Registered number: 04310613 Charity number: 1090394
SHERINGHAM LITTLE THEATRE SOCIETY
(A company limited by guarantee)
UNAUDITED
TRUSTEES' REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
SHERINGHAM LITTLE THEATRE SOCIETY
(A company limited by guarantee)
CONTENTS
| Page | |
|---|---|
| Reference and administrative details of the charity, its Trustees and advisers | 1 |
| Trustees' report | 2 - 6 |
| Independent examiner's report | 7 - 8 |
| Consolidated statement of financial activities | 9 |
| Consolidated balance sheet | 10 |
| Charity balance sheet | 11 - 12 |
| Consolidated statement of cash flows | 13 |
| Notes to the financial statements | 14 - 32 |
SHERINGHAM LITTLE THEATRE SOCIETY
(A company limited by guarantee)
REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 MARCH 2025
| Trustees | M Ashcroft |
|---|---|
| R Batson | |
| J Beak, Chair | |
| A Munden (resigned 31 August 2025) | |
| D Ward | |
| Company registered number 04310613 Charity 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 Norwich NR1 1RE |
Page 1
SHERINGHAM LITTLE THEATRE SOCIETY (A company limited by guarantee)
TRUSTEES' REPORT FOR THE YEAR ENDED 31 MARCH 2025
The Trustees present their annual report together with the financial statements of the group and the company for the 1 April 2024 to 31 March 2025. 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 (Strategic Report and Director's Report) Regulations 2013 is not required.
Objectives and activities
Achievements and performance
a. Review of activities
This year represents the third 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. A greater number of shows were presented in the year, however average attendance levels remained down on pre pandemic levels.
In the first quarter of the financial year there were 39 theatre events: an Easter show Roald Dhal’s ‘Matilda’ and a young children’s show, Popular touring shows included the Song Sung Blue, Tina Turner and a Everly brothers and Buddy Holly Tribute as well as a popular screening of Carmen.
In the summer, a summer season of events took place. The summer productions were: The Three Musketeers, The Turn of The Screw, Its Her turn now, and Relatively speaking. Afternoon and Evening Q&A events with our President Suranne Jones were sold out and we also supported the 1940’s weekend with two 1940’s singalongs.
In the Autumn there was a popular fundraising Variety show. Further popular touring music shows such as the Glamtastics and Supersonic Queen as well as further Q&A. A own theatre production of Canterville Ghost was extremely well received. This year’s Pantomime was Robin Hood which returned with an even greater number of shows than last year. The show was a success; however, ticket sales were significantly down on pre pandemic levels.
In the Winter we repeated the highly popular Adult Panto – this time with a fresh “Adult” take on Snow White. We also had a Q&A with Alan Grey as well as very popular Amateur shows such as Ali Baba and the four tea thieves, Steel Magnolias and Abigails Party.
Popular local amateur dramatic groups hired the theatre and 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 – North Norfolk District Council (£41k) and Norfolk County Council (£4.8k). Additional grant support was also given for Women in Leadership and Women self-defence Training £3.4k, A Pint-Sized problem (a theatrical production by the Act One youth group) 0.8K
Other grants and funding have also been obtained including Tesco – Groundwork Uk Youth Fund £0.5k and Sheringham Town Council £2k.
Grants of were also received for phase 2 of the Capital project from Norfolk Community Shoal £15k and North Norfolk District Council’s Rural Community Grants £45K for the Auditorium Air Handling Unit and Sustainability and Dressing room improvements.
The theatre received a significant donations and legacies during the year totalling 57K. The Trustees recognise just how vital this income is to us being able to continue to offer a full programme as without this income and the support of our Volunteers many of the shows would be unsustainable and we are extremely fortunate to have such wonderful supporters.
Page 2
SHERINGHAM LITTLE THEATRE SOCIETY
(A company limited by guarantee)
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025
Achievements and performance (continued)
A sponsorship programme that was put in place last year, continues to be an important source of income for the Little Theatre and is something which continues to be developed and despite a challenging economic environment grew slightly in the year.
