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COMPANY REGISTRATION NUMBER: 01937096
CHARITY REGISTRATION NUMBER: 1018468
Bridgwater Arts Centre Company Limited
Company Limited by Guarantee
Unaudited Financial Statements
31 March 2023
Bridgwater Arts Centre Company Limited
Company Limited by Guarantee
Financial Statements
Year ended 31 March 2023
Page
Trustees' annual report (incorporating the director's report)
1
Independent examiner's report to the trustees
4
Statement of financial activities (including income and expenditure account)
5
Statement of financial position
6
Notes to the financial statements
8
Bridgwater Arts Centre Company Limited
Company Limited by Guarantee
Trustees' Annual Report (Incorporating the Director's Report)
Year ended 31 March 2023
The trustees, who are also the directors for the purposes of company law, present their report and the unaudited financial statements of the charity for the year ended 31 March 2023 .
Reference and administrative details
Registered charity name
Bridgwater Arts Centre Company Limited
Charity registration number
1018468
Company registration number
01937096
Principal office and registered
11 Castle Street
office
Bridgwater
Somerset
TA6 3DD
The trustees
Mrs M J Stockton
Mrs E Bell
Mrs K Davies
Mr A Baker
Mr C Burman
Mrs V Medhurst
Mr B Smedley
Mrs E Leavy
Independent examiner
Tara Bell WESTCOTTS
7 Castle Street
Bridgwater
Somerset
TA6 3DT
Structure, governance and management
Governing Document
The governing document for Bridgwater Arts Centre, which is an incorporated charity and company limited by guarantee as defined by the Companies Act 2006, are the memorandum and articles of association.
Recruitment and appointment of new trustees
The directors of the company, who are also the trustees of the charity, are elected by the members of the company. Membership is open to all on payment of a subscription.
Directors may also co-opt members onto the board of directors when required.
There is currently a constitutional provision for two members of Sedgemoor Council to sit as directors of Bridgwater arts centre. The ownership of the building was transferred over from Sedgemoor Council to Bridgwater Town Council so the constitution will be amended shortly to reflect this change.
Objectives and activities
Objectives and aims
The objects for which the Company is registered are to promote, maintain, improve and advance education particularly by the encouragement of the Arts including dramas, dance, music, singing, literature, sculpture and painting.
In furtherance of these objects the Company shall present, promote, organise, provide, manage and produce such plays, concerts, films, radio broadcasts, television performances, lectures and other literary, musical, dramatic and artistic entertainments, performances and exhibitions as are conducive to the promotion, maintenance and advancement of education or to the encouragement of the Arts and to formulate, prepare and establish schemes, therefore.
Public benefit
The trustees have had regard to The Charity Commission's guidance in relation to public benefit and confirm that the activities of the company and the events it promotes are open to and intended for everyone, and are publicly promoted and advertised.
Volunteers
By far, the larger part of the work of the arts centre is undertaken by volunteers. The arts centre would be unable to function without their help, and welcomes anyone wishing to contribute.
Achievements and performance
The Arts Centre continued to thrive in 2022 with a full catalogue of events available to the general public, many of which saw very successful ticket sales.
Some very much needed repair works have taken place in the year but there is still a comprehensive list of work still to do on the very old listed building.
The Town Council continue to support the Arts Centre to achieve its long-term goals in provide the arts to the local community.
Financial review
Reserves policy
The charity has considered the reserves required and have taken into account their current and future liabilities. The trustees aim to maintain free reserves in unrestricted funds at a level which equates to approximately three months of unrestricted charitable expenditure. The trustees consider that this level will provide sufficient funds to respond to applications for grants and ensure that support and governance costs are covered.
The unrestricted reserves held at the balance sheet date after deducting non liquid assets and given the significantly lower cost base with no paid staffing is sufficient to satisfy the level dictated by the policy.
Going concern
The trustees have given regard to the going concern status of the charity, the financial statements have been prepared on that basis. The are no material uncertainties as to the going concern of the centre as there are sufficient unrestricted funds to cover the operational costs of the centre for at least one year.
