Charlty Re8lstration No. 1134863 Company Registration No. Q6940032 {England and Wales) THE LOFf THEATRE COMPANY ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2023
THE LOFf THEATRE COMPANY LEGAL AND ADMINISTRATIVE INFORMATION Trustees Mr D Fletcher Mrs S Moore MrR Moore Mrl Synge Mr C O'Brlen Ms V Betts Ms V Holding Ms L Frazier (Appointed 30 May 20231 (Appointed 30 May 20231 (Appointed 30 May 20231 (Appointed 30 May 20231 Mr P Harrison Ms M McDonough Mr D Barclav Charity number 1134863 Company number 06940032 Reglrtered office Loft Theatre Victoria Colonnade LeaminBton Spa Warwickshire CV313AA Independent examlner Burgis & Bullock 23-25 Waterloo Place Leamington Spa Waryjickshire CV32 SLA Bankers HSBC Bank plc The Parade PO Box 88 Leamington Spa Warwick5hire CV32 4BU Solicitor5 Blythe Li8glns Edmund House Rugby Road Leamington Spa CV32 6EL
THE LOFT THEATRE COMPANY LEGAL AND ADMINisfRATIVE INFORMATION Investment advi50r5 Self Chartered Financial Planner5 6 Elm Court Arden Street Stratford Upon Avon Wamickshire CV37 6PA
THE LOFfTHEATRE COMPANY CONTENTS Page Tru51ee5' report Independent examiner's report Statement of financial activities Balance sheet io-ii Notes to the financial statements 12-25
THE LOFf THEATRE COMPANY TRUSTEES, REpoKf {INCLUOING DIRECTORS, REPORTI FOR THEPERIOD ENDED 31 DECEMBER 2023 The trustees present their report and accounts forthe slxteen month period ended 31st December 2023. The accounts have been prepared in accordance wf(h the accounting policles set out in note I to the account5 and comply with the charity's governing document the Companies Act 2006 and "Accounting and Reporting by Charities.. Statement of Recommended Prdctice applicable to charities preparing their accourit5 in accordance with the Financial Reporting standard applicable in the UK and Republlc of Iland IFRS 1021" las amended for accounting periods commencing from I january 20191. StNctureJ 8ovemance and management The charity 15 a company limited by guèrantee 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 Ilth january 2010, spetial resolution dated 8th April 2018 and special re501ution 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 Meeting5 of the company. The trustees, who are also the dirertors for the purpose of company law, and who served during the Period and up to the date of signature of the financial statements were.. Member of audit committee Mr D Fletcher MrRMoo Ms S Moore Mr C O'8rien MrJSynge Mr W Wllkinson Mr P Daly-Dlckson MST Lacey Ms V Betts Ms V Holding Ms L Middleton Mr D Barclay Ms L Frazier Yes Yes Yes Ye5 (Resigned 30th May 20231 IRe5i8ned 30th May 20231 (Resigned 30th May 20231 (Resigned 30th May 20231 (Appointed 30th May 20231 (Appointed 30th May 20231 IAppointed 30th May 20231 IAppointed 301h May 20231 Mr P Harrison Ms M McDonough
THE LOFT THEATRE COMPANY TRUSTEES. REPORT (INCLUDING DIREcfoRS' REPORTI {CONTINUED) FOR THE PERIOD ENDED 31 DECEMBER 2023 The board have appointeil an artlslic dlrecfor, 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 presentatlon of high quality theatre. There are no barriers to participation and adrnission to performances is open to the gener31 public and there are concessionary titket price schemes in operation. The Trustees have assessed the major risk factor5 to which the charity is exposed and are 5ati5fied that Systems are in place to mitigate the companVs exposure to risks. Tru5tee5 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 re501ution dated Ilth january 2010, special resolution dated 8th April 2018 and special re501ution dated 9th May 2022. None of the trustees has any beneficial interest in the company. All of the Iru5tees are members of the company and guarantee to contrlbute £1 in the event of 3 winding up, Objectives and activities l. To advance education in the art5, primarify the performing arts, for the publlc benefit, in particular by: al the production and promotion of theatre plays,. bl encouraging and promoting the study and apptiatIOn of theatre and participating in making theatre; and l encouraging and promoting appretiation and interest in performing arts, including music, film and dance. 2. To provide, or a55iSt 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 Charty Commission in deciding what activities the charlty should undertake. Achievements and perfomionce Thi5 artistic report covers an extended period of 16 months, ending December 2023, reflecting the decision to run our financial affairs over a calendar year in future. Our Centenary year of 2022 included plays by Chekhov, Plnter and ShakesPea- all signffjicant playwrtghts in the Loft's history and shakespea being a fitting year end choice to a triumphant year of celebration. 2023 was a mix of dassic plays. contemporary works. a cult comedy, a Shakespeare and a musical. Details are tsbulated below. We had to abandon the planned production of the musical 'Aryone Can Whistle, due to casting difficulties over the year end and in tls place Staged a joyous produrtion of 'The World Goes Round,. An evening of sonnets wa5 pented as a readin8 in the Studio in May. We also hosted a visiting company for 8 one night perforniance in January 2023 and August saw the second youth theatie productlon by our associates Art5 Insight.
