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2023-07-31-accounts

DocuSign Envelope ID: E33E55E4-6E2F-4907-8B1D-E72DBCA2F1C2

Charity registration number 1052890

Company registration number 03149687 (England and Wales)

FUTURES THEATRE COMPANY

ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023

DocuSign Envelope ID: E33E55E4-6E2F-4907-8B1D-E72DBCA2F1C2

FUTURES THEATRE COMPANY

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees Giulia Ascoli - Chair (Appointed on 12 September 2023)
Vanessa Stone (Resigned as Chair on 12 September 2023)
Judith Barber – Treasurer
Kemoh Tarawali
Alan Caton
Clare Dobson
Charlotte Wihl
Angie Conway
Tanya Dee
Secretary Caroline Bryant
Senior Management Team Caroline Bryant – Artistic Director
Flair May – Engagement Director
Amanda Castro– Executive Producer
Charity number 1052890
Company number 03149687
Registered office St. John's Waterloo
Waterloo Road
LONDON
SE1 8TY
Independent examiner Samir Shah FCA, ATII
Ramon Lee Ltd
Chartered Accountants
93 Tabernacle Street
London
EC2A 4BA
Bankers HSBC Bank Plc
5 Wimbledon Hill Road
Wimbledon, London
SW19 7NF
CAF Bank Ltd
25 Kings Hill Avenue
Kings Hill
West Mailing
Kent
ME19 4JQ

DocuSign Envelope ID: E33E55E4-6E2F-4907-8B1D-E72DBCA2F1C2

FUTURES THEATRE COMPANY

CONTENTS

Page
Trustees' report 1 - 7
Independent examiner's report 8
Statement of financial activities 9
Balance sheet 10
Notes to the financial statements 11 - 24

DocuSign Envelope ID: E33E55E4-6E2F-4907-8B1D-E72DBCA2F1C2

FUTURES THEATRE COMPANY

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 31 JULY 2023

The trustees present their annual report and financial statements for the year ended 31 July 2023.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charitable company's the Memorandum and Articles of Association, the Companies Act 2006, 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 (FRS 102)" (effective 1 January 2019).

Objectives and activities

Futures Theatre offers marginalised women and non-binary people a space to thrive, addressing gender inequality and the intersections within this, such as race, class and neurodiversity. We produce uncompromising theatre and podcast series about authentic stories that need to be heard, create opportunities for artists and participants to drive debate and promote awareness, and amplify their voices through creative engagement programmes, theatre and training. We exist so that underrepresented women and non-binary people can live their fullest lives. Our vision is for a world where all women and non-binary people can flourish and together, we fight for equity.

Our main activities:

The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charitable company should undertake.

Achievements and performance

Following the challenges of the last three years, this year we focused on the planning and development of new artistic projects for 2024 onwards, broadened our engagement work with the development of Thrive in two regional areas outside of London, and underwent extensive and vital research and development towards the organisation’s future financial sustainability.

Argos Archives research and development

Argos Archives centres on a young autistic woman who, deceived and exhausted by life’s rules, finds structure and acceptance in the Argos catalogue. Stuck in an everlasting cycle of attempting to understand the rules of society and what is expected of her, she navigates the complexities of human relationships.

Sabrina Mahfouz delivered the final draft of Argos Archives this year and we are now beginning to plan for a full production of this play in 2024. This includes meetings and ongoing conversations with potential venues to host the production; artistic collaborators who we can work with on additional wraparound engagement work for the production; partners in the charity sector who we can work with on campaigning and press for the production; and artists for our cast and creative team, half of whom will be neurodivergent.

‘I might walk around naked all day in my future because it will be a place where you can just be who you want to be and love who you want to love and dress how you want to dress and the only reason for rules would be life or death and nothing else. Do not jump off this roof cos you will die. That kind of thing. That’s it.’

DocuSign Envelope ID: E33E55E4-6E2F-4907-8B1D-E72DBCA2F1C2

FUTURES THEATRE COMPANY

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 JULY 2023

Seed commissions

We have continued to work with writer Abi Zakarian after initially working with her on an episode of our Fully Amplified podcast series (episode 3, When Two Armenians Meet). We offered Abi a seed commission this year, from which she has developed an initial concept and storyline for a new piece (working title: My Name is Mud), which will examine community, sisterhood and friendships across differing communities, ages and classes, and ask if the collective power of the community in solidarity can affect real change. We are looking at supporting the project next year through further research and development time.

