Charlty registration number 1054768 Company registration number 03167924 IEnglan(J and Wales) PENRITH PLAYERS THEATRE ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024 PENRITH PLAYERS THEATRE LEGAL AND ADMINISTRATIVE INFORMATION Trustees MrRABird Mr J Rostron Mrs N M 8inder Mr l D Baker Mr M J Collingwood Mrs L M Hodson Mrs EJJohnson Secretarv Mr J Rostron Charlty number 1054768 Company number 03167924 Independent ex•miner David Andrew Llddle 8AIHon51, FCA 4 Mason Court Glllan Way Penrlth 40 8uslness Park PenrSth CumbrSa CAII 9GR PENRITH PLAYERS THEATRE CONTENTS Page Trustees, report Independent examiner's report Statement of flnanclal actlvltle5 Summary Income and expendlture account Statement of flnancial posltlon Notes to the financial statements 9-20 PENRITH PLAYERS THEATRE TRUSTEES, REPORT (INCLUDING DIRECTORS, REPORT) FOR THE YEAR ENDED 30JUNE 2024 The Trustee5 present their annual report a nd financial 5tateirent5 for the year ended 30 lune 2024. The financial statements have been prepared in accordance with the accounti ng policie5 Set out in note I to the financia I statements and comply with the Charity's Boverning document, the Companies Act 2006 and Accounting and Reportlng 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 IFRS 1021" (effective I january 20191. Oblectlves and artlvltles The main objert5 of the Charity éuring the year were the continuation of theatrlcal performances together wlth the encouragement and continuation of musical events. As well as staging productions by Penrlth Players visits from, and jolnt productions with, other theatrlcal companles are encouraged. The Charlty also encourages other people, organlsatlons and groups to use the facllltles of the Charlty for a small fee in order to wlden the avallabllity of the arts to the local comrnu nitv. The provlslon of public beneflt durlng the year was by the promotlon, maintenance and improvement of publlc educatlon and appreciation of the arts, particularly through drama, dance, music and poetry. All of the Charity's assets are avallable and adequate to fulfil its obligatlons, artlstlc events, Includlng plays and muslca Is, concerts and play readings. Publlc beneflt The Trustees have pald due regard to 8uldance Issued by the Charlty Comm155i0n In decldlng what actlvltles the Charity Should undertake, Achlevements and performance Slpnificont o¢tivities ond achlevements aqoinst objertlves The last year has seen Penrith Players Theatre consolidate its posltlon as one of the foremost arts venues In the area. Audiences have contlnued to delight in a wlde range of theatrical produrtlons and muslcal events. whllst the Theatre has also welcomed a number of local arts related groups and other organlsatlons through its doors. The programrne of events put on at the Theatre continues to expand wlth several new acts belng welcomed durlng the year. Mernber5 of Penrlth Players performed slx plays, ranging from the ever~popular classlcal theatre through to a hlghlv entertaining Chrlstmas pantomime jtsintly staged in collaboration wlth another local theatre group. Plug 'n' Play saw Its audiences grow as It conducted a full programme of open-mic musical evenlngs, whilst a number of other musical and arts- based events also took place. The Junior sertlon remains popular wlth young people in the area and It Is hoped it will stage another production during the forthcomlng year. The Charity has to generate its own income to enable It to contlnue offerlng a theatrical and musical venue to Its members, the loca I communlty and to third.party hlrers. The Trustees, through the Theatre'5 Council, have contlnued to take steps to Increase membership of the Charlty, generate more third-party Income through greoter communlty use of the Theatre and Increase performances by the Theatre's own members. During the year, the prolect to Improve the Theatre's facllities and make it more envlronmentally sustainable continued. The Charlty's Councll Is grateful for the grant SUPPOrt it recelved from both Baywlnd Energy and Westmorland & Furness Councll who helped to fund the new Solar panels fitted to the theatre roof together wlth an array of storage batterie5. As a result, the Theatre has been able to enter into an agreement to export surplus electrlcity to the Grid 50 generating additional income to help fund its charitable objectives. Early In the year an application was submitted for a share of the Borderlands fundlng announced by the previous government. It Is planned to make the Theatre auditorlum and bar area more flexible spaces to increase their appeal to a wider range of organisations and musical acts. The Trustees also wlsh to Invest more Into renewable energy assets to further reduce the Theatre's dependence on fossil fuels, but both of these proletts are dependent upon the grant support application being successful. PENRITH PLAYERS THEATRE TRUSTEES, REPORT (INCLUDING DIREcfoRS' REPORTI (CONTINUED) FOR THE YEAR ENDED 30JUNE 2024 Financial review Operating a theatre the size of Penrith Playhouse is challenging in that the Charity does not receive any external funding fo r its day-to-day activities. All revenue 15 generated by its members, activities and financial success is dependent upon the attendance of the general public at the plays, musical and other events presented and upon third parties hiring the theatre. Due to its wholly voluntary nature the Charlty has been unable to generate large liquid reserves through its activities for some time. Since the current building was acquired in 1998. the Theatre has regularly made annual losses with any surpluses being invested in developing the property and additional theatrical equipment. The Theatre is run entirely by volunteers whose efforts have enabled it to produce a slgnificant trading profit for the second year in a row, whilst at the same time improving the faclllties avallable to Its members and the Theatre's environmental footprlnr. Income, before grants of £IO,00012023.. £7,766), was marglnally lower at £57,15812023: £57,923), but strong c05t Control and the good fortune of not having to fund significant property repairs resulted In a £7,561 reduction In overheads before, 8rant amortisation of £2,35512023.. £2,317), to £43.37112023'. £50,932),. the net result was