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2021-03-31-accounts

PETHERTON ARTS TRUST LIMITED

(A company limited by guarantee)

REPORT AND UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2021

CONTENTS

1 Company Information

2 - 8 Report of the Board of Management 9 Independent Examiner’s Report 10 Income and Expenditure Account and Statement of Financial Activities 11 Balance Sheet

12 - 21 Notes to the Financial Statements

Company No. 02438900 Charity No. 900637

1

PETHERTON ARTS TRUST LIMITED

COMPANY INFORMATION

----- Start of picture text -----
BOARD OF MANAGEMENT
Cliff Keating (Resigned October 2020)
Peter Wheeler
Tom Davies
Jan Novy (Resigned 3 August 2020)
Anne Brown (Resigned 3 August 2020)
Derek Boles
Christopher Latham
Viv Wiles
Angela Keating
Jed Dunn
Janet East (Appointed February 2021)
Aaron Clements (Appointed February 2021)
Fares Moussa (Appointed February 2021)
Mick Connon
ADMINISTRATOR Emma Randall
REGISTERED OFFICE The David Hall
Roundwell Street
South Petherton
Somerset
TA13 5AA
REGISTERED NUMBER 02438900 (England and Wales)
INDEPENDENT EXAMINER Michael Cook BSc FCA
A C Mole & Sons
Stafford House
Blackbrook Park Avenue
Taunton
Somerset
TA1 2PX
BANKERS National Westminster Bank plc
2 Hendford
Yeovil
Somerset
BA20 1TN
----- End of picture text -----

2

PETHERTON ARTS TRUST LIMITED (REGISTERED NUMBER 02438900)

REPORT OF THE BOARD OF MANAGEMENT

The Board of Management present their Report and the unaudited financial statements of the Company for the year ended 31 March 2021. The financial statements comply with current statutory requirements, the Memorandum and Articles of Association, and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (issued October 2019).

Structure, Governance and Management

Governing Document

The organisation is a charitable company limited by guarantee, incorporated on 2 November 1989 and registered as a charity on 26 July 1990. The company was established under a Memorandum of Association and is governed under its Articles of Association. In the event of the company being wound up members are required to contribute an amount not exceeding £10.

Members of the Board of Management

Members of the Board of Management, who are directors for the purpose of company law and trustees for the purpose of charity law, to the date of this report are set out on page 1.

Recruitment and Appointment of the Board of Management

The directors of the company are also the charity trustees for the purposes of charity law and under the company[’] s Articles are known as members of the Board. Under the requirements of the Memorandum and Articles of Association the members of the Board are elected to serve for a period of one year after which they must be re-elected at the next Annual General Meeting.

The Board members include a significant number with professional knowledge of music and the arts. When recruiting Board members care is taken to ensure a broad level of suitable skills is maintained.

Trustee Induction and Training

Most trustees are already familiar with the practical work of the charity having been regular attendees at the charity’s events.

New trustees receive induction notes on their responsibilities and duties.

Risk Management

The Board has conducted a review of the major risks to which the charity is exposed. As a public venue it is subject to regular inspections by the fire officer and all issues raised are dealt with. A member of the board has been given responsibility for risk assessment and carries out regular checks.

Organisational Structure

Petherton Arts Trust currently has a Board who meet bi-monthly and are responsible for the strategic direction and policy of the charity. At present the Board has nine members from a variety of professional backgrounds.

The day-to-day running of the venue is the responsibility of the Administrator who was employed for 22 hours per week and the Board has the support of a Treasurer who is employed for 8 hours per week. The Board are responsible for ensuring that the charity operates the David Hall effectively and that key performance indicators are met. The Administrator has responsibility for the day-to-day operational management of the David Hall.

Objectives and Activities

The company’s objects and principal activities are: To promote, maintain, improve and advance public education within the Community at large and particularly in South Petherton in the County of Somerset by the promotion, production and performance of, and the encouragement of, the arts of drama, mime, ballet, dance, music, singing , playwriting, literature and visual arts, sculpture and painting.

3

PETHERTON ARTS TRUST LIMITED (REGISTERED NUMBER 02438900)

REPORT OF THE BOARD OF MANAGEMENT

(CONTINUED)

Objectives and Activities (continued)

In furtherance of the objects set out above but not otherwise: -

The Trustees confirm that they have referred to the guidance contained in the Charity Commission’s general guidance on public benefit when reviewing the company’s aims and objectives and in planning future activities.

Achievements and Performance

Introduction

This is the 33rd annual report of The Petherton Arts Trust in which will summarise the events, activities, challenges, successes and opportunities that have featured during the year. Most notably has been the dramatic effect of COVID on our operation, seriously affecting our business. It has been a huge challenge but one met with creativity and resilience.

