Registered number: 04310613 Charity number: 1090394 SHERINGHAM LirrLE THEATRE SOCIETY (A company limlted by guarantee) UNAUDITED TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
SHERINGHAM LITTLE THEATRE SOCIETY (A company Ilmlted by guarantee) CONTENTS Page Reference and admlnlstratlve details of the charity. its Trusteos and advlsers Trustees, report Independent examlnerfs report Consolidated statement of financlal activities Consolidated balance sheet Charity balance sheet Consolldated statement of cash flows 10-11 12 Notes to the flnancial statements 13-32
SHERINGHAM LITTLE THEATRE 80CIETY (A company limited by guarantee REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 MARCH 2024 TruStS M Ashcroft R Batson J Beak, Chair A Munden D Ward Company registered number 04310613 Charlty registered number 1090394 Registered office 2 Station Road Sheringham Norfolk NR26 8RE Independent examiners Larking Gowen LLP Chartered Accountants 1st Floor Prospect House Rouen Road Norwch NR1 1RE Page 1
SHERINGHAM LITTLE THEATRE SOCIETY (A company limited by guarantee) TRUSTEES, REPORT FOR THE YEAR ENDED 31 MARCH 2024 The Trustees present their annual report together wth the financial ststements of the group and the company for the 1 April 2023 to 31 March 2024. Since the company and the group qualifies as small under section 383, the strategic report required of medium and large companies under The Companies Act 2006 {Strategi¢ Report and Director's Report> Regulations 2013 is not required. Objectives and actlvllles Achlevements and performance a. Review of activities This y8ar psents the second full year of trading since the COVID pandemic, and the theatre and Hub café were able to offer a full range of events. The limit on numbers and seating was maintained at Pre pandemic levels. However. attendance levels remained down on pre pandemic levels. In the flrst quarter of the financial year there were 46 theatre events.. an Easter show and a young children's show. The Squlrrels Big Night Out, touring shows including the Hollywood legends of Rock and the Intellectual Hooligans. In the summer. a season of events took place. The summer productions were: l Am Hamlet wth Steve Speirs, Shanty by James McDermott, The Hound of the Baskervilles by Sir Arthur Conan Doyle, Run for your Man, an adaptation of Ray Cooney's 1980s classic Run for Your Wife, and Private Lives by Noel Coward. We also produced a youth summer comedy vrkShOp and supported the 1940's weekend with two 1940's singalongs. In the Autumn there was a fundraising amateur production of Seasons Greetings by Alan Ayckboum. This year's Pantomime was Cinderella vthich retumed with an even greater number of shows than last year. The show was well received. however ticket sales were down on pre pandemic levels. In the Winter we tried an new venture - The Adult Panto - Rubbin Good, whlch was highly popu18r and will be repeated in 2025. We also had Communicating Doors by Alan Ayd(boum. a CSODS Amateur Hire. Popular local amateur dramatic groups hired the theatre wth Stage Direct and Cromer and Sheringham Operatic and Dramatic Society performing and Th8 Little Theatre Players performing Tery Prat¢hett's Wyrd Sisters. Youth and drama workshops took place during the year again in line with pre pandemic availability levels. Local authority grant support for the financial year came from Norfolk County Council (£4.8k). North Norfolk District Council (£41k) and other grants and funding have also been obtained including Sheila Ann Day Fund £2.4K, Dementia Donation £0.5k. Theatres Trust £5k, Sheringham Town Council £2k ancl the Norfolk Gommunlty Foundation £4.1 K The theatre was extremely fortunate to receive significant donations during the year totalling 67k induding a large donation from Roger Allard. A sponsorship programme that was put in place last year. continues to be an important source of income for the Litlle Theatre and is something vthich continues to be developed, with plans in place for a significantly enhanced offering in the next accounting period We continued with a ticketing service to the Sheringham and Cromer Choral Society for their perforManS at st Peter's Church, Sheringham and Cromer Parish Church. and continued our programmes working with young people. To continue to be able to contribute to the community in this way, it is vital that we seek more funding and increase our sponsorship. Page 2
SHERINGHAM LITTLE THEATRE SOCIETY (A company limited by guarantèo) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Achlevements and p•rfomiance (¢ontlnu•d) b. Performance Income from operational activities increased by 16% (2023: increased by 80'A}. and total costs increased by 25°/0 {2023: increased by 36Yo). Direct cost of productions were 25/0 higher (2023: 64°/o higher) than the previous year. wth support costs being 29•/o higher (23 /0 higher) than the previous year. the increase in operational activities being principally due to an increase in Gharitable income which whilst still not fully recovered from pre pandemic levels have continued to strengthen and Hub sales. the costs increase being a combination of this and a general increase in costs. The Theatre is reporting an increase in funds of £96.753 for the year ending 31 March 2024 (2023 - an increase in funds of £130,191} principally due to Strong performance of the Hub, a large donation and the benefit of changes to the theat tax relief