Company Regfistration number 01555311 Charity Registration number 1059118 Spectacle Theatre Limited Annual Report and Financfial Statements for the year ended 31 March 2024 Spectacle Theatre Limited Contents Page Trustses report Directors report Independent Examiners report Statement of Financial Activities 10 Balance shc¢t 11-12 Cash flow statement 13 Notes to the financial statements 14-20 Spectacle Theatre Limited Reference and administrative inforniation Company Registration Number 01555311 Charity Registration Number 1059118 Trustees M Stevenson (Chair) J Watts-Rees (Vicc Chair) J Cockram A E Griffiths - appointed 6th Febrnary 2024 M Byme, Treasurcr - re5ign¢d 6th February 2024 M A Hopwood - resigned l May 2023 D Thorne - resigned l May 2023 J Rafferty - resigned l May 2023 L Maguire - resigned I st May 2023 Registered office The Factory Jenkin Street Porth Wales CF39 9PP Accountants RH Jeffs & Rowe Chartered Accountants 27128 Gelliwastad Road Pontypridd CF37 2BW Bank c￿operative Bank Spectsele Theatre Limited Trustees, AnDual Report for the year ended The Trustees present their report together with the fmancial statements of the chaTity foT the year ended . The financial statements have been prepared in accordance with the accounting policies set out on page 14. This report also represents the directors, report as required by Company Law. A word from the Chair of Trustees Another year has passed, and the team at Spectacle Theatre continues to deliver for our communtties. The Trustee report details how the company reached out to more than 4,000 people across a range of ages, abilities and needs. This is nothing short of incredible for a company of 4 people and eight volunteers. I'll always be in awe of the commitment, dedication and vision thesc people have in driving Spectacle Theatre fonvard. Our work with young people in schools still strives to raise awareness around very real and relatable issues. We continue to push boundaries and strike the chords of those affected by or know someone affected by the themes demonstrated in our perforniances. By raising awareness of bullyin￿ neglect and abuse, we ensure young people don't feel that they are alone. Our work encouragcs people to have the confidence to come forW￿d and speak-out. It was with regret last year, we heard of the passing of a long-time supporter of Spectacle Theatre, Mr. Donald Dooley. This year we were infornied by his executors the estates wish to increase the legacy left to we are extremely ￿ateful for their generosity and extended support of the M'ork we do. Our plans for the future of Spectacle Theatre will be underpinned by this legacy, more details of these plans will be unveiled as they come to fruition. The year ahead is full of challenges as the ￿ndIng landscape continues to prove to be diificult. The Tnjstees continue to consider how it is the company functions to best-meet the needs of the funders, the company and most importantly, the needs of the people within the communities we work with. The Trustees are looking at how best to position the company to ensure long-term success and renewed groNNth in the current landscape. They want to increase opportunities for aspiring writers and actors to collaborate with experienced arts professionals, to providc inspirntion and transfer those much-needed skills on to the next generation. A huge thank you to the volunteers, staff, trustees and funders for the unwavering support they have shown Spectacle Theatre this year, the many years prior, and without a doubL many years to come. Mark Stevenson, Chalr of Trustees, 4th November 2024 Objeetives of the Association The objects for which the association is established are to promote, maintain and advance education, particularly by the production of educational theatre and the encouragement of the arts, including the arts of drama, mime dance singing and music and to further the development of public appreciation in the said arts. Background Spectacle Theatre Ltd is an exemplar in the delivery of educational theatre. Over the last forty years, it has been an innovator, pioneer, and incubator, in the practice and delivery of educational theatre. Established in 1979, as a professional theatre company, based in the Rhondda Valley. It continues to co-create productions with communities in the valleys, and tours throughout Wales and internationally. Page I Spectacle Theatre Lfimited Trustees, Annual Report for the year ended Spectacle has excelled in enabling access to the arts for nAople that are systemically disadvantaged. Spectacle believes, disadvantage, is caused by how societv is organised, rather than by a person's impaimient or difference, We innovate ways to remove bariers that restrict people's life choices. We focus on changing, negative attitudes, exclusion, and other Ovstacles that disadvantage people. We collaborate with pcople of all ages in W¢15h and English. Those at risk and OT have complex needs peopl¢ who are often lonely, isolated, and Marginall￿d. We co-produce (acting in an equal and reciprocal partnership) with people, their familics and voluntary and public sector services that support thetn. New writing for theatre, with a focus on health and wellbeing is a driving force in the company's developm¢nt. Spectacle gained charitable status in 1986 and is governed by a board of 6 trustees. Spectacle Theatre's management asqociation