In the period following the AGM held in November 2019 regrettably the Chairman, Mike Penn, resigned his post and Cliff Keating, as Vice Chairman assumed the post of Acting Chairman. In the Spring of 2021 Mr Keating subsequently stepped down and Tom Davis stepped in to complete the year.

I acknowledge and recognise the contribution made by our staff and volunteers (including the Board) and I extend my gratitude to them for their energy and efforts.

Fabric of the David Hall Building

Following the survey conducted in spring 2019 a number of issues requiring attention were highlighted in previous report and they continued to cause concern.

With the onset of the Covid-19 epidemic in early 2020 and consequential lockdowns we took the opportunity to capitalise on the restricted funds we had identified, continued to seek major funds and, in the Spring of 2021, appointed a contractor to begin work.

Funds were secured from:

4

PETHERTON ARTS TRUST LIMITED (REGISTERED NUMBER 02438900)

REPORT OF THE BOARD OF MANAGEMENT (CONTINUED)

Fabric of the David Hall Building (continued)

These funds enabled us to focus on the high level work to the roof, water goods dormers and high and some low level stonework incurring costs of around £35,000.

While the condition of the building will no doubt continue to need attention we believe the main exterior fabric has been secured.

Activities and Entertainments

Sadly, due to Covid lockdowns and restrictions our programme for this financial year has been greatly reduced. As in previous years we had planned a comprehensive programme of music, theatre, films and much more for this year. Our inability to complete this programme has had a detrimental effect on our finances - not only due to the loss of ticket sales but also a massive reduction in our ability to sell alcohol.

All the events organised during that period that have not taken place have been postponed and not cancelled so that we have not incurred any cost, rearranging artists into our 2021 - 2022 programme

We did however manage to put on a number of socially distanced events at The David Hall and also a number of gigs online. Additionally we produced in-house ‘virtual acoustic nights’ of local performers. These all helped us to maintain our profile while waiting for the time when we could be fully open; and the feedback we have had from our supporters is most encouraging.

In addition to this Petherton Picture Show were able to show films in September and October 2020 with others cancelled due to lockdowns. There were also a small number of live acoustic night performances.

We have a very exciting mix of live music, theatre, films and much more arranged for the future which we are sure is of a quality that will appeal both to our regular punters and, indeed, a new and younger audience.

Our Marketing Group is working extremely hard that we make every effort to seek out ways of promoting all our events, especially using the use of social media. We are confident that although customers have not been coming to The David Hall on a regular basis, their desire to "get back" is being shown by the large ticket sales being purchased for forthcoming events.

We will continue to strive to spread the range of activities at The David Hall involving local schools in programming activities. Our desires are supported by the reputation we have built over many years and we remain totally optimistic about the future.

5

PETHERTON ARTS TRUST LIMITED (REGISTERED NUMBER 02438900)

REPORT OF THE BOARD OF MANAGEMENT

(CONTINUED)

Administration Services at the Trust

It is with considerable pride that the hall operates successfully with what equates to less than one full time paid position, a large proportion of the work being undertaken by unpaid volunteers. Our hard-working team of administrator and treasurer, Emma and Anne are employed part time and without doubt work considerably more hours than are paid for by the Trust. Our public relations officer manages to maintain a robust media presence, despite PAT having no budget available for advertising. Our volunteers provide the majority of office back up services and box office. The board express their gratitude to their hard work and dedication that make the David Hall the success that it is.

The introduction of the new box office and finance system has proved to be problematic with a number of difficult issues that have required modification. The contractor has proved very responsive to the resolution of these issues; however some areas still require optimisation. The administration of the new website has also been undertaken by the contractor and this has proven to be a great success.

Our bi-annual programme requires a considerable undertaking and expense to prepare and issue by the staff and volunteers. We are constantly investigating means of offsetting its printing and distribution costs. Much work had already been conducted on the Autumn 2020 programme but, due to the uncertainty introduced by the global pandemic, this has been put on hold until the situation clarifies.

Links with Our Community

The Hall continues to enjoy support from the local community. The monthly coffee mornings are very popular with large numbers attending. Several local groups use these events as a regular meeting place.

Volunteers from the Hall continue to deliver the community magazine to all in the local community. The Petherton Folk Festival again took place in June 2019 and grows in popularity with volunteers and Board members from the Hall being very active in this event.

The annual Open Gardens event in South Petherton again raised a substantial sum for the Hall.

The Hall is used most evenings for classes for the local community and we continue to try to grow our daytime bookings. To help with this we have been promoting the use of the Hall as rehearsal space for arts and theatre groups with some success.

Links with a local theatre company have continued, providing children’s activities during the summer holidays.

