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2022-03-31-accounts

Report of the Directors and Financial Statements

For the Year Ended 31 March 2022 for

Valley Community Theatre (Company limited by guarantee and not having share capital)

Valley Community Theatre (Company limited by guarantee and not having share capital)

Contents of the Financial Statements for the Year Ended 31 March 2022

Page
Company Information 1
Report of the Directors 2
Statement of Financial Activities 7
Balance Sheet 8
Notes to the Financial Statements 9
The following pages do not form part
of the statutory financial statements:
Independent Examiner’s Report 13
Profit and Loss Account 14

Valley Community Theatre (Company limited by guarantee and not having share capital)

Company Information for the Year Ended 31 March 2022

DIRECTORS: P Lodge E Lodge M Rowland L Evans C Freeney T McLennan SECRETARY: M A Ball REGISTERED OFFICE: Valley Community Theatre Childwall Valley Road Liverpool Merseyside L27 3YA

REGISTERED NUMBER: - COMPANY: 03900667 (England and Wales) - CHARITY: 1150615 (England and Wales)

Page 1

Valley Community Theatre (Company limited by guarantee and not having share capital)

Report of the Directors

for the Year Ended 31 March 2022

The directors present their report with the financial statements of the company for the year ended 31 March 2022.

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of an arts facilities operator.

The company was incorporated under the Companies Act 1985, under the terms of its Memorandum and Articles of Association, on 29 December 1999, having already been registered as a Charity in accordance with this governing document on 19 October 1994. In 2013 a new Memorandum and Articles of Association was adopted and the charity was registered again. The new registration number is 1150615

RESULTS

The results for the year are shown in the annexed financial statements.

Mission

The Valley Community Theatre

Public Benefit

The Trustees have considered the Charities Commissions’ Guidance on public benefit in the shaping of its mission and the planning of the Valley Community Theatre’s activities for the year.

Activity

The principal activity of the company in the year under review was that of an arts facilities operator and providing theatre, dance, music, art and film opportunities for young people and the community.

The Valley Community Theatre is one of the largest, newly refurbished youth theatres in the North West of England, and runs:

The Board of Directors/Trustees fulfil their responsibilities as volunteers, and young people are encouraged to contribute to the activities of the VCT when appropriate as supervised volunteers.

Page 2

Valley Community Theatre (Company limited by guarantee and not having share capital)

Report of the Directors (continued) for the Year Ended 31 March 2022

STRUCTURE, GOVERNANCE AND MANAGEMENT

Organisational Structure

The company is managed by its volunteer Board of Directors/Trustees, who appoint the Project Director, who line manages sessional and project tutors, artists and administrative staff.

The directors of the Company, and Trustees of the registered charity, during the year under review were: P Lodge L Evans E Lodge C Freeney M Rowland T McLennan

The Board meets once a month for ten months of the year and at other times as necessary.

All the directors, being eligible, offer themselves for election at the forthcoming Annual General Meeting. All directors are trustees for the purposes of charity law. Since the company is limited by guarantee and does not have share capital, they are the subscribing members who have guaranteed to contribute an amount not exceeding £1 to the assets of the charitable company in the event of winding up. The total number of guarantees at 31 March 2020 was 4. (2019: 4).

Trustee Induction and Training

Training for existing Trustees and further development of the Board of Directors remains under review. Via the Youth Arts Development Forum, young people have been encouraged and prepared to attend meetings of the Trustees as observers.

Related Parties

From its inception the Theatre has received an annual starter grant from Liverpool City Council. The year under review is the fifth year in concession to offer no such opportunity nor did it offer any opportunity to tender for a specific youth based project. The Theatre continues to see its role in the context of the City’s Youth Arts policy and programme and the City’s provision for young people at risk, hard to reach or facing barriers.

Risk Management

The Board takes seriously its responsibilities and carries out through its Theatre Director full risk assessments on all activities undertaken. Proper consideration is given to fulfilling the requirements of such policies as the VCT Health and Safety, Fire, Diversity and Safeguarding Policies to ensure the safety of all staff, users and visitors. Regular reviews are carried out and the item is part of the standing Agenda at meetings.

