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2022-03-31-accounts

Company registration number: 02438900 Charity registration number: 900637

Petherton Arts Trust Ltd

(A company limited by guarantee) Unaudited Annual Report and Financial Statements

for the Year Ended 31 March 2022

Petherton Arts Trust Ltd Contents (continued)

Reference and Administrative Details 1
Trustees' Report 2 to 7
Independent Examiner's Report 8
Statement of Financial Activities 9
Balance Sheet 10
Notes to the Financial Statements 11 to 24

Petherton Arts Trust Ltd Reference and Administrative Details

Trustees Christopher Latham, Chair Peter Wheeler Tom Davies Janet East, appointed 1 May 2021 Derek Boles Angela Keating Mick Connon Administrator & Finance Kerry Bamford Charity Registration Number 900637 Company Registration Number 02438900 Registered Office The David Hall Roundwell Street South Petherton Somerset TA13 5AA Independent Examiner Michael Cook A C Mole Stafford House Blackbrook Park Avenue Taunton Somerset TA1 2PX Bankers National Westminster Bank PLC St James Street South Petherton Somerset TA13 5BP

The charity is incorporated in England and Wales.

Page 1

Petherton Arts Trust Ltd Trustees' Report

The Board of Management present their Report and the unaudited financial statements of the Company for the year ended 31 March 2022. 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. Fire and Electrical safety surveys have been undertaken and new certificates obtained. The lift now also falls under a regular inspection regime.

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 seven members from a variety of professional backgrounds.

The staffing structure has been amended, late in this financial year to create three posts:

  1. A Program Administrator responsible for the production and delivery of the Trust's professional programme. 2. A Finance Officer.

  2. A Centre Administrator, responsible or the day-to-day running of the venue.

These changes were undertaken within the same total hours of the previous system, and will be reviewed.

The Board are responsible for ensuring that the charity operates the David Hall effectively and that key performance indicators are met.

Page 2

Petherton Arts Trust Ltd Trustees' Report (continued)

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.

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 34th annual report of The Petherton Arts Trust which summarises the events, activities, challenges, successes and opportunities that have featured during the year 2021/22.

In this period Tom Davis took the helm as acting chair, in addition to his role as secretary. Subsequently, Chris Latham took over as chair for the major part of the 2021/22 year, and completed this report.

I acknowledge and recognise the contribution made by our staff and volunteers, and particularly the Board who continued to act with integrity and prompt action during this challenging period

Fabric of the David Hall Building

The roof repairs highlighted in the previous year's report were completed and some payments were made into this financial year, along with the remaining CRF grant made available on submission of the report.

The remaining work to be done on the roof is to repair the damaged ceiling, which is planned to be completed in August 2022 - the next financial year.

Additional work completed through voluntary labour has included the painting of the female toilets, the foyer, and some minor repairs to both the disabled facilities and the floor of the bar store which suffered a collapse due to water ingress which, with the roof repair, has now been solved.

As always, the condition of the building will no doubt continue to need attention in keeping with a building of this age and conservation requirements.

Page 3

Petherton Arts Trust Ltd Trustees' Report (continued)

Activities and Entertainments

Sadly the financial year 1 April 2021 - 31 March 2022 was once again affected by Covid restrictions and, therefore, the programme has been reduced from what was originally planned. This reduction in the number of performances, together with the restrictions and concerns experienced by our customers has clearly had a detrimental effect on our finances.

After a period of total lockdown the rules changed on 12 April which enabled the Hall to be used for hirings. This meant that a number of events such as Silver Swans and Flamenco classes resumed but, unfortunately, many did not. On 17 May the Government announced further changes which enabled socially distanced events to take place. As a result the following two events took place in June:-

3 June - Balshazzars Feast (two socially distanced performances)

19 June - Kitty MacFarlane (two socially distanced performances)

Sadly the Folk Festival planned for June 2021 had to be cancelled.

The situation improved with the lifting of restrictions in July 2021 which meant that we were able to hold events with no reduction in capacity. However, as mentioned before, many of our punters remained concerned about catching the virus and therefore numbers were reduced.

