Company regislration number.. 01155555 Charity registration number: 1078605 Louth Playgoers Society Limited (A company limtled by share capitsl) Annual Report and Financial Statements for the Year Ended 31 May 2024 Forresler Boyd Chartered Accountant Waynflete House 139 Eastgate Louth Lincolnshire LN11 9QQ E, Forrester Boyd CMAR TEXED ACCOUIIT ANTS
Louth Playgoers Society Limited Contents Reference and Administrative Details 2to7 Trustees, Report Independent Examinerfs Report statement of Financial Activities 10 Balance Sheet Notes to the Financial Statements 11 to21
Louth Playgoers Society Limited Reference and Administrative Details Chairman J L Harris Trustees V J S Allison M L Browne C E Burton J L Harris S D Kettle P M A Marshall R M Precious S Spendlow G A Starkie C Tinkler Jmwest Secretary C D Tinkler Registered Office Loulh Riverhead Theatre Victoria Road Louth Lincolnshire LN11 OBX Company Registration Number 01155555 Charity Registration Number 1078605 Bankers Lloyds Bank plc 24 Mercer Row Louth Lincolnshire LN11 9JH Independent Examiner A Millson ACA Chartered Accountant Waynflete House 139 Eastgate Louth Lincolnshire LN11 gQQ Page 1
Louth Playgoers Society Limited Trustees, Report The trustees, who are directors for the purposes of company law, present the annual report together with the financial statements and auditors, report of the charitable company for the year ended 31 May 2024. Structure, governance and management Nature of governing document The charity is a company limited by guarantee without share capital. The Guarantee of the members. being the theatre card holders. is limited to a contribution of £1 each in the event of a winding-up. In the event of dissolution any property whatsoever remaining is to be transferred under Clause 7 of the Memorandum of Association, to be held on trust for charitable purposes or given to some other institution having similar objects to the company. Recruitment and appointment of trustees The committee, who are also the directors for the purpose of company law and trustees for the purpose of charity law, who served during the year were: V. J. S. Allison R. N. Booth (Resigned 26-09-2023) E. Brindle {Resigned 26-09-2023} M. L Browne C. E. Burton J. Harris D. Kettle (Resigned 12-01-2024) S. D. Kettle R. M. Precious C. Tinkler J. West G. Starkie {Appointed 26-09-2023) P. Marshall (Appointed 26-09-2023) S. Spendlow (Appointed 26-09-2023) (resigned 30-07-2024) None of the committee has any beneficial interest in the company. All the committee are members of the company and guarantee to contribute £1 in the event of a winding up. In accordance with the Articles of Association the following retire at the 2024 Annual General Meeting',- 17th September, 2024 Jamie Harris, Simon Kettle, Richard Precious and Janet West who being eligible, offer themselves for re-eleclion. Induction and training of trustees Trustees are provided with an induction to the Charity that includes information and advice from the NCVO. Roles and responsibilities are discussed and policies and procedures of the charity introduced and then regularly reviewed. Trustees attended a Board development day in 2023 that will be followed by strategic planning. The Board are the decision makers of the charity wth delegated responsibility for day to day management and budgetary spend being given to the Theatre Manager. There are no relationships with interested parties. Organisational structure The charity's organisational structure consists of the main committee. sub committees and other volunteers. The Committee in conjunction with the Theatre Manager have overall control and are the decision makers of the charity. The sub committees are finance. internal programming. external programming, health and safety, marketing and safeguarding. These committees make recommendations to the main committee. The volunteers are local people who help to maintain the efficient running of the theatre. and make it possible to produce theatrical performances and other events. Page 2
Louth Playgoers Society Limited Trustees. Report Committees There are a range of committees that meel regularly to discuss areas of the charity including Safeguarding, Membership, Front of House. Programming and Marketing. Safeguarding statement LPS believes that everyone we come into contacl with, regardless of age, gender idenlity. disability, sexual orientation or ethnic origin has the right to be protected from all fonns of harm, abuse, neglect and exploitation. LPS will not tolerate abuse and exploitation by staff or associated personnel. Our policy addresses the following areas of safeguarding.. child safeguarding, adult safeguarding, and protection from sexual exploitation and abuse. LPS commits to addressing safeguarding throughout its work, through the three pillars of prevention, reporting and response. Risk management The committee has assessed the major risks to which the charty is exposed, and is satisfied that systems are in place to mitigate exposure thereto. Page 3