rules. However the Charity's budget for the new finanGial year shows a slight Shortfall principally due the effect of a general increase in costs. Financial review a. Going concern The Trustees have considered the Charity's posltlon at the time of signing the financial statements. The considerable support received and some choices as to operations means that there are sufficlent available funds for the theatre to continue, and to set plans for 2025 that ensure the Theatre can continue to be an essential part of the offering to North Norfolk reisidents and visitors. Based on this, the Trustee5 have concluded that they have a reasonable expectation that the Charity wll have adequate resources to continue in operational existence for th8 foreseeable future, and at least iwelve months from the date of signing these financial statements. they therefore Continue to adopt the going con¢em basis of accounting in pparing these financial statements. b. ReseNes pollcy The Group revlews its reserves policy annually. This review encompasses the nature of the income and expenditure streams, the need to match variable income wth fixed commitments and the nature of the reserves. The review concluded that, based on its general reserves policy, a general reserve fund of £100.000 should be sought as this refl8Cts the ongoing costs of the charity, on the assumption that the reserves should cover costs if the theatre Vre forced to suspend its operations for a period of four months. Designated or restricted reserves are for Gommitments already made or subjed lo specific designalion at the time of donation. At 31 March 2024, the unrestricted reserves totalled £475.04112023.. £394,049>. This represents the surplus on activities undertaken by the Group and is used to finance future activities. Reserves include £114,133 (2023.. £92,234) designated for the redevelopment of the theatre buildlng, £113,754 (2023: £130,658) of designated funds allocated for the depreciation of fixed assets. and £48,893 of designated funds for the development of the theatre. Restricted reseNes were £16,261 (2023.. £500) at the balance sheet date. Free reservès. being g8n8ral funds excluding any such amounts represented by tangible fixed asÉats, totalled £191,856 {2023: £91,672). Page 3
SHERINGHAM LITTLE THEATRE SOCIETY (A company Ilmlted by guarantee TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Structure, governance and management a. Constitutlon The company is registered as a charitable company limited by guarantee and was set up by a Trust deed. The company is a registered charity, number 1090394. The group comprises th8 parent tharity and its wholly owned trading subsidiary company Sheringham Hub Ltd. The profits of the trading company are distributed annually to the parent charity by gift aid. b. Methods of appointment or electlon of Trust••s The management of the Group and the charity is the responsibility of the Trustees tho are elected and co- opted under the terms of the Trust deed. c. Pay policy for senior staff Sheringham Little Theatre Society employed an average of 20 staff during the financial year, VK)rking on the Front of House, in Technical Services, and in the Hub Cafe, as well as support staff covering the finance and administration functions in the upstairs office. Sheringham Little Theatre is committed to equality of opportunity for all, ether that be our employees, applicants for 8mployment. volunteers, supporters. or users of our services. We work to ensure that no person is discriminated against, for example by having fair systems in place for recruitment and selection and pay and recognition and believe that everyone has the right to be treated fairly. We understsnd our responsibilities under the Equality Act 2010. with a no tolerance approach to discrimination on the grounds of age, disability. gender reassignment, marriage and civil partnership. pregnancy and matemity, race. religion or belief, sex, and sexual orientation. The Charity is committed to the training and development of all staff and with staff delivering such a variety of work for the Charity. Sheringham Little Theatre Society has a bespoke job evaluation scheme in order to assess each role. Pay is reviewed annually and as for the key management personnel is benchmarked against pay levels in other provincial theatres of a similar size as well as being mindful of pay levels in the local area. Page 4
SHERINGHAM LITTLE THEATRE SOCIETY IA company limited by guarantee) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Statement of Trustees, responsibilities The Trustees (who are also the directors of the charity for the purposes of company law) are responsible for preparing the Trustees. report and the financial ststements in accordance wlh applicable law and United Kingdom Accounting Standards (Uniled Kingdom Generally Accepted Accounting Pracli¢e>. Company law requires the Tnjstees to prepare financial statements for each financial . Under company law, the Trustees must not approve the financial statements unless they ar8 satisfied that they give a true and fair view of the state of affairs of the Group and the charity and of their incoming resources and application of resi)urces. including their income and expenditure. for that period. In preparing these financial statements, the Trustees are required to.. select suitable accounting policies and then apply them consistently; observe the methods