ACHIEVEMENTS AND PERFORMANCE

Valley Community Theatre, Chairs report 21-22

All in all, 2021-22 was another very busy year for our Community Theatre, showing once again how important Valley is as a local hub in the area.

Valley Community Youth Theatre was at the forefront of our activities. It delivered weekly youth theatre sessions, which have given young people the opportunity to learn new skills in areas such as music, art, film, drama, singing, dance, tech and band. The youth team have worked collaboratively with the young people to produce pieces of theatre, film and music that have been shown to the community.

In the Spring, we were preparing for an evening of Youth Theatre as part of the forthcoming “Festivalley” in May, which saw three original youth dramatic performances as well as a debut from our in-house band and singers. HAF funding enabled us to provide free arts sessions and healthy food for our young people and we recently premiered our first music video with an original soundtrack which was created during the summer holidays. Our numbers have been rapidly growing throughout the year enabling us to collaborate with more local young performers.

Page 3

Valley Community Theatre (Company limited by guarantee and not having share capital)

Report of the Directors (continued) for the Year Ended 31 March 2022

Toy Bank Scheme .

The theatre facilitated our first ever toy bank scheme . Funded by Arnold Clark & topped up with Valley funds from sales at the cafe we contacted local schools and asked them to discretely identify those most in need. It was not difficult to identify those in need but it was difficult for teachers to decide who was most in need. Feedback from school staff ranged from ' this child has nothing and is expecting nothing for Christmas' to 'this family has had such a struggle of a year'. A list was put together of what each child would really love for Christmas and most gifts were locally sourced, collected and sorted at Valley then hand delivered to key staff at the schools.

It raised awareness of children and families in the community who were most at need and highlighted areas that we as a charity, working in partnership with schools, could make a difference.

Christmas HAF (Holiday Activities with Food).

Aimed at those children who receive free school meals and those from households facing food poverty, this project sponsored by MPAC & LCC, was started in October half term with the Christmas HAF being the highlight of the year. Young people were provided a healthy hot meal and a take home breakfast bag when they attended during the school holidays for a host of free arts activities including Drama, Dance, Singing, Music rehearsals, recording & Art. As a one off, 'Attic Displays' were commissioned by MPAC to deliver Winter Wonderlands to the charities taking part in the programme across the city. This resulted in a professional Polar Express themed Winter Wonderland in the foyer to the delight of young people who had not long been returned to full time on site activities after Covid restrictions. Panto audiences also walked in to experience the display and many of them will remember that year as a special time. Our thanks go to a dedicated staff team and volunteers who worked through school holidays and between Christmas & New Year to ensure young people and their families were supported on many different levels.

ACE .

We began receiving 'ACE' at the theatre. 'ACE' are a local community group who cater for adults with disabilities and run a garden centre. We quickly realised that they really enjoyed weekly drama sessions which resulted in not only a Panto at Christmas but a repeat performance for local community groups in March!

Elite Dance and Drama.

Our longstanding hirer, Elite Dance and Drama, have continued their work with young people, using the theatre for 3 nights midweek and coaching young people in performance to exam level.

Adult Drama

Our adult drama group continues to thrive. After maintaining contact with people through Zoom during the difficult Covid times, it was good to get back to face to face sessions. In August 21, we hosted a Merseyside-wide short play festival, with awards, presided over by an experienced adjudicator. The festival showcased 15 new original plays over three days which was very well attended and furthered our network of contacts adding to our ‘Friends of Valley’ group The Adult Group also produced another very successful Panto – Mother Goose - with the theatre having to put on an extra performance to accommodate the audiences.

Page 4

Valley Community Theatre (Company limited by guarantee and not having share capital)

Report of the Directors (continued) for the Year Ended 31 March 2022

Public Consultation

We conducted a large-scale public consultation in partnership with Liverpool Community and Voluntary Service from July – September 2021 to assess need in our community. This included a mixture of: one to one, group and survey consultation, 4 face to face events with individuals and 1 online meeting with partner agencies.

In total, 15 organisations and 118 individuals were consulted. The results, including a CGI of our proposed ‘Creative Café’, can be found on our website www.valleytheatre.co.uk

Thanks

Finally, we would like to thank trustees, staff and volunteers for their input and hard work throughout the year, especially Martin and Tara.

