REGISTERED COIIPANY YUMBER: 009$475.3 (Enxland at)d Wale51 REGISTERED CH.IRITY YUMBER: 305034 11 Caooao OD FARNHAM MALTINGS ASSOCIATION LIMITED Consolidated Financial Siatemen15 for the Year Ended 31 March 2022
FARNHAM MALIINCS ASSOCIATION LI(lTED Corttsnts ofthe Financial Ststernents for the year ended 31 March 2022 Page Report of Ilie Trustees Repthrt of the Independent Audilor5 10 to 12 Stxtemelll of Fingncial Activities 13 Consolidated Balanee Sheet 14 Company B8lance Sheet 15 Casb Flow Ststement 16 lioles to tbe Cash Flow Ststement 17 P4ote% to the Financial Statements 18 ttTr 32
FARMIAM MALTtNGS ASSOCJATION LIMITED IREGISTERED NUMBER: 009547S31 Report ofthe Trustees for the year ended 31 March 2022 The Trnstees who ar¢ also directors of the charity for the purposes of the Companies Act 2006, present iheir report with tbe financial slat¢rnents ofthe charity for thE yearended 31 March 2022. The Trustees have adopted the provisions of Aw)unting and Reporting by Charities.. StateTnent of R¢commended Prdctice applicabl¢ to ¢h3rities preparing their accounts in accordancewiththe Financial Reporting Standard applicable in theUKandRepublic of Ireland {FRS 102) (¢fTective l January 2019). Page I
FARNHAM MALTINGS ASSOCIATION LIMITED (REGISTERED NUMBER: (K19547531 Report of the Trosttts ror the year ended 31 Mareh2022 Objectives IT) shaping our objects.ves and planning our activities for the year, the TteeS have considered the Charity Commission's guidance on public benefit, including the guidance on public benefit and fee charging. FarnhaTn Maltings relies on grants and the income from fees and charges to cover its operating costs. In setting the level offees. charges and concessions, th¢ Tntee$ givr orefijl ¢onsid¢ration to the a¢¢¢ssibility of its activities for those on low in¢oTnes. The obj¢ctiv¢s of Farnham Maitings AO¢latIo[l as stated in the 1969 Metnorandu]n of Association {as amended in 2014) are.'_ . To establish comrnunity centres for the benefit of the inhabitants of the Town of Famham aforesaid and the neighbourhood, without distin¢tion of sex or polili¢al, religious or other opinions, for the advan¢em¢nl of ¢du¢2tion and the provision of facilities, in the interests of social welfare. for recreation and leisure-Éime occupation, with the object of improving the conditions of life for the said inhabitants. b. To promote ad encourage ihe arts among the said inhabitsnts, in¢luding the musical, visual. dramari¢, ¢inemalic and applied Power to hold or own a collection and to operate a museuEll for the benefit of the public. d. Generally, to encourage, promote, undertake or carry on or 35SiSt the pro]notion, undertaking or carrying on of su¢h charitsbl¢ activities and purposes as may strengthen the bonds of coTnmunity lrfe of the inhabitants aforesaid or otherwise be beneficial to the conllnuNty within the Town of Farnham and neighbourhood afoTesaid. F2mham Maltings is a cultrjrdl organisation, based in Southwest Surr¢y, that exists to encourage the people of Farnhdm and furthcr aficld to participatc in, shapc and u]]dcrstand thc world ID which wc livc. Wc organi5c our work around a 5cI of prioritics to ensuTe that Farnham remains a happy, safe and creative community. These are= - Contributing to a vibraDt culture for Famham. - Encouraging morepeople to make their own art. Build the relationship between artists, audiences and v¢nu¢s. Produce and invest in ncw Contetnporary atL The work we undertakeis loosely organised around thr¢¢ intei-conne¢led strands.. mmunity engagement: which ¢n¢omp#ss¢s th¢ p8rtt¢ipatory progrdrnm¢ in Famharn, making the maximum us¢ of th¢ buildings as a Community resource, leading a museum service and delivering a work.%hop programme. craft development: which enCoMpe5 a progranune of craft festivals, workshops, supporting m8kers coordinating Craft theatre development.. which includes producing a cohort of regiorLal coinpanies, making our own tOurig theatre, running a prograrnme of work to internationalise the independent theatre sector. leading a 180-vemie network across the southeast and delivertng a progrdmme of sector dev¢lopment. W¢ are guided by a set of values that shap¢ all our thinking, &¢tivilies and the partnerships w¢ fom). Th¢se are equalily and diversity, bcing collaborativc, thit)king internalionally an¢J making the most of the digital opportunity. Activities of the Maltings 2021122 has been 2 year of continuing to adapt to the impaet of the pand¢n)ic, alongside making sense of what dèmage has been done as a result of the consequent pause in activity. We have had to understand the changing attitudes of OUT Customers, the disNption in theatre production and the hesirAncy of many p8rn)ers io make significani decisions, given the llncenainry. That said, many of our partTr¢rs hat becn gTatify2ngly supportiv¢ during thc ptst ycar- notrbly Arts Council England IACEI.. Esmce Fairbairn and Rothchild's, who have n)ade significant additional contributions to mitigate the impact. We continued lo benefit from the Government's Culturdl Recovery Funding which allowed us to adapt how we worked. And Jdapt we have. With an outdoor prowrne of wod( on the front lau, touring a tent tt> venues across the Trgion. eommissioning work for towns ill recovery amd delivering a series of F*rfornances featuring world clas5 dance. Pag¢ 2
FARNHAM MALTINGS ASSOCIATION LIMITED (REGISTERED liUMBER.. 00954753} Report of the Trustees for the year eIe 31 Mareh 2022 Our cotnJnunity in turn have supportedus. We launched a 'SpringForward' campaign asking for support to ge¢ure the Maltings, future in the community. Donors g¢nerously donated over £70k during th¢ campaign which concluded ID Octobcr 2021. We are particularly Proud of the ways we demonstrated our UseInesS to our community both during the pandemic and as we have begun lo r¢build. The work we have developcd lo tackle social isolation and the partnerships we have forged with the health service, l(Kal authorities and tNsls, has resulted inthe eslablisljrnent of a distin¢t CreAliveCommunities Engagcmenl strand of work which now sits at the centre of the organisalion, 8haping future thinking and actLVity. The other area of wotk that has fowid its place and time within the Maliings is the activities we are developing in librdries. This basbetterconnected the Rothschild's programm¢ we deliverin Buckinghamsbire withthe Esm¢c F3iTbaim'New Popular, strand and allowed us lo broker a stronger parmership with Surrcy County Council. This ivork obviously chi]nes with ACE alld the 'Let's Create, strategy to provide arts and Cllltural activities Éo new audiences that have had limited opportunities previously. We continued to use th¢ pause to refiJrbi8h parts of Ibe buildingg- such as ¢learing out ullderthe Great Hall stage and resurfacing the main office floor. The COVID-19 pandemi¢ has eaused us to think hard about thc ways sn which we use our spaces, and the plaS and ways in which we deliver our prograrnm¢ leading to 2 shift in progrdmming time5, the types of events we coNider aThd the places we present W4Yk. In addition, the Maltings continued to operate the Museum of Famham, during Ébe year, and provided educational sessio))5 to a]most 1,000 schoolchildr¢n at the Musellm and over 2,400 children through outreach activities. The most significant achicvcment (>ver this period, by some measure, was the way thc organisation adapted and committed to poli¢y of b¢ing as open as possible, as fast as w¢ could. This served u5 enorniously well in rcbuilding audiences and staying in the minds of OUT communities. We programmed a rangc of work outside the buildings on our front lawn, pur¢ha5¢d and toured tent to venues across the South¢as¢ created commissioning programme5 to attract audien¢es back into our centres and d¢v¢10p new types of events like'street,, a SUTyuncr¢vent with street food and live music. We discovered we are able to move quickly, challenge the ways we assumed we should operate and build strong¢r r¢lationships with our immediate community. Partieular highligh15 and 5uceesses for the yeir indude: Fully reopen1 the buildings and mitigating the f]nancial impact of closur¢ on th¢ business. R¢shapinB the stsff team to operate a more efficient integrdtsd model. Launching a Conllnunity Board to collect a broad range of views and input and understand how p¢opl¢ use tbe Maltings. Sustaining a scl of serv2ces in support of the COVID-19 pandemic response DeliveFing'High Hopes, as a progranllne of WO that ta¢k]es gocial isol*iofy with invesknent from Surrey County Council and the health authoriry. Collaborating withNewAdventures to 5ucc¢ssfi]Ily deliver'Doorstep Duets, as a s¢rics of individllal perfomiances acro&8 the cornrnunity, which $ub%eqllently was rolled out nationally. Securingnew investment from Waverley Borough Council towards 2'Triving Communities. Progranime. Commissioning and launching an initial southem tour of 'The S)Tian BakeT', for villa8¢ hails, which was awarded Ploy ofthe Year by the Wriiers. Guild of Great Britain. Comtlli55ioning and touring'l am Bird, to librdries in Surrey and BuckTnghamshire, which was then profiled al th¢ National Rural Touring Forum national confernice. Page 3
