**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 2022** ## **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|| ||Ms V Betts|| ||Ms V Holding|(Appointed 9 May 2022)| ||Ms L Middleton|(Appointed 9 May 2022)| |**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|| ||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 2022**_ The trustees present their report and accounts for the year ended 31st August 2022. 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, special resolution dated 8th April 2018 and special resolution dated 9th May 2022. The 2022 AGM agreed to amend the Articles to remove the existing membership system and empower the Volunteers at the Loft to attend and vote at all General and Extraordinary Meetings of the company. 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|(Until 13th January 2023)| |Mr P Daly-Dickson||| |Ms T Lacey||| |Ms V Betts||| |Mr R Lowe||(Resigned 9th April 2022)| |Ms E Morgan||(Resigned 9th April 2022)| |Ms V Holding||(Appointed 9th April 2022)| |Ms L Middleton||(Appointed 9th April 2022)| The board have appointed an artistic director, Sue Moore, and a general manager, Robin Boyd, 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 2022**_ 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, special resolution dated 8th April 2018 and special resolution dated 9th May 2022. 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 2022**_ ## **Achievements and performance** Following the reopening of the theatre in July 2021, after the enforced closure of the pandemic, we were relieved to be able to present an Autumn programme of some plays which had been close to opening at the start of the pandemic, plus a planned musical to close out the year. 2022 opened as the Loft’s Centenary year, a hugely significant moment in the Loft’s history. Sadly, the January opening production of Hedda by Lucy Kirkwood was forced to close under Government guidelines, due to a positive covid test in the cast in the middle of the run. We must pay tribute to the Loft audiences throughout the long closure and particularly when Hedda was abruptly closed and thank them for donating the cost of their tickets, rather than requesting a credit or refund. That, in tandem with government grants, made a difference to our fortunes, with audiences slowly rebuilding. Happily, Hedda was the only production which was curtailed due to Covid and life became easier once Government restrictions were lifted. The Centenary programme was challenging to put together, as we needed to find a way of appropriately reflecting 100 years of history since the theatre’s foundation in 1922. We chose to present plays and authors that had mattered and had shaped us, including popular classic theatre, contemporary work, and the premiere of commissioned piece of new writing by our Chairman, David Fletcher. Centenary years are full of milestones and we staged a rehearsed reading of The Silver Box by John Galsworthy to mark the date of the first public performance on 24th March 1923, by the then named Warwick and Leamington Dramatic Study Club. 2022 has also seen the making a film of the theatre at work through this special year and 2023 will see the publication of a new History of the Loft Theatre covering the first 100 years. We also held a celebratory party in July and were joined by invited guests from the Little Theatre Guild of Great Britain, of which the Loft is a founding member. We continued to invest in the theatre infrastructure including technical stage equipment, a hefty maintenance programme, and vital repair to the ever problematic flat roof. Some of the rules we were obliged to introduce during the pandemic have been retained and are now part of our routine systems and procedures. We were relieved to see the reopening of the approach to the front of the theatre due to the completion of the restoration to the listed Victoria Colonnade. We now face similar challenges at the rear of the theatre with the redevelopment of buildings surrounding Spencer Yard. This is likely to continue well into 2023. Our future programme is now scheduled for the next twelve months in the hope of attracting audiences and building these to pre-pandemic levels. PRODUCTIONS September 2021 – July 2022 |The Children
|Lucy Kirkwood| |---|---| |Anne Boleyn
