Charity numbgr: 301S9S THE PAINSWICK CENTRE (A CHARITY REGISTERED IN ENGLAND & WALES) TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
THE PAINSMCK CENTRE (A CHARITY REGISTERED IN ENGLAND & WALES. NUMBER 301595) CONTENTS Page Relèrènce and adminhtrativo details of thg charlty, Its lJusteo5 and advlsws Trustees. rèport Indopgndent •xamIn• report St•twnent of financlal acllvltlos Batonco sh••t Notss to tha Ilnanclal 8tatsments 10-12
THE PAINSMCK CENTRE IA CHARITY REGISTERED IN ENGLAND & WALES, NUAIBER 30159S) REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY. ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 DECEMBER 2023 Devhl Atlott (Appointed 30 May 2023, sIgned Septefflbei 2023) Stephen Brignall lappointe(111 June 2023) Kim Brockett lappointed 30 May 20231 Ceri Chaplin { appointèd 27 June 2023) Claire Clement {resigned 20 April 2023) Adrian Gyde (appointed 30 May 20231 Judrth Hill Ifesigned 30 May 20231 Mahboob Hussain (appointed 11 June 2023) Dawn Jolley (appointed 27 June 20231 Simon Jones {appointed 27 June 2023, ned 24 August 20231 DavMI LLk)se (appoinled 27 June 20231 John Petrie lappointed 27 June 2023. igned 25 S•ptember 20231 John Podmore (resigned 30 May 20231 Roy Wallislresigned 30 May 20231 Antonia Wright lapwnled 27 June 20231 John Wlliamson (Tesigned 22Th1 September 2022). (Cha) lappoinled 30 May 2023) Charlty v•gl$t•r•d numb•r 301 $95 R•gl•tsr•d office Blsley Strert Painswck, Gl¢JJcestershire GL6 60Q Indgpend•nt gxamlner Price Davi$ Limrted 4 Manor Park Business Centre MacKenzie Way, SndOn Village, Chellenham GL51 9TX Page 1
THE PAIN8WICK CEKfRE IA CHARITY REGISTERED IN EIIGLAND & WALES. NUMBER 3015951 TRUSTEES. REPORT {continued FOR THE YEAR ENDED 31 DECEMBER 2023 The Trustees present their annual report together ¥th the unaudrted financral stslements of the Chanty for the year 1$1 January to 31 sl December 2023. The Trustees confimi that the Annual Report and financial stslements of the Charity comply with the Cuent Statutory reqU1Ments. the requirements of the Charity's goveming do¢ument and the provisions of the Stslement of Recommended Practice ISORPI, applicable to ¢harilies preparing their aGGounls in ac¢ordance with the Financial Repojting Standard applicable in the UK and Republic of Ireland IFRS 1021 leffective 1 January 2015) as amerhjed by Update Bulletin 1 leffective 1 January 20151. ABOUT THE CHARITY The charty owns and operates a village hall in PalnsWk, GesterShITe. OBJECTIVES AND ACTIVITIES Purposè5 of th• ¢harlty The object of thè charity is the provision and Maintenan of a villa9e hall br use by the inhabitants ol the eeelesi8Sti¢al parish of Pain5wck and the sufrcwJr19 neighbourhood without dlstin¢tion of Folitical, religious or other opinions, Including use for lal meetin95, lectures and Classes. and Ibl otherforn of recreation and leisur lime Dccupalion, with the ObCl of improving the cOnditic of lrfe for the inhabitants. Maln activitleB undertak•n to lurth•r th• charfty'8 purpo•tt ts publlc bgn•fft The Trustees ¢onfirm that they have coMpld with their duty lo have due regard lo the gumlance on public benefft published by the Charity CoMmissn in exerasing their poww5 and duties. The Centre has a range of rooms for hire. It hosts a Mde range of events. including art exhibrtions. conferences, meelingg. private parties. sports. theatre events and concerts. •rts"sls' studios and weddings. 