Louth Playgoers Society Limited Trustees, Report Objectives and activities Objects and aims Purpose of the charity The Charity is a company limited by guarantee without share capital. The purpose of Ihe charÈty is to promote the advancement and implementation of general education in relation to all aspects of the art of drama and the development of public appreciation of such art. together with Ihe advancement of all other forms of the arts and the development of the appreciation of the public. Our vision Louth Playgoers Society recognise that we are in a unique position to contribute to the cultural and social welfare of Louth and surrounding communities. We aim to support this by= Developing and promoting appreciation of the arts by the provision of facilities for the education and recreation of the public in the fields of art, music and drama. Contributing to the quality of life of the people in the local community through the provision of exciting, Challenging and accessible events. Increasing accessibility and removing barriers to engagement with and participation in the Arts for the whole community. The strategies employed to achieve the charitys aims and objectÉves are to.. Present a broad range of theatre productions and art exhibitions for the enjoyment and education of our local community., Offer opportunities for a wide range of people to get involved in the arts activity exploring their own creative powers., Provide facilities for both amateur and professional artists to develop. • Groups in the area are given discounted rates for hire of space. Provide discounted and bursary supported educational workshops for members of the community led by professional artists., Prioritise involving young people in the arts to help encourage a culture in which different age ranges play a complimentary part.. Celebrate the diversity of cultures in society by programming presentations by. and with, artists of different cultural backgrounds. Affordability and accessibility to our programme remain important to us but this needs to remain balanced with securing the long-term future of the Theatre. For this reason, during 2023-24, a series of decisions have been taken to change some of the pricing structures to support sustainability in the face of spiraling operational costs and external pressures. Public benefit The trustees confirm that they have Complied with the requirements of section 17 of the Charities Act 2011 to have due regard to the public benefit guidance published by the Charity Commission for England and Wales. Summary of activities The Charity owns and runs the Riverhead Theatre in Louth, Lincolnshire and provides the theatre as a community venue for several other local groups, including performance and rehearsal space. The Theatre is also used by visiting professional companies to present their productions which acts as an income stream for the Charity. The foyer space is provided to local artists for the display and sale of their artwork and the Theatre also hosts the annual programme of productions from the Louth Playgoers Society from whom the Charily and Company were derived. Use of volunteers The Charity provides training and education opportunities for those wanting to develop skills and experience in performing arts. As a busy and fully operational theatre. there are ample opportunities for volunteers to develop skills in Box Office, Front of House, Bar and Cafe. Lighting and Sound Operation, Stage Management, Set Building and Design, Costuming, Perfoming and Directing. Page 4
Louth Playgoers Society Limited Trustees, Report Staff team The Charity employs a small staff team lo ensure the smooth day to day running of the facility and to implement the Policies and Procedures on behalf of the Board of Trusteel Directors. The staff team are provided with a budget for the operation of the Theatre which is managed by the Thealre Manager. In 2023, we said goodbye to Tracy Mackenzie as the Theatre Manager. The Trustees would like to lake this opportunity to thank Tracy for 311 of her hard work and passion during her time working for the Society in various guises. Michael Kirk, who up until that time had been employed as the Technical Manager of the Theatre, has now taken on the role of Theatre Manager to be delivered alongside his role of Technical Manager. Michael is supported by the following staff team.. Sarah Elliot Nick Kendall Geoff Stone Eric Cahill Jason Bartlett Jon Mackenzie Achievements and performance The Louth Playgoers Society were delighted to have a successful programme of 2 plays, 2 musicals, a Pantomime and a Christmas concert for their internal season. led by Philip Marshall Junior who was our 23124 President. Whilst we unfortunately had to cancel our October 2023 production due to casting issues. we managed lo attain audiences of 75010 capacity or more for all of our internal productions. with Ihe Pantomime "Snow While" and musical "Oliver" achieving over 95 % of capacty. Amongst some significant challenges at the start of the season including significant upgrades to the fabric of the building, the season provided a variety of content to satisfy currenl patrons and entice new audiences and performers to the Theatre. The Theatre Manager scheduled a range of productions to nJn alongside the internal Playgoers season that included both professional and amateur productions. community groups, schools. musicians and summer youth workshops. We had return visits from our frequent collaborators NEWLOG. Blaze. Chapterhouse Theatre. Box Clever, Studio 2000 