and principles of the Charities SORP (FRS 102); make judgments and accounting estimates that are reasonable and prudent; state whether applicable UK AcGounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements; prepare the financial statements on the going concem basis unless it is inappropriate to presume that the Group WFII continue in business. The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Group and the charity's transactions and disclose with reasonable accuracy al any time the financial position of the Group and the charity and enable them to ensure that the financial statements comply wth the Companies Act 2006. They are also responsible for safeguarding the assets of the Group and the charity and hence for taking reasonable steps for Ihe prevention and detection of fraud and other irregularities. Approved r of the members of the board of Twstees and signed on their behalf by: (Trust Date: Page 5
SHERINGHAM LITTLE THEATRE SOCIETY IA company Ilmlted by guarante•) INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 MARCH 2024 Independent examiner's report to the Trustoes of Sheringham Llttle Theatre Society (Yhe Group'} I report to the charity Trustees on my examination of the consolidated accounts of the Group comprising the Sheringham Little Theatre Society (Ihe parent charity'} and its subsidiary undertakings for the year ended 31 March 2024. Rosponslbllltles and ba818 of report As the Trustees of the parent charity (and its directors for the purposes of company law) you are responsible for the preparation of the consolidated accounts of the Group in accordance with the requirements of the Companies Act 2006 ('the 2006 Act,) and you have chosen to prepare consolidated accounts for the Group. You are satisfied that the accounts of both parent charity and the Group are not required by either company or charity law to be audited and have chosen instead to have an independent examination. Having satisfied myself that the consolidated accounts 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 examlnation of the Group's accounts carried out under section 152 of the Charities Act 2011 (Ihe 2011 Act,). In carrying out my examination I have followed the Directions given by the Charity Commission under section 152{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 matters that 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 option a8 to thether the consolidated accounts prosgnt a Yrue and fairf view and my report is limited to those specific matters set out in the independent exarninerfs statement. Independent examlner's statement Since the Ttustees have opted to prepare consolidated aOunt$ for the Group your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that l am qualified to undertake the examination because l am a member of the Institute of Chartered Accountants in England and Wales, which is one of the listed b¢)dies. I have completed my examination. I confimi thal no matters have come to my attention in connection with the examination giving me cause to believe.. accountlng records were not kept in respect of the parent charity and its subsidiaries as required by section 386 of the 2006 Act,. or the accounts do not a¢¢ord wth those records. or the accounts do not comply wtth the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a 'tNe and fair, view which is nol a matter considered as part of an independent examination,. or the accounts have not been prepared in accordanee with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities lappllcable 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 concems and have come across no other matters in connection wth the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. Page 6
SHERINGHAM LITTLE THEATRE SOCIETY (A company limited by guarante0} INDEPENDENT EXAMINER'S REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 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. My work has been undertaken so that I might slate to the charity's Trustees those matters l am required to state to them in an Independent examinevs report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the parent charity and the charity's Trustees as a body. for my work or for this report. Signed: Dated.. 27 Nov 2024 Julie Grimmer FCA DChA Larking Govrfen LLP Chartered Accountants 1 st Floor Prospect House Rouen Road Norwich NR11RE Page 7
SHERINGHAM LITTLE THEATRE SOCIETY (A company Ilmlted by guarantoe) CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 MARCH 2024 Unrestrlded funds 2024 Restricted funds 2024 Total funds 2024 Total funds 2023 Note Income from: Donations and legacies: Total Grants and Donations Other donations and legacies Charitable activities Other trading activities Investments 73,008 7,610 405.469 268,197 2,721 76.122 149.130 7,610 405,469 268.197 2.721 245. 751 7.553 260.076 207,340 375 Total Income 757,005 76,122 833.127 721,095 Expenditure on: Raising funds Charitable activities 144.832 531,181 144.832 591,542 126,876 464,028 60.361 Total expendfture 676,013 60,361 736,374 590,904 Net movement In funds 80,992 15,761 96.753 130,191 Reconclliation of funds: Total funds brought forward Net movement in funds 394,049 80.992 394,549 96,753 264.358 130. 191 15.761 Total funds carried forward 475,041 16,261 491.302 394,549 The Consolidated statement of financial activities includes all gains and losses recognised in the year. The notes on pages 13 to 32 form part of these financlal ststements. Page 8