is the Independent Thcatre Council {ITC). Spectacle is a member of CWYVS (Council of Wales Voluntary Youth Services), Interlink (the County Voluntary Council for RCT), Stronger Rhondda Gryfach and the Cwm Taff Mental Health Forum. Its services are delivered in English or Welsh by experienced staff. They hold enhanced CRB certificates and receive training in Safeguarding at level thTe¢. Vision 'With great theatre we transforni lives, Mission We use theatre to 'TRANSFORM ' _ Spectacle Theatre uses a strengths-based approach to support and promote high quality participatory theatre practice. We aim to make work that is inclusive and accessible. We create safe spaces so that people, disadvantsged by society can challenge perceptions made about them. We innovate delivery methods to remove barriers that restrict life choices for people. We focus on changing, negative attitudes, exclusion, and other obstacles that systemically disadvantage people. enabling people, economically and socially disadvantaged, to safely address what concerns tbem and their communities. engaging and motivating people, through accessible recreational arts activities. - empowering people to have a voice and have those voices heard. - Co-creating and dclivering programmes through parthership working. Strategy The strategies that we have developed to achieve the charities aims and fulfil our vision are to: - work closely and inclusively with our community- encourage community relatlonship building through inter%enerational activities. develop and nurture partnerships with new and existing ￿0UpS, OTganisations, and agencies in the voluntary and public sector. - employ highly skilled and competent employees, with a knowledge of our communities" - provide continuous professional development for all staff. provide high quality, educational and participatory theatre production and accompanying workshops and resources, available to schoolslcolleges and youth groups" provide safe space and welcoming workshop environments for all participants to explore their own creativity" provide all services in Welsh and English. through employment of enthusiastic and dedicated bi-lingual staff. Page 2 Spectacle Theatre Limited Trustees, Annual Report for the year ended OveThAeiv Charitable Activity 2023-2024 Trartsfoming lives. Creating thealre, safe space and Challen￿ng exclusion. In this financial yeaT, Spectacle Theatre delivered . Delivered 159 wellbeing workshops to 1344 people of all ages. Reducing isolation, lonclincss and supporting people to overcome the impact of Covid 19. Produced 47 perfonnances to 1601 people with accompanylng workshops and educational resources. Providing support for those with low level mental health issues or impacted by ACES. Connected 15 intergenerational groups. Providing opportunity to enjoy socialising or attend an artistic event. Incre&sed access to arts by organising 3 social trips for 24 participants to open spaces and theatres in South Wales. Promoted the voice of our participants. Created 2 films. Developed Car Play Theatre. Organised 3 public events in partnership with People FirsL writers from the Rhondda and RCTCBC Educational Psychological Unit, We provided 3 5 people with a warm space and food. To do this we: Employ¢d 4.5 staff. 15 freelance personnel {7 Welsh speakers). Provided 2 training sessions to 12 people. Engaged 15 volunteers. Collaborated with 25 organisations. Attend l O local based forLuns. Provide continued professional development for all staff and Trustees. Employcd l trainee staff member and supported them to achieve a place in university. Highlights of the year 2023-2024 Car Play Theatre JAN- JUNE 2023 This activity brought together so many different sections ol our community. Tt provided creativc activity with clear wellbeing goals. It contributed in a meaningful way to the cultural life of the Rhondda. It has created a strong plarforni to build morc activity. I have a life, outside the home with distinct roles. The mental process of writing has not only been a distraction from my ¢veryday role, but an important asset to my wellbeing. Learning new skills and working with people generations younger than me Self-esteem and confidence I get when people giggle at my lines. Page 3 Spectacle The2tre Limited Trnstees, Annual Report for the year ended Three Events held at Yr Hen Llyfrgell, Porth JAN-MAPnH 2024 Spectacle provided an opportunity for seldom heard groups to have a plarfomi to share their voice with the community. Monday Night Group Wrote and perfonned the 12 days of Christm&s Pantomlme C-TOBER- DF.CEMBER 2024 The Monday Night Group provides safe space for young people and adults with additional le1￿]ng needs and complex needs to meet. We support the group to explore creativity. Mural Project August 2024 Working in partnership with Tee Two Sugars and Interlink, The Monday group with other young people designed and paintcd a mural to brighten up Hannah StrceL The mural read 'Croeso I bawb., In The Dark Woods In the Dark Woods by Paul Swift was toured to schools and community groups in South Wales. The paly was developed from conversations with our community about the impact of Covid 19. The theme of the play was loss in all its fornis. We partnered with RCT Psychological department to deliver work in RCT schools and undertake evaluation and monitoring of the projects impact. A copy of the evaluation