DocuSign Envelope ID: DB5841D9-B4B2-4E99-AE31-4CE4004024CC
Company number 6927457 Charity number 1136513
Waterloo East Theatre Limited
(Limited by Guarantee)
Report and Financial Statements
for the year ended 30 June 2022
Breckman & Company Ltd Chartered Certified Accountants 49 South Molton Street London W1K 5LH
DocuSign Envelope ID: DB5841D9-B4B2-4E99-AE31-4CE4004024CC
Waterloo East Theatre Limited
(Limited by Guarantee)
Contents
| Page | |
|---|---|
| Reference and Administrative Details | 1 |
| Trustees' Report | 2 - 3 |
| Independent Examiners' Report | 4 |
| Statement of Financial Activities (including Income and Expenditure Account) | 5 - 8 |
| Balance Sheet | 99 |
| Notes to the Financial Statements | 10 - 15 |
DocuSign Envelope ID: DB5841D9-B4B2-4E99-AE31-4CE4004024CC
Waterloo East Theatre Limited
(Limited by Guarantee)
Reference and Administrative Details
Constitution
The charitable company is private company limited by guarantee registered in EW- England and Wales, company number 6927457 incorporated under the Companies Act and its governing document is its Memorandum and Articles of Association. The company is a registered charity, number 1136513.
Directors and trustees
As set out in the Articles of Association the trustees are appointed by members of Waterloo East Theatre Limited at our Annual General Meeting (AGM) or by postal vote. One third of the members of the board of trustees must stand down at each AGM, and members are eligible for re-election.
Policies and procedures adopted for the induction and training of trustees are ongoing and incorporated indirectly into the regular trustees meetings.
The trustees throughout the year and since the year end, were :
Gerald Armin (Chair) Richard Palmer Sarah Redmond Daniel Gillingwater
Director
Gerald Armin
Secretary
James McCaul
Chief executive/day to day management
Gerald Armin
Independent Examiners
Breckman & Company Limited, 49 South Molton Street, London W1K 5LH.
Bankers
Barclays Bank PLC, 29 Borough High Street, London SE1 1LY.
Operation address
3 Wootton Street, London SE1 8TG.
Registered office
49 South Molton Street, London W1K 5LH.
1
DocuSign Envelope ID: DB5841D9-B4B2-4E99-AE31-4CE4004024CC
Waterloo East Theatre Limited
(Limited by Guarantee)
Trustees' Report
The trustees present their annual report together with the financial statements of the charity for the year ended 30 June 2022 which are also prepared to meet the requirements for a directors' report and accounts for Companies Act purposes.
The reference and administrative details set out on page 1 forms part of this report. The financial statements comply with Charities Act 2011, the Companies Act 2006, the Memorandum and Articles of Association 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).
Objectives and activities
To create, develop, produce and present a dynamic programme of theatre, and other live performances and projects that become a vital component of the public and cultural life of the local and surrounding London boroughs.
In shaping our objectives for the year and planning our activities, the trustees have considered the Charity Commission's guidance on public benefit, including the guidance 'public benefit : running a charity' (PB2).
Achievements and performance
Waterloo East Theatre reopened in the July 2021 after almost 18 months of closure due to the Covid-19 Pandemic and presented a short program of events that, due to the Government restrictions of venue capacity social distancing still in place, we were only able to operate at 50% of capacity, reducing our seating from 96 to 40, which was a financial struggle for us and also due to second Covid wave (Omicron) we were unable to present our Christmas season.
Financial review
The charity made a deficit for the year of £39,161, which together with the deficit brought forward of £56,485, means that a deficit of £95,646 is carried forward at the balance sheet date.
Plans for future periods
Even though we have opened and closed sporadically over the past year and were unable to play to full capacity until early 2022, we have tried to be optimistic that we will have some future, but due the financial strain of the 'Covid Period' it is taking us a lot longer to recover as audiences have struggled to reach anywhere near their pre-pandemic levels. Let us hope this trend changes as 2023 approaches.
Structure, governance and management
As set out in the Articles of Association the trustees are appointed by members of Waterloo East Theatre Limited at our Annual General Meeting (AGM) or by postal vote. One third of the members of the board of trustees must stand down at each AGM, and members are eligible for re-election.
2
DocuSign Envelope ID: DB5841D9-B4B2-4E99-AE31-4CE4004024CC
Waterloo East Theatre Limited
(Limited by Guarantee)
Trustees' Report
Small company exemptions
This report is prepared in accordance with the provisions of the Companies Act 2006 relating to small companies.