We continued with a ticketing service to the Sheringham and Cromer Choral Society for their performances at St Peter’s Church, Sheringham and Cromer Parish Church and continued our programmes, working with young people. To be able to contribute to the community in this way, it is vital that we continue to seek funding and increase our sponsorship.
b. Performance
Income from operational activities increased by 16% (2024: increased by 16%), and total costs increased by 21% (2024: increased by 25%). Direct cost of productions were 23% higher (2024: 25% higher) than the previous year, with support costs being 21% higher (2024: 29% higher) than the previous year, the further increase in operational activities was as a direct result of increased efforts to put on a greater number of shows and the costs increase being a combination of this and a general increase in costs.
The Theatre is reporting an increase in funds of £78,600 for the year ending 31 March 2025 (2024 an increase in funds of £96,753) principally due to the significant increase in fixed assets funding from the Phase 2 capital project, there was also a significant legacy £20K late in there year were otherwise we would have operated at around break even. The Charity’s interim budget for the new financial year 2025/26 shows a £20K deficit for the year, which without further significant donations will likely result in the need to draw on our reserves, whilst this is the reason reserves are held, the Trustees are conscious that this trend must not continue.
Financial review
a. Going concern
The Trustees have considered the Charity’s position at the time of signing the financial statements. The considerable support received and some difficult choices as to operations means that there are sufficient available funds for the theatre to continue and to set in place plans for 2025/26 that ensure the Theatre can continue to be an essential part of the offering to North Norfolk residents and visitors.
Based on this, the Trustees have concluded that they have a reasonable expectation that the Charity will have adequate resources to continue in operational existence for the foreseeable future, and at least twelve 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.
b. Reserves policy
The Group reviews its reserves policy annually. This review encompasses the nature of the income and expenditure streams, the need to match variable income with fixed commitments and the nature of the reserves.
The review concluded that, based on its reserves policy, a free reserve fund of £225,000 should be sought as this reflects the ongoing costs of the charity, on the assumption that the reserves should cover costs if the theatre were forced to suspend its operations for a period of six months.
At 31 March 2025 free reserves, being general funds excluding any such amounts represented by tangible fixed assets, totalled £379,252 (2024: £354,882). This represents the surplus on activities undertaken by the Group,
Page 3
SHERINGHAM LITTLE THEATRE SOCIETY
(A company limited by guarantee)
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025
and is used to finance future activities.
Total reserves include £26,881 (2024: £48,893) designated for the redevelopment of the theatre and £196,233 (2024: £113,754) of designated funds allocated for the depreciation of fixed assets. Restricted reserves were £500 (2024: £16,261) at the balance sheet date. Designated or restricted reserves are for commitments already made or subject to specific designation at the time of donation.
Page 4
SHERINGHAM LITTLE THEATRE SOCIETY
(A company limited by guarantee)
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025
Structure, governance and management
a. Constitution
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 the parent charity 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 election of Trustees
The management of the Group and the charity is the responsibility of the Trustees who are elected and coopted under the terms of the Trust deed.
c. Pay policy for senior staff
Sheringham Little Theatre Society employed an average of 19 staff during the financial year, working 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, whether that be our employees, applicants for employment, 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 understand 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 maternity, 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 5
SHERINGHAM LITTLE THEATRE SOCIETY
(A company limited by guarantee)
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025
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 statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
Company law requires the Trustees to prepare financial statements for each financial . Under company law, the Trustees must not approve the financial statements unless they are 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 resources, 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 Accounting 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 concern basis unless it is inappropriate to presume that the Group will 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 at any time the financial position of the Group and 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 Group and the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Approved by order of the members of the board of Trustees and signed on their behalf by: Approved ofder of the members of the board of Trustees and signed on their behalf by: ................................................ J J Beak Beak 7 (Trustee (Trustee) Date: Date: 04, (. 2001S
Page 6
SHERINGHAM LITTLE THEATRE SOCIETY (A company limited by guarantee)
INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 MARCH 2025
Independent examiner's report to the Trustees of Sheringham Little Theatre Society ('the Group')
I report to the charity Trustees on my examination of the consolidated accounts of the Group comprising the Sheringham Little Theatre Society ('the parent charity') and its subsidiary undertakings for the year ended 31 March 2025.
Responsibilities and basis 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 examination of the Group's accounts carried out under section 152 of the Charities Act 2011 ('the 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 I express no option as to whether the consolidated 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 Trustees have opted to prepare consolidated accounts for the Group your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of the Institute of Chartered Accountants in England and Wales, which is one of the listed bodies.