|Howard Brenton| |Company
|Stephen Sondheim| |Hedda
|Lucy Kirkwood| |The Seafarer
|Conor McPherson| |The Silver Box
|John Galsworthy (rehearsed reading in the Studio)| |Lady Windermere’s Fan|Oscar Wilde| |Who’s Afraid of Virginia Woolf Edward Albee|| |Present Laughter|Noel Coward| |Taking the Waters
|David Fletcher| - 3 - ## **THE LOFT THEATRE COMPANY** ## **TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)** ## _**FOR THE YEAR ENDED 31 AUGUST 2022**_ ## **Financial review** ## **Summary of financial performance** The operating results for the year to 31[st] August 2022 show a deficit of £4,053 compared with a deficit of £49,491 in 20-21. This significant improvement was primarily due to there being nine full house shows compared with one in the previous pandemic year. These factors, together with an unrealised loss of £27,751 from the Charity’s investments (2020-21 gain of £57,136), produced a net reduction in funds for the year of £31,804 to £734,440. Cash balances improved due to the upturn in activity, by £15,560. **INCOME:** Box office sales at £114,288 reflect, as might be expected a ten-fold increase on the year before, with the total net contribution from all shows at £80,837 (2020-21 £7,772). In turn, net contribution from bar trading at £19,157 was well ahead, not only due to attendance but also due to price increases and cost control. To save costs, programmes were discontinued in January and replaced with free cast lists, which will save about £2,000 in a full year. **Other income:** Covid-related government grant of £12,500, Investment income of £12,357 and our share of the youth theatre letting and show receipts of £6,883 were the main contributors. Donations amounted to £957. **OVERHEADS:** Total overheads were £136,903 (2020-21 £95,167). Major items included repairs to the roof and plumbing works totalling £12,500. Also, with the increased numbers of shows, energy costs were up £11,500. Marketing expenditure rose £14,673, £4,000 of which was to fund a film as part of the Loft’s Centenary activities. **CASHFLOW :** Cash balances at 31[st] August stood at £34,254 (2021 £18,693). This largely reflects the lower deficit and advance net receipts for next year’s shows. **INVESTMENTS** : As indicated above, investments showed a £27,751 lower valuation as at 31[st] August 2022 compared with August 2021. However, since inception in June 2019 the investments, in spite of market volatility, have made an overall return (including income) of 15.1%. 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 2022. For the full accounting under present Company and Charity requirements, refer to pages 8-24. ## 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 £734,440 (2021: £766,244). This includes investment reserves of £535,567 and capital funds of £159,540 (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 unrestricted / 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 2022**_ |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**|**2022**
**£**
103,323
24,388
10,965
9,063
34,138
12,545
21,593
2,436
6,883
-|78,935
1,902
19,157
6,883
(552)
50
-
12,500
1,618
12,357
132,850|**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
11,120
45,676| |---|---|---|---|---| - 5 - ## **THE LOFT THEATRE COMPANY** ## **TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)** ## _**FOR THE YEAR ENDED 31 AUGUST 2022**_ |House Costs:
Staff costs
31,937
Utilities
20,673
Maintenance
21,038
Insurance
6,389
Total house costs
Depreciation
