STOCKPORT PLAZA TRUST (A Company Limited by Guarantee) Company Registration No. 03790941 Charity No. 1076494 TRUSTEES, ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Audltors: Azets Audit Services, Alpha House, 4 Greek Street, Stockport, Cheshire SK3 8AB Stockport Plozo Trust- TAR ond FinorJcialStotement$ 2024
STOCKPORT PLAZA TRUST {A Company Llmlt•d by Guarante•) TRUSTEE'S ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 CONTENTS Company Infomiation Trustees. Annual Report 10-12 Auditorfs Report to the Trustees 13 Slatement Of Flnancial Activities 14 Balance Sheet 15 Cash Flow Statement 16-22 Notes to the Flnanclal Statements Stockport Plazo Tru5t- TAR ond FinonciqlStatemÈnt$ 2024
STOCKPORT PLAZA TRUST (A Company Llmlt•d by Guarant••) COMPANY INFORMATION DIRECTORS I TRUSTEES Nigel And•rton- Chaimian David 81ake Terence Carnes Christopher Gordon Richard Gray lan Hodgkiss (resigned 06.02.24) Chris Jeffries Matthew Male Mel Spooner Linda Weeke8-Holt ReGISTERED OFFICE The PIoZ8 Mersey Square Stockport Cheshire SK1 1SP REGISTERED NUMBERS Company Number. Charity Number. 3790941 1076494 SOLICITORS Goroins Solicitors Dale House Tiviot Dale Stockport Cheshire SK1 1TA AUDITORS Azets Audit SeNices Alpha House 4 Greek Street Stockport Cheshire SK3 8AB Stockport Plozo Trust- TAR ond FinoncialStotement5 2024
STOCKPORT PLAZA TRUST (A Company Limited by Guarantee) TRUSTEES, ANNUAL REPORT For the year ended 31 August 2024 INTRODUCTION The trustees of Slockport Plaza Trust Limited present their report for the year ended 31 August 2022 under the Companies Act 2006 and the Charities Act 2011. togetherwith the audited financial ststements for that period. The financial statements comply with the Companies Act 2006. the Charities Goveming Document and the relevant Statement of Recommended Practice (The Charities SORP 2005). REFERENCE AND ADMINISTRATIVE INFORMATION The Stockport Plaza Trust Limited is 8 registered charity {number'. 1076494} and company (number.. 3790941) limited by membership guarantee. Ils registered office is shown on Ihe company infomiation sheet (Page 2). The present trustees who served during the period. together with details of external advisers are also noted on the company information sheet. STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document The charity is governed by its Memorandum and Articles of Association adopted on 17 June 1999. Governing bodies The Board of Trustees is responsible for the overall govemance of the charity. The affairs of the charity are administered by a Council of Management, the members of which occupy the position of directors for the purpose of the Companies Act. Recruitment and training of trustees The trustees are responsible for the appointrnent of new trustees. New trustees will only be appointed after due consideration is given to eligibility, personal competence and special skills. New trustees. when appointed, are inducted inlo the working of the charity by the exisling trustees. Elected members Nigel Anderton- Chairman David Blake Richard Gray Chris Jeffries Mel Spooner Linda Weekes-Holt Terence Carnes Christopher Gordon Matthew Male Nominee members The Friends of the Plaza The National Trust Stockport MBC lan Hodgkiss (resigned 06.02.241 No nomination Helen Walters (observer) Stockport Plaza Tru5t- TAR ond Finonciol Stotements 2024
STOCKPORT PLAZA TRUST (A Company Llmlted by Guarantee) TRUSTEES, ANNUAL REPORT For the year ended 31 August 2024 (Continued) STRUCTURE. GOVERNANCE AND MANAGEMENT (Continued) Appointment The Board of Trustees consists of up to nine elected members and three nominated trustees. One third of the elected trustees who have been in office the longest retire each year, but are eligible for reHelection. Three nominated trustees may be appointed, one by each of the following organisations: The Friends of the Plaza (see note below) The National Trust Stockport Metropolitan Borough Council The Friends of the Plaza closed during the year and will not make any future nominations Related parties The objects. for which the Trust was established, by its nature, required the appointment of persons with experience of Iheatre and cinema. A number of the trustees are members of organisations who have an interest in hiring the building or who have related interests. None of these associated transactions have been influenced by any interests other than the Trust's. They are not material and all such interests have been fully disclosed. where appropriate. RISK MANAGEMENT The trustees have identified the major risks facing the Trust as failing lo meet its financial targets, especially income generation from ticket sales, front of house sales. operational grants and donations. The Trust monitors income from all sources, instigates targeted marketing to increase awareness and ticket sales, and has been applying for grants from a diverse and extensive range of both existing and potential sources. The Trust undertakes an annual review of health and safety risks, and has in place policies lo ensure compliance with best practice. This review has included the impact of the Covid-19 pandemic. The trustees are satisfied thal systems are in place to mitigate the exposure to major risks. stockport Plozo Trust- TAR ond Finonciol Stotements 2024