Financial Review

This has been a particularly difficult year for Petherton Arts Trust. The COVID pandemic has had a potentially devastating impact on our activities. We have been closed for the majority of the year with just the odd Coffee Morning, Acoustic Night or Online gig where possible within Government restrictions and between Lockdown periods. Income through our usual streams has been almost non-existent. However we were successful in a bid for Government funding through the Arts Council and Culture Recovery Fund which brought in £46,328. There is a further 10% of our award to follow in the coming months, however the total amount receivable of £51,476 has been included in these financial statements. We have also received other Government grants (£20,674) to support through closure periods when trading has not been possible.

Our loyal customers and the general public have been supportive with valued donations both for the general costs of keeping things going and for the major roofing project which was critical to maintain the integrity of the building and the activities within it. We have also submitted bids and been successful in being awarded some particularly generous donations specifically for the building work.

We continue to monitor our finances closely and finish the year with a generated Income of £28,953. Our Cost of Sales amount to £10,251. This leaves a gross profit of £18,702. When our Operating Expenses of £47,197 are applied together with Grant and Donation monies of £111,175 we end the year with a Surplus of £82,680. From this figure approximately £36K is committed to our ongoing major building project.

6

PETHERTON ARTS TRUST LIMITED (REGISTERED NUMBER 02438900)

REPORT OF THE BOARD OF MANAGEMENT (CONTINUED)

Investment Policy

Petherton Arts Trust Limited monies need to remain easily accessible for the day to day running of the Hall and as such it has not been appropriate to consider the longer term investments that might be available. Working capital is held in a current account and further reserves in the Bath Building Society.

We have taken out a Government backed Bounce Back Loan of £29,938 in case of need but this money remains untouched in the Building Society.

Reserves Policy

The reserves policy is to hold reserves totaling approximately £12,000. The aim is to meet the working capital requirement of Petherton Arts Trust against a background of no external funding. We started the year with £7,378 in reserve in the Building Society and this has remained untouched throughout the full financial period. Cultural Recovery Fund monies covered PAT expenses from October 20 to March 21 and allowed reserves reflation by £21K. There was a small underspend of £3K as at the end of March, but it is anticipated that this and some of the reserves will be needed to support the specified activities until the end of Covid restrictions.

For the year ended 31 March 2021 the charity generated a profit for the period of £82,680 (2020: £23,407 loss). The total reserves at the year end stood at £98,352 (2020: £15,672) of which £31,037 (2020: £8,190) were restricted reserves leaving £67,315 (2020: £7,482) unrestricted reserves. Of these unrestricted reserves £16,073 are held as fixed assets leaving the charity with free reserves of 51,242.

Given the continuing uncertainty from the ongoing COVID-19 pandemic and the major repair works required at the David Hall the Trustees consider it prudent to hold reserves in excess of the reserves policy at this time.

Impact of the global pandemic

The COVID-19 global pandemic has had an immediate effect on the trust and hall operations at the end of this financial year. The last performance at the hall was on 14 March 2020 and in the light of government advice, the decision was made that we should close as of 18 March until advised it is both permissible and safe to open.

Since this time the hall has managed to open for events on a few occasions in keeping with the relevant Government requirements, particularly in regard to social distancing. This has had a major impact on the cash flow of the Trust. Staff have either been working from home or utilising a safe office space in order to conduct necessary administrative work. Refunds for tickets already purchased and the cancellation or postponement of events have necessitated the staff being retained without the organisation participating in the government furlough scheme. In addition, the preparation, printing and distribution of the official programmes for the second half of 2020 and the first part of 2021 has been postponed until there is further clarification of the Government’s regulations.

The trust successfully applied for and received a Cultural Recovery Fund Grant in October 2020 of £51,476. Arts Council England has subsequently recognised that most applicants will be unable to deliver all the activities which they applied for due to tighter restrictions with the ongoing pandemic. The funding can now be used to build reserves up to the equivalent of 12 weeks’ turnover.

As a Rates-payer, under the Government scheme, the Trust also received several elements of Business Support Grant through the autumn and winter of 2020/21 which has proved essential in allowing the Trust to build its reserves funding for the re-opening year ahead. Additionally we have obtained a government (Bounce Back) loan which we are holding in reserve.

7

PETHERTON ARTS TRUST LIMITED (REGISTERED NUMBER 02438900)

REPORT OF THE BOARD OF MANAGEMENT

(CONTINUED)

Impact of the global pandemic (continued)

The trust is currently applying for further Government funding through the Cultural Recovery Fund so that reserves are not depleted until operations are permitted to begin again. It is far from clear what the long term impact on the trust will be and to the performing arts in general. The trustees will maintain a regular active review of the situation in order that the future of the trust and the hall are not compromised.

