GLADSTONE THEATRE TRUST ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MAY 2024 CHARITY No. 1016452
GLADSTONE THEATRE TRUST TRUSTEES, REPORT FOR THE YEAR ENDED 31st MAY 2024 The Trustees present their annual report and financial statements of the charity for the year ended 31st May 2024. The financial statements have been prepared in accordan with the charity's constitution, the Charities Act 2011 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 (FRS102) effective 1 January 2019. OBJECTIVES AND ACTIVITIES The objects of the Trust are to educate the public in the dramatic, operatic, and musical arts and to further the development of public appreciation and taste in the said arts by the provision of a community theatre. In order to meet this objective, the Trust oversees all aspects of the Gladstone Theatre, Port Sunlight including its upkeep, operation and financial management. In considering the objectives and activities, the Trustees have considered Charity Commission guidance on Public Benefit to ensure that the organisation is meeting its Public Benefit requirements. ACHIEVEMENTS AND PERFORMANCE All the dressing rooms where painted to brighten them up which makes them more presentable for companies to corne into. Once again, we hosted a successful Christmas pantomime which broke all Box Office records. We had all new wiring installed on the stage and on the bridge to improve the electrical infrastructure. Participated in the Port Sunlight Trusts heritage days, we hosted a heritage lalk wÈthin the theatre which was a great success. We also put on a drama workshop within the theatre. We have successfully continued to host a Pilates class which helps serve the community. The theatre hosted the UK tour of "By Ihe Waters of Liverpool" adapted from Helen Forresterfs million selling book which was a great success. Purchased new moving lights to add to the fixtures which enhances the lightening to improve the lightening design on all performances. FINANCIAL REVIEW Total income in the year was £305,453 (2023: £272,068) of which £Nil (2023: £nil) related to nding for projects upon which restrictions are placed. Total expenditure in the year was £240,332 {2023". £235,091), leaving a surplus for the year of £65,121 (2023: surplus £36.977). At 31 st May 2024 the charity reserves stood at £287,064 (2023: £221 ,943}. Reserves Policy It is the policy of the charity to maintain unrestricted funds, which are free reserves at a level to cover redundancy provision and three months running costs should no further funding be received.
GLADSTONE THEATRE TRUST TRUS.TEES' REPORT FOR THE YEAR ENDED 31st MAY 2024 As at the end of the financial year the unrestricted funds, totalled £287.064 less fixed assets of £205,865 leaving a balance of £81,199. The charity requires £6,536 for redundancy provision, £60,083 for three months total running costs (Fotal £66,619) The trustees plans for the balance of the unrestricted reserves is a new sound system plus the maintenance of the theatre. Risk management The main risks to which the charity is exposed as identified by the Trustees have been considered and systems have been established to mitigate those risks. Plans for the future The theatre will look to maintain and grow our perfomances and events throughout the coming year. Our future plans for the theatre will also look to include- The installation and upgrade of a new sound system to enhance current shows and performances. This will also allow us to future proof new events that we are unable to currently accommodate due to the existing system being inadequate. Continue to the installation of more hemps within our stage rig Look to open to the public throughout the day providing activities and a café for public use Run school workshops throughout term times. Re-open our cinema club to allow public to come and watch films in an atmospheric theatre environment Maintain and improve existing fixtures and ffttings within the th8atre to become more welcoming and economically friendly. STRUCTURE, GOVERNANCE AND MANAGEMENT The Board of Trustees also forms the Executive Committee which appoints officers who are responsible for the day-to4ay running of the theatre. Sub-cornmittees operate with specific responsibilitie5 a5 undei: Fund Raising Finance Technical Project Team {theatre improvements, grant applications, etc.} The Management Committee is elected annually at the Annual General Meeting of the Trust, a member representing The Port Sunlight Players, Bebington Dramatic Society and Hoylake and West Kirby Society plus one representative of the Theatre Ambassadors each nominate two of their members. The Management Committee has the following powers: (a) to promote plays. drama. comedies. operas and other dramatic, operatic and musical works of educational value; (b) to purchase, acquire and obtain interest in the copyright of or right to perform or show any such dramatic or operatic works.