FARTriHAM MALTt,YGS ASSOCIATIOI LIMrrED (RECJSTERED NUMBER: 00954753) Report o( the Trustees for the year ended 31 March 2022 Developing Ihe'lmagination Spa¢es' p&rtnctship with Sutr¢y County Council to deliver a year-long developmellt programme with libraries to Èest their use as perforn)ance, exiiibition and workshop spaces. Subsequently secw'ing ACE investsnent for Working with Farnham Town Council to respond immediately to the war in Ukraine and coordinate the toNIJ's response. Delivering a ptograMtne of CoMlS510S sp¢cifically aim¢d at tOllTrS through th¢ N¢w Popular programme. Piloting an events prorne at the Museum tn¢ludinE an artisan craft fgir, children's crnft aaivitics and music performance5 in th¢ gardens. Refijrbishing an unused building in the museum garden as a Lt. Successfullv securing investrnent from ACE for a Hidden History project dested to reframe the relationships and stories told through the Museum. This has Iourcd and will then be at the Museum from July until December 2022. Successfully introducing'sweater Weather, as a companioncraft festiva] to unravel which has found its place inthe progr8mm¢ of craft festivals going fotward. FINCIAL REVIEW The charity made an ov¢rall surplus for the year of £451.2k12021 £554.7k). As the Charity Came ollt of lockdown, its acttvitics began to incrcasc in all arcas, likc progranuning. craft and venue hire. Our increase in activities was moderated, though, with difficulties tn StatTre¢iLrnet. particularly in OUT Catering OPEfdtior15. This result¢d in staff costs being overnll lower than th¢ previous year. Bur n¢vertheless. our existing staff worked very hard to fill the gapb, $0 that tsut offerings wcre ablc to meet dernand Tobustly. Particularly pleasing was the CharFty's increase in activiry on its Arts Council England NPO fundcd area5. But the increase in the NPO activity still behind due to the COVID-19 parndemic. Arts Council England recognized this and the Charity w2s granted an additional y¢ar to lh¢ 2018-2022 programJn¢, this being 2022- 2023. Funding forthe additional year was providedby Arts Council England. So, our ieco&ery from lockdow ha8been encouraging. Despite the increase in activities on the Atts Council NPO, the Charity ig not fvlly up to speed on deploy¥nwt of funds for th¢ Arts Coulliil NPO obj¢ctives. We bave plans to deploy the unused fund& ID a realistic and acFll'evable way, to achieve the Arts Council vision and objectives. So, our activity in areas like house and production of theatre is tncre&sing steadily. The in¢r¢as¢ in restri¢t¢d tuDds is n¢t of £6k for d¢pr¢¢iation on property improvements. These irnprovements were funded by grants, which were accounted for as a restricted fun(L and the costs are being depreciated and charged against that fund. The principal sources of income dwing the year were grants of £1,462k from Arts Council England, Waverley Borough Council. Farnham Towtj Council atjd varsOUS Qth¢r sour¢cs, plus £943k from opcrational activities includtng facilities hire, promoted events and Maltinus events. Full details are included in the fjnancial statements. The Trnstees would like to thank our partners for the grant support re1ved and, also, for donations and m¢mbeTship subscriptions from th¢ public. During the year the charity's wholly owned subsidiary, Farnham Maltings Trading Limited was cornmissioned to produce one production, namely The Syrian Baker. It claimed theatre tax relief of £8k on this produciion and h&g made no profit or loss foy th¢ year. Re5erve5 and re%rve5 policy At the year end the charity held £1.835k in restricted funds, which must be spent on specific projects des¢ribed in notr 18 10 the financia] statements. Mosi of the fimds ate expect¢d to be spent oveT the next 1- 2 years. Page 4
FARNHAM lALTINGs ASSOCIATION LIMITED (REGISTERED NUMBER: M9547531 RepoTI of the Trllstees foT the year ended 31 March 2022 At the year¢nd the charity held £1,61 Ik in unr¢stricted funds, which included £1,363k relating to tsngible fixed assets, leaving free reserves of £248k. Within its fixed assets, however, the ¢hority holds th¢ cottage at 4 Red Lion Way, valu¢d at £300k which is notused for operntional purposes and can be used for borrowing. This is thcrcfore regarded by the Trustees as part of th¢ available reseLves, irlcreasing the TC5idual reserves to £548k. Included within this figure is £249k in respect of a desiated reserve for arts dev¢lopm¢nt and producing and £155k on oth¢r 2018-2022 designated projects which Iv¢S frcc reserv¢s of £144k (2021.. £13k)- The designat¢d fund for arts development and producing r¢presents fijnds received from Art5 Council England lo support the distribution of theatre and a programme for the perforniing arts sector. This in¢ludes House, Caravan and Producing projeets and fi]nds are expected to be {on¢e Covid restrictions are lifted) over the next 2 - 3 years. The Tn]stees have reviewed the rcs¢rv¢s policy and considerthat the desircd levcl offrc¢ reserves remains at (or aFxive) £200k. This would provide a buffer against {1055es due lo) redu¢¢d iu¢om¢ or additional unplanned expenditur¢, insofar as ihese are not insured. A comprehensive insurance programtne isin place to prOtt against identified risks, and this is review¢d annually by the Risk Managemcnt Groupi but it is not possible or economic to insure against all risks. Ittherefore remains the objective that free r¢s¢rv¢s need to i)nprove by* at leasL £56k ov¢r the next 3 -5 years (2021.. £187kl. FiIed assets Th¢ freehold pmpety owned by th¢ charity has not been revalued for some years. In ihe opinion of th¢ Tnjstees, the market value is considerably in ¢xcess oEtbe b(x)k value. Investments Funds of £200k placed on investment in Scpt¢mber 2019 and initially deteriorated due to the impact of Covid on the Stock Market. As at 31 Marcb 2021 they were valued at £239k {2021- £214k}. Future Plans We will continu¢ to root our practice in Farnham, in Southe4St England, delivering three strand5 of work around the&tr¢, craft and comTnunity engagement. We remain Committed to being both popul&r and contemporary, local and intetnalional and retsining an absolute commitment to working with others to achieve our and their ambitions. Our fiLtur¢ plans have very much been shaped by two long¢r temi pieces of planning in the forni of aD application for Arts Council England NPO st&tus for the period 2023 26 and to Waverley Boiough Council through their new Thriving Communities progrdmme, which covers thc same period. With Arts Council England, we haye proposed to continu¢ lo WO at increasing the range, quality and audience for indepcndent theatre a¢$$ the southeast of England. We have a particular concern for towns, including our own, and the ways in which a creative organi5ation such as ours canremainrelevant and useful to its community and will continue to cxplore ways of sharsng resour¢¢s, models and expertise across Ihc r¢gion. We will Continue to make theatre- in th¢ ¢unent year we have two productions plallned, 'The S)tyian Baker, and 'campfe, pla[ed foi rural ¢ommw)iti¢s. We will also develop the skills and networks to make it simpler forhigh-quality small-scale theatre to tour into the County. The longer-tern) relationship with Waverley BoTough Coun¢il allows us to develop the commuDlty engagcment strand of work as central to our purpose. In this sense we have gone full Ckrcle and can now better describe ourselves as a CoEnmunity Arts OrEanisation. We will continu¢ to put energy and resources into overcoming batriers to participation in cultural activities and allow our programme of work to respond to the ne¢ds atKI aTnbitions of the partners that we work with. tndeed, the Craft workshop prograrnme contiT)ues to increase acce&sibility- We itjtend to make better use of the digitsl opportunities and will, in this year, act on an existing plan to employ a dedicated digital post tasked with helping us to understand possible oppomJniti¢s for efficiencies and better llr ¢xpeTi¢n¢e. Having refllrbish aDd r¢paired most of our buildings we arc y)ow at a stage in our development lo be able to put in place a longer-temi capital development programme in which we can describe planned maintCDance and renewal as well as somc laTger ¢apitsl ambitions. We have looked to thc tUre - wbo does and doesn't come through our doors - atjd how we Teach the broadest possible communkty. We programtne activities to support ourcommunity, including those who fccl isolated (who benefit from ourArts aT)d He<h progrdmmesl, people who have experience with d¢m¢ntia, the youth etc. We are tnL]y b¢cotning a place for all. Page 5