The results for the year are shown in the Statement of Financial Activities (SOFA) and Statement of Financial Position (SOFP) which can be found on pages 7 to 8. These results are further elucidated in the Notes to the Financial Statements beginning on Page 9 and the detailed Statement of Financial Activities on page 23 and 24.
The total funds for the year decreased by £15,539 to £76,199. Restricted funds increased by £2,809 with the general fund reducing by £18,348.
The expenses have outweighed the income this year due to grant funding being held back by the Town Council to contribute towards the Town Fund deal.
There is a core team of volunteers who have proven that now more than ever are working tirelessly together with the charities trustees and management to keep the centre operating successfully. The cost of this is not recorded in the accounts but it is recognised that such an inclusion would mean that the Arts centre would not be able to function as a commercial theatre. The charity is primarily reliant upon a group of volunteers who support its activities. Special thanks must be made to each and everyone's contributions in what has been a very challenging year for the centre. This means that the charity needs to continue to value it's volunteers highly and encourage new volunteers to help the Arts Centre achieve it's ambitions for the coming year ahead.
Funds held as custodian trustee
There are no funds held as custodian trustees on behalf of others.
Small company provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
The trustees' annual report was approved on 31 July 2023 and signed on behalf of the board of trustees by:
Mrs K Davies
Trustee
Bridgwater Arts Centre Company Limited
Company Limited by Guarantee
Independent Examiner's Report to the Trustees of Bridgwater Arts Centre Company Limited
Year ended 31 March 2023
I report to the trustees on my examination of the financial statements of Bridgwater Arts Centre Company Limited ('the charity') for the year ended 31 March 2023.
Responsibilities and basis of report
As the trustees of the company (and also its directors for the purposes of company law) you are responsible for the preparation of the financial statements 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 the 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 the charity as required by section 386 of the 2006 Act; or
2. the financial statements do not accord with those records; or
3. the financial statements 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 financial statements 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.
Tara Bell WESTCOTTS
Independent Examiner
7 Castle Street Bridgwater Somerset TA6 3DT
31 July 2023
Bridgwater Arts Centre Company Limited
Company Limited by Guarantee
Statement of Financial Activities
(including income and expenditure account)
Year ended 31 March 2023
2023
2022
Unrestricted funds
Restricted funds
Total funds
Total funds
Note
£
£
£
£
Income and endowments
Donations and legacies
5
2,517
12,894
15,411
37,010
Charitable activities
6
30,367
30,367
20,525
Other trading activities
7
17,601
17,601
9,898
Investment income
8
20,024
20,024
15,190
ÄÄÄÄÄÄÄÄ
ÄÄÄÄÄÄÄÄ
ÄÄÄÄÄÄÄÄ
ÄÄÄÄÄÄÄÄ
Total income
70,509
12,894
83,403
82,623
ÍÍÍÍÍÍÍÍ
ÍÍÍÍÍÍÍÍ
ÍÍÍÍÍÍÍÍ
ÍÍÍÍÍÍÍÍ
Expenditure
Expenditure on raising funds:
Costs of other trading activities
9
6,212
6,212
9,240
Expenditure on charitable activities
10,11
81,984
10,085
92,069
71,319
Other expenditure
12
661
661
1,908
ÄÄÄÄÄÄÄÄ
ÄÄÄÄÄÄÄÄ
ÄÄÄÄÄÄÄÄ
ÄÄÄÄÄÄÄÄ
Total expenditure
88,857
10,085
98,942
82,467
ÍÍÍÍÍÍÍÍ
ÍÍÍÍÍÍÍÍ
ÍÍÍÍÍÍÍÍ
ÍÍÍÍÍÍÍÍ
ÄÄÄÄÄÄÄÄ
ÄÄÄÄÄÄÄÄ
ÄÄÄÄÄÄÄÄ
ÄÄÄÄÄÄÄÄ
Net (expenditure)/income and net movement in funds
( 18,348)
2,809
( 15,539)
156
ÍÍÍÍÍÍÍÍ
ÍÍÍÍÍÍÍÍ
ÍÍÍÍÍÍÍÍ
ÍÍÍÍÍÍÍÍ
Reconciliation of funds
Total funds brought forward
89,764
1,974
91,738
91,582
ÄÄÄÄÄÄÄÄ
ÄÄÄÄÄÄÄÄ
ÄÄÄÄÄÄÄÄ
ÄÄÄÄÄÄÄÄ
Total funds carried forward
71,416
4,783
76,199
91,738
ÍÍÍÍÍÍÍÍ
ÍÍÍÍÍÍÍÍ
ÍÍÍÍÍÍÍÍ
ÍÍÍÍÍÍÍÍ
The statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure derive from continuing activities.