GLADSTONE THEATRE TRUST TRUSTEES, REPORT FOR THE YEAR ENDED 31st MAY 2024 (c) to provide and maintain premises for such presentations. (d) to purchase or acquire plant, machinery. furniture, fixtures, scenery and all other necessary effects. (e) to raise funds and to invite and receive contributions from any person or persons whatsoever by way of subscription, donation and othenNise; providing that the Trust shall not undertake any commercial trading activities in raising fvnds" (f) to provide facilities for educational courses in the various aspects of theatre craft; and (g) to do all such things as shall further the objects of the Trust. Recruitment and appointment of Trustp.es Trustees are usually nominated and then either co-opted on to the Committee or voted on at the AGM and can be asked to specialise in their various roles on the Trust Committee. REFERENCE AND ADMINISTRATIVE DETAILS Name Gladstone Theatre Trust Charity Number 1016452 Registered Office Gladstone Hall Greendale Road, Wirral CH62 4XB Jamie Brown Jane Davenport Kevin Fishwick Valerie Houldin Joan Mason David Oliver Janet Roxby (Chair) Carol Shickell (Treasurer) Dawn Smith Keith Taylor Mrs Ying Huang {ACCA) CIO (LCVS) 151 Dale Street, Liverpool, L2 2AH Trustees (Resigned 1st May 2024) (Appointed 21st November 2023) Independent Examine Bankers National Westminster Bank plc, 93 Greendale Road, Port Sunlight. Sign d on behalf of the Trustees Janet Roxby, Chair Date: .11.l2p............
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE GLADSTONE THEATRE TRUST I report on the accounts of the charity for the year ended 31 st May 2024 which are set out on pages 8 to 17. Res eGtive res onsibilities of trustees and examiner The charity's trustees are responsible for the preparation of the accounts. The charity's trustees consider that an audit is not required for this year under section 144 of the Charities Act 2011 (the Charities Act) and that an independent examination is needed. It is my responsibility to: examine the accounts under section 145 of the Charities Act, to follow the prOdureS laid down in the general Directions given by the Charity Commission (under section 145(5)(b) of the Charities Act, and to state whether particular matters have come to my attention. Basis of inde endent examinerfs staten7ent My examination was carried out in accordance with general directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts and seeking explanations from the trustees conceming any such matters. The ProdureS undertaken do not provide all the evidence that would be required in an audit. and consequently no opinion is given as to whether the accounts present a 'true and fairf view and the report is limited to those matters set out in the statement below. Inde endent examineffs statement In connection with my examination, no matter has come to my attention: (1) which gives me reasonable cause to believe that in any material respect the requirements: to keep accounting records in accordance with section 130 of the Charities ACC. to prepare accounts which accord with the accounting records and comply with the accounting requlrements of the Charities Act have not been met. or (2) to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached. Name= Mrs Ying Huang Relevant professional qualification or body: ACCA Address: c/0 LCVS 151 Dale Street, L2 2AH Dated:
GLADSTONE THEATRE TRUST STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31st MAY 2024 Unrestricted Restricted Funds Funds Total Funds ToLIl Funds Notes 2024 2024 2024 2023 Income and endowments from: Donations and legacies Charitable activities Other trading activities Investments 1,497 303,020 1.497 2,428 303,020 268,444 764 432 2b 2d 936 936 Total income 305,453 305,453 272,068 Expendlture on.. Charitable activities 240,332 240,332 235,091 Total expenditure 240,332 240,332 235.091 Net income, Net movement in funds 65.121 65,121 36,977 Total funds brought fOard 13-14 221,943 221,943 184,966 Total funds carried forward 12-14 287,064 287,064 221,943 The notes on pages 8 to 17 form part of these accounts. The net movement in resources for the year was derived from the continuing activities of the trust.
