Company registered number: 05242988 Charity registered number: 1108613
ARCOLA THEATRE PRODUCTION COMPANY
(A Company Limited by Guarantee)
TRUSTEES' REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
(A Company Limited by Guarantee)
CONTENTS
| Page | |
|---|---|
| Reference and Administrative Details of the Charity, its Trustees and Advisers | 1 |
| Trustees' Report | 2 - 7 |
| Trustees' Responsibilities Statement | 8 |
| Independent Auditors' Report on the Financial Statements | 9 - 12 |
| Statement of Financial Activities | 13 |
| Balance Sheet | 14 - 15 |
| Statement of Cash Flows | 16 |
| Notes to the Financial Statements | 17 - 33 |
(A Company Limited by Guarantee)
REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 MARCH 2024
| Trustees | Abdullah Tercanli, Trustee |
|---|---|
| Gabriel Gbadamosi, Trustee | |
| Ben Todd, Trustee | |
| Andrew Cripps, Chair | |
| Naz Yeni, Trustee | |
| Lynne McKenzie, Trustee (resigned 27 March 2024) | |
| Company registered number 05242988 Charity registered number 1108613 Registered office 24 Ashwin Street London E8 3DL Chair of Trustees Andrew Cripps Independent auditors MHA Statutory Auditors 2 London Wall Place London EC2Y 5AU |
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ARCOLA THEATRE PRODUCTION COMPANY (A company limited by guarantee)
TRUSTEES’ REPORT FOR THE YEAR ENDED 31 MARCH 2024
The Trustees present their Annual Report together with the audited financial statements of the Charity for the 1 April 2023 to 31 March 2024. The Annual Report serves the purposes of both a Trustees' Report and a Directors' Report under company law. The Trustees confirm that the Annual Report and financial statements of the charitable company comply with the current statutory requirements, the requirements of the charitable company's governing document and the provisions of the Statement of Recommended Practice (SORP) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2019).
Since the Charity qualifies as small under section 382 of the Companies Act 2006, the Strategic Report required of medium and large companies under the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 has been omitted.
Arcola Theatre Production Company is also known as Arcola Theatre.
Public performances continued in both Studio 1 and Studio 2 throughout 2023 and 2024. Audience numbers gradually increased alongside the increase in programming of performances and events.
The names of the Trustees are set out on page 1. Lynne McKenzie retired as a Trustee on 27 March 2024, having been instrumental in the original formation of the Charity. The Trustees and the management of Arcola Theatre wish to record their deep gratitude for her very significant contributions. The sills and composition of the Trustees are kept under regular review.
Objectives and activities
a. Policies and objectives
Charitable objectives
The objectives for which the Charity is formed are to promote, maintain, improve and advance the education and appreciation of the public in the Arts and Sciences. In pursuing these objects, the Trustees have considered the Charity Commission's guidance on public benefit, including that related to fee charging.
Vision
Arcola Theatre's vision is of a genuinely radical theatre constantly reinventing itself to respond to, interpret and have relevance to an ever-changing contemporary Britain.
In setting objectives and planning for activities, the Trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit, including the guidance 'Public benefit: running a charity (PB2)'.
b. Strategies for achieving objectives
Mission
Arcola Theatre's mission is to imagine and build a theatre that flourishes within a cultural centre for its diverse local community. One that builds new audiences, generates its own powerful productions, and creates a home for the very best of UK and international theatre companies to visit.
c. Activities undertaken to achieve objectives
In putting the above mission into action we have four major areas of activity (discussed in more detail below), which are professional theatre, talent development, promotion of environmental sustainability and venue operations.
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ARCOLA THEATRE PRODUCTION COMPANY (A company limited by guarantee)
TRUSTEES’ REPORT FOR THE YEAR ENDED 31 MARCH 2024
d. Main activities undertaken to further the Charity's purposes for the public benefit
The main activities undertaken can be described in more detail as follows:
Off West End Professional Theatre
This activity includes the producing and receiving of theatre shows in our 200 and 100 seat studios, plus selected off-site locations, with a strong focus on socially and politically relevant works and diversity of voices.
Talent Development
This is an extensive programme that includes working with specific groups such as young people, older people, Turkish & Kurdish speaking, Global Majority artists and LGBTQ communities, as well as the development of specific skills areas such as new writing, facilitator training and general skills development.
Environmental Sustainability
We continue to make environmental considerations central to our venue operations, and to disseminate our learning.
Venue Operation
Comprising the wide range of work required to provide a cultural and social space for the local community as well as rehearsal and performance spaces for a wide variety of professional and community uses.
Achievements and performance
a. Key performance indicators
Planned turnover for 2023/24 was £1,137k with an unrestricted surplus of £74k.
Income for the year was £1,227,824 (2023 - £1,002,479). This included £658,648 from charitable activities (2023 - £524,884) and £93,367 of donations (2023 - £75,810). Earned income was 54% (2023 - 52%).