Bridgwater Arts Centre Company Limited
Company Limited by Guarantee
Statement of Financial Position
31 March 2023
2023
2022
Note
£
£
FIXED ASSETS
Tangible fixed assets
17
13,428
15,959
CURRENT ASSETS
Stocks
18
1,723
1,195
Debtors
19
3,206
3,095
Cash at bank and in hand
63,649
75,950
ÄÄÄÄÄÄÄÄ
ÄÄÄÄÄÄÄÄ
68,578
80,240
PREPAYMENTS AND ACCRUED INCOME
3,117
3,351
CREDITORS: amounts falling due within one year
20
3,957
3,079
ÄÄÄÄÄÄÄÄ
ÄÄÄÄÄÄÄÄ
NET CURRENT ASSETS
67,738
80,512
ÄÄÄÄÄÄÄÄ
ÄÄÄÄÄÄÄÄ
TOTAL ASSETS LESS CURRENT LIABILITIES
81,166
96,471
ACCRUALS AND DEFERRED INCOME
4,967
4,733
ÄÄÄÄÄÄÄÄ
ÄÄÄÄÄÄÄÄ
NET ASSETS
76,199
91,738
ÍÍÍÍÍÍÍÍ
ÍÍÍÍÍÍÍÍ
FUNDS OF THE CHARITY
Restricted funds
4,783
1,974
Unrestricted funds
71,416
89,764
ÄÄÄÄÄÄÄÄ
ÄÄÄÄÄÄÄÄ
Total charity funds
22
76,199
91,738
ÍÍÍÍÍÍÍÍ
ÍÍÍÍÍÍÍÍ
For the 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 members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.
Bridgwater Arts Centre Company Limited
Company Limited by Guarantee
Statement of Financial Position (continued)
31 March 2023
These financial statements were approved by the board of trustees and authorised for issue on 31 July 2023 , and are signed on behalf of the board by:
Mrs K Davies
Trustee
Bridgwater Arts Centre Company Limited
Company Limited by Guarantee
Notes to the Financial Statements
Year ended 31 March 2023
1. General information
The charity is a public benefit entity and a private company limited by guarantee, registered in England and Wales and a registered charity in England and Wales. The address of the registered office is 11 Castle Street, Bridgwater, Somerset, TA6 3DD.
2. Statement of compliance
These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', the 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) (Charities SORP (FRS 102)) and the Companies Act 2006.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through income or expenditure.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
There are no material uncertainties about the charity's ability to continue.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Taxation
The charity is exempt from corporation tax on its charitable activities.
Fund accounting
Unrestricted funds are available for use at the discretion of the trustees to further any of the charity's purposes. Designated funds are unrestricted funds earmarked by the trustees for particular future project or commitment. Restricted funds are subjected to restrictions on their expenditure declared by the donor or through the terms of an appeal, and fall into one of two sub-classes: restricted income funds or endowment funds.