GLADSTONE THEATRE TRUST BALANCE SHEET AS AT 31°, MAY 2024 Notes 31st May 2024 31st May 2023 Flxed assets Tangible assets Right of use asset 119,119 86.746 91,055 108,957 205,865 200,012 Current assets Stock Debtors Cash at bank and in hand 2.469 14,849 272.091 2.500 206,319 289.409 208,819 Current Liabilities Creditors: amounts falling due within one year (119,706) (77,888) Net current assets 169,703 130,931 Total assets less current liabilities 375,568 330,943 Creditors" amounts falling due after more than one year 11 (88,504) (109,000) Net assets 287,064 221,943 Funds: Restricted funds Unrestricted funds 12, 14 12-13 287,064 221,943 287,064 221,943 Appr ved by Trustees on . .Izlii.IzoL4......................-...- Janet Roxby. Chair Carol Shickell. Honorary Treasurer
GLADSTONE THEATRE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 3qSt MAY 2024 1. Accounting Policles Basis of accounting The financial statements have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (SORP 2019) effective 1st January 2019 and Charities Act 2011. The accounts have been prepared under Ihe histortcal cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant note(s) to these accounts. The accounts are prepared in sterting, which is the functional currency of the chartty. Monetary amounts in these financial statements are rounded to the nearest £. Going concern At the time of approving the accounts, the Trustees have a reasonable expectation that the charity has adequate reserves to continue in operational existence for the foreseeable future. Thus. the Trustees continue to adopt the going concern basis of accounting in preparing the accounts. Fund accounting Unrestricted funds are the charity's free reserves available for the Trustees to apply in accordance with the charity's objectives. Restricted funds are subject to specific restrictive conditions imposed by the donor. All restricted funds are accounted for as restricted income and expenditure for the purposes is charged to the fund. Income recognition All income is recognised once the charFty has entltlement to the income, there is sufficient certainty of receipt and so it is probable that the income will be received, and the amount of income receivable can be measured reliably. Donations and legacies comprise of donations and general grants which are recognised in the accounts when received, wrf(h the exception of known legacies which are accounted for when their receipt is certain. Income from charitable activities is recognised on an accrual's basis except for grants receivable, which are recognised on the date on which their unconditional payment is confirmed by the donor. Income from investment relates to bank interest received and is recognised when the amount is certain. Income received on funds for a spectfic pUoSe is allocated to that fund were material. Other Income relates to rental income and gains on disposal of tangible asset and is recognised when the amount is certain. Fixed Assets Capital expenditure of £500 and over is stated in the balance sheet at cost or revaluation less accumulated depreciation. Depreciation is provided to write off the cost of each asset over its expected usefvl life as below: Theatre Improvements, Equipment & Furnishings 100/0 reducing balance basis Electrical equipment 3 years straight line basis
GLADSTONE THEATRE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 315t MAY 2024 Fixture and Fittings Right of Use Assets Stock Stock held comprises bar refreshments and is valued at the lower of cost or net realisable value. 3 years straight line basis Over the temi of the lease Expenditure recognition Liability is recognised as soon as there is a legal or constructive obligation committing the charitable company to that expenditure, tt is probable that settlement will be required and the amount of the obligation can be measured reliably. All expenditure is accounted for on an accrual basis. All expenses, including support costs and governance costs, are allocated or apporttoned to the applicable expenditure headings in the statement of Financial Activities. Support and governan costs are applied to unrestricted funds unless specifically included in the restrictions, as specified by the donor. Expenditure on charitable activities relates to the operation of the charity comprising of direct charitable expenditure to meet the objectives of the charitable company. Support and governance costs relate to the management and operation of the organisation and also compliance with constitutional and statutory requirements in producing Ihe annual report. These are dealt with in the Statement of Financial Activities when payment has been approved by the charitable company. Cash and cash equivalents Cash and cash equivalents include cash in hand, deposits held at call with banks, other short- term liquid investments with original maturities of the months or less, and bank overdrafts. Financial instruments The charity has elected to apply the provisions of Section 11 'Basic Financial Instruments, and Section 12 '0ther Financial Instruments Issues, of FRS 102 to all of its financial instruments. Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument. Financial assets and liabllities are offset, with the net amounts presente(J In the financial statements, when there is a legally enforable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. Basic financial assets Basic financial assets, which include debtors and cash and bank balans, are initially measured at transaction price including transaction costs and are SLJbsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
GLADSTONE THEATRE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31st MAY 2024 Basic financial liabilities Basic financial liabilities. including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Derecognition of financial liabilitles Financial liabilities are derecognised when the charity's contractual obligations expire or are discharged or cancelled. Critical accounting estimates and judgements In the application of the charity's accounting policies, the Trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estirnates and underlying assumptions are reviewed on an on-going basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods. All expenditure is accounted for on an accrual basis. All expenses, including support costs and governance costs, are allocated or apportioned to the applicable expenditure headings in the Statement of Financial Activities. Support and govemance costs are applied to unrestricted funds unless specrfically included in the restrictions, as specified by the donor. Cost of charitable activities relate to the operation of the charity comprising of direct charitable expenditure to meet the objectives of the chartty. Support and govemance costs relate to the management and operation of the organisation and compliance with constitutional and statutory requirements in producing the annual report. These are dealt with in the Statement of Financial Activities when payment has been approved by the charity Taxation Income and gains are exempt from taxation as they are received and applied for charitable purposes only. The charity benefits from various exemptions from taxation afforded by tax legislation and is not liable to corporation tax on income or gains falling within those exemptions. The charity is not able to recover Value Added Tax. Expenditure is recorded in the accounts inclusive of VAT. 10
GLADSTONE THEATRE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31st MAY 2024 2. Income and endowments from Unrestricted Funds 2024 Restricted Funds 2024 Total Funds 2024 Total Funds 2023 a. Donations and Legacies Donations 1,497 1,497 2,428 All donation income received in 2023 was unrestiicted b. Charitable activities Theatre hire and ticket sales Bar & catering Leverhulme Drama Festival 208,054 91,095 3,871 208,054 91,095 3,871 177,905 86,358 4,181 303,020 303.020 268.444 All charitable activities income received in 2023 was unrestricted c) Other trading activities Fundraising events 764 All Other trading activities income received in 2023 was unrestricted d) Investments Bank interest 936 936 432 All investment income received in 2023 was unrestricted. 3. a) Expenditure on: Charitable activities Direct Support & Charitable Governance Expenditure Costs Total 2024 Total 2023 The provision of a comn7unity theatre 221,205 19.127 240,332 235,091
GLADSTONE THEATRE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 315t MAY 2024 Analysed as follows.. 2024 2023 Direct charitable expendifure.. Staff salary costs Pension Theatre direct costs Bar and catering Sessional fees Leverhulme Drama Festival Advertising and marketing Heat & light Telephone and internet Refreshments Repairs & renewals Rates and water Cleaning & waste disposal PRS & licenses Security Insurance Postage, printing and stationery Subscription Clothing Right of use interest PayPal charges Bank charges Right of use depreciation Depreciation 27,264 575 40,777 38,399 2.446 1,883 4,067 15,795 6.285 745 3,174 3,883 10,168 6,083 1,501 4,850 292 111 34,843 184 41,069 33,322 1,387 103 12.628 5,906 973 2,906 9,573 5,230 1,671 5,031 2,967 117 625 205 23,527 541 18,160 10,490 312 25,156 948 16,539 9,952 221,205 211,458 2024 2023 Support & governance.. Staff salary costs Pension Computer support Sundry Accountancy fee 18,298 19,138 28 348 22 459 4,467 19,127 23,633 240,332 235,091 All expenditure in 2023 is related to unrestricted funds. 12
