**Charity Registration No. 1134863** **Company Registration No. 06940032 (England and Wales)** ## **THE LOFT THEATRE COMPANY** ## **ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS** **FOR THE YEAR ENDED 31 AUGUST 2021** ## **THE LOFT THEATRE COMPANY** ## **LEGAL AND ADMINISTRATIVE INFORMATION** |**Trustees**|Mr D Fletcher| |---|---| ||Mrs S Moore| ||Mr R Moore| ||Mr W Wilkinson| ||Mr J Synge| ||Mr C O'Brien| ||Mr P Daly-Dickson| ||Ms T Lacey| ||Mr R Lowe| ||Ms V Betts| ||Ms E Morgan| |**Charity number**|1134863| |**Company number**|06940032| |**Registered office**|Loft Theatre| ||Victoria Colonnade| ||Leamington Spa| ||Warwickshire| ||CV31 3AA| |**Independent examiner**|Burgis & Bullock| ||23-25 Waterloo Place| ||Warwick Street| ||Leamington Spa| ||Warwickshire| ||CV32 5LA| |**Bankers**|HSBC Bank plc| ||The Parade| ||PO Box 88| ||Leamington Spa| ||Warwickshire| ||CV32 4BU| |**Solicitors**|Blythe Liggins| ||Edmund House| ||Rugby Road| ||LEAMINGTON SPA| ||CV32 6EL| ## **THE LOFT THEATRE COMPANY** ## **LEGAL AND ADMINISTRATIVE INFORMATION** ## **Investment advisors** Self Chartered Financial Planners 6 Elm Court Arden Street Stratford Upon Avon Warwickshire CV37 6PA ## **THE LOFT THEATRE COMPANY** ## **CONTENTS** ||**Page**| |---|---| |Trustees' report|1 - 6| |Independent examiner's report|7| |Statement of financial activities|8 - 9| |Balance sheet|10 - 11| |Notes to the financial statements|12 - 25| ## **THE LOFT THEATRE COMPANY** ## **TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT)** ## _**FOR THE YEAR ENDED 31 AUGUST 2021**_ The trustees present their report and accounts for the year ended 31st August 2021. The accounts have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the charity's governing document 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)” (as amended for accounting periods commencing from 1 January 2019) . ## **Structure, governance and management** The charity is a company limited by guarantee and was incorporated on 22nd June 2009. The charity is governed by its memorandum and articles of Association dated 22nd June 2009 as amended by special resolution dated 11th January 2010 and special resolution dated 8th April 2018. The trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were: **Member of audit committee** Mr D Fletcher Yes Mr R Moore Ms S Moore Yes Mr C O'Brien Mr J Synge Yes Mr W Wilkinson Yes Mr P Daly-Dickson Mr R Lowe Ms T Lacey Ms E Morgan Ms V Betts The board have appointed an artistic director, Sue Moore, and a general manager, Amanda Laidler (until November 2020) and Robin Boyd (from December 2020), and delegated to them limited powers to manage the day-to-day affairs of the company. The Loft Theatre Company is run almost entirely by volunteers and provides opportunities for the community to join the Theatre and participate in the management and presentation of high quality theatre. There are no barriers to participation and admission to performances is open to the general public and there are concessionary ticket price schemes in operation. The Trustees have assessed the major risk factors to which the charity is exposed and are satisfied that systems are in place to mitigate the company’s exposure to risks. - 1 - ## **THE LOFT THEATRE COMPANY** ## **TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)** ## _**FOR THE YEAR ENDED 31 AUGUST 2021**_ Trustees are generally appointed at the AGM. The process of appointing and retiring trustees, is set out in our Articles 31 to 45, as amended by special resolution dated 11th January 2010 and special resolution dated 8th April 2018. None of the trustees has any beneficial interest in the company. All of the trustees are members of the company and guarantee to contribute £1 in the event of a winding up. ## **Objectives and activities** 1. To advance education in the arts, primarily the performing arts, for the public benefit, in particular by: a) the production and promotion of theatre plays; b) encouraging and promoting the study and appreciation of theatre and participating in making theatre; and c) encouraging and promoting appreciation and interest in performing arts, including music, film and dance. 