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:
-
accounting 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 accord with those records; or
-
the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other 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
-
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 [applicable 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 with 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 7
SHERINGHAM LITTLE THEATRE SOCIETY (A company limited by guarantee)
INDEPENDENT EXAMINER'S REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025
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 state to the charity's Trustees those matters I am required to state to them in an Independent examiner's 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: 9 December 2025
Julie Grimmer
FCA DChA
Larking Gowen LLP Chartered Accountants 1st Floor Prospect House Rouen Road Norwich NR1 1RE
Page 8
SHERINGHAM LITTLE THEATRE SOCIETY
(A company limited by guarantee)
CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 MARCH 2025
| Note Income from: Donations and legacies: 3 Total Grants and Donations . Other donations and legacies Charitable activities 4 Other trading activities 5 Investments 6 Total income Expenditure on: Raising funds Charitable activities Total expenditure Net income Transfers between funds 17 Net movement in funds Reconciliation of funds: Total funds brought forward Net movement in funds Total funds carried forward |
Unrestricted funds 2025 £ 57,395 9,565 447,776 327,138 7,224 849,098 166,702 641,973 808,675 40,423 60,021 100,444 475,041 100,444 575,485 |
Restricted funds 2025 £ 126,087 4,336 - - - 130,423 - 86,163 86,163 44,260 (60,021) (15,761) 16,261 (15,761) 500 |
Total funds 2025 £ 183,482 13,901 447,776 327,138 7,224 979,521 166,702 728,136 894,838 84,683 - 84,683 491,302 84,683 575,985 |
Total funds 2024 £ 149,130 7,610 405,469 268,197 2,721 |
|---|---|---|---|---|
| 833,127 | ||||
| 144,832 591,542 |
||||
| 736,374 | ||||
| 96,753 - |
||||
| 96,753 | ||||
| 394,549 96,753 |
||||
| 491,302 |
The Consolidated statement of financial activities includes all gains and losses recognised in the year.
The notes on pages 14 to 32 form part of these financial statements.
Page 9
SHERINGHAM LITTLE THEATRE SOCIETY
(A company limited by guarantee) REGISTERED NUMBER: 04310613
CONSOLIDATED BALANCE SHEET AS AT 31 MARCH 2025
| 2025 | 2025 | 2024 | ||||
|---|---|---|---|---|---|---|
| Note | £ | £ | ||||
| Fixed assets | ||||||
| Tangible assets | 12 | 196,233 | 120,159 | |||
| 196,233 | 120,159 | |||||
| Current assets | ||||||
| Stocks | 14 | 2,785 | 3,267 | |||
| Debtors | 15 | 95,547 | 79,330 | |||
| Cash at bank and in hand | 404,022 | 395,093 | ||||
| 502,354 | 477,690 | |||||
| Creditors: amounts falling due within one | ||||||
| year | 16 | (122,602) | (106,547) | |||
| Net current assets | 379,752 | 371,143 | ||||
| Total net assets | 575,985 | 491,302 | ||||
| Charity funds | ||||||
| Restricted funds | 17 | 500 | 16,261 | |||
| Unrestricted funds | 17 | 575,485 | 475,041 | |||
| Total funds | 575,985 | 491,302 |
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 The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting accounting records and preparation of financial statements. records ang preparation of financial statements.
The financial statements have been prepared in accordance with the provisions applicable to entities subject to The financial state is have been prepared in accordance with the provisions applicable to entities subject to the the small companies regime. small companiés fegime.
The The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by: finangial statemants were approved and authorised for issue by the Trustees and signed on their behalf by:
................................................ J J Beak Beak Date: Date: Od, 20 ¢ S
The notes on pages 14 to 32 form part of these financial statements. The notes on pages 14 to 32 form part of these financial statements.