11 also puts on events. such as the Wick-Flix film screenings and poFup food 8vents. Thè Centre additionally own$ a r¢$idenlial eottage, fomerly used as gtaff ac¢ommodation. vthich is lel on commercial lemis to a tenant AGHIEVEMENTS AND PERFORPAANCE As was reported at the last AGM in Seplernber 2023. in June 2023 the then board of three trustees had announceil the closure of most aspects of the Centre agreed to Step down and handover control 5 new trustees who in lum appointed a new board of 12 trustees Mth bu5ine35, wmmercial, financial. estate managemeni, legal and marketsng skills in order to address the sub$tankn"al issues caused by the Glosure announcement.. The new board has set out to recaify the Issues but there has been a signrfunt impact on the 2023 results wth revenue redu¢ing sharply. It has been gratfying to see many of the users who had been forced into finding alternative faciliknes have returned lo the Centre and several Indiv1Val5 have made donations lo assist in overcoming the short lem issues. Essentsl mainlenanee has been undertaken and the cottage has now been re-let with effed from January 2024. The staffing Strlure has been revamped and the whilst there is an ovefall loss within the period of £5,527 this is tll wrthin extnS of the new board. The actions taken to improve the way tr Centre is managed 7MII $tsrt to feed through to resums in 2024 and the board ¢an advise it is now operab.ng at a sutplus arKI with cash reserves at a level lo support operations for the foreseeable ILIre. Page 2
THE PAINSWICK CENTRE IA CHARITY REGISTERED IN ENGLAND & WALES. NUMBER 301S95) TRUSTEES. REPORT {continu9dl FOR THE YEAR ENDED 31 DECEMBER 2023 The Centre could not survwe ot the tireless efforts of many dedicated volunteers. rhe Trustees are delighted to lake this opportunty to thank each and every one of them, partlarty the new group of Friends who are some 30 strong and vtho have steFrf)ed forward to help the CUent Trustees to reinvigorate the Centre. We would welcome any new voluntews. jrrespective ol how much or little time they can give and would also welcome those who would consider serving as a INst8¢ FIIIANCIAL REVIEW The charity's principal sour¢e$ of fvnds a room hire. events and bar taking$ Total income In 2023 was £84,56812022 - £98,368). stud and room hi was £35.92512022 - £38,917) and bar takings £4,720 12022 £14,746). Cottage rent was £3.000 {2022 - £9.0001. Event income increasèd lo £15,700 12022 - £11,583), reflecting the enormous assistsnce gwen by the several wonderful groups who wanted to help the Centr¢ Ihrwgh difficum times. ParticuL3r mention and thanks must be given to the Goodwill organisers and Tweedy the elown who gave his lime free of charge by performing his amazing act lo the wonder of many of the town's children. Other income was down lo £8,07212022 - £16.5261 largely due lo reduction in grants 01 £10,340 in 2022 to £0 offset by an increase in income from popup food and income from the Thursday markets. Fortunately several individuals made substantial donats'ons during the period totalling £10,60412022- £2,386} %thich helF*d enom)w¥ty. Thanks you to all those Bar costs wefe lower than 2022. reflecting the Iwr level of atXi¥ty. Bar costs were £4.69412022 - È7,8361. Event costs redueed lo £4,30812022- £6.529), refiecting the use of unpaid volunteers and perfomiers. Despite the previous boards pessimism. repairs & renewals I•re down to £13.595 12022 £18,595} but rt musl be r8membèred that the board made a provision of £12,608 within 2022 fiyuw for Work that Should h8ve b$¢n performed In 2022 bul vrds not eknmpleted until 2023. Staff costs decreased lo £16.359 12022 - £30,195), reflecting the thange in approach adopted by the new board. ub.lrty ¢osi$ were higher at £18.017 12022 £16,156). due to higher global pri¢es these are expected to fall in 2024. Other costs were £6,65312022 - £13,823). It also included £3,444 of depreoalion charge on capitaltseil assets {2022- £2,941}. The nel resuttwag nel exper)diture of £5,S27 forthe year12022- nel expendthre 01£13.262}. AI 31W December 2023 the ¢harity had unlestrled funds ol over £1.3 million12022 - £1.3ml. Most of this is represented by the value of the