FARNH.4M MALTINGS ASSOCIATION LIMITED IREGISTERED NUMBER.. (M19547531 Report ol the Tru5te*5 for the year ended 31 Mareh 2022 STRUCT GOVERNATr4CE AKD MANAGEMETrrr Governing document The charity is controlled by its goveming document. a deed of rn and ConStiteS a limited company. limited by guaranlee. &s defined by the Companies Act 2006. Associated parties The charity close wojking relationships with Arts Council England, Waverley Borough Council and Farnham Towi Council who together provide substantial fvnding lo enable the ¢harity to carry out its charitable a¢iiviti¢s. Further infomation regarding transaction5 with these parties can be found in note 5 of these financial statements. Famham Maltingq Akwciition Limited 18 a company limited by guardniee, govemed by its Memorgndum and Arlicles of Association. The company was incorpornted on 22 May 1969. 11 was registered as a charity with the Charity Commission on 13 January 1970. The charity is managed by a Council of Management, which over 2021122 has had not less than 7 noi more than 10 members. There are 2 classes of members of the Council of Management- Trustees who are voting members. recommended by a selection panel and elected by the membership at an AGM. In dccordance with the Articles of Association, voting members retire in rotstion, with one-third retiring each year, and they are not available for re<leciion after a period of five yeats, service. Stakeholder representatives - Up to four non-voting members, who are not Trnstees, can be appointed to the Council of Management from nominations by the main Funders (Ajts Council England, Waverley Borough Council and Farnharn Towi Council). Artg Council England have advised that they do not M'ish to nominate a representativ¢ on Fand]am Maltings Council of Management, but request copies of minutes and papers. The current Trust¢¢s and stsk¢hold¢r members and those who have been ap¥x)intsd or retired during the y¢8r 2021122 ar¢ as listed on page 13. Trnstees bear the legal responsibilities for the Chariry and the Company. New Trnstees are given a briefing ot] their legal obligation5 under Charity and company law, the content of the Memorandum and Articles of As5o¢iation, the CouDciI of Managcment and the decision-making processes, the business plan and the r]nancial position of the charity- On appoinknent they are given a chance to meet senior employees and other Tnlees. The Trustees hold a periodic retreat to discus5 their role and the aims and objectives of the organis&tion. Trustees are encouraged lo siudy ihe range ofgovernance guidallce papers we have available. All Trnslees give of their lime freely and no truste¢ remunerntion was paid in the year. Details of tNstee expenses are disclosed in note 9 to the accounts. Trustees are required to disclose all relevant interests and register them wirh the Chief Executive or Secretary and in accordance with the charity's policy withdraw from decisiot)s here a confiici ofintere51 arises. The Couneil of Managemeni administers the charity and meets quarterly. The Finance Sub Group also meets quarterly to consider finance & resources. New sub-groups are fonned necessary to administer key projects such as capitsl development and fimdraising. The Chief Executive is appointed by the Trustees to manage the day-to-day operdtions ofthe charity. In June 2022, Gavin Stride amiounced his departure from the Maltimgs afieran impressive 19 years as Chief Executive. Gavin achieved an enom]ollsamounl of progress for the Maltiugs ill that tÈtne- eontinuing to restore the building itself but llydking the Maltings a core hub in the FaTnhaTn community. Gavin positioned the Maltingb enabler and Pdrtner, buildin¥ cornmunity en¥a¥ernent dnd the arts proNision. including takino theatre to rural communities and credting the 'house' network. We will welcome Peter Glanville as oijrnew CEO in January 2023. Page 6
FARNHAM MALTINGS ASSOCIATION LIMITED (REGISTERED IIUMBER: IID9547531 Report of ihe Trustees for the year ended 31 Marcb 2022 Volllnteer5 Volunteers continue io play a key part in the delivery of our mission and purpose. At the NIaltings and th¢ Museum of Farnbam we are relianton a core group of reliable volunteers who act a5 5tcwards, receptionists, gardeners. education assistants, archivists, hosts and rnany other roles. These r¢lotionthips draw us closer fo our community and infomi ihe character and shapc of the organisalion. The COVID-19 pandemic has, in many ways, shifted the perception of who wc arc and what we do locally a5 a ch8rity, which has, in turn, CllCOUFag¢d a new set of people to want to gel involved. W¢ had expected tha¢* givcn th¢ pJndemic, volunteers would be hesitsnt to return but hay¢ been pleasantly sutyrised and ellcouragcd by the enthusiasm with which they have wanted to re-c0wt and Eet involved. We have and will continue to ensure that these volunteers are supported and trained particularly around systems, health and safety and customer care, as a key way wc can build resilienc¢ Imd improve the services for our We are indeed fortunate to have an excellent team of ¢olleagues and volunteers who 5UPPOrt all the activities of The Maltings. May J take the opportwiity to express my thanks to them all for their achievements in a difficult ad un¢¢Ktsin year. RiskMAllagement The TNstees of the Maltings have reviewed the Risk Management Policy, and have initiat¢d a risk managernent strategy which comprises.. o An at)nual review of the risks the charity may face. o The establislunentof systEn ¢d procedures to mitigate those risks idenlified in th¢ plon. o The implementation of those procedures designed to rninimise any potential impact on the ¢hatity should those risks rnaterialise. This work has resulted in better em£rgency procedures and contingency plans, and has given the impetus for betterplanning for risks arising from fire, health and safety of artist8 and audiences, changes in funding and succession. Review of GoverDan¢e During thc ycar, the Trnstees started to review our ¢u]renl govemanee aTrangements. It is maTJy years since the Current Memorandum and Art]"cle$ of Association have been thoroughly updat¢d and we seek to follow best prdctice in our s¢¢tor and ¢h8rities in general. We are mindful of th¢ ¢x¢ellent"tnvesknent Principles" Set by ATts C(yun¢il England and we havebegun io reflect these in the gov¢rn2nce stTUCture of The Maltillgs. An Extraordinary Gencral Meetingwas h¢ld on 10 October2022 where membcrs approvedt)ew Articles of Association to guid¢ our work in th¢ coming years. Trnslee Sucees5ion Four D¢w Trustees were nominated to the Couo¢il of M3trdgement in 2021122 and formally appointed in July 2022. We had three tNstee directors, Lisa H¢]Lnessey, Andrew Mcwhirter and Christina Hughes, who retired by rolalion on 20, November 2021 and we would like to thank them for their contribution. Lastly. my thanks to the Trustees and stskeholder members of the Council of Mall2gement for their dedication and time given to an imprtant Part of the fabric of our To. Page 7