The Trustees will make every effort to work within Government Regulations but maximise new and alternative opportunities to build new income streams in order that the future of the trust and the hall are not compromised. The practicality of conducting civil wedding services at the hall is being pursued with vigour, as there have been a large number of postponed weddings in 2020. This will serve to offset hall overheads without impact on the core programme of activities of the trust.

Funding applications will continue to be pursued vigorously to ensure the Trust has significant funding to enable the organisation to continue to function and to build on the funding and grant opportunities that have already been realised for the short to medium term.

Statement of Trustees’ Responsibilities

The trustees (who are also directors of Petherton Arts Trust Limited for the purposes of company law) are responsible for preparing the Report of the Board of Management (incorporating the directors’ report) and the financial statements in accordance with applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102: The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the income and expenditure of the charitable company for that period.

In preparing these financial statements, the trustees are required to:

The trustees are responsible for maintaining proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

In so far as the Trustees are aware:-

8

PETHERTON ARTS TRUST LIMITED (REGISTERED NUMBER 02438900)

REPORT OF THE BOARD OF MANAGEMENT

(CONTINUED)

The Trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company’s website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

Approved by the Board of Management on

and signed on its behalf by:

Tom Davies Trustee

9

PETHERTON ARTS TRUST LIMITED (REGISTERED NUMBER 02438900)

INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES

OF PETHERTON ARTS TRUST LIMITED

I report to the charity trustees on my examination of the accounts of Petherton Arts Trust Limited (the Company) for the year ended 31 March 2021 which are set out on pages 10 to 21.

Responsibilities and basis of report

As the charity’s trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 (‘the 2006 Act’).

Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity’s accounts as carried out under section 145 of the Charities Act 2011 (‘the 2011 Act’). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5) (b) of the 2011 Act.

Independent examiner’s report

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

  1. accounting records were not kept in respect of the Company as required by section 386 of the 2006 Act; or

  2. the accounts do not accord with those records; or

  3. the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a ‘true and fair view’ which is not a matter considered as part of an independent examination; or

  4. the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities [applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)].

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

Michael Cook BSc FCA A C Mole & Sons Chartered Accountants Stafford House Blackbrook Park Avenue Taunton TA1 2PX

Dated

10

PETHERTON ARTS TRUST LIMITED (REGISTERED NUMBER 02438900)

INCOME AND EXPENDITURE ACCOUNT AND STATEMENT OF FINANCIAL ACTIVITIES

YEAR ENDED 31 MARCH 2021

Unrestr-
icted
Note
Funds
£
INCOME FROM:-
Donations
2
83,094
Charitable activities
3
21,602
Other trading activities
4
7,329
Investments
5
22
__
TOTAL INCOME
112,047
_
EXPENDITURE ON:-
Raising funds:
6
10,251
Charitable activities
6
41,963

TOTAL EXPENDITURE
52,214

NET INCOME/(EXPENDITURE) AND NET
MOVEMENT IN FUNDS IN THE YEAR
8
59,833
RECONCILIATION OF FUNDS
Total funds brought forward
7,482
___
Total funds carried forward
19
67,315
 Restr-
Total
icted
Funds
Funds
2021
£
£
28,081
111,175
-
21,602
-
7,329
-
22
__
_
28,081
140,128


-
10,251
5,234
47,197


5,234
57,448


22,847
82,680
8,190
15,672

___
31,037
98,352


 Total
Funds
2020
£
10,903
67,762
29,401
102
__
108,168
_
9,106
122,469

131,575

(23,407)
39,079
___
15,672

The notes on pages 12 to 21 form part of these financial statements

11

PETHERTON ARTS TRUST LIMITED (REGISTERED NUMBER 02438900)

BALANCE SHEET

AS AT 31 MARCH 2021

FIXED ASSETS
Tangible Assets
Investments
CURRENT ASSETS
Stock
Debtors
Cash at Bank and in Hand
CREDITORS: AMOUNTS FALLING DUE
WITHIN ONE YEAR
NET CURRENT ASSETS
TOTAL ASSETS LESS CURRENT LIABILITIES
CREDITORS: AMOUNTS FALLING DUE AFTER
MORE THAN ONE YEAR
NET ASSETS
THE FUNDS OF THE CHARITY
Unrestricted Funds
Restricted Funds
TOTAL CHARITY FUNDS		 Notes
11
12
13

14
15
19
19
£
1,463
6,987
114,754
123,204
16,455		 2021
£
19,153
-
106,749
125,902
27,550
__
98,352
_
67,315
31,037
___
98,352		 £
2,376
1,840
14,782
18,998
23,237		 2020
£
19,811
100
(4,239)
15,672
-
__
15,672
_
7,482
8,190
___
15,672

The Company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2021.