Painswck Centre building. The charlty had osh at bank and in hand of £58,89412022- £64,9001. AfteT making appropriate enquiries. the trustees have a reasonable expectation Ihal the Charty has adequate resources to eontinue in operational exislenee for the foreseeable future, albert al a lower level than previously. For thi$ rean, continue to adopl the goir¥J concem basis in prwring the financial stat¢m¢nls. The trustees, policy on reserves is that the chanty wll look to Tetain enough cash to cover al least six months fore¢asl charftable activty and ovethead oulllows. This is of the ordw of £45,000. The trustees keep the pririapal risks of the chanty under feview. One of Ihe principal ri$k$ facing the charity would be a significant reduction in demand for rt5 rooms and events over Ihe long-lerni. Another would be a shortfall in the availabilty of vdunteers lo support the cha¥rty'5 aclivilJ"es. The olher pn"ncipal risk would be Ihe requiremenl for signthcant urwbbcipaled expendrtUFe the fabi]¢ ol the building. These principal risks are unchanged from last year. Page 3
THE PAINSWICK CENTRE (A CHARITY REGISTERED IN ENGLAND & WALES, NUMBER 30159S} TRUSTEES. REPORT (continugdl FOR THE YEAR ENDED 31 DECEMBER 2023 STRUCTURE, GOVERNANCE AND MAMAGEMENT Goveming document The Centre is govemed by a scheme dated 10th October 2002 as amended on 24th Apr 2018. This scheme rea¢ed the original deed of 5th Decerrkn 1906. Constitution The charity is a stsndard registered chartty. Mothod of •ppolntmnt or elèction of trustees The Centre 1$ run by a Commrttee of Management. This sf#)uld have three elected member8, one appointed member for each of the organisalions that use the premises and not more than ccpopted members. The members of the commrtia• are the managing tFUStees of the charity. The term of Offi of all members ends at the end of the annual gerla1 meeting lollovlng the date on which they came into office. They may be Telected or re-appointe¢J. The elected members must be appointed at the annual general ring. The appntment will be effectsve from the end of the annL1 general meeb'ng al ¥A)i¢h the appointment is made. Appointed members musl be appolnted aceording to the ordinary wactice of the appointing ly. An appointment must not be made more than months bthrè the annual general meeting. The appointment will be effeth've from the latter of.. lal the end of the annual 9ra1 meeting". and {bl the date on which the committee or their Secretary or clerk are Inform of the appolntment. The r$On appointed need ncrt be a member of Ihe levant apintIng body. Where an organisatron declines to gppoinl a member to the Committee or fails to notsfy thè Secretary of their appointment within the timescales pre$¢ribed in clause 22 of the scheme, the Gommittee may appoint a membef to fill the vacancy. The appolnlment must be made at a spedal nReb"ng ofthe committee. The appointrnent wll be effectlve from the end of that meeting untsl the end of Ihe following annual general meeting. Ceropted members lof Ithich the may not be more than at any timel must be appointed at a special meeting of the commrttee. The apwintment wll be effective from the end of that meeting unts"l the end of the following annual general meeting. Policies ailoptsd for the Inductlon and trdining of trust•es The charity has develop9d a plcome pack and induction proGess for rewtrustees. based on the Charity Commission's best pra¢tFce guidelines. Page 4
THE pAINScK CENTRE {A CHARITY REGISTERED IN ENGLAND & WALES. NUMBER 301595) TRUSTEES. REPORT {eontinu•dl FOR THE YEAR ENDED 31 DECEMBER 2023 This re was approved by the Trustees on 9 September 2024 and signed on their behalf by.. John Wllllamson Adrlan G Chalrnian Treasuror Page 5