THE LOFT THEATRE COMPANY TRUSTEES, REPORT (INCLUDING DIREcfoRS' REPORT} (CONTINUED) FOR THEPERIOD ENDED 31 DECEMBER 2023 Across the perlod under review in thi5 report we reived consistent artt5tlc prdlse for our work from critics and audience alike and much endorsement surroundlng our PutatIon for staging work of a professional standard. In March 2023 our Produrtion Manager, Kim Green. left us after 11 yeats service. We were pleased to have 3 positive recruitment process and to engage an experrenced professional Production Manager, Amy Carroll to replace her. Since the reopening of the theatre post pandemic. growing audience numbers back to P pandemic levels ha5 been a slow process. We needed to tske some action to address this and to build a younger audience. Our decision to create trailer5 for our productions and to introduce sponsored Facebook ads to communlcate them in targeted campaigns has achieved impressive results. We now have data which confirms that we are gaining ticket sales through this approach and it has also resumed in a pleasing constant reduction in lowering the age profile. We continue to invest in the theatre infrastructure Including technical stage equipment and a continuin8 maintenance programme, Some of the rules we were obliged to introduce during the pandemic have been retained and are now part of our routine systems and procedu5. We were relieved to see the reopenlng of the approach to the front of the theatre followlng the completion of the restoration to the listed Wictoria Colonnade. We then faced similar challen8es to the rear of the theatre with the redevelopment of buildings surrounding us into a creatlve quarter. This programme was completed in the autumn of 2023 and we are sLirting to build mutualty beneficial relationships wsth the new businesses occupying the redeveloped space. The Loft contlnues to attain a con5iStentEy high standard right acros5 all departments of the theatre. It Is the consistency that is the key to the continuing high reputation it enjoys. We have a high dege of Ente5t from audrtionees, enabling us to cast larger cast play5 ènd welcome many new actors to our company. Over 100 new and exisling actors have been fdst in the last 16 months. We believe this to be a combination of positive reputatlon and the quality of the writin8 in our play choice. We are a strong companv. Productions In the season The Sea8uII The Birthday Party A Midsummer Night'5 Dream Art The Winteding Wyrd Sisters Anton Chekhov in a version by Jame5 Sucklin8 Harokl Pinter William Shakespeare Yasmina Rela translated by Christopher Hampton Jez ButteTWOrth Terry Protchett adapted by Stephen Brlggs EF Consent 8oudica The Rise and Fall of Little Voice sublime Sondhelm A Delicate Balance Macbeth The World Goes 'Round Nina Raine Tristsn Bema Jim Cartwrrght Concert Edward Albee William Shèkespeare John Kander and Fred Ebb
THE LOFT THEATRE COMPANY TRUSTEES, REPORT (INCLUDING DIRECTORS. REPORTI (CONTINUED) FOR THEPERIOD ENDED 31 DECEMBER 2023 Financial revlew As stated in the Artistic report, In 2022 It was declded to align the financial year with the theatrical season, i.e. on December 31st So both periods end on 31$¢ December. This 16-month period contained 12 full-hou5e, full-run plays compared wlth 9 in the previous 12 month year. As the financial dynamics pivot around the number of shows. this one-third additional artivity should be borne in mind when looking at comparative figures. Summary of financlal perlomiance The operating results for the year to 31st December 2023 show a surplus of £12,137 compared with a defieit of £4.053 in 21122. There was also an unrealised gain of £22.966 on our investment portfolio, bringing the increase in funds for the period to £35,103. 