The following events took place from July onwards:-

Page 4

Petherton Arts Trust Ltd Trustees' Report (continued)

2022:-

In addition to the above events, the Petherton Picture Show was able to show films during the Autumn of 2021 and the first three months of 2022.

There were also a number of acoustic performances held during this period.

The Trust has been very much busier this year than last year. This has still resulted in a reduction in original plans and numbers, which although much improved, are not yet back to where they were pre COVID..

We are confident that the programme planned for the next year is high quality and diverse in nature and has the potential to increase our numbers and therefore our income.

Page 5

Petherton Arts Trust Ltd Trustees' Report (continued)

Links with Our Community

The Hall continues to enjoy support from the local community. The monthly coffee mornings were held when possible, with proper safe spacing and arrangements (like table service). The fact that we were able to provide a safe venue proved very popular with large but safe numbers attending. Regular musical entertainment was provided and the mornings provided a valuable social experience. Our thanks go to the volunteers and the coordinators of the coffee mornings - the Hartleys.

Volunteers from the Hall continued to deliver the community magazine to all in the local community. Sadly the Petherton Folk Festival became a victim to the pandemic in 2021 but will again take place in June 2022, with substantial support from the Trust in terms of staffing, stewarding and technical support with volunteers and Board members from the Hall being very active in this event.

Financial Review

2021/22 continued to be a challenging financial year for Petherton Arts Trust. The COVID pandemic had a potentially devastating impact on our activities, and even when restrictions were lifted we were faced with understandable audience reluctance to return. The Cultural Recovery Grant of course did not continue into this period, other than receiving a small remaining amount on completion of the final report and audit. Many small venues were not able to survive this rebuilding period, and we are proud to be able to rely on the growing attendance support of our users which grew steadily, though not achieving pre pandemic figures in this financial year's reporting.

While we now replaced our full reserve funds (with CRF support) we are fully aware of our challenges as we progress into 2022/23 with both reduced secondary income from hall hiring and dramatically increasing energy costs, which are currently taking place.

We became a licensed Wedding Venue in the hope that this will bring in some additional secondary income and we continue to review bar sales and prices alongside ticket prices.

The introduction of cashless bar payments has been a great boost to both our customer experience and bar takings.

We continue to monitor our finances closely and finished the year with a generated Income of £61,705. Our Cost of Sales amounted to £57,241. This leaves a gross profit of £4,460. When our Operating Expenses of £87,986 are applied together with Grant and Donation monies of £24,821 we end the year with a Deficit of £58,705 leaving reserves of £39,647.

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.

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

Reserves Policy

The reserves policy is to hold reserves totalling approximately £12,000. The aim is to meet the working capital requirement of Petherton Arts Trust against a background of no external funding.

For the year ended 31 March 2022 the charity incurred a loss for the period of £58,705 (2021: £82,680 profit).

Total reserves at the year end stood at £39,647 (2021: £98,352) of which £4,915 (2021: £53,992) were restricted reserves leaving £34,732 (2021: £44,360) unrestricted reserves. Of these unrestricted reserves £14,304 are held as fixed assets leaving the charity with free reserves of £20,428.

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.

Page 6

Petherton Arts Trust Ltd Trustees' Report (continued)

Plans for the Future

We will maintain the high quality of performers and presentations that we currently enjoy. The Hall, although a small venue in comparison to many, continues to attract artists that are of national and international reputation. This is principally due to the outstandingly positive relationship with artists and agents that has been forged over the years. We will continue to maintain these relationships and will not compromise on the quality of performers that are booked to appear at the venue.

We will seek to broaden our offering further to attract new audiences with a small classical series and additional spoken word events.

We will seek to increase our secondary income from hiring and other activities.

We will seek further ways to control our energy costs and so reduce our carbon footprint.

We will seek funding opportunities to enable improvements and wider cultural opportunities to take place

Impact of the global pandemic

The COVID-19 global pandemic had an immediate effect on the trust and hall operations and this effect continues into both 2021/22 and, we anticipate, into 2022/23 financial years. We continue to work in this uncertain future, and await the return of more full capacity events, while being aware that Winter may well produce fourth COVID uncertainty, both in health terms and in costs.