2. To provide, or assist in the provision of, facilities in the interests of social welfare, for recreation or other leisure time occupation of the public with the object of improving their quality and conditions of life. The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake. - 2 - ## **THE LOFT THEATRE COMPANY** ## **TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)** ## _**FOR THE YEAR ENDED 31 AUGUST 2021**_ ## **Achievements and performance** Our last report detailed the enforced closure of the theatre in March 2020, due to the pandemic, which caused the cancellation of the rest of the season’s productions. By September 2020, when our new season would have opened, we had completed a large body of work within the theatre. This was a mixture of long-awaited upgrading of many areas of the theatre on stage and off, but also a comprehensive storage project to accommodate the notice served to us by Warwick District Council to withdraw from the Old Dole Office as part of the development of the buildings around Spencer Yard. We continued to be involved in discussions with the developers throughout this period. Planning consent for the project was given in July 2021. With each successive lockdown we took a decision for many reasons to keep our two employed members of staff in the building rather than on furlough, to ensure that we could have the work project managed and the building continually monitored and cleaned. We continued to have financial support from our loyal patrons for which we are very grateful, coupled with Government grants. These provided critical financial support. Despite this busy programme of work, we turned our attention to keeping ourselves in front of our audience. We were fortunate that we had a handful of studio quality recordings of several past productions available, which we posted free of charge online and made a new recording of a previously performed play, with the original cast. We also licensed and performed existing and new work as ticketed audio productions. In total we presented 7 audio productions on line. After three attempts, we reopened the theatre in July 2021 with the long awaited version of The Wind in the Willows by Alan Bennett. It was exacting to open a socially distanced theatre on stage, back stage and front of house, both in rehearsal and performance. The reopening and the production were well received and everyone was relieved to be back. ## **AUDIO AND ONSTAGE PRODUCTIONS** The Ballad of Lady Bessy Anthem for Doomed Youth The Trial of Queen Caroline Bubble Fever Amsterdam The House with the Mezzanine An Intervention The Wind in the Willows David Fletcher Devised by David Fletcher David Fletcher David Fletcher Maya Arad Yasur Anton Chekhov, adapted by David Fletcher Mike Bartlett Alan Bennett - 3 - ## **THE LOFT THEATRE COMPANY** ## **TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)** ## _**FOR THE YEAR ENDED 31 AUGUST 2021**_ ## **Financial review** ## **Summary of financial performance** The operating results for the year show a deficit of £48,031. There was, however, a substantial unrealised gain in investments of £55,676. The net result was an increase in the total funds of the charity of £7,645 to £766,244. Unsurprisingly the continuing duration of the pandemic’s effect over nearly a whole year caused this greater downward pressure on the financial performance and cash reserves. **INCOME:** Lower sales of tickets resulted in a contribution downturn of 87%, with bar and programmes generating similar reductions, all reflecting the reduced audience attendance figures while the theatre was closed. **Other income:** Government support grants were at a similar level of approximately £20,000, whilst donations and sundry income were slightly down. A legacy of £5,000 was also received. **OVERHEADS:** Overheads were 18% (£20,837) lower than the prior year, again due to the much reduced activity and subsequent operating expenses. As noted in the above report we continued to employ the production manager full-time. Marketing expenses were lower by just over £9,000. **CASHFLOW:** The drain on cash was significant, with cash balances by the end of August 2021 at £18,693, down £29,862 on the year. **INVESTMENTS** : The unrealised gain in investments value was £55,676, or 10.9% year over year, following sharp rises in stock markets in late 2020/early ‘21. The gain on original cost was £65,000 at 31 August 2021. To enable members to quickly see and appreciate the varying factors and activities