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← Icarus Theatre Collective & Cultural Services

2024-06-30-accounts

Charity Registration No. 1134535

Company Registration No. 07126012 (England and Wales)

ICARUS THEATRE COLLECTIVE

ANNUAL REPORT AND UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2024

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees Ms S Franks
Mr K Gould
Mr M I Lewendel
Mrs M Lewendel
Ms S Pewin
Mr D Schunmann
Secretary M I Lewendel
Charity number 1134535
Company number 7126012
Principal address 62 Gordon Road
High Wycombe
HP13 6ER
Registered office 62 Gordon Road,
High Wycombe,
HP13 6ER
Independent examiner J Harris, ACMA,
CGMA, MA,
FRSA
Suite LP61812,
20 Wenlock
Road, London N1
Bankers
Virgin Money PLC
Jubilee House
Gosforth NE3 4PL

CONTENTS

Page
Trustees' report 1
Independent examiner's report 4
Statement of financial activities 5
Balance sheet 6
Notes to the financial statements 8

TRUSTEES' REPORT (INCLUDING

DIRECTORS' REPORT) FOR THE YEAR ENDED 30 June 2024

The Trustees present their report and financial statements for the year ended 30 June 2024.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's Memorandum and Articles of Association, the Companies Act 2006 and "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)".

Objectives and activities

The charity's objects are specifically restricted to the following:

To advance education for the public benefit by the promotion of the arts, in particular but not exclusively the art of drama.

The Trustees note a further successful year in the furtherance of the Objectives and have made a full report to the Charity Commission which can be viewed in the Commission's public record.

Statement of Trustees' responsibilities

The Trustees, most of whom are also the directors of the charity for the purpose 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 year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that year.

In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for keeping adequate accounting records that 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.

1

Structure, governance and management

a. Governing Document: Icarus Theatre Collective is a company limited by guarantee governed by its Memorandum and Articles of Association as well as published Health and Safety, Child Protection, and other documents to protect the vulnerable. Anyone over the age of 18 can become a member and there are currently four members.

b. The Charity functions at our registered office as well as in schools and theatres across the UK and Ireland. c. Appointment of trustees: As set out in the Articles of Association, the chair of the trustees is nominated by vote of the trustees. Trustees are nominated by any members and elected by a vote of the Trustees at the AGM and serve for three years. All members are circulated with invitations to nominate trustees prior to the AGM advising them of the retiring trustees and requesting nominations for the AGM.

d. Trustee Induction and Training: New trustees undergo an orientation day to brief them on their legal obligations under charity and company law, the Charity Commission guidance on public benefit, content of the Memorandum and Articles of Association, the business plan, and recent financial performance of the charity. During the induction day they meet key employees and other trustees. Trustees are encouraged to attend appropriate external training events where these will facilitate the undertaking of their role.

e. Organisation: The board of trustees administers the Charity. The day-to-day running of the company is

managed by:

a. The Artistic Director, Max Lewendel who shapes the type of projects worked on, overseas all employment, approves possible avenues of funding, and makes all major financial decisions in consultation with the Trustees.

b. The Producer is responsible for administration, production management, and marketing in close liaison with the Artistic Director.

f. Accounting is managed by Max Lewendel and all financial documents are produced in accordance with applicable law and United Kingdom Accounting Standards. Financial review a. Statement of Risk: The Trustees validate that all contracts, expenditures, financial plans, and business models used by the Charity are of sound financial sense and do not contravene any Health and Safety or Vulnerable Individuals’ statues or common practice. The charity owns an investment fund with Fidelity International and delegates the day-today risk management of the fund to Max Lewendel.

b. Reserves will be held at the conclusion of every project to cover production costs on the next project. The charity's Reserves policy is presently subject to regular review by the Trustees. At year end, there was a surplus in the reserves of £434,392.

d. Detailed cash flow projections and line-item expenditures are kept at all times of all transactions.

e. Trustees review and approve all accounting documents produced by Max Lewendel.

f. The Trustees are responsible for preparing the Trustees' Annual Report.

g. Accountants are engaged to independently review and examine accounts at year end.