Incoming resources
All incoming resources are included in the statement of financial activities when entitlement has passed to the charity; it is probable that the economic benefits associated with the transaction will flow to the charity and the amount can be reliably measured. The following specific policies are applied to particular categories of income: - income from donations or grants is recognised when there is evidence of entitlement to the gift, receipt is probable and its amount can be measured reliably. - legacy income is recognised when receipt is probable and entitlement is established. - income from donated goods is measured at the fair value of the goods unless this is impractical to measure reliably, in which case the value is derived from the cost to the donor or the estimated resale value. Donated facilities and services are recognised in the accounts when received if the value can be reliably measured. No amounts are included for the contribution of general volunteers. - income from contracts for the supply of services is recognised with the delivery of the contracted service. This is classified as unrestricted funds unless there is a contractual requirement for it to be spent on a particular purpose and returned if unspent, in which case it may be regarded as restricted.
Resources expended
Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is classified under headings of the statement of financial activities to which it relates: - expenditure on raising funds includes the costs of all fundraising activities, events, non-charitable trading activities, and the sale of donated goods. - expenditure on charitable activities includes all costs incurred by a charity in undertaking activities that further its charitable aims for the benefit of its beneficiaries, including those support costs and costs relating to the governance of the charity apportioned to charitable activities. - other expenditure includes all expenditure that is neither related to raising funds for the charity nor part of its expenditure on charitable activities.
All costs are allocated to expenditure categories reflecting the use of the resource. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs are apportioned between the activities they contribute to on a reasonable, justifiable and consistent basis.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other recognised gains and losses, unless it reverses a charge for impairment that has previously been recognised as expenditure within the statement of financial activities. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other recognised gains and losses, except to which it offsets any previous revaluation gain, in which case the loss is shown within other recognised gains and losses on the statement of financial activities.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Lottery refurbishment
-
15% reducing balance
Grant equipment
-
25% straight line
Fixtures and fittings
-
15% reducing balance
Piano
-
15% reducing balance
Equipment
-
33% reducing balance
Art collection
-
15% reducing balance
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the charity are assigned to those units.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the amount receivable or paable including any related transaction costs, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Current assets and current liabilities are subsequently measured at the cash or other consideration expected to be paid or received and not discounted. Debt instruments are subsequently measured at amortised cost.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as an expense in the period in which it arises.