STOCKPORT PLAZA TRUST (A Company Limited by Guarantee) TRUSTEES, ANNUAL REPORT For the year ended 31 August 2024 (Continued) OBJECTS, AIMS, OBJECTIVES AND ACTIVITIES The objects of the Trust are as stated in the Memorandum of Association. The mission statement of the Trust is as follows: 'To protect, preseNe and promote the Plaza Super Cinama as a fine example of 1930s architecture through modern viable use as a centre for performing arts and cinema, serving local. national and regional communities. The Trustees reviewed the Trust's strategy during the year. The key aims are Maintaining the Plaza's position as the premier variety venue in the North West 2. Making the most of the Plaza 3. Completing the heritage refurbishment of the Plaza 4. Plaza Commitment to youth theatre 5. Enabling all Stockport children to have the opportunity to be involved in the Plaza 6. Taking the Plaza on tour 7. Ensuing the Plaza trust is fit for purpose to support the charity and our mission The trustees continued their policy of carrying on restoration works and are utilising a survey of maintenance requirements for the next five years undertaken by extemal consultants created in 2019. The theatrical programme. has been a full mixture of variety perforManS and shows as well as a substantial use by local community groups and family entertainment shows. The film programme is being continually developed and includes National Theatre Encore and Live presentations and Opera screenings. FINANCIAL AND OPERATIONAL REVIEW A summary of the financial results for the year can be found in the Slatement of Financial Aclivities {Page 13). The tolal incoming resources were £1.572,879 as compared to £1,362,926 in the previous year. Total resources expended in the period were £1,497.660 as compared to £1,303.427 in 2023. The Café Restaurant has continued to run successfully during the year. Stockport Plaza Tru5t- TAR ond Finonciol Statement5 2024
STOCKPORT PLAZA TRUST (A Company Limited by Guarantee) TRUSTEES, ANNUAL REPORT For the year ended 31 August 2024 {Continued) FINANCIAL AND OPERATIONAL REVIEW (Continued) The Plaza has undergone further restorative work to prescriptive standards during the past twelve months, reflecting the building's original architectural intent. The building maintenance costs for 2024 were £261,989 compared to £272.074 in 2023. The Plaza undertook capital expenditure of £54.508 during the year. Overall, the Plaza made a surplus of £75.219 {2023 surplus £59,499). A surplus on the General Fund of £118,978 was achieved {surplus £109,355 in 2023) and there was a deficit on the Capital Fund of £47.759 {compared to a deficit of £45,904 in 2023). The Plaza has received no public body funding during the year. The Plaza budgeted for 301 (291 in 2023) evenls during the year and achieved 288 {258 in 2023). Tight control has been mainlained on expenditure during the year- although some staff costs have increased due to National Living wage requirements The Plaza has restsrted holding cross-community events including the Festival of Remembrance. local schools. local operatic groups and dance schools, which were cancelled during the pandemic closures. These events demonstrate our commitment to community use and we will endeavour to expand our activities in these areas. Stockport Plaza Trust continues to rely on an ever-increasing number of volunteers and the Trust acknowledges their commitment and dedication: The Trustees - for governance of the Trust. The Stage Crew- for the setting up and operation of performances. The Projection Team - for the presentation of films and mainlenance of cinema equipment. The Organ Team - for the maintenance of the Compton Organ. Front of House Staff - for ensuring the smooth running of performances. Café Volunteers- for their service in the Café Lounge. Friends of the Plaza - for the donations provided. All other volunteers who contribute to the successful maintenance and operation of the building in any way. FUTURE ACTIVITIES Along wilh the continuing maintenance of the building, it is intended the theatre continues its current high level of usage, both through shows and performances and other uses ofthis unique space including location filming. Stockport Plozo Trust - TAR and Financial Stotement5 2024