Arts Council England regular (NPO) funding provided £307,290 (2023 - £307,290) (25% of income, 2023 - 31%). Expenditure for the year was £1,271,177 (2023 - £1,254,981) including £131,257 (2023 - £130,348) of depreciation funded by allocation to the capital fund. Direct spending on professional theatre amounted to £780,060 (2023 - £829,799), with a further £400,788 (2023 - £363,781) spent on support costs. Direct spending on Talent Development amounted to £57,530 (2023 - £32,002) with a further £8,771 (2023 - £8,897) spent on support costs. Support costs on Venue Operation amounted to £24,028 (2023 - £20,502).
The year-end unrestricted funds of £225,804 (2023 - £149,804) include fixed assets of £130,855, leaving £94,949 as free reserves. This represents 38% of the target level of £250k.
b. Review of activities
Ambition and high-quality art are at the centre of Arcola Theatre’s work, and in our 24th year this has been pursued and achieved through globally relevant programming, showcasing the diverse local community and notable impact upon the UK and international arts world.
Responding to the impact of COVID19 on the arts, we are continuing to be responsive to the changes in financial support for the arts and the increased financial impact upon our audiences and co artists.
After a successful three years, Arcola Outside came to the scheduled end in the summer of 2023. Arcola Outside staged professional performances and was home to many of our participation community performances.
The first in house show produced this year was Possession in June 2023. Written by Sasha Hails and directed by Oscar Pearce.
★★★★ ‘Maze-like and splendid’ The Stage
★★★★ ‘The five-strong cast are excellent, especially Sarah Amankwah as Kasambayi Mabele, whose power, strength and silences are awe-inspiring.’ The Reviews Hub
The second in house show was No For An Answer as part of our summer Grimeborn festival.
★★★ ‘Francie’s touching song Be With Me, beautifully delivered by Katrina Michaels, and Bulge’s Penny Candy, turned into a real showstopper by Vas Constani’ The Guardian
★★★ ‘Arcola’s artistic director, Mehmet Ergen, takes the helm for a production that’s so atmospheric you can almost taste the tzatziki’ The Times
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ARCOLA THEATRE PRODUCTION COMPANY (A company limited by guarantee)
TRUSTEES’ REPORT FOR THE YEAR ENDED 31 MARCH 2024
The third in house production was Sputnik Sweetheart in October 2023. An adaptation of Haruki Murakami’s novel by playwright Bryony Lavery and directed by Melly Still.
★★★ ‘Director Melly Still uses space and movement in inventive ways while Shizuka Hariu’s set design is a wonder’ - The Guardian
★★★ ‘coolly sexy and quietly compelling at others, and hugely involving overall’ The Evening Standard
The fourth in house production was When You Pass Over My Tomb by Sergio Blanco, Adapted and Directed by Daniel Goldman ★★★★★ “A must-see triumph! .. Challenging, stimulating, playful, thrilling, but above all, it defies categorisation.” – The Spy in the Stalls
★★★★★ “Art, at its best, challenges an audience to see the world differently, and When You Pass Over My Tomb achieves this like nothing else I’ve ever seen” – A Young(ish) Perspective ★★★★ “An ambitious and inventive exploration of death” – Broadway Baby ★★★★ “Finger-licking, or rather phalanx licking, good” – North West End
We hosted over 10 companies throughout the year to rehearse and perform their plays.
Grimeborn 2023
Arcola Theatre has always championed adventurous artists, and this has never been clearer than in our Grimeborn programme. Music has the power to connect us, and it has always been our belief that opera should be accessible to all. Our commitment to affordable ticket prices means that everyone can enjoy live performance. The 16th year, we programmed 12 operas, of which 2 world premiers. We produced No For An Answer directed by Mehmet Ergen.
The positive and acclaimed reviews for the 2022 festival and huge interest from audience and participants lead us to programme a 10 week festival in 2023, rather than the 8 weeks we did in 2022.
Renovation of Arcola Main Building
The fund raising for the renovation of the main building continues. We have installed LED lights in Studio 1. We have plans to install LED lights in Studio 2, and have received funding for electrical works to take place in 2024.
Arcola Participation
Arcola Participation have increased delivery throughout 2023/24, producing many more activities and introducing more participants to our groups. We delivered 4 youth theatre programmes for ages 8-16 years, providing youth theatre opportunities to over 100 young people. We introduced a new group, Arcola Refuge Community Company. A grant of £14,356 from London Borough Hackney to run a schools project with Arcola Academy was a great success. This project provided theatre training to 20 young people aged 18-25 years and saw us delivering workshops and performances to six schools across Hackney in 2023 and perform a sell out show to a family audience in December 2023. We have successfully run Arcola 50+, Arcola Refugee Community Company, Arcola Mental Health Company and Arcola Queer Collective across the year. Through our workshops we have engaged with over 250 people providing theatre skills and training. The performances by our community companies have entertained and been supported by over 700 audience members across the year. The dynamic artists who run these community groups and the dedicated participants who take part bring an important cross section of society and our community into our building and offers free opportunities for over 70 people.