‘And in the wet and heavy air the silky strand of Khoorabia wafts its way through the heady mix to softly land on me; velvet Almond delicately swirling into my mouth, gentle pungence, tiny joy... the festival of smells a heartbeat, a rhythm. The women in my veins, pulsing: Food is love! Food is life!’

Thrive

We continued to work with our regular long term partner organisation, Woman’s Trust. Participants have worked with artists including Sonia Jalaly (on safely creating autobiographical work), Martyna Baker (songwriting) and Molly Taylor (creative writing). Participants were also offered one-to-one sessions to focus on personal development and joined free theatre trips to the Old Vic and Lyric Hammersmith (on this occasion, to see a show written by an artist they had worked with). We have been developing relationships with other frontline organisations focusing on domestic abuse services with a view to long-term and short-term work next year.

This year, we ran a pilot project of a regional Thrive model in Redcar and Eastbourne. We delivered six sessions at each location, using a hybrid model of in-person and online workshops, in partnership with Wayfinder Woman, Towner Eastbourne, EVA Women’s Aid and Tees Valley Arts. Each project also involved a series of intensive one-toone workshops offered to participants, cultural trips and an in-person sharing of their creative work.

This pilot project allowed us to trial our methods of working with new partners in two new regions and was externally evaluated by Lily Einhorn. Following the success of this pilot, we plan to return to both locations in autumn 2023. In this project’s second stage, we’ll produce a podcast episode for our series Fully Amplified, featuring original writing and artwork from participants.

“Our creativity which has been affected by all this abuse, you give wings to our inner selves. That is very good on a mental aspect, if we came to you feeling vulnerable, feeling ostracised by society because of the lockdown, because of what we’ve gone through and we’re rediscovering our inner gifts… We’re freeing ourselves from the traumatic experience and repolishing ourselves, in a way, to the rawness of what we really are.”

Former Thrive and other engagement participants worked directly with Futures’ Artistic Director and a board member as part of a Participant Advisory Group. They met quarterly in 2022 to inform Futures’ engagement work, methodology and planning for the artistic programme.

Professional training

We delivered training for social work students at Brunel University, social workers in their first year of practice in Tower Hamlets, and prospective social workers as part of the North East London Step Up to Social Work Assessment Centre (recruitment) this year.

Feedback continues to be very positive. However, bookings remain below pre-pandemic levels as our clients in local authorities and universities face reduced budgets. Because of this, we worked on ways to strengthen our marketing through refreshing our copy and flyers and dedicating more time to researching potential clients in areas outside London.

“It helped me to build more confidence and to improve my understanding of the subject matter discussed in the scenario also to better my communication abilities.”

PUBLIC BENEFIT STATEMENT

In shaping our objectives for the year and planning our activities, the Trustees have considered the Charity Commission’s guidance on public benefit, including the public benefit of running a charity (PB2). The achievements and activities above demonstrate the public benefit of Charity activities.

DocuSign Envelope ID: E33E55E4-6E2F-4907-8B1D-E72DBCA2F1C2

FUTURES THEATRE COMPANY

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 JULY 2023

Financial review

The highly uncertain economic climate, cost-of-living crisis, ongoing impact of Covid-19, focus of public funders on priority places outside of London and increased competition for funding from trusts and foundations made 2022/23 a uniquely difficult year for Futures. Income was down on the prior year, £101,087 (2022 – £240,350), and expenditure was also down £162,873 (2022 - £256,716), as we had one less staff member and did not produce a production during the year. Overall, the financial outturn has been negative, with a net deficit of £61,786 for the year (2022 net deficit of £16,366).

Reserves have decreased, standing at £44,748 at the year end (2022 - £106,534). We have spent the remainder of the money held in our designated fund towards costs related to our Thrive engagement programme. The year end financial position revealed by the Balance Sheet on page 10 shows net current assets or working capital of £43,206 (2022 - £104,477). The net book value of tangible fixed assets held, which are used directly for charitable purposes, amounted to £1,542 (2022 - £2,057).

We spent much of this year developing our work and case for support to help secure funding for next year. In December 2023, this was rewarded with successfully securing five-year funding from City Bridge Trust. This represents a significant foundation, offering stability and positive opportunities to approach other funders. We also have various applications pending as part of a strategic approach to build organisational resilience by developing partnerships outside London, including a successful application to Arts Council England to continue our regional Thrive work in autumn 2023. We also continue our focus on increasing earned income, through training with refreshed marketing for this work and broadening our client base and topics addressed.

Trust, Foundation and Grant Funders for 2022/23

Investment power and policy

The Trust Deed authorises the Trustees to make and hold investments using the charity’s general funds. The Trustees have the power to invest in any way that they see fit.