STOCKPORT PLAZA TRUST (A Company Limlted by Guarantee) TRUSTEES. ANNUAL REPORT For the year ended 31 August 2023 (Continued) FUTURE ACTIVITIES {Continued) It is our intention to continue with the suctsssful Heritage tours of the Plaza, to give patrons and members of the community an insight into the heritage of the Plaza building and of its historic importance. Our overall aim is lo continue to increase usage of the Theatre. PUBLIC BENEFITS, AIMS AND INTENDED IMPACT In meeting with the objectives of the Charity, the Trust's public benefit aim is to preserve and maintain the Plaza Super Cinema in excellent condition and to promote perfomiing arts to local, regional and national communities, achieved by providing ticketing support to underprivileged groups. offering preferential rates to community perfonning arts groups, hosting school and lifelong leaming events, offer Heritage tours of the theatre and provide volunteers experience of working in a theatrical environment. In settin9 Out policy and planning activities, the Trustees have given careful consideration to the Guidan from the Charity Commission about public benefit. INVESTMENT POLICIES Under the Memorandum and Articles of Association. the charity has the power to make any investment which the Truslees see fit. The charity has a policy of keeping any surplus funds in short term deposits, which can be accessed readily. RESERVES POLICY The Trust's policy on reserves is to consider only what is necessary to support an unforeseen and sustained drop in the theatre's revenue, hold sufficient reserves to cover six months, worth of overheads expendilure and support the restoration capital plan. The capital plan relates lo the future storatIon and maintenance of the theatre and has been detailed in an extemal consultant's report setting out a five year plan for mainlenance activilies. The Board continues to monitor the financial position and reserves post the year end. Our financial plans going forward, a to maintain the reserves at the policy level The Trust does not intend lo hold reserves for any purpose other than to fulfil its aims as noted in the Memorandum and Articles of Association. This policy is to be reviewed annually by the Trustees. Stockport Plozo Trust~ TAR ond Finonciol 5totements 2024
STOCKPORT PLAZA TRUST (A Company Limited by Guarantee) TRUSTEES, ANNUAL REPORT For the year ended 31 August 2024 {Continued} STATEMENT OF TRUSTEES, RESPONSIBILITIES AND CORPORATE GOVERNANCE The trustees are responsible for their annual report and the preparation of the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) for each financial year. These financial statements give a true and fair view of the incoming resources and application of those resources to the charity and group during the year, and of the state of affairs at the end of the financial year. In preparing these financial statements, the trustees are required to: ensure that suitsble accounting policies are established and applied consistently,. make judgements and estimates which are reasonable 2nd prudent; state whether the applicable accounting standards and statement of recommended accounting practi have been followed, subject to any material departures disclosed and explained in the financial statements., and prepare the financial statements on a going concern basis, unless il is inappropriate to presume that the Charity will continue in operation. The Trustees confim) that they have complied with the above requirements in preparing financial statements. The trustees have overall responsibility for ensuring that the charity has appropriate systems and controls. financial and otherwise. They are also responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity 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 charity and for their proper application as required by charity law. and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities and to provide reasonable assurance that.. the charity is operating efficiently and effectively., all assets are safeguarded against unauthorised use or disposition and are properly applied-, proper records are maintained and financial information used within the charity. or for publication. is reliable: the charity complies with relevant laws and regulations. Intemal controls over all forms of commitment and expenditure continue to be refined to improve efficien¢y. Processes are in place to ensure that performance is monilored and that appropriate management information is prepared and reviewed regularly by both the executive management and the Board of Trustees. The systems of intemal control are designed to provide reasonable, bul not absolute assurance against material misstatement or loss. They include.. an annual budget approved by the trustees,. Stockport Plazu Trust- TAR ond Financiol Stt7tements 2024