Statement of Trustees' Responsibilities

The trustees (who are also the directors of Petherton Arts Trust Ltd for the purposes of company law) are responsible for preparing the trustees' report and the financial statements in accordance with the United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) and applicable law and regulations.

Company law requires the trustees to prepare financial statements for each financial year. Under company law the trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and of its income and expenditure, for that period. In preparing these financial statements, the trustees are required to:

The trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charitable company's transactions and 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.

The annual report was approved by the trustees of the charity on 28 July 2022 and signed on its behalf by:

......................................... Christopher Latham Chairman and Trustee

Page 7

Petherton Arts Trust Ltd Independent Examiner's Report to the trustees of Petherton Arts Trust Ltd ("the Company")

I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 March 2022.

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 Petherton Arts Trust Ltd 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 statement

I have completed my examination. 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 Petherton Arts Trust Ltd 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 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 Stafford House Blackbrook Park Avenue Taunton Somerset TA1 2PX

Date:.............................

Page 8

Petherton Arts Trust Ltd Statement of Financial Activities for the Year Ended 31 March 2022 (Including Income and Expenditure Account)

Note
Income
Donations and legacies
3
Charitable activities
4
Other trading activities
5
Investment income
6
Total income
Expenditure
Raising funds
7
Charitable activities
8
Total expenditure
Net expenditure
Transfers between funds
Net movement in funds
Reconciliation of funds
Total funds brought forward
Total funds carried forward
20
Note
Income
Donations and legacies
3
Charitable activities
4
Other trading activities
5
Investment income
6
Total income
Expenditure
Raising funds
7
Charitable activities
8
Total expenditure
Net income
Net movement in funds
Reconciliation of funds
Total funds brought forward
Total funds carried forward
20		 Unrestricted
funds
£
22,765
37,549
24,124
28
84,466
(2,900)
(85,560)
(88,460)
(3,994)
(5,634)
(9,628)
44,360
34,732
Unrestricted
funds
£
31,618
22,019
7,329
22
60,988
(4,394)
(19,716)
(24,110)
36,878
36,878
7,482
44,360		 Restricted
funds
£
2,056
-
-
-
2,056
-
(56,767)
(56,767)
(54,711)
5,634
(49,077)
53,992
4,915
Restricted
funds
£
79,557
-
-
-
79,557
-
(33,755)
(33,755)
45,802
45,802
8,190
53,992		 Total
2022
£
24,821
37,549
24,124
28
86,522
(2,900)
(142,327)
(145,227)
(58,705)
-
(58,705)
98,352
39,647
Total
2021
£
111,175
22,019
7,329
22
140,545
(4,394)
(53,471)
(57,865)
82,680
82,680
15,672
98,352

The notes on pages 11 to 24 form an integral part of these financial statements. Page 9

Petherton Arts Trust Ltd (Registration number: 02438900) Balance Sheet as at 31 March 2022

Note
Fixed assets
Tangible assets
14
Current assets
Stocks
Debtors
15
Cash at bank and in hand
Creditors: Amounts falling due within one year
16
Net current assets
Total assets less current liabilities
Creditors: Amounts falling due after more than one year
17
Net assets
Funds of the charity:
Restricted funds
Unrestricted funds
Total funds
20		 2022
£
17,004
1,561
12,284
71,825
85,670
(41,195)
44,475
61,479
(21,832)
39,647
4,915
34,732
39,647		 2021
£
19,153
1,463
6,987
114,754
123,204
(16,455)
106,749
125,902
(27,550)
98,352
53,992
44,360
98,352

For the financial year ending 31 March 2022 the charity was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements on pages 9 to 24 were approved by the trustees, and authorised for issue on 28 July 2022 and signed on their behalf by:

......................................... Christopher Latham Chairman and Trustee

The notes on pages 11 to 24 form an integral part of these financial statements. Page 10

Petherton Arts Trust Ltd Notes to the Financial Statements for the Year Ended 31 March 2022

1 Charity status

The charity is limited by guarantee, incorporated in England and Wales, and consequently does not have share capital. Each of the trustees is liable to contribute an amount not exceeding £10 towards the assets of the charity in the event of liquidation. At 31 March 2022 the charity had 7 members.