A special thanks also to all our funders, audiences and supporters without whom none of this would be possible.

FINANCIAL REVIEW

Finances

Total incoming resources for the year amounted to £110,558. Of this £33,245 was unrestricted. The total expended resources were £128,121 of which £17,568 was unrestricted.

Reserves Policy

The Valley Community Theatre aims to maintain a 3 months operating reserve in place.

Statement of Directors’ responsibilities

Company law requires the directors to prepare financial statements for each financial year which give a true and fair view of the state of the affairs of the charitable company as at the balance sheet date and of its incoming resources and application of resources, including income and expenditure, for the financial year. In preparing those financial statements, the directors should follow best practice and:

select suitable accounting policies and then apply them consistently;

The directors are responsible for maintaining proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and to enable them to ensure that the financial statements comply with the Companies Act 2006. The directors are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

PLANS FOR THE FUTURE

The Valley Community Theatre will continue to pursue its youth arts work and work with those with disabilities and barriers via both social and mainstream routes, subject to funding.

ON BEHALF OF THE BOARD:

T McLennan - Chair of Trustees Dated: 28[th] December 2022

Page 5

Valley Community Theatre (Company limited by guarantee and not having share capital)

Statement of Financial Activities (including Income and Expenditure Account) For the Year Ended 31 March 2022

Notes
Incoming resources from generated funds:
Voluntary income:
Grants received
2
Donations received
Incoming resources from
charitable activities:
Total incoming resources
Resources expended
Costs of generating funds:
Costs of generating voluntary income
3
Charitable activities
4
Governance costs
5
Total resources expended
6
Net incoming resources
- Net expenditure for the year
Gross transfers between funds
Net movement in funds
Total funds at 1 April 2021
Total funds at 31 March 2022		 Unrestricted
Funds
£
-
990
32,245
33,235
-
15,540
2,028		 Restricted
Funds
£
77,323
-
-
77,323
3,545
107,008
-		 2022
Total
Funds
£
77,323
990
32,245
110,558
3,545
122,548
2,028		 2021
Total
Funds
£
141,667
-
1,501
143,168
3,222
109,345
1,999
114,566
28,662
-
28,602
28,898
57,500

17,568
15,667
-		 110,553
(33,230)
-
128,121
(17,563)
-
15,667
6,543
22,210		 (33,230)
50,957
17,727		 (17,563)
57,500
39,937

Movements in funds are disclosed in Note 13 to the financial statements.

DESIGNATED AND ENDOWMENT FUNDS

The charity had no designated or endowment funds in the year.

The notes form part of these financial statements.

Page 6

Valley Community Theatre (Company limited by guarantee and not having share capital)

Balance Sheet As at 31 March 2022

Notes
FIXED ASSETS:
Tangible assets
10
CURRENT ASSETS:
Cash at bank and in hand

CREDITORS:Amounts falling
due with one year
11

NET CURRENT ASSETS
TOTAL ASSETS LESS CURRENT
LIABILITIES
NET ASSETS
RESERVES:
12
Unrestricted income funds – general
Restricted income funds		 2022
£

33,214
1,636


£		 £
8,359


31,578
39,937
39,937
22,210
17,727
39,937		 2021
£

47,284
1,278






 £
11,494
46,006
57,500
-
£57,500
6,543
50,957
£57,500



£

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2022 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for: (a) ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and (b) preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies and with FRS 102.

ON BEHALF OF THE BOARD:

………………………… – P. Lodge

Approved by the board on 28[th] December 2021

The notes form part of these financial statements

Page 7

Valley Community Theatre (Company limited by guarantee and not having share capital)

Notes to the Financial Statements for the Year Ended 31 March 2022

1. ACCOUNTING POLICIES

Accounting convention

The financial statements have been prepared under the historical cost convention and in accordance with FRS 102, the Companies Act 2006 and follow the recommendations of Statement of Recommended Practice applicable to charities.

Incoming resources

Incoming resources represent grants received from local and central government, via national and European urban regeneration schemes, fundraising activities and sundry receipts. All such income is recognised in full in the Statement of Financial Activities in the year in which they are receivable.