2

Public benefit statement

The Trustees have made a full statement about public benefit to the Charity Commission and this can be viewed in the Commission's public record.

The Trustees have approved this report. Se IX, He Mr M Lewendel Trustee 10 March 2025

3

INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF ICARUS THEATRE COLLECTIVE

I report to the Trustees on my examination of the financial statements of Icarus Theatre Collective for the year ended 30 June 2024.

Responsibilities and basis of report

As the Trustees of the charity (and also its directors for the purposes of company law) you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006 (the 2006 Act).

Having satisfied myself that the financial statements of the charity 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 charity’s financial statements carried out under section 145 of the Charities Act 2011 (the 2011 Act). In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.

Independent examiner's statement

I confirm that I am qualified to undertake the examination because I am a member of CIMA, 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 that in any material respect:

  1. accounting records were not kept in respect of the charity as required by section 386 of the 2006 Act; or

  2. the financial statements do not accord with those records; or

  3. the financial statements 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

  4. the financial statements 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 financial statements to be reached.

==> picture [151 x 72] intentionally omitted <==

J Harris ACMA, CGMA, MA, FRSA Dated: 10 March 2025

4

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 30 JUNE 2024

Unrestricted
funds
Restricted
funds		 Total Unrestricted
funds		 Restricted
funds		 Total
2024 2024 2024 2023 2023 2023
Notes £ £ £ £ £ £
Income and endowments from:
Donations and legacies 30,872 0 30,872 12,024 0 12,024
Charitable activities 0 88,204 88,204 191,362 106,194 297,556
Other trading activities 0 0 0 0 0 0
Investments 12,319 0 12,319 14,926 0 14,926
Other income 0 0 0 0 0 0
Total income 43,191 88,204 131,395 218,312 106,194 324,506
Expenditure on:
Charitable activities 3 4,691 24,968 29,659 77,030 97,020 174,050
Net income/(expenditure)
for the year/
Net movement in funds 38,500 63,236 101,736 141,282 9,174 150,456
Fund balances at 1 July
2023 (2022) 241,372 91,284 332,656 100,090 82,110 182,200
Fund balances at 30
June 2024 (2023) 279,872 154,520 434,392 241,372 91,284 332,656

The statement of financial activities includes all gains and losses recognised in the year.

All income and expenditure derive from continuing activities.

The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.

5

BALANCE SHEET as at 30 June 2024

Notes
Fixed assets
Tangible assets
6
Current assets
Debtors
7
Cash at bank and in hand
Creditors: amounts falling due within
one year
8
Net current assets/(liabilities)
Total assets less current liabilities
Creditors: amounts falling due after
more than one year
9
Other long-term liabilities
11
Net assets/(liabilities)
Income funds
Unrestricted funds
10
Restricted funds		 2024
£
£
13,492
440,874
104,542
545,416
-491
544,925
558,417
-39,025
-85,000
434,392
279,872
154,520
434,392		 2023
£
£
16,865
119,536
327,841
447,377
-1,633
445,744
462,609
-44,953
-85,000
332,656
241,372
91,284
332,656		 2023
£
£
16,865
119,536
327,841
447,377
-1,633
445,744
462,609
-44,953
-85,000
332,656
241,372
91,284
332,656
462,609
-44,953
-85,000
332,656
241,372
91,284
332,656

6

BALANCE SHEET (CONTINUED) AS AT 30 JUNE 2024

The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 30 June 2023.