FARNHAM MALTINGS ASSOCIATION LIMrrED (REGISTERED NUVBER: 009547531 Report of the Trustee5 for the year ended31 M•reh 2022 REVERENCE AND ADMINISTRATIVE DETAIts Registered CJmp4ny number 00954753 (England and Wales) Regisfrred Charity number 305034 Registered Olce The Mallings Bridge Square Farnham Su]T¢y GU9 7QR Trustees Mr M Mah¢r- Cbdir Mrs. E Haigh, Vice Chaii- Retired May 2022 Ms. L Hennessey- Retired by Rotation November 2021 Ms. C Hughes- Retired by RotationNovember 2021 Mr. A McWhirter- Treasurer- R¢tir¢d by Rotation Novemb¢r 2021 Mr. M Cooper- Retired May 2022 Mr. M Wilkie- Retired Nqay 2022 M5. D Dyer- Retired May 2022 MsSECom Ms L J K Nsomi-C3mpbell mrPAmH.¢ Ms. KA O'Neill- Co-opted April 2022 Ms. H Wade- Co-opted April 202? Ms. G Grant Haworth- Co-opted April 2022 Mr H J Franci5- Co-opted May 2022, RetiTed October 2022 Nominee members of the Coun¢ll of Management Cllr P Evans Cllr A fvlaclwd Ms C HaIl Clli M N(drtin Cllr K Miryle&s (Nomin¢¢, Farnham Ttswi) Cowicil) INominee, Farnham Tom) Council) (Observer. Waverley Borough CounciE) INominee, Waverley Borough Council} (Nominee, Wai'erley Borough Cnuncil) Chief Executive Mr G Stride- until 20 September 2022 E Haig- Interim from 21st Septernber 2022 Companv Secretary C A Mcwhirter (resigned 20 November 2021) P A M Hare (appointed 20 Novernbcr 20211 Auditors Xeinadin Auditing Chart¢red AccounLants and StstutoryAuditors Beckett House 36 Old Je London EC.2R 8DD Advisers Bankers Page 8
FARNHAM MALTJNCS ASSOCIATION LIMITED IREGISTERED NUMBER: th)9547531 Report of the Trllstee5 for the yearended31 March 21n2 Barclays Bank PIC 22 The Bomugh Fanham Surrey GU9 TNH Page 9
FARlHAm NIALTINGS ASSOCIATION LIMITED (REGISTERED N'UMBER: 009547531 Reptsrt uf the Trustets for the )'£ar ended 31 March 2022 STA TEMEliT OF TRUSTEES, RESPONSIBILITIES The Trustees (whi) are also the directors of Famham Maltings Association Limited for the PUTpo%es of company la.) ar¢ responsible for pr¢pdring th¢ Report of th¢ TTYSt¢es dnd th¢ financial stst¢tn¢nts in accordance with applicable law and United Kingdom Accounting Standards (United kn'ngdom Generally Accepted Accounting Practice). CoTnpany law rcquir¢s the TSte¢S to PPare financial stsiemcnts for each financial year which give a tThe and fair view of th¢ stst¢ of affair.% of the charitsble company and of the incoming resources and application of resources, including the income and expenditlkre. of the charlble company for that period. Ln preparing Ihose financial sutements, the Tn]siees are required seleei suiidble a¢rounting policies and then apply them consisEntly' observe the methods and principles in the Charity SORP.. make judxemenis and estimates thai are reasonable dttd pnjdent.. prepdre Ihe financial %lXtemcnts on the going conL£m b&%is unl¢%$ it is inappropriate to PTesume that the charitable company w'ill Lonlinue in bugine%s. The Trustees are responsible lor keeping proper aLLounlin¥ reLurds whiLh disclose with rea50ndble aLLuraLy al dny time the financial posiiion of Ihe charitable company and EO enable them to ensure Ihat rhe financial sthtemenis comply with the Companies Aei 21106. They are also responsible for safcguarding the assets of the charitablc company and hence for taking reaSODabl¢ slcps for the prevention and deteciion offraud and other irregularities. In so far as Ihe Trustees are aware.. tli¢r¢ is no relevant audil inforniation of which the charitable company's auditors are undware., and the Trustees have taken all steps ihai they oughi lo haire taken lo make themselves aware of any relevant audii infomiation and 10 estsblish that the auditors are aw'are of thal inforn)ation. AUDITORS The dudilors, Xeinadin Auditing. will b¢ propos¢d for -appointm¢t at th¢ forthcoming Annual General Meeting. Approved by order of the board of Trustees on........... and signed on its behalf by.. rfLLLLAQI M Mah¢r- Trustce Page 10
ReportoftheTndependent Auditors to the Members or Farnham Maltings ASlatiOn Limited (Registered number:110954753) Opillion We have audited the financial ststements of Farnham Maliings As50¢iation Limited (the 'charitabl¢ company) foi the year ended 31 MaTch 2022 which comprise the Statement of Financial A¢tivities, the Group alld Charity Balan¢£ Sh¢¢t. the Cash Flow StsteJnent and notes to thc financial siatcments. including a summary of signifi¢ant accounting policies. The fiNanei21 reporting framewo that has been applied in ih¢ir pparatIOn is applicable law and Unit¢d Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). In our opinion th¢ financial atements'. give a true and fair view of th¢ state of the gtoup's and par¢ntchatitable cornpany's affairs as at 31 March 2022 and of its incoming re50ur¢¢s and application of resources, including its income and expenditurc, for the year then ended- have been properly prepared in ac¢ordance with United Kingdom Generally A¢¢¢pt¢d Accounting Practice,. and bave beenprepared in accord¢¢ with the requirernents of the Companies Act 2006. Basi$ for opllllo We conducted our audit in 2e¢ordance with International Standards on Auditing (UK) USAS (UKI) and applicable law. Our responsibilitl¢S llnder those standar(ts arc further described in the Auditors, rc5ponsibilities for the audit of the financial ststements section of our report. We are independent of th¢ ¢haritable company in accoTdanc¢ with the ethital requirements that are relevant to our audit ofthe financial stakments in the UK. including ihe FRC'S Ethical Standar& and we hav¢ fulfilled our oth¢r¢thical responsibilities in accordance with these requirements. Webelievc that the audit evidence we have obthined is sufficient and appropriate to pmvide a basis for our opinion. ConcluSiODS relating to golng con¢ern In auditing the finantial statements, w¢ have eonclllded that the Trustees, use of the going cot]cem basis of accounting in the prq)aration of the fll)aDcial stat¢ments is appropriate. Based on the WOTk w¢ have perfomied, we have not identified any material uncertaiDties relating to ¢v¢nts or conditions that, individually or coll¢ctively, may cast significant doubt on the ebarilable company's ability tts continue as a going concern for a riod of at least twelve months frorn when the fllllneial statements ar¢ authorised for issue. Our responsibilities and the responsibilities of the Trnstees with respect to goingconcern are described inther¢l¢v8ntsections of this r¢port. Otber information The TNstecs areresponsibleforthe otherinforniation. The otherinfomation comprisesthe inforn)ation included intheAnnual Rcport, other than the financial stal¢m¢nts and Ollr Report of the Independent Auditors thereon. Our opsnion on the financial statements do¢8 not cover the other information and except to the extent otherwise ¢xplicitly stated in our r¢poE¢ we do not express any forni of assurdn¢e ¢onclusion thereon. It) connection with our audit of the financial statements, our responsibility is to read the other infomiation and, in doing so, ¢onsider whether the other inforniation is materially inconsistent with the fman¢ial stst¢ments or our knowledg¢ obtsined in the audit or othenvise appears to be rnaterially misstated. If we identify such mateTia] inconsistencies or apparent mateTii rnisstatements, we are rcquir¢d lo delerniine whether this giv¢5 rise to a material misststement in the financial statements themselves. If, based on the work we have p¢rfomied, we conclude that th¢r¢ is a material rnisstatem¢nt of this other infonnation, w¢ are ffquired to report that fact. We have nothing lo report in this regatd. Opinlons on other matter5 prescribed by the Companies Act 2006 In our opinion, bascd on the work undertaken in the course of the audiL the infomiation griven in the Report of the Trustees for the f]nancial y¢8rfor wbich the flljancial statements are prepaied is consistent with the financial statements,. alld th¢ Report of the Tnjstees has been prepared in a¢¢ordance with applicable legal requirements. Pagell
Reportof the IndependentAuditorsto the Membersof riarnham Maltings Association timited {Regstered number: 00954753) Matters on which we are required to report b> exception In the light of the knowledge and Understanding of the group and paTent charitsble comp8ny and its environment obtained in the Lourse of the audi( we have not identified material m?sststement5 in the Report of the Trustees. We have nothing to report in respect of the Following matters where the Companies Act 2(X)6 requires us to report to you rf, in our opinion= adequate accounting records have not been kept or returns adequate for our audit have not been received from branches not visited by us-, or the fiIiancial statcments arc not in awement with the accounting rccords and returns. or certain disclosures ofTrusiees' remuneration specified by law are not made,. or we have notreceived all the inform2tiTrn and explanations we require for our audit: or the TNstCCS WCTC not cntitlcd to takc advantagc of thc small companics cxcmption from the rcquircrncnt to prcparc a Strategic Report or in preparing the Report of the Tnlees. Responsibilities of Trustees As explained more fully in the Statement ofTrustees' Responsibilities, the Ttustees (who are also the directors ofthecharitable company for the puryoses of comp2ny lawl ar¢ responsibl¢ for the preparation of the fujdncial stat¢m¢nts for being sutisfied Ih&l they wve a true dnd fair view, and for such internal control as the Trustees deterniine 15 necessary to enable the preparation of financial statements that are free from material misstatement, whether due ro fraud or error. ID preparing the finan¢ial statements, the Trustees are respollsible foT assessing the group and charitable Company's ability to continue as a going concern, disclosing, as applicable, Fnatter5 related to going concern and using the going concern blS of accounting unless the TrL]Stees either intend to liquidate the charitable company or to cease operations, or have no realistie altemtstive but lo do $0. Page 12