THE PAINSWICK CENTRE IA CHARITY REGISTERED IN ENGLAND & WALES. NUMBER 301595) INDEPENDENT EXAMINERS. REPORT TO THE TRUSTEES OF THE PAINSTATICK CENTRE I report on the accounts of the Charity for the year ended 31 December 2023 which are set out on pages 8 to 12. Your attention 15 (Jfawn to the fact that the Chartty has prePad the Finanryal Statements in accordance with Accountsng and Reporting by Charities preparing their accounts in accordance th the Financia5 Reporting Standard applicable in the UK and Republic of Ireland {FRS 1021 in weference lo the Accounting an¢J Reporting by Charities". Statement of Recommended PractKe issued on 1 Apn'l 21)05 is referred lo in the extant regulations bul has since been vthdrawn.- We understand that this h35 been done in order for the aceA)ur)ts to provide a tr and fo in accordan¢8 with the Generally Accepted ACCOUnng PrdCtiGg effective for rewrting periods beginning on or after 1 January 2015. R•8POCtlv• r•8ponslbllltles of tru•t••s and oxamln•r The trustees are responsible for the preparation of tr¢e accounts. The trustees eonsidef that an audrt is not required for this year under sectn 144121 of the Chaiityes Act 2011 Ilhe 2011 Act) and that an independent examination is needed. l am qualified lo undertake the examinatson by being a qualified member of the Association of Chartered Certrfied Accountants IACCAI. Having sats"sfied myselfthat the cbarity is not subject lo audit under company law and is eligible for independent examination, rt is my reskKsn3ibility to.. examlne the accounts uler wtion 14S of the 2011 Ad,. to follow the procedures lahj dovm in the general OireGtyKry gNen by the Charity Commi$8ion undw sectlon 14515llbl of the 2011 Act,. and to stale vthether pafticular matters have come to my atten1. Ba818 of ind•p8nd•nt examlnrf8 rnport My examination was carried out in acccrfdance wth the general Directions given by tre Charity Commission. An examination indudes a review ol the armunting record$ kept by the Charty and a comparison of the accounts presented wlh those records. It also includes considerdtion of any unusual rtems or dis¢lo$ure$ in the accounts and seekin9 explanations from you as trustees con¢eming any such matters. The procedures undertaken do not provide all the evidence that ould be required in an audit and consequently no opinion is given as to whether the accounts pruent a llrue a)d fair vi8w' and the report is limited to thoge mottets sel out in the statement below.- Corrtinued....
THE PAINSWiCK CENTRE (A CHARITY REGISTERED IN ENGLAND & WALES. NUMBER 3015951 INDEPENDENT EXAMINERS. REPORT TO THE TRUSTEES OF THE PAINSWICK CENTRE ..contints&d. Independent exarninèrfs statement In connection with my èxamsn8tion. no matter has corre to my attenb"on.' 111 which gives me a reasonable cause to believe th8t in any malellal respect the requirements.. to keep accounting records in accordance with section 386 of the Companies Act 2006" an(J lo prepare accounts which accord with the accounting records. comply wrth the accounting requirements ol section 396 of tho Companies Act 20 and with the methods and pnnciples of the Ststement of Recommended Practice. Accounting and Reporting by Chaflties have not been met,. or 121 to which, in my opinion, attention shoukl be drawn in onler to enable 8 propor understanding of tho accounts lo be reached. Crnlg Fltch¢tt Cra19 Filchett FCCA Price Davis Ltd Chartered Certifi8d Accountants 4 Manor Park Buslness Centr¢ MacKènzie Way, Swindon Village, Chellenham GL51 9TX Date.. 9 September 2024
