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2023-03-31-accounts

Report of the Directors and Financial Statements

For the Year Ended 31 March 2023 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 2023

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 2023

DIRECTORS: P Lodge E Lodge M Rowland L Evans C Freeney T McLennan D Brown K Upfold 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 2023

The directors present their report with the financial statements of the company for the year ended 31 March 2023.

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 2023

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: 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
D Brown K Upfold

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 22-23

2022-2023 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 and music that have been shown to the community. It's increasing popularity and numbers show we must be doing something right!

A highlight of the Youth Group’s year was the hosting of an evening of short plays by/for young people performed as part of our Drama Festival, Festivalley ’22. This was a great success and drew compliments from the official festival adjudicator.

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 2023

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. 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, culminating in a show-back to an audience of friends/ carers and family.

Elite Dance and Drama.

Resident private, fee paying dance & drama school 'Elite' offer inclusive provision with examinations at grades 3 & 6 being QCA approved. Grade 3 is aligned with GSCE level and grade 6 is aligned with A level and so can be used to gain UCAS points.

Adult Drama

Another full and active year for the Adult drama group saw us involved with a busy programme of performances, including:

Performing Arts for people with disabilities

We worked with Liverpool Clinical Commissioning group and LCVS to support children and adults aged 8 and over in our local community who experience health inequalities or have a disability by providing empowerment and wellbeing support using arts activities. Working in partnership with such organisations as ACE place, Belle Vale Early Help Hub and local schools we have successfully addressed needs such as social isolation, low self-esteem and improved the health and wellbeing of beneficiaries.

Fundraising:

We continue to attract a variety of funders such as Liverpool City Council, LCVS, MPAC and Liverpool Clinical Commissioning group. This part of our work is essential if we are to build the future of Valley and to this end the Trustees have committed themselves to assist Tara and Martin in their efforts, much of which are directed towards the vision for a revamped Community Theatre, details of which can be found on our website www.valleytheatre.co.uk

Promotion

We have continued to make progress publicising the great work done here at the Theatre but, of course, more needs to be done to gain much deserved recognition of the work we do. Great improvements have been made to the website www.valleytheatre.co.uk We now have a thriving “Friends of Valley” email list and send out several “newsletters” a year. We also regularly post on social media including local facebook pages “Pics of Netherley” and “Belle Vale, What’s Happening”, all of which helps our profile in the community. More, however, needs to be done to advertise our great work and facilities.

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 2023

Outside Hirers

These provide vital funds for the theatre and we have seen a steady increase, especially in Youth Dance Groups who appreciate the opportunity to give their young people the chance of performing in a “proper” theatre, that doesn’t cost anything as much as theatres in town.

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 £111,196. Of this £50,372 was unrestricted. The total expended resources were £132,547 of which £53,996 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:

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: 11 December 2023

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 2023

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 2022
Total funds at 31 March 2023		 Unrestricted
Funds
£
-
4,070
46,302
50,372
-
51,990
2,006
53,996
(3,624)
-
(3,624)
22,210
18,586		 Restricted
Funds
£
60,824
-
-
60,824
624
77,927
-
78,551
(17,727)
-
(17,727)
17,727
-		 2023
Total
Funds
£
60,824
320
50,052
111,196
624
129,917
2,006
132,547
(21,351)
-
(21,351)
39,937
18,586		 2022
Total
Funds
£
77,323
990
32,245
110,558
3,545
122,548
2,028
128,121
(17,563)
-
(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 2023

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		 2023
£

14,438
1,076


£		 £
5,224


13,362
18,586
18,586
18,586
-
18,586		 2022
£

33,214
1,636






 £
8,359
31,578
39,937
-
£39,937
22,210
17,727
£39,937



£

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 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:

………………………… – T McLennan

Approved by the board on 11th December 2023

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 2023

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 2023

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

Grants received
LCC
Merseyside Play Action Council
LCVS
Netherley Youth Foundation
Steve Morgan Foundation		 Unrestricted
Funds
£
-
-
-
-
-
-
-		 Restricted
Funds
£
31,274
4,500
17,857
7,193
-
-
60,824		 2023
Total
Funds
£
31,274
4,500
17,857
7,193
-
-
60,824		 2022
Total
Funds
£
26,500
-
30,260
3,897
16,666
-
77,323

3.