Page 10
SHERINGHAM LITTLE THEATRE SOCIETY (A company limited by guarantee) REGISTERED NUMBER: 04310613
CHARITY BALANCE SHEET AS AT 31 MARCH 2025
| Note Fixed assets Tangible assets 12 Investments 13 Current assets Debtors 15 Cash at bank and in hand Creditors: amounts falling due within one year 16 Net current assets Total assets less current liabilities Total net assets Charity funds Restricted funds 17 Unrestricted funds 17 Total funds |
59,083 200,405 259,488 (159,861) |
2025 £ 196,233 100 196,333 99,627 295,960 295,960 3,761 292,199 295,960 |
21,452 270,897 292,349 (137,173) |
2024 £ 120,159 100 |
|---|---|---|---|---|
| 120,259 155,176 |
||||
| 275,435 | ||||
| 275,435 | ||||
| 16,261 259,174 |
||||
| 275,435 |
Page 11
SHERINGHAM LITTLE THEATRE SOCIETY (A company limited by guarantee) REGISTERED NUMBER: 04310613
CHARITY BALANCE SHEET (CONTINUED) AS AT 31 MARCH 2025
The charity's net movement in funds for the year was £ 20,525 (2024 - £8,388) .
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 Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements.
The financial statements have been prepared in accordance with the provisions applicable to entities subject to The financial stateme#ts have been prepared in accordance with the provisions applicable to entities subject to the small companies regime. the small companiesfegime. The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by: The financialia were approved and authorised for issue by the Trustees and signed on their behalf by: ................................................ J Gr J Beak veo Coon teeetneeeneeeeees
Date: Date: O00 » 02S
The notes on pages 14 to 32 form part of these financial statements. The notes on|pages 14 to 32 form part of these financial statements.
Page 12
SHERINGHAM LITTLE THEATRE SOCIETY
(A company limited by guarantee)
CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2025
| Cash flows from operating activities Net cash generated by operating activities Cash flows from investing activities Dividends, interests and rents from investments Proceeds from the sale of tangible fixed assets Purchase of tangible fixed assets Net cash (used in)/provided by investing activities Change in cash and cash equivalents in the year Cash and cash equivalents at the beginning of the year Cash and cash equivalents at the end of the year |
2025 £ 105,201 7,224 743 (104,239) (96,272) 8,929 395,093 404,022 |
2024 £ 127,678 |
|---|---|---|
| 2,721 - - |
||
| 2,721 | ||
| 130,399 264,694 |
||
| 395,093 |
The notes on pages 14 to 32 form part of these financial statements
Page 13
SHERINGHAM LITTLE THEATRE SOCIETY
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
1. Accounting policies
1.1 Basis of preparation of financial statements
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 Ireland (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 otherwise stated in the relevant accounting policy.
The Statement of financial activities (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 basis.
The company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own 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 Trustees named on page 1. In the event of the company being wound up, the liability in respect of the guarantee is limited to £1 per member of the company.
1.3 Going 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 with the range of measures the Trustees can take to mitigate ongoing costs should they need to.
Based on this, the Trustees have concluded that they have a reasonable expectation that the Charity will have adequate resources to continue in operational existence for the foreseeable future, and at least twelve 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 once 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 14
SHERINGHAM LITTLE THEATRE SOCIETY (A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
1. Accounting policies (continued)
1.5 Expenditure
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 will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. 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 charges 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 with 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 Basis of consolidation
The financial statements consolidate the accounts of Sheringham Little Theatre Society and all of its subsidiary undertakings ('subsidiaries').
The company has taken advantage of the exemption contained within section 408 of the Companies Act 2006 not to present its own Income and expenditure account.
1.7 Turnover
Turnover comprises revenue recognised by the company in respect of goods and services supplied during the year, exclusive of Value Added Tax and trade discounts.
1.8 Tangible fixed assets and depreciation
Tangible fixed assets costing £500 or more are capitalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably.
Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated 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-term leasehold property 10% Straight line basis - Fixtures and fittings 20% Straight line basis
Page 15
SHERINGHAM LITTLE THEATRE SOCIETY
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
1. 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 impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as ‘Gains/(Losses) on investments’ in the Consolidated statement of financial activities.
Investments in subsidiaries are valued at cost less provision for impairment.
1.10 Interest receivable
Interest on funds held on deposit is included when receivable and the amount 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 Operating Leases
Rentals under operating leases are charged to the Statement of financial activities on a straight line basis over the lease term.