STOCKPORT PLAZA TRUST (A Company Llmltod by Guarantea) TRUSTEES. ANNUAL REPORT For the y•ar •nd•d 31 August 2022 (Contlnued) STATEMENT OF TRUSTEES, RESPONSIBILITIES AND CORPORATE GOVERNANCE (Continued) regular consideration by the trustees of financial results. Variances from budgets, non- financial perforniance indicators and benchmarklng revievts: • delegatlon of day to day managèment authority and segregation of duties: and identification and management of risk$. Importantly, the 8oard believes, based upon current finanoal reporting and resanrfes position, that the Trust remalns a golng concern. Approvèd on b•half of th• tru$teO8: NIGEL ANDERTON Company Secretary Date.. 1S.S.LS Stockport Ploza Trust- TAR ond Finonciol Stotements 2024
STOCKPORT PLAZA TRUST INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF STOCKPORT PLAZA TRUST Oplnlon We have audited the financial statements of Stockport Plaza Trust (the 'charity') for the year ended 31 August 2024 which comprise the statement of financial activities, the balance sheet, the statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Slandards. induding Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ir81and (United Kingdom Generally Accepted Accounting PraGtice}. In our opinion. the financial statements.. give a true and fair view of the stale of the charitable company's affairs as at 31 August 2024 and of its incoming resources and application of resources, for the year then ended- have been properfy prepared in accordance with United Kingdom Generalty Accepted Accounting Practice; and have been prepared in accordance with the requirements of the Companies Act 20()6. Basis for oplnion We conducted our audit in accordance with Intemational Standards on Auditing (UK) (ISAS (UK)) and applicable law. Our responsibililies under Ihose standards a further described in the Auditorfs responsibilities for the 8udil of the financial stalemenls section of our reporl. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial stalements in the UK. including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordan with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions relating to going concern In audiling the financial statements, we have concluded Ihal the truslees, use of the going concern basis of accounting in the preparation of the financial statement5 is appropriate. Based on the work we have performed. we have not identified any material uncertainties relating to events or conditions that. individually or collectively, may cast significant doubt on the charity's ability to Continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the trustees with respect lo going concem are described in the relevant sections of this report. Other infomiation The other informalion comprises the infomation included in the annual report other than the financial statements and our auditorfs report Ihereon. The trustees are responsible for the other infomiation contained within the annual report. Our opinion on the financial statements does not cover the other information and we do nol express any form of assurance conclusion thereon. Our resporbsibility is lo read the other information and, in doing so. consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstaled. If we identify such material inconsistencies or apparent material misstatements. we are required lo determine whether this gives rise to a material rnisstatement in the financial statements themselves. If, based on the work we have performed. we conclude that there is a material misstalement of this other information. we are required to report that fact. Matters on which we are required to report by exception We have nothin9 to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if. in our opinion.. the information given in the financi81 statements is inconsistent in any material respect with the trustees, report; or sufficient accounting records have not been kept., or the financial statements are not in agreement with the accounting records: or we have not received all the information and explanations we require for our audit. 10
STOCKPORT PLAZA TRUST INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF STOCKPORT PLAZA TRUST Responsibilities of trustees As explained more fully in the statement of trustees. responsibilities, the truslees, who are also the directors of the charity for the purpose of company law, are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial slalemenls Ihal are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the truslees are responsible for assessing the charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or lo cease operations. or have no realistic alternative bul to do so. Auditor's responsibilities for the audit of the financial statements We have been appointed as auditor under seclion 144 oflhe CharitiesAcl 2011 and report in accordance with the Acl and relevant regulation5 made or having effect thereunder. Our objectives are to obtain reasonable assurance about whether the financial slalements as a whole are