Dance School among many others. We also now run a quarterly comedy night which has been consistently well attended. Like many venues of our size we have had to resort more to booking in poplrock tribute acts, in order to entice audiences to our venue who perhaps prefer to see perfomiances of this ilk rather than the productions of our internal season. These have all sold well and have added to our remit of keeping our venue and programme accessible to all. Our Youth Theatre has undergone some significant changes in 202>24 and has attracted 3 significanl investment from the Levelling Up fund which will begin to show results in the 2024-25 season. This has continued to provide a vital resource for the community of Louth and is a significant area for strategic development in the coming 5 years. We are very excited to see what 2024125 brings for our Youth Theatre. Financial review In spite of the withdrawal of the Arts Council Funding, LoLrth Playgoers have seen an increase in income from activities over 2023-24 which has meant that the impact was not as considerable as it could have been and Louth Playgoers ended the year on a small surplus before depreciation. Financial controls The Board approved adoption of a financial controls Policy which supercedes any previous policies around financial management. This document clearly articulates roles and responsibilities and anti-fraud measures that will be taken by the Charity. Page 5
Louth Playgoers Society Limited Trustees, Report Policy on reserves The Board has agreed a reserves policy of 3 months. expenditure. The unrestricted fund currently stands at £353,782 of which £258,104 is invesled in tangible fixed assets. The siluation arose over 20 years ago when as part of the company's share of funding on the Theatre build, over £350,000 of our unrestricted funds had to be used. Current Liabilities includes £17,697 of income received in advance. the average holding over the year being in the region of £15.000. Budgetary Controls For 2024-25, a budget has been prepared and approved by the Trustees to control expenditure and manage the potential financial risks posed in the medium tem from the lack of grant support. This will be monitored at the monthly Board meetings in order to provide early warning for any concerning trends. Financial risks Financial risks are posed by the age of the building and internal fixtures and fittings which have now experienced over 20 years of constant use. The grant funding secured for the coming year will go some way lo alleviating this pressure and the Theatre Manager has worked hard with the staff leam to identify the greatest areas of risk and provide plans to mitigate through considered investment and future planning. other costs are set to increase in the coming year including our utilities and Insurances. These have been planned for in the budget for the year and the Theatre Manager and Treasurer scrutinised current expenditure to identify where savings could be made. It was agreed by the Board to introduce Show Fees and a Membership fee to support the work of Louth Playgoers Society. As the only society locally not charging a fee, the Board agreed that it would be reasonable to set low fees for performers to participate in productions. In order to prevent exclusion, a bursary is available for those in hardship. Going concern The Trustees have been fully briefed on the challenges and risks as identified in this report and consider that the Charity remains a going concern. The principle source of income for the charty remains the Louth Playgoers Season of productions and the investment in growing and sustaining new lalent is critical for the continuation of the Charity. The Charity has a robust financial model which provides for the continuation of the charity for the coming year. Our strategic plans include Ihe following key priorilies-. Developing governance structures and increasing transparency and accountability Investment in attracting and retaining new volunteers, including Trustees that will enhance the diversity of the board Creating a larger youth theatre and opening access to remove boundaries to the arts Statement of trustees. responsibilities The trustees (who are also the directors of Louth Playgoers Society Limited for the purposes of company law) are responsible for preparing the Irustees, report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" Company law requires the trustees to prepare financial statements for each financial year. Under company law the trustees must not approve the financial statements unless they are salisfied that they give a true and fair view of the state of affairs of the charrtable company and of the incoming resources and application of resources, including its income and expenditure. of the charitable company for that period. In preparing these financial statemenls, the trustees are required to.. 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.. Page 6