114COME: Ticket sales for main house shows rose by 50% to £155,729 for the 16 months resulting from the additional three shows, a modest ticket prlce Increase and increased attendances per show. Bar sales and profrts rose in turn by a slmilar percentage, a150 benefittinB from an overall increase in margin following a mid-perlod prrce intrea5e. Other income: Investment income Idue to resilience of dlvldend reteipts and iNtest) increased to £20,458. Income from lettlngs to the youth theatre contributed £8,437 during the period. OVERHEADS: Total overheads were £182,060 12021-22 £136,903). Pro-rata, approximately what would be expected for the 16 Iv$ 12 monthl period. The primary trause of the utility costs increase, was in energy. Although contracted at fixed rates in July 2022 for 3 year5, it was at a significantly higher level than in 2021-22 (due to the world oil and gas incTea5e5 earlier in 20221. We trust these costs WTII be stable at the next fixed renewal, but it cannot be guaranteed. A partial oftset W?5 the non-recurrence of signrficanl repair works carried out in the prior year. Marketing outlay was also generally lower. CAPITAL SPENDING: lrnproved external lighting was ordered to enhance the riverside approach, at a cost of £5,111. CASHFLOW . Cash balances at 315t December stood at £72,52912022 £34,254). This largely reflects the surplus and advance net receipts for next year's shows. INVESTMENTS- A5 indicated above, investments showed an incTea5ed valuation as at the period end of £22,966 compared with August 2022. Since inception in June 2019 the investments, in spite of market volatility, have made an overall return lincluding income) of 23.5%. To enable members to quickly see and appreciate the varyin8 factors and activities that contribute to our annual outturn in financial terms, the following pa8e shows a brief summary statement of income and expenditure for the 16 months ending 31st December 2023. For the full accounting under present Company and Charity requirements. refer to pages 8-26. Investment5 Strate and 3rtions taken in the ear The investment strategy is to continue to seek 3 regular stream of annual income to SYPPOrt our activitles, without materially impairing the long-temi value of the investments. The composftlon of the investment portfolio has not changed in the year and is seen as a satisfactory basis for this Strategy.
THE LOFT THEATRE COMPANY TRUSfEES' REPORT (INCLUDING DIRECTORS, REPORT) (CONTINUED) FOR THE PERIOD ENDED 31 DECEMBER 2023 Reserves Poli The tharitie5 total reserve5 at the year-end were £769,543131 August 2022: £734,440). This includes investment reserves of £557,894 and capital funds of £142,859 (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 maintaining a capital base that can be used for the future enhancement and preservation of the charitls facilities. In view of the Charity's responsibilitles as an employer and the inherent uncertainties over future income sources, the Trustees agree that it is appropriate to maintain unrestricted I free reserves equivalent to not less than half of the past year's expenditure. 31 December 2023 31 August 2022 Income from Loft Productions Costs of Loft Production5 Net Contribution of Loft Production5 155,729 28,137 103,323 24,388 127,592 78.935 Income from Visitor Productions Costs of Visitor Productions Net Contribution of Visitor Productions 12,843 8,298 10,965 9,063 4,545 1.902 Income from bar trading Costs of good sold Gross profit Expenses Net contribution of bar trading 54,337 21,760 32,577 975 34,138 12,545 21,593 2,436 31.602 19.157 Income from other trading Net Contribution of other Trading 8,437 6,883 8,437 6,883 Sale of Programmes (Net of c05tsl Subscriptions Government Grants Donation5 and Sundry Income Investment Income Bank Interest 15521 50 12,500 1,618 12,357 1,562 19,745 713 Net Incoming resources 194,197 132,850
THE LOFT THEATRE COMPANY TRUSTEES. REPORT (INCLUDING DIREcfoRS' REPORT) (CONTINUED) FOR THE PERIOD ENDED 31 DECEMBER 2023 House Costs.. Staff costs 43,191 40,348 17,632 8.307 31,937 20,673 21,038 6,389 Maintenance Insurance Total house Costs 109,478 80,037 Depreciation Marketlng & Box office costs 21,793 35,873 17,955 28,557 Administration.. Telephone Software and IT Other Audit & Accountancy fees Investment mana8ement fee5 2,177 5,733 2.687 2,480 1,839 1,135 3,637 2,290 1,800 1,492 Total admin costs 14,916 10,354 Outgolng resources 182,060 I36.3 Surplu5llDeficitl on ongoing activities 12,137 14,0531 Unrealised gain on investments Realised gain on investments 22,966 127,7511 Net movement in funds 35.103 131,8041 The trustees, report was approved by the Board of Trustees. Mrj Synge 02 Aug 2024 Date..