SHERINGHAM LITTLE THEATRE SOCIETY (A company limited by guarantee} REGISTERED NUMBER: 04310613 CONSOLIDATED BALANCE SHEET AS AT 31 MARCH 2024 2024 2023 Note Fixed assets Tanglble assets 12 120.159 145,937 120,159 145,931 Current assets Stocks Debtors Cash at bank and in hand 14 15 3,267 79,330 395,093 2.090 59.851 264.694 477,690 326, 635 Creditors.. amounts falling due within one year 16 {106,547) (78,017) Net currant assets 371.143 248,618 Total net ass•ts 491.302 394,549 Charity funds Restricted funds Unrestricted funds 17 16,261 475,041 500 17 394,049 Total funds 491,302 394,549 The charity was entitled to exemption from audit under section 477 of the Companies Act 2006. The members have not required the company to obtain an audit for the year in question in accordance with section 476 of Companies Act 20C6. The Twstees acknowledge their responsibilities for complying wth the requirements of the Act with respect to accounting records and preparation of financial statements. The finan the sm latements have been prepared in accordance th the provisions applicable to entities subject to panies regime. The nci statements were approved and authorised for issue by the Trustees and signed on their behalf by: JBe R Batson Date I))&81)UF The tes n pages 13 to 32 form part of these financial statements. Page 9
SHERINGHAM LITTLE THEATRE SOCIETY IA company Ilmlted by guaranteo REGISTERED NUMBER: 04310613 CHARITY BALANCE SHEET AS AT 31 MARCH 2024 2024 2023 Note Flxed assets Tangible assets Investments 12 13 120,159 100 145,931 100 120.259 146,031 Current assets Debtors Cash at bank and in hand 15 21,452 270,897 24.828 250.047 292,349 274,875 Creditors: amoLJnts falling due within one year 16 (137,173) (153, 859) Net current assets 155.176 121,016 Total ass•ts less current liabilitles 275.435 267.047 Total net assets 275,435 267,047 Charity funds Restricted funds Unrestricted funds 17 17 16,261 259.174 500 266,547 Total funds 275,435 267,047 Page 10
SHERINGHAM LITTLE THEATRE SOCIETY (A company limited by guarantee) REGISTERED NUMBER: 04310613 CHARITY BALANCE SHEET {CONTINUED) AS AT 31 MARCH 2024 The charity's net movement in funds for the year was £8,388 (2023 - £79, 727). The charity was entitled to exemption from audit under section 477 of the Companies Act 2006. The members have not required the company to obtain an audit for the year in question in accordance with section 476 of Companies Act 2006. The Tnjstees acknowledge their responsibilities for complw'ng with the requirements of the Act th respect to accounling records and preparation of financial statements. The financial staternents have been ppared in accordance with the provisions applicable to entities subject lo the small compa regime. The financi ments were approved and authorised for issue by the Trustees and signed on their behalf by.. R Batson Date: 6eR20ty The notes on s 13 to 32 form part of these financial statements. Page11
SHERINGHAM LITTLE THEATRE SOCIETY IA company lirnited by guarantee) CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2024 2024 2023 Cash flows from operating activities Net cash generated by operdting activities 127,678 144,424 Cash flows from investing actlvltles Dividends, interests and rents from investments Proceeds from the sale of tangible fixed assets Purchase of tangible fixed assets 2,721 375 3,300 (110.873) Net cash provided byl(used in> Inv•stlng actlvltles 2.721 {107.198} Change in cash and cash equlvalents In the year Cash and cash equivalents at the beginning of the year 130,399 37,226 264.694 227,468 Cash and cash equivalents at the end of the year 395,093 264,694 The notes on pages 13 to 32 form part of these flnancial statements Page 12
SHERINGHAM LITTLE THEATRE SOCIETY (A company Ilmlted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Accountlng pollcles 1.1 Basis of preparatlon of financial stat•ments The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Iland {FRS 102) and the Companies Act 2006. Sheringham Little Theatre Society meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless olhepmse stated in the relevant accounting policy. The Statement of financial a¢tivilies (SOFA) and Balance sheet consolidate the financial statements of the company and its subsidiary undertaking. The results of the subsidiary are consolidated on a line by line b88i8. The company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its ovm Statement of financial activities in these financial statements. 1.2 Company status The company is a company limited by guarantee registered in England and Wales. The registered address is 2 Station Road. Sheringham. Norfolk, NR26 8RE. The members of the company are the Truslees named on page 1. In the event of the company being wound up, the liability in respect of the guarantee is limited lo £1 per member of the company. 1.3 Golng concern The Trustees have considered the Charity's position at the time of signing the financial statements, and in particular the Trustees have considered the current financial strength of the Charity, together th the range of measures the Trustees can take lo mltlgate ongolng costs should they need to. Based on this. the Trustees have concluded that they have a reasonabl8 expectation that the Charity will have adequate resources to continue in operational existen¢e for the foreseeable future, and at least lffilve months from the date of signing these financial statements, they therefore continue to adopt the going concern basis of accounting in preparing these financial statements. 1.4 Income All income is recognised On the charity has entitlement to the income, It Is probable that the income will be received and the amount of income receivable can be measured reliably. Page 13