that contribute to our annual outturn in financial terms, the following page shows a brief summary statement of income and expenditure for the year ending 31st August 2021. For the full accounting under present Company and Charity requirements, refer to pages 8-25. ## Investments Strategy and actions taken in the year The investment strategy is to continue to seek a regular stream of annual income to support our activities, without materially impairing the long-term value of the investments. The composition of the investment portfolio has not changed in the year and is seen as a satisfactory basis for this strategy. ## Reserves Policy The charities total reserves at the year-end were £766,244 (2020: £758,599). This includes investment reserves of £564,788 and capital funds of £177,495 (being the net book value of the fixed assets). The investment reserves are held in an investment portfolio designed to provide an income stream for use in the charity’s general activities, whilst preserving a capital base that can be used for the future enhancement of the charity’s facilities. In view of the Charity's responsibilities as an employer and the inherent uncertainties over future income sources, the Trustees agree that it is appropriate to maintain free reserves equivalent to not less than half of the past year’s expenditure. - 4 - ## **THE LOFT THEATRE COMPANY** ## **TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)** ## _**FOR THE YEAR ENDED 31 AUGUST 2021**_ |Income from Loft Productions
Costs of Loft Productions
Net Contribution of Loft Productions
Income from Visitor Productions
Costs of Visitor Productions
Net Contribution of Visitor Productions
Income from bar trading
Costs of good sold
Gross profit
Expenses
Net contribution of bar trading
Income from other trading
Costs of goods sold
Net Contribution of other Trading
Sale of Programmes (Net of costs)
Subscriptions
Legacies
Government Grants
Donations and sundry Income
Investment Income
**Net Incoming resources**|**2021**
**£**
11,732
3,960
-
-
2,663
1,702
961
2,168
-
326|7,772
-
(1,207)
(326)
(943)
230
5,000
19,051
4,979
11,109
45,665|**2020**
**£**
62,998
19,385
8,097
5,786
15,330
6,608
8,722
2,037
2,747
1,295|43,613
2,311
6,685
1,452
(1,314)
612
-
20,000
10,639
11,444
95,442| |---|---|---|---|---| - 5 - ## **THE LOFT THEATRE COMPANY** ## **TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)** ## _**FOR THE YEAR ENDED 31 AUGUST 2021**_ |House Costs:
Staff costs
Utilities
Maintenance
Insurance
Total house costs
Depreciation
Marketing & Box office costs
Administration:
Accounting Assistance
Telephone
Software and IT
Other
Audit & Accountancy fees
Investment advisor fees
Total admin costs
**Outgoing resources**
Surplus/(Deficit) on ongoing activities
Unrealised gain on investments
Realised gain on investments
Net movement in funds|28,617
9,123
10,035
5,689
-
4,293
2,242
3,919
2,262
-|53,464
18,717
8,799
12,716
93,696
(48,031)
55,676
-
7,645|28,071
15,228
17,716
6,290
600
3,663
1,737
2,875
2,226
-|67,305
18,046
18,081
11,101
114,533
(19,091)
(9,301)
(28,392)| |---|---|---|---|---| The trustees' r eport was approved by the Board of Trustees. James Synge (May 11, 2022, 5:13pm) .............................. Mr J Synge ## 11 May 2022 Date: ............................................. - 6 - ## **THE LOFT THEATRE COMPANY** ## **INDEPENDENT EXAMINER'S REPORT** ## **TO THE TRUSTEES OF THE LOFT THEATRE COMPANY** I report to the trustees on my examination of the financial statements of The Loft Theatre Company (the charity) for the year ended 31 August 2021. ## **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 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. ## W A Hubbard Wende Hubbard (May 11, 2022, 5:59pm) Wende Hubbard (FCCA) 23-25 Waterloo Place Warwick Street Leamington Spa Warwickshire CV32 5LA 11th May 2022 Dated: ......................... - 7 - ## **THE LOFT THEATRE COMPANY** ## **STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT** ## _**FOR THE YEAR ENDED 31 AUGUST 2021**_ |**Notes**
**Income from:**
Donations , L egacies and Grants
**2**
Charitable activities
**3**
Investments
**4**
Other income
**5**
**Total income**
**Expenditure on:**
Raising funds
**6**
Charitable activities
**7**
**Total resources expended**
Net gains/(losses) on investments
**11**|**General Investment**
**funds**
**funds**
**2021**
**2021**
**£**
**£**
29,041