Arcola LAB
Between April 2023 and March 2024, the Arcola LAB programme provided 30 weeks of rehearsal space to a range of companies, offering free rehearsal space for the development of new work by ethnically diverse and migrant artists.
As a part of our Arcola LAB initiative, we launched 'Pomegranate' which was designed to support emerging migrant-led or migrant-focused theatre companies. Three companies called Hidden Keileon, Babylon Project, and Hatch each received three weeks of rehearsal space, alongside tailored mentoring sessions led by experts in writing, directing, fundraising, and producing. These sessions included specialised workshops, such as writing for theatre with Sasha Hails, acting with Kathryn Hunter, directing with Mehmet Ergen, playwriting with Rebecca Lenkiewicz, and producing with Leyla Nazli. Through these offerings, Pomegranate provided 337.5 hours over 3 weeks of creative development space and a comprehensive professional development framework, ensuring that participants were equipped to grow artistically and operationally.
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ARCOLA THEATRE PRODUCTION COMPANY (A company limited by guarantee)
TRUSTEES’ REPORT FOR THE YEAR ENDED 31 MARCH 2024
Financial review
a. Going concern
The financial statements have been prepared on a going concern basis. The Trustees have considered relevant information, including the annual budget, forecast future cash flows and the impact of subsequent events in making their assessment.
Arts Council of England investment and future activity:
In November 2022 the charity received the news that the theatre would continue as a National Portfolio Organisation (NPO) and receive regular Arts Council of England (ACE) financial support for the next three successive years, at the same investment level as previous years. In January 2024 ACE announced an extension of the current NPO Programme to 31 March 2027. Fundraising from other sources continues to grow year-on-year.
Plans for the year ahead include
We aim to produce more in-house and co-produce a world class, international programme of diverse and socially engaged theatre in Studio 1 and Studio 2, whilst supporting young artists and up and coming companies. Grimeborn opera festival will continue and be programmed over summer months. Arcola LAB and the 'Pomegranate' programme will continue, as will the full range of Arcola Participation programmes. Community companies currently encompass Mental Health, Turkish Speaking, Arcola 50+, and the new refugee company introduced in 2023 (in partnership with refugee specialists). Companies will stage their work at Arcola and on tour.
Our popular Arcola Youth Theatre will continue to run the current theatre groups plus add two extras - Young AYT (ages 9- 12) & Younger AYT (ages 7-11). Sessions run weekly during term time. Each group will devise and perform in Studio 2 twice a year.
Arcola Academy provides professional level training for 16-25 year olds - prioritising NEET applicants - including training in lighting, set, stage design, stage management, acting, directing & writing. As part of the training, participants devise and perform touring plays for local schools
Based on these assessments and having regard to the resources available to the Charity, the Trustees have concluded that there is no material uncertainty and that they can continue to adopt the going concern basis in preparing the Annual Report and financial statements.
b. Reserves policy
The Trustees believe the most appropriate level of free reserves required by the Charity to sustain it in the event of the Charity not receiving grants and other incoming resources is £250,000. This will not allow standard-scale productions to be staged and would require skeleton (cost-neutral) programming.
The year-end unrestricted funds of £225,804 (2023 - £149,804) include fixed assets of £130,855, leaving £94,949 as free reserves. This represents 38% of the target level of £250k.
We have significantly increased our reserves from the 2% in 2023 to now at 38% of the target level.
c. Material investments policy
The Charity has no financial investments. Under the Memorandum and Articles of Association, the Charity has the power to invest in any way the Trustees wish.
d. Principal funding
Arcola Theatre is a National Portfolio Organisation of Arts Council England, providing circa 25% of income. There are no other significant funders, with the majority of the balance of funds being earned from charitable activities.
e. Pricing policy
Tickets are priced to maximise revenues without losing access for all. This was achieved through competitive pricing, with a wide range of discounts for target and under-represented groups. Charges are applied for Participation programme participants with bursaries for those less able to pay.
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ARCOLA THEATRE PRODUCTION COMPANY (A company limited by guarantee)
TRUSTEES’ REPORT FOR THE YEAR ENDED 31 MARCH 2024
f. Fundraising
The Trustees have considered the implications of the Charities (protection and social investment) Act 2016 in relation to fundraising activities. The Act aims to protect the public, particularly the vulnerable, from inappropriate fundraising approaches. The primary scope of the Act is "commercial participators" and "professional fundraisers", which refers to commercial organisations engaged by larger charities to engage in direct fundraising from individuals via for example mail, phone and face to face. Since Arcola Theatre does not engage any of these types of organisation there is no direct impact. We have however reviewed our in-house activities in the spirit of the Act and concluded that there are no issues which we need to address.