This report was approved by the Board of Trustees on 9 March 2023 and signed on its behalf by
Gerald Armin (Chair) Trustee/Director
3
DocuSign Envelope ID: DB5841D9-B4B2-4E99-AE31-4CE4004024CC
Independent Examiner's Report to the Trustees of Waterloo East Theatre Limited
I report on the accounts of the charity for the year ended 30 June 2022, which are set out on pages 5 to 15.
Respective responsibilities of trustees and examiner
The trustees (who are also the directors of the company for the purposes of company law) are responsible for the preparation of the accounts. The trustees consider that an audit is not required for this year under section 144(2) of the Charities Act 2011 (the 2011 Act) and that an independent examination is needed.
Having satisfied myself that the charity is not subject to an audit under company law and is eligible for independent examination, it is my responsibility to:
ꞏ examine the accounts under section 145 of the 2011 Act;
ꞏ follow the procedures laid down in the general Directions given by the Charity Commission (under section 145(5)(b) of the 2011 Act; and
ꞏ state whether particular matters have come to my attention.
Basis of independent examiner's statement
My examination was carried out in accordance with general Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently no opinion is given as to whether the accounts present a "true and fair view" and the report is limited to those matters set out in the statement below.
Independent examiner's statement
In connection with my examination, no matter has come to my attention
- which gives me reasonable cause to believe that in, any material respect, the requirements: ꞏ to keep accounting records in accordance with section 386 of the Companies Act 2006; and
ꞏ to prepare accounts which accord with the accounting records, comply with the accounting requirements of section 396 of the Companies Act 2006 and with the methods and principles of the Statement of Recommended Practice: Accounting and Reporting by Charities
have not been met; or
- to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.
Richard Nelson FCCA Breckman & Company Ltd Chartered Certified Accountants
49 South Molton Street London W1K 5LH
9 March 2023
4
Type text here
DocuSign Envelope ID: DB5841D9-B4B2-4E99-AE31-4CE4004024CC
Waterloo East Theatre Limited
(Limited by Guarantee)
Statement of Financial Activities (including Income and Expenditure Account) for the year ended 30 June 2022
| Unrestricted funds Notes £ Income and endowments from: 2 Donations and legacies - page 6 9,305 Charitable activities: Theatre - page 6 24,290 Total 33,595 Expenditure on: Charitable activities: Theatre - page 777 72,756 Total 72,756 Net income/(expenditure) 3 ) (39,161 Reconciliation of funds: Total funds brought forward ) (56,485 Total funds carried forward 14 ) (95,646 |
2022 Unrestricted Total funds £ £ 9,305 99,467 24,290 1,906 33,595 101,373 72,756 31,312 72,756 31,312 ) (39,161 70,061 ) (56,485 ) (126,546 ) (95,646 ) (56,485 |
2021 Total £ 99,467 1,906 101,373 31,312 31,312 70,061 ) (126,546 ) (56,485 |
|---|---|---|
The notes on pages 10 to 15 form an integral part of these financial statements.
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derives from continuing activities.
5
DocuSign Envelope ID: DB5841D9-B4B2-4E99-AE31-4CE4004024CC
Waterloo East Theatre Limited
(Limited by Guarantee)
Year ended 30 June 2022
| Income from donations and legacies Grants Emergency funding ACE - Cultural Recovery Fund LB Lambeth Donations Donations Income from charitable activities Theatre income Box office/bar sales |
2022 £ 5,000 4,000 |
£ 9,000 305 9,305 24,290 24,290 |
2021 £ 45,000 54,222 |
£ 99,222 245 |
|---|---|---|---|---|
| 99,467 | ||||
| 1,906 | ||||
| 1,906 |
6
DocuSign Envelope ID: DB5841D9-B4B2-4E99-AE31-4CE4004024CC
Waterloo East Theatre Limited
(Limited by Guarantee)
Year ended 30 June 2022
| Expenditure on charitable activities Theatre Production costs Production costs Support costs - page 8 Governance costs - page 8 |
2022 £ 45,899 45,899 24,877 1,980 72,756 |
2021 £ 6,141 |
|---|---|---|
| 6,141 23,171 2,000 |
||
| 31,312 |
7
DocuSign Envelope ID: DB5841D9-B4B2-4E99-AE31-4CE4004024CC
Waterloo East Theatre Limited
(Limited by Guarantee)
Year ended 30 June 2022
| Support and governance costs Support costs Office overheads Rent/light/heat/rates/services Telephone/fax Insurance Repairs/maintenance Administration costs Printing/postage/stationery Subscriptions/licences Sundries Professional/financial Legal/professional Bank charges/bank interest/loan interest Ticket service charge Governance costs Accountancy/consultancy/theatre tax relief Independent examination |
2022 £ 14,454 969 4,188 100 132 420 225 26 1,738 2,625 580 1,400 |
£ 19,711 777 4,389 24,877 1,980 26,857 |