Louth Playgoers Society Limited Trustees. Report state whether applicable accounting standards, comprising FRS 102 have been followed. subject to any material departures disclosed and explained in the financial statements: and prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business. The trustees are responsible for keeping proper accounting records that can disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that Ihe financial statemenls 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 prevenlion and detection of fraud and other irregularities. The trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company's website. Legislation governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions. Disclosure of information to auditor Each trustee has taken steps that they ought to have taken as a trustee in order to make themselves aware of any relevant audit information and to establish that the charity s auditor is aware of that information. The Iruslees confirm that there is no relevant information that they know of and of which they know the auditor is unaware. The annual report was approved by the trustees of the charity on 2 September 2024 and signed on its behalf by: Chairman and Trustee Page 7
Louth Playgoers Society Limited Independent Examiner's Report to the trustees of Louth Playgoers Society Limited ('the Company.) I report to Ihe charity trustees on my examination of the accounts of the Company for the year ended 31 May 2024. Responsibilities and basis of report As the Charity's trustees of the Company {and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 I'the 2006 Act'l. Having satisfied myself that the accounts of the 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 your charity s accounts as Carried out under section 145 of the Charities Act 2011 ('the 2011 Act'l. In carrying out my examination I have followed the Directions given by the Charty Commission under section 145{5){b) of the 2011 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 matiers thal an auditor considers in giving their opinion on the accounts. 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 accounts 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 Since the Company's gross income exceeded £250.000 your examiner musl be a member of a body listed in section 145 of the 2011 Act. I confimi that l am qualified to undertake the examination because l am a member of -rhe Inslitute of Chartered Accountants in England and Wales, which is one of the listed bodies. I have completed my examination. I confimi that no matters have come to my attention in connection with the examination giving me cause to believe- 1. accounting records were not kept in respect of Louth Playgoers Society Limited as required by section 386 of the 2006 Act.. or 2. the accounts do not accord with those records-. or 3. the accounts do not comply with the accounting requirements of section 396 of the 2006 Act olher than any requirement that the accounts give a 'true and fair view which is not a matter considered as part of an independent examination. or 4. the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities lapplicable to charities preparing their accounts in accordance 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 wilh the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. Adam Millson ACA Chartered Accountanl The Institute of Chartered Accountants in England and Wales Waynflete House 139 Eastgate Louth Lincolnshire LN119QQ 5 September 2024 Page 8
Louth Playgoers Society Limited Statement of Financial Activities for the Year Ended 31 May 2024 (Including Income and Expenditure Account and Statement of Total Recognised Gains and Losses) Unrestricted funds Restricted funds Total 2024 Note Income and Endowments from: Donations and legacies Charitable activities Investment income 15.122 409.841 730 15,122 409,841 730 Total income 425,693 425,693 Expenditure on: Charitable activities 418.855 (36,908 (455,763} Total expenditure (418,855) 6,838 {36,908) (455,763) Net incomellexpenditure) Net movement in funds (36,9081 130,070) 6,838 {36.908) 130,070) Reconciliation of funds Total funds brought fOard Total funds carried forward 346,944 1,031,093 1,378,037 18 353,782 994.185 1,347,967 Unrestricted funds Restricted funds Total 2023 Note Income and Endowments from: Donations and legacies Charitable activities Investment income 5,123 336,830 209 5.123 336,830 209 Total income 342.162 342,162 Expenditure on: Charitable activities (363,792) 137,118} 1400,910) Total expenditure (363.7921 (21.630) (37,118 (400.9101 Net expenditure {37,1181 {58,748) Nel movement in funds (21.630) (37.118} (58.748) Reconciliation of funds Total funds brought forward Total funds carried foNard 368,574 1,068,211 1,436,785 1,378,037 18 346.944 1,031,093 All of the charity's activrties derive from continuing operations during the above Iwo periods. The funds breakdown for 2024 and 2023 is shown in note 18. The notes on pages 11 to 21 form an integral part of these financial statements. Page 9