Structure, governance and management
a. Constitution
Arcola Theatre Production Company Limited is registered as a charitable company limited by guarantee and was set up by a Memorandum of Association.
b. Methods of appointment or election of Trustees
The management of the Charity is the responsibility of the Trustees who are elected and co-opted under the terms of the Memorandum of Association.
c. Organisational structure and decision-making policies
The Board of Trustees administers the Charity. Board normally meets quarterly, addressing all aspects of the charitable operations including programming, development, quality & safety, finance and audit.
The Executive Producer, has delegated authority, within terms of delegation provided by the Trustees, for operational matters including finance, employment and artistic performance related activity.
Charitable activities are structured into departments, each having a Manager, working to a Business Plan which includes detailed plans for all business activities. These plans cascade organisational objectives and Key Performance Indicators through departments to individual staff job descriptions.
Plans are developed with input from all staff, Trustees, artists, participants, volunteers and advisors. Plans and associated budgets are reviewed and approved by the Board of Trustees through regular meetings. Additional advice and oversight is provided via Arts Council England National Portfolio management systems.
d. Policies adopted for the induction and training of Trustees
Upon declaration of their interest to be a Trustee, a new Trustee receives the Charity's governing documents, most recent Financial Report and Management Accounts. They meet with the Chair and Senior Management Team for briefing on the organisation and the responsibilities of Trustees.
New Trustees are provided with the Charity's governing documents, minutes of previous meetings and current business plans. They meet the Chair and senior managers for briefing on the objectives, values, ethos, programme and day-to-day activities of the organisation. New Trustees and existing Trustees are provided with up-to-date information on the responsibilities of Trustees and associated best practice, drawing resources provided by Charity Commission and other professional organisations supporting charities.
e. Pay policy for key management personnel
Senior staff pay is approved by Trustees. Rates of pay are benchmarked against peer organisations.
f. Financial risk management
The Trustees have assessed the major risks to which the Charity is exposed, in particular those related to the operations and finances of the Charity, and are satisfied that systems and procedures are in place to mitigate exposure to the major risks.
Small company exemptions
The Trustees Report has been prepared in accordance with the provisions applicable to entities subject to the small companies regime.
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ARCOLA THEATRE PRODUCTION COMPANY (A company limited by guarantee)
TRUSTEES’ REPORT FOR THE YEAR ENDED 31 MARCH 2024
Auditors
Following a rebranding exercise on 15 May 2023 the trading name of the company’s independent auditor changed from MHA MacIntyre Hudson to MHA. A resolution to reappoint MHA as independent auditor will be proposed at the next Annual General Meeting.
Disclosure of information to auditors
Each of the persons who are Trustees at the time when this Trustees' Report is approved has confirmed that:
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so far as that Trustee is aware, there is no relevant audit information of which the charity's auditors are unaware, and
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that Trustee has taken all the steps that ought to have been taken as a Trustee in order to be aware of any relevant audit information and to establish that the charity's auditors are aware of that information.
This report was approved and authorised for issue by the Trustees and signed on its behalf by:
……………………………
Ben Todd Trustee
Date: 19 December 2024
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(A Company Limited by Guarantee)
STATEMENT OF TRUSTEES' RESPONSIBILITIES FOR THE YEAR ENDED 31 MARCH 2024
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 Charity and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Trustees are required to:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles of the Charities SORP (FRS 102);
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make judgements and accounting estimates that are reasonable and prudent;
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state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements; and
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prepare the Financial Statements on the going concern basis unless it is inappropriate to presume that the Charity will continue in operation.
The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Charity's transactions and disclose with reasonable accuracy at any time the financial position of the Charity and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Charity and 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 its behalf by:
................................................ Ben Todd Trustee Date: 19 December 2024
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(A Company Limited by Guarantee)
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF
Opinion
We have audited the financial statements of (the 'charity') for the year ended 31 March 2024 which comprise the Statement of Financial Activities, the Balance Sheet, the Statement of Cash Flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
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give a true and fair view of the state of the charitable company's affairs as at 31 March 2024 and of its incoming resources and application of resources, including its income and expenditure for the year then ended;
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have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
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have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the Trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report.
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(A Company Limited by Guarantee)
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF (CONTINUED)
Other information
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The Trustees are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinion on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
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the information given in the Trustees' Report for the financial year for which the financial statements are prepared is consistent with the financial statements.
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the Trustees' Report has been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of our knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees' Report.