1.13 Stocks
Stocks are valued at the lower 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-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
Page 16
SHERINGHAM LITTLE THEATRE SOCIETY (A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
1. Accounting policies (continued)
1.16 Liabilities and provisions
Liabilities are recognised when 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 will be required in settlement, and the amount of the settlement can be estimated reliably.
Liabilities are recognised at the amount that the charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.
Provisions are measured at the best estimate of the amounts 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 pre-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 Financial 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.
1.18 Taxation
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 charge represents the amounts payable by the Group to the fund in respect of the year.
Page 17
SHERINGHAM LITTLE THEATRE SOCIETY
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
1. Accounting policies (continued)
1.20 Fund accounting
General funds are unrestricted funds which are available for use at the discretion of the Trustees 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 set out in the notes to the financial statements.
Restricted funds are funds which are to be used in accordance with specific restrictions 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.
2. Critical accounting estimates 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 accounting estimates and assumptions:
The charity makes estimates and assumptions concerning the future. The resulting accounting estimates and assumptions will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below.
Allocation of expenditure between direct and support costs, and within that to governance and generating funds, is on the basis of staff time calculations compiled by head of operations.
Critical areas of judgment:
The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful lives and residual values of the assets. The useful economic lives and residual values are reassessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilization and the physical condition 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 18
SHERINGHAM LITTLE THEATRE SOCIETY
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
3. Income from donations and legacies
| Unrestricted funds 2025 £ Donations 56,895 Grants - Membership 10,065 66,960 Total 2024 80,618 |
Restricted funds 2025 £ - 130,423 - 130,423 76,122 |
Total funds 2025 £ 56,895 130,423 10,065 197,383 156,740 |
Total funds 2024 £ 73,008 76,122 7,610 |
|---|---|---|---|
| 156,740 | |||
4. Income from charitable activities
| Unrestricted funds 2025 £ Operation of Theatre 447,776 Total 2024 405,469 |
Total funds 2025 £ 447,776 405,469 |
Total funds 2024 £ 405,469 |
|---|---|---|
Page 19
SHERINGHAM LITTLE THEATRE SOCIETY (A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
5. Income from non charitable trading activities
Income from non charitable trading activities
| Subsidiary Income Tax recoverable Total 2025 Total 2024 6. Investment income Investment income Total 2024 7. Analysis of expenditure by activities Operation of Theatre Total 2024 |
Unrestricted funds 2025 £ 291,117 36,021 327,138 268,197 Unrestricted funds 2025 £ 7,224 2,721 Activities undertaken directly 2025 Support costs 2025 £ £ 260,684 467,452 209,395 382,147 |
Total funds 2025 £ 291,117 36,021 327,138 268,197 Total funds 2025 £ 7,224 2,721 Total funds 2025 £ 728,136 591,542 |
Total funds 2024 £ 245,352 22,845 |
|---|---|---|---|
| 268,197 | |||
| Total funds 2024 £ 2,721 |
|||
| Total funds 2024 £ 591,542 |
|||
Page 20
SHERINGHAM LITTLE THEATRE SOCIETY (A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
7. Analysis of expenditure by activities (continued)
Analysis of support costs
| Operation of Theatre 2025 £ Staff costs 263,517 Depreciation 27,422 Rates, light and heat 35,743 Theatre and Maintenance 13,827 Hire of Equipment 1,573 Cleaning 5,777 Insurance 10,717 Advertising and Marketing 18,050 General Office Equipment 8,891 Motor and travelling 5,364 Computer maintenance 20,261 Subscriptions and licenses 2,018 Bank and credit card charges 8,828 Sundry 8,514 Non recoverable VAT 24,512 Contract Staff 5,805 Legal and professional 133 Governance costs 6,500 Total 2025 467,452 Total 2024 382,147 8. Independent examiner's remuneration Fees payable to the charity's independent examiner for the independent examination of the charity's annual accounts |
Total funds 2025 £ 263,517 27,422 35,743 13,827 1,573 5,777 10,717 18,050 8,891 5,364 20,261 2,018 8,828 8,514 24,512 5,805 133 6,500 467,452 382,147 2025 £ 4,075 |
Total funds 2024 £ 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 7,020 |
|---|---|---|
| 382,147 | ||
| 2024 £ 3,920 |
Page 21
SHERINGHAM LITTLE THEATRE SOCIETY
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
9. Staff costs
| Wages and salaries Social security costs Contribution to defined contribution pension schemes |
Group 2025 £ 325,083 12,853 4,002 341,938 |
Group 2024 £ 257,161 11,410 3,658 272,229 |
Company 2025 £ 252,427 12,853 4,002 269,282 |
Company 2024 £ 199,375 7,378 2,856 |
|---|---|---|---|---|
| 209,609 |
The average number of persons employed by the charity during the year was as follows:
| Group | Group |
|---|---|
| 2025 | 2024 |
| No. | No. |
| 24 | 20 |
No employee received remuneration amounting to more than £60,000 in either year.