-
12,174
-
11,098
11
2,663
-
54,976
11
4,387
-
98,620
-
103,007
-
-
55,665|**Capital**
**funds**
**2021**
**£**
-
-
-
-
-
-
-
-
-|**Total**
**2021**
**£**
29,041
12,174
11,109
2,663
54,987
4,387
98,620
103,007
55,665|**General Investment**
**funds**
**funds**
**2020**
**2020**
**£**
**£**
26,770
-
73,871
-
11,398
46
21,325
-
133,364
46
18,456
-
133,999
-
152,455
-
-
(9,347)|**Capital**
**funds**
**2020**
**£**
-
-
-
-
-
-
-
-
-|**Total**
**2020**
**£**
26,770
73,871
11,444
21,325
133,410
18,456
133,999
152,455
(9,347)| |---|---|---|---|---|---|---| - 8 - ## **THE LOFT THEATRE COMPANY** ## **STATEMENT OF FINANCIAL ACTIVITIES (CONTINUED) INCLUDING INCOME AND EXPENDITURE ACCOUNT** ## _**FOR THE YEAR ENDED 31 AUGUST 2021**_ |**Notes**
**Net outgoing resources before transfers**
Gross transfers between funds
**19**
**Net movement in funds**
Fund balances at 1 September 2020
**Fund balances at 31 August 2021**|**General Investment**
**funds**
**funds**
**2021**
**2021**
**£**
**£**
(48,031)
55,676
13,702
-
(34,329)
55,676
58,290
509,112
23,961
564,788|**Capital**
**funds**
**2021**
**£**
-
(13,702)
(13,702)
191,197
177,495|**Total**
**2021**
**£**
7,645
-
7,645
758,599
766,244|**General Investment**
**funds**
**funds**
**2020**
**2020**
**£**
**£**
(19,091)
(9,301)
12,018
-
(7,073)
(9,301)
65,363
518,413
58,290
509,112|**Capital**
**funds**
**2020**
**£**
-
(12,018)
(12,018)
203,215
191,197|**Total**
**2020**
**£**
(28,392)
-
(28,392)
786,991
758,599| |---|---|---|---|---|---|---| 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. - 9 - ## **THE LOFT THEATRE COMPANY** ## **BALANCE SHEET** ## _**AS AT 31 AUGUST 2021**_ |**Notes**
**Fixed assets**
Tangible assets
**12**
Investments
**13**
**Current assets**
Stocks
**14**
Debtors
**15**
Cash at bank and in hand
**Creditors: amounts falling due within**
**one year**
**16**
Net current assets
**Total assets less current liabilities**
**Income funds**
Capital funds
Investment funds
General funds|**2021**
**£**
360
18,771
18,693
37,824
(13,863)
177,495
564,788
23,961|**£**
177,495
564,788
742,283
23,961
766,244
766,244|**2020**
**£**
990
19,082
48,555
68,627
(10,337)
191,197
509,112
58,290|**£**
191,197
509,112
700,309
58,290
758,599
758,599| |---|---|---|---|---| - 10 - ## **THE LOFT THEATRE COMPANY** ## **BALANCE SHEET (CONTINUED)** ## _**AS AT 31 AUGUST 2021**_ The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 31 August 2021. The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements. 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. 21 Apr 2022 The financial statements were approved by the Trustees on ......................... James Synge (May 11, 2022, 5:13pm) .............................. Mr J Synge **Trustee** ## **Company Registration No. 06940032** - 11 - ## **THE LOFT THEATRE COMPANY** ## **NOTES TO THE FINANCIAL STATEMENTS** _**FOR THE YEAR ENDED 31 AUGUST 2021**_ ## **1 Accounting policies** ## **Charity information** The Loft Theatre Company is a private company limited by guarantee incorporated in England and Wales. The registered office is Victoria Colonade, Leamington Spa, CV31 3AA. ## **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 (SORP) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)” (effective from 1 January 2019). The charity is a Public Benefit Entity as defined by FRS 102. 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, modified to include certain financial instruments at fair value. The principal accounting policies adopted are set out below. ## **1.2 Going concern** At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in the foreseeable future. Based on the current information available to them the trustees’ expectations of the foreseeable future remain the same and thus they continue to adopt the going concern basis of accounting in preparing the financial statements. ## **1.3 Charitable funds** General funds are available for use at the discretion of the trustees in furtherance of their charitable objectives. ## **1.4 Incoming resources** Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received. Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid is recognised at the time of the donation. Income received in advance of theatrical performances or provision of other specified services is deferred until performances are given to which the income refers. Grant i ncome is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received. Income of the sales of goods and services is measured at the fair value of the consideration received or receivable in the normal course of business. - 12 - ## **THE LOFT THEATRE COMPANY** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** ## _**FOR THE YEAR ENDED 31 AUGUST 2021**_ ## **1 Accounting policies** **(Continued)** ## **1.5 Resources expended** 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 are allocated on the portion of the asset’s use. All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to that category. ## **1.6 Tangible fixed assets** Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses. Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases: Land and buildings 2% straight line Specialist stage equipment 25% straight line Fixtures, fittings & equipment 15% reducing balance Freehold Improvements 10% straight line 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 the statement of financial activities . ## **1.7 Fixed asset investments** Fixed asset investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net income/(expenditure) for the year . Transaction costs are expensed as incurred. ## **1.8 Impairment of fixed assets** At each reporting end date, the charity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any ) . - 13 - ## **THE LOFT THEATRE COMPANY** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** ## _**FOR THE YEAR ENDED 31 AUGUST 2021**_ ## **1 Accounting policies** **(Continued)** ## **1.9 Stocks** Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell . Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. Items held for distribution at no or nominal consideration are measured the lower of replacement cost and cost. Net realisable value is the estimated selling price less all estimated costs of completion and costs to be incurred in marketing, selling and distribution. ## **1.10 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. ## **1.11 Financial instruments** The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments. Financial instruments are recognised in the charity 's balance sheet when the charity becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. ## _**Basic financial assets**_ Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised. - 14 - ## **THE LOFT THEATRE COMPANY** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** ## _**FOR THE YEAR ENDED 31 AUGUST 2021**_ ## **1 Accounting policies** **(Continued)** ## _**Basic financial liabilities**_ Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future p aymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. ## _**Derecognition of financial liabilities**_ Financial liabilities are derecognised when the charity ’s contractual obligations expire or are discharged or cancelled. ## **1.12 Employee benefits** The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received. Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits. ## **1.13 Retirement benefits** Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due. - 15 - ## **THE LOFT THEATRE COMPANY** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** ## _**FOR THE YEAR ENDED 31 AUGUST 2021**_ ## **2 Donations , L egacies and Grants** |**General**
**funds**
**2021**
**£**
Donations and gifts
4,990
Legacies receivable
5,000
Government grant
19,051
29,041|**Total**
**2020**
£
6,770
-
20,000| |---|---| ||26,770| Government grant income received was the ' Business Grant Fund Schemes ' in relation to Coronavirus Grant Funding provided by the Government. ## **3 Charitable activities** |Theatre Activities
Subscriptions
Programme sales|**2021**
**£**
11,732
230
212
12,174|**2020**
**£**
71,762
612
1,497| |---|---|---| |||73,871| - 16 - ## **THE LOFT THEATRE COMPANY** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** ## _**FOR THE YEAR ENDED 31 AUGUST 2021**_ ## **4 Investments** |**General Investment**
**funds**
**funds**
**2021**
**2021**
**£**
**£**
Income from listed
investments
11,096
-
Interest receivable
2
11
11,098
11
**Other income**
Bar Income
Catering Income
Other|**Total**
General
funds
funds
**2021**
2020
2020
**£**
£
£
11,096
11,323
-
13
75
46
11,109
11,398
46
**General**
**funds**
**2021**
**£**
2,663
-
-
2,663|Total
2020
£
11,323
121| |---|---|---| |||11,444| |||**Total**