SHERINGHAM LITTLE THEATRE SOCIETY IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Accountlng pollcies (continued) 1.5 Expendlture Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits 11 be required in settlement and the amount of the obligation can be measured reliably. Expendilure is classified by activity. The costs of each activity are made up of the total of dlrect eosts and shared costs, including support costs involved in undertaking each activity. DI¢1 costs attributable to a single activity are allocated diredy to that aGlivity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charg8s allocated on the portion of the asset's use. Fundraising costs are those incurred in seeking voluntary contributions and do not include the costs of disseminating information in support of the charitable activities. Support costs are those costs incurred directly in support of expenditure on the objects of the company and include project management carried out at Headquarters. Governance costs are those incurred in connection with administration of the company and compliance Kryth constituional and statutory requirements. Costs of generating funds are costs incurred in attracting voluntary income and those incurred in trading activities that raise funds. 1.6 Basls of Consolidation The financial statements consolidate the accounts of Sheringham Little Theatr8 Society and all of its subsidiary undertakings ('subsidiaries'). The company has taken advantage of the exemption contsined Wbthin section 408 of the Companies Act 2006 not to present its own Income and expenditure a¢unt. 1.7 Turnover Turnover comprises revenue recognised by the company in respect of goods and seNices supplied during the year. exclusive of Value Added Tax and trade discounts. 1.8 Tanglble flxed assets and depreciation Tangible fixed assets costing £500 or more are capitallsed and re¢ognis8d then future economic benefits are probable and the cost or value of the asset can be measured reliably. Tangible fixed assets are initially recognised at cosl. After recognition. under the cost model, tangible fixed assets are measured at cost less accurnulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost. Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives. Depreciation is provided on the following bases.. Long-temi leasehold property Fixtures and f ittings 10 /0 Straight line basi5 200/0 Straight line basis Page 14
SHERINGHAM LITTLE THEATRE SOCIETY IA company Ilmited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Accounting policies (Continued) 1.9 Investments Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impainnent. Investment galns 8fMI losses, whether realised or unrealised. are combined and presented as 'Gainsl{Losses) on investments, in the Consolidated ststement of financial activities. Investmenls in subsidiaries are valued at cost less provision for impainnent. 1.10 Interest receivable Interest on funds held on deposit is included vthen receivable and the arnount can be measured reliably by the company,. this is normally upon notification of the interest paid or payable by the Bank. 1.11 Volunteers The value of services provided by volunteers and suppliers is not incorporated into the financial statements. 1.12 Operatlng Leases Rentals under operating leases are charged to the Statement of financial activities on a straight lin8 basis over the lease temi. 1.13 Stocks Stocks are valued at the loVr of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. 1.14 Debtors Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due. 1.15 Cash at bank and In hand Cash at bank and in hand includes cash and short-lerm highly liquid investments with a shorl maturity of three months or less from the date of acquisition or op8ning of the deposit or similar account. Page 15
SHERINGHAM LITTLE THEATRE SOCIETY (A company Ilmlted by guaranto•) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Accountlng policies (continued> 1.16 Llabllltles and provisions Liabilities are recognised vthen there is an obligation at the Balance sheet date as a result of a past event, it is probable that a transfer of economic benefit wll be required in settlement. and the amount of the settlement can be estimated reliably. Liabilities are recognised at the amount that the d)arity anticipates it will pay to settle the debt or the amount it has received as advanced payments for Ihe goods or seNices it must provide. Provisions are measured at the best estimate of the amounls required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts. discounted at the pr&tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Consolidated statement of financial activities as a finance cost. 1.17 Flnanclal instruments The Group only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method. 1.18Taxation The Group 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 company is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes. 1.19 Pensions The Group operates a defined contribution pension scheme and the pension d)arge represents the amounts payable by the Group to the fund in respect of the year. Page 16