can be found on our website. https://spectacletheatre.co.uklwp-contentluploads12024/071Spectacle-tn-The-Dark-Woods-Final.pdf Highlights for Individuals during the year 2023-2024 Heather accepted a place in fijrther education in Carniarthen and be￿lle a member of thc National Youth Theatre of Wales. This year Heather is travelling to the USA as a part of her course work. Kacey following a work experience placement with Spectacle, Kacey joined Spectacle for two years as a trainee company member. This year Kacey obtained a place at the University of South Wales studying perfonning Arts. "Before I became a member of the 8pectaclc team, I severely lacked confidence in myself. The job opportunity came at a time in my life when I really needed it. I was sat in the local job centre, and I saw Spectacle We￿ on the list for a scheme I entered, providing support into employment pathways. I had always had an interest in theatre and drami so I decided to go for itl Rhys. I have recently got into WOTk volunteering with Too good too waste. It has helped my mental health a lot more than previously. I'm looking to do sailing soon, as mentally, I have been struggling. But when fm busy, I feel I'm better in myself At takes my mind off it. Phil My Spectacle Theatre Adventure. I knew about Spectacle Theatre simply because of ifs marvellous support of my granddaughter. Because of years of ferrying hcr from one gig to another, attending performances. I won't lie, for a man in his middle 60s to attend a class, filled with youngsters with th¢iT own needs, was daunting at first. Not only that, as a sole full- time ¢&-- for my wife, it was a matter of negotiation. Staff always giving positive encouragcment but always firmly telling you where improvements can be made (I'm never sure if company members are theatre production staff or support workers). Page 4 Spectscle Theatre Limited Trnstees, Annual Report for tbe year ended How we involved people from our communlty An the work Ive do Over the past years Spectacle h&$ Involved many people from its community in the direction of the company. In response to community members suggcstions, we set up groups, work with people with acquired brain injury (Headway) in Trehafod and Cardiff. Respond to caTly c￿eer artists by providing employment to work alongside th¢ Spectacle team. We invited a wide cross section of our community to attend thc AGM at the Factory. What this activity achieved: enabled people from vastly different background to participate in and enjoy shared social activity. They all had a better understanding of how their lives were both different and similar. Thc generosity of people towards cach other, the honest sharing and acceptance w&8 outstanding. It was a real highlight of the year. People from our community that attended the AGM and Headway perforniances have since joined the Monday group. enabled Spectacle to collaborate with peoplc with acquired brain injury, with people that are Autistic. neuro divergent, full-time carers. provide training opportunities for young emerging artists. providc volunteer opportunities and give voice to people that seldom heard. We realised that much of our work is hidden from the public. We provided an opportunity to enable the wider public to view our work and for participants to have the opportunity to have their voice heard by other stakeholders. We put on 3 evenings ID the Spring of 2024. Event One Following on from the People Seeking Sanctuary project in 2023, we partnered up with People First. Community Cohesion RCT and Maesgwynne school. The group shared their experience of disability hate crime. The audience were able to hear the voice of the people that had experienced disability hate crime and hear how they would deal with it. Suggestions that were aired during the evcnlng included people with leaming disability providing additional training for the police and other groups. Event Two The second event was to showcase new writing frotn people in thc I￿Ondda. Spectacle during lockdown had collaborated with people online to writc plays. We Promised during the process we would, when possible, share the new writing with our community. Spectacle collaborated with the community writers to select a section of the script and then to professionally producc thc plays. This wa8 a well-attended event and enabled us to share and consult with thc community abnut opportunities to become involved with the Monday Group and a Welsh language group producing work for the Eisteddfod. Event Three The third event shared our play In the Dark Wood with our community. The discussion at the event focussed on domestic violence and the impact of ACES. We invited many people to attend the three evenings, educationalists, local politicians, PCSOS, community groups, members of the public. The three events were attended by over 90 people. Page 5 Spectacle Theatre Limited Trustees, Annual Report for the year ended Other Activity Llwyncelyn School Council and retailers in Porth Town Centre A project to enable young people to voice their opinion about town centre regeneration in Porth. The project involves exploring the history of the buildings in Porth town centre. Dementia project The project provided Dementia Friends Training for young and older people. Learning Steps A weekly crcative project for adults with additional learnllig needs in Garth Olwg. Stori A weeldy