of Friends who are some 30 strong and who have stepped foTh¥ard to help the rrent Trustees to Nnwgorate the Centre. We would welcome any new vdunteers, Irrespecti of how much or lrtde time they can give. FINANCIAL REVIEW The charity's principal sources offvnds are rCM hire. events and bar takings. 2022 saw a gradual retum to pre- Covid operation. In 2021 income had still down SnCantIY on 2019. as gradually recovered from eady summer onwards. Total income in 2022 was £98,36812021 - £71,612). Studio and room hire was £38,91712021- £15,918) and bar tskings £14.74612021- £6,190}. Thanks to another full year of cupaDn, cottage rentwas £9.000 (2021- £9.0001. Event income soared to £11.583 {2021- £3,612}, reflecting the higher umber of SUCssful events during the year. Other income was down to £16.256 12021 - £19,754). This reduction was largely due to a reduction in grants of £17,836 in 2021 to £10.340 offset by an ireaSe in income from pop-up fc4Jd and income from the Thursday markets. Bar costs were higher than 2021, reflecting the hwJher kvel of activty. Bar costs were £7,836 {2021- £2,838). Event cosls increased to £6,529 (2021- £3,795). refiecb.ng the hKJher number of events. Repairs & renewals were down to £18.59512021 - £26.1641 whth indudes a provision of £12,608 for w)Tk that should have been perfomied in 2022 but wa5 not completed until 2023. Staff costs increased to £30,195 {2021 - £11,453}, refleth.ng the need lo pay for more perrnanent and contract staff to manage the increased activity. Utility costs were significanty hher at £16.156 {2021- £7.097), due to the combined effect of mre activty in the Centre and higher prices. Other costs were £13,823 (2021 - £3.269}. which was mainly due to purchases of small assets {i.e. assets Costing less than £500}. Italso induded £2.941 of depreciation charge on capitalised assets 12021- £2841. The net result was net expenditure of £13,262 for the year (2021- net of £2,403). At 31st December 2022 the charity had unrestn.cted fvnds of over £1.3 million {2021 - £1.3m}. Most of this is presented by the value of the Painswick Centre l)uikling. The Charity had cash at bank and in hand of £64,90012020- £73,430). After rnaking appropriate enquirEs, the trustees have a reasonabk expectakn that the Charity has adequate resources lo continue in opeth.onal existence for the fOseeab futu, alrt at a lower level than previously. For this reason. they conb.nue to adopt the going corwn b$ in preparing the ftnanrjal ststsments. The trustees. policy on reserves is that the charity wll bjok to retsin enough cash to cover at least six months forecast charitable ath.ty and overhead ouffiows. This k8 of the order of £40.000. The trustees keep the prineipal risks of the chanty under revW. One of the principal risks facing the charity would be a significant reduthon in demand for ts rwms arKI events over the long-term. Another would be a shortfall in the availabilty of volunteer5 to support the chaws athities. The other principal risk would be the requirement for significant unanbupated expenditure on the fabric of the buihaing. These principal risks are unchariged from last year. Page 3
THE PAINSWICK CETr¥tRE (A CHARITY REGISTERED IN ENGLAND & WALES. NUMBER 301595> TRUSTEES. REPORT Icontinuod) FOR THE YEAR ENDEO 31 DECEMBER 2022 STRUCTURE. GOVERNANCE AND IAANAGEMEKr Governlng docum•nt The Centre is govemed by a scherne da 10th OctoEer 2002 as amended on 24th Apr 2018. This scheme replaced the original deed of 5th Decemt*r 1906. Constltutlon The thafity is a standard registered charity. Method of appolnlment or electton of trusl¢es The Centre is run by a Commrttee of MaTwement This shoukj have three elected members, one appointed member for each of the organisations that use the premises and not rn0 than tr40 ctsopted members. The member5 of the committee are the managing trustees of the charity. The term of Offi of all memters ends at the end of the annual general meeting following the date on which Ihey came into office. They may be re-elected or re-appointed. The elected meMts must be appointed at the annual general meeting. The appoinlment will be effective from the end of the annual general meeting at whth the apwintrnent ts made. Appoin members must be app)inted xc¢rding to the ffllinary of ttp apFM)inting bc#Jy. An appointment must not be made rrKYe than fv•t) months before the annual 9eneral meeting. The appointment will be effective from the latter of. {a} the end of the annual general meeting,. and Ib) the date on which the commiiiee or their retary or clerk are infOed of the apintrnent. The person apFKJinted need not be a member of the reant app)inling l)ody. Where an or9anisation declines to appoint a member to the committee or frails to notify the &cretsry of their appointment within the timescates prescribed in dause 22 of the s¢heme, the ¢ommrttee may app)int a member to fill the vacancy. The appointment must be made at a speaal meeting ofthe MMittee. The appointment wll be effective from the end of that meeting until the end of the following annual general meeting. Co-opted members (of which there may not be more than at any time) must be appointed at a special meeting of the commtttee. The appointment wll be effecbve from the end of that meets.ng until the end of the following annual general Treting. Policies adopted for the induction and trdining of tnffjtees The charity has developed a welcome and inducaion pr(Kess for new trustees, based on the Charity Commission's best Practi guidelines.