The Board considers the key management 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. The total employee benefits of the key management personnel were £83,860 (2024: £70,551).
Pay is reviewed annually and in view of the nature of the charity is benchmarked against pay levels in other provincial 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 party transactions are disclosed in note 24.
10. Turnover
The whole of the turnover is attributable to the operation of the theatre and it's wholly owned subsidiary.
All turnover arose within the United Kingdom.
11. Net income/(expenditure)
This is stated after charging:
Page 22
SHERINGHAM LITTLE THEATRE SOCIETY
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
| 2025 | 2024 | |
|---|---|---|
| £ | £ | |
| Depreciation of tangible fixed assets | 27,422 | 25,772 |
| Operating lease rental | 1,113 | 1,113 |
| During the year, no Trustees received any remuneration (2024 - £Nil) | ||
| During the year, no Trustees received any benefits in kind (2024 - £Nil) | ||
| During the year, no Trustees received any reimbursement of expenses (2024 - £Nil) |
12. Tangible fixed assets
Group and Company
| Cost or valuation At 1 April 2024 Additions Disposals At 31 March 2025 Depreciation At 1 April 2024 Charge for the year On disposals At 31 March 2025 Net book value At 31 March 2025 At 31 March 2024 |
Long-term leasehold property £ 169,047 49,299 - 218,346 60,209 18,137 - 78,346 140,000 108,838 |
Fixtures and fittings £ 303,207 54,940 (1,318) 356,829 291,886 9,285 (575) 300,596 56,233 11,321 |
Total £ 472,254 104,239 (1,318) |
|---|---|---|---|
| 575,175 | |||
| 352,095 27,422 (575) |
|||
| 378,942 | |||
| 196,233 | |||
| 120,159 |
Page 23
SHERINGHAM LITTLE THEATRE SOCIETY (A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
13. Fixed asset investments
| charity Cost or valuation At 1 April 2024 At 31 March 2025 Net book value At 31 March 2025 At 31 March 2024 14. Stocks Bar stock 15. Debtors |
Group 2025 £ 2,785 |
Investments in subsidiary companies £ 100 |
|---|---|---|
| 100 | ||
| 100 | ||
| 100 | ||
| Group 2024 £ 3,267 |
| Due within one year Trade debtors Other debtors Prepayments and accrued income Tax recoverable |
Group 2025 £ 1,391 77 58,746 35,333 95,547 |
Group 2024 £ 12,550 43 9,493 57,244 79,330 |
Company 2025 £ 840 77 58,166 - 59,083 |
Company 2024 £ 12,504 - 8,948 - 21,452 |
|---|---|---|---|---|
Page 24
SHERINGHAM LITTLE THEATRE SOCIETY
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
16. Creditors: Amounts falling due within one year
| Trade creditors Amounts owed to group undertakings Other taxation and social security Other creditors Accruals and deferred income Deferred income at 1 April 2024 Resources deferred during the year Amounts released from previous periods |
Group 2025 £ 36,973 - 6,271 5,626 73,732 122,602 Group 2025 £ 50,068 50,937 (50,068) 50,937 |
Group 2024 £ 18,485 - 17,034 2,972 68,056 106,547 Group 2024 £ 28,700 50,068 (28,700) 50,068 |
Company 2025 £ 32,792 46,048 6,271 4,696 70,054 159,861 Company 2025 £ 50,068 50,937 (50,068) 50,937 |
Company 2024 £ 14,575 39,343 17,034 2,579 63,642 137,173 Company 2024 £ 28,700 50,068 (28,700) 50,068 |
|---|---|---|---|---|