creative project with young people who are resident in Stori supported living accommodation. People First Supporting adults with additional learning needs to present their voice about their living accommodation to the providers of the homes. The group presented a series of short plays to the conference held at USW. Creative Writing Working in partnership with the University of South Wales we provided weekly creative writing sessions for adults and young people. Ystrad Old Aged Group The Monday night group raised fvnding to support an evening of entertainment to raise fLmds to repair the roof of Ystrad old Aged. Thursday Night Group Creative activity for youth, run by young people in Porth. Ma¢rdy Lunch Club Supporting Maerdy Community ccntre in providing activity for the lunch club during august 2023. Thanking volunteers To thank the people that volunteer for Spectacle we wanted to reward them by accessing an activity of their choice (Pottery and ceramics, sailing tall ships, theatre perforniances). Involving Local Business Spectacle have become members of Caru Porth, the town centre regeneration group. This partnership has developed proj¢cts that support regeneration within Porth. Interlink Spectacle continues to attend events and training run by Interlink and access its support to develop services for young peopl¢ and families within RCT. Page 6 Spectacle Theatre Lfimited Trustees, Annu21 Report for the year ended Forums We attend several local forums where we share information about our activities and promote referrals and co-collaborations. Cwm Taf Mental Health Forum RCT Children, Young people and Family group Caru Porth Neighbourhood Network Porth What's Next Cymoedd Climate Action N¢twork RCT cwvys We worked closely with People First Interlink Arts Factory Vallw Kids / Sparc Make IT CARU Porth Town Centre Group RCT People and Work Storl Housing Headway RCTCBC Educational Psychological Unit Elite employment services Mud Art and Soul Manage Money Wales Community shop. In conclusion we learned Spectacle needs to continue monitoring the long-tctm effects of Covid and lockdown on our communities. What we have observed. Young people cannot concentrate for as long as they did prior to Covid 19 and lockdown. We have undertaken discussion with colleagues in education who agree with our experience. We run sessions differently by providing shorter aclivity, over extended periods. Th¢r¢ is a recognised growth in low-level mental health challcllg¢s. Anxiety amongst young people is a common occurrence. There is growing awareness of Neurodiversity and ways to include people within activity. Older people's ￿0uPS are affected more by loss and isoRatioll. People appear to be different physiologically. less confidenL There is clear impact of the fear of 'no future,, aggravated by cost of living and war in Europe. Young people not att¢nding school continues to grow. Young people, continuc to b¢ hungry - 'stashing food to take hom¢., Therc appears to be a different relationship. post covid. between young people and adults. It appea to be one of less trust. We look forward to taking these observations and learning into the next ye8r. Steve Davis, Creative Director- 4th November 2024 Page 7 Spectacle Tbeatre Limited Directors, report for the year ended 31st March 2024 Financial Review For the period to 31 March 2024 the charity had total income of £248,643 (LY: £205,643). £23 5,272 of this came from Grants & Donations (LY: £178,930) whilst most ot the remaining came from Charitable activities, this was made up of fees earned and totalled £12,218 (LY: £26,010). Total expenditure for the charity came to £185,796 (LY: £189,909). Thercfore, the charity made a surplus of £62,847 for thc year having made a surplus of £15,606 in 2023. The charities total assets were £187,772 (LY.. £124,925) at the year*nd having increased by the SUTplus from the Income & Expenditure account. £16,602 of these &ssets relate to Restricted Funds (LY: £19,524) leaving Unrestricted Funds of £171,170 (LY: £105,401). Statement of Trnstees, Responsibilities The trustees (who are also the director% for the purpose of company law) are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations. Company law requires th¢ trustees to prepare fInancial statements for each financial year. Under that law the trustees must prepare the fmancial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the trustees must not approve the financial statements unless they are satÉsfied that they 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 period. Select suitable accounting policies and apply them consistently" observe the methods and principles in the Charities SORP. Make judgements and estimates that are reasonable and prudent" state whether applicable UK Accounting Standards have b¢en followed, subject to any material departures disclosed and explained in the fmancial statements. and prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue to operate. The t￿￿teeS are responsible for keeping adequate accounting records that are sufficient to show and explain the charitable company's transactions and disclose with reasonable accuracy at any time the fmancial position of the charitable company and enable them to ensure that the financial statements comply with the Compl￿1¢s Act 2006. They are also responsible for safcguarding the assets of the company and hence for taking