OpenCharities

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

2024-03-31-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 2024

Petherton Arts Trust Ltd Contents (continued)

Reference and Administrative Details 1
Trustees' Report 2 to 9
Independent Examiner's Report 10
Statement of Financial Activities 11
Balance Sheet 12
Notes to the Financial Statements 13 to 26

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 Mick Connon Company Secretary Tom Davies 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 LLP 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 2024. 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, and where possible act as associate Trustees prior to full approval to ensure they are aware of the responsibilities involved.

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. 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 for the day-to-day running of the venue.

Posts 2 & 3 are currently undertaken by one person.

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 36th annual report of The Petherton Arts Trust which summarises the events, activities, challenges, successes and opportunities that have featured during the year 2023/24.

Chris Latham continued as Chair into 2023/24 and completed this report.

I wish to thank the contribution made by the Board who have risen to all the demands of running a Charity Arts Centre in a challenging financial climate. Our staff have worked professionally and flexibly, responding to changing demands and approaches, and our team of volunteers continue to support events, fund raise, fix, paint and make cakes. Without them, we could not survive.

Fabric of the David Hall Building

With the major repairs to the roof completed in 2022/23, we are pleased to report there have been no major building or repair issues in this financial year. The outstanding internal ceiling repair completed the roof and ceiling.

The bar floor suffered a collapse late November and a temporary repair was made. Several companies were approached for a full repair which was completed under the guidance of a qualified volunteer, Mike Shadwell and the support of trustees and other volunteers. Funding was secured from a will bequest, a grant and personal donations. This was completed in April 2024.

The fire alarm system was reviewed and fully replaced, taking a contract with a local company which enabled a reduced maintenance fee.

Longer term there is a requirement to replace internal high level plasterwork damaged by water ingress. This can only be done once the lime mortar has fully dried, and it will require the shut down of the building, along with significant funding. Alongside this will be the painting of high wall areas.

Page 3

Petherton Arts Trust Ltd Trustees' Report (continued)

Activities and Entertainments

The following events took place in the period April 2023 to March 2024:-

Page 4

Petherton Arts Trust Ltd Trustees' Report (continued)

Page 5

Petherton Arts Trust Ltd Trustees' Report (continued)

Page 6

Petherton Arts Trust Ltd Trustees' Report (continued)

Community Links

We are seeing a steady increase in community use of the hall as classes for young people, choirs, senior dance classes, partnerships with NCT groups and health service training sessions. The fund raising volunteer team continue to run monthly coffee / music mornings and a very successful Open Gardens event that rotates between South Petherton and Over Stratton, this year in South Petherton and raised around £3.5K. A huge event led by two Trustees and a team of volunteers.

Additionally a partnership has developed between the Trust and a local professional classical music trio, which attracts 70+ on monthly Wednesday morning sessions.

We began working with the local community library hosting author talks led by the community Library team.

A project initiated through a temporary development officer post celebrated the hall's history. It was 160 years since the first sermon was preached from the hall, in its operation as a Church. A wonderful visual and walking tour was run with the support of some members of the History Society, bringing in many new visitors to the hall.

Volunteers from the Hall continued to deliver the community magazine TA13 to all in the local community, a wonderful way of getting our voice into each local home.

The Petherton Folk Festival once more took place in June 2023, 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

Audience figures remained buoyant with a few sell outs however, we have put pressure on artists' contracts to ensure we obtain the best deal. Bar profits had a considerable affect on the profitability of each event and were reviewed throughout the year, however increasing audience numbers is a key for further profits.

Secondary use of the hall increased and this income further supported the prime functions of the Trust.

Energy costs continued to be high - the current contract expires 2027 for gas and electricity. There is no energy cap available for the Trust.

We opened a High Interest Reserve Account for a higher return due to the increase in interest rates.

Overall, the income from activities and some small grants showed a modest surplus of £4,679 at the end of the year. However, this has not led to complacency and trustees are ever mindful of opportunities to increase use of the hall.

With the appointment of a new Finance officer last year, we have been able to investigate and use considerably more of the functionality in Xero, our accounts system. As a result, and for the second consecutive year we have been able to enter a reasonably realistic budget for 2024/25 on the system, against which we can measure income and expenditure.