Reserves policy

At the year end, financial statements showed reserves of £44,748 (2022 - £106,534), of which £ Nil (2022 - £1,981) is restricted. The unrestricted funds not designated or invested in tangible fixed assets were £43,206 (2022 - £76,912).

The Company’s policy on reserves has been set at a minimum of three months’ running costs, with the ambition to reach six months’ running costs. The total level of unrestricted reserves provides Futures with 3 months’ running costs. With more Thrive delivery contributing to core costs and City Bridge Trust in place for the following years, we hope that next year’s accounts will reflect an increase in the reserves.

DocuSign Envelope ID: E33E55E4-6E2F-4907-8B1D-E72DBCA2F1C2

FUTURES THEATRE COMPANY

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 JULY 2023

Plans for future periods

As we move towards financial and organisational sustainability, we focus on developing an exciting and bold programme of artistic and creative engagement work to build our profile and deliver strong creative outcomes for artists, participants and audiences.

Argos Archives

We will mount a production of Argos Archives by Sabrina Mahfouz in 2024. This production will provide a case study for embedding accessibility across all production areas: gathering stories, marketing, booking a tour and ensuring venues can provide what we need for relaxed performances. Embedding accessibility into the design and planning phase for a touring production not only increases access and diversifies who can come to, and engage with, our productions, but ensures it is a key component for all involved in creating work for audiences, both those buildingbased and those elsewhere, including online. We will create the work in consultation with a neurodivergent advisory group. The look and sound of the production (and, therefore, the audience and performers’ experience) will be ‘relaxed’ from its inception. Futures will cast a performer on the autistic spectrum in the main role (we also met this casting requirement in the previous two R&D phases). Necessary adaptations will increase production costs, but they are fundamental and provide an essential learning tool for creating and touring accessible work.

Thrive

Following our successful pilot this year, we will develop our regional work and use the learning gained from this pilot to work on more ambitious creative outcomes for the project, including developing a new podcast episode for our Fully Amplified series.

We will continue to deliver a long-term programme in London. In the next year, we will focus on broadening the pool of artists we work with and piloting new art forms within Thrive (as we have done with visual arts in the previous year). We will also work with a shorter-term group in London. We will reach more women and build a working relationship with another partner organisation to become a long-term partner.

We will continue working with our Participant Advisory Group. We will set up a working group specifically focusing on the development of Argos Archives, which will see us working with neurodivergent creatives.

Artist collaborations

We will continue to work with Abi Zakarian on her commission and offer more research and development support for My Name Is Mud.

We have set up an Artist Advisory Group, who we will consult with regularly on all aspects of our creative work. Our Artistic Director and a Trustee facilitate this, and the group has a broad spectrum of artists representing different specialisms.

.

Training

We will continue to offer digital and in-person workshops for universities and local authorities, as well as a hybrid offer depending on the needs of the social work client. In the year ahead, we will develop our training into new areas, particularly menopause and domestic abuse awareness for workplaces.

Menopause Project

We are at the start of creating a new training programme in response to the mounting evidence of gender inequality and the impact menopause has on women in the workplace. We hope to collaborate with LSE and Goldsmiths, University of London as we develop the training and contribute to their research process and future dissemination of their findings. We will trial this programme with companies and professional women. It will be developed in partnership with a newly formed focus group, with leading menopause workplace advocates and others promoting greater awareness and solutions. This will grow our training income, in addition to our social worker training. The research programme will build our relationships with universities and bring additional credibility to the training programme offered.

DocuSign Envelope ID: E33E55E4-6E2F-4907-8B1D-E72DBCA2F1C2

FUTURES THEATRE COMPANY

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 JULY 2023

Structure, governance and management

Governing Document

Futures Theatre Company is registered as a company limited by guarantee and not having share capital. Its operations are governed by its memorandum and articles of association (M&AA). If the Company is wound up, each member is required to contribute an amount not exceeding £1.

The company was incorporated on 23rd January 1996 and registered as a charity on 12th February 1996. The charity registration number is 1052890 and the company registration number is 03149687.

Recruitment and appointment of Trustees

As set out in the Articles of Association, the Chair of the Trustees is nominated by Futures Theatre Company. The organisation’s Directors are also the charity Trustees for the purposes of charity law.