free from material misslatemenl, whelher due lo fraud or error, and to issue an auditorfs report that includes our opinion. Reasonable assurance is a high level of assurance bul is not a guarantee that an audit conducted in accordance with ISAS (UK) will always detect a material misslalement when it exists. Misslalemenls can arise from fraud or error and are considered material if. individually or in Ihe aggregate. they could reasonably be expected to inlluence the economic decisions of users taken on the basis of these financial statements. A further description of our responsibilities is available on the Financial Reporting Council's website at.. htlps'.11 www.frc.org.uklaudilorsresponsibililies. This description fomis part of our auditor's report. Extent to which the auditwas considèred capable of detecting irregularities, including fraud Irregularities, induding fraud, are instances of non-compliance with law5 and regulations. We design procedures in line with our responsibilities, outlined above and on Ihe Financial Reporting Council's website, to detect material misstatements in respect of irregularities. induding fraud. We obtain and update our understanding of the entily, its activities, its control environment. and likely fvture developments, including in relation lo the legal and regulatory framework applicable and how the entity is complying with that framework. Based on this understanding, we identify and assess the risks of material misstatement of the financial slalemenls, whether due lo fraud or error, design and perform audit procedures responsive to Ihose risks. and obtain audit evidence thal is sufficienl and appropriate to provide a basis for our opinion. This includes consideration of the risk of acts by the entity that were contrary to applicable laws and regulations, including fraud. In response to the risk of irregularities and non-compliance wtth laws and regulations, including fraud, we designed procedures which included.. Enquiry of management and those charged with governance around actual and potential liligalion and claims as well as actual, suspected and alleged fraud.. Reviewing minutes of meetings ol those charged with governance., Assessing the extent of compliance with the laws and regulations considered lo have a direct material effect on the financial stalemenls or Ihe operations of the entity through enquiry and inspeclion., Reviewing financial slatemenl disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations.. Performing audit work over the risk of management bias and override of controls, including testing of journal entries and other adjustments for appropiiateness, evaluating the business rationale of significant transactions outside Ihe normal course of business and reviewing accounling estimates for indicators of polenlial bias. Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance wilh regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial stalemenls, as we will be less likely to become aware of instances of non-compliance. The risk of not detecling a material misslalement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion. forgery. intentional omissions, misrepresentations, or the override of internal control. 11
STOCKPORT PLAZA TRUST INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF STOCKPORT PLAZA TRUST U¥• ol our report This report is made solely to the charity's trustees, as a body, in accordance with part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we mighl slate to the charity's trustees those matters we are required to state lo them in an auditoV$ report and for no other purpose. To the fullest @xlent permitted by law, we do not accept or assume responsibility to anyone other than the tharity and the charrty's trustees as a body, for our audit work, for this report, or for the opinions we have formed. Jonathan Ward {Senlor Statutory Auditor) for and on behalf of Azets Audlt Servl¢es Chartered Accountants Statutory Auditor is eligible for appointment as auditor of the charity by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006. 12
STOCKPORT PLAZA TRUST (A Cornpany Limited by Guarantee) STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 AUGUST 2024 General Fund Restrlct•d Fund Note Capital Fund 2024 2023 INCOMING RESOURCES: Incomlng Resources Irom Generated Funds: Voluntary Income: Donations and Grants Legacies Actlviti•s for Gèn•rating Funds: Theatre Income 58,945 2,000 60.945 4.000 44,507 86.220 2,Crf)O 1,506,154 333 1.447 1.506,154 333 1,447 1.232,017 182 Investrnent Income Fundraising Events TOTAL INCOMING RESOURCES: 1,568,879 4.0(X) 1.572,879 1.362,926 RESOURCES EXPENDED.. Cost of Generatlng Funds: Fundraising Events 1.764 1,764 Dlr•ct Charitable Expenditure= Theatre Costs Front of House Costs Building Maintenance Other Support Costs 305,330 254,361 261,989 610,147 47,759 355.089 2S4,361 261,989 610,147 261.252 221,675 272,074 533,496 1.433,591 47,759 1,483.350 1.288,677 Governance Cost5 14,310 14,310 14,750 TOTAL RESOURCES EXPENDED: 1,447,901 2,CKJO 47.7S9 1.497.660 1,303.427 Net In¢orning l {Oulgoingl Resources Net Movement bètween Funds Net Mo¥emènt tn Funds 120,978 2,CKJO 147,7591 75.219 59.499 120,978 2,000 147,7591 75.219 59.499 8alartce at 1 September 2023 760.861 1,701,687 2,462,548 2,403,049 BALANCE AT 31 AUGUST 2024 881,839 2,000 1,653,928 2.537.767 2,462.548 Stockport Plaza Trust- TAR and Financial Staiements 2024 13