reasonablc steps for the prevention and detection of fraud and othcr iLT¢gularities. The trustees confirm that so far a5 they are aware, there is no relevant audit information (as defIned by section 418(3) of the Companics Act 2006) of which the charitable company's auditors are un£iwar¢. They have taken all the steps that they ought to h(iV¢ taken as trustees in order to make themselves aware of any r¢l¢vant audit inforn]ation and to establish that the charitable company's auditors are aware of that information. The rcport has been prepared in accordance with the provisions applicable to companies subject to the small companies, regime. This report was approved by the Trustees on the 4 November 2024 and signed on its behalf by: M Stev November Page 8 Independent Examiner'5 Report to the Trustees of Spectscle Theatre Limited I report to the trustees (who are also Directors for the puryose of company law) on my examination of the fmancial statements of Spectacle Theatre Limited (the 'charitable cotnpany,) for the year ended 31 March 2024 which comprise the Statement of Financial Activities, the Balance Sheet the Statement of Cash Flows and related notes. This report is made solely to the charity's trustees, as a body, in accordance with Section 145 of the Charities Act 2011. My work h&s been undertaken so that I might state to the charity's trustecs those matters I am required to state to them in this report and for no other purpose. To the fullest extent pennitted by law, I do not accept or assume responsibility to anyone other than the charity and the charity's trustees &8 a body, for my worK for this report, or for the opinions I have fornied. Responsibilities and basls of report As the trustees of charitable company you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006 ('the 2006 ACV). Having satisfied myself that the fmancial statements of the charitable company are not required to be audited under Part 16 of the Act and are eligible for independent examination, I report in respect of my examination of the charitable company's financial statements Ca￿led out under section 145 of the Charities Act 2011 ('th¢ 2011 Ace) and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5Xb) of the 201 l Act. An independent examination does not involve gathering all the evidence that would be required in an audit and consequently does not cover all the matters that an auditor considers in giving their opinion on the financial statements. The planning and conduct of an audit goes beyond the limited assurance that an independent examination can provide. Consequently l express no opinion as to whether the financial statements present a 'true and fair, view and my report is limited to those specific matters set out in the independent examiner's statement. Independent examiner's statement I have completed my examination. I confinn that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect: a) accounting records were not kept in respect of the charitabl¢ company as required by section 386 of the 2006 Act. or b) the financial statements do not accord with those records. or c) the financial statements do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the financial statements give a ￿le and fair view which is not a matter considered as part of an independent examination. or d) 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 accordancc 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 fmancial statements to be redLhed. RH Jeffs & Rowe Chartered Accountants 27128 Gelliwastad Road Pontypridd 4 November 2024 Page 9 Speetacle Theatre Limited ststement of Financiel Activities for the year ended 31siMarcb 2024 Total Total year to year to Notes tiknrestricted Restricted 31103124 31103123 Income & Endowments -Grants & Donations Activities tor Gcnerating Funds.. -charitable activities 83,462 151,810 235,272 178,930 12,218 12,218 26,010 Other income 1,153 1,153 575 Total Income & Endowments 96,833 151,810 248,643 205,515 Expenditure Charitable activities 31,064 154,732 185,796 189,909 Total Expenditure 31,064 154,732 185,796 189,909 Movement ill total funds for the year Net Incomel(Expellditure) for the year 65,769 2,922 62,847 15,606 Totsl Funds brought forward 105,401 19.524 124,925 109,319 Total Funds earried forward 171,170 16,602 187,772 124,925 The statement of financial activities includes all gains and losses recognised in the year. All Income, Endowments and Expendithre derive from continuing activities. Page 10 Spectacle Theatre Limited Balance sheet as at 31st March 2024 2024 2023 Notes Fixed Assets Property, plant and equipment 23,728 24,911 Current Assets Debto Cash at bank and in hand 10,576 174,254 20 103,696 184,830 103,716 Creditors: amounts falling due within one year (20,786) (3,702) Net Current assets 164.044 100,014 Net Assets 187,772 124,925 Funds Unrestricted Funds Restricted Funds 10 11 171,170 16,602 105,401 19,524 187.772 124,925 The note on pages 9-16 forni part of these accounts. Under Companies Act 2006, S454, on a voluntary basis, the trustees can amend these fmancial statements if they subsequently prove to be defective. Page 11 Spectacle Theatre Limited Balance sheet (continued) Directors, statements required by for the year ended 31 March 2024 For the year ended 31 March 2024 the company was entitled to exemption fron] audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of he Cornpanies