4. Limited by guarantee
The charity is a company limited by guarantee and not having any share capital.
5. Donations and legacies
Unrestricted Funds
Restricted Funds
Total Funds 2023
£
£
£
DONATIONS
Donations
2,517
2,517
GRANTS
Grants
12,894
12,894
ÄÄÄÄÄÄÄ
ÄÄÄÄÄÄÄÄ
ÄÄÄÄÄÄÄÄ
2,517
12,894
15,411
ÍÍÍÍÍÍÍ
ÍÍÍÍÍÍÍÍ
ÍÍÍÍÍÍÍÍ
Unrestricted Funds
Restricted Funds
Total Funds 2022
£
£
£
DONATIONS
Donations
962
962
GRANTS
Grants
32,449
3,599
36,048
ÄÄÄÄÄÄÄÄ
ÄÄÄÄÄÄÄ
ÄÄÄÄÄÄÄÄ
33,411
3,599
37,010
ÍÍÍÍÍÍÍÍ
ÍÍÍÍÍÍÍ
ÍÍÍÍÍÍÍÍ
6. Charitable activities
Unrestricted Funds
Total Funds 2023
Unrestricted Funds
Total Funds 2022
£
£
£
£
Box office receipts
29,813
29,813
19,875
19,875
Subscriptions
554
554
650
650
ÄÄÄÄÄÄÄÄ
ÄÄÄÄÄÄÄÄ
ÄÄÄÄÄÄÄÄ
ÄÄÄÄÄÄÄÄ
30,367
30,367
20,525
20,525
ÍÍÍÍÍÍÍÍ
ÍÍÍÍÍÍÍÍ
ÍÍÍÍÍÍÍÍ
ÍÍÍÍÍÍÍÍ
7. Other trading activities
Unrestricted Funds
Total Funds 2023
Unrestricted Funds
Total Funds 2022
£
£
£
£
Fundraising activities
410
410
72
72
Catering and bar sales
14,992
14,992
9,076
9,076
Commission on exhibition sales
2,199
2,199
750
750
ÄÄÄÄÄÄÄÄ
ÄÄÄÄÄÄÄÄ
ÄÄÄÄÄÄÄ
ÄÄÄÄÄÄÄ
17,601
17,601
9,898
9,898
ÍÍÍÍÍÍÍÍ
ÍÍÍÍÍÍÍÍ
ÍÍÍÍÍÍÍ
ÍÍÍÍÍÍÍ
8. Investment income
Unrestricted Funds
Total Funds 2023
Unrestricted Funds
Total Funds 2022
£
£
£
£
Lettings
19,933
19,933
15,185
15,185
Deposit account interest
91
91
5
5
ÄÄÄÄÄÄÄÄ
ÄÄÄÄÄÄÄÄ
ÄÄÄÄÄÄÄÄ
ÄÄÄÄÄÄÄÄ
20,024
20,024
15,190
15,190
ÍÍÍÍÍÍÍÍ
ÍÍÍÍÍÍÍÍ
ÍÍÍÍÍÍÍÍ
ÍÍÍÍÍÍÍÍ
9. Costs of other trading activities
Unrestricted Funds
Total Funds 2023
Unrestricted Funds
Total Funds 2022
£
£
£
£
Catering and bar purchases
6,212
6,212
9,240
9,240
ÍÍÍÍÍÍÍ
ÍÍÍÍÍÍÍ
ÍÍÍÍÍÍÍ
ÍÍÍÍÍÍÍ
10. Expenditure on charitable activities by fund type
Unrestricted Funds
Restricted Funds
Total Funds 2023
£
£
£
Direct costs
49,308
7,635
56,943
Support costs
32,676
2,450
35,126
ÄÄÄÄÄÄÄÄ
ÄÄÄÄÄÄÄÄ
ÄÄÄÄÄÄÄÄ
81,984
10,085
92,069
ÍÍÍÍÍÍÍÍ
ÍÍÍÍÍÍÍÍ
ÍÍÍÍÍÍÍÍ
Unrestricted Funds
Restricted Funds
Total Funds 2022
£
£
£
Direct costs
42,674
3,589
46,263
Support costs
25,056
25,056
ÄÄÄÄÄÄÄÄ
ÄÄÄÄÄÄÄ
ÄÄÄÄÄÄÄÄ
67,730
3,589
71,319
ÍÍÍÍÍÍÍÍ
ÍÍÍÍÍÍÍ
ÍÍÍÍÍÍÍÍ
11. Expenditure on charitable activities by activity type
Activities undertaken directly
Support costs
Total funds 2023
Total fund 2022
£
£
£
£
Direct costs
56,943
56,943
46,263
Governance costs
35,126
35,126
25,056
ÄÄÄÄÄÄÄÄ
ÄÄÄÄÄÄÄÄ
ÄÄÄÄÄÄÄÄ
ÄÄÄÄÄÄÄÄ
56,943
35,126
92,069
71,319
ÍÍÍÍÍÍÍÍ
ÍÍÍÍÍÍÍÍ
ÍÍÍÍÍÍÍÍ
ÍÍÍÍÍÍÍÍ
12. Other expenditure
Unrestricted Funds
Total Funds 2023
Unrestricted Funds
Total Funds 2022
£
£
£
£
Input VAT disallowed
661
661
1,908
1,908
ÍÍÍÍ
ÍÍÍÍ
ÍÍÍÍÍÍÍ
ÍÍÍÍÍÍÍ
13. Net (expenditure)/income
Net (expenditure)/income is stated after charging/(crediting):
2023
2022
£
£
Depreciation of tangible fixed assets
2,531
3,058
ÍÍÍÍÍÍÍ
ÍÍÍÍÍÍÍ
14. Independent examination fees
2023
2022
£
£
Fees payable to the independent examiner for:
Independent examination of the financial statements
1,935
1,575
ÍÍÍÍÍÍÍ
ÍÍÍÍÍÍÍ
15. Staff costs
The total staff costs and employee benefits for the reporting period are analysed as follows:
2023
2022
£
£
Wages and salaries
26,388
18,441
Employer contributions to pension plans
174
99
ÄÄÄÄÄÄÄÄ
ÄÄÄÄÄÄÄÄ
26,562
18,540
ÍÍÍÍÍÍÍÍ
ÍÍÍÍÍÍÍÍ
The average head count of employees during the year was 4 (2022: 3 ). The average number of full-time equivalent employees during the year is analysed as follows:
2023
2022
No.