THE PAINSWICK CENTRE (A CHARrrY REGISTERED IN ENGLAND & WALES. NUMBER 301595) TRU8TEES' REPORT {conllnued) FOR THE YEAR ENDED 31 DECEIABER 2022 Thts reFQrt was approved by the Trustees on 13 September 2023 and shJn&J on their behalf by: John Willianw>n Chair Adrian Treasu Page 5
THE PAINSWICK CENTRE (A CHARrrY REGISTERED IN ENGLAND & WALES, NUIABER 301595) INDEPENDEKf EXAMINERS. REPORT TO THE TRUSTEES OF THE PAINSWICK CEtr¥fRE I reFrfJrt on Ihe aczounts of the Charity for the year ended 31 D&%mter 2022 which are set out on pages 8 to 12. Your attention ss drawn to the fact that the Charity has prepared Ihe Financial Statements in accordance with Accounting and Reporbng by Chanties preparing their accounts in accordance wrf(h the Financial Reporting standard applicable in the UK and Republic of Ireland IFRS 1021 in preferen to the Accounting and Reporting by Charib"es.' Statement of Reeommended Practice on 1 April 2005 lch is referred to in the extant regulations but has sifi been withdrawn.- We understand that this has been done in order for the accounts to provide a true and fair view in accordance with the Generally Accepted Accounting Prya¢tre effective for period$ ieginning on or after 1 January 2015. Respertive ve8ponsibll1t1 of tnmteos and examln•r The trustees are reskls1b for the weparation of the acwunts. The trustees consKler that an audit is not qUId for this year under section 144{2} of the Charthes Act 2011 (the 2011 Act} and that an independent examination is ne&led. l am qualified to undertake the examinabon by being a qualified member of the Associats'on of Chartered Cerbfied Accountants IACCAI. Having satisfEd myself that the charity is not subject to audit under company law and is elfjible ts independent examination. it is my responsibility to: examine the accounts urKler sectb)n 145 of the 2011 Art to fdlow the procedures laKI down in the general Directions given by the Charity Commission under seclion 145{51(b} of the 2011 Art and to state whether particukqr matters have come to my attention. Basis of indgpendont examin•rfs rtport My examination was canied out in ac#)ydanc* wth the general Directk)ns gNen by tho Charty Commission. An examination includes a review of the accounting records kept by the Charity and a comparison of the accounts presented with those records. It also includes consKleration of any unusual items or disclosures in the accounts, and seeking explanations from you as trustees conmIng any such matters. The procedLtres undertaken do not provide all the evidence that would be required in an audit and consequently no opinion is given as to whether the &counts present a ITue and faw view and the re[rt is limited to those matters set out in the statement below.- Continued....