The members have not required the Company to obtain an audit of its financial statements for the year ended 31 March 2021 in accordance with Section 476 of the Companies Act 2006.

The Board of Management acknowledge their responsibilities for:-

The financial statements have been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

Approved by the Board of Management on and signed on its behalf by:

Tom Davies Trustee

The notes on pages 12 to 21 form part of these financial statements

12

PETHERTON ARTS TRUST LIMITED (REGISTERED NUMBER 02438900)

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 MARCH 2021

1 ACCOUNTING POLICIES

a) Charitable company status

The charity is a company limited by guarantee and does not have any share capital. The liability of the guarantors, who are the members, is limited to £10 per guarantor. At 31 March 2021 the charity had 9 members. The company is registered in England and Wales. The registered office is The David Hall, Roundwell Street, South Petherton, Somerset, TA13 5AA.

b) Basis of preparation

The financial statements have been prepared under the historical cost convention with items recognised at cost or transaction value. The financial statements have also been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (issued October 2019) – (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS102) and the Companies Act 2006.

Petherton Arts Trust Limited meets the definition of a public benefit entity as defined by FRS 102.

To ensure its survival Petherton Arts Trust Limited has to rely upon securing adequate external funding while operating at a reduced capacity. At the time of this report the trustees are satisfied that the Charity has been successful in obtaining sufficient funds to ensure its continuance for at least the next 12 months. The trustees therefore consider it appropriate to prepare these accounts on a going concern basis. The uncertainty over the ability to reopen at full capacity due to the COVID-19 pandemic requires the financial position to be kept under constant review and this the trustees have done and will continue to ensure.

c) Basis of consolidation

The company had one subsidiary undertaking (see note 12). However, it is exempt from preparing consolidated financial statements on the grounds that the group meets the criteria to be classified as a small group. These financial statements therefore refer only to the parent undertaking, Petherton Arts Trust Limited.

d) Funds structure

Unrestricted funds comprise those funds which the trustees are free to use for any purpose in furtherance of the charitable objects.

Restricted Funds are funds which are subject to external restriction on the way they may be spent. Further details of each fund are disclosed in note 19.

e) Income recognition

Income is recognised when the charity has entitlement to the income, it is probable that the income will be received and the amount can be measured reliably.

Revenue grants including government grants in respect of coronavirus support are recognised in full in the Income and Expenditure Account in the year in which they are receivable.

Capital grants received in previous years were deferred and are being released to the Income and Expenditure Account in line with the depreciation charge on the fixed assets to which the grant relates.

Income received in advance of a theatrical performance is deferred until the criteria for income recognition are met.

13

PETHERTON ARTS TRUST LIMITED (REGISTERED NUMBER 02438900)

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 MARCH 2021

1 ACCOUNTING POLICIES – CONTINUED

f) Expenditure recognition

Liabilities are recognised as expenditure as soon as there is a legal and constructive obligation committing the Charity to that expenditure, it is probable that settlement will be required and the amount of the obligation can be measured reliably

Expenditure on raising funds comprises the costs associated with attracting voluntary income.

Expenditure on charitable activities comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them including governance costs.

All costs are allocated or apportioned to the applicable expenditure headings, on a basis designed to reflect the use of the resources as detailed in notes 6 and 7.

Irrecoverable VAT is charged against the expenditure heading for which it was incurred.

g) Tangible fixed assets

Tangible fixed assets are initially recognised at cost. Depreciation is provided on tangible fixed assets in equal annual instalments in order to write off the cost over their estimated useful economic lives as follows:

Freehold property 25 years Fixtures and fittings 10 years Computer equipment 4 years

h) Stock

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving stock.

i) Taxation

The charity is exempt from corporation tax on its charitable activities.

j) Cash and cash equivalents

Cash and cash equivalents represent cash in hand and in instant access bank and building society accounts.

k) Financial instruments

The charity only has financial assets and liabilities that qualify as basic financial instruments. Basic financial instruments are recognised at transaction price and subsequently measured at their amortised cost.

l) Critical accounting judgements and estimation uncertainty

The preparation of the financial statements in conformity with FRS 102 requires the trustees to make judgements, estimates and assumptions that affect the application of policies and the amounts recognised in the financial statements. The trustees are of the opinion that there are no accounting judgements or estimates that have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities within the next financial year.