Marketing & Box office costs
Administration:
Accounting Assistance
-
Telephone
1,135
Software and IT
3,637
Other
2,290
Audit & Accountancy fees
1,800
Investment management fees
1,492
Total admin costs
**Outgoing resources**
Surplus/(Deficit) on ongoing activities
Unrealised gain on investments
Realised gain on investments
Net movement in funds
The trustees' report was approved by the Board of Trustees.|80,037
17,955
28,557
10,354
136,903
(4,053)
(27,751)
-
(31,804)|28,617
9,123
10,035
5,689
-
4,293
2,242
3,919
2,262
1,471|53,464
18,717
8,799
14,187
95,167
(49,491)
57,136
-
7,645| |---|---|---|---| James Synge (Mar 28, 2023, 6:00pm) .............................. Mr J Synge ## 28 Mar 2023 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 2022. ## **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 (Mar 29, 2023, 8:51am) Wende Hubbard (FCCA) Burgis & Bullock 23-25 Waterloo Place Leamington Spa Warwickshire CV32 5LA ## 28th March 2023 Dated: ......................... - 7 - ## **THE LOFT THEATRE COMPANY** ## **STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT** ## _**FOR THE YEAR ENDED 31 AUGUST 2022**_ |**Notes**
**Income from:**
Donations, Legacies and Grants
**2**
Charitable activities
**3**
Outside Lettings
**4**
Investments
**5**
Other income
**6**
**Total income**
**Expenditure on:**
Raising funds
**7**
Charitable activities
**8**
**Total resources expended**
Net gains/(losses) on investments
**12**|**General Investment**
**funds**
**funds**
**2022**
**2022**
**£**
**£**
13,457
-
115,116
-
6,882
-
12,339
22
35,142
-
182,936
22
29,922
1,492
155,597
-
185,519
1,492
-
(27,751)|**Capital**
**funds**
**2022**
**£**
-
-
-
-
-
-
-
-
-
-|**Total**
**2022**
**£**
13,457
115,116
6,882
12,361
35,142
182,958
31,414
155,597
187,011
(27,751)|**General Investment**
**funds**
**funds**
**2021**
**2021**
**£**
**£**
29,041
-
12,174
-
-
-
11,098
11
2,663
-
54,976
11
2,916
1,471
98,620
-
101,536
1,471
-
57,136|**Capital**
**funds**
**2021**
**£**
-
-
-
-
-
-
-
-
-
-|**Total**
**2021**
**£**
29,041
12,174
-
11,109
2,663| |---|---|---|---|---|---|---| |||||||54,987| |||||||5,858| |||||||98,620| |||||||104,478| |||||||57,136| - 8 - ## **THE LOFT THEATRE COMPANY** ## **STATEMENT OF FINANCIAL ACTIVITIES (CONTINUED) INCLUDING INCOME AND EXPENDITURE ACCOUNT** ## _**FOR THE YEAR ENDED 31 AUGUST 2022**_ |**Notes**
**Net (outgoing)/incoming resources before**
**transfers**
Gross transfers between funds
**20**
**Net movement in funds**
Fund balances at 1 September 2021
**Fund balances at 31 August 2022**|**General Investment**
**funds**
**funds**
**2022**
**2022**
**£**
**£**
(2,583)
(29,221)
17,955
-
15,372
(29,221)
23,961
564,788
39,333
535,567|**Capital**
**funds**
**2022**
**£**
-
(17,955)
(17,955)
177,495
159,540|**Total**
**2022**
**£**
(31,804)
-
(31,804)
766,244
734,440|**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| 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 2022**_ |**Notes**
**Fixed assets**
Tangible assets
**13**
Investments
**14**
**Current assets**
Stocks
**15**
Debtors
**16**
Cash at bank and in hand
**Creditors: amounts falling due within**
**one year**
**17**
Net current assets
**Total assets less current liabilities**
**Income funds**
Capital funds
Investment funds
General funds|**2022**
**£**
1,587
19,634
34,254
55,475
(16,142)
159,540
535,567
39,333|**£**
159,540
535,567
695,107
39,333
734,440