2021 £ 14,640 902 3,990 1,117 105 263 121 26 2,007 - 500 1,500 |
£ 20,649 489 2,033 |
|---|---|---|---|---|
| 23,171 2,000 |
||||
| 25,171 |
8
DocuSign Envelope ID: DB5841D9-B4B2-4E99-AE31-4CE4004024CC
Waterloo East Theatre Limited
(Limited by Guarantee)
| Notes Current assets Debtors 8 Cash at bank and in hand Liabilities Creditors: amounts falling due within one year 9 Net current (liabilities) Excess of current liabilities over total assets The funds of the charity Unrestricted funds 14 - General fund |
Balance Sheet 30 June 2022 2022 £ 383 - 383 ) (96,029 |
£ ) (95,646 ) (95,646 ) (95,646 |
2021 £ 8,750 57,131 65,881 ) (122,366 |
£ ) (56,485 ) (56,485 ) (56,485 |
|---|---|---|---|---|
For the year ending 30 June 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
ꞏ The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476;
ꞏ The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These financial statements have been prepared in accordance with the provisions of the Companies Act 2006 applicable to companies subject to the small companies regime.
The financial statements were approved by the Board of Trustees on 9 March 2023 and signed on its behalf by
Gerald Armin (Chair)
Trustee/Director
The notes on pages 10 to 15 form an integral part of these financial statements.
9
DocuSign Envelope ID: DB5841D9-B4B2-4E99-AE31-4CE4004024CC
Waterloo East Theatre Limited
(Limited by Guarantee)
Notes to the Financial Statements for the year ended 30 June 2022
1. Accounting policies
1.1. Basis of preparing the financial statements
The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice issued October 2019 applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019) - (Charities SORP (FRS 102)), and the Companies Act 2006.
The charity meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy note(s).
1.2. Preparation of the accounts on a going concern basis.
The company is dependent on the continued support of the trustee's loan account and the charity's bank. The trustees believe that the company will continue to receive this support and accordingly consider that it is appropriate to prepare the financial statements on the going concern basis.
10
DocuSign Envelope ID: DB5841D9-B4B2-4E99-AE31-4CE4004024CC
Waterloo East Theatre Limited
(Limited by Guarantee)
Notes to the Financial Statements for the year ended 30 June 2022
1.3. Incoming resources
All incoming resources are included in the Statement of Financial Activities when:
-
the charity is legally entitled to the funds
-
any performance conditions attached to the income have been met or are fully within the control of the charity
-
there is sufficient certainty that receipt of the income is considered probable
-
the amount can be reliably measured
- Donations and legacies
Grants/donations are recognised in incoming resources in the year in which they are receivable, except as follows:
-
when donors specify that grants/donations given to the charity must be used in future accounting periods, the income is deferred until those periods
-
when donors impose conditions which have to be fulfilled before the charity becomes entitled to use such income, the income is deferred and not included in incoming resources until the preconditions for use are met.
- Charitable activities
Theatre income - income from box office, performance fees and sundry other theatrical income is included in incoming resources in the period in which the relevant show takes place.
Project specific funding - when donors specify that donations and grants are for particular restricted purposes, which do not amount to pre-conditions regarding entitlement, this income is included in incoming resources of restricted funds when receivable.
- Investment income
Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the Bank.
11
DocuSign Envelope ID: DB5841D9-B4B2-4E99-AE31-4CE4004024CC
Waterloo East Theatre Limited
(Limited by Guarantee)
Notes to the Financial Statements for the year ended 30 June 2022
1.4. Expenditure
All expenditure is included on an accruals basis inclusive of any VAT which cannot be recovered and is recognised when:
-
there is a legal or constructive obligation to make a payment
-
it is probable that settlement will be required
-
the amount of the obligation can be measured reliably
- Costs of raising funds
Costs incurred in attracting donations, and those incurred in trading activities that raise funds.
- Charitable activities
Theatre production costs - costs incurred in production and running of productions toured in the year.
- Support costs
The administrative and overhead costs associated with running the office from which the company operates as well as governance costs. Support costs are wholly attributable to theatre production costs.
- Governance costs
Costs associated with the constitutional and statutory requirements of the charity.