14

PETHERTON ARTS TRUST LIMITED (REGISTERED NUMBER 02438900)

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 MARCH 2021

2 DONATIONS

2021
£
Unrestricted
Donations
7,729
Save the Hall Friends
2,472
Covid-19 Grants
72,150
South Petherton Combined Arts Society
-
Gift aid
743
Restricted
Helping Hand Project
28,081
_
111,175

3
INCOME FROM CHARITABLE ACTIVITIES - UNRESTRICTED
2021
£
Box office
21,332
Film video
270
_
21,602

4
INCOME FROM OTHER TRADING ACTIVITIES - UNRESTRICTED
2021
£
Hall hire
1,043
Advertising income
-
Bar income
1,671
Save the Hall raffle
-
Save the Hall 200 club
2,675
Sundry income
1,940
__
7,329
 2020
£
5,192
2,008
-
375
-
3,328
_
10,903

2020
£
63,383
4,379

67,762

2020
£
4,472
1,445
19,380
318
2,886
900
__
29,401

All of the company’s investment income of £22 (2020: £102) arises from money held in interest bearing deposit accounts.

5 INCOME FROM INVESTMENTS - UNRESTRICTED

15

PETHERTON ARTS TRUST LIMITED (REGISTERED NUMBER 02438900)

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 MARCH 2021

6 EXPENDITURE

EXPENDITURE

Raising
Funds
£
Artists’ fees
-
Publicity and advertising
-
Film video expenses
-
Licenses
-
Bar stocks
-
Wedding expenses
509
Support costs (See note 7)
9,742
_
10,251
___		 Charitable Charitable
Activities Activities
Unrestricted Restricted
£
£
4,633
-
1,009
-
273
-
194
-
992
-
-
-
34,862
5,234
__

41,963
5,234
 _
_____		 2021
2020
Total
Total
£
£
4,633
56,031
1,009
6,371
273
3,513
194
3,142
992
9,105
509
-
49,838
53,413
__
_
57,448 131,575

___

All expenditure in 2020 was unrestricted with the exception of £1,982 on support costs and £375 of Artists fees.

7 ANALYSIS OF GOVERNANCE AND SUPPORT COSTS

Administrative salaries
Rates and water
Light and heat
Insurance
Repairs
Cleaning
Printing, stationery,
Postage and telephone
Independent examiner’s
Accountancy services
Sundries
Depreciation
Impairment loss
Bad debts
Interest payable		 Basis of Raising
allocation
funds
(
£
Staff time
9,146
Floor area
13
Floor area
114
Floor area
72
Floor area
233
Floor area
51
Usage
109
Direct
-
Usage
-
Usage
4
Usage
-
Usage
-
Usage
-
Usage
-
_
9,742
_		 Charitable
activities
unrestricted)
£
16,491
251
2,172
1,363
4,421
970
2,074
3,045
1,596
86
1,825
100
200
268
_
34,862
___		 Charitable
activities 2021
2020
(restricted)
Total
Total
£
£
£
-
25,637
23,115
-
264
877
-
2,286
2,400
-
1,435
2,087
4,717
9,371
13,528
-
1,021
1,040
-
2,183
3,905
-
3,045
2,136
-
1,596
1,028
-
90
358
517
2,342
2,939
-
100
-
-
200
-
-
268
-
_

_
5,234
49,838
53,413

_
___

All expenditure in 2020 was unrestricted with the exception of £1,282 of depreciation and £700 of repairs.

16

PETHERTON ARTS TRUST LIMITED (REGISTERED NUMBER 02438900)

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 MARCH 2021

8 NET INCOME/(EXPENDITURE) FOR THE YEAR

Net income/(expenditure) is stated after charging:
Independent examiner’s fee
Accountancy services
Depreciation
STAFF COSTS
Wages and salaries
Pension contributions
Average number of employees		 2021
£
3,045
1,596
2,342
2021
£
25,387
250
______
25,637
3		 2020
£
2,136
1,028
2,939
2020
£
22,526
589
______
23,115
3

9 STAFF COSTS

There were no employees with emoluments over £60,000 (2020 – none).

The charity considers its key management personnel to comprise the trustees and the administrator. Total remuneration of key management personnel in the year was £21,863 (2020 - £20,586).

10 TRUSTEES REMUNERATION AND EXPENSES

Remuneration of £7,050 (2020 - £4,950) was paid during the year directly out of the funds of the charity to Anne Brown, a member of the Board of Management, in her role as Treasurer. The charity’s Articles of Association have been updated to permit the remuneration of one member of the Board of Management.

Expenses incurred and reimbursed to 3 (2020: 9) Directors of the Board of Management during the year amounted to £1,393 (2020 - £2,153).