We have nothing to report in respect of the following matters in relation to which Companies Act 2006 requires us to report to you if, in our opinion:
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adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
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the financial statements are not in agreement with the accounting records and returns; or
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certain disclosures of Trustees' remuneration specified by law are not made; or
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we have not received all the information and explanations we require for our audit; or
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the Trustees were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemptions in preparing the Trustees' Report and from the requirement to prepare a Strategic Report.
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(A Company Limited by Guarantee)
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF (CONTINUED)
Responsibilities of Trustees
As explained more fully in the Trustees' Responsibilities Statement, the Trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the Trustees are responsible for assessing the charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.
Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
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Review of actual and potential litigation claims;
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Enquiries of entity staff to identify any instances of non-compliance with laws and regulations;
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Performing audit work over risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluation the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias;
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Reviewing minutes of meetings of those charged with governance and
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Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.
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(A Company Limited by Guarantee)
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF (CONTINUED)
Use of our report
This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and its members, as a body, for our audit work, for this report, or for the opinions we have formed.
Stuart McKay BSc FCA DCha (Senior Statutory Auditor) for and on behalf of MHA Statutory Auditors 2 London Wall Place London EC2Y 5AU
Date: 20/12/2024
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(A Company Limited by Guarantee)
STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 MARCH 2024
| Note Income from: Donations and grants 4 Charitable activities 5 Other income 6 Total income Expenditure on: Charitable activities 7 Total expenditure Net movement in funds Reconciliation of funds: Total funds brought forward Net movement in funds Total funds carried forward |
Unrestricted funds 2024 £ 355,419 658,648 46,984 1,061,051 985,051 985,051 76,000 149,804 76,000 225,804 |
Restricted funds 2024 £ 166,773 - - 166,773 286,126 286,126 (119,353) 1,809,314 (119,353) 1,689,961 |
Total funds 2024 £ 522,192 658,648 46,984 1,227,824 1,271,177 1,271,177 (43,353) 1,959,118 (43,353) 1,915,765 |
Total funds 2023 £ 445,729 524,884 31,866 1,002,479 1,254,981 1,254,981 (252,502) 2,211,620 (252,502) 1,959,118 |
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The Statement of Financial Activities includes all gains and losses recognised in the year.
All income and expenditure derive from continuing activities.
The notes on pages 17 to 33 form part of these financial statements.
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(A Company Limited by Guarantee) REGISTERED NUMBER: 05242988
BALANCE SHEET AS AT 31 MARCH 2024
| Note Fixed assets Tangible assets 12 Current assets Debtors: Amounts falling due within one year 13 Cash at bank and in hand 19 Creditors: Amounts falling due within one year 14 Net current assets Total assets less current liabilities Creditors: Amounts falling due after more than one year 15 Total net assets Charity funds Restricted funds: Restricted funds 16 Total restricted funds 16 Unrestricted funds General funds 16 Total unrestricted funds 16 Total funds |
2024 £ 149,659 200,366 350,025 (179,057) 1,689,961 225,804 |
2024 £ 1,757,028 1,757,028 170,968 1,927,996 (12,231) 1,915,765 1,689,961 225,804 1,915,765 |
2023 £ 174,384 95,160 269,544 (188,696) 1,809,314 149,804 |
2023 £ 1,902,229 1,902,229 80,848 1,983,077 (23,959) 1,959,118 1,809,314 149,804 1,959,118 |
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(A Company Limited by Guarantee) REGISTERED NUMBER: 05242988
BALANCE SHEET (CONTINUED) AS AT 31 MARCH 2024
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 small companies regime.
The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:
................................................ Ben Todd Trustee
Date: 19 December 2024
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(A Company Limited by Guarantee)
STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2024
| Note Cash flows from operating activities Net cash used in operating activities 18 Cash flows from investing activities Purchase of tangible fixed assets 12 Net cash provided by/(used in) investing activities Cash flows from financing activities Repayments of borrowing 14,15 Net cash used in financing activities Change in cash and cash equivalents in the year Cash and cash equivalents at the beginning of the year 19 Cash and cash equivalents at the end of the year 19 |
2024 £ 115,158 - - (9,952) (9,952) 105,206 95,160 200,366 |
2023 £ 84,880 (64,128) (64,128) (9,707) (9,707) 11,045 84,115 95,160 |
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The notes on pages 17 to 33 form part of these financial statements
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(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
1. General information
Arcola Theatre Production Company is a Charitable Company limited by guarantee and is registered with the Charity Commission (Charity Registered Number 1108613) and Registrar of Companies (Company Registered Number 05242988) incorporated in England and Wales.
The address of the registered office is given in the Charity information on page 1 of these accounts. The Members of the Charity are the Trustees named on page 1.
In the event of the Charity being wound up, the liability in respect of the guarantee is limited to £1 per Member of the Charity.
2. Accounting policies
2.1 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) and the Companies Act 2006.
Arcola Theatre Production Company 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 financial statements are presented in Sterling which is the functional currency of the Charity and rounded to the nearest £1.