THE LOFT THEATRE COMPANY INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE LOFf THEATRE COMPANY I report to the trustees on my examination of the financial statements of The Loft Theatre Company Ithe charityl for the Period ended 31 December 2023. Responsibilities and basis of report As the trustees of the charity land also its direetors for the purposes of company lawl you are responsible for the preparation ol the flnancial statement5 in accordance with the requirements of the Companies Att 2006 lihe 2CK)6 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'5 financial Statements carried out under section 145 of the Charities Art 2011 Ithe 2011 Artl. In carrying out my examination I have followed all the applicable Dirertion5 given by the Charity Commission under section 14515llbl of the 2011 Act. Independent examiner's Statement Since the charity'5 8r05s income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Art. I confim) that l am qualified to undertake the examination because l am a member of ACCA. 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 respert: accounting records were not kept in respecl of the chartty as required by section 386 of the 2006 Act,. or the flnancial statements do not accord with those records,. or the financial statements do not comply wrth the accounting requirements of Section 396 of the 2006 Act other than any quirement that the accounts give a true and fair view which is not a matter considered a5 part of an Sndependent examination.. or the financial statements have not been prepared in accordance with the methods and principle5 of the Statement of Recommended Practice for accounting and reporting by charr(ies applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021. I have no concerns and have come acr055 no other matters in connectlon with the examination to which attention should be drawn in this report in order to enable a proper understandinE of the financial statements to be reached. Wende Hubbard FCCA Burgis & Bullock 23-25 Waterloo Place Leamington Spa Warwickshl CV32 SLA 05 Aug 2024 Dated..
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THE LOFf THEATRE COMPANY BALANCE SHEET ASAT31 DECEMBER 2023 2023 2022 Notes Fixed assets Tangible a55ets Investments 14 15 142,859 557,894 159,540 535,567 700,753 695,107 Current assets Stocks Debtors Cash at bank and in hand 16 17 2,345 17,842 72,529 1.587 19.634 34,254 92,716 55,475 Cfeditors: amounts lalling due wlihin one year 18 23,926 16,142 Net current a55ets 68,790 39,333 Totsl assets less currert liabilities 769,543 734,440 The lund5 of the charity ijnrestricted fund5 - general Unrestricted funds - Investment Unrestricted- Capital 68,790 557,894 142,859 39,333 535,567 159,540 20 769,543 734,440 10-
THE LOFT THEATRE COMPANY BALANCE SHEET ICONTINUEDI ASAT31 DECEMBER 2023 The company is entitled to the exemption from the audlt requlrement contained in section 477 of the Companies Acl 2(X)6, for the Period ended 31 December 2023. The directo acknowledge their responsibilities for complylng wlth the requirement5 of the Companies Act 2006 with respect to accountin8 records and the preparation Df financial statements. The member5 have not required the company to obtain an audit of it5 financial statements for the Period in question in accordance with sèction 476. These finantial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime. 02 Aug 2024 The financial statements were approved by the trustees on .......... Mrj Synge Trustee Company registration number 0694W32 IEngland and Wales) 11
THE LOFT THEATRE COMPANY NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2023 Accountin8 policies Charity information The Loft Theatre Company is a private charitable company limited by guarantee incorporated In ngland and Wales. The re8lStered office is Vlctori8 Colonade, Leamington Spa, CV313AA. 1.1 Reportin8 period The prior and first porting period of the company was extended to a 16 month period ended 31 December 2023. The company changed its year end in order to align their financial year wlth the standard calendar year. The amounts in the financial statements (including the related note51 are not entirely comparable. 