Resources expended

Resources expended are recognised in the period in which they are incurred. Resources expended include attributable VAT which cannot be recovered.

Fundraising and publicity costs comprise those costs incurred in raising funds for the charity and promoting its public profile.

Resources expended on charitable activities comprise all expenditure directly in undertaking the charity’s work to meet its charitable objectives.

Governance costs comprise costs incurred directly in governance arrangements relating to the general running of the charity.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off the cost of each asset over its estimated useful life:

Fixtures & Fittings - 15% straight line Theatre Equipment - 15% straight line

Restricted funds

Restricted funds are funded by grants received for use on specified projects, identified as part of the original bid for such funding, and may not be used to finance any other projects or the general operations of the charity. Expenditure which meets these criteria is charged against restricted funds, together with a fair allocation of management and support costs.

Unrestricted funds

Unrestricted funds are grants and other incoming resources receivable or generated for the objects of the charity without further specified purpose and are available as general funds.

Page 8

Valley Community Theatre (Company limited by guarantee and not having share capital)

Notes to the Financial Statements (continued) for the Year Ended 31 March 2022

2. INCOMING RESOURCES FROM ACTIVITIES TO FURTHER THE CHARITY’S OBJECTS

Grants received
LCC
Arts Council
LCVS
Netherley Youth Foundation
Steve Morgan Foundation		 Unrestricted
Funds
£
-
-
-
-
-
-		 Restricted
Funds
£
26,500
-
30,260
3,897
16,666
-		 2022
Total
Funds
£
26,500
-
30,260
3,897
16,666
-		 2021
Total
Funds
£
49,643
54,000
-
6,593
22,083
-
- 77,323 77,323 141,667

3. COSTS OF GENERATING VOLUNTARY INCOME

Publicity and promotions
4.
CHARITABLE ACTIVITIES		 Unrestricted
Restricted
Funds
Funds
£
£
-
3,545		 Unrestricted
Restricted
Funds
Funds
£
£
-
3,545		 2022
Total
Funds
£
3,545		 2021
Total
Funds
£
3,222
Staff costs (note 8)
Performance
Practitioners
Rent, rates and water
Light and heat
Telephone
Repairs & maintenance
Postage and stationery
Travel expenses
Catering
ICT equipment & maintenance
Insurance
Bank charges
Professional Fees
Depreciation		 Unrestricted
Funds
£
-
15,540
-
-
-
-
-
-
-
-
-
-
-
-
-
15,540		 Restricted
Funds
£
70,303
15,540
5,377
3,908
8,319
1,636
5,152
132
-
1,694
1,097
6,240
64
1,040
2,046
107,008		 2022
Total
Funds
£
70,303
15,540
5,377
3,908
8,319
1,636
5,152
132
-
1,694
1,097
6,240
64
1,040
2,046
122,548		 2021
Total
Funds
£
56,334
9,153
3,387
2,136
8,272
1,477
9,520
-
31
-
71
6,404
-
10,514
2,046

109,345

Page 9

Valley Community Theatre (Company limited by guarantee and not having share capital)

Notes to the Financial Statements (continued) for the Year Ended 31 March 2022

5. GOVERNANCE COSTS

5. GOVERNANCE COSTS
2022 2021
Unrestricted Restricted Total Total
Funds Funds Funds Funds
£ £ £ £
Telephone 289 - 289 260
Rent, rates and water - - - -
Accountancy 650 - 650 650
Depreciation 1,089 - 1,089 1,089
2,028 - 2,028 1,999
6. TOTAL RESOURCES EXPENDED
2022 2021
Staff Depreciation Other Total Total
Costs (owned assets) Costs Costs Costs
£ £ £ £ £
Costs of generating voluntary
income - - 3,545 3,545 3,222
Charitable activities 70,303 2,046 50,199 122,548 109,345
Governance costs - 1,089 939 2,028 1,999
70,303 3,135 54,683 128,121 114,566
7. NET INCOMING RESOURCES FOR THE YEAR
2022 2021
£ £
This is stated after charging:
Depreciation 3,135 3,135
8. STAFF COSTS
2022 2021
£ £
Staff costs were as follows:
Wages and salaries 70,303 56,354
No employee received emoluments of more than £50,000.
The average weekly number of employees during the year, calculated on the basis of full time equivalents, w
as follows:
2022 2021
Fundraising and publicity - -
Charitable activities 4 4
Governance costs - -

The average weekly number of employees during the year, calculated on the basis of full time equivalents, was as follows:

No remuneration was paid to the directors, nor were any expenses incurred by directors in both years.

