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2023-03-31-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 2023

Petherton Arts Trust Ltd Contents (continued)

Reference and Administrative Details 1
Trustees' Report 2 to 8
Independent Examiner's Report 9
Statement of Financial Activities 10
Balance Sheet 11
Notes to the Financial Statements 12 to 25

Petherton Arts Trust Ltd Reference and Administrative Details

Chair Christopher Latham, Chair Trustees Christopher Latham, Chair Peter Wheeler Tom Davies Janet East Derek Boles Angela Keating Viv Wiles (appointed September 2022) Mick Connon Company Secretary Tom Davies Charity Registration Number 900637 Company Registration Number 02438900

The charity is incorporated in England and Wales.

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

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 2023. 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 35th annual report of The Petherton Arts Trust which summarises the events, activities, challenges, successes and opportunities that have featured during the year 2022/23.

My thanks first go to the perseverance and professionalism of the staff, who unfailingly contend with the multiple challenges that face our organisation on a daily basis. Additionally, the support received from other Trustees, and the continued commitment from the many volunteers who make this organisation special.

Fabric of the David Hall Building

During this period, we have had no major issues with the fabric of the building. The work completed to secure the roof over the 2022 / 23 financial year has provided us with a dry building with no major issues to resolve. However, as the drying of the walls has taken place there are significant areas of internal plaster that will now need replacing, probably with lime mortar and taking a considerable time to dry and then repaint with breathable paint. A suitable time will be needed when the activities are reduced, and this may not be possible until the summer of 2024.

Internally, we still struggle for internal space for suitable storage and heavy use areas now need to be refreshed, most notably the bar / box office/ bar store area. The floor in the bar store suffered badly during the water ingress period and will need replacement and general upgrading.

Funds and a suitable time period will need to be identified by a task group for these significant maintenance issues.

Page 3

Petherton Arts Trust Ltd Trustees' Report (continued)

Activities and Entertainments

This year has seen the development of our programme areas to include some new and emerging directions.

Theatre work has included more shows (some with the support of Take Art! - a local partnership). While audiences have been generally low (especially for our ‘family / Children's’ work), we still believe it is an important part of our offer, and we have continued into 2023/24 as we hope for new audience development. This also happened with the introduction of a successful Wednesday ‘Classical coffee mornings', now regularly bringing in 60 - 90 audience numbers. This works as a partnership with Trio Paradis, a regional professional classical trio, partly arts council funded.

Our spoken word contribution has moved forward with Fresh Fiction / Short - story writers from the region, writing to a theme and presenting regular readings and now forming partnerships with Ilminster Literary Festival. We have held author talks in partnership with the library service and writing workshops, choirs, dance (junior and adult), jewellery and other crafts have also been available through our community programme.

The following events took place in the period April 2022 to March 2023:-

Page 4

Petherton Arts Trust Ltd Trustees' Report (continued)

It was pleasing to see that after the disruption of Covid and the problems caused by the economic situation, our numbers increased throughout the year and are now running at about 85% of where we were pre-Covid.

Page 5

Petherton Arts Trust Ltd Trustees' Report (continued)

In addition to the above events the Petherton Picture Show, mostly twice monthly, was able to show films throughout this period and their numbers have also held up well.

We are also pleased to say that the Acoustic Performances returned to their normal monthly slot and are doing really well.

We end this period in a much stronger position than when we started it - and thanks to the magnificent support of agents, artists and volunteers - the future is looking extremely positive.

Community Links

Our regular coffee mornings continue with a large following and are supported by a strong volunteer team led by the Heards. The cakes that appear by magic bring in an appreciative clientele. Music has become a regular feature at these events and our thanks is given to these performers.

This period saw the introduction of a short term Community Development and Liaison post, funded through Somerset Community Fund. The post covered two financial periods and has been successful in identifying some short term developments as well as highlighting a direction of travel in this area of development. We work with a local restaurant who provides discount for early eaters prior to our shows. A local estate agent now provides our information in their welcome pack to new village residents, alongside some complimentary tickets. With some local historians we worked towards September 2023 for the 160yr commemoration of the buildings first service.

N & D news continued to act as a ticket agency and a link to the village, and we thank them for their support.

The Trust is now running a David Hall Stage at a local Green Scythe fair in a nearby village which brings in additional income and provides the opportunity to reach new audiences.

Financial Review

2022/23 - The aftereffects of the COVID pandemic were still impacting activities at the beginning of the year, particularly audience numbers. As confidence began to rise the sudden large energy costs occurred. This had a double effect, the increases in audience numbers slowed to the extent that we are still not back to pre-pandemic numbers, and the overhead cost related to energy increased dramatically. Current inflation rates mean that the trustees regularly monitor our charges.