The process of appointing a new Trustee is led by a nominations panel that typically includes the Chair, Deputy Chair or Treasurer, and another Trustee (usually the trustee with HR and board recruitment experience). As a matter of good practice, the Chair and the Artistic Director meet the preferred candidate/s informally to share information, get to know one another and understand the company’s ethos. Potential Trustees will then be invited to attend a board meeting to observe and meet the rest of the board, at the end of which, a vote is taken as to whether to appoint them as a new trustee. New Trustees receive information outlining the history of the charity and a copy of the charity’s governing document, its M&AA. Trustees are then invited to attend an induction meeting with the Chair and Artistic Director and are briefed on the structure, strategy and operation of the company.

The Trustees have no beneficial interest in the company other than as members.

Futures Theatre’s Trustees attend four Board Meetings a year. They take part in working groups and subcommittees and attend performances and events. They are a point of contact throughout the year for guidance and support. An individual Trustee is allocated to each member of staff who has a more in-depth knowledge of that employee’s role and responsibility. We have a highly skilled and engaged Board. This year, in response to the global pandemic and its impact on the theatre industry, Board meetings were held more frequently. The team also met informally with the Board monthly, with regular updates on finances, fundraising and logistics.

There were no changes to the Board of Trustees this year.

The trustees serving during the year were as follows:

Organisation

In September 2022, we said goodbye to our Administrator Monique Odoom-Simpson, who left for a new opportunity at the Old Vic. The team has decided not to replace her role and will review this once we have secured further multiyear funding.

Our bookkeeper Carole Mold and freelance fundraiser Caroline Jester remained in operation throughout the year.

DocuSign Envelope ID: E33E55E4-6E2F-4907-8B1D-E72DBCA2F1C2

FUTURES THEATRE COMPANY

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 JULY 2023

RELATED PARTIES

Trustees are not remunerated but can claim expenses. The only exception is the case of an artist who is also a trustee, who can freelance for the company with prior agreement from the board of trustees. This will be recorded in the minutes. Any connection between a trustee or employee of the charity and a producer, writer or actor must be disclosed to the full Board of Trustees in the same way as any other contractual relationship with a related party.

PAY POLICY FOR SENIOR STAFF

Senior staff are the charity's key management personnel, in charge of directing, controlling, running, and operating the charity on a day-to-day basis.

The pay of the senior staff is reviewed annually by the Board.

RISK MANAGEMENT

The trustees have a risk management strategy that includes:

This work has identified failure to meet fundraising targets as the most significant risk, while the external context and economic climate remain uncertain and volatile. This is managed through regular monitoring between the team, the Fundraising Subcommittee and the Board of Trustees. Trustees continue to support Futures’ experienced senior staff to monitor and increase financial resilience, and to develop mid-term plans to mitigate risk.

We recognise that there is increased competition for funding. We are working closely with our freelance fundraiser to strengthen our case for support, communicate our impact effectively to current and prospective funders, and further develop in-house fundraising skills. To this end, in autumn 2023 we will recruit a Trusts & Foundations Manager who can develop this work further with us.

We have further developed our training offer to provide in-person, online or hybrid programmes combining in-person and digital work, so that we can be flexible in response to our clients’ needs and more proactive in securing new clients. We have expanded our client search beyond local authorities to other sectors, to reach the widest possible client base for this work.

OUR APPROACH TO FUNDRAISING ACTIVITIES

Most of our fundraising was through applications to trusts and foundations. During the financial year, we did not actively fundraise from the public. We did make funding requests through our newsletter and to direct contacts, and by promoting donations via the ‘Give as you Live’ funding platform.

DocuSign Envelope ID: E33E55E4-6E2F-4907-8B1D-E72DBCA2F1C2

FUTURES THEATRE COMPANY

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 JULY 2023

Statement of Trustees' responsibilities

The trustees, who are also the directors of Futures Theatre Company for the purpose of company law, are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (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 incoming resources and application of resources, including the income and expenditure, of the charitable company for that year.

In preparing these financial statements, the trustees are required to:

The trustees are responsible for keeping adequate accounting records that 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 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.

This report has been prepared in accordance with the special provisions relating to small companies within Part 15 of the Companies Act 2006.

The Trustees' report was approved by the Board of Trustees and signed on its behalf by:

Caroline Bryant Secretary

19 March 2024

DocuSign Envelope ID: E33E55E4-6E2F-4907-8B1D-E72DBCA2F1C2

FUTURES THEATRE COMPANY

INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF FUTURES THEATRE COMPANY

I report to the trustees on my examination of the financial statements of Futures Theatre Company (the charitable company) for the year ended 31 July 2023.

This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our work has been undertaken so that we might state to the company's members those matters we are required to state to them in an independent examiner's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our work, for this report, or for the opinions we have formed.