Report of the IndependentAuditors to the Members of F#robam MalÉiDgs Association Limited (Regtstered number: IM1954753) Our re5POnsibilities for the oudit of the finaTJcla] statements Our tsbjectives are lo obtain reasonable assurance about wh¢ther the financial statemen18 as a whole are free fro]n material misstatement, whether due lo fraud or ¢rTor, and to issue a Report of the Independent Auditors that includes our opinion. Reasonable assurdnce is a high level of asswan¢¢, bui is not a guarant¢c that dn audit conducted in a¢cord2nee with ISAS IUKI will alwaysdetect a T)ulerial misststement when itexiqts. Misstatements can arise from fraud orerror and are considered rnatcrial if, 5ndividually or in thc iggregate, they could reasonably be expected to influence the cconomic decisions of users taken on the basis of these fll]ancial slatements. The extent to which ourprocedures are capable ofdetecting intgul8rities, including fraud is delailedb¢low. - Edentify and assess the risk of material misstatement of the FDntIal statements, whether due to ftaud or error, design and perfonn audit procedures responsive those risks, and obtain 8udii evidence that is suificienl and appropriate to provid¢ a basis for our opinion. The risk of not detecting a material misstatement TC5ulting from frau(L is higber than for on¢ resulting from error, as fraud may involve collusion, forgcry, intentional ornissions, misrepres¢ntations or the override of int¢rnal Control. - ObtaiD an under51anding of internal tontrol relevant to the audit in order to design audit proeedures that are appropriat¢ in the CiT¢umstanc¢& but not for thc PUTPQS¢S of expressing an opinion on the effectiveness of the company's internal control. Ev21llate the appropriateness of accounting policies used and ihe r¢asonableness of a¢countiDg estimates and the r¢lated disc105ures made by the directors. Conclude on the appTopriat¢n¢ss of the directors, us¢ of the going concern basis of accounting and, bad on the audit cvidence obtained, whether a mat¢rial uncertainty exists relalcd to ev¢nt or conditions that may cast significant doubt on Ihc cornpany's ability to continue as a going concem. If we conclude that a maierial uncertainty exists, we arc reqIred to draw att¢ntion in our auditors report to tbe related disclosure in the financial statements or. if such disclosures are inadequate lo modify our opinion. Our conclusions ar¢ based on the audit ¢vid¢nGe obtained up lo the dat¢ of our auditOT'S reporL Howev¢r, futUTe ev¢nts or conditions may cause the company to cease to continue as a going ¢oncern. Evaluate the overall presentation, stN¢ture and content of thc financial statements, including the diselosures, and whether the financial statements represent the underlying transactions and events in a ma]u)¢r that achieves fair prc5¢nt2tion. A furthcr desLription of our responsibilities for the audit of the financial statements is located on the Financia] Reporting Council'g website at www.frc.org.uklaudiloEsresponsibilities. This dc5cription fornis part of our Report of the Independent Auditors. Use of our report Thi5 report 15 n]ade solely to the charitable CQTnpany's members, as a body? in acu)rdance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit WO has been undertaken so that we might state to the charitsble company's memb¢T$ those niattcrs we are required to state to them in an auditors, report and for no other pury)se. To the fullest extent pemiitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company'smembers as a body> for our audit work, for this repor¢ or for th¢ opinions we have formcd. Hazel Day Bsc IHons} FCA DChA (Senior Statutory Auditor) for and on behalf of Xcinadin Auditing Chartered Accountants and Statutory Auditors Beck¢tt House 36 Old Jewry London EC2R 8DD Page 13
Con501idated Statement of FiTran¢ial Actiiities IIncorporoting an Income and Expenditllre Actouttt) for the year eoded 31 Mar¢h 2022 2022 2021 UnrL'5tricted fillids Restrild fijn fimds Notes INCOME AND ENtK)WMEN]% FROM Donations and legacies 64,806 64.806 30,461 Charitable ¥etivities Cakring Venue hire, PRS and Security Visual and performing arts promoted by th¢ Maitill8S Farnham Museum Commission received on artist sales Core funding and other grants Subscriptions 209,234 241299 209,234 241,299 34,991 112,784 447,858 447.858 163,318 4,167 1,323,879 15,777 79,566 129,050 1,253 1,393.040 10,167 163,318 4,167 146,865 15,777 1,177,014 Othcr trading activitics Investtnent income Other income 242,707 196 34.329 242,707 196 141.625 1,090 445.964 Totsl 140723 2 747 570 2 379 991 EXPENDII'URE ON Chgritable aetivities Art%, dekelopment and produ¢ing expenditure Cat¢ring Venue hire, PRS and Security Visual and peTfomJing art5 promoted by the mall$ Farnham Museum Market cOnllnity Support Other Support Costs Salaries and Wages 69,323 78,084 3,135 524,993 594,316 78,084 3,135 417,711 9.324 2,082 188,815 188,815 124,355 3,604 454 318,460 1011002 38,079 68,923 270 7,538 236,367 1090.116 124,355 3,604 454 312,505 745.219 5,955 265 783 Totsl 1401.139 2 322 225 1870410 Net gains on invesimenis. 45.159 NET INCOME 31,941 419246 451.187 554,740 Trlnsters between funds 61,286 161,2861 Tax (paidllreceivable Net movement in fvllds 101,160 357.960 459,120 5S4,740 RECON'CILIATEON OF FtfNDS Total fund5 brought forward 1,510,070 1,477.846 2,987,916 2,433,176 IUTAL FU1)s cARRD FORWARD The notes fom) part ot these financial statements Pag¢ 14
FARNHAM MALTINGS ASSOCIATION LIMITED (REGISTERED NUMBER: 00954753)
Consolidated Balance Sheet 31 March 2022
| Notes FID ASSETS Tangible assets 12 Investments 13 CURRENT ASSETS Stocks 14 Debtors 15 Cash at bank and in hand CREDITORS Amounts flling due within one year 16 NET CURNT ASSETS TOT AL ASSETS LESS CURNT LIABILITIES NET ASSETS FUDS 19 Unrestricted fnds Restricted fnds TOTAL FUNDS |
Unrestricted fnds £ 1,363,160 239,680 1,602,840 5,200 136,036 262,690 403,926 (395,536) 8 390 1,611,230 1611230 |
Restricted fnds £ 43,826 43,826 I 0,124 1,98,280 1,808,404 (16,424) 191980 1,835,806 1835.806 |
2022 Total fnds £ 1,406,986 239,680 1,646,666 5,200 146,160 2,060,970 2,212,330 (411,960) 1800,70 3,447,036 3. 7.036 1,611,230 1835,806 3,447.036 |
2021 Total fnds £ 1,412,941 213,838 1,626,779 208,654 1418,013 1,626,667 (265,530) 16137 2,987,916 2,987.916 1,510,070 147846 2,987.916 |
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These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.
The financial statements were approved by the Board of Trustees and authorised for issue on ..26 November 2022.................. and were signed on its behalf by: I v1A, I ....... !. ............. // . '(� ·······v····································· �re P A M Hare - Trustee
The notes form part of these financial statements
Page 15
FARNHAM MALTINGS ASSOCIATION LIMITED (REGISTERED NUMBER: 00954753)
Company Balance Sheet 31 March 2022
| Notes FIXED ASSETS Tangible assets 12 Investments 13 CURRENT ASSETS Stocks 14 Debtors 15 Cash at bank and in hand CREDITORS Amounts falling due within one year 16 NET CURRENT ASSETS TOT AL ASSETS LESS CURENT LIABILITIES NET ASSETS FUNDS 19 Unrestricted fnds Restricted fnds TOTAL FUNDS |
Unrestricted fnds £ l,363,160 239.682 l,602,842 5,200 134,134 262.690 402,024 (393,636) 8.388 l,611,230 1.61130 |
Restricted fnds £ 43,826 43,826 10,124 1.798.280 1,808,404 (16,424) 1,791.980 l,835,806 1,835,806 |
2022 Total fnds £ 1,406,986 239.682 1,646,668 5,200 144,258 2.060.970 2,210,428 (410,060) 1.800.368 3,447,036 3,447,036 1,611,230 1.835.806 3, 7,036 |
2021 Total funds £ 1,412,941 213,840 1,626,781 225,425 1.418.013 1,643,438 (282,303) 1.36135 2,987,916 2,987,916 l ,510,070 1.477.846 2,987,916 |
|
|---|---|---|---|---|---|
These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.