The address of its registered office is:

The David Hall Roundwell Street South Petherton Somerset TA13 5AA

2 Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Basis of preparation and statement of compliance

The financial statements have been prepared under the historical cost convention with items recognised at cost or transaction value unless stated otherwise within these notes. The financial statements have 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 (FRS 102)) (issued in October 2019) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

Petherton Arts Trust Ltd meets the definition of a public benefit entity under FRS 102.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest pound.

Going concern

To ensure its survival Petherton Arts Trust has to rely upon securing adequate 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.

Income and endowments

All income is recognised once the charity has entitlement to the income, it is probable that the income will be received and the amount of the income receivable can be measured reliably.

Donations and legacies

Donations are recognised when the charity has been notified in writing of both the amount and settlement date. In the event that a donation is subject to conditions that require a level of performance by the charity before the charity is entitled to the funds, the income is deferred and not recognised until either those conditions are fully met, or the fulfilment of those conditions is wholly within the control of the charity and it is probable that these conditions will be fulfilled in the reporting period.

Page 11

Petherton Arts Trust Ltd Notes to the Financial Statements for the Year Ended 31 March 2022 (continued)

2 Accounting policies (continued)

Grants receivable

Grants are recognised when the charity has an entitlement to the funds and any conditions linked to the grants have been met. Where performance conditions are attached to the grant and are yet to be met, the income is recognised as a liability and included on the balance sheet as deferred income to be released.

Theatre Performances

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

Expenditure

All expenditure is recognised once there is a legal or constructive obligation to that expenditure, it is probable settlement is required and the amount can be measured reliably. All costs are allocated to the applicable expenditure heading that aggregate similar costs to that category. Where costs cannot be directly attributed to particular headings they have been allocated on a basis consistent with the use of resources.

Raising funds

These are costs incurred in attracting voluntary income, the management of investments and those incurred in trading activities that raise funds.

Support costs

Support costs include central functions and have been allocated to activity cost categories on a basis consistent with the use of resources, for example, allocating property costs by floor areas, or per capita, staff costs by the time spent and other costs by their usage.

Irrecoverable VAT

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

Taxation

The charity is a registered charity and is, therefore, exempt from liability to taxation on it's income and capital gains, to the extent that such income or gains are applied exclusively to charitable purposes.

Tangible fixed assets

Tangible fixed assets are initially recorded at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

Depreciation and amortisation

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Asset class Depreciation method and rate
Freehold property 25 years
Fixtures and fittings 10 years
Computer equipment 4 years

Stock

Stock is valued at the lower of cost and estimated selling price less costs to complete and sell, after due regard for obsolete and slow moving stocks.

Page 12

Petherton Arts Trust Ltd Notes to the Financial Statements for the Year Ended 31 March 2022 (continued)

2 Accounting policies (continued)

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Fund structure

Unrestricted income funds are general funds that are available for use at the trustees discretion in furtherance of the objectives of the charity.

Restricted income funds are those donated for use in a particular area or for specific purposes, the use of which is restricted to that area or purpose.

Financial instruments

The charity only enters into basic financial instruments that result in the recognition of financial assets and liabilities such as trade and other debtors and creditors together with loans to related parties. Debt instruments, such as trade debtors and creditors, are initially measured at transaction price and subsequently measured at amortised cost.

Financial assets are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the income statement.

Critical accounting judgements and estimation uncertainty

The preparation of the financial statements in conformity with FRS 102 requires management to make judgements, estimates and assumptions that affect the application of policies and reported amounts of assets and liabilities, income, and expenses.

Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

The charity makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The Trustees consider that there are no critical accounting estimates and judgements have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.