Responsibilities and basis of report

As the trustees of the charitable 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 financial statements of the charitable 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 charitable company’s financial statements carried out under section 145 of the Charities Act 2011 (the 2011 Act). In carrying out my examination I have followed all the applicable 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 that in any material respect:

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 financial statements to be reached.

Samir Shah FCA, ATII

Ramon Lee Ltd Chartered Accountants 93 Tabernacle Street London EC2A 4BA

Dated: 19 March 2024

DocuSign Envelope ID: E33E55E4-6E2F-4907-8B1D-E72DBCA2F1C2

FUTURES THEATRE COMPANY

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 JULY 2023

Unrestricted
Designated
Restricted
funds
funds
funds
Notes
£
£
£
Income from:
Donations and legacies
3
18,824
-
-
Charitable activities
4
20,000
-
51,391
Other trading activities
5
10,255
-
-
Investments
6
617
-
-
Total income
49,696
-
51,391
Expenditure on:
Raising funds
7
3,950
-
-
Charitable activities
8
79,967
25,584
53,372
Total expenditure
83,917
25,584
53,372
Net expenditure for the year/
Net movement in funds
(34,221)
(25,584)
(1,981)
Fund balances at 1 August 2022
78,969
25,584
1,981
Fund balances at 31 July 2023
44,748
-
-		 Total
2023
£
18,824
71,391
10,255
617
101,087
3,950
158,923
162,873
(61,786)
106,534
44,748		 Total
2022
£
40,102
177,496
22,707
45
240,350
18,600
238,116
256,716
(16,366)
122,900
106,534

The statement of financial activities includes all gains and losses recognised in the year.

All income and expenditure derive from continuing activities.

The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.

The notes on pages 11 to 24 form part of these financial statements.

DocuSign Envelope ID: E33E55E4-6E2F-4907-8B1D-E72DBCA2F1C2

FUTURES THEATRE COMPANY

BALANCE SHEET

AS AT 31 JULY 2023

2023 2022
Notes £ £ £ £
Fixed assets
Tangible assets 13 1,542 2,057
Current assets
Debtors 14 12,314 8,038
Cash at bank and in hand 57,377 132,937
69,691 140,975
Creditors: amounts falling due within
one year 15 (26,485) (36,498)
Net current assets 43,206 104,477
Total assets less current liabilities 44,748 106,534
Income funds
Restricted funds 18 - 1,981
Unrestricted funds
Designated funds 19 - 25,584
General unrestricted funds 44,748 78,969
44,748 53,385
44,748 106,534

The notes on pages 11 to 24 form part of these financial statements.

The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 31 July 2023.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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.

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the Trustees on 19 March 2024 and were signed on its behalf by:

|Giulia Ascoli
DocuSigned by:
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5E80C0A942A04D3...|Judith Barber
DocuSigned by:
| Judith Barber
BF551EA01EF34B8...| |---|---| |Chair|Treasurer|

Company registration number 03149687

DocuSign Envelope ID: E33E55E4-6E2F-4907-8B1D-E72DBCA2F1C2

FUTURES THEATRE COMPANY

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023

1 Accounting policies

1.1 Accounting convention

The financial statements have been prepared in accordance with the charitable company's the Memorandum and Articles of Association, the Companies Act 2006, FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the Charities SORP "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)" (effective 1 January 2019). The charitable company is a Public Benefit Entity as defined by FRS 102.

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

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2 Going concern

The charity’s financial statements show a net deficit of £61,786 (2022 – net deficit of £16,366) for the year and free reserves of £43,206 (2022 - £76,912).

At the time of approving the accounts, the trustees have a reasonable expectation that the charitable company has adequate resources 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.

The Trustees have reviewed the forecast cashflow, the expected level of reserves, the potential for ongoing activity and the support of current funders, all of which enable the Trustees to consider that Futures may be considered a going concern.

1.3 Charitable funds

Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.

Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.

1.4 Income

Income is recognised when the Charity has entitlement to the funds, any performance conditions attached to the item(s) of income have been met, it is probable that the income will be received and amount can be measured reliably.

DocuSign Envelope ID: E33E55E4-6E2F-4907-8B1D-E72DBCA2F1C2

FUTURES THEATRE COMPANY

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2023

1 Accounting policies

(Continued)

1.5 Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement, and the amount of the obligation can be measured reliably.

Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset’s use.