The directors acknowledge their responsibilities for ensuring that the charity keeps accounting records which comply with section 386 of the Act and for preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of the financial year and of its incoming resources and application of resources, including its income and expenditure, for the financial year in accordance with the requirements of sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the Trustees on 10 March 2025. .............................. ih Yah Mr M Lewendel Trustee

Company Registration No. 07126012

7

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024

1 Accounting policies

Charity information

Icarus Theatre Collective is a private company limited by guarantee incorporated in England and Wales. The registered office is at 62, Gordon Road, High Wycombe, HP13 6ER.

1.1 Accounting convention

The financial statements have been prepared in accordance with the charity's Memorandum and Articles of Association, the Companies Act 2006 and "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 charity is a Public Benefit Entity as defined by FRS 102.

The charity has taken advantage of the provisions in the SORP for charities applying FRS 102 Update Bulletin 1 not to prepare a Statement of Cash Flows.

The financial statements are prepared in sterling , which is the functional currency of the charity. Monetary a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2 Charitable funds

Unrestricted funds are available for use at the discretion of the Trustees in furtherance of their charitable objectives.

Restricted funds are to be used for specific purposes as laid down by the donor. Expenditure which meets these criteria is charged to the fund.

1.3 Incoming resources

Donations, legacies, grants etc. are accounted for when due to the charity, where applicable, with their associated tax recoverable element. The Charity benefits from investment income.

Production income is credited to the statement of financial activities for the period in which the related production takes place. Fees received in advance of future produtions are deferred. All other income is recognised when it is receivable.

No income is recorded net of expenses except where these are beyond the control or knowledge of the trustees.

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods and services provided in the normal course of business, net of discounts, VAT

8

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED

30 JUNE 2024

(Continued)

1 Accounting policies

1.4 Resources expended

Resources expended are recognised in the period in which they are incurred except that production expenses are recognised in the period in which the production takes place.

Governance costs are those necessary for the charity to meet constitutional and statutory requirements and include any costs associated with the strategic management of the charity's activities.

1.5 Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:

Furniture and office equipment 20% reducing balance Motor vehicles 20% reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in net income/(expenditure) for the year.

1.6 Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.7 Taxation

The charitable company is exempt from corporation tax because all its income is charitable and is applied for charitable purposes.

9

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2024

2 Critical accounting estimates and judgements

In the application of the charity’s accounting policies, the Trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future

3 Charitable activities

3 Charitable activities
2024 2023
£ £
Production costs 24,968 37,134
Freelance fees 0 21,569
Staff costs 0 108,367
24,968 167,070
Share of support costs (see note 4) 4,441 6,730
Share of governance costs (see note 4) 250 250
29,659 174,050
Analysis by fund
Unrestricted funds 4,691 97,020
Restricted funds 24,968 77,030
29,659 174,050
4 Support costs
Support Governance 2024 2023 Basis of
costs costs allocation
£ £ £ £
Depreciation 3,373 3,373 4,217
Office costs 0 0 1,791
Travel 0 0 511
Bank charges 1,068 1,068 211
Independent examination 250 250 250 Governance
Analysed between 4,441 250 4,691 6,980
Charitable activities 4,441 250 4,691 6,980

Governance costs include payments to the Independent Examiner of £250 (2023: £250)

10

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2024

5 Trustees

Trustees' remuneration for the year was £0 (2022: £28,046).

Trustees' remuneration comprises fees paid to Trustees where they provide professional services to the Charity, except where subsidiaries reimbursed the Charity for those fees. No Trustee was paid to act as a T

6 Tangible fixed assets

Cost
At 1 July 2022
Additions
At 30 June 2023
Depreciation and impairment
Accumulated Depreciation at 1 July 2023
Depreciation charged in the year
At 30 June 2024
Carrying amount
At 30 June 2024
At 30 June 2023
7 Debtors
Amounts falling due within one year:
Trade Debtors
Related party loans
Other Debtors		 Furniture and
Motor vehicles
Total
office
equipment
£
£
£
26,000
18,000
44,000
0
0
0
26,000
18,000
44,000
16,017
11,118
27,135
1,997
1,376
3,373
18,014
12,494
30,508
7,986
5,506
13,492
9,983
6,882
16,865
Notes
2024
2023
£
£
8,282
1743
11
432,592
117,793
0
0
440,874
119,536		 Total
£
44,000
0
44,000
27,135
3,373
30,508
13,492
16,865