SHERINGHAM LITTLE THEATRE SOCIETY (A company Ilmlted by guarante0} NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Accountlng policias (continued) 1.20 Fund accounting General funds are unrestricted funds which are available for use at the discretion of the Twstees in furtherance of the general objectives of the Group and which have not been designated for other purposes. Designated funds comprise unrestricted funds that have been set aside by the Trustees for particular purposes. The aim and use of each designated fund is sel out in the notes to the financial statements. Restricted funds are funds which are to be used in accordance viith specific restriGtions imposed by donors or which have been raised by the Group for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements. Investment income. gains and losses are allocated to the appropriate fund. Crltical a¢countlng estlmates and areas of judgment Estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Critical accountlng estlmates and assumptions: The charity makes estimates and assumptions conceming the future. The resultlng accounting estimates and assumptlons will. by definition. seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment lo the carrying amounts of assets and liabilities within the next financial year are discussed below. Allocation of expenditure between direct and support costs, and wthin that to governance and generating funds. is on the basis of staff tim8 calculations compiled by head of operations. crftical arnas of judgment: The annual depreciation charge for tsngible assets is sensitive to changes in th8 estimated useful lives and resldual values of the assets. The useful economic lives and resldual values are reasSd annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilization and the Physical condrtion of the assets. See note 12 for the carrying amount of property, plant and equipment and note 1.8 for the useful economic lives for each class of assets. Page 17
SHERINGHAM LrrTLE THEATRE SOCIETY IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Income from donatlons and legacies Unrestricted Restrict•d funds funds 2024 2024 Total funds 2024 Total funds 2023 Donations Grants Membership 73,008 73,008 76,122 7,610 111,543 134,208 7.553 76.122 7,610 80,618 76,122 156.740 253.304 Total 2023 119,096 134,208 253,304 Income from charitable actlvltles Unrestrlcted funds 2024 Totsl funds 2024 Total fvnds 2023 Operation of Theatre 405,469 405,469 260.076 Total 2023 260. 076 260, 076 Page 18
SHERINGHAM LITTLE THEATRE SOCIETY (A company Ilmlted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Incomo from non charitable trading activities Income from non charilable tradlng activities Unrestrfcted funds 2024 Total funds 2024 Total funds 2023 Subsidiary Income Tax recoverable 245,352 22,845 245,352 22,845 172.941 34,399 Total 2024 268,197 268.197 207,340 Total 2023 207,340 207,340 Investment Income unrg8trlod funds 2024 Total funds 2024 Total funds 2023 Investment income 2,721 2,721 375 Total 2023 315 375 Analysls of expendlture by a¢llvltles Activities undertakèn directly 2024 Support costs 2024 Total funds 2024 Total funds 2023 Operation of Theatre 209,395 382,147 591.542 464,028 Total 2023 168, 134 295,894 464,028 Page 19
SHERINGHAM LITTLE THEATRE SOCIETY (A company Ilmlted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Analysis of expendlture by activities {contlnued) Analysis of support Costs Operatlon of Theatre 2024 Total funds 2024 Total funds 2023 Staff costs Depreciation Rates. light and heat Theatre and Maintenance Hire of Equipment Cleaning Insurance Advertising and Marketing General Office Equipment Motor and travelllng Computer maintenance Subscriptions and linSeS Bank and credit card charges Sundry Non recoverable VAT Contract Staff Legal and professional Govemance costs 202.322 25,772 32,497 9,094 1,434 4.940 7,487 15,038 11,108 3,795 19,844 1.264 7.758 2,440 11,120 19,201 13 202.322 25.772 32,497 9.094 1,434 4,940 7,487 1 5,038 11.108 3,795 19,844 1,264 7.758 2.440 11,120 19,201 13 7,020 141.797 31,852 23. 745 4.995 1,047 3,116 6,296 17,596 3,341 12,122 7,266 5.368 4.422 8,567 14, 722 25 7,020 5,953 Total 2024 382,147 382,147 295,894 Total 2023 295,894 295,894 Independent examlner's remuneration 2024 2023 Fees payable to the charity's independent examiner for the independent examination of the charity's annual accounts 4,025 3,800 Page 20
SHERINGHAM LITTLE THEATRE SOCIETY (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Staff costs Group 2024 Group Company 2023 2024 Company 2023 Wages and salaries Social security costs Contribution to defined contribution pension schemes 257,161 10.403 197,285 6.289 199,375 7,378 141. 145 5.282 3,658 3,125 2,856 2,455 271,222 206,699 209,609 148,882 The average number of persons employed by the charity during the year was as folloK'. Group 2024 No. Group 2023 No. 20 19 No employee ceiVed remuneration amounting to mor8 than £60,000 in either year. The Board considers the key managemerst personnel of the Sheringham Little Theatre Society in charge of directing and controlling the Theatre to comprise the Trustees, the Theatre Director and the Finance Manager. In the previous period the Technical Manager, the Kitchen Manager and the Marketing Manager were also induded in Key management personnel. The total employee benefits of the key management personnel were £70,551 (2023: £57.216). Pay is reviewed annually and in view of the nature of the charity is benchmarked against pay levels in other provlnclal theatres of a similar size. All trustees give their time freely and no trustee remuneration was paid in the year. Details of trustee expenses and related paty transactions are disclosed in note 24. 10. Turnov•r The whole of the tumover is attributable to the operation of the th8atre and it's wholly owned subsidiary. All turnover arose Within th8 United Kingdom. 11. Net incomel{expenditure) This is stated after charging: Page 21