Overall, the income from activities and some small grants showed a modest surplus of £1,708 at the end of year, reassuring after two very bumpy years. However, this has not led to complacency and trustees are ever mindful of opportunity to increase use of the hall.

With the appointment of a new Finance officer, we have been able to investigate and use considerably more of the functionality in Xero, our accounts system. As a result, and for the first time have been able to enter reasonably realistic budget for 2023/24 on the system, against which we can measure income and expenditure.

Year end summary: generated Income of £120,689 (2022: 61,701). Cost of Sales £78,848 (2022: £57,241). This leaves a gross profit of £41,841 (2022: £4,460). Operating Expenses of £56,579 (2022: £87,986) are applied together with Grant and Donation monies of £16,446 (2022: £24,821) the year ended with a Surplus of £1,708 (2022: deficit £58,705) leaving reserves of £41,355 (2022: £39,649). We hold a Government backed Bounce Back Loan of £21,812 in case of need. This remains in a separate account and repayment has commenced.

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.

Page 6

Petherton Arts Trust Ltd Trustees' Report (continued)

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 2023 the charity generated a surplus for the period of £1,708 (2022: £58,705 deficit).

Total reserves at the year end stood at £41,355 (2022: £39,647) of which £4,959 (2022: £4,915) were restricted reserves leaving £36,396 (2021: £34,732) unrestricted reserves. Of these unrestricted reserves £12,657 are held as fixed assets leaving the charity with free reserves of £23,739 (2022: 20,428).

Given the continuing recovery 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.

Plans for the Future

Measuring against the plans set in the previous annual report I can report some success in most areas. In the 22/23 report we said:

We will seek to

While aiming to maintain the high quality of performers and presentations that we currently enjoy, we do need to broaden our reach, but this comes at a significant financial risk. We hope that the new funding arrangements with the reformed local authority will provide some opportunity for funding support to allow small and progressive centres like The Petherton Arts Trust to obtain financial support for these developments and bring in wider culture opportunities.

- Impacts & Issues Key challenges

These challenges have not changed significantly from 22/23, other than the pandemic effects are slowly reducing, though nationally centres are reporting a still present decline of around 30% in ticket sales.

I am pleased to report this, for us has not been so severe, though is still an issue 2023 / 2024

  1. Continue to see new audience and secure funding and partnerships to enable this to take place.

  2. Support our volunteers effectively.

  3. Streamline our Marketing and communications by:

  4. updating marketing distribution methods and lists

  5. identifying media systems to promote our delivery effectively

  6. Maintain the physical infrastructure of the building

Page 7

Petherton Arts Trust Ltd Trustees' Report (continued)

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 applicable law and United Kingdom Accounting Standards, including FRS 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.

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.

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

......................................... Christopher Latham Chairman and trustee

Page 8

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 2023, which are set out on pages 10 to 25.

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 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 accounting 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 9

Petherton Arts Trust Ltd Statement of Financial Activities for the Year Ended 31 March 2023 (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)/income
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 expenditure
Transfers between funds
Net movement in funds
Reconciliation of funds
Total funds brought forward
Total funds carried forward
20		 Unrestricted
funds
£
4,664
82,742
37,742
205
125,353
(2,163)
(130,404)
(132,567)
(7,214)
8,623
1,409
34,732
36,141
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		 Restricted
funds
£
11,782
-
-
-
11,782
-
(2,860)
(2,860)
8,922
(8,623)
299
4,915
5,214
Restricted
funds
£
2,056
-
-
-
2,056
-
(56,767)
(56,767)
(54,711)
5,634
(49,077)
53,992
4,915		 Total
2023
£
16,446
82,742
37,742
205
137,135
(2,163)
(133,264)
(135,427)
1,708
-
1,708
39,647
41,355
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

The notes on pages 12 to 25 form an integral part of these financial statements. Page 10

Petherton Arts Trust Ltd (Registration number: 02438900) Balance Sheet as at 31 March 2023

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		 2023
£
14,977
1,699
2,989
64,809
69,497
(27,204)
42,293
57,270
(15,915)
41,355
5,214
36,141
41,355		 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

For the financial year ending 31 March 2023 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 10 to 25 were approved by the trustees, and authorised for issue on .................... and signed on their behalf by:

.........................................

Christopher Latham Chairman and Trustee

The notes on pages 12 to 25 form an integral part of these financial statements. Page 11

Petherton Arts Trust Ltd Notes to the Financial Statements for the Year Ended 31 March 2023

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 2023,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 trustees have kept the financial position under constant review and will continue to do so.