The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.
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(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
2. Accounting policies (continued)
2.2 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.
Grants are included in the Statement of Financial Activities on a receivable basis. The balance of income received for specific purposes but not expended during the period is shown in the relevant funds on the Balance Sheet. Where income is received in advance of entitlement of receipt, its recognition is deferred and included in creditors as deferred income. Where entitlement occurs before income is received, the income is accrued.
Where the donated good is a fixed asset, it is measured at fair value, unless it is impractical to measure this reliably, in which case the cost of the item to the donor should be used. The gain is recognised as income from donations and a corresponding amount is included in the appropriate fixed asset class and depreciated over the useful economic life in accordance with the Charity's accounting policies.
On receipt, donated professional services and facilities are recognised on the basis of the value of the gift to the Charity which is the amount it would have been willing to pay to obtain services or facilities of equivalent economic benefit on the open market; a corresponding amount is then recognised in expenditure in the period of receipt.
Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.
Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable.
Other income is recognised in the period in which it is receivable and to the extent the goods have been provided or on completion of the service.
2.3 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.
Expenditure on charitable activities is incurred on directly undertaking the activities which further the Charity's objectives, as well as any associated support costs.
All expenditure is inclusive of irrecoverable VAT.
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(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
2. Accounting policies (continued)
2.4 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, using the straight-line method.
Depreciation is provided on the following bases:
Long-term leasehold property - 4% to 20% on cost Plant and machinery - 20% to 50% on cost Computer equipment - 20% on cost
2.5 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.
2.6 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.
2.7 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 Statement of Financial Activities as a finance cost.
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(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
2. Accounting policies (continued)
2.8 Financial instruments
The Charity holds basic financial instruments. The financial assets and financial liabilities of the Charity are as follows:
Debtors - trade and other debtors (including accrued income) are basic financial instruments and a debt instruments measured at amortised cost as detailed in Note 13. Prepayments are not financial instruments.
Cash at bank - is classified as a basic financial instrument and is measured at cost.
Liabilities - trade creditors, accruals and other creditors will be classified as financial instruments and are measured at amortised cost as detailed in Notes 14 and 15. Taxation and social security are included in the financial instruments disclosure. Deferred income is not deemed to be a financial liability, as in the cash settlement has already taken place and there is simply an obligation to deliver charitable services rather than cash or another financial instrument.
2.9 Pensions
The Charity operates a defined contribution pension scheme and the pension charge represents the amounts payable by the Charity to the fund in respect of the year.
2.10 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 Charity and which have not been designated for other purposes.
Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Charity 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.
3. Critical accounting estimates and areas of judgement
Estimates and judgements 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. There are no estimates or assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.
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(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
4. Income from donations and grants
| Donations Grants Total 2024 Donations Grants Total 2023 5. Income from charitable activities Professional Theatre Talent Development Theatre Tax Credits Total 2024 |
Unrestricted funds 2024 £ 45,502 309,917 355,419 Unrestricted funds 2023 £ 45,286 307,290 352,576 |
Restricted funds 2024 £ 47,865 118,908 166,773 Restricted funds 2023 £ 30,524 62,629 93,153 Unrestricted funds 2024 £ 550,515 17,149 90,984 658,648 |
Total funds 2024 £ 93,367 428,825 522,192 |
|---|---|---|---|
| Total funds 2023 £ 75,810 369,919 445,729 |
|||
| Total funds 2024 £ 550,515 17,149 90,984 658,648 |
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(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
5. Income from charitable activities (continued)
| Professional Theatre Talent Development Theatre Tax Credits Total 2023 |
Unrestricted funds 2023 £ 415,927 13,830 95,127 524,884 |
Total funds 2023 £ 415,927 13,830 95,127 524,884 |
|---|---|---|
6. Income from other trading activities
| Venue Operation Venue Operation |
Unrestricted funds 2024 £ 46,984 Unrestricted funds 2023 £ 31,866 |
Total funds 2024 £ 46,984 |
|---|---|---|
| Total funds 2023 £ 31,866 |