**2020**
**£**
15,330
2,747
3,248| |||21,325| ## **5 Other income** ## **6 Raising funds** |Advertising
Bar and catering costs|**2021**
**£**
2,359
2,028
4,387|**2020**
**£**
10,553
7,903| |---|---|---| |||18,456| - 17 - ## **THE LOFT THEATRE COMPANY** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** ## _**FOR THE YEAR ENDED 31 AUGUST 2021**_ ## **7 Charitable activities** ||**Productions**|**Productions**| |---|---|---| ||**2021**|
**2020**| ||**£**|
**£**| |Stage|1,629|
3,882| |Props|227|
699| |Wardrobe|398|
1,426| |Lighting & Sound|-|
1,786| |Royalties|2,328|
6,063| |Music|15|
8,227| |Books|187|
559| |Cost of visiting companies|-|
5,786| |Utilities|9,123|
15,228| |Cleaning|771|
717| |Bank charges|175|
342| |Repairs and Maintenance|8,880|
16,894| |Insurance|5,689|
6,289| |Printing and Stationery|69|
262| |Credit card charges|8,608|
9,591| |Other charitable expenditure|10,617|
6,102| ||48,716|
83,853| |Share of support costs (see note 8)|47,334|
46,117| |Share of governance costs (see note 8)|2,570|
4,029| ||98,620|
133,999| Stage includes programme costs of £1,155 for the year (2020: £2,811). - 18 - ## **THE LOFT THEATRE COMPANY** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** ## _**FOR THE YEAR ENDED 31 AUGUST 2021**_ ## **8 Support costs** |**Support costs**||| |---|---|---| |**Support**
**costs**
**Governance**
**costs**
**£**
**£**
Staff costs
28,617
-
Depreciation
18,717
-
Audit fees
-
2,262
Legal and professional
-
58
Other
-
250
47,334
2,570
Analysed between
Charitable activities
47,334
2,570|**2021**
Support
costs
Governance
costs
**£**
£
£
28,617
28,071
-
18,717
18,046
-
2,262
-
2,226
58
-
963
250
-
840
49,904
46,117
4,029
49,904
46,117
4,029|2020
£
28,071
18,046
2,226
963
840| |||50,146| |||50,146| ## **9 Trustees** None of the trustees (or any persons connected with them) received any remuneration in the year. Trustees were due to be reimbursed a total of £157 (2020: £189) with respect to expenses incurred in the year. - 19 - ## **THE LOFT THEATRE COMPANY** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** ## _**FOR THE YEAR ENDED 31 AUGUST 2021**_ ## **10 Employees** ## **Number of employees** The average monthly number of employees during the year was: |||**2021**|**2020**| |---|---|---|---| |||**Number**|**Number**| |||2|2| ||**Employment costs**|**2021**|**2020**| |||**£**|**£**| ||Wages and salaries|27,878|27,345| ||Pension costs|739|726| |||28,617|28,071| |**11**|**Net gains/(losses) on investments**||| |||**2021**|**2020**| |||**£**|**£**| ||Revaluation of investments|55,665|(9,347)| - 20 - ## **THE LOFT THEATRE COMPANY** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** ## _**FOR THE YEAR ENDED 31 AUGUST 2021**_ ## **12 Tangible fixed assets** |**Tangible fixed assets**||| |---|---|---| |**Cost**
At 1 September 2020
Additions
At 31 August 2021
**Depreciation and impairment**
At 1 September 2020
Depreciation charged in the year
At 31 August 2021
**Carrying amount**
At 31 August 2021
At 31 August 2020|**Land and**
**buildings**
**Specialist stage**
**equipment**
**Fixtures, fittings**
**& equipment**
**Freehold**
**Improvements**
**£**
**£**
**£**
**£**
126,428
8,537
145,106
89,869
-
3,960
-
1,055
126,428
12,497
145,106
90,924
31,184
7,098
111,231
29,230
2,529
2,015
5,081
9,092
33,713
9,113
116,312
38,322
92,715
3,384
28,794
52,602
95,244
1,439
33,875
60,639|**Total**
**£**
369,940
5,015| |||374,955| |||178,743
18,717| |||197,460| |||177,495| |||191,197| - 21 - ## **THE LOFT THEATRE COMPANY** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** ## _**FOR THE YEAR ENDED 31 AUGUST 2021**_ ## **13 Fixed asset investments** |**Listed**
**investments**
**Cash in**
**portfolio**
**£**
**Cost or valuation**
At 1 September 2020
500,628
8,484
Valuation changes
57,135
(1,470)
Interest on cash deposits
-
11
At 31 August 2021
557,763
7,025
**Carrying amount**
At 31 August 2021
557,763
7,025
At 31 August 2020
500,628
8,484|**Total**
**£**
509,112
55,665
11| |---|---| ||564,788| ||564,788| ||509,112| ## **Fixed asset investments revalued** Listed investments have been revalued at their market value at the year end. The historical cost of these investments was £490,149. ## **14 Stocks** |**14**
**Stocks**||| |---|---|---| |Finished goods and goods for resale
**15**
**Debtors**
**Amounts falling due within one year:**
Trade debtors