SHERINGHAM LITTLE THEATRE SOCIETY IA company Ilmited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 2024 2023 Depreciation of tangible fixed assets Operating lease rental 25,772 33.978 1,113 During the year, no Trustees received any remuneration (2023 - £Nil) During the year, no Trustees received any benefits in kind (2023 - £Nil) During the year. Trustees recelved any reimbursement of expenses (2023 - £NII) 12. Tangible fixed assets Group Long-term leasehold Flxtures and proporty flttlngs Totsl Cost or valuatlon At 1 April 2023 169,047 303.207 472,254 At 31 March 2024 169.047 303,207 472,254 Depreciation At 1 April 2023 Charge for the year 43,304 16,905 283.019 8.867 326,323 25,772 At 31 March 2024 60.209 291,886 352,095 Net book value At 31 March 2024 108,838 11,321 120.159 At 31 March 2023 125. 743 20. 188 145,931 Page 22
SHERINGHAM LITTLE THEATRE SOCIETY IA company limited by guarantee NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 12. Tangible fixed assets (continued) Charity Long-term leasehold Flxlures and property fittlngs Total Cost or valuation Al 1 April 2023 169,047 303,207 472,254 At 31 March 2024 169,047 303.207 472,254 Depreciation At 1 April 2023 Charge for the year 43,304 16.905 283.019 8.867 326,323 25,772 Al 31 March 2024 60.209 291.886 352,095 Net book value Al 31 March 2024 108.838 11,321 120,159 At 31 March 2023 125, 743 20, 188 145,931 Page 23
SHERINGHAM LITTLE THEATRE SOCIETY IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 13. Fixed asset Investments Investments in subsldlary companles charfty Cost or valuation At 1 April 2023 100 At 31 March 2024 100 Net book value At 31 March 2024 100 At 31 March 2023 100 14. Stocks Group 2024 Group 2023 Bar stock 3.267 2.090 15. Debtors Group 2024 Group 2023 Company 2024 Company 2023 Due withln on• yaar Trade debtors Other debtors Prepayments and accrued income Tax recoverable 12,550 43 9,493 57.244 7,946 6, 389 11,117 34,399 12,504 7,946 6.376 10,506 8.948 79,330 59,851 21,452 24,828 Page 24
SHERINGHAM LITTLE THEATRE SOCIETY (A company Ilmlted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 16. Creditors: Amounts falling due wlthln one year Group 2024 Group 2023 Company 2024 Company 2023 Trade creditors Amounls owed to group undertakings Other taxation and social security Other creditors Accruals and deferred income 18,485 29, 131 14.575 39,343 17.034 2,579 63,642 25,905 84,617 2,371 1,363 39,603 17,034 2.972 68.056 2,371 1,691 44,824 106,547 78.017 137.173 153,859 Group 2024 Group Company 2023 2024 Company 2023 Deferred income at 1 April 2023 Resources defeed during the year Amounts released from previous periods 28,700 $0,068 (28.700) 22,909 28. 700 (22,909) 28,700 50.068 {28,700) 22, 909 28, 700 (22, 909) 50,068 28, 700 50,068 28. 700 Deferred income consists of amounts r8ceived before the year end relating to perfonnances after the year end. Page 25
SHERINGHAM LITTLE THEATRE SOCIETY (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 17. Statement of funds Statement of funds - current year Balance at 31 March 2024 Balance at 1 Aprfl 2023 Transfers Inlout Income Expendlture Unrestricted funds Designated funds Future Refurbishments Fund Fixed Asset Fund Theatre Development Fund 92,234 130,659 (946) {16,905) (2,502) 22,845 114.133 113,754 48.893 51,395 222,893 51.395 120,353) 22.845 276.780 General Funds 171,156 705,610 (655,660) {22.845) 198.261 Total Unrestrictad funds 394,049 757,005 (676,013) 475,041 Restricted funds North Norfolk District Council Momentum Grants - Jungle Booklmatilda $3,000 {41.000) 12,000 500 500 5,000 500 4,780 (500) (s,000) (500) {4.780} 500 Thgatres Trust Dementia Fund Norfolk Art Senrfice Sheringham Town Council - Youth Fund Norfolk Community Foundation 2,000 10,342 (2,000) (6,581) 3.761 500 76,122 (60,361) 16,261 Total of funds 394.549 833,127 (736,374) 491,302 Page 26
SHERINGHAM LITTLE THEATRE SOCIETY (A company Ilmlted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 17. Statemont of funds (contlnu•d) The Future Refurbishment Fund relates to money put aside for the redevelopment of the theatre building in Sheringham. The transfer from general reserves into the Future Refurbishment Fund relates to a further designation of funds for this purpose. The designated Fixed Asset Fund preSentS funds spent on the refurbishmenl of the theatre. The funds carrled forward will cover future years, depreciation on the assets. The Thealre Development fund relates to a significant donation which was made to the theatre with the specific intention to provide funding for items which will assist the efficiency of staff or the income generating capacity of the theatre for vhi¢h normal grant funding is not readily available. Some smaller items have been purchased before year end and there is a plan to use this fund over the next two years for some larger refreshl development of income projects in line wth the donorfs request. The annual grant support from NNDC is linked to an annual Service Level Agreement there we agree to provide a certain number of events to support the community and visitors to the town, this includes our youth work and inhouse productions. The Norfolk Community Foundation provide project based funding and this funding supports the provision of a Warm Hub. for the Community and a youth music project. Page 27