Allocation of support costs

Support costs are those functions that assist the work of the charity but do not directly undertake charitable activities. Support costs include back office costs, management, finance and administration personnel, payroll and governance costs which support the Trust’s programmes and activities. These costs have been allocated to expenditure on charitable activities.

1.6 Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Leasehold improvements 33% straight line Computer Equipment, plant and machinery 25% written down value

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.

1.7 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 three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.8 Financial instruments

The charitable company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the charitable company's balance sheet when the charitable company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable 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.

1.9 Taxation

The Charity is a registered charity and, therefore, is not liable for Income Tax or Corporation Tax on income derived from its charitable activities, as it falls within the various exemptions available to registered charities.

DocuSign Envelope ID: E33E55E4-6E2F-4907-8B1D-E72DBCA2F1C2

FUTURES THEATRE COMPANY

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2023

1 Accounting policies

(Continued)

1.10 Debtors

Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

1.11 Volunteers and donated services and facilities

Donated professional services and donated facilities are recognised as income when the charity has control over the item, any conditions associated with the donated item have been met, the receipt of economic benefit from the use by the charity of the item is probable and that economic benefit can be measured reliably. In accordance with the Charities SORP (FRS 102), the general volunteer time of the Charity is not recognised in the main body of the financial accounts, but detail is contained in the Trustees report.

On receipt, donated professional services and donated facilities are recognised on the basis of the value of the gift to the charity which is the amount the charity would have been willing to pay to obtain services or facilities of equivalent economic benefit on the open market; a corresponding amount is then recognised in expenditure in the period of receipt. No such services were received during the year.

1.12 Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

2 Critical accounting estimates and judgements

In the application of the charitable company’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 estimates and underlying assumptions are reviewed on an ongoing 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.

3 Donations and legacies

Unrestricted
funds
£
Donations and gifts
S E Franklin Trust
8,000
Donations and sponsorship
510
Government grants
10,314
STV Studios Ltd
-
18,824		 Total
2023
£
8,000
510
10,314
-
18,824		 Total
2022
£
5,000
1,489
3,113
30,500
40,102

Government grants include Theatre tax relief receivable from HMRC.

DocuSign Envelope ID: E33E55E4-6E2F-4907-8B1D-E72DBCA2F1C2

FUTURES THEATRE COMPANY

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 JULY 2023

4 Charitable activities

Project
Delivery
£
Arnold Clark Community Fund
750
Arts Council England
17,864
City Bridge Trust
-
Garrick Charitable Trust
1,000
Donations
578
Garfield Weston Foundation
11,700
Souter Charitable Trust
3,000
National Lottery Community Fund
3,000
Leathersellers Company
-
Lloyds Bank Foundation
-
Foyle Foundation
20,000
D'Oyly Carte Charitable Trust
3,500
Didymus Trust
5,000
Postcode Neighbour
-
Two Magpies Fund
5,000
Unity Theatre Trust
-
71,391
Analysis by fund
Unrestricted funds
20,000
Restricted funds
51,391
71,391		 Total
2023
£
750
17,864
-
1,000
578
11,700
3,000
3,000
-
-
20,000
3,500
5,000
-
5,000
-
71,391
20,000
51,391
71,391		 Total
2022
£
250
42,222
41,279
-
5,776
8,300
-
34,784
7,500
22,900
-
-
-
5,895
8,000
500
177,496
-
177,496
177,496

5 Other trading activities

Unrestricted
funds
£
Sundry income
8
Tickets sales, performance & workshop fees
(18)
Training fees
10,265
Other trading activities
10,255
For the year ended 31 July 2022
22,707		 Total
2023
£
8
(18)
10,265
10,255		 Total
2022
£
-
9,007
13,700
22,707
22,707

DocuSign Envelope ID: E33E55E4-6E2F-4907-8B1D-E72DBCA2F1C2

FUTURES THEATRE COMPANY

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2023

6 Investments

Unrestricted
funds
£
Investment income
617
617
For the year ended 31 July 2022
45
Raising funds
Unrestricted
funds
£
Staff costs
3,950
3,950
For the year ended 31 July 2022
Fundraising and publicity
18,600
18,600		 Total
2023
£
617
617
Total
2023
£
3,950
3,950		 Total
2022
£
45
45
45
Total
2022
£
18,600
18,600
18,600
18,600