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(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
7. Analysis of expenditure on charitable activities - by fund
| Professional Theatre Talent Development Venue Operation Total 2024 Professional Theatre Talent Development Venue Operation Total 2023 |
Unrestricted funds 2024 £ 925,612 45,517 13,922 985,051 Unrestricted funds 2023 £ 977,311 17,498 9,814 1,004,623 |
Restricted funds 2024 £ 255,236 20,784 10,106 286,126 Restricted funds 2023 £ 216,269 23,401 10,688 250,358 |
Total 2024 £ 1,180,848 66,301 24,028 1,271,177 |
|---|---|---|---|
| Total 2023 £ 1,193,580 40,899 20,502 1,254,981 |
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(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
8. Analysis of expenditure by activities
| Professional Theatre Talent Development Venue Operation Total 2024 |
Activities undertaken directly 2024 £ 780,060 57,530 - 837,590 |
Support costs 2024 £ 400,788 8,771 24,028 433,587 |
Total funds 2024 £ 1,180,848 66,301 24,028 1,271,177 |
|---|---|---|---|
| Professional Theatre Talent Development Venue Operation Total 2023 |
Activities undertaken directly 2023 £ 829,799 32,002 - 861,801 |
Support costs 2023 £ 363,781 8,897 20,502 393,180 |
Total funds 2023 £ 1,193,580 40,899 20,502 1,254,981 |
|---|---|---|---|
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(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
8. Analysis of expenditure by activities (continued)
Analysis of support costs
| Depreciation Front of House Comms and marketing Technical services Governance costs Utilities Insurance Telecomms Professional fees Bank interest Memberships Office and admin Premises Costs Governance costs - Auditors' remuneration Fees payable to the Charity's auditor for the audit of the Charity's annual accounts |
Total funds 2024 £ 145,201 54,387 55,472 1,363 20,000 30,860 6,839 2,591 47,351 696 4,487 19,795 44,545 433,587 2024 £ 20,000 |
Total funds 2023 £ 144,046 36,095 49,995 2,087 20,000 22,497 6,396 1,170 18,939 942 4,213 23,206 63,594 393,180 |
|---|---|---|
| 2023 £ 20,000 |
9. Governance costs - Auditors' remuneration
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(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
10. Staff costs
| Wages and salaries Social security costs Pension costs |
2024 £ 430,943 30,158 13,903 475,004 |
2023 £ 370,574 27,084 11,904 |
|---|---|---|
| 409,562 |
The average number of persons employed by the Charity during the year was as follows:
| Full time staff Equivalent full time staff from casual worker pool |
2024 No. 10 4 14 |
2023 No. 8 3 |
|---|---|---|
| 11 |
The number of employees whose employee benefits (excluding employer pension costs) exceeded £60,000 was:
In the band £60,001 - £70,000
| 2024 | 2023 |
|---|---|
| No. | No. |
| 1 | 1 |
The total amount of employee benefits, including employers social security and employers pension contribution costs, received by Key Management Personnel, was £138,759 (2023: £118,062). The Charity considers its Key Management Personnel to be the Trustees, the Chief Executive Officer and the Executive Producer.
11. Trustees' remuneration and expenses
During the year, no Trustees received any remuneration or other benefits (2023 - £NIL) .
During the year ended 31 March 2024, no Trustee expenses have been incurred (2023 - £NIL) .
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(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
12. Tangible fixed assets
| Cost or valuation At 1 April 2023 At 31 March 2024 Depreciation At 1 April 2023 Charge for the year At 31 March 2024 Net book value At 31 March 2024 At 31 March 2023 |
Long-term leasehold property £ 3,304,570 3,304,570 1,447,495 132,683 1,580,178 1,724,392 1,857,075 |
Plant and machinery £ 59,496 59,496 15,514 11,899 27,413 32,083 43,982 |
Computer equipment £ 3,096 3,096 1,924 619 2,543 553 1,172 |
Total £ 3,367,162 3,367,162 |
|---|---|---|---|---|
| 1,464,933 145,201 1,610,134 |
||||
| 1,757,028 | ||||
| 1,902,229 |
The leasehold improvements are secured against a charge in favour of The Arts Council of England.
13. Debtors
| Trade debtors Other debtors Prepayments and accrued income |
2024 £ 8,514 109,535 31,610 149,659 |
2023 £ 14,300 137,906 22,178 |
|---|---|---|
| 174,384 |
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(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
14. Creditors: Amounts falling due within one year
| Bank loans Trade creditors Other taxation and social security Other creditors Accruals and deferred income Deferred income at 1 April 2023 Resources deferred during the year Amounts released from previous periods |
2024 £ 10,204 43,944 9,132 40,606 75,171 179,057 2024 £ 48,617 32,469 (48,617) 32,469 |
2023 £ 8,428 6,851 6,694 85,121 81,602 |
|---|---|---|
| 188,696 | ||
| 2023 £ - 62,059 (13,442) |
||
| 48,617 |
Deferred income comprises grants where the resources were not applied to charitable purposes until subsequent to the year-end and studio hire paid in advance. Movements in deferred income have been analysed above.
The above bank loan relates to an unsecured Bounce Back Scheme facility for £50,000 with interest chargeable at the rate of 2.5% per annum. The loan is repayable in equal instalments over five years, with repayments comprising both capital and interest.
15. Creditors: Amounts falling due after more than one year
| 2024 | 2023 | |
|---|---|---|
| £ | £ | |
| Bank loans | 12,231 | 23,959 |
The above bank loan relates to an unsecured Bounce Back Scheme facility for £50,000 with interest chargeable at the rate of 2.5% per annum. The loan is repayable in equal instalments over five years, with repayments comprising both capital and interest.