The financial statements were approved by the Board of Trustees and authorised for issue on ..26 November 2022.................... and were signed on its behalf by:
............................................. ('vi� �b, P A M Hare - Trustee
The notes form part of these financial statements
Page 16
Cgsh Flow Statement for the year ended31 M4r¢h 2022 2022 202 Notes Cash tlows from operating a¢tiiryties Cash generated from opcratitsns Finance costs paid 659.910 391,992 N¢t¢athprovided byoperating acttyities 642 761 382 817 C&sh flows from investing actIlIeS Inlerestreceived Net cash pmvided by invcsting activities 196 Change in cash and cash equivalents in the reporting period Cash And cash equfvalents atthe benning of the reporting period 642,957 383,907 Cash and 5h equlvaknts at the endof the reportiDg period The notes forni part of these f]nancia] 5tatem¢nls Pagc 17
FARNHAM MALTINGS LSSOCUTtON LIN(rrED r4otes to the Cash Fiow Statement for the year ended 31 March 2022 RECONCILIATION OF NEI lTriCOME TO NET CASH FLOW FROM OPERATIliG ACTIVITtES 2022 2021 Nel thcome lor the reportlng period (as per the St8iemenl of nanCiAl Actii?tiesl Adjustments for: D¢pre¢iation charg¢s Gain on inveslments Ini¢r¢.%tr¢¢eivcd Finance cirts Incredse in stocks DecreaseJ'(incr¢ascl IT) debtors Increase in creditors 459,120 554,740 5,953 (25.842) (196) 17,149 {5,200) 79,26S 129657 5,953 145,1591 11,090) 9,175 (130,107) Net eash proTrided by oper&tion5 ANALYSIS OF CASH AND CASH EQ[vALENTs 2022 2021 c.ash in hand Notice deposits. Il¢ss than 3 months) 6,509 2.054 461 16,030 1.401.983 Totsl cash and cash equivalents ANALYSIS OF CHANGES ll¥ NET Fuf4DS At 1.4.21 Cash flow At 31.3.22 Net eash Cash at baDk and in hand 1418013 42 2.060 970 Tvtal 642 957 2 060 970 The nol¢s form part of these financial statements Pa2e 18
Notes to the Financial Ststements (or the year ended 31 March 2022 ACCOU.NTING POLICIES BASIS OF PREPARING THE FINANCIAL STAT£MEwrs The Fitmncial statements of theeharilable company,which is apublicbenefitentity underFRS 102, have beenprepared ID accordance with the Charities SORP {FRS 102) 'Accounling and Reporting by Charities.. Stolemenl of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting St2ndard applicable in the UK and Republie of Ireland IFRS 102) (effective l January 2019),, Finttncial Reporting Standard 102 'Tlie Financial Reporting Standard applicabl¢ in th¢ UK and R¢publi¢ of Ircland, and the COpanIeS Act 2006. The f]nancial statements have been prepared under the historical cosl Conventio with the exception of investments which arc included at markei value, as modified by the revaluation of certain assets. Consolidated fll)ancial statements {Gmup accounts) have been prepared in respect of Famham Maltings Association Limited and its wholly owned subsidiary, Famham Maltings Trading Lirnited, which has been consolidated on a lin¢- by-line basis. STATEMEfa OF COMPIJANCE These financial statements have been prepaTed in compliance with FRS 102 and SORP (FRS 1021 the fmancial reporiit)g standards applicable in the UK and republic of Ireland and Cojnpanies Act 2006. srATLfioRY INFORMATION The Chan'ty is a Public Benefit Entity company limited by guarantee, registered and incorporated in England and Wale5. Details of ibe TegisteTed office and activities can be found in the TNstees report. INCOME All income 15 recognised in the Statement of Financial A¢tiviti¢S OT)r¢ the ¢barity has ¢ntitl¢m¢nt to th¢ fid$, it is probable that the inco]ne will be received and the amount can be measured reliably. ltt particular- - Income from Grants is recognised in accordance with the temis of the ant. - In¢ome from events is recognised once the event has taken place. Income frotn the shop and Cafe is recognised when the sale takes place. Income from rentals 15 recognised when the rental has occurred. - Box offi¢e income is re¢ognis¢d followinE th¢ showing. EXPENDITtERE Liabilities are recognised as expenth'ture as soon &8 there is a legal or constructive obligation committing the charity to that expenditure, it 1$ probable that a trsfer of economic kllefits will be required in settlemeDI and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accNals basis and has been classified nder headings that aggregate all cost related to the category. Where costs cannot be di]rcily attributed to particular headings, they have been allocated to activities on a basis consistent with the use of r¢sourc¢s. TANGIBLE FIXED ASSETS Depreciation ss provided at the following annual rates in order to WTite off each 2sset over tts estkmated useful life: Freehold proFtrty Car park itnprovements Motor Vehicles Fumiture, equipment and fittings Not d¢prlat¢d Not depreciated 500/0 Straight line 10% - 33.30lt straight ]ine Assets Costing £5,000 ormore are capitslised and deplaTed over thcir use] economic life. Page 19 ntinued...
FARN]L4M MALTINGS AW)CIATIOY LIWfED Notesto the FiTh4ncial S14tements- continued for the year ended 31 Mareh 2022 ACCOUNTING POLlCtES - cortdnued TANGIBiE FLKED ASSETS The Freehold property and Carpark impmvements are notdepreciated since the Directors consider that given the high level ot'maintetydnce any depreciation charg¢ would be itnmaterial. STOCKS Stocks are valued at the low¢r of cost and net realisable value, after making due allow8nce for obsolete and slow- moving items. TAXATION The chaTity is exempt from cooration tsx OTJ its eharifAble 2CllVlties. FUND ACCOUNTING Unrestricted funds can be used in accordance with the charitable objectives at the discretionof the Tru$tee& Restricted ndS can only be used lor particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or wheD fidS are rdised for particular restricted puryoses. Further explanation of the natt]re and purpose of eaeh fund 15 included in the notes to the financia] statements. FOREICN CURRENCIES Assets and liabilities foreign CUTrencies are trdnslated into sÈerling at the rates of exchange ruling at the balance sheet date. Transactions in for¢ign cutrencies are translated into sterling at the rate of exchange rnling at the date of tr110n. Exchange differences are tak¢n into COUnt in attiving at the operatillg rcsult. PENSKON COSTS AND OTHER POST-RETIREMENT BENEFITS Th¢ chdritsble cornpany operates a d¢fin¢d CODtrsbution pension scheme. Contributions payable to the charitable cotnwany's pension sch¢m¢ are charged to the Stateinenl of Financial Actiipities in the period to which they relate. TJL4DE AND OTHER DEwfoRS Trade and other debtors thai are receivable within one year and do not constitute a financing tr#nsaetion are recorded at the undiscoullted amount expected to be receiveLL net of any Ipay[meL Thosc that are reeeivdble dfter rnore Ihdn one year or Constityie a financing transactson are recorded initially at fair value les5 transactlOD Costs and SLEbs4uently at amortised costs, n¢1 of impatmient Cash and cash equiv91enls Cash and c85h 4uivalents co]nprise cash at bank and tsn hand, demand dey)sits M'ith banks and other short-terni highly liquid investments with original rnaturities of three months or1¢5s and overdrafts. In the balance sheeL bank overdrafts are sbown within borrowings or current liabiliries. Trade aDd other treditors Trade and other creditors are initially r¢eognised dt the traa¢lln pric¢ and are thereafter stated at amortised cost using ih¢ effective interest method unless the eff¢¢l of dioUnt]ng would be irnmat¢Tial, in which case they are stated at cost. CRITICAL ACCOUNTlTr*G JUDGEIIETriTS AND KEY SOURCES OF ESTIM.4TION cERTAINTy In th¢ application of the Charity's accounting polici¢s which are described aboi'e, Trustees are Fequited to make judgements, estitnates gnd assumptions about the carrying values of a$ts and liabilities that are nut reddily appnI from other sources. The estimates and underlytng assumpiions are based on historical expenence and other factors tbat are considered w be relevanL Actual results may diff¢r from these estimates. Page 20 coThtinued..