THE PAINSWICK CENTRE (A CHARITY REGISTERED IN ENGLAND & WALES, NUMBER 301595) STATEMENT OF FINAIICIAL AGTrvtTIES FOR THe YEAR ENDED 31 DECEMBER 2023 2023 2022 INCOME tlonations Charitable acts"vitie¥ stud and rwm hmg Events other 10,604 2,386 35.925 15,700 8.072 38,917 11,583 16,526 59,697 66,756 other trading income Bars Coltage C8rpark 4.720 3.000 5.710 14,746 9.000 5,391 13.430 837 84,568 29.137 90 96,368 Inve8tment income EXPENDITURE Raising funds Bar ¢osts Evènl costs Matheting 4.694 4.308 2.498 7.836 6,529 5.453 19.817 Charitable actiV5ties Repaits & renewats Utilities Gb8ning 8 wo$16 Insurènco LKensing 13.595 18.017 18.595 16,156 5.556 3.174 493 3.997 461 41,655 43,974 Other AdMlStraINe staff ProfessK)nal fees IT8nd communK8tl Bank Charges other 16.359 11,403 1,937 588 6,653 30,195 1.554 1,634 631 13,823 36,940 90,095 47.838 111.629 NET INCOMEIIEXPENDITURE) (5,52n 113,2621 The notes on pages 9 to 11 fomi part ofthese financial st*ments. Page 8
THE PAINSWICK CENTRE IA CHARITY REGISTERED IN ENGLAND & WALES. NUMBER 3015951 BALANCE SHEET AS AT 31 DECEIIBER 2023 2023 2022 FIXED ASSETS Property Improvements Fixtu$ & fitbngs Total CURRENT ASSETS Stocks Debtors Cash at bank and in hand Total CURRENT LIA8IUTES 1.189.209 67,100 12,032 1.268.341 1,189.209 67.100 13.700 1,270.009 1.704 6.583 58,894 67.181 2.154 10,782 64,900 77,837 Credhors." amounts fall.ng due wthin one year NET CURRENT ASSETS NET ASSETS 17,744 24,540 49.437 1,317.778 53,297 1,323.306 FUNDS OF THE CHARITY unrestn.ctsd funds 1.317.778 1.323.306 The Ghartty's financial atemenls have bn wepared in accordance wth the pro5nS applKable to the Financlal Repon9 Standard applicable in the UK and Republic of Ireland IFRS 1021. The financial statements were approved and aulhori for Issue by the Tru$tee$ and sned on their behalf. John Wllliamson Chalrman Trw Dats: 9 S•pt•ml>•r 2024 The notes on pages 10 to 12 f(Km part ofthese finala1 ststements. Page 9
THE PAINSWICK CENTRE IA CHARITY REGISTERED IN ENGLAND & WALES. NUMBER 301595) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 ACCOUNTING POLICIES 1.1 BASIS OF PREPARATION OF FINANCIAL STATEMENTS The financial statements have been ppa in accdance Iwth A¢¢ourtb"ng and Reporting by Charrties.. Statemenl of Recommended Pra¢tKe applicable to chartties Pfeparing their accounts in accordance with the Financial Reporting Siandard 3ppli(able in the UK and Republic of Ireland IFRS 1021 leffecty've 1 January 2015)- (Chanties SORP IFRS 102}l. and the Financial Reporting Stsndard applicable in the UK and Republic of Ireland IFRS 102). The Painswi¢k Centre meets the definibon of a public benefft enlty under FRS 102. Assets and Ilabilitres are initially re¢ognised at hIstoral cost or trarwction value Unle otherwise staled in the relevant accrAJntsng policy. 1.2 COMPANY STATUS The Centre is govemed by a scheme dated 101h October 2002 as amended on 24th Apr 2018. This Scme replaced the original deed of 5th December 19L%. 1.3 GOING CONCERN The trustees conshler that there are no material uncertainties aboLrt the cha,8 8bilrty to continue as a going ConM. 1.4 INCOME All income is recognised once th& Charity h88 entrtlementtothe ineomé. it 1$ wobable that the incom• 11 re¢eived, and the amoLtnt of rn¢ome receNable w bg me¥$ured rellabty. Donated services or facilitiL15 are recognised when Ihe Charity has control over the item. any conditions aSslated wth the donated item have been met, the receipt of economlc benefit from the use of the Charity of the item is probable and that ec0n¢jn benefit can be measured reliably. In accordance with the Charits"es SORP {FRS 1021, the general volunteertime Is not recognised,. please refer to the Trustees, port for more inf0mtion about their conlribulion. On réeèipl, donated rffofessional services and doned tsci1i1 are recognised on the basi$ ol the value oflhe gfft to the Charity whi¢h is the amount the Charity would have been willing to pay to obtain services or facilitses of equivalent economK benefit on the open market a corresponding amount is then recognised in expendrture in the peri¢)J ol receipt. Income lax reover3ble in lat to donat*ins receNed under Gfft Aid or d¥ of covenant is recognised al the time of the dOltiOn. 