Year end summary: generated Income of £148,063 (2023: £120,689). Cost of Sales £92,635 (2023: £78,848). This leaves a gross profit of £55,428 (2023: £41,841). Operating Expenses of £65,159 (2023: £56,579) are applied together with Grant and Donation monies of £14,410 (2023: £16,446) the year ended with a Surplus of £4,679 (2023: £1,708) leaving reserves of £46,034 (2023: £41,355). We hold a Government backed Bounce Back Loan of £15,916 in case of need. This remains in a separate account and repayment has commenced.

Page 7

Petherton Arts Trust Ltd Trustees' Report (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.

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 2024 the charity generated a surplus for the period of £4,679 (2023: £1,708).

Total reserves at the year end stood at £46,034 (2023: £41,355) of which £6,265 (2023: £4,959) were restricted reserves leaving £39,769 (2023: £36,396) unrestricted reserves. Of these unrestricted reserves £17,590 are held as fixed assets leaving the charity with free reserves of £22,179 (2023: £23,739).

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.

Page 8

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 9

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 2024, which are set out on pages 11 to 26.

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 LLP Stafford House Blackbrook Park Avenue Taunton Somerset TA1 2PX

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

Page 10

Petherton Arts Trust Ltd Statement of Financial Activities for the Year Ended 31 March 2024 (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 income
Net movement in funds
Reconciliation of funds
Total funds brought forward
Total funds carried forward
19
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
19		 Unrestricted
funds
£
8,410
100,005
47,490
568
156,473
(2,662)
(150,183)
(152,845)
3,628
3,628
36,141
39,769
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		 Restricted
funds
£
6,000
-
-
-
6,000
-
(4,949)
(4,949)
1,051
1,051
5,214
6,265
Restricted
funds
£
11,782
-
-
-
11,782
-
(2,860)
(2,860)
8,922
(8,623)
299
4,915
5,214		 Total
2024
£
14,410
100,005
47,490
568
162,473
(2,662)
(155,132)
(157,794)
4,679
4,679
41,355
46,034
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

The notes on pages 13 to 26 form an integral part of these financial statements. Page 11

Petherton Arts Trust Ltd (Registration number: 02438900) Balance Sheet as at 31 March 2024

Note
Fixed assets
Tangible assets
13
Current assets
Stocks
Debtors
14
Cash at bank and in hand
Creditors: Amounts falling due within one year
15
Net current assets
Total assets less current liabilities
Creditors: Amounts falling due after more than one year
16
Net assets
Funds of the charity:
Restricted funds
Unrestricted funds
Total funds
19		 2024
£
19,530
1,063
2,642
66,245
69,950
(33,576)
36,374
55,904
(9,870)
46,034
6,265
39,769
46,034		 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

For the financial year ending 31 March 2024 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 11 to 26 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 13 to 26 form an integral part of these financial statements. Page 12

Petherton Arts Trust Ltd Notes to the Financial Statements for the Year Ended 31 March 2024

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 2024,the charity had 8 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 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.

Page 13

Petherton Arts Trust Ltd Notes to the Financial Statements for the Year Ended 31 March 2024 (continued)

2 Accounting policies (continued)

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.

Legacy gifts are recognised on a case by case basis following the grant of probate when the administrator/executor for the estate has communicated in writing both the amount and settlement date. In the event that the gift is in the form of an asset other than cash or a financial asset traded on a recognised stock exchange, recognition is subject to the value of the gift being reliably measurable with a degree of reasonable accuracy and the title to the asset having been transferred to the charity.

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.

Page 14

Petherton Arts Trust Ltd Notes to the Financial Statements for the Year Ended 31 March 2024 (continued)

2 Accounting policies (continued)

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.