Louth Playgoers Society Limited (Registration number: 01155555) Balance Sheet as at 31 May 2024 2024 2023 Note Fixed assets Tangible assets Current assets Stocks Debtors Cash at bank and in hand 13 1.252.289 1,303,853 14 15 16 2,117 14.383 111,062 6,291 8,999 121,839 127.562 137,129 Creditors: Amounts falling due within one year Net current assets 17 {31,884} {62,945) 95,678 74,184 1,378,037 Net assets 1,347,967 Funds of the charity: Restricted income funds Restricted funds 18 994,185 1,031,093 Unrestricted income funds Unrestricted funds 353,782 346,944 Total funds 18 1,347,967 1,378,037 For the financial year ending 31 May 2024 the charity vrfas entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. Direclors, responsibilities. The members have not required the charity to obtain an audit of its accounts for the year in question in accordance with section 476., and The directors acknowledge their responsibilities for complying wrth the requirements of the Act with respect to accounting records and the preparation of accounts. The financial statements on pages 9 to 21 were approved by the trustees, and authorised for issue on 2 September 2024 and signed on their behalf by.. J L Harris Chairman and trustee C Tinkler Trustee The notes on pages 11 to 21 form an inlegral part of these financial statements. Page 10
Louth Playgoers Society Limited Notes to the Financial Statements for the Year Ended 31 May 2024 1 Charity status The charity is a charity limited by guarantee and consequently does not have share capital. Each of the trustees is liable to contribute an amount not exceeding £1 towards the assets of the charity in the event of liquidation. The company was incorporated in England and Wales. The address of the registered office is: Louth Riverhead Theatre Victoria Road Louth Lincolnshire LN11 OBX These financial statements were authorised for issue by the trustees on 2 September 2024. These financial statements cover the individual charity. Louth Playgoers Society Limited. 2 Accounting policies Summary of significant accounting policies and key accounting estimates The principal accounting policies applied in the preparation of these financial ststements are set out below. These policies have been consistently applied to all the years presented. unless otheEwise stated. Statement of compliance The financial statements have been prepared in accordance with 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 IFRS 1021) (issued in October 20191 {Charities SORP (FRS 102)}, the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 1021 and the Companies Act 2006. Basis of preparation Louth Playgoers Society Limited meets the definition of a public benefit enlity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless othetwise stated in the relevant accounting policy notes. The financial statements are prepared in sterling which is the functional currency of the company and have been rounded to the nearest pound. Going concern The trustees consider that there are no material uncertainties about the chariws ability to continue as a going concern nor any significant areas of uncertainly that affect the carrying value of assets held by the charity. Income and endowments All income is recognised once the charrty has entitlement to the income, it is probable that the income will be received and the amount of the income receivable can be measured reliably. Donations and legacies Donations are recognised when the charity has been notified in writing of both the amount and settlement date. In the event that a donation is subject to conditions that require a level of performance by the charity before the charity is entitled to the funds, the income is deferred and not recognised until either those conditions are fully met, or the fulfilment of those conditions is wholly within the control of the charity and it is probable that these conditions will be lulfilled in the reporting period. Page11
Louth Playgoers Society Limited Notes to the Financial Statements for the Year Ended 31 May 2024 Deferred income Deferred income represents amounts received for future periods and is released to incoming resources in the period for which, it has been received. Such income is only deferred when.. The donor specifies that the grant or donation must only be used in future accounting periods., or The donor has imposed conditions which must be met before the charity has unconditional entitlement. Expenditure All expenditure is recognised once there is a legal or Constructive obligation to that expenditure, it is probable settlement is required and the amount can be measured reliably. All costs are allocated to the applicable expenditure heading that aggregate similar costs to that category. Where costs cannot be directly attributed to particular headings they have been allocated on a basis consistent with the use of resources, with central staff costs allocated on the basis of time spent. and depreciation charges allocated on the portion of the asset's use. other support costs are allocated based on the spread of staff costs. Charitable activities Charitable expenditure 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 allocated direclly to such activities and those costs of an indirect nature necessary lo support them. Governance costs These include the costs attributable to the charrty's compliance with constitutional and statutory requirements, including audit, strategic management and trustees meetings and reimbursed expenses. Taxation The charity is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of Ihe Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, 10 the extent that such income or gains are applied exclusively to charitable purposes. Tangible fixed assets Individual fixed assets costing £500 or more are initially recorded at cost. Depreciation and amortisation Depreciation is provided on