1.5 EXPENDITURE Expenditure is recognised onee there is a legal or conslnKI]ve obligation lo transfer economic benefft to a third paty, rt is probable that a transfer of economic beneffts wll be required in settlement and the amount of the obligation can be mea$ured reliabty. Costs of raising fvnds are those IrU1red in generating income and do not include the costs of disseminating information in support of the charrtable aCtives. Charitable activities are the di¢1 costs of undertaking the chanty's objethes. Other costs a principally support costs. Page 10
THE PAINSWICK CENTRE IA CHARITY REGISTERED IN ENGLAND & WALES, NUMBER 301595} NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR eNDE0 31 DECEMBER 2023 1.6 TANGIBLE FIXED ASSETS AND DEPRECIATION A review for tmpaitment of a fixed asset is carried out rfevents or changes in ¢IuM51an¢es indicate that the carrying value of any fixed asset may fiol be recA)verable. Shortfalls between the carrying value of Ted a55ets and their iecovetable amounts are recognise¢Y as impairrnents. Impairment losses are rend in the Statement of financ1 acbvrts irKotporating income and expenditure account. TangiNe fixed assets are carried al cost. net of d8preci8tion ar any provision for impairrnenl. Fixtures and fittings are depreciated over th¢ir antirypated usefijl lrfe. For the current fixtures and flttings that is 20% straight-line depreciali¢)n. 1.8 DEBTORS Trade and other deblois are Tecognised at the settlement amount after any trad& discount offered. Prepayments are valued at the amount prepaid nel of ary trade di$UnIS due. 1.9 CASH AT BANK AND IN HAND Cash at bank and in hand includes cash and short lemi hohty liquid investments sMth a short maturity of three months or less from the dale of acquisth.on or opening of the deposit or similar account. 1.10 LIABILITIES AND PROVISIONS Liabilities are recognisgd when the Is an obligation at the Balance sheet date as a result of a past event, it is probable that a transler of economic benefft wll be required in settlement, and the amount of the settlement can be estimated reliabty. Liabilities a recognised at th8 amount that the Charty anb"cipales il wll pay to settle the debt or the amounl it has received as advanced payments for the goods or services it mu$t provth. Provisions are measured at the best estimate of the amounts required lo setue the obligation. Where the effect ol the ts.me value of money is material, the provision is based on the present value of those amounts, discounted al the pre-tax discount rale that reflects the risks specffic lo the 11a1rty. The unvinding of the dixount Is recojnised wrthin interest payab and similar charges. NET INCOMEI{EXPENDITURE) This is stated aftor charging.. 2023 2022 Depreeiation and impaimlent of tang¢ole fixed assets 3.444 2,941 Durfng the year, no Trustees received any remuneratK)n (2022.. nill. During the year. no Trustses received any berth in kind12022.' nill. Page11
THE PAINScK CENTRE IA CHARITY REGISTERED IN ENGLAND & WALES. NUIIIBER 301595) NOTES TO THE FINANCIAL STA TEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 TANGIBLE FIXED ASSETS Prop•rty Improvwnonts FIthr & fftiing Total COST OR VALUATION At 1 January 2022 Additions At 31 D•c•mb•r 2022 1.189.209 67.100 16,925 1.777 18,702 1,273,234 1.777 1.275.011 1.189,209 67.100 DEPRECIATION At 1 January 2022 Chargo for the year At 31 Docember 2022 3.225 3,225 3,444 6.869 6,669 NET BOOK VALUE Al 31 December 2022 At 31 December 2021 1,189,209 1, 189.209 67.100 67.1 12,032 13,7C 1,268.341 1,270,009 CREDITORS: AMOUNTS FAWNG DUE MTHIN ONE YEAR 2023 2022 Tradè CdItorS Deposits taken A¢cruals and deferred income 7.339 2,234 1.821 1,121 8.584 21,185 17,744 24,540 Page 12