r4otssto the Flnancial Statements-continued for the year ended 31 March 2022 ACCOttNTING POLICIES - ¢ontlnued CRITICAL ACCOUNTIE4C JUDGEMEflTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY The esÉimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are r¢cognised in the period in which the estinjate is revised if the revision affects only that period, or in the period of revision and future periods if the revision affe¢ls both cuffent and future peTiod8. The key sources of estimation uncertainty that have a significant effect on the amounts recognised in the financial statements arc dcscribcd bclow. Depreciation As%ets arc writt¢ndown ov¢rth¢irestirnat¢duseful lives. Thc actual liv¢s of th¢ assets maydiffcr frornthc5e estimates. The lives of the a&gets are kept under review and adjusted as appropFiale. EMPLOYEE BENEFITS The company provides a range of benefits to employees, including Ix)nus arrangements, paid holiday arrangements and defiT)ed Contribution PenbiOT) plan5. (i) Short tem] benefits Short temi b¢nefits. in¢luding holiday pay and other similar non-mon¢tory b¢ts¢fits, ar¢ re¢ognis¢d as an expense in the penod in which the service is received. (li) Defined contribution tjension plans The company operdtes a dered contribution plan for its etnployees. A defined contribution plaD is a pension plan under which the cornpany pays fixed contributions into a separate legal entity. Once the contributions have been paid thc eomp2fty has no firther payment obligations. The eontributions are recognised as an expense whcn they arc dllc. Amounts not paid are shown in accruals in the b&lance sheeL The assets of the plan are beld separately from the company in independently administered funds. The total co%t to the employer Te¢Olsed in the year arnounted lo £30,49212021 £31,004), this ig alloclled lo fi]nds ba5cd on the lime spent by the s(aff lo which thc cost relates. DONATIONS AND LEGACIES 2022 2021 Donations OTHER TRADtNG ACTtvtTIES 2022 2021 Car park incorn¢ Markct incom¢ Tenancyrentsl income 132,980 39,052 68,678 Page 21 continued...
FARML4M MALTINGS LSSOCL4Tiof4 LIMJTED Notss lo theFiDantial Statements- continued for the year ended 31 Mareh 2022 INVESTMENf INCOME 2022 2021 Deposltaccoutlt int¢Test COME FROM CHARrrABLE AcrivrriES 2022 2021 Activity Catering income CatL"ring Venue hire, PRS and Security Veniie hire, PRS &nd S¢¢urity Visual and performing arts Visual and perforniing an8 promoted by the promoted by the Maltings Maltings Visual and perforniing ans promoted bythe Grants Mdtings Con]mission received on artist Visual and perfonning aris promot¢d by thc sales Maltings Famham museum Farnhatn Museum Grdnts Farnham Museum Comrnission received on artist sales Grants Subscriptions 209.234 241,299 34.991 112.784 424,825 74,247 18,810 2,421 4223 43,931 119,387 2,898 12.493 116,557 Commission received on artist sales Core fllnding and other grants SubscriO]ons 4,167 1,323.879 li.777 1,253 1,393,(HO Grants re¢eivel included in the above. are as follows: 2022 2021 Waverley Borough Council- Rcv¢nu¢ fvnding Wav¢rl¢y Borough Council- Farnham Museum Farnhani Council Arts council Other grants received Rothwh3ld Helpline Tackling Loneline5S High Hopes Govermnent R¢bat¢ scbejne Esmee Fairbairn Waverley Borough R¢$tgrt Surrey Cultllral Parn)ersh 33,000 84,222 13.(K)O 1,166,254 71,715 49,992 33,000 70,500 13.000 1,056262 35,342 54,924 4,000 6,000 26,035 82,114 119,420 19.(K)O 2,893 12,000 Page 22 continued...
Note510 theFinancial Statetnellts- continued for the ye8r ended 31 Marcb 2022 CHARrrABLE ACTIVITIES cosrs Support costs (see note 7) Costs lottls Arts, development and producing expendityre Catering Venue hire, PRS and Security Visual and perforn)ing artspromoledby the Maltings Fanthammuseum Market CoJnmunity Support Other Support Costs Salaries and Wages 594,316 78,084 3.135 594,316 78,084 3,135 188,815 124,355 3,604 454 188,815 124,355 3,604 454 318,460 1011002 318,460 1011002 SUPPORT COSTS Human resources Governance costs Management Finance Totals Oiher Support Costs SalaTies and Wages 262,986 39,888 4,579 l 01 l.(1)2 11.007 318,460 1011002 Nrf JNcOmR(EENDTfURE) Net incomejlexpenditure) Is stat¢d after ¢h8rgingll¢r¢diting): 2022 2021 Alldito, remutteration Auditor5, retnuneration for non &uditwo]k Auditors, remunerdtion fornon audit work- prior year over provision Depreciation- owned assets 5,51M) 6,150 (5,250) 5,000 5,350 Page 23 continued...
Notes lo the Financial Stxtements- ¢ontinu¢d for the year ended 31 March 2022 TRusfEES' REMUNERATION AND BENEFIIS There were no Trustees, remuneration or other benefits for the year ended 31 March 2022 nor for the year ended 31 March 2021. TRUSTEES, EENsEs During the year one tNst¢¢ was reimbursed expenses for refurbishment costs incurred on behalf of the charity. No balanee owed to the trnstee remained al the yeaT end. STAFF COSTS 2022 Total Funds Total Funds Gross wag¢s Employer's national insurance Pension I,(H5,051 75.697 1,081,523 75,610 31.004 Th¢ average number of employees analyscdby futjction w 2022 2021 Administration Box office and front of house OpEtatio ACE Arts Workshop and COUTses Touring Catering Museum 13 14 17 16 15 Below is listed the number of employees, which fell within the following bands 2022 2021 £60,000- £70,IKKJ Tota] pension contributions for higherpaid stsff during the year was £12,69112021 £12,68361. Page 24 continued...
Notes to the FiDanci81 Statements- continued for the year ended 31 March 2022 ii. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES UnTestricted funds Restricted fun Total fijllds Coll AND EN])OIVMENfs FROM Donations and legacies 30,461 30,461 Charitable activitie5 Catering V¢nu¢ hire, PRS and S¢curity Visual and perfomiing arts prtsmoied by thc Maltings Famham Museum Commission r¢c¢iv¢d on artist sales Core funding and other grants Subscriptions 34,991 112,784 34,991 112,784 77,983 1,583 129,050 79,566 l29,050 1253 lJ93,040 10,167 1253 256,057 10,167 1,136.983 Othertrading activities Investment income Other incolne 141,625 1,090 141,625 1,0 Total 75 1267616 237999 EXPEfiDITURE ON Charitgble activities Arts, development and pmducing expenditure Cat¢Ting Venue hire, PRS and Security Visual and perfoming arts promotcd bythe Maltings FarrthaJn Mu%um maet Community Supt Other Support Costs Salaries and Wage 69,968 9,324 1512 347,743 417,711 9,324 2,082 570 23,079 15,000 68,923 38,079 68,923 270 7,538 236,367 1090 116 270 7,538 230,982 873 408 5,385 Total 216081 654 329 1870 410 Net gains on investments NETINCOMEI(EXPENDJTURE> (58,547) 613,287 554,740 Transfer5 between funds 54 377) Net movementin funds {4,170) 558,910 554,740 RECOYCILIA TION OF FUNDS Total funds brougbt foTh*d 91 16 2 433 176 Pag¢ 25 continued...
Notes to the Financial Ststements- continued for the )'ear ended 31 Mareh 2022 12. TANGIBLE FLXED ASSEIS (Grollp and Compan),) tlnprovements Fixwres Freehold Motor vehicles propety fittings Totals COST At l April 20? l and 31 m( 2022 1401297 592 523 352 305 2 360 670 DEPRECIATION At l April 2021 Charge for year 64,664 516,215 5.955 352,305 14,545 947,729 5.955 At 31 March 2022 64.664 522170 352 305 953 684 NEf BOOK VALUE At 31 March 2022 At 31 March 2021 13. FIXED ASSET If+]VESTMENTS Group Listed invesllnents Totsls MARKET VALUE At l April 2021 Revaluations 213,838 25.842 213,838 25.842 Ai 31 Mai¢h 2022 239 680 239 680 NET BK VALtiE At 31 March 2022 239 680 Al 31 March 2021 There were no investmcnl ass¢ts outside the UK. Cost or valuation at 31 March 2022 is represettd by.. Listed tnv¢sknents Tota15 Valualioll in 2020 Valuation in 2021 Valuation in 2022 Cosi (31,321) 45,159 25,842 200 000 (31,3211 45,159 25,842 200 000 Page 26 continueL..