17

PETHERTON ARTS TRUST LIMITED (REGISTERED NUMBER 02438900)

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 MARCH 2021

11 TANGIBLE ASSETS

Cost
At 1 April 2020
Additions
At March 2021
Depreciation
At 1 April 2020
Charge for Year
At 31 March 2021
Net Book Value
At 31 March 2021
At 31 March 2020		 Freehold
Property
£
158,577
-
__
158,577
_
147,414
656

148,070
___
10,507
11,163		 and
Fittings
£
40,367
1,684
__
42,051
_
31,719
1,686

33,405
___
8,646
8,648		 Fixtures
Computer
Equipment
Total
£
£
5,475
204,419
-
1,684
__
_
5,475
206,103


5,475
184,608
-
2,342

__
5,475
186,950
__
____
-
19,153
-
19,811

The David Hall was purchased with grant monies provided by the Foundation for Sport and the Arts and South Somerset District Council.

The cost of freehold property and capital grants in respect thereof is as follows:-

Capital
Cost Grant
£ £
Acquisition of the David Hall 62,500 62,500
Renovation and Extension of Toilets 17,235 12,631
Balcony Project and Renovation of Toilets 62,432 50,525
Windows Project 16,410 2,000
______ ______
158,577 127,656
INVESTMENTS
£ £
Investment in Subsidiary Undertaking at Cost less impairment - 100

12 INVESTMENTS

Investment in Subsidiary Undertaking at Cost less impairment

The investment comprised 100% of the issued ordinary share capital of David Hall Enterprises Limited, a dormant company registered in England and Wales. The address of the registered office was, The David Hall, Roundwell Street, South Petherton, TA13 5AA. The capital and reserves of David Hall Enterprises Limited at 31 March 2021 amounted to £100.

After the balance sheet date there was an application to strike off David Hall Enterprises Limited. The company was dissolved on XXXXXXX. The value in the accounts has therefore been impaired to £nil net realisable value.

18

PETHERTON ARTS TRUST LIMITED (REGISTERED NUMBER 02438900)

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 MARCH 2021

13
DEBTORS
Trade Debtors
Grants Receivable
Prepayments
14
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Third Party Loans
Amounts due to Subsidiary Undertaking
Accruals
Deferred Income (See note 16)
Taxation and Social Security
Coronavirus Bounceback Loan		 2021
£
426
5,148
1,413
__
6,987
2021
£
1,100
-
5,404
6,570
725
2,656
____
16,455		 2020
£
526
-
1,314
__
1,840
2020
£
1,100
100
4,588
16,877
572
-
____
23,237

Third party loans are interest-free and do not carry any set date for repayment.

The bank loan was drawn down in October 2020 under the Bounce Back Loan provisions due to the Covid-19 pandemic. The loan, which includes a 12 month interest and capital repayment holiday, carries interest at a fixed rate of 2.5% and is repayable in 60 monthly instalments from October 2021. The loan is repayable by September 2026.

15 CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2021
£
Coronavirus Bounceback Loan
27,550		 2020
£
-

16 DEFERRED INCOME

Deferred income represents advance ticket sales for performances taking place after the year end

2021 2020
£ £
As at 1 April 2020 16,877 6,963
Amount released to income from charitable activities (16,877) (6,963)
Amount deferred in year 6,570 16,877
______ ______
As at 31 March 2021 6,570 16,877

17 SHARE CAPITAL

The Company is limited by guarantee and does not have a share capital. The liability of the members is limited to £10 each.

19

PETHERTON ARTS TRUST LIMITED (REGISTERED NUMBER 02438900)

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 MARCH 2021

18 SUMMARY OF NET ASSETS BY FUND

19 General Unrestricted Fund

Restricted Funds
Thrive
Youth Concession
Poetry Project
SSDC – 30thAnniversary
Windows Project
Boiler Fund
Helping Hands

MOVEMENT IN FUNDS
General Unrestricted Fund
Restricted Funds
The BIG Lottery ‘Awards for All Fund’
Thrive
Youth Concession
Poetry Project
SSDC – 30thAnniversary
Windows Project
Boiler Fund
Helping Hands		 Fixed
Current
Assets
Assets
£ £
16,073
95,247
-
1,000
-
600
-
281
-
84
1,280
-
1,800
-
-
25,992
__
_
19,153
123,204

01.4.20
Income
£
£
7,482
112,047

__
137
-
1,000
-
600
-
281
-
84
-
1,360
-
2,100
-
2,628
28,081

____
8,190
28,081		 Fixed
Current
Assets
Assets
£ £
16,073
95,247
-
1,000
-
600
-
281
-
84
1,280
-
1,800
-
-
25,992
__
_
19,153
123,204

01.4.20
Income
£
£
7,482
112,047

__
137
-
1,000
-
600
-
281
-
84
-
1,360
-
2,100
-
2,628
28,081

____
8,190
28,081		 Fixed
Current
Assets
Assets
£ £
16,073
95,247
-
1,000
-
600
-
281
-
84
1,280
-
1,800
-
-
25,992
__
_
19,153
123,204