Act 2006. and The Board of Trustees acknowledge their responsibility ftsr coniplying with the requirements of the Act with respect to accounting records and for the preparatiop. of accounts. These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime. Und¢r Cornpanies Act 2006, s454, on a voluntary basis, the trustees can amend these financial statements if they subsequently prove to be defective. These accounts were approved by the Board of Trustees on 4 November 2024, and are signed on their behalf by: M Stevenson Chair Registr on number 01555311 The notes on pages 14 to 20 form an integral part of these financial statemen Page 12 Spectacle Theatre Limited Cash flow ststement for tbe year ended 31 Mareb 2024 year ended Mareh 2024 year ended March 2023 Notes Reconciliation of operating profit to net cash inflow from operating activities Operating profit Depreciation (Increase)lTrcrease in debtors Increase/(Decrease) in creditors Net cash inflow fron) operating activities 62,847 5,282 (10,556) 17.084 15,606 4,254 12,007 (1,337) 74,657 30,530 Net c&sh inflow from operating activities Capital expenditure 74,657 (4,098) 30,530 (591) Increase in cash IJA the year 70,559 29,939 Opening Cash and Cash equivaleDts Closing Cash and Cash equivaleDts 103,696 73,757 174,255 103,696 Page 13 Spectacle Theatre Ltmited Notes to the financial statements for the year ended 31st March 2024 Statutory Information Spectacle Theatre Limited is a registered charity (number 1059118) and private company (number 01555311) limited by guarantee having no share capital. The company is incoryorated in Wales in the United Kingdom. The registered o£fice is lThe Factury, Jenkins StrceL Porth. Mid Glamorgan, Cl439 9PP. Thc nature of the company's opcrntions and principal activities is discloscd wihin the Trustces Report. Thc financial statements are presented in Sterling (£), the clwities functional currency, and rounded to the ncarest pound. The significant accounting policies applied in the preparation of these financial ststemcnts are set out below. These policies hav¢ been consistently applied to all years presented unless otherwisc stated. Accounting Policies 1.1. Basfis of preparation and assessment of going concern The accounts (financial statements) have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant nots(s) to these accounts. The financial ststements have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued on 16 July 2014 and the Financial Reporting Standard, applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Companies Act 2006. The charity constitutes a public benefit entity as defmed by FRS 102. Going Concern Having considered the year ahead, the trustees consider that ther¢ are no material uncertainties about thc charity's ability to continue as a going concern. Taxation 'Ihe charity, being regigtered, is exempt from corporation tax. Fund Accounting The unrestricted funds of the charity comprise thos¢ monies which ar¢ available to be used towards the rneeting of thc charitable objectives of the charity at the discretion of the Management Committee. The restricted funds are monies raised or received for a specific pury)ose and a￿oUnted for in accordance with the donors imposed conditions. 1.4. Volunteers The Theatre could not exist without the services of the many volunteers that help throughout the year. The value of services provided by volunteers is not incorporated into these financial statements. Page 14 Spectacle Theatre Limited Notes to tbe financial statements for the year ended 31st March 2024 1.5. Tangible r￿ed assets and depreciation Depreciation is provided on equipment at 150/0 reducing balance basis Calculated to write off the cost less residual value of each asset over its expected useful life. Depreciation is provided on motor vehicles at l O % straight line basis calculated to write off the cost less residual value of each asset over its expected uscful life. Income & Endowments All incoming resources are included in th¢ Statement of f4inancial Activities when the charity is entitled to the income and the amount can be quantified with reasvnable accuracy. The following specific policies are applied to particular categories of income: Voluntary income is received by way of donations, gifts and unconditional grants and arc included in full in the Statement of Financial Activities when receivable. Income for charitable services including agency work that is rcccived by way of grants, donations and contracts. Where income is dependent upon perfonnance and specific deliverables, income is included in the Statement of Financial Activities &8 the charity earns the right to consideration by its performanc¢. Where relevant, donated services and assets are included at the value to the charity where this can be quantified. The value of services provided by volunteers has not b¢en included in these accounts. Investment income is included when receivable. 1.7. Expenditure Liabilities are reco￿lSed as expenditure as soon as there is a legal or constructive obligation committing the chaTity to that expenditure, it is probable that scttlement will be required and the amount of the obligation can be measured reliably. All expenditure is accounted for on an accruals basis. Expenditure includes any VAT which cannot be fully recovered. Charitable expendittlre comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be