No.
Number of staff
2
2
ÍÍÍÍ
ÍÍÍÍ
No employee received employee benefits of more than £60,000 during the year (2022: Nil).
16. Trustee remuneration and expenses
No remuneration or other benefits from employment with the charity or a related entity were received by the trustees during the current or previous year.
No trustee expenses have been incurred during the current or previous year.
17. Tangible fixed assets
At 1 Apr 2022 and 31 Mar 2023
£
Cost
Lottery refurbishment
47,410
Grant equipment
4,232
Fixtures and fittings
45,941
Piano
7,500
Equipment
42,673
Art collection
1,180
ÄÄÄÄÄÄÄÄÄ
148,936
ÍÍÍÍÍÍÍÍÍ
At 1 Apr 2022
Charge for the year
At 31 Mar 2023
£
£
£
Depreciation
Lottery refurbishment
40,666
1,012
41,678
Grant equipment
4,232
4,232
Fixtures and fittings
37,607
1,250
38,857
Piano
7,465
5
7,470
Equipment
41,833
263
42,096
Art collection
1,174
1
1,175
ÄÄÄÄÄÄÄÄÄ
ÄÄÄÄÄÄÄ
ÄÄÄÄÄÄÄÄÄ
132,977
2,531
135,508
ÍÍÍÍÍÍÍÍÍ
ÍÍÍÍÍÍÍ
ÍÍÍÍÍÍÍÍÍ
At 31 Mar 2023
At 31 Mar 2022
£
£
Carrying amount
Lottery refurbishment
5,732
6,744
Grant equipment
Fixtures and fittings
7,084
8,334
Piano
30
35
Equipment
577
840
Art collection
5
6
ÄÄÄÄÄÄÄÄ
ÄÄÄÄÄÄÄÄ
13,428
15,959
ÍÍÍÍÍÍÍÍ
ÍÍÍÍÍÍÍÍ
Valuations The art collection was valued by Court Gallery on 9 July 2002. The valuation was on the basis or fair value sale value and totalled £3,275. Pianos were valued on the same basis by Alan King on 31 May 2004 and totalled £8,500. Restricted funds The funding associated with the Lottery Refurbishment is restricted. As such, amounts depreciated will be written off over their useful economic life to restricted reserves.
18. Stocks
2023
2022
£
£
Raw materials and consumables
1,723
1,195
ÍÍÍÍÍÍÍ
ÍÍÍÍÍÍÍ
19. Debtors
2023
2022
£
£
Trade debtors
2,507
1,347
Prepayments and accrued income
3,117
3,351
Other debtors
699
1,748
ÄÄÄÄÄÄÄ
ÄÄÄÄÄÄÄ
6,323
6,446
ÍÍÍÍÍÍÍ
ÍÍÍÍÍÍÍ
20. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
3,568
2,770
Social security and other taxes
389
309
ÄÄÄÄÄÄÄ
ÄÄÄÄÄÄÄ
3,957
3,079
ÍÍÍÍÍÍÍ
ÍÍÍÍÍÍÍ
21. Pensions and other post retirement benefits
Defined contribution plans
The amount recognised in income or expenditure as an expense in relation to defined contribution plans was £ 174 (2022: £ 99 ).