1.2 Accountlng convention The financial statements have been prepared in accordance with the charity's mernorandum and article5 of association, the Companies Act 2C()6 and "Accounting and Reporting by Charities.. Statement of Recommended Practice ISORPI appllcable to charitles preparlng iheir accounts in accordante with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021" leffective from I january 20191. The charity is a Public Benefit Entity as defined by FRS 102. The financial statement5 are prepared In sterling, which Is the funrtional currency of the charity. Monetary amounts in these financial statement5 are rounded to the neère5t £. The financial statements have been prepared under the historical c05t convention. modified to include certain financial instrurnents at fair value. The principal accounting policies adopted are set out below. 1.3 Going concern At the time of approving the financial statements. the trustee5 have a reasonable expectation that the charity has adequate resources to continue Sn the foSeeable future. Based on the current information available to them the tru5tee5' 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. 1.4 Charitable funds General funds are available for use at the discretion of the trustees In furtherance of their charitable objectives. 1.5 Incomin8 resourtes 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 donlon$ a recogni5ed 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 recognise(l at the time of the donation. Income received in advance of theatrical performances or provision of other specifled servlces Is deferred until performances are glven to whlch the Income refers. 12
THE LOFf THEATRE COMPANY NOTES TO THE FINANCIAL STATEMENTS Ic01NUED) FOR THE PERIOD ENDED 31 DECEMBER 2023 Accounting poltcies (Continued) Grant income is recognised when the charity Is legally entitled to it after any performance conditions have been mel, the amounts can be measured reliably. and it is probable that income will be received. Income of the sales of goods and seNices is measured at the fair value of the consideration ceiVed or receivable in the normal course of bu5ine55. 1.6 Resources expended Expenditure is recognised once there is o legal or Constructive obllgatlon to trnnsfer economic benefrt to a third party, it is probable that a transfer of economic benefit5 will be required in settlement, and the amount of the obligation can be measured reliably. Expenditure is classified by acttvity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involvetl in undertakinB each activity. Direct costs attributable to a single actlvlty are allocated directly to that activity. Shared cost5 which contribute to more than one artivity 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 deprecSatlon charges are allocated on the portion of the as5et'5 Use. All expenditure is accounted for on an accruals basis and has been classifled under headlngs that aggregate all cost5 related to that category. 1.7 Tan8ible fixed asset5 Tangible fixed assets are initially measured at C05t and subsequentty measured at cost or valuation. net of depreciation and any impairment losses. Depretiation is recognised so as to write off the cost or valuation of a55ets less their residual values over their useful lives on the following bases.. Land and buildings Specialist stage equipment Fixture5, fittings & equipment Freehold Improvemen15 2% straight line 25% Straight line 15% reducin8 balance IO% straight line The gain or Ioss arising on the disposal of an asset is determined as the dtfference between the sale proceeds and the carryins value of the asset, and is recognised in the statement of financial 3ctivitles. 1.8 Fixed asset investments Fixed asset investments are initially measured at transaction pTice excluding transaerion cost5, and are subsequently measured at fair value at each reportin8 date. Changes in fair value are recognised in net Incomellexpenditurel for the year. Transartion costs are expensed as incurred. 13-
THE LOFfTHEATRE COMPANY NOTES TO THE FINANCIAL sfATEMENTS {CONTINUEDI FOR THEPERIOD ENDED 31 DECEMBER 2023 Accountin8 policies (Continued) 1.9 Impalrment of fixed assets At each reporting end date, the charlty 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 exi5t5. the recoverable amount of the asset is estimated in order to determine the extenl of the impairment loss lif anyl. 1.10 Stocks Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. C05t comprises direct materials and, where applicable, direct labour costs and those overhead5 that have been incurred in bringing the stocks to their present location and condition. Items held for distribution at no or nominal considerdtion 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. 1.11 Cash ond Cash equlvalents Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturitles of three months or less. and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities. 