STOCKPORT PLAZA TRUST (A Company Llmlted by Guarantee) BALANCE SHEET AS AT 31 AUGUST 2024 2024 2023 FIXED ASSETS: Tan8ible assets io 1.847.706 1,872,669 CURRENT ASSETS: Stock Debtors Cash at bank 15,953 103,391 1,377,700 1,497,044 16,017 122.743 1,103.959 1,242,719 li CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR: 12 806,983 652.840 NET CURRENT ASSETS: 690.061 589,879 TOTAL ASSETS LESS CURRENT LIABILITIES: 2,537,767 2,462.548 FINANCED BY: General Fund Restricted Fund Capital Fund 881,839 2,000 1.653,928 760.861 12 1.701,687 2.537,767 2,462,548 Flnanclal Statsments slgnod on behalf of the Board of Dlrectors: NIGEL ANDERTON Chairman CHRIS JEFFRIES Financial Director Approved by the Board: If. S . ? o Lf Company Number: 3790941 Charity Number.. 1076494 Stockport Plaza Trust- TAR and Financial Statements 2024 14
STOCKPORT PLAZA TRUST (A Company Limited by Guarantee) CASH FLOW STATEMENT 2024 2023 Cash flows from actlvltles Surplus/{Loss1 for the financial year Adjustments for: Depreciation of fixed assets Disposal of flxed assets Profrt/loss on disposal of asset5 Interest pald Interest recelved Decrea5e/(increasel in receivables Decrease/(Increase) in inventory Increase/(decrease) in payables Cash from activitiés Interest paid Net cash generated from actlvltles 75,219 59,499 79,471 79,725 10,597 13331 19,352 64 154,143 327,916 11811 9,327 3,195 50,749 212,911 327,916 212,911 Cash flows from Investlng actlvltles Purchase of fixed assets Interest received Net cash from Investlng actlvltles 154,5081 333 154,1751 157,677} 182 157,4951 Net Increasel{decrease) In cash and bank Openlng balance cash and bank Closlng balanc• cash and bank 273,741 1,103,959 1,377,700 155,416 948,543 1,103,959 Stockport Plaza Trust- TAR and Financial Statements 2024 15
STOCKPORT PLAZA TRUST (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 August 2024 ACCOUNTING POLICIES Company status Stockport Plaza Trust is a private Company limited by guarantee. The Directors of the company are the Trustees named on page 2. In the event of the company being wound up, the liability in SpeCt of the guarantee is limited to £1 per member of the company. The registered office is The Plaza, Mersey Square, Stockport, Cheshire. SK1 1 SP. 1.1 Accountlng conventlon These accounts have been prepared in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland. ("FRS 102"), °Accounting and Reporting by Charities" the Statement of Recommended Practice for charities applying FRS 102, the Companies Act 2006 and UK Generally Accepted A¢UntIng Practice as it applies from 1 January 2015. The Charity is a Public Benefit Entity as defined by FRS 102. The accounts are prepared in sterling, which is the functional currency of the company. Monetary 8mounts in these financial statements are rounded to the nearest £. The accounts have been prepared under the historical cost convention. The principal accounting policies adopted are set out below 1.2 Going concern At the time of approving the accounts, Ihe trustees have a reasonable expectation that the charity 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. At the time of approving the accounts. the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existen for the foreseeable future. 1.3 Charitable funds Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives unless Ihe funds have been designated for other purposes. Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the reslricted funds are sel out in the notes to the accounts. Free reserves are available for use at the discretion of the Trustees in pursuit of the general objectives of the charily. 1.4 Incoming resources Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably and il is probable that income will be received. Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless perfonanCe conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation. Legacies are recognised on receipt or otherwise if the charity has been notified of an impending distribution. the amounl is known, and receipt is expected. If the amount is not known, the legacy is Stockport Plozo Trust- TAR ond Finonciol Stotements 2024 16