Page 13

Petherton Arts Trust Ltd Notes to the Financial Statements for the Year Ended 31 March 2022 (continued)

3 Income from donations

Donations
Save the hall
Helping hands project
Tesco project income
Gift aid reclaimed
Covid-19 grants
Total for 2022
Donations
Save the hall
Cultural recovery fund grant
Helping hands project
Gift Aid tax reclaimed
Covid-19 grants
Total for 2021		 Unrestricted
funds
£
5,343
3,454
-
-
1,240
12,728
22,765
7,728
2,473
-
-
743
20,674
31,618		 Restricted
funds
£
-
-
890
1,166
-
-
2,056
-
-
51,476
28,081
-
-
79,557		 Total
funds
£
5,343
3,454
890
1,166
1,240
12,728
24,821
7,728
2,473
51,476
28,081
743
20,674
111,175

Page 14

Petherton Arts Trust Ltd Notes to the Financial Statements for the Year Ended 31 March 2022 (continued)

4 Income from charitable activities

Box office
Film video
Total for 2022
Box office
Film video
Total for 2021		 Unrestricted
funds
£
36,065
1,484
37,549
21,749
270
22,019		 Restricted
funds
£
-
-
-
-
-
-		 Total
funds
£
36,065
1,484
37,549
21,749
270
22,019

5 Income from other trading activities

Hall hire
Bar income
Save the Hall 200 club
Friends of PAT
Weddings income
Advertising
Total for 2022
Hall hire
Bar income
Save the Hall 200 club
Friends of PAT
Total for 2021		 Unrestricted
funds
£
3,377
14,378
2,835
1,560
849
1,125
24,124
1,043
1,671
2,675
1,940
7,329		 Restricted
funds
£
-
-
-
-
-
-
-
-
-
-
-
-		 Total
funds
£
3,377
14,378
2,835
1,560
849
1,125
24,124
1,043
1,671
2,675
1,940
7,329

6 Investment income

All of the company's investment income of £28 (2021: £22) arises from money held in interest bearing deposit accounts.

Page 15

Petherton Arts Trust Ltd Notes to the Financial Statements for the Year Ended 31 March 2022 (continued)

7 Expenditure on raising funds

Note
Allocated support costs
9
Total for 2022
Allocated support costs
9
Total for 2021		 Unrestricted
funds
£
2,900
2,900
4,394
4,394		 Restricted
funds
£
-
-
-
-		 Total
funds
£
2,900
2,900
4,394
4,394

8 Expenditure on charitable activities

Note
Costs directly allocated to activities
Allocated support costs
9
Total for 2022
Costs directly allocated to activities
Allocated support costs
9
Total for 2021		 Unrestricted
funds
£
51,651
33,909
85,560
3,088
16,628
19,716		 Restricted
funds
£
5,590
51,177
56,767
4,522
29,233
33,755		 Total
funds
£
57,241
85,086
142,327
7,610
45,861
53,471

Page 16

Petherton Arts Trust Ltd Notes to the Financial Statements for the Year Ended 31 March 2022 (continued)

9 Analysis of support costs

Raising funds expenditure Costs of generating donations and legacies

Raising funds expenditure
Costs of generating donations and legacies
Basis of allocation
Administrative salaries
Staff time
Rates and water
Floor area
Light and heat
Floor area
Insurance
Floor area
Repairs
Floor area
Cleaning
Floor area
Printing, stationery, postage and telephone
Usage
Sundries
Usage
Basis of allocation
Administrative salaries
Staff time
Rates and water
Floor area
Light and heat
Floor area
Insurance
Floor area
Repairs
Floor area
Cleaning
Floor area
Printing, stationery, postage and telephone
Usage		 Unrestricted
funds
£
2,265
20
49
73
254
45
186
8
2,900
Unrestricted
funds
£
4,118
13
64
36
83
23
57
4,394		 Total
2022
£
2,265
20
49
73
254
45
186
8
2,900
Total
2021
£
4,118
13
64
36
83
23
57
4,394

Page 17

Petherton Arts Trust Ltd Notes to the Financial Statements for the Year Ended 31 March 2022 (continued)