1.12 Financial instruments The charty has elected to apply the provisions of Section 11 '8asic Flnancial Instruments, and Section 12 '0ther Financial Instruments Issue5, of FRS 102 to all of its financial instrument5. Financial instruments are recognised in the charity'5 balance Sheet when the chartty becomes party to the contractual provisions of the instrument. Financial assets and liabillt¢es are offtet, wlth ihe 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 liabllrty slmultaneously. 8csicfinanclal assets Basic financial assets, which include debtors and cash and bank balances. are inttially measured at transaction price including transaction costs and are 5ub5equently carried at amortised c05t using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction Is measure(l ai the prèsent value of the future receipts dÉscounted at a market rate of interest. Financial assets classified as receivable within one year are not amort15ed. 14-
THE LOFT THEATRE COMPANY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THEPERIOD ENDED 31 DECEMBER 2023 Accounting policies {Continuedl Bosicfiftondolllobilitle5 Basic f1nancial liabilities, including creditors and bank loan5 are initially recognised at transaction prl unless the arrangement con5titute5 a financing transartion, Whe 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 amortlsed. Debt Instruments a subsequently carried at amortised cost, Lbsing the effective interest rdte method. Trade creditor5 a obllgations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as cUrt liabililies if payment is due within one year or le55. If not, they are presented as non-current Ilabllitles. Trade creditors are recogni5ed initially at transaction price and subsequently measured at arnortised cosl using the effective interest method. Derecoqnitlon offinancial liabilities Financial liabilities are derecognised when the charity'5 contrdctual obligation5 expire or are discharged or cancelled. 1.13 Employee benefits The cost of any unused holiday entitlement 15 cogniSed in the period in which the employee's services are received. Termination benefits are recognised immediately as an expense when the charity is demonstrably committèd to terminate the ernployment of an employee or to provide termination benefits. 1.14 Retirement benefits Payments to defined contribution retirement benefit schemes are charged as an expense a5 they fall due. 15
THE LOFT THEATRE COMPANY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE PERIOD ENDED 31 DECEMBER 2023 Oonatians, Le8acie5 and Grants General funds 2023 Total 2022 Donations and gifts Government grant 1,562 957 12,500 1,562 13,457 Government grant income recelved was the 'Business Grant Fund Schemes, in latIon to Coronaviru5 Grant Funding provided by the Governrnenl. Charltable artivities 2023 2022 Theatre Activitie5 Subscriptions Programme sales 168,643 114,288 50 778 168,643 115,116 Income from othertrading actiwties General fund5 2023 General funds 2022 Letting and licensing arrangements 8,437 6,882 16
THE LOFT THEATRE COMPANY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE PERIOD ENDED 31 DECEMBER 2023 Investments General Investment funds funds 2023 2023 Total General Investment fund5 fund5 2022 2022 Total 2023 2022 Income from listed investment5 18.546 713 933 267 19,479 980 12,335 12,335 26 Interest receivable 22 19,259 1,200 20,459 12,339 22 12,361 Other income Genernl funds 2023 General funds 2022 Bar Income Caterlng Income Other 54,337 34,452 32 658 54.337 35.142 17-
THE LOFT THEATRE COMPANY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE PERIOD ENDED 31 DECEMBER 2023 Ralsin8 funds General Investment funds fun(ts Total General Investrnent funds funds Total 2023 2023 2023 2022 2022 2022 Advert15in8 Bar and caterin8 COStS Investment mana8ement fees 17,642 21,760 17,642 21,760 17,032 12,890 17,032 12,890 1,839 1,839 1,492 1,492 39.402 1,839 41,241 29,922 1,492 31,414 Charftable arti¥tties General General 2022 2023 Charitable activities I Including production c05t51 130,920 102,728 Share of support costs (see note 91 Share of Bovernance cost5 (see note 9} 64.984 4,156 49.892 2.977 200,060 155,597 Stage includes programme costs of nil for the year12022: £1,3301. 18-