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 12

Petherton Arts Trust Ltd Notes to the Financial Statements for the Year Ended 31 March 2023 (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 13

Petherton Arts Trust Ltd Notes to the Financial Statements for the Year Ended 31 March 2023 (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 14

Petherton Arts Trust Ltd Notes to the Financial Statements for the Year Ended 31 March 2023 (continued)

3 Income from donations

Donations
Save the hall
Somerset Community Foundation
SSDC
Somerset Community Foundation - Community Liaison
Post
Total for 2023
Donations
Save the hall
Helping hands project
Tesco project income
Gift Aid tax reclaimed
Covid-19 grants
Total for 2022		 Unrestricted
funds
£
3,987
677
-
-
-
4,664
5,343
3,454
-
-
1,240
12,728
22,765		 Restricted
funds
£
-
-
1,300
8,878
1,604
11,782
-
-
890
1,166
-
-
2,056		 Total
funds
£
3,987
677
1,300
8,878
1,604
16,446
5,343
3,454
890
1,166
1,240
12,728
24,821

Page 15

Petherton Arts Trust Ltd Notes to the Financial Statements for the Year Ended 31 March 2023 (continued)

4 Income from charitable activities

Box office
Film video
Total for 2023
Box office
Film video
Total for 2022		 Unrestricted
funds
£
78,332
4,410
82,742
36,065
1,484
37,549		 Restricted
funds
£
-
-
-
-
-
-		 Total
funds
£
78,332
4,410
82,742
36,065
1,484
37,549

5 Income from other trading activities

Hall hire
Bar income
Save the Hall 200 club
Friends of PAT
Weddings income
Advertising
Total for 2023
Hall hire
Bar income
Save the Hall 200 club
Friends of PAT
Weddings income
Advertising
Total for 2022		 Unrestricted
funds
£
4,280
27,137
2,410
1,550
250
2,115
37,742
3,377
14,378
2,835
1,560
849
1,125
24,124		 Restricted
funds
£
-
-
-
-
-
-
-
-
-
-
-
-
-
-		 Total
funds
£
4,280
27,137
2,410
1,550
250
2,115
37,742
3,377
14,378
2,835
1,560
849
1,125
24,124

6 Investment income

All of the company's investment income of £205 (2022: £28) arises from money held in interest bearing deposit accounts.

Page 16

Petherton Arts Trust Ltd Notes to the Financial Statements for the Year Ended 31 March 2023 (continued)

7 Expenditure on raising funds

Note
Allocated support costs
9
Total for 2023
Allocated support costs
9
Total for 2022
8
Expenditure on charitable activities
Note
Costs directly allocated to activities
Allocated support costs
9
Total for 2023
Costs directly allocated to activities
Allocated support costs
9
Total for 2022		 Unrestricted
funds
£
2,163
2,163
2,900
2,900
Unrestricted
funds
£
78,598
51,806
130,404
51,651
33,909
85,560		 Restricted
funds
£
-
-
-
-
Restricted
funds
£
250
2,610
2,860
5,590
51,177
56,767		 Total
funds
£
2,163
2,163
2,900
2,900
Total
funds
£
78,848
54,416
133,264
57,241
85,086
142,327

Page 17

Petherton Arts Trust Ltd Notes to the Financial Statements for the Year Ended 31 March 2023 (continued)

9 Analysis of support costs

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
Sundries
Usage		 Unrestricted
funds
£
978
34
275
76
300
71
400
29
2,163
Unrestricted
funds
£
2,265
20
49
73
254
45
186
8
2,900		 Total
2023
£
978
34
275
76
300
71
400
29
2,163
Total
2022
£
2,265
20
49
73
254
45
186
8
2,900

Page 18

Petherton Arts Trust Ltd Notes to the Financial Statements for the Year Ended 31 March 2023 (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
Interest payable
Usage
Bank charges
Usage
Subscriptions
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
Book-keeping fees
Usage
Independent examiner's
Direct
Accountancy services
Usage
Sundries
Usage
Depreciation
Usage
Bad debts
Usage
Interest payable
Usage
Bank charges
Usage		 Unrestricted
funds
£
8,797
651
5,218
1,437
5,709
1,354
8,499
11,367
2,480
963
554
1,787
604
2,171
215
51,806
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		 Restricted
funds
£
930
-
1,300
-
-
-
-
-
-
-
-
380
-
-
-
2,610
Restricted
funds
£
6,383
100
629
-
40,152
721
1,145
-
-
1,368
-
380
-
-
299
51,177		 Total
2023
£
9,727
651
6,518
1,437
5,709
1,354
8,499
11,367
2,480
963
554
2,167
604
2,171
215
54,416
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

Page 19

Petherton Arts Trust Ltd Notes to the Financial Statements for the Year Ended 31 March 2023 (continued)

10 Net income/(expenditure)

Net income/(expenditure) for the year include:

Independent examiner's fees
Depreciation		 2023
£
3,443
2,167		 2022
£
4,651
2,149

11 Trustees remuneration and expenses

Remuneration of £NIL (2022: £3,314) 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 no (2022: 5) Directors of the Board of Management during the year amounted to £NIL (2022: £810).