7 Raising funds

DocuSign Envelope ID: E33E55E4-6E2F-4907-8B1D-E72DBCA2F1C2

FUTURES THEATRE COMPANY

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2023

8
Charitable activities
Staff costs
Marketing expenses
Production costs
Share of support costs (see note 9)
Share of governance costs (see note 9)
Analysis by fund
Unrestricted funds
Endowment funds - Designated
Restricted funds
For the year ended 31 July 2022
Unrestricted funds
Restricted funds
9
Support costs
Staff costs
Depreciation
Rent, premises expenses and insurance
General office expenses
Communications
Professional fees
Bank charges and interest
Bad debts
Independent Examiner's fees
Analysed between
Charitable activities		 Project
Delivery
£
113,872
400
2,473
116,745
40,558
1,620
158,923
79,967
25,584
53,372
56,101
182,015
238,116
Support Governance
costs
costs
£
£
24,456
-
514
-
9,001
-
1,858
-
1,313
-
3,293
-
123
-
-
-
-
1,620
40,558
1,620
40,558
1,620
40,558
1,620		 Total
2023
£
113,872
400
2,473
116,745
40,558
1,620
158,923
79,967
25,584
53,372
Total
2023
£
24,456
514
9,001
1,858
1,313
3,293
123
-
1,620
42,178
42,178
42,178		 Total
2022
£
151,049
8,979
21,270
181,298
55,318
1,500
238,116
56,101
-
182,015
56,101
182,015
238,116
Total
2022
£
32,539
686
14,900
1,708
1,268
3,917
100
200
1,500
56,818
56,818
56,818

DocuSign Envelope ID: E33E55E4-6E2F-4907-8B1D-E72DBCA2F1C2

FUTURES THEATRE COMPANY

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2023

10 Net movement in funds 2023 2022
£ £
Net movement in funds is stated after charging/(crediting)
Independent Examiner's fees 1,620 1,500
Depreciation of owned tangible fixed assets 514 686

11 Trustees

None of the trustees (or any persons connected with them) received any remuneration or benefits from the charitable company during the year.

The key management personnel of the charity comprise of the Artistic Director. The total employee benefits of the Artistic Director was £52,715 (2022 - £51,624).

12 Employees

The average monthly number of employees during the year was:

Direct project work
Administration work
Total
Employment costs
Wages and salaries
Pension
National Insurance		 2023
Number
3.00
1.00
4.00
2023
£
113,152
4,334
8,983
126,469		 2022
Number
3.00
1.00
4.00
2022
£
129,903
3,892
8,649
142,444

There were no employees whose annual remuneration was more than £60,000.

DocuSign Envelope ID: E33E55E4-6E2F-4907-8B1D-E72DBCA2F1C2

FUTURES THEATRE COMPANY

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 JULY 2023

13
Tangible fixed assets
Leasehold
land and
buildings
Fixtures and
fittings
£
£
Cost
At 1 August 2022
7,617
35,842
At 31 July 2023
7,617
35,842
Depreciation and impairment
At 1 August 2022
7,617
33,786
Depreciation charged in the year
-
514
At 31 July 2023
7,617
34,300
Carrying amount
At 31 July 2023
-
1,542
At 31 July 2022
-
2,057
14
Debtors
2023
Amounts falling due within one year:
£
Trade debtors
2,000
Theatre tax relief
10,314
12,314
12,314
15
Creditors: amounts falling due within one year
2023
Notes
£
Other taxation and social security
2,892
Trade creditors
286
Deferred income
16
20,950
Accruals
2,357
26,485		 Total
£
43,459
43,459
41,403
514
41,917
1,542
2,057
2022
£
8,038
-
8,038
8,038
2022
£
-
5,914
28,950
1,634
36,498

DocuSign Envelope ID: E33E55E4-6E2F-4907-8B1D-E72DBCA2F1C2

FUTURES THEATRE COMPANY

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 JULY 2023

16 Government grants

Deferred income is included in the financial statements as follows:

2023 2022
£ £
Movements in the year:
Deferred income at 1 August 2022 28,950 (74,397)
Released from previous periods (28,950) 74,397
Resources deferred in the year 20,950 28,950
Deferred income at 31 July 2023 20,950 28,950

Deferred income relates to grant income received in the year ending 31/07/2023 for costs and workshops to be delivered in the next financial period.

Deferred income comprises:
Ashley Family Foundation
Postcode Neighbourhood Trust
Thomas Wall Trust
Woodsmith Foundation
Two Magpies Fund
National Lottery Community Fund
Arnold Clark Community Fund
Didymus Trust
Garfield Weston Foundation
D'Oyly Carte Charitable		 2023
£
2,000
9,950
5,000
4,000
-
-
-
-
-
-
20,950		 2022
£
-
-
-
-
5,000
3,000
750
5,000
11,700
3,500
28,950

17 Retirement benefit schemes

The charitable company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the charitable company in an independently administered fund. The scheme is an auto enrolment scheme and provided by The People's Pension.