THE LOFf THEATRE COMPANY NOTES TOTHE FINANCIAL STATEMENTS (CONTINUED) FOR THE PERIOD ENDED 31 DECEMBER 2023 Support costs Support Governance costs 2023 Support Governance C05t5 costs 2022 Staff costs Depretiation 43.191 21.793 43,191 21,793 31,937 17,955 31,937 17,955 Independent exam fees LeEal and professional Othèr 2,480 68 1.608 2,480 68 1,608 1.800 48 1,800 48 1,129 1,129 64.984 4,156 69.140 49,892 2,977 52,869 Analysed between Charitable activities 64,984 4,156 69,140 49,892 2,977 52,869 10 Trustees None of the trustee5 lor any person5 connected with them) received any remuneration in the year. Trustees were due to be reimbursed a total of £4,51812022.. £2951 wtth respert to reimbursewnent of produrtion fee5 and administrative expenses incurred in the year. 19-
THE LOFT THEATRE COMPANY NOTES TOTHE FINANCIAL STATEMENTS {CONTINUEDI FOR THE PERIOD ENDED 31 DECEMBER 2023 11 Employees Number of employees The average monthly number of employees during the Period was: 2023 Number 2022 Number Employment costs 2023 2022 Wages and salaries Pension costs 42,141 I,oso 31,132 805 43,191 31.937 12 Net 8ain51{105sesl on Investments 2023 2022 Revaluation of Investments 22,966 127,7511 13 Taxation The charty is exempt from taxation on its activitie5 because all its income is applled for charitable purpose5. -20-
THE LOFT THEATRE COMPANY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THEPERIOD ENDED 31 DECEM8ER 2023 14 Tanglble flxed assets Laryj SpalIst stale FiXtU$,flitir Ftsehtsbj bulldln equipmeTrt Eqyiprnenl ImprovEmEnts Cost At I September 2022 Additions 126,428 12.497 140,106 90,924 5,112 369,955 5.112 At 31 December 2023 126,428 12,497 140,106 96,036 375,067 Depreciation and imp•irnient At I September 2022 Depreciation charged in the Period 36,242 3,363 11,128 774 115,631 4,883 47,414 12.773 210,415 21,793 At 31 December 2023 39,605 11,902 120,514 60,187 232,208 Carrylng amount At 31 December 2023 86.823 595 19,592 35,849 142.859 At 31 August 2022 90,186 1,369 24,475 43,510 159,540 15 Fixed asset investments Cash in portfolio Total investments Cost or luatIOn At I September 2022 Valuation changes Investment management fees Interest on cash deposits 530,013 22,966 5,554 933 11,8391 267 535.567 23,899 11,8391 267 At 31 December 2023 552,979 4,915 557,894 Carryin8 amount At 31 December 2023 552,979 4,915 557,894 At 31 August 2022 530,013 5,554 535,567 21
THE LOFT THEATRE COMPANY NOTES TO THE FINANCIAL STATEMENTS {CONTINUED} FOR THE PERIOD ENDED 31 DECEM8ER 2023 15 Fixed asset investments Icontinuedl Fixed asset InStMentS revalued Listed investments have been revalued at their market value at the year end. The historical cost of these investments was £4,149. 16 Stocks 2023 2022 Finished good5 and goods for resale 2,345 1,587 17 Debtors 2023 2022 Amounts falling due within one year.. Trade debtors Prepayments and accrued income 366 17,476 1,505 18,129 17,842 19,634 18 Creditors: amounts lalllng due wlthln one year 2023 2022 Notes Deferred income Trade creditors Other credilors Accruals 19 6,173 8.619 1,784 7,350 4,333 7,974 1.183 2.652 23,926 16,142 -22-
THE LOFT THEATRE COMPANY NOTES TO THE FINANCIAL STATEMENTS {CONTINUED} FOR THE PERIOD ENDED 31 DECEMBER 2023 19 Deferred income 2023 2022 Deferred income in relation to forward ticket sales 6,173 4,333 Deferred income relates to licket income received in advance for periods in the following year. A reconciliation of the deferred income balance a5 follows.. Brought Forward £4,333, Released during the year £162,687, Invoiced £168,860, Balance Carried Forward £6.173. 20 Unrestrirted fund5- Investment These are unrestritted funds which are material to the charity's artivitie5. Atl September 2022 In¢omin8 resource5 Resources expended Transfers Gains and 1055es At31 Oecember 2023 Investment fund Capital fund 535,567 159,540 1,200 11,8391 22,966 557,894 142,859 116,6811 695,107 1,2 11,8391 116,6811 22,966 700,753 Previous year: Intomin8 resources Resources expended Transfers Gains and At 31 August losses 2022 September 2021 Investment fund Capital fund 564,788 177,495 22 11,4921 127,7511 535,567 159,540 117,9551 742.283 22 11,4921 117,9551 127,7511 695,107 -23-
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THE LOFT THEATRE COMPANY NOTES TO THE FINANCIAL STATEMEfrifs (CONTINUED) FOR THE PERIOD ENDED 31 DECEMBER 2023 22 Transfers between fund5 During the year. a transfer of £16,681 was made from capital funds to the general funds to represent the movement in the net book value of its current fixed assets. 23 Related party transactions Expenditure of £3,08212022.' nill was paid to Frazier Wine Merchants Ltd in the period, a company with whSch Ms L Frazier is a related party. At year end. £nil12022: nil) was outstanding. -25-