THE PAINSWICK CENTrE IA CHARrrY REGISTERED IN ENGLAND & WALES, NUIABER 301595) INDEPENDE1 EXAMINERS. REPORT TO THE TRUSTEES OF THE PAINSWICK CENTRE ..continued. Indèpondent examlne¢s statem In connection with my examinalion. no matter has come to rny attention.. {11 wthich gives me a reasonable cause to befieve that in any material resped Ihe requirements: to keep accounts.ng records in aCCordare th secth)n 386 of the compan Act 2006., and lo prepare attounts which accord with the accounting records. comply wtth the accounting requirements of section 396 of the Companies Act 201X and with the methods and principles of the Statement of Recommended Practice: Ajnting and RekN)rting by Charii*s have not been me[ or 12) to which. in my opinion. attention shoukl be drawn In order to enable a proper understsnding of the accounts to be reached. Craig Fitchett Crydig Fitehett FCCA Price Davis Ltd Chartered Certified Accountants The Old Baptist Chapel New Street PaInswk Gloucestershire GL6 6XH Date". 13 September 2023
THE PAINSWICK CENTRE IA CHARtrY REGISTERED IN ENGLAND & WALES. NUMBER 301595) STATEMENT OF FINANCIAL ACTivmES FOR THE YEAR ENDED 31 DECEIABER 2022 2022 2021 INCOME Donations Charitable activities studio and rM hire Events Other 12.082 38.917 11.583 16.256 15.918 3.612 19.754 66,755 39.284 Other tr*Jing income 14.746 6,190 9,000 5,048 Cottage Carpark 5.391 29.137 20,238 Investrnent IKne 98,368 71,612 EXPENDITURE Raising ftjnds Bar costs Event costs Ma11ng 2,838 3.795 3,275 6.529 5.453 19.817 9,908 Charitable activities Repai & rnnewals Ublities Cleaning & wa&e InsunCe 18.595 16.1 26.164 7.097 3.848 2.976 928 3.174 493 Licensing 43,974 41.013 Other Administrative staff PrnfessnaI fees ITand communKation Bank chatyes 30.195 1,554 1,634 631 13.823 11.453 1,520 1.635 411 3,269 47.838 111.629 18,288 69.209 NET INCOMEI(EXPENDrtURE) {13.2621 2.403 The notes on pages 9 to 11 I7 part of these financial SlateM PaJe 8
THE PAINSWICK CENTrE {A CHARITY REGISTERED IN ENGLAND & WALES. NUPABER 3015951 BALANCE SHEEr AS AT 31 DECEMBER 2022 2022 20 FIXED ASSETS Pfoperty Improvements Fir&S & ffttings Totsl CURRENT ASSETS 1,189,209 67.1C 13.7 1,270,009 1,189.209 67.100 8,248 1.264.557 2.154 10,782 64,900 7T37 2,100 6,143 73,430 81,673 Debtors Cash at bank and in hand Totsl CURRENT LIABILrrES Creditors.. amounts falling due wrthin one year 24.540 9.662 NET CURRENT ASSErs NET ASSErs 53,297 1,323,306 72,011 1,336,568 FUNDS OF THE CHARrrY unreStrfC funds 1,323,306 1,336,568 The Charivs finalats statements have teen prepared in aco)rdance with the provisions appliGable to the Financial Reporting Standard applicable in the UK and Republ of IreLqnd IFRS 102). The financial statements were approved and authorised for ue by the Trustees and svJned on thgir bÈhaW, by John WillHmson Chalr Treasu Date: 13 Septsmber 2023 The notes on pages 10 to 12 fom) part of these finala1 slatements.
THE PAINSWICK CETr¥fRE IA CHARITY REGISTERED IN ENGLAND & WALES. NUMBER 301595) NOTES TO THE FINANCIAL STATEMEp¥rs FOR THE YEAR ENDED 31 DECEMBER 2022 ACCOUNTING POLICIES 1.1 BASIS OF PREPARATION OF FINANCIAL STATEPAEP¥ts The finanryal statements have been prepared in aCCrdance wth Accounting and Reporting by Charities.. Statement of Rec•Jmmended Practits applicable to charrties preparing their accoLtnts in accordance with the Financial Reporting Stsndard appltsbb in the UK and Republic of Ireland IFRS 1021 {effecti¥e 1 January 2015)- (Chartbes SORP {FRS 1021). and the Financial Reporting Standard applicable in the UK and Republtc of Ireland (FRS 102). The P8inswick Centre meets the defintlK>n of a wblic benefit entsty under FRS 102. Assets and liabilities are initially recogni%ed at histori[ cost or transaction value unless otherwise ststed in the relevant acc(HJnting policy. 1.2 COMPANY STATUS The Centre is govemed by a scheme dated 10th October 2002 as amended on 24th Apr 2018. This heme reptaced the original deed of 5th December 19C6. 1.3 GOING CONCERN The Irustees consider tt there are no materral unrtaIntieS about the Charitys abilty to continue as a going eoneem. 