Deferred income consists of amounts received before the year end relating to performances 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 2025
17. Statement of funds
Statement of funds - current year
| Balance at 1 April 2024 £ Unrestricted funds Designated funds Fixed Asset Fund 113,754 Theatre Development Fund 48,893 162,647 General Funds 312,394 Total Unrestricted funds 475,041 Restricted funds NNDC Support Grants 12,000 NCC Pint Size Problem Youth Drama - Momentum Grants - Jungle Book (24)/Matilda (25) 500 NCC Future Skills Training - Norfolk Art Service Support - Sheringham Town Council - Youth Fund - Norfolk Comminity foundation - Improving Community Funds 3,761 Wellbeing Cafe and activities - Groundwork London - LED lights - Tesco Groundworks UK - Youth Work - Auditorium and internal works funding - 16,261 |
Income £ Expenditure £ - (20,442) - (22,012) - (42,454) 849,098 (766,221) 849,098 (808,675) 41,000 (53,000) 800 (800) 500 (500) 3,836 (3,836) 4,780 (4,780) 2,000 (2,000) - (3,761) 7,327 (7,327) 9,659 (9,659) 500 (500) 60,021 - 130,423 (86,163) |
Transfers in/out £ 102,921 - 102,921 (42,900) 60,021 - - - - - - - - - - (60,021) (60,021) |
Balance at 31 March 2025 £ 196,233 26,881 |
|---|---|---|---|
| 223,114 | |||
| 352,371 | |||
| 575,485 | |||
| - - 500 - - - - - - - - |
|||
| 500 |
Page 26
SHERINGHAM LITTLE THEATRE SOCIETY (A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
17. Statement of funds (continued)
| Total of funds | 491,302 | 979,521 | (894,838) | - | 575,985 |
|---|---|---|---|---|---|
The designated Fixed Asset Fund represents funds spent on the refurbishment of the theatre. The funds carried forward will cover future years' depreciation on the assets.
The Theatre 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 which normal grant funding is not readily available. Several items have now been purchased in line with the donor's request, which have assisted staff and increased revenue generation capacity. Further use of this fund will be made next year.
The annual grant support from NNDC is linked to an annual Service Level Agreement where 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 County Council: A Pint sized problem was to support a Youth Drama Performance.
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. The Norfolk Art Service grant was a grant from Norfolk County Council.
The Sheringham Town Council grant was to deliver youth work for the young residents of Sheringham.
The Tesco grant was to deliver musical Teas for children.
The Norfolk County Council: Future Skills Grant was used to assist in Training and developing Women
The Apollo grant was for use for coffee mornings to engage people with opportunities in the health and social care sector.
The Groundwork London Grant is via North Norfolk District Council Shared Prosperity grant and was to replace existing stage lighting with LED lighting.
The Rural England Prosperity Fund administerd by North Norfolk District Council - together with the Sheringham Shoal Fund administered by the Norfolk Community Foundation was used to replace Gas Boiler heating with two air source heat pumps and make improvements to the changing rooms, scenery dock and backstage access.