9 Analysis of support costs (continued)

Charitable activities expenditure

Charitable activities expenditure
Basis of allocation
Administrative salaries
Staff time
Rates and water
Floor area
Light and heat
Floor area
Insurance
Floor area
Repairs
Floor area
Cleaning
Floor area
Printing, stationery, postage
and telephone
Usage
Book-keeping fees
Usage
Independent examiner's
Direct
Accountancy services
Usage
Sundries
Usage
Depreciation
Usage
Bad debts
Usage
Interest payable
Usage
Bank charges
Usage
Basis of allocation
Administrative salaries
Staff time
Rates and water
Floor area
Light and heat
Floor area
Insurance
Floor area
Repairs
Floor area
Cleaning
Floor area
Printing, stationery, postage
and telephone
Usage
Independent examiner's
Direct
Accountancy services
Usage
Sundries
Usage
Depreciation
Usage
Impairment loss
Usage
Bad debts
Usage
Interest payable
Usage
Bank charges
Usage		 Unrestricted
funds
£
10,747
380
931
1,380
4,822
865
3,532
4,214
2,312
971
156
1,770
(200)
845
1,184
33,909
Unrestricted
funds
£
7,851
251
1,217
681
1,568
437
1,057
-
1,185
-
1,657
100
200
268
156
16,628		 Restricted
funds
£
6,383
100
629
-
40,152
721
1,145
-
-
1,368
-
380
-
-
299
51,177
Restricted
funds
£
13,668
-
1,005
718
7,720
561
1,069
3,045
411
90
685
-
-
-
261
29,233		 Total
2022
£
17,130
480
1,560
1,380
44,974
1,586
4,677
4,214
2,312
2,339
156
2,150
(200)
845
1,483
85,086
Total
2021
£
21,519
251
2,222
1,399
9,288
998
2,126
3,045
1,596
90
2,342
100
200
268
417
45,861

Page 18

Petherton Arts Trust Ltd Notes to the Financial Statements for the Year Ended 31 March 2022 (continued)

10 Net income/expenditure

Net (expenditure)/income resources for the year include:

Independent examiner's fees
Depreciation		 2022
£
4,651
2,149		 2021
£
3,045
2,342

11 Trustees remuneration and expenses

Remuneration of £3,314 (2021: £7,050) 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 5 (2021: 3) Directors of the Board of Management during the year amounted to £810 (2021: £1,393).

12 Staff costs

The aggregate payroll costs were as follows:

Wages and salaries
Pension contributions		 2022
£
19,182
213
19,395		 2021
£
25,387
250
25,637

The average number of persons employed during the year was 2 (2021: 3).

No employee received emoluments of more than £60,000 during the year (2021: none).

The charity considers its key management personnel to comprise the trustees and administrator. Total remuneration of key management personnel in the year was £15,867 (2021: £21,863).

13 Independent examiner's remuneration

Examination of the financial statements
All other assurance services
All other services		 2022
£
2,312
1,050
1,289
4,651		 2021
£
3,045
-
1,596
4,641

Page 19

Petherton Arts Trust Ltd Notes to the Financial Statements for the Year Ended 31 March 2022 (continued)

14 Tangible fixed assets

Cost
At 1 April 2021
At 31 March 2022
Depreciation
At 1 April 2021
Charge for the year
At 31 March 2022
Net book value
At 31 March 2022
At 31 March 2021		 Freehold
property
£
158,577
158,577
148,070
656
148,726
9,851
10,507		 Fixtures and
fittings
£
42,051
42,051
33,405
1,493
34,898
7,153
8,646		 Computer
equipment
£
5,475
5,475
5,475
-
5,475
-
-		 Total
£
206,103
206,103
186,950
2,149
189,099
17,004
19,153

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:

Acquisition of the David Hall
Renovation and Extension of Toilets
Balcony Project and Renovation of Toilets
Windows Project		 Cost
£
62,500
17,235
62,432
16,410
158,577		 Capital Grant
£
62,500
12,631
50,525
2,000
127,656

15 Debtors

Trade debtors
Grants receivable
Prepayments
Other debtors		 2022
£
148
5,148
1,818
5,170
12,284		 2021
£
426
5,148
1,413
-
6,987

Page 20

Petherton Arts Trust Ltd Notes to the Financial Statements for the Year Ended 31 March 2022 (continued)

16 Creditors: amounts falling due within one year

16 Creditors: amounts falling due within one year
Trade creditors
Third party loans
Accruals
Deferred income
Taxation and social security
Coronavirus bounceback loan		 2022
£
11,068
1,100
5,569
17,707
-
5,751
41,195		 2021
£
-
1,100
5,404
6,570
725
2,656
16,455

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 November 2021. The loan is repayable by October 2026.