12 Staff costs

The aggregate payroll costs were as follows:

Wages and salaries
Pension contributions		 2023
£
10,602
103
10,705		 2022
£
19,182
213
19,395

The average number of persons employed during the year was 2 (2022: 2).

No employee received emoluments of more than £60,000 during the year (2022: none).

The charity considers its key management personnel to comprise the trustees and administrator. Total remuneration of key management personnel in the year was £9,775 (2022: £15,867).

13 Independent examiner's remuneration

Examination of the financial statements
All other assurance services
All other services		 2023
£
2,480
216
747
3,443		 2022
£
2,312
1,050
1,289
4,651

Page 20

Petherton Arts Trust Ltd Notes to the Financial Statements for the Year Ended 31 March 2023 (continued)

14 Tangible fixed assets

Cost
At 1 April 2022
Additions
At 31 March 2023
Depreciation
At 1 April 2022
Charge for the year
At 31 March 2023
Net book value
At 31 March 2023
At 31 March 2022		 Freehold
property
£
158,577
-
158,577
148,726
656
149,382
9,195
9,851		 Fixtures and
fittings
£
42,051
-
42,051
34,898
1,493
36,391
5,660
7,153		 Computer
equipment
£
5,475
140
5,615
5,475
18
5,493
122
-		 Total
£
206,103
140
206,243
189,099
2,167
191,266
14,977
17,004

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		 Capital Grant
£
62,500
12,631
50,525
2,000
158,577 127,656

15 Debtors

Trade debtors
Grants receivable
Prepayments
Other debtors		 2023
£
839
-
2,150
-
2,989		 2022
£
148
5,148
1,818
5,170
12,284

Page 21

Petherton Arts Trust Ltd Notes to the Financial Statements for the Year Ended 31 March 2023 (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		 2023
£
2,238
1,100
4,666
13,270
33
5,897
27,204		 2022
£
11,068
1,100
5,569
17,707
-
5,751
41,195

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 2022
Amount released to income
Amount deferred in the year
As at 31 March 2023		 2023
£
17,707
(17,707)
13,270
13,270		 2022
£
6,570
(6,570)
17,707
17,707

17 Creditors: amounts falling due after one year

Coronavirus bounceback loan

2023
£
15,915		 2022
£
21,832

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 22

Petherton Arts Trust Ltd Notes to the Financial Statements for the Year Ended 31 March 2023 (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
Tesco Project
Community Liaison Post
Cost of Living
Replacing the Roof
Total funds		 Balance at 1
April 2022
£
34,732
1,000
600
281
84
1,200
1,500
-
250
-
-
-
4,915
39,647		 Income
£
125,353
-
-
-
-
-
-
-
-
1,604
1,300
8,878
11,782
137,135		 Expenditure
£
(132,567)
-
-
-
-
(80)
(300)
-
(250)
(930)
(1,300)
-
(2,860)
(135,427)		 Transfers
£
8,623
-
-
-
-
-
-
255
-
-
-
(8,878)
(8,623)
-		 Balance at 31
March 2023
£
36,141
1,000
600
281
84
1,120
1,200
255
-
674
-
-
5,214
41,355

Page 23

Petherton Arts Trust Ltd Notes to the Financial Statements for the Year Ended 31 March 2023 (continued)

20 Funds (continued)

20 Funds (continued)
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

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 Community Liaison Post Fund was specifically introduced for the employment of Alison Templeton.

The Cost of Living grant was introduced for the sole purpose to contribute to running warm hub family art activities - artists, heating and food.

The Replacing the Roof fund was specifically received towards the roofing works, the transfer out is in respect of expenditure incurred on this project in the previous year.

Page 24

Petherton Arts Trust Ltd Notes to the Financial Statements for the Year Ended 31 March 2023 (continued)

20 Funds (continued)

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.

21 Analysis of net assets between funds

Tangible fixed assets
Current assets
Current liabilities
Creditors over 1 year
Total net assets
Tangible fixed assets
Current assets
Current liabilities
Creditors over 1 year
Total net assets		 Unrestricted
funds
£
12,657
66,603
(27,204)
(15,915)
36,141
Unrestricted
funds
General
£
14,304
83,455
(41,195)
(21,832)
34,732		 Restricted
funds
£
2,320
2,894
-
-
5,214
Restricted
funds
£
2,700
2,215
-
-
4,915		 Total funds at
31 March
2023
£
14,977
69,497
(27,204)
(15,915)
41,355
Total funds at
31 March
2022
£
17,004
85,670
(41,195)
(21,832)
39,647

22 Related party transactions

No related party transactions took place during the year (2022: none).

Page 25