11

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2024

8 Creditors: amounts falling due within one year

Trade creditors
Related party loans
9 Creditors: amounts falling due after more than one year
Bounceback Loan
Related party loans
Other loans
10 Analysis of net assets between funds
Fund balances at 30 June 2024 are represented
by:
Tangible assets
Current assets/(liabilities)
Long term liabilities		 Notes
11
Notes
12
11
12
General fund
£
13,492
390,405
-39,025
364,872		 2024
2023
£
£
491
1,633
-
-
491
1,633
2024
2023
£
£
39,025
44,953
0
0
85,000
85,000
124,025
129,953
Restricted
Total
fund
£
£
0
13,492
154,520
544,925
-85000
-124,025
69,520
434,392

12

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2024

11 Related Party Transactions and Other Loans

The Charity wholly owns Icarus' Othello Ltd, a private company limited by shares. The Charity is a Person of Significant Control in relation to the subsidiary. The Charity made loans to the subsidiary in the furtherance of its objects which are governed by a loan agreement between the two companies. During the year the company made a loss of £209,931 after taxation was taken into account and had a net value of -£249,110. The Trustees expect that in due course the subsidiary will trade profitably and will make donations to it.

At 30 June 2024 the balance of Icarus' Othello Ltd's loan to the Charity was £432,592 (2023: £117,793).

12 Other creditors

The Charity's Bounceback loan had a balance at the year-end of £39,025 (2023: £44,953).

The Charity holds debt investment of £85,000 from several investors which is due to be repaid in future years (2023: £85,000).

13 Employees

During the year the average number of employees was 5 (2023: 5).

14 Limited by guarantee

The charitable company is constituted as a company limited by guarantee. In the event of winding up

the liability of the guarantors is limited to £1 each.

13

Icarus Theatre Collective (A company Limited by Guarantee) Report and Financial Statements Year Ending 30 June 2024

Charity Number: 1134535 Company Number: 07126012

Address: 62 Gordon Road High Wycombe HP13 6ER

Icarus Theatre Collective

The trustees are pleased to present their annual report together with the consolidated financial statements of the charity for year ending 30 June 2024 which are also prepared to meet the requirements for a directors’ report and accounts for Companies Act purposes.

The financial statements comply with the Charities Act 1993, the Companies Act 1985, the Memorandum and Articles of Association, and the Statement of Recommended Practice – Accounting and Reporting by Charities (SORP 2005).

1. Reference and administrative details of the charity, its trustees and advisers

2. Structure, governance, and management

attend appropriate external training events where these will facilitate the undertaking of their role.

3. A financial review

4. Funds held as custodian trustee on behalf of others

5. Public benefit statement

In our 15th year, we opened Julius Caesar at Anvil Arts in Basingstoke, but significant technological challenges prevented us from touring to the planned 30+ venues. Recently, Southwark Playhouse offered to take the show and produce, to solve the technical challenfes for autumn 2024. This process is under-way at year end.

We ran a small number of educational workshops related to our past Shakespeare productions and continued planning for touring a production of Julius Caesar in the coming year, raising significant funds to R&D a revolutionary new Creative Captioning technology.

We believe that the breadth and accessibility of our artistic programme demonstrates without any doubt the public benefit that our work brings to the UK.

6. Objectives and Activities

7. Volunteers

The Charity has developed a programme of volunteer interns to assist in the running of the company and in return provide them education on how an arts organisation runs. This programme on hold presently, as we re-evaluate our use of unpaid people. We have policies already in place, visible on our website.

8. Achievements and Performance

9. Plans for Future Periods

See ‘Objectives and Activities’, item 6, above.