Page 10

Valley Community Theatre (Company limited by guarantee and not having share capital)

Notes to the Financial Statements (continued) for the Year Ended 31 March 2022

9. TAXATION

The charitable company is exempt from corporation tax on its charitable activities.

10. TANGIBLE FIXED ASSETS

TANGIBLE FIXED ASSETS TANGIBLE FIXED ASSETS
Fixtures &
Fittings
COST OR VALUATION:
At 1 April 2021
22,431
Additions
-
At 31 March 2022
22,431
DEPRECIATION:
At 1 April 2021
18,439
Charge for the year
1,089
At 31 March 2022
19,528
NET BOOK VALUE:
At 31 March 2022
2,903
At 31 March 2021
3,992		 Theatre
Equipment		 Total
60,526
-
60,526
49,032
3,135
52,167
8,359
11,494

22,431
-


38,095
-
22,431
18,439
1,089

38,095
30,593
2,046

19,528

32,639

2,903
3,992


5,456
7,502

11. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR



Trade creditors

Social security and other taxes

Accrued expenses

 2022
£
-
986
650		 2021
£
-
628
650
1,636 1,278

12. ANALYSIS OF NET ASSETS BETWEEN FUNDS

General
Funds
£
Tangible fixed assets
2,903
Current assets
19,307
Current liabilities
-
Net assets at 31 March 2022
22,210		 General
Funds
£
Tangible fixed assets
2,903
Current assets
19,307
Current liabilities
-
Net assets at 31 March 2022
22,210		 Restricted
Funds
£
5,456
13,907
(1,636)		 Total
Funds
£
8,359
33,214
(1,636)
39,937
22,210
17,727

Page 11

Valley Community Theatre (Company limited by guarantee and not having share capital)

Independent Examiner’s Report to the Trustees of Valley Community Theatre

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 charity’s trustees consider that an audit is not required for this year under section 43(2) of the Charities Act 1993 (the 1993 Act) and that an independent examination is needed.

Having satisfied myself that the charity is not subject to audit under company law and is eligible for independent examination, it is my responsibility to:

Basis of independent examiner’s report

My examination was carried out in accordance with the General Directions given by the Charities 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 the seeking of 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:

Name: P Taylor Relevant professional qualification or body: ACCA Address: 74 Brook Vale Waterloo Liverpool L22 3YB Date: December 2022

This page does not form part of the statutory financial statements

Page 12

Valley Community Theatre (Company limited by guarantee and not having share capital)

Profit and Loss Account for the Year Ended 31 March 2022

Income:
Grants received
Donations received
Other incoming resources
Expenditure:
Wages and salaries
Telephone
Postage and stationery
Publicity and promotions
Travel expenses
ICT equipment & maintenance
Performance costs
Practitioners
Repairs and equipment
Professional fees
Accountancy
Rates and water
Insurance
Light and heat
Catering expenses
Finance costs:
Bank charges
Bank interest
Depreciation:
Fixtures & fittings
Theatre equipment
NET PROFIT/(LOSS)


2022
£
77,323
990
32,245
70,303
1,925
132
3,545
-
1,097
15,540
5,377
5,152
1,040
650
3,908
6,240
8,319
1,694		 £




110,558














 2021
£
£
141,667
-
1,501
143,168
56,334
1,737
-
3,222
31
71
9,153
3,387
9,520
10,514
650
2,136
6,404
8,272
-
111,431
31,737
-
-
-
1,089
2,046
3,135
£ 28,602




















64
-		 124,922

(11,784)

-
-

1,089
2,046
1,089
2,046
£		 64


3,135

(17,563)
£

This page does not form part of the statutory financial statements

Page 13