Other debtors
Prepayments and accrued income|**2021**
**£**
360
**2021**
**£**
2,776
1,125
14,870
18,771|**2020**
**£**
990| |||**2020**
**£**
2,176
2,300
14,606| |||19,082| - 22 - ## **THE LOFT THEATRE COMPANY** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** ## _**FOR THE YEAR ENDED 31 AUGUST 2021**_ ## **16 Creditors: amounts falling due within one year** |**Creditors: amounts falling due within one year**||| |---|---|---| |**Notes**
Deferred income
**17**
Trade creditors
Other creditors
Accruals and deferred income|**2021**
**£**
1,875
4,828
1,728
5,432
13,863|**2020**
**£**
529
6,480
1,099
2,229| |||10,337| ## **17 Deferred income** ||**2021**|**2020**| |---|---|---| ||**£**|**£**| |Deferred income in relation to forward||| |ticket sales|1,875|529| Deferred income relates to ticket income received in advance for periods in the following year. A reconciliation of the deferred income balance as follows: Brought Forward £529, Released during the year £12,481, Invoiced £13,827, Balance Carried Forward £1,875. - 23 - ## **THE LOFT THEATRE COMPANY** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** ## _**FOR THE YEAR ENDED 31 AUGUST 2021**_ ## **18 Analysis of net assets between funds** |Fund balances at 31 August 2021 are
represented by:
Tangible assets
Investments
Current assets/(liabilities)|**General**
**funds**
**Investment**
**funds**
**Capital funds**
**2021**
**2021**
**2021**
**£**
**£**
**£**
-
-
177,495
-
564,788
-
23,961
-
-
23,961
564,788
177,495|**Total**General funds
Investment
funds
Capital funds
**2021**
2020
2020
2020
**£**
£
£
£
177,495
-
-
191,197
564,788
-
509,112
-
23,961
58,290
-
-
766,244
58,290
509,112
191,197|Total
2020
£
191,197
509,112
58,290
758,599| |---|---|---|---| - 24 - ## **THE LOFT THEATRE COMPANY** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** ## _**FOR THE YEAR ENDED 31 AUGUST 2021**_ ## **19 Transfers between funds** During the year, a transfer of £13,702 was made from capital funds to the general funds to represent the movement in the net book value of its current fixed assets. ## **20 Related party transactions** Income of £nil (2020: £2,300) was received from a company with which the charity had a common director, for hire of studio facilities. At the year-end, £nil (2020: £2,300) was outstanding. - 25 - ## **Issuer** **Issuer** Burgis & Bullock **Document generated** Tue, 26th Apr 2022 16:05:33 BST **Document fingerprint** cbd3c019a7e7858ee36ddd4ac6ed49e1 ## **Parties involved with this document** ## **Document processed** ## **Party + Fingerprint** Wed, 11th May 2022 17:13:10 BST Wed, 11th May 2022 17:59:56 BST James Synge - Signer (d128daa0eca9fb4409f279cd8a5aaf4c) Wende Hubbard - Signer (bfa1bb9d0b8081038369e60b52f95703) ## **Audit history log** ## **Date** ## **Action** Wed, 11th May 2022 17:59:58 BST Wed, 11th May 2022 17:59:56 BST Wed, 11th May 2022 17:59:56 BST Wed, 11th May 2022 17:59:06 BST Wed, 11th May 2022 17:13:13 BST Wed, 11th May 2022 17:13:11 BST Wed, 11th May 2022 17:13:10 BST Wed, 11th May 2022 17:13:10 BST Wed, 11th May 2022 17:09:55 BST Thu, 28th Apr 2022 14:08:30 BST Tue, 26th Apr 2022 22:13:29 BST Tue, 26th Apr 2022 16:13:01 BST Tue, 26th Apr 2022 16:13:01 BST Tue, 26th Apr 2022 16:09:33 BST Tue, 26th Apr 2022 16:09:33 BST Tue, 26th Apr 2022 16:06:41 BST Tue, 26th Apr 2022 16:05:33 BST Wende Hubbard viewed the envelope. (18.132.124.34) The envelope has been signed by all parties. (35.179.60.205) Wende Hubbard signed the envelope. (35.179.60.205) Wende Hubbard viewed the envelope. (35.179.60.205) James Synge viewed the envelope. (35.179.80.221) Document emailed to wende@burgisbullock.com (18.169.189.34) Sent the envelope to Wende Hubbard (wende@burgisbullock.com) for signing. (18.132.124.34) James Synge signed the envelope. (18.132.124.34) James Synge viewed the envelope. (18.132.124.34) James Synge opened the document email. (146.75.168.86) James Synge opened the document email. (146.75.168.55) Document emailed to jamessynge@icloud.com (18.170.43.250) Sent the envelope to James Synge (jamessynge@icloud.com) for signing. (89.255.128.101) Wende Hubbard has been assigned to this envelope (89.255.128.101) James Synge has been assigned to this envelope (89.255.128.101) Document generated with fingerprint cbd3c019a7e7858ee36ddd4ac6ed49e1 (89.255.128.101) Envelope generated by Emma Sawyer (89.255.128.101)