Page 27
SHERINGHAM LITTLE THEATRE SOCIETY (A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
17. Statement of funds (continued)
Statement of funds - prior year
| Unrestricted funds Designated funds Future Refurbishments Fund Fixed Asset Fund Theatre Development Fund General Funds Total Unrestricted funds Restricted funds NNDC Support Grants Momentum Grants - Jungle Book (24)/Matilda (25) Theatres Trust Sheringham Shoal Fund - NCF Norfolk Art Service Support Sheringham Town Council - Youth Fund Norfolk Comminity foundation - Improving Community Funds Total of funds |
Balance at 1 April 2023 £ 92,234 130,659 - 222,893 171,156 394,049 - 500 - - - - - 500 394,549 |
Income £ - - 51,395 51,395 705,610 757,005 53,000 500 5,000 500 4,780 2,000 10,342 76,122 833,127 |
Expenditure £ (946) (16,905) (2,502) (20,353) (655,660) (676,013) (41,000) (500) (5,000) (500) (4,780) (2,000) (6,581) (60,361) (736,374) |
Transfers in/out £ 22,845 - - 22,845 (22,845) - - - - - - - - - - |
Balance at 31 March 2024 £ 114,133 113,754 48,893 |
|---|---|---|---|---|---|
| 276,780 | |||||
| 198,261 | |||||
| 475,041 | |||||
| 12,000 500 - - - - 3,761 |
|||||
| 16,261 | |||||
| 491,302 |
Page 28
SHERINGHAM LITTLE THEATRE SOCIETY (A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
18. Analysis of net assets between funds
Analysis of net assets between funds - current year
| Unrestricted funds 2025 £ Tangible fixed assets 196,233 Current assets 501,854 Creditors due within one year (122,602) Total 575,485 Analysis of net assets between funds - prior year Unrestricted funds 2024 £ Tangible fixed assets 120,159 Current assets 461,429 Creditors due within one year (106,547) Total 475,041 |
Restricted funds 2025 £ - 500 - 500 Restricted funds 2024 £ - 16,261 - 16,261 |
Total funds 2025 £ 196,233 502,354 (122,602) 575,985 Total funds 2024 £ 120,159 477,690 (106,547) 491,302 |
|---|---|---|
Page 29
SHERINGHAM LITTLE THEATRE SOCIETY
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
19. Reconciliation of net movement in funds to net cash flow from operating activities
| Net income for the year (as per Statement of Financial Activities) Adjustments for: Depreciation charges Interest received Decrease/(increase) in stocks (Increase) in debtors Increase in creditors Net cash generate by operating activities 20. Analysis of cash and cash equivalents Cash in hand 21. Analysis of changes in net debt At 1 April 2024 £ Cash at bank and in hand 395,093 395,093 |
Group 2025 £ 84,683 27,422 (7,224) 482 (16,217) 16,055 105,201 Group 2025 £ 404,022 Cash flows £ 8,929 8,929 |
Group 2024 £ 96,753 25,772 (2,721) (1,177) (19,479) 28,530 127,678 Group 2024 £ 395,093 At 31 March 2025 £ 404,022 404,022 |
|---|---|---|
Page 30
SHERINGHAM LITTLE THEATRE SOCIETY (A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
22. Pension 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. Operating lease commitments
At 31 March 2025 the Group and the charity had commitments to make future minimum lease payments under non-cancellable operating leases as follows:
| Amounts payable other Not later than 1 year Later than 1 year and not later than 5 years Amounts payable Land & Buildings Not later than 1 year Later than 1 year and not later than 5 years After more than 5 years |
Group 2025 £ 132 136 268 Group 2025 £ 1 - - 1 |
Group 2024 £ 372 - 372 Group 2024 £ 1 2 - 3 |
Company 2025 £ 132 136 268 Company 2025 £ 1 - - 1 |
Company 2024 £ 372 - |
|---|---|---|---|---|
| 372 | ||||
| Company 2024 £ 1 2 - |
||||
| 3 |
24. Related party transactions
Sheringham Hub Limited is a 100% subsidiary of the Charity. During the year, the Charity contracted Sheringham Hub Limited to carry out theatre production works, totalling £92,313 (2024: £68,186). The Charity charged management fees to Sheringham Hub Limited totalling £45,000 (2024: £35,000). At the year end, the Charity owed £46,048 (2024: £39,343) to Sheringham Hub Limited; this balance is included in creditors.
Richard Batson, Trustee of Sheringham Little Theatre Society Limited performed work in the form of freelance publicity services at a rate of £20 per hour totalling £2,250 during the year (2024: £2,465). A creditor balance of £Nil was outstanding at the year end (2024: £Nil).
Page 31
SHERINGHAM LITTLE THEATRE SOCIETY
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
25. Principal subsidiaries
The following was a subsidiary undertaking of the charity:
The financial results of the subsidiary for the year were:
26. Principal subsidiaries
Sheringham Hub Limited
Subsidiary name Sheringham Hub Limited Company registration number 08133831 Basis of control Shareholding Equity shareholding % 100% Total assets as at 31 March 2025 £288,914 Total liabilities as at 31 March 2025 £8,789 Total equity as at 31 March 2025 £280,125 Turnover for the year ended 31 March 2025 £383,430 Expenditure for the year ended 31 March 2025 £304,015 Tax credit for the year ended 31 March 2025 £36,021 Profit for the year ended 31 March 2025 £115,436
Page 32