22. Analysis of charitable funds
Unrestricted funds
At 1 Apr 2022
Income
Expenditure
At 31 Mar 2023
£
£
£
£
General funds
89,764
70,509
(88,857)
71,416
ÍÍÍÍÍÍÍÍ
ÍÍÍÍÍÍÍÍ
ÍÍÍÍÍÍÍÍ
ÍÍÍÍÍÍÍÍ
At 1 Apr 2021
Income
Expenditure
At 31 Mar 2022
£
£
£
£
General funds
89,618
79,024
(78,878)
89,764
ÍÍÍÍÍÍÍÍ
ÍÍÍÍÍÍÍÍ
ÍÍÍÍÍÍÍÍ
ÍÍÍÍÍÍÍÍ
Restricted funds
At 1 Apr 2022
Income
Expenditure
At 31 Mar 2023
£
£
£
£
Quayside festival
10
10,394
(7,635)
2,769
Theatre protection
1,964
1,964
Fairfield Trust
2,500
(2,450)
50
ÄÄÄÄÄÄÄ
ÄÄÄÄÄÄÄÄ
ÄÄÄÄÄÄÄÄ
ÄÄÄÄÄÄÄ
1,974
12,894
(10,085)
4,783
ÍÍÍÍÍÍÍ
ÍÍÍÍÍÍÍÍ
ÍÍÍÍÍÍÍÍ
ÍÍÍÍÍÍÍ
At 1 Apr 2021
Income
Expenditure
At 31 Mar 2022
£
£
£
£
Quayside festival
3,599
(3,589)
10
Theatre protection
1,964
1,964
Fairfield Trust
ÄÄÄÄÄÄÄ
ÄÄÄÄÄÄÄ
ÄÄÄÄÄÄÄ
ÄÄÄÄÄÄÄ
1,964
3,599
(3,589)
1,974
ÍÍÍÍÍÍÍ
ÍÍÍÍÍÍÍ
ÍÍÍÍÍÍÍ
ÍÍÍÍÍÍÍ
Theatres Protection - small grant received from the Theatres Trust to theatres in need and at risk through the Theatres Protection Fund. Monies were provided for the ‘urgent backstage leak repair’ project, to carry out urgent repair work to the backstage toilet and corridor, and prevent further damage to the internal structural beams the Arts Centre's historic building.
Quayside Festival - small grant received from Bridgwater Town Council to aid the festival event each year. There is an amount left owing to Blake Museum of £10 and £2,759 to Bridgwater Town Council.
Fairfield Trust - small grant received towards the renovation of the Art Centre's piano. The small balance left at 31 March 2023 was spent in the following accounting period.
23. Analysis of net assets between funds
Unrestricted Funds
Restricted Funds
Total Funds 2023
£
£
£
Tangible fixed assets
13,428
13,428
Current assets
66,922
4,773
71,695
Creditors less than 1 year
(8,924)
(8,924)
ÄÄÄÄÄÄÄÄ
ÄÄÄÄÄÄÄ
ÄÄÄÄÄÄÄÄ
Net assets
71,426
4,773
76,199
ÍÍÍÍÍÍÍÍ
ÍÍÍÍÍÍÍ
ÍÍÍÍÍÍÍÍ
Unrestricted Funds
Restricted Funds
Total Funds 2022
£
£
£
Tangible fixed assets
15,959
15,959
Current assets
81,617
1,974
83,591
Creditors less than 1 year
(7,812)
(7,812)
ÄÄÄÄÄÄÄÄ
ÄÄÄÄÄÄÄ
ÄÄÄÄÄÄÄÄ
Net assets
89,764
1,974
91,738
ÍÍÍÍÍÍÍÍ
ÍÍÍÍÍÍÍ
ÍÍÍÍÍÍÍÍ
24. Related parties
The charity has a close relationship with Bridgwater Town Council who can nominate 2-4 trustees per year and has provided major funding to the Charity so it can deliver its programme of activity. In May 2020 Bridgwater Town Council took over the lease for the premises at 11 Castle Street, Bridgwater for a term of 125 years. Under the terms of the lease the charity will be responsible for the conduct of all necessary works of rebuilding reinstatement and renewal to the property to put the exterior building structures and conduits in good substantial repair and to maintain them in that same manner.
Under the terms of the lease, only a peppercorn rent is payable each year if demanded by the council. The first rent review is 1 April 2036.