1A INCOME All income is recognised On the Charity has entillanentto the income. it ts Fxobable thatthe income will be e1Ved, and the amwnt of income receivabk measured reliabty. Donated semces or knlities are reeL3nised when Charity has control over the item. any condrtions asscaated with the donated item have been met, the teceipt of economic benefft from the use of the Charity of the item ts prObae and that econom benefft can be mèasured reliably. In accordance with the Charites SORP IFRS 102), the general volunteer time is tt recognised.. please refer to the TnJstees' report for more infonnation at*)ut their contn"butKJn. On receipL donated professional services and donated facilth.es are reGognised on the basis of the value of the gtft to the Charity whith is the amount the Charrty would have been willing to pay to obtain services or faciliti'es of equlvant nOMiC benefft on the open markrt a corresponding amount is then recognised in expendiiure in the perA)d of receipt Income tax recoverable in reLation to donations receNed under Gift Aid or deeds of covenant is reccgnised at the time of the donatvm. 1.5 EXPENDrruRE Expenditure is recognised On there rs a bjal or construcbve oblWion to transfer economic benefit to a third party, it is probable that a transfer of eLX)nomi¢ beneffts wll be required in setuement and the amourst of the obligation can be measur&J reliably. Costs of raising funds are those incurred in generaling income and do not indude the costs of disseminab.ng informab.on in support of the chafitsble activities. Chariiable activities are the direct costs of undertaking the charivs Objyes. OItEr costs are principally SUPF4Xt costs. Page 10
THE PAINSWICK CEtrmiE (A CHARITY REGISTERED111 ENGLAND & WALES. NUMBER 301595) NOTES TO THE FINANCIAL STATEPAEKrs FOR THE YEAR ENDED 31 DECEMBER 2022 1.6 TANGIBLE FIXED ASSEfs AND DEPRECIATK)N A review for impairrnent of a fixed at is rrIed out if events or changes in circumstances indicate that the carrying value of any fixed asset may not be recoverable. Shortralls beeen the carrying value of fixed assets and their recoverable amcwJnts are recognised as impairments. Impaimient k)sses are recognised in the Statement of financial xlivibes incorporating income and expendrture account Tangible fixed assets are Irried at cosL net of depreciation and any provision for impaiment. Ftxtures arKI fftb'ngs are depreaated over their antupated useful life. For the Current fixtures and fittings that is 20% straNJht4ine depreciatron. 1.8 DEBTORS Trade and other debtors are reeognised at Ihe settlement amount after any trade discount offered. Prepayments are valued at the amount prepaKI net of any trade dLs¢ounts due. 1.9 CASH AT BANK AND IN HAND Cash at bank and in hand indudes cash and short term hb3hly liquid investsnents wth a short maturity of three months or less from the dale of acquisitn or opening of the derM)sit or similar acunt. 1.10 LIABILITIES AND PROVISIONS Liabilities are rec&Jnised when there is an obligation al the Balan sheet date as a sU11 of a past event it is probable that a transfer of econom benefft Mll be required in settlement, and the amount of the settlement can be estimated relkably. Liabilities are recognised at the amount that the Charity anticipates rt will pay to setue the debt or the amount it has received as advanced payments for the goods or Servi it must pn)vhJe. ProvisKsns are measured at the best estimate of the amounts required to settle the Oblatron. l•Vherethe effect of the time value ofmoney is material, the provision is based on the present value of those amounts. discounted at the pr&tax discount rate that reflects the risks sFwJfic to the liabiltty. The UnndEng of the discount is rwnised within intere$t payable and similar charges. NEf INCOMEIIEXPENDrruRE) This is stated after charging: 2022 2021 Depreciation and impairment oftangible fixed assets 2.941 During the year. no Trustees re1ved any remuneratK)n (2021: nill. During the year. no Tnjstees received any benefts in kbnd12021.' nil). Page 11
THE PAINSWICK CENTRE IA CHARrrY REGISTERED IN ENGLAND & WALES. NUMBER 301595) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEIABER 2022 TANGIBLE FIXED ASSErs Flxturns & Toial COST OR VALUATION At 1 January 2022 Additions At 31 December 2022 1.189209 67.11)0 8,532 8.393 16,925 1,264,841 8,393 1,273,234 1,189,209 67,100 DEPRECIATION At 1 January 2022 Charge for Ihe year At 31 DerÈmber 2022 2,941 3.225 2.941 3.225 NET BOOK VALUE At 31 December 2022 At 31 D8cember 2021 1.189.209 1. 189.209 67,1CrfI 67. ILXI 13.7(KJ 8.248 1,270,009 1.264.557 CREDITORS: Amouiifs FALLING DUE WtfHIN ONE YEAR 2022 2021 Trade creditor5 Deposits taken Accruals and deferred ino)me 2.234 1,121 21,185 24.540 4.122 820 4,720 9,662 Page 12