1.5. Fund accounting
Funds held by the charity are either:
-
Unrestricted general funds - these are funds which can be used in accordance with the charitable objects at the discretion of the trustees.
-
Designated funds - these are unrestricted funds of the charity which the trustees have decided at their discretion to set aside to use for a specific purpose.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
1.6. Debtors
Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid after taking account of any trade discounts due.
1.7. Cash at bank and in hand
Cash at bank and in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
1.8. Creditors and provisions
Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.
12
DocuSign Envelope ID: DB5841D9-B4B2-4E99-AE31-4CE4004024CC
Waterloo East Theatre Limited
(Limited by Guarantee)
Notes to the Financial Statements for the year ended 30 June 2022
1.9. Financial Instruments
The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value, and subsequently measured at their settlement value (with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method).
1.10. Significant Accounting Estimates and Judgements
In determining the carrying amounts of certain assets and liabilities, the charity makes assumptions of the effects of uncertain future events on those assets and liabilities at the balance sheet date. The charity's estimates and assumptions are based on historical experience and expectation of future events and are reviewed annually. Further information about key assumptions concerning the future, and other key sources of estimation of uncertainty, are set out in the notes.
The company is dependent on the continued support of the trustee's loan account and the charity's bank. The trustees believe that the company will continue to receive this support and accordingly consider that it is appropriate to prepare the financial statements on the going concern basis.
2. Incoming resources
The total incoming resources for the year have been derived from the principal activity undertaken wholly in the UK.
| 3. | Net income/(expenditure) for the year is | 2022 | 2021 |
|---|---|---|---|
| stated after charging: | £ | £ | |
| Independent Examiners' remuneration | |||
| - external examiner | 1,400 | 1,500 | |
| - other services | 580 | 500 |
4. Trustees' emoluments and reimbursed expenses
The trustees received no remuneration during the year (2021 - £nil).
The aggregated amount reimbursed to trustees during the year was £nil (2021 - £nil)
5. Staff costs and numbers
During the year the company had no employees.
13
DocuSign Envelope ID: DB5841D9-B4B2-4E99-AE31-4CE4004024CC
Waterloo East Theatre Limited
(Limited by Guarantee)
Notes to the Financial Statements for the year ended 30 June 2022
6. Corporation taxation
The charity is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or section 252 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects.
8. Debtors
| Debtors Other debtors Creditors: amounts falling due within one year Bank overdraft Short term loans Other taxation/social security Trustees' loan accounts Other creditors Accruals |
2022 2021 £ £ 383 8,750 2022 2021 £ £ 10,120 - 20,000 - - 1,734 64,509 117,241 - 2,531 1,400 860 96,029 122,366 |
2022 2021 £ £ 383 8,750 2022 2021 £ £ 10,120 - 20,000 - - 1,734 64,509 117,241 - 2,531 1,400 860 96,029 122,366 |
|---|---|---|
| 122,366 |
9.
10. Limited by guarantee
The private limited company is limited by guarantee, is registered in EW - England & Wales, and does not have a share capital. Each member gives a guarantee to contribute a sum, not exceeding £1, to the company should it be wound up. At 30 June 2022 there were 4 members.
11. Financial commitments
At 30 June 2022 the company had total commitments under non-cancellable operating leases as follows:
| follows: | ||
|---|---|---|
| 2022 | 2021 | |
| £ | £ | |
| Due: | ||
| Within one year | 22,750 | 22,750 |
14
DocuSign Envelope ID: DB5841D9-B4B2-4E99-AE31-4CE4004024CC
Waterloo East Theatre Limited
(Limited by Guarantee)
Notes to the Financial Statements for the year ended 30 June 2022
12. Transactions with trustees
At the year end trustee Gerald Armin was owed £64,509 (2021 - £117,241) by the charity.
13. Related party transactions
During the year the company had no other related party transactions that require disclosure.
| 14. | Unrestricted funds | Brought | Incoming | Outgoing | Carried | ||
|---|---|---|---|---|---|---|---|
| forward | resources | resources | forward | ||||
| £ | £ | £ | £ | ||||
| General fund | ) (56,485 |
33,595 | ) (72,756 |
) (95,646 |
|||
| 15. | Analysis of net assets between funds | ||||||
| General | Total | ||||||
| funds | |||||||
| £ | £ | ||||||
| Fund balances at 30 June 2022 | |||||||
| are represented by: | |||||||
| Net current (liabilities) | ) (95,646 |
) (95,646 |
|||||
| ) (95,646 |
) (95,646 |
15