The charge to income and expenditure in respect of defined contribution schemes was £4,334 (2022 - £3,892)

DocuSign Envelope ID: E33E55E4-6E2F-4907-8B1D-E72DBCA2F1C2

FUTURES THEATRE COMPANY

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2023

18 Restricted funds

The income funds of the charity include restricted funds comprising the following unexpended balances of donations and grants held on trust for specific purposes:

Movement in funds Movement in funds Movement in funds Movement in funds
Balance at Incoming Resources Balance at Incoming Resources Balance at
1 August 2021 resources expended
1 August 2022		 resources expended
31 July 2023
£ £ £ £ £ £ £
Arnold Clark Community Fund - 250 (250) - 750 (750) -
Arts Council England - 42,222 (42,222) - 17,864 (17,864) -
City Bridge Trust - 41,279 (41,279) - - - -
Donations - 5,776 (4,002) 1,774 578 (2,352) -
Garfield Weston Foundation - 8,300 (8,300) - 11,700 (11,700) -
National Lottery Community Fund - Thrive - 34,784 (34,784) - 3,000 (3,000) -
Leathersellers Company 6,500 7,500 (14,000) - - - -
Lloyds Bank Foundation - 22,990 (22,990) - - - -
Postcode Neighbourhood Trust - 5,895 (5,895) - - - -
Two Magpies Fund - 8,000 (7,793) 207 5,000 (5,207) -
Unity Theatre Trust - 500 (500) - - - -
Garrick Charitable Trust - - - - 1,000 (1,000) -
Souter Charitable Trust - - - - 3,000 (3,000) -
D'Oyly Carte Charitable Trust - - - - 3,500 (3,500) -
Didymus Trust - - - - 5,000 (5,000) -
6,500 177,496 (182,015) 1,981 51,392 (53,373) -

DocuSign Envelope ID: E33E55E4-6E2F-4907-8B1D-E72DBCA2F1C2

FUTURES THEATRE COMPANY

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2023

18 Restricted funds

(Continued)

Arts Council England : Towards Thrive engagement (Regional) project in Redcar & Eastbourne.

Two Magpies Fund : Toward Thrive engagement project.

National Lottery: Awards for All : Towards Thrive engagement project.

Arnold Clark Fund : Towards Thrive engagement project.

D’Oyly Carte Charitable Trust : Towards core costs 2022-2023.

Didymus : Towards Thrive engagement project.

Garfield Weston Foundation : Towards core costs and activity over 12 months.

Souter Charitable Trust : Towards Thrive engagement project.

DocuSign Envelope ID: E33E55E4-6E2F-4907-8B1D-E72DBCA2F1C2

FUTURES THEATRE COMPANY

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2023

19 Designated funds

The income funds of the charity include the following designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes:

Movement in funds Movement in funds
Balance at Incoming Transfers Balance at Resources Balance at
1 August 2021 resources 1 August 2022 expended
31 July 2023
£ £ £ £ £ £
Expansion of project
Thrive 41,950 - (16,366) 25,584 (25,584) -
41,950 - (16,366) 25,584 (25,584) -

Designated funds of £Nil (2022 - £25,584) were towards costs related to our engagement programme Thrive: including direct project costs and a proportion of salaries and overheads to cover time spent on the project.

DocuSign Envelope ID: E33E55E4-6E2F-4907-8B1D-E72DBCA2F1C2

FUTURES THEATRE COMPANY

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2023

20 Analysis of net assets between funds

Analysis of net assets between funds
Unrestricted Designated
Restricted
funds
funds
funds
£
£
£
Fund balances at 31 July 2023 are represented by:
Tangible assets
1,542
-
-
Current assets/(liabilities)
43,206
-
-
44,748
-
-		 Total Unrestricted Designated
Restricted
2023
funds
funds
funds
£
£
£
£
1,542
2,057
-
-
43,206
76,912
25,584
1,981
44,748
78,969
25,584
1,981		 Total
2022
£
2,057
104,477
106,534

DocuSign Envelope ID: E33E55E4-6E2F-4907-8B1D-E72DBCA2F1C2

FUTURES THEATRE COMPANY

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2023

21 Related party transactions

There were no disclosable related party transactions during the year (2022 - none).

22 Liability of Members

The charity is constituted as a company limited by guarantee and does not have a share capital divided by shares. In the event of the Company being wound up, each member is required to contribute an amount not exceeding £1.