734,440|**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| - 10 - ## **THE LOFT THEATRE COMPANY** ## **BALANCE SHEET (CONTINUED)** ## _**AS AT 31 AUGUST 2022**_ 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 2022. 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. ## 28 Mar 2023 The financial statements were approved by the Trustees on ......................... James Synge (Mar 28, 2023, 6:00pm) .............................. Mr J Synge **Trustee** ## **Company Registration No. 06940032** - 11 - ## **THE LOFT THEATRE COMPANY** ## **NOTES TO THE FINANCIAL STATEMENTS** ## _**FOR THE YEAR ENDED 31 AUGUST 2022**_ ## **1 Accounting policies** ## **Charity information** The Loft Theatre Company is a private charitable 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 amounts 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 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. 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 2022**_ ## **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 2022**_ ## **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 2022**_ ## **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 payments 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 2022**_ ## **2 Donations, Legacies and Grants** |Donations and gifts
Legacies receivable
Government grant|**General**
**funds**
**2022**
**£**
957
-
12,500
13,457|**Total**
**2021**
£
4,990
5,000
19,051| |---|---|---| |||29,041| Government grant income received was the 'Business Grant Fund Schemes' in relation to Coronavirus Grant Funding provided by the Government. ## **3 Charitable activities** |**2022**
**£**
Theatre Activities
114,288
Subscriptions
50
Programme sales
778
115,116
**Outside Lettings**
**Unrestricted**
**funds**
**2022**
**£**
Letting and licensing arrangements
6,882|**2021**
**£**
11,732
230
212| |---|---| ||12,174| ||Total
2021
£
-| ## **4 Outside Lettings** - 16 - ## **THE LOFT THEATRE COMPANY** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** ## _**FOR THE YEAR ENDED 31 AUGUST 2022**_ ## **5 Investments** |**General Investment**
**funds**
**funds**
**2022**
**2022**
**£**
**£**
Income from listed
investments
12,335
-
Interest receivable
4
22
12,339
22|**Total**
General
funds
**2022**
2021
**£**
£
12,335
11,096
26
2
12,361
11,098|funds
2021
£
-
11
11|Total
2021
£
11,096
13| |---|---|---|---| ||||11,109| ## **6 Other income** |**General**
**funds**
**2022**
**£**
Bar Income
34,452
Catering Income
32
Other
658
35,142|**Total**
**2021**
**£**
2,663
-
-| |---|---| ||2,663| ## **7 Raising funds** |**Unrestricted**
**funds**
**2022**
**£**
Advertising
17,032
Bar and catering costs
12,890
Investment
management fees
-
29,922|**funds**
**2022**
**£**
-
-
1,492
1,492|**Total** Unrestricted
funds
**2022**
2021
**£**
£
17,032
2,359
12,890
2,028
1,492
-
31,414
4,387|funds
2021
£
-
-
1,471
1,471|Total
2021
£
2,359
2,028
1,471| |---|---|---|---|---| |||||5,858| - 17 - ## **THE LOFT THEATRE COMPANY** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** ## _**FOR THE YEAR ENDED 31 AUGUST 2022**_ ## **7 Raising funds** **(Continued)** Investment advisor fees were previously included under revaluation of investments. They are now included under the cost of raising funds and the prior year investment advisor fees have been reclassified to be consistent with this year. ## **8 Charitable activities** ||**Productions**|**Productions**| |---|---|---| ||**2022**|**2021**| ||**£**|**£**| |Stage|3,724|1,629| |Props|1,077|227| |Wardrobe|2,076|398| |Lighting & Sound|2,102|-| |Royalties|16,085|2,328| |Music|8,802|15| |Books|1,232|187| |Utilities|20,673|9,123| |Cleaning|850|771| |Bank charges|320|175| |Repairs and Maintenance|19,862|8,880| |Insurance|6,389|5,689| |Printing and Stationery|160|69| |Credit card charges|13,961|8,608| |Telephone|1,135|4,293| |IT costs|3,648|2,241| |Other charitable expenditure|632|4,083| ||102,728|48,716| |Share of support costs (see note 9)|49,892|47,334| |Share of governance costs (see note 9)|2,977|2,570| ||155,597|98,620| Stage includes programme costs of £1,330 for the year (2021: £1,155). - 18 - ## **THE LOFT THEATRE COMPANY** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** ## _**FOR THE YEAR ENDED 31 AUGUST 2022**_ ## **9 Support costs** |**Support costs**||| |---|---|---| |**Support**
**costs**
**Governance**
**costs**
**£**
**£**
Staff costs
31,937
-
Depreciation
17,955
-
Independent exam fees
-
1,800
Legal and professional