GLADSTONE THEATRE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31st MAY 2024 b) Staff Costs 2024 2023 Salaries Social security costs Other pension costs 45,562 53,981 575 212 46,157 54,193 The average number of employees during the year was 2.09 (2023.. 3). There were no employees with emoluments over £60.000 p.a. (2023.. none). None of the trustees (or any person connected with them) received any remuneration during the year (2023: none). No reimbursement of out-of-pocket expenses took pla during the year (2023: £nil) connected person (see Related Parties note). 4. Tangible fixed assets Theatre. equipment & Furnishings Electrical Fixture and Equipment Fittings Total Cost At 1 $1 June 2023 Additions 568,062 7.681 575,743 38,016 38,016 At 31st May 2024 568.062 7,681 38,016 613,759 Accumulated depreciation At 1st June 2023 Charge for the year 478,243 8,982 6,445 807 484,688 9,952 163 At 31st May 2024 487.225 7.252 163 494,640 Net Book Value at 31st May 2024 80,837 429 37,853 119,119 Net Book Value at 31 st May 2023 89.819 1,237 91,055 There were no material commitments at the year-end. All fixed assets are used in tho direct charitable activities of the organisation. 13
GLADSTONE THEATRE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31st MAY 2024 5. Right of use assets Right of use Asset Cost: At 1st June 2023 Disposal 127,117 (5,672) Balance at 31st May 2024 121,445 Depreciation: At 1st June 2023 Charge for the year 18.160 16.539 At 31st May 2024 34,699 Net Book Value at 31st May 2024 86,746 Net Book Value at 31st May 2023 108,957 The charity signed a lease agreement on the 4th of October 2021 for the Gladstone Hall, Greendale Road, Bromborough, Wirral CH62 4XB for 7 years starting 24th June 2022 6. Financial instruments 2024 2023 Carrying amount of financial assets: Debt instruments measured at cost 286,941 206,319 Carrying amount of financial liabilities: Measured at cost 64,614 19,672 7. Stock Stock comprises of bar refreshments to be sold 2024 2023 stock 2,469 2,500 14
GLADSTONE THEATRE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31st MAY 2024 8. Debtors 2024 2023 Trade debtors Prepayments 9,849 5,000 14,849 9. Creditors.. amounts falling due within one year 2024 2023 Trade creditors Accruals Deferred income (See note 10) Pension VAT Other creditors 49,160 113 54,410 112 683 15,228 4,602 15,070 46,213 12,003 119,706 77,888 10. Deferred Income 2024 2023 Deferred income at 1 St June 2023 Amounts received in the year Amounts credited to statement of financial activities 46,213 353,922 29,147 46,213 (345,725) {29,147) Balance at 31st May 2024 54.410 46,213 Deferred income comprises funds received in advan of the provision of shows which will be performed in a future date after the current accounting period. 11. Creditors: amounts falling due after more than one year 2024 2023 Other Creditors 88,504 109,000 Other creditors comprise lease commitments on the Gladstone Hall, Greendale Road, Bromborough, Wirral CH62 4XB for 7 years starting 24fh June 2022 for 7 years adjusted as per IFRS 16 with discount rate of 0.950/0 15
GLADSTONE THEATRE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31st MAY 2024 12.Analysis of Net Assets between Funds Tangible Fixed Assets Right of Use Asset Net Creditors due current more than assets One year Total 2024 Unrestricted Funds General Fund 119,119 86,746 169,703 (88.504) 287,064 Restricted Funds Total Funds 119,119 86.746 169,703 (88,504) 287,064 Tangible Fixed Assets Right of Use Asset Net Creditors due current more than assets One year Total 2023 Unrestricted Funds General Fund 91.055 108,957 130,931 (109,000) 221,943 Restricted Funds Total Funds 91,055 108,957 130,931 (109,000) 221,943 13. Unrestrlcted funds The following funds are designated for spectfic purposes by the Trustees: Movement in the year Income Expenditure Reserves at start of the year Reserves at year end 2024 General Fund 221,943 305,453 (240,332) 287,064 Movement in the year Income Expenditure Reserves at start of the year Reserves at year end 2023 General Fund 184,966 272.068 (235,091) 221,943 14. Restricted Funds There were no restricted funds during or at year end 31st May 2024 (2023: £nil) 16
GLADSTONE THEATRE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31st MAY 2024 15. Guarantees and other financial commitments There is a lease for the property with the Port Sunlight Village Trust. The lease commenced in June 2022 and the lease term is seven years and it has been included within the Balance Sheet. 16.Related Parties There were no material related party transactions during the year which require disclosure. (2023: None) 17