STOCKPORT PLAZA TRUST (A Company Limitod by Guarantee) NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 August 2023 treated as a contingent asset. Turnover is measured at the fair value of Ihe consideration received or receivable and represents amounts receivable for goods and services provided in the nomial course of business. net of discounts. VAT and other sales related taxes. 1.5 Resources expended All expenditure is accounted for on an accruals basis and has been included under expenses categories thal aggregate all Costs for allocation to activities. Where costs cannol be directly attributed to particular activities they have been allocated on a basis Consistent with the use of the resources. Support costs are those costs incurred directly in support of expenditure on the objects of the company. Governance costs are those incurred in connection with administration of the company and compliance with constitutional and statutory requirements. 1.6 Depreciation Depreciation is provided to write off the cost, less estimated residual values. of all fixed assets. This is on 8 straight line basis over the expected useful lives of the assets at the following annual rates: Freehold property & theatre improvements - 20/0 Straight line Furniture, fixtures & fittings - 10 % straight line All other assets - 200kn straight line 1.7 Interest receivable Investment income is accounted for in the period in which the charity is entitled to receipt. Interest is shown as gross interest, as the charity is exempt from corporation tax. 1.8 Deferred Income The Charity defers income received on ticket sales for shows and events until the date the show or event has taken place. The charity is not enlitled to the income until it has been confirmed that the show or event has tsken place. Shows and events can be cancelled and any ticket sale income would have to be refunded to the customer. 1.9 Flnanclal Instruments The charity has elected lo apply the provisions of Section 11 '8asic Financial Instruments. and Section 12 '0theT Instrument5 Issues, of FRS 102 to all of its financial instruments. Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offsel, 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 setue the liability simultaneously. Basic financial assels Basic financial assets. which include debtors and cash and bank balances. are initially measured at transaction price including transaction costs and ar8 subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interesl. Financial assets Classified as receivable within one year are not amortised. Stockport Plaza Trust- TAR and Finoncial Statements 2024 17
STOCKPORT PLAZA TRUST {A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS For the year endod 31 August 2023 1.9 Basic flnanclal assets (contlnued) Debt instruments are subsequently carried at arnortised Cost, using the effective inter8St rate method. Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not. they are presented as nonvcurrent liabilities. Trade creditors are recognised initially at transaction Pri and subsequently measured at amortised cost using the effective interest method. Derecognltlon of financial Ilabllltles Financial liabilities are defecognised when the Charity's conlractual obligations expire or are discharged or cancelled. 1.10 Employe6 benefits The cost of any unused holiday entitlement is recognised in the period in which the employee's services are reIved. Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to teminate the employment of an employee or to provide temiinalion benefits. 2 Taxatlon The company is registered as a Charitable Trust and is therefore exempt from corporation tax. due to an annual exemption under sections 466 to 493 of the Corporation Tax Act 2010. 2.1 Critical accounting estimates and judgements In the application of thè charity's accounting policies. the trustees are required to make judgements, estimates and assumptions aboul the carrying arnount 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. There are no critical accounting estimates or judgements. Stockport Plazo Tru5t~ TAR ond Finonci015totements 2024 18
STOCKPORT PLAZA TRUST (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 August 2024 (Continued) 3. DONATIONS AND GRANTS Gen•ral Fund Rostrl¢tod Fund Total 2024 Total 2023 Capltal Fund Donatlons: Other Donations 43,282 45.282 44.483 Grants: Sundry Incom•: 15.663 15,663 24 58,945 The restricted funds are designated for backstage expendsture. Gonoral Fund 2,000 60.945 44.507 Rostrf¢tod Fund Total 2024 Total 2023 Capltal Fund 4. LEGACIES Received Costs see note 5 below 2,000 12,0001 2.0 12,0001 86.220 86,220 The restricted funds were designated for backstage expenditure. The funds were spent May 2024 5. DIRECT CHARITABLE INCOME Genernl Fund RoStri¢lod Fund Total 2024 Total 2023 Capltal Fund Theatre Income Front of House Income Profft on disposal of fixed assets 912.248 593.906 912,248 593,906 759.972 472,045 1,506.154 1,506.154 1,232.017 6. DIRECT CHARrrABLE EXPENDITURE G•neral Fund RoStri¢lod Fund Total 2024 Total 2023 Capital Fund Theatre Costs Front of House Costs Building Maintenance Fundraising Costs Salaries Sundries Depreciation Loss on Disposal of As5et5 273,618 254,361 261,989 1.764 583.442 26.705 31.712 2.000 275,618 254.361 261.989 1,764 583,442 26,705 79,471 170,930 221,675 272,074 180 516,259 17,237 79,725 10.597 47.759 1,433,591 2.000 47,759 1,483.350 1,288.677 Stockport Plaza Trust- TAR and Financial Statements 2024 19