SHERINGHAM LITTLE THEATRE SOCIETY (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 17. Statement of funds (contlnued) Statement of funds - prior year Balance at 31 March 2023 Balance at 1 Apn'l 2022 Transfers in/out Income Expenditure Unrestricted funds Designated funds Future Refurbishments Fund Fixed Asset Fund 81,482 47,389 10,752 103, 132 92,234 130.659 (19, 862) 128,871 (19.862) 113.884 222.893 General Funds 135,487 586, 887 (516,819) (34,399) 171, 156 Total Unr•strlcted funds 264,358 586,887 (536, 681) 79,485 394,049 Restricted funds North Norfolk District Council Norfolk County Council Momentum Grants- Jungle Booklmatilda Alan Boswell Group Charitable Trust Theatre Refurbishment grants 41,000 11,223 (41,000) (11,223) 500 500 2, 000 79,485 (2,000) (79,485) 134,208 (54, 223) (79,485) 500 Total of funds 264.358 721,095 (590, 904) 394,549 Page 28
SHERINGHAM LITTLE THEATRE SOCIETY IA company Ilmlted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 18. Analysls of net assets between funds Analysls of net assets b•tw••n funds - curr•nt period Unrestrfcted Restrlcted funds funds 2024 2024 Total funds 2024 Tangible fixed assets Current assets Creditors due within one year 120,159 461,429 (106.547) 120,159 477.690 (106,547) 16,261 Total 475,041 16.261 491,302 Analysls of net assets between funds - prlor perfod Unrestricted funds 2023 Restricted funds 2023 Total funds 2023 Tangible fixed assets Current assets Creditors due within one year 145,931 326,135 (78,017) 145,931 326.635 (78,017) 500 Total 394, 049 500 394,549 Page 29
SHERINGHAM LITTLE THEATRE SOCIETY (A company limitod by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 19. Reconciliation of net movement in funds to net cash flow from operating activltles Group 2024 Group 2023 Net income for the period (as per Statement of Financial Activities) 96,753 130,191 Adjustments for: Depreciation charges Interest r8ceived Loss on the sale of fixed assets Increase in stocks (Increase) in debtors Increase in creditors 25,772 (2,721) 33,978 (375) 3.223 (566) (33. 175) 11,148 (1,177) 119,479) 28.530 Net cash gonerate by operating activiti¢$ 127,678 144.424 20. Analys115 of cash and cash frqulvalents Group 2024 Group 2023 Cash in hand 395,093 264,694 21. Anatysls of changes in net debt At 1 April 2023 Cash flows At 31 March 2024 Cash at bank and in hand 264,694 130,399 395.093 264,694 130,399 395,093 Page 30
SHERINGHAM LITTLE THEATRE SOCIETY IA company Ilmlted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 22. Penslon commitments The group operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the group in an independently administered fund. The pension cost charge represents contributions payable by the group to the fund and amounted to £3,658 (2023 £3.170), Contributions totaling £787 (2023 £761) were payable to the fund at the balance sheet date and are included in creditors. 23. Operat5ng leas• commitments At 31 March 2024 the Group and the charity had commitments to make future minimum lease payments under non-cancellable operatirKJ leases as foll¢)ws: Group 2024 Group 2023 Company 2024 Company 2023 Amounts payable other Not later than 1 year Later than 1 year and not later than 5 years 372 1,712 371 372 1.112 371 372 1,483 372 1,483 Group 2024 Group 2023 Company 2024 Company 2023 Amounts payable Land & Bulldlngs Not later than 1 year Later than 1 year and not later than 5 years Aftar more than 5 years 24. Related party transactions Sheringham Hub Limited is a 1000/0 subsidiary of the Charity. During the year, the Charity contracted Sheringham Hub Limited to carry out theatre production works, totalling £68.186 (2023: £97,280). The Charity charged management fees to Sheringham Hub Limited totalling £35,000 (2023.. £30,000). At the year end, the Charity owed £39,343 {2023.' £86,617) to Sherlngham Hub Limited,, this balance is included in creditors. Richard Batson. Trustee of Sheringham Little Theatre Society Limited performed work in the fomi of freelance publicity services at a rate of £20 per hour totalling £2,465 during the year (2023: £2,890). A creditor balance of £Nil was outstanding at the year end (2023: £Nil). Page 31
SHERINGHAM LITTLE THEATRE SOCIETY (A company limited by guarantee) NOTES TO THE FINANCIAL ST ATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 25. Principal subsldlaries The followng was a subsidiary undertaking of the charity: The financial results of the subsidiary for the year were: 26. Principal subsldiarios Sheringham Hub Limited Subsidiary name Company registration number Basis of control Equity shareholding /p Sheringham Hub Limited 08133831 Shareholding 100°/0 Total assets as at 31 March 2024 Total liabilitles as at 31 March 2024 Total equity as at 31 March 2024 £224,684 £8,717 £215,967 Turnover for the year ended 31 March 2024 Expenditure for the year ended 31 March 2024 Tax credit for the year ended 31 March 2024 Profit for the year ended 31 March 2024 £313,538 £208,087 £22,845 £88,365 Page 32