tangible fixed assets so as to write off the cost or valuation. less any estimated residual value, over their expected useful economic life as follows- Asset class Freehold buildings Equipment, fixtures & fittings Depreciation method and rate Over 50 years 5-20 years straight line Stock Stock is valued at Ihe lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. Net realisable value is based on selling price less anticipated selling costs. Items donated for resale or distribution are not included in the financial statements until they are sold or distributed. Trade debtors Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business. Trade debtors are recognised at the transaction price, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the charity will not be able to collect all amounts due according to the original terms of the receivables. Page 12
Louth Playgoers Society Limited Notes to the Financial Statements for the Year Ended 31 May 2024 Cash and cash equivalents Cash and cash equivalents comprise cash on hand and call deposits. and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value. Trade creditors Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the charity does not have an unconditional right, at the end of the reporting period, to defer settlement of Ihe creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities. Trade creditors are recognised at the transaction price. Borrowings Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Inlerest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds. net of transaction costs, and the amount due on redemption being recognised as a charge to the Statement of Financial Activities over the period of the relevant borrowing. Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges. Borrowings are classified as current liabilities unless the charity has an unconditional right to defer settlemenl of the liability for at leasl twelve months after the reporting date. Fund structure Unrestricted income funds are general funds that are available for use at the trustees discretion in furtherance of the objectives of the charity. Restricted income funds are those donated for use in a particular area or for specific purposes, the use of which is restricted to Ihat area or purpose. Pensions and other post retirement obligations A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the Company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods. Contributions lo defined contribution plans are recognised as employee benefit expense when they are due. Page 13
Louth Playgoers Society Limited Notes to the Financial Statements for the Year Ended 31 May 2024 3 Income from donations and legacies Unrestricted Total 2024 Total 2023 General Donations and legacies: Donations and gifts 15.122 15,122 15.122 5,123 15,122 5.123 4 Income from charitable activities Unrestricted funds General Total 2024 Total 2023 Other income Refreshments Musical Workshops Pantomime Grants receivable Programmes Box office Theatre cards Letlings and commissions 1.147 69,742 39,419 2,331 36,616 17.605 2,979 209.049 1.005 29,948 1,147 69.742 39.419 2,331 36,616 17,605 2,979 209,049 1.005 29,948 48,893 38,452 3,145 27,113 55,071 1,226 149,344 1,296 12,287 409.841 409,841 336,830 5 Investment income Unrestricted Total 2024 Total 2023 General Interest receivable on bank deposits 730 730 209 Page 14
Louth Playgoers Society Limited Notes to the Financial Statements for the Year Ended 31 May 2024 6 Expenditure on charitable activities Unrestricted Total 2024 Total 2023 General Restricted Note Cost of goods sold Royalties & play copies Sets, properties, costumes & rehearsals Visiting artists & companies Publicity Workshop fees Depreciation. amortisation and other similar ¢osts Staff costs Allocated support costs Governance costs 30,512 4,631 30,512 4,631 23,018 1,755 9,453 101.518 20,015 3,507 9.453 101.518 20,015 3,507 31,307 75,035 29,672 3,996 16,656 116,028 111,349 5,186 418,855 36.908 53.564 116,028 111,349 5,186 455,763 53,434 105,989 72,301 4,403 400,910 10 36.908 Page15
Louth Playgoers Society Limited Notes to the Financial Statements for the Year Ended 31 May 2024 7 Analysis of governance and support costs Allocated support costs Unrestricted Total 2024 Total 2023 General Premises costs Bank charges and cardnet fees General office expenses Bad debts written off 71,008 4.167 35.350 824 71,008 4,167 35.350 824 45,327 2,718 24.256 111,349 111.349 72.301 Governance costs Unrestricted Total 2024 Total 2023 General Independent examiner fees Examination of the financial statements Premises costs 4,794 392 4,794 392 3,872 531 5,186 5,186 4,403 8 Net incomingloutgoing resources Net outgoing resources for the year include= 2024 2023 Loss on disposal of fixed assets held for the charity's own use Depreciation of fixed assets 1640) 54,074 53,564 9 Trustees remuneration and expenses No trustees, nor any persons connected with them. have received any remuneration from Ihe charity during the year. No trustees have received any reimbursed expenses or any other benefits from the charity during the year. Any connection beeen a committee member of the company with a production company, contracted actor or performer must be disclosed to the full board in the same way as any other contractual relationship with a related party. No such related party transactions were reported during the year. Page 16