STOCKPORT PLAZA TRUST (A Company Llmited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 August 2024 (Continued) 7. SUPPORT COSTS General Fund R•strieted Fun(1 Capital Fund Total 2024 Totsl 2023 Salaries Sundries 583,442 26,705 583,442 26,705 516,259 17,237 610,147 610,147 533,496 8. GOVERNANCE COSTS General Fund Restrlcted Fund Capitsl Fund Total 2024 Total 2023 Audit Fees 14.310 14.310 14,750 14,310 14,310 14,750 9. EMPLOYMENT COSTS General Fund Restrlcted Capital Fund Total 2024 Total 2023 Fund Stage Pfoductions Wages & Salaries National Insurance Costs Pension costs 48.027 493,046 34,266 8,103 583,442 48.027 493,046 34,266 8,103 583,442 58,284 419,086 31,461 7,428 516,259 The directors are all volunteers and do not receive any remuneration for their services. One employee earned more than £60,000 and expenses of £ nil were paid12023- £ nil). The average number of full-time equivalent employees, excluding directors, was as follows.. 2024 2023 Operational Management & Box Office Stage & Technical Café Lounge Bar Team 18 19 Stockport Plaza Tru5t- TAR and Financial Statements 2024 20
STOCKPORT PLAZA TRUST IA Company Lirnlted by Guarantee) NOTES TO THE FINANCIAL STATEMENTS For th• year ended 31 August 2024 (Continuèd) 10. TANG18LE FIXED ASSEFS Flxture8, Ftttlngs. Café & Theatr• Etylpm•ni Land & Bulldni9S Th••lr• IMPr•Tr Total Cost: As at 31 Au8USt 2023 Additions In Period Disposals in Period As at 31 August 2024 455.5D2 1,948,564 4BI.936 53.668 39.017 840 2,925.019 54,508 455A02 L948.564 535,604 39.857 2.979.517 DrI¢l•ll0.. As at 31 August 2023 Char6e in Period DeplatIOn on Disp05als As at 31 August 2024 222.917 9,052 479,462 38.707 320I56 28.584 29,115 3,128 1.052,350 79,471 231.969 518.169 32.243 I,13111 Book Valu•s: s at 31 August 2024 223.533 IA30.395 186.164 7,514 1.847.706 As 3131 Atsgust 2023 232.585 1,469,102 161.080 9,902 1.872,669 All assets are In use for tharitable purposes. Legal charBes exlst ¢>ver the freehold property. to Secu the Intere5t5 of public bodies and other lenders funding its purchase and the cost of theatre Impro¥emeThis. 11. DEBTORS 1024 2023 Trade Debtors Prepayments Other Debtors 32.871 37,372 33.148 103.391 3S.267 30,795 56.681 122.743 12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2024 2023 Trade Credito¥s PAYE and Natlonal Insurance VAT Payable Deferred Income- see note Ila Other Credttor5 Accruals 89.255 2.738 15.889 555,034 50.684 93,383 806,983 56,946 8.602 22.624 412,116 27.790 124,762 652,840 12•. DEFERRED INCOME Sales 2,204.794 Clfwd 555,034 Tlcket sales 412,116 12,061,8761 412,116 2.204.794 12.061,8761 555.034 Stockport Plata Trust- TAR and Financlal Ststemenis 2024 21
STOCKPORT PLAZA TRUST (A Company Limlted by Guarantee) NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 August 2024 {Contlnued) 12. CAPITAL FUND Land & Buildlngs Balance at 31 August 2023: Direct Charitable Expenditure- Theatre Improvements Direct Charitable Expenditure- Depreciation 1.701,687 147,7591 Balance at 31 Au8USt 2024.. 1.653.928 During the year £0 was transferred between the general and capital fund. 12a. RESTRicfED FUNDS Balance at 31 August 2023.. Income Expenditure Balance at 31 August 2024: 4.000 12,0001 2,Ixio A leBacy £2,OJO and donation £2,t¥)O were received designated to be used for backstage improvements. £2.000 was expendeij. 13. CONTINGENT LIABILrriES The Heritage Lottery Fund award totalling £2,,( is repayable in the event the company is wound up. The written consent of the grantor is required before the theatre can then be disposed of. A similar conditlon applies to the capital grants Irom the North West Development Agency1£745,OWI and from Stockport Metropolitan Borough Council1£300,ODJI. These liabilities are not expected to materiali5e. 14. CAPITAL COMMITMENTS There are no capital commitments12023- £ nill. 15. FINANCIAL COMMITMENTS As at 31 August 2024 land as at 31 August 20231, the company had no annual commitments under non-cancellable operating leases. 16. ANALYSIS OF NET ASSETS BETWEEN FUNDS General Fund R•strlct•d Fund C•pltsl Fund Totsl Fund balances are represented by.. Tangible Fixed Assets Current Assets Creditors: Amounts Falling Due Within One Year 193.778 1,495.044 1806,9831 881.839 1,653,928 1,847,706 1,497,044 1806,9831 2,537,767 2,000 1.653,928 17. RELATEO PARTY TRANSACTIONS The company had no transactions with related parties. Stockport Plaza Trust- TAR and Financial Statements 2024 22