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(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
16. Statement of funds
Statement of funds - current year
| Unrestricted funds General Fund Restricted funds Capital fund Participation Artistic Programming Joseph Rowntree Charitable Trust Green Arcola Facilities Digital Accelerator Total of funds |
Balance at 1 April 2023 £ 149,804 1,757,432 4,992 14,295 17,854 14,741 - - 1,809,314 1,959,118 |
Income £ 1,061,051 - 35,009 112,496 - - 15,000 4,268 166,773 1,227,824 |
Expenditure £ (985,051) (131,257) (21,209) (111,596) (17,796) - - (4,268) (286,126) (1,271,177) |
Balance at 31 March 2024 £ 225,804 |
|---|---|---|---|---|
| 1,626,175 18,792 15,195 58 14,741 15,000 - 1,689,961 |
||||
| 1,915,765 |
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(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
16. Statement of funds (continued)
Statement of funds - prior year
| Unrestricted funds General Fund Restricted funds Capital fund Participation Artistic Programming Joseph Rowntree Charitable Trust Green Arcola Facilities Total of funds |
Balance at 1 April 2022 £ 245,101 1,831,432 8,439 32,995 22,563 14,741 56,349 1,966,519 2,211,620 |
Income £ 909,326 - 15,897 76,427 829 - - 93,153 1,002,479 |
Expenditure £ (1,004,623) (130,348) (19,345) (95,127) (5,538) - - (250,358) (1,254,981) |
Transfers in/out £ - 56,349 - - - - (56,349) - - |
Balance at 31 March 2023 £ 149,804 |
|---|---|---|---|---|---|
| 1,757,433 4,991 14,295 17,854 14,741 - 1,809,314 |
|||||
| 1,959,118 |
The Capital fund relates to restricted funding used for capital expenditure. The balance represents the value of restricted tangible fixed assets.
The Participation fund represents restricted funding received for community engagement activities, with the balance to be spent in the future.
The Artistic Programming fund represents restricted funding received for theatrical activities, with the balance to be spent in the future.
The Joseph Rowntee Charitable Trust represents a restricted grant awarded to develop a new musical, “The Shadow World”, with the balance to be spent in the future.
The Green Arcola fund represents restricted funding for a local environmental project that is no longer active, and negotiations are ongoing with the funder regarding future use of the balance.
The Facilities fund relates to restricted funding intended for capital expenditure, which when utilised is transferred to the Capital fund.
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(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
17. Analysis of net assets between funds
Analysis of net assets between funds - current period
| Unrestricted funds 2024 £ Tangible fixed assets 130,855 Current assets 286,237 Creditors due within one year (179,057) Creditors due in more than one year (12,231) Total 225,804 |
Restricted funds 2024 £ 1,626,173 63,788 - - 1,689,961 |
Total funds 2024 £ 1,757,028 350,025 (179,057) (12,231) 1,915,765 |
|---|---|---|
Analysis of net assets between funds - prior period
| Tangible fixed assets Current assets Creditors due within one year Creditors due in more than one year Total |
Unrestricted funds 2023 £ 144,796 167,663 (138,696) (23,959) 149,804 |
Restricted funds 2023 £ 1,757,433 101,881 (50,000) - 1,809,314 |
Total funds 2023 £ 1,902,229 269,544 (188,696) (23,959) 1,959,118 |
|---|---|---|---|
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(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
18. Reconciliation of net movement in funds to net cash flow from operating activities
| Net expenditure for the period (as per Statement of Financial Activities) Adjustments for: Depreciation charges Decrease in debtors Increase/(decrease) in creditors Net cash provided by operating activities |
2024 £ (43,353) 145,201 24,725 (11,415) 115,158 |
2023 £ (252,502) |
|---|---|---|
| 144,046 124,884 68,452 |
||
| 84,880 |
19. Analysis of cash and cash equivalents
| Cash at bank and in hand Total cash and cash equivalents |
2024 £ 200,366 200,366 |
2023 £ 95,160 |
|---|---|---|
| 95,160 |
20. Analysis of changes in net debt
| Cash at bank and in hand Debt due within 1 year Debt due after 1 year |
At 1 April 2023 £ 95,160 (8,428) (23,959) 62,773 |
Cash flows £ 105,206 (1,776) 11,728 115,158 |
At 31 March 2024 £ 200,366 (10,204) (12,231) 177,931 |
|---|---|---|---|
21. Pension commitments
The Charity operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the Charity in an independently administered fund. The pension cost charge for the year was £13,902 (2023 - £11,904) and at the year end £2,181 (2023 - £1,451) was payable to the fund and have been included in Creditors falling due within one year - Other creditors.
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(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
22. Related party transactions
There were no related party transactions during the year.
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