Louth Playgoers Society Limited Notes to the Financial Statements for the Year Ended 31 May 2024 10 Staff costs The aggregate payroll costs were as follows.. 2024 2023 Staff costs during the year were: Wages and salaries Pension costs other staff costs 108.745 654 6,629 116,028 98.879 1,029 6,081 105,989 The monthly average number of persons (including senior management I leadership team) employed by the charity during the year was as follows: 2024 2023 Manager, box office assistants and cleaners 4 {2023 - 2) of the above employees participated in the Defined Contribution Pension Schemes. Contributions to the employee pension schemes for the year totalled £654 (2023 - £1,029). No employee received emoluments of more than £60.000 during the year. The lotal employee benefits of the key management personnel of the charity were £62,223 {2023 - £42,091). 11 Independent examinerfs remuneration 2024 2023 Examination of the financial statements 4,794 3,872 The above fees are inclusive of VAT. 12 Taxation The charity is a registered charity and is therefore exempt from taxation. Page 17
Louth Playgoers Society Limited Notes to the Financial Statements for the Year Ended 31 May 2024 13 Tangible fixed assets Land and buildings Furniture and equipment Total Cost At 1 June 2023 Additions 2,232,940 265,224 2,498,164 2.000 2,000 At 31 May 2024 2,232,940 267,224 2,500.164 Depreciation Al 1 June 2023 Charge for the year At 31 May 2024 988.604 44,659 205,707 1,194,311 8,905 53,564 1,033,263 214.612 1.247.875 Net book value At 31 May 2024 At 31 May 2023 1,199,677 52.612 1.252,289 1,244,336 59.517 1,303.853 14 Stock 2024 2023 6,291 Stocks 2,117 15 Debtors 2024 2023 Trade debtors Prepayments 11,010 3,373 14,383 2.183 6,816 8,999 16 Cash and cash equivalents 2024 2023 Cash on hand Cash at bank 1,025 110,037 111,062 1,025 120,814 121,839 Page 18
Louth Playgoers Society Limited Notes to the Financial Statements for the Year Ended 31 May 2024 17 Creditors: amounts falling due within one year 2024 2023 Trade creditors Other taxation and social security Accruals Deferred income 9.629 1,177 3,380 17.698 12,544 207 3,095 47,099 62,945 31,884 2024 2023 Deferred income at 1 June 2023 Resources deferred in the period Amounts released from previous periods Deferred income at year end 47,099 17.698 (47,099) 17,698 27,295 47,099 {27.295) 47,099 £0 (2023.. £17,105} of deferred income relates to grants received, deferred to cover potential losses from touring productions in future periods. £17,69812023'. £29,994) of deferred income relates to receipls received in advance for future productions. 18 Funds Balance at 1 June 2023 Incoming resources Resources expended Balance at 31 May 2024 Transfers Unrestricted funds General Unrestricted income fund Other Building rnainlenance fund Seat refurbishment fund 335.312 425,693 (418.855) 4,825 346,975 8.355 3,277 {4,825) 3,530 3,277 11,632 {4,825) 6,807 Total unrestricted funds Restricted European Regional Development Fund grant Lottery grant East Midlands Development Agency grant East Lindsey District Council grant Louth Town Council grant 346,944 425,693 (418,855) 353.782 155,596 796.836 (6,043) (28.398} 149.553 768,438 51,202 (1.271) 49,931 24,816 2,643 (1,101) (95) 23,715 2,548 Total restricted funds 1.031,093 (36.908) 994,185 Total funds 1.378,037 425.693 {455,763 1,347,967 Page 19
Louth Playgoers Society Limited Notes to the Financial Statements for the Year Ended 31 May 2024 Balance at 1 June 2022 Incomlng resources Resources expended Balance at 31 May 2023 Transfers Unrestricted funds General Unrestricted income fund 352.440 342.162 (363,792) 4,502 335.312 Other Building maintenance fund Seat refurbishment fund 12.857 3.277 (4,502) 8,355 3,277 16.134 4,502} 11,632 Total unrestricted funds 368,574 342,162 (363,792) 346,944 Restricted European Regional Development Fund grant Lottery grant East Midlands Development Agency grant East Lindsey District Council grant Louth Town Council grant 161,639 825,444 (6.043) (28.608) 155,596 796,836 52,473 (1,271) 51,202 25.917 2.738 {1,101) (95) 24.816 2,643 Total restricted funds 1,068.211 (37,118) 1,031,093 Total funds 1.436,785 342,162 {400,910) 1,378,037 The specific purposes forwhich the funds are to be applied are as follows: The above restricted grants have been received for the purpose of building a new theatre and providing some equipment for the society. It should be noted that the East Midlands Development Agency has now been disbanded. The outward movement of the restricted funds is the depreciation on the building. fixtures, fittings and equipment. Sufficient resources have been generated, enabling the grants to be applied correctly. 19 Analysis of net assets between funds Unrestricted funds General Total funds at 31 May 2024 Restricted funds Tangible fixed assets Current assets Current liabilities 258.104 127.562 (31,884) 353,782 994,185 1,252,289 127,562 131,8841 1,347,967 Total net assets 994.185 Page 20
Louth Playgoers Society Limited Notes to the Financial Statements for the Year Ended 31 May 2024 20 Analysis of net funds At 1 June 2023 Financing cash flows At 31 May 2024 Cash at bank and in hand 121.839 {10,777) {10,777 111,062 Net debt 121.839 111,062 Page 21