-
48
Other
-
1,129
49,892
2,977
Analysed between
Charitable activities
49,892
2,977|**2022**
Support
costs
Governance
costs
**£**
£
£
31,937
28,617
-
17,955
18,717
-
1,800
-
2,262
48
-
58
1,129
-
250
52,869
47,334
2,570
52,869
47,334
2,570|2021
£
28,617
18,717
2,262
58
250| |||49,904| |||49,904| ## **10 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 £295 (2021: £157) 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 2022**_ ## **11 Employees** ## **Number of employees** The average monthly number of employees during the year was: |||**2022**|**2021**| |---|---|---|---| |||**Number**|**Number**| |||2|2| ||**Employment costs**|**2022**|**2021**| |||**£**|**£**| ||Wages and salaries|31,132|27,878| ||Pension costs|805|739| |||31,937|28,617| |**12**|**Net gains/(losses) on investments**||| |||**2022**|**2021**| |||**£**|**£**| ||Revaluation of investments|(27,751)|57,136| - 20 - ## **THE LOFT THEATRE COMPANY** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** ## _**FOR THE YEAR ENDED 31 AUGUST 2022**_ ## **13 Tangible fixed assets** |**Cost**
At 1 September 2021
Disposals
At 31 August 2022
**Depreciation and impairment**
At 1 September 2021
Depreciation charged in the year
Eliminated in respect of disposals
At 31 August 2022
**Carrying amount**
At 31 August 2022
At 31 August 2021|**Land and**
**buildings**
**Specialist stage**
**equipment**
**Fixtures, fittings**
**& equipment**
**Freehold**
**Improvements**
**£**
**£**
**£**
**£**
126,428
12,497
145,106
90,924
-
-
(5,000)
-
126,428
12,497
140,106
90,924
33,713
9,113
116,312
38,322
2,529
2,015
4,319
9,092
-
-
(5,000)
-
36,242
11,128
115,631
47,414
90,186
1,369
24,475
43,510
92,715
3,384
28,794
52,602|**Total**
**£**
374,955
(5,000)
369,955
197,460
17,955
(5,000)
210,415
159,540
177,495| |---|---|---| ## **14 Fixed asset investments** |**Listed**
**investments**
**Cash in**
**portfolio**
**£**
**Cost or valuation**
At 1 September 2021
557,763
7,025
Valuation changes
(27,750)
(1,493)
Interest on cash deposits
-
22
At 31 August 2022
530,013
5,554
**Carrying amount**
At 31 August 2022
530,013
5,554
At 31 August 2021
557,763
7,025|**Total**
**£**
564,788
(29,243)
22
535,567
535,567
564,788| |---|---| - 21 - ## **THE LOFT THEATRE COMPANY** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** ## _**FOR THE YEAR ENDED 31 AUGUST 2022**_ ## **14 Fixed asset investments** **(Continued)** ## **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. Since the year end, and due to the current economic and market conditions, the value of the investment portfolio has increased by approximately £3,354 at the date of approving these financial statements. Fluctuations in investment values are to be expected and do not impact the company's ability to fulfil its charitable objectives in the foreseeable future. ## **15 Stocks** |**15**
**Stocks**||| |---|---|---| |Finished goods and goods for resale
**16**
**Debtors**
**Amounts falling due within one year:**
Trade debtors
Other debtors
Prepayments and accrued income
**17**
**Creditors: amounts falling due within one year**
**Notes**
Deferred income
**18**
Trade creditors
Other creditors
Accruals and deferred income|**2022**
**£**
1,587
**2022**
**£**
1,505
-
18,129
19,634
**2022**
**£**
4,333
7,974
1,183
2,652
16,142|**2021**
**£**
360| |||**2021**
**£**
2,776
1,125
14,870| |||18,771| |||**2021**
**£**
1,875
4,828
1,728
5,432| |||13,863| - 22 - ## **THE LOFT THEATRE COMPANY** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** ## _**FOR THE YEAR ENDED 31 AUGUST 2022**_ ## **18 Deferred income** ||**2022**|**2021**| |---|---|---| ||**£**|**£**| |Deferred income in relation to forward||| |ticket sales|4,333|1,875| 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 £1,875, Released during the year £111,718, Invoiced £114,176, Balance Carried Forward £4,333. - 23 - ## **THE LOFT THEATRE COMPANY** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** ## _**FOR THE YEAR ENDED 31 AUGUST 2022**_ ## **19 Analysis of net assets between funds** |**Analysis of net assets between funds**|||| |---|---|---|---| |Fund balances at 31 August 2022 are