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 15

Petherton Arts Trust Ltd Notes to the Financial Statements for the Year Ended 31 March 2024 (continued)

3 Income from donations

Donations
Save the hall
The Clark Foundation
Total for 2024
Donations
Save the hall
Somerset Community Foundation
SSDC
Somerset Community Foundation - Community Liaison
Post
Total for 2023		 Unrestricted
funds
£
6,956
1,454
-
8,410
3,987
677
-
-
-
4,664		 Restricted
funds
£
5,000
-
1,000
6,000
-
-
1,300
8,878
1,604
11,782		 Total
funds
£
11,956
1,454
1,000
14,410
3,987
677
1,300
8,878
1,604
16,446

Page 16

Petherton Arts Trust Ltd Notes to the Financial Statements for the Year Ended 31 March 2024 (continued)

4 Income from charitable activities

Box office
Film video
Total for 2024
Box office
Film video
Total for 2023		 Unrestricted
funds
£
96,015
3,990
100,005
78,332
4,410
82,742		 Restricted
funds
£
-
-
-
-
-
-		 Total
funds
£
96,015
3,990
100,005
78,332
4,410
82,742

5 Income from other trading activities

Hall hire
Bar income
Save the Hall 200 club
Friends of PAT
Advertising
Total for 2024
Hall hire
Bar income
Save the Hall 200 club
Friends of PAT
Weddings income
Advertising
Total for 2023		 Unrestricted
funds
£
7,843
33,550
2,547
1,400
2,150
47,490
4,280
27,137
2,410
1,550
250
2,115
37,742		 Restricted
funds
£
-
-
-
-
-
-
-
-
-
-
-
-
-		 Total
funds
£
7,843
33,550
2,547
1,400
2,150
47,490
4,280
27,137
2,410
1,550
250
2,115
37,742

6 Investment income

All of the company's investment income of £568 (2023: £205) arises from money held in interest bearing deposit accounts.

Page 17

Petherton Arts Trust Ltd Notes to the Financial Statements for the Year Ended 31 March 2024 (continued)

7 Expenditure on raising funds

Note
Allocated support costs
9
Total for 2024
Allocated support costs
9
Total for 2023		 Unrestricted
funds
£
2,662
2,662
2,163
2,163		 Restricted
funds
£
-
-
-
-		 Total
funds
£
2,662
2,662
2,163
2,163

8 Expenditure on charitable activities

Note
Costs directly allocated to activities
Allocated support costs
9
Total for 2024
Costs directly allocated to activities
Allocated support costs
9
Total for 2023		 Unrestricted
funds
£
92,635
57,548
150,183
78,598
51,806
130,404		 Restricted
funds
£
-
4,949
4,949
250
2,610
2,860		 Total
funds
£
92,635
62,497
155,132
78,848
54,416
133,264

Page 18

Petherton Arts Trust Ltd Notes to the Financial Statements for the Year Ended 31 March 2024 (continued)

9 Analysis of support costs

Raising funds 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
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
£
1,003
30
440
92
585
93
350
69
2,662
Unrestricted
funds
£
978
34
275
76
300
71
400
29
2,163		 Total
2024
£
1,003
30
440
92
585
93
350
69
2,662
Total
2023
£
978
34
275
76
300
71
400
29
2,163

Page 19

Petherton Arts Trust Ltd Notes to the Financial Statements for the Year Ended 31 March 2024 (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
Interest payable
Usage
Bank charges
Usage
Subscriptions
Usage		 Unrestricted
funds
£
9,022
580
8,351
1,740
7,007
1,775
7,516
11,482
2,676
667
1,323
2,026
480
2,723
180
57,548
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		 Restricted
funds
£
465
-
-
-
4,104
-
-
-
-
-
-
380
-
-
-
4,949
Restricted
funds
£
930
-
1,300
-
-
-
-
-
-
-
-
380
-
-
-
2,610		 Total
2024
£
9,487
580
8,351
1,740
11,111
1,775
7,516
11,482
2,676
667
1,323
2,406
480
2,723
180
62,497
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

Page 20

Petherton Arts Trust Ltd Notes to the Financial Statements for the Year Ended 31 March 2024 (continued)

10 Net income/(expenditure)

Net income for the year include:

Independent examiner's fees
Depreciation		 2024
£
3,342
2,406		 2023
£
3,443
2,167

11 Trustees remuneration and expenses

No remuneration was paid to the Trustees during the year (2023: None).

Expenses incurred and reimbursed to 1 (2023: None) Directors of the Board of Management during the year amounted to £400 (2023: £NIL).