FARNHAM I¥IALTINGS A&SOCIATION LllrrED Notes to theFlnancial Statements- continued for the year ended 31 March 2022 13. FIXED ASSET INVESTMENTS (COFffj GTOUP Company Listed investments Unlisted investtnents Totals MARKET VALUE At l April 2021 R¢valualioDS 213.838 213.840 At 31 March 2022 239 680 239 682 NETBOOK VALUE At 31 March 2022 239 680 At 31 March 2021 There were no investment assets outside the UK. Cost or valuation at 31 March 2022 is represented by.. Listed investments Unlisted inv¢sknients Totals Valuatiott in 2020 Valuauon in 2021 Valuation in 2022 Cost (31,3211 45.159 25,842 (31,3211 45.159 25,842 The company's investments at the balance shc¢t datc in the share ¢apital of companies it)clude the following: Farnham f+lalting$ Trading Limited Registered office.. Nature of business: Theatre Productions Cl&ss of tha]t: Ordinary holding 14. STOCKS (Group Compan}) 2022 2021 Stocks 15. DEBTORS: AMOiJNIS FALLING DUE of4E YEAR Group 2022 2021 Trade debtors Oth¢r d¢btors Prepayments and accrued income 101,256 9,554 170,482 1,625 Page 26 continued...
Notes to the Fmancial Statements- continued for the year ended 31 March 2022 15. DEBTOKS: AMODT(t5 FALLING DUE wrnitN ONE ]TAR ICOND Company 2022 2021 Trdde debtors Anioullts owcd by group undertakings Other debtors Prepayinents and accrued income 101,256 6,031 1,621 170,482 16,773 1,623 10. cREDORS. AMOUNTS FALLING DUE wrfH1, ONE YEAR Group 2022 2021 Trade credito]5 Social surity and otber taxes VAT Other creditors A¢¢N¢d expenses 71,520 40,725 59,941 183,275 56.499 61,436 32,445 150,968 411 Company 2022 2021 Trdde creditors Social %curity and other taxes 71,520 40,725 59,94l 183,275 61,436 VAT Other creditors Accrued expenses 32,445 167,740 Page 27 Continued...
FARNIIAM MALTINGS A&SOCIATION LIMITED r4otes to the FitiaDcial Staternents- continued for the year ended 31 March 2022 17. MOVEMENf IN Fuf4DS Net movement in fi]nds Trdnsfers between fund$ At 1.4.21 31.3.22 UMrestrl¢ted TrdS Gen¢rdl fund Arts d¢velopmentand producing 2018-2022 projects Youth Participation 1,067,429 248,911 185,077 70,7(K) 61,286 1,199.415 248,911 154,608 130.469) 357 1,510,070 39,874 61286 ,611,230 Reslrieted fund5 Farnham Museum Crdft Arts Council England- Cakly5t Creative case Capital Pmjects NPO 18-22 Arts funding Community Engagement International Theatre Development Regional Theatre Development 5l,967 2,578 80,590 14,609 49,781 891,867 63,733 139,814 182907 50,963 (2031 (6,1251 {1941 (5,9551 360,159 {16,9031 7,600 (4,000) 98,930 2 J75 74,465 14,415 43,826 1,200,740 46,830 147,414 206 811 (51,286) 1477 846 1.835 806 TOTAL Fuf4DS Page 28 continued...
Notes to the Finan¢ial St#temtnts- colltinued for the year ended 31 M#rch 2022 Net movemeni in fund4 includ¢d in the aknve are Is follows.. tncoming resources Resources expended Gains and losses Movement in fid9 Unrestrieted funds General fund 2018-2022 projects Youth Participation 1,406,190 (l J61,332) (30.469) 1.405 25,842 70,700 (30,4691 357 1,407238 11,393206) 25,842 39,874 Restricted fund5 Famh8m Museum Craft Arts Council England- Catalyst Creative case Capital Projects NPO 18-22 Arts funding Community Engagement Intemational Theatre Development Regional Theatre DevelopTn¢nl 175,318 {l24,355) {2031 (6,1251 {1941 (5,9551 1593,209) (72,7401 {2,4(M)I 115 9051 50,963 (2031 (6,1251 (194) (5,9551 360,159 (16,903) 7,000 953,368 55,837 10,000 145.809 1340.332 921.086 419246 TOTAL FUYDS Page 29 continued...
Notes to theFinancialStatements- continued lor the year ended 3A 2022 19. MOVEMENT JF4 FUNDS- Continued CoJuparatiY¢s for movement in funds Nel movernenl in fuThJs TTansf¢rs betwecn funds At 31.3.21 At 1.4.20 Unrestricted funds General fund ArL% development and PTodu¢ing 2018-2022 projects Youih Participation 1.003,090 248,911 249,912 10,525 53,814 1,067,429 248.911 185,077 (65,741) 906 343 1,514,240 (58,547) 54,377 1,510.070 Restricted funds Farnham Museum Craft Arts Council England- Catalyst Creative Capital Projects NPO 18-22 ATts funding CoDJmunity Engagernent International TheatreDevelopment Regiona] Theatre Development (4,1601 1,578 85,615 17,891 56,141 470,372 48,643 127,214 115642 60,127 1,000 {5,025) 13282) {5,955) 471,308 15,249 12,600 (4,000) 51,967 2.578 80590 14,609 49,781 891,867 63,733 139,814 182 907 (4051 (49,813) (159) 918936 613 287 1477 846 TOTAL FUNDS Pag¢ 30 continued...
Notes to the Financial Ststements- continued for tbe year ended 31 Mareh 2022 19. MOTrTMETrU IN FUNDS-continMed Comparative net movement in fijnds, included in the above are as follows.. In¢oining resources Resources exnded Gains and losses Movement in fi(ts Vllrestricted fund5 General fund 2018-2022 projects Youth Participation 1,112,683 11,147.317) (65.7411 45,159 10,525 165,741} 1,112,375 (1.216,081) 45,159 (58,547) Restricted funds Fatydthm Museum 129,050 I6,10 (68,923} (15.0001 (5.0251 15,6671 15,9551 1407,4541 (22,3691 60,127 I,(M)O (5,025} (3,282} (5,955) 471,308 15,249 12,6(Kl Arts CoLLncil Enand- Cataly Creative case Capital Projects NPO 18-22 Arts funding Cominunity Engdgement International Theatre Development Regional Theatre Developmcnt 2.385 878,762 37,618 12,500 1267.616 654 329 613.287 TOTAL FtTr4DS Description of funds: Restricted ftmds NPO 18-22 Arts fi]nding - these are funds received from kn Council England to support the production and di5tributioD of thcatr¢, regionally, nationally and intemationally. Community cngagement - this r¢pT¢5ents fid$ Teceived to deliver community engagement activity across the Borough. Mu8eum- thi.% 18 a service level agreement with Waverley Borough Council to mana¥c thc Museum of F8rnham. Catalyst- thi5 repre%nts fi]nds received to support InCred fundraising and philanthropic giving. Creative Case- this represents funds lo activ¢ly increa5¢ diversity within our work and programrnes. Capital projects- this represents funds to enable capital upgrades for the organisation. International Theatre Dei'elopment - thts represents funds to SUPPOrt international import and export for the independent perfonning arts sector. Regional Theatre Development - this repiesenÉs funds to support thextr¢ Tnakers to create work with and for ¢ommunilies across the South East. Craft- this represents funds received to support the devclopmeni of the indcpcndent crdft sector acioss the Borough. Desi ated fimds Arts development and producing - this iepresents fijnds lo suptK>n the Work we do in support of the independenl theatre sectr>r. 2018-22 projects- this represents funds to deliv¢r a number of identified pmjects to be completed by March 2022. Youth Participation- this Fepre5ents fund8 received lo run youth pani¢ipatioD activity across the Borough. Page31 continued...
FARNHAM MALTINGS ASSOCIATION IJMfTED Notes to the llnCilI Ststen]ents- continued for the year eDded 31 March 2022 19. MOVEMENf IN FUNDS-contlnued TR4NSFERS BETWEEN FUNDS The transfers behveen ndS have been made to reflectthe costspreviously incurred out of general fiJDds in supporting the Work und¢rtaken on th¢s¢ 5pccific projects. 211. RELATED PARTY DISCLOSitRES Therewere no relatedpaty transactions forthe year ended 31 March 2022. Page 32