01.4.20
Income
£
£
7,482
112,047

__
137
-
1,000
-
600
-
281
-
84
-
1,360
-
2,100
-
2,628
28,081

____
8,190
28,081		 Current
Long Term
Liabilities
Liabilities
£
£
(16,455)
(27,550)
-
-
-
-
-
-
-
-
-
-
-
-
-
-
__
_
(16,455)
(27,550)
Expenditure
Transfers

£
£

(52,214)
-




(137)
-

-
-

-
-

-
-

-
-

(80)
-

(300)
-

(4,717)
-

_
____

(5,234)
-		 Total
£
67,315
1,000
600
281
84
1,280
1,800
25,992
__
98,352

31.3.21
£
67,315
_
-
1,000
600
281
84
1,280
1,800
25,992
_
31,037














-
-
-
-
-
-
-
28,081
____
28,081

20

PETHERTON ARTS TRUST LIMITED (REGISTERED NUMBER 02438900)

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 MARCH 2021

19 MOVEMENT IN FUNDS CONTINUED

Purpose of Restricted Funds

The BIG Lottery ‘Awards for All Fund’ was a grant provided to fund the purchase of lower balcony screens, audio visual equipment and a shower for artists. The balance will reduce as the capital expenditure is depreciated.

Thrive Project was a grant provided to fund a Songwriting Project involving Petherton Arts Trust, Folk South West and The Octagon. The project needs to attract greater funding

Youth Concession Project was a grant provided to substitute some family events as applicable in the programme. In addition, links are being made with the local schools to develop a David Hall prize for promising students.

Poetry project: Seed funding to establish Poetry as a regular feature of the David Hall Programme. Some aspects still in the development stage and hoped to encourage workshops in local schools to celebrate National Poetry Day.

SSDC – 30[th] Anniversary. This grant was initially received for folk music development which never took place. South Somerset District Council agreed that this income could be used to support the 30[th] Anniversary celebrations of Petherton Arts Trust Limited.

Windows Project was an anonymous donation to fund the replacement of the main windows. The balance will reduce as the capital equipment purchased is depreciated.

The Boiler Fund was set up to replace the old oil fired boiler by an energy efficient gas fired unit. This will reduce the hall operating costs, create more space and enable the removal of some large oil storage tanks. The balance will reduce as the capital equipment purchased is depreciated.

The Helping Hand project is to specifically fund maintenance and repairs to the fabric of the building, this includes the major roof and stonework repairs.

20 RELATED PARTY TRANSACTIONS

At the balance sheet date there is a balance of nil due to David Hall Enterprises Limited from Petherton Arts Trust Limited (2020: £100).

21 CONTINGENT LIABILITIES

21

PETHERTON ARTS TRUST LIMITED (REGISTERED NUMBER 02438900)

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 MARCH 2021

22 SUMMARY OF NET ASSETS BY FUND FOR THE YEAR ENDED 31 MARCH 2020

General Unrestricted Fund
Restricted Funds
The BIG Lottery “Awards for All Fund”
Thrive
Youth Concession
Poetry Project
SSDC – 30thAnniversary
Windows Project
Boiler Fund
Helping Hands
 Fixed
Current
Assets
Assets
£ £
16,314
14,405
137
-
-
1,000
-
600
-
281
-
84
1,360
-
2,100
-
-
2,628
__
____
19,911
18,998
 Current
Long Term
Liabilities
Liabilities
£
£
(23,237)
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
__
____
(23,237)
-		 Total
£
7,482
137
1,000
600
281
84
1,360
2,100
2,628
______
15,672

23 MOVEMENT IN FUNDS FOR THE YEAR ENDED 31 MARCH 2020

General Unrestricted Fund
Restricted Funds
The BIG Lottery ‘Awards for All Fund’
Notice Board Grant
Thrive
Youth Concession
Poetry Project
SSDC – 30thAnniversary
Windows Project
Boiler Fund
Helping Hands
South Petherton Combined Arts Society		 01.4.19
Income
£
£
32,235
104,465
_
_
990
-
49
-
1,000
-
600
-
281
-
84
-
1,440
-
2,400
-
-
3,328
-
375
_
____
6,844
3,703		 Expenditure
£
(129,218)
__
(853)
(49)
-
-
-
-
(80)
(300)
(700)
(375)
__
(2,357)		 Transfers
£
-
__
-
-
-
-
-
-
-
-
-
-
__
-		 31.3.20
£
7,482
__
137
-
1,000
600
281
84
1,360
2,100
2,628
-
__
8,190