represented by:
Tangible assets
Investments
Current assets/(liabilities)|**General**
**funds**
**Investment**
**funds**
**Capital funds**
**2022**
**2022**
**2022**
**£**
**£**
**£**
-
-
159,540
-
535,567
-
39,333
-
-
39,333
535,567
159,540|**Total** General funds
Investment
funds
Capital funds
**2022**
2021
2021
2021
**£**
£
£
£
159,540
-
-
177,495
535,567
-
564,788
-
39,333
23,961
-
-
734,440
23,961
564,788
177,495|Total
2021
£
177,495
564,788
23,961| ||||766,244| - 24 - ## **THE LOFT THEATRE COMPANY** ## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** ## _**FOR THE YEAR ENDED 31 AUGUST 2022**_ ## **20 Transfers between funds** During the year, a transfer of £17,955 was made from capital funds to the general funds to represent the movement in the net book value of its current fixed assets. ## **21 Related party transactions** There was no related party transactions in the year. - 25 - **Issuer** Burgis & Bullock **Document generated** Fri, 24th Mar 2023 10:52:40 GMT **Document fingerprint** 8bfc7e3fbac7c266716b508d24d24f87 ## **Parties involved with this document** ## **Document processed** ## **Party + Fingerprint** Tue, 28th Mar 2023 18:00:21 BST James Synge - Signer (1df83a8acdc2e0ad0af31a462bcc61d1) Wed, 29th Mar 2023 8:51:01 BST Wende Hubbard - Signer (4433e5c09310aad592184f381fb19290) **Audit history log Date Action** Wed, 29th Mar 2023 8:51:03 BST Wende Hubbard viewed the envelope. (2.29.0.223) Wed, 29th Mar 2023 8:51:01 BST The envelope has been signed by all parties. (2.29.0.223) Wed, 29th Mar 2023 8:51:01 BST Wende Hubbard signed the envelope. (2.29.0.223) Wed, 29th Mar 2023 8:49:39 BST Wende Hubbard viewed the envelope. (2.29.0.223) Wed, 29th Mar 2023 8:49:28 BST Wende Hubbard opened the document email. (104.28.89.71) Tue, 28th Mar 2023 18:26:17 BST James Synge opened the document email. (92.12.84.189) Tue, 28th Mar 2023 18:26:02 BST James Synge opened the document email. (92.12.84.189) Tue, 28th Mar 2023 18:25:50 BST James Synge opened the document email. (92.12.84.189) Tue, 28th Mar 2023 18:01:48 BST James Synge viewed the envelope. (92.12.84.189) Tue, 28th Mar 2023 18:00:23 BST James Synge viewed the envelope. (92.12.84.189) Tue, 28th Mar 2023 18:00:22 BST Document emailed to wende@burgisbullock.com (18.130.227.176) Tue, 28th Mar 2023 18:00:21 BST Sent the envelope to Wende Hubbard (wende@burgisbullock.com) for signing. (92.12.84.189) Tue, 28th Mar 2023 18:00:21 BST James Synge signed the envelope. (92.12.84.189) Tue, 28th Mar 2023 17:55:44 BST James Synge opened the document email. (92.12.84.189) Tue, 28th Mar 2023 17:54:34 BST James Synge viewed the envelope. (92.12.84.189) Tue, 28th Mar 2023 17:53:57 BST James Synge opened the document email. (92.12.84.189) Sat, 25th Mar 2023 15:43:35 GMT James Synge opened the document email. (92.12.84.189) Sat, 25th Mar 2023 15:43:33 GMT James Synge opened the document email. (92.12.84.189) Fri, 24th Mar 2023 17:42:39 GMT James Synge opened the document email. (172.225.176.238) Fri, 24th Mar 2023 10:59:23 GMT Document emailed to james.synge@outlook.com (18.133.125.97) Fri, 24th Mar 2023 10:59:23 GMT Sent the envelope to James Synge (james.synge@outlook.com) for signing. (89.255.128.101) Fri, 24th Mar 2023 10:55:57 GMT Wende Hubbard has been assigned to this envelope (89.255.128.101) Fri, 24th Mar 2023 10:55:57 GMT James Synge has been assigned to this envelope (89.255.128.101) Fri, 24th Mar 2023 10:53:06 GMT Document generated with fingerprint 8bfc7e3fbac7c266716b508d24d24f87 (89.255.128.101) Fri, 24th Mar 2023 10:52:53 GMT Document generated with fingerprint 678bbc110d8ae354ec8a3615f171c0ea (89.255.128.101) Fri, 24th Mar 2023 10:52:40 GMT Envelope generated by Emma Sawyer (89.255.128.101)