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

As at 1 April 2021
Amount released to income
Amount deferred in the year
As at 31 March 2022		 2022
£
6,570
(6,570)
17,707
17,707		 2021
£
16,877
(16,877)
6,570
6,570

17 Creditors: amounts falling due after one year

Coronavirus bounceback loan

2022
£
21,832		 2021
£
27,550

18 Share capital

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

Page 21

Petherton Arts Trust Ltd Notes to the Financial Statements for the Year Ended 31 March 2022 (continued)

19 Contingent liabilities

(a) The Company's freehold property, the David Hall, was purchased in 1992 in part with a grant from the Foundation for Sport and the Arts of £50,000. The Foundation's standard terms and conditions specify that in the event that the Company ceases trading for whatever reason, the Foundation reserves the right to reclaim the full amount of the grant.

(b) On 11 February 1998, the Company received a supplementary grant from South Somerset District Council of £15,500 to clear its accumulated indebtedness and secure its long-term future. The grant is repayable in the event of the David Hall being sold, and is secured by a formal charge over the property.

20 Funds

Unrestricted funds
Restricted funds
Thrive
Youth Concession
Poetry Project
SSDC - 30th Anniversary
Windows Project
Boiler Fund
Helping Hands
Cultural Recovery Fund
Tesco Project
Total funds		 Balance at 1
April 2021
£
44,360
1,000
600
281
84
1,280
1,800
28,621
20,326
-
53,992
98,352		 Income
£
84,466
-
-
-
-
-
-
890
-
1,166
2,056
86,522		 Expenditure
£
(88,460)
-
-
-
-
(80)
(300)
(38,134)
(17,337)
(916)
(56,767)
(145,227)		 Transfers
£
(5,634)
-
-
-
-
-
-
8,623
(2,989)
-
5,634
-		 Balance at 31
March 2022
£
34,732
1,000
600
281
84
1,200
1,500
-
-
250
4,915
39,647

Page 22

Petherton Arts Trust Ltd Notes to the Financial Statements for the Year Ended 31 March 2022 (continued)

20 Funds (continued)

20 Funds (continued)
Unrestricted funds
Restricted funds
The BIG Lottery 'Awards for All'
Fund
Thrive
Youth Concession
Poetry Project
SSDC - 30th Anniversary
Windows Project
Boiler Fund
Helping Hands
Cultural Recovery Fund
Total funds		 Balance at 1
April 2020
£
7,482
137
1,000
600
281
84
1,360
2,100
2,628
-
8,190
15,672		 Income
£
60,988
-
-
-
-
-
-
-
28,081
51,476
79,557
140,545		 Expenditure
£
(24,110)
(137)
-
-
-
-
(80)
(300)
(2,088)
(31,150)
(33,755)
(57,865)		 Balance at 31
March 2021
£
44,360
-
1,000
600
281
84
1,280
1,800
28,621
20,326
53,992
98,352

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 - 30th 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 30th 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.

The Arts Council Cultural Recovery Fund issues grants with the aim to provide emergency funding to culturally significant organisations that were financially sustainable before the Covid-19 pandemic.

Page 23

Petherton Arts Trust Ltd Notes to the Financial Statements for the Year Ended 31 March 2022 (continued)

21 Analysis of net assets between funds

21 Analysis of net assets between funds
Tangible fixed assets
Current assets
Current liabilities
Long term liabilities
Total net assets
Tangible fixed assets
Current assets
Current liabilities
Creditors over 1 year
Total net assets		 Unrestricted
funds
£
14,304
83,455
(41,195)
(21,832)
34,732
Unrestricted
funds
General
£
14,557
73,808
(16,455)
(27,550)
44,360		 Restricted
funds
£
2,700
2,215
-
-
4,915
Restricted
funds
£
4,596
49,396
-
-
53,992		 Total funds at
31 March
2022
£
17,004
85,670
(41,195)
(21,832)
39,647
Total funds at
31 March
2021
£
19,153
123,204
(16,455)
(27,550)
98,352

22 Related party transactions

No related party transactions took place during the year (2021: none).

Page 24