12 Staff costs

The aggregate payroll costs were as follows:

Wages and salaries
Pension contributions		 2024
£
10,387
103
10,490		 2023
£
10,602
103
10,705

The average number of persons employed during the year was 2 (2023: 2).

No employee received emoluments of more than £60,000 during the year (2023: 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 (2023: £9,775).

Page 21

Petherton Arts Trust Ltd Notes to the Financial Statements for the Year Ended 31 March 2024 (continued)

13 Tangible fixed assets

Cost
At 1 April 2023
Additions
At 31 March 2024
Depreciation
At 1 April 2023
Charge for the year
At 31 March 2024
Net book value
At 31 March 2024
At 31 March 2023		 Freehold
property
£
158,577
-
158,577
149,382
656
150,038
8,539
9,195		 Fixtures and
fittings
£
42,051
6,959
49,010
36,391
1,715
38,106
10,904
5,660		 Computer
equipment
£
5,615
-
5,615
5,493
35
5,528
87
122		 Total
£
206,243
6,959
213,202
191,266
2,406
193,672
19,530
14,977

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

14 Debtors

Trade debtors
Prepayments
Other debtors		 2024
£
456
2,160
26
2,642		 2023
£
839
2,150
-
2,989

Page 22

Petherton Arts Trust Ltd Notes to the Financial Statements for the Year Ended 31 March 2024 (continued)

15 Creditors: amounts falling due within one year

15 Creditors: amounts falling due within one year
Trade creditors
Third party loans
Accruals
Deferred income
Taxation and social security
Coronavirus bounceback loan		 2024
£
3,234
1,100
4,366
18,830
-
6,046
33,576		 2023
£
2,238
1,100
4,666
13,270
33
5,897
27,204

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 2023
Amount released to income
Amount deferred in the year
As at 31 March 2024		 2024
£
13,270
(13,270)
18,830
18,830		 2023
£
17,707
(17,707)
13,270
13,270

16 Creditors: amounts falling due after one year

Coronavirus bounceback loan

2024
£
9,870		 2023
£
15,915

17 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 23

Petherton Arts Trust Ltd Notes to the Financial Statements for the Year Ended 31 March 2024 (continued)

18 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.

19 Funds

Unrestricted funds
Restricted funds
Thrive
Youth Concession
Poetry Project
SSDC - 30th Anniversary
Windows Project
Boiler Fund
Helping Hands
Community Liaison Post
Bar Store Maintenance
Total funds		 Balance at 1
April 2023
£
36,141
1,000
600
281
84
1,120
1,200
255
674
-
5,214
41,355		 Income
£
156,473
-
-
-
-
-
-
-
-
6,000
6,000
162,473		 Expenditure
£
(152,845)
-
-
-
-
(80)
(300)
-
(465)
(4,104)
(4,949)
(157,794)		 Balance at 31
March 2024
£
39,769
1,000
600
281
84
1,040
900
255
209
1,896
6,265
46,034

Page 24

Petherton Arts Trust Ltd Notes to the Financial Statements for the Year Ended 31 March 2024 (continued)

19 Funds (continued)

19 Funds (continued)
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

Purpose of Restricted Funds

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 the community liaison officer.

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 25

Petherton Arts Trust Ltd Notes to the Financial Statements for the Year Ended 31 March 2024 (continued)

19 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 Hall Maintenance Fund is for the restoration and upkeep of the hall. It is being used to in the bar store for the building and maintenance work. A £5,000 donation was received in the year in memory of Judy Hingley.

20 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
£
17,590
65,625
(33,576)
(9,870)
39,769
Unrestricted
funds
£
12,657
66,603
(27,204)
(15,915)
36,141		 Restricted
funds
£
1,940
4,325
-
-
6,265
Restricted
funds
£
2,320
2,894
-
-
5,214		 Total funds at
31 March
2024
£
19,530
69,950
(33,576)
(9,870)
46,034
Total funds at
31 March
2023
£
14,977
69,497
(27,204)
(15,915)
41,355

21 Related party transactions

No related party transactions took place during the year (2023: none).

Page 26