a profit before grant5 of £13,78712023.' £6,991). Desplte making a substantial investment in renewable energy assets, the CharltV'5 flnanclal posltion remalns strong. At 30 June 2024 it had funds of £208,62912023: £187,197), of which £172,12712023: £158,340) are unrestricted, and net cash of £70,83212023: £72,923). Reserves policy It is the policy of the Charity that unrestricted funds whlch have not been deslgnated for a specific use should be malntained t a level equlvalent to one year'5 expenditure. The Trustees consider that reserves at thls level will ensure that, in the event of slgnlflcant drop In fundlng or a malor repalr to the fabrSc of the Theatre, they wlll be able to continue the Charlty's current ctivities while consideration Is given to ways In whlch addltlonal funds may be ralsed. Thls level of reserves has been ma intained throughout the year. Structure, 8overnan¢e and management Penrith Player5 Theatre 15 3 company Ilmlted by guarantee, governed by Its Memorandum and Articles of Assoclation dated 5th March 1996. It Ss reglstered as a Charity wlth the Charlty Commission. The Ilablllty of each member15 re5trlcted to £1 i n the event of the charity winding up. The company's registered number 15 3167924 and its charSty's reglstration number Is 1054768. The Trustees, who are also the dlrectors for the purpose of company law, and who served durlng the year and up to the date of Signature of the financial statements were- MrRABird M r J Rostron Mr5 N M Blnder Mrl D Baker Mr M J Colllngwood Mr5 L M Hodson M r5 E J Johnson MrA P Hargreave5 (Deceased 13 july 20231 Recruitment and appointment of trustee5 Any member over the age of 18 can be nominated as a trustee. New trustees are made aware of thelr obligations and duties as trustee5, are immediately appolnted to the Council and attend the next meeting. They are introduced to the decision making process at that meeting. All tru5tee5 are encouraged to take up any training that may be available and which wlll enable them to perform their duties in a better manner. PENRITH PLAYERS THEATRE TRUSTEES, REPORT (INCLUDING DIREcfoRS' REPORT) (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2024 All trustees are members of the governing Council and ère responsible for the strategy policy and financial review of the Charity. There is one sub-committee, the theatre committee which comprises LJP to 3 Council members plus other members nominated from the membership. The Committee is responsible for the artlstic activlty of the Charity, with all other rnatters being dealt with directly by the Council. Members und employees Penrlth Players Theatre employs only one person, a part time cleaner, therefore all activities are undertaken by its member5 on a voluntary basis. The Trustees are grateful to the members who freely glve up thelr tlme to enable the organisation to achleve Its objectlves. Orgonisotlonolstrurture All trustees are members of the governing Councll and are responsible for the strate8y pollcy and financial revlew of the Charlty. There is one sub-commlttee, the theatre committee whlch comprises of up to 3 Council members plus other members nominated f rom the membership. The Committee is responslble for the artlstlc activity of the Charltyi Wlth all other matters belng dealt with dlrectly by the Councll. The Trustees, report was approved by the Board of Trustee5. Ft,Q MrRA8ird Trustee r J Rostron Trustee Date.. PENRITH PLAYERS THEATRE INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF PENRITH PLAYERS THEATRE I report to the Trustees on my examination of the financial Statements of Penrith Players Theatre Ithe Charityl For the yea r ended 30 June 2024. ResponslbllStles and basis of report As the Trustees of the Charity land a150 Its directors for the purposes of company lawl you are responsible for the preparation of the financial statements in accordance wlth the requlrements of the Companie5 Act 2006 Ithe 2006 Act). Having satlsfied myself that the financial statements of the Charity are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examlnatlon, I report in respect of my examinatlon of the Charity's financial statements carrled out under sectSon 145 of the Charitie5 Act 2011 Ithe 2011 Act). In carrylng out my examlnatlon I have followed all the applicable Dlrectlons 8lven by the Charity Commission under sectlon 14515llbl of the 2011 Act. Independent examlner's ststernent I have completed my examlnation. I confirm that no rnatters have come to my attentSon In connectlon with the exarnlnation glvlng me cause to believe that In any materlal respect: accounting records were not kept in respect of the Charity as requlred by section 386 of the 2006 Act; or the flnanclal statements do not accord with those records,. or the financlal statements do not comply wlth the occounting requlrements of 5ectlon 396 of the 2006 Act other than any requirement that the accounts give a true and falr view whlch Is not a matter considered as part of an Independent examlnatlon,. or the financSal statements have not been prepared In accordance wlth the methods and princlples of the Statement of Recommended Practice for ac¢ountlng and reportlng by charitles applicable to charltles preparlng thelr account5 in accordance wlth the Flnancial Reporting Standard appllcable In the UK and Republic of Ireland IFRS 1021. I have no concerns and have come acros5 no other matter5 in connectlon with the examlnation to whlch attentlon should be drawn in this report Sn order to enable a proper understsnding of the financial statements to be reached. Davld Andrew Llddle BA{Hons1, FCA 4 Mason Court Gillan Way Penrlth 40 Bu51ness Park Penrith Cumbria CAII 9GR PENRITH PLAYERS THEATRE STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 30JUNE 2024 Current linancial year Unrestricted funds 2024 Restricted funds 2024 Endowment funds 2024 Total Total 2024 2023 Notes Income from: Donations and legacies Cha ritable activities Investments 191 10,000 10,191 55,934 1,033 7,886 57,565 238 55,934 1,033 Total income and endowments 57,158 10,000 67,158 65,689 Expendlture on: Charitable activitle5 Other expenditure 43,371 1,496 44,867 859 50,932 2,317 li 859 Total expenditure 43,371 1,496 859 45,726 53,249 Net IncomellexpendSture) 13,787 8,504 18591 21,432 12,440 Net In