COSTS OF GENERATING VOLUNTARY INCOME

Publicity and promotions
4.
CHARITABLE ACTIVITIES
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
£
-		 Restricted
Funds
£
624		 2023
Total
Funds
£
624		 2022
Total
Funds
£
3,545
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
Unrestricted
Funds
£
19,444
27,758
-
-
-
-
-
-
-
2,732
-
-
-
-
2,056
51,990		 Restricted
Funds
£
49,500
-
4,470
216
9,032
1,513
4,508
-
-
-
245
5,998
105
2,350
-
77,927		 2023
Total
Funds
£
68,944
27,758
4,470
216
9,032
1,513
4,508
-
-
2,732
245
5,998
105
2,350
2,046
129,917

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 2023

5. GOVERNANCE COSTS

Unrestricted
Funds
£
Telephone
267
Rent, rates and water
-
Accountancy
650
Depreciation
1,089
2,006
6.
TOTAL RESOURCES EXPENDED
Staff Depreciation
Costs (owned assets)
£
£
Costs of generating voluntary
income
- -
Charitable activities
68,944 2,046
Governance costs
- 1,089
68,944 3,135
7.
NET INCOMING RESOURCES FOR THE YEAR
This is stated after charging:
Depreciation
8.
STAFF COSTS
Staff costs were as follows:
Wages and salaries
No employee received emoluments of more than £50,000.		 Unrestricted
Funds
£
Telephone
267
Rent, rates and water
-
Accountancy
650
Depreciation
1,089
2,006
6.
TOTAL RESOURCES EXPENDED
Staff Depreciation
Costs (owned assets)
£
£
Costs of generating voluntary
income
- -
Charitable activities
68,944 2,046
Governance costs
- 1,089
68,944 3,135
7.
NET INCOMING RESOURCES FOR THE YEAR
This is stated after charging:
Depreciation
8.
STAFF COSTS
Staff costs were as follows:
Wages and salaries
No employee received emoluments of more than £50,000.		 Unrestricted
Funds
£
267
-
650
1,089
2,006
Depreciation
(owned assets)
£
-
2,046
1,089
3,135		 Restricted
Funds
£
-
-
-
-
-
Other
Costs
£
624
58,927
917
60,468		 2023
Total
Funds
£
267
-
650
1,089
2,006
2023
Total
Costs
£
3,545
129,917
2,006
135,468		 2022
Total
Funds
£
289
-
650
1,089
2,028
2022
Total
Costs
£
3,545
122,548
2,028

128,121

FOR THE YEAR
of more than £50,000.
2023
£
3,135
2023
£
68,944
2022
£
3,135
2022
£
70,303

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

2023 2022
Fundraising and publicity - -
Charitable activities 4 4
Governance costs - -

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 2023

9. TAXATION

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

10. TANGIBLE FIXED ASSETS

Fixtures &
Fittings
COST OR VALUATION:
At 1 April 2022
22,431
Additions
-
At 31 March 2023
22,431
DEPRECIATION:
At 1 April 2022
19,528
Charge for the year
1,089
At 31 March 2023
20,617
NET BOOK VALUE:
At 31 March 2023
1,814
At 31 March 2022
2,903		 Fixtures &
Fittings
COST OR VALUATION:
At 1 April 2022
22,431
Additions
-
At 31 March 2023
22,431
DEPRECIATION:
At 1 April 2022
19,528
Charge for the year
1,089
At 31 March 2023
20,617
NET BOOK VALUE:
At 31 March 2023
1,814
At 31 March 2022
2,903		 Theatre
Equipment
38,095
-
38,095
32,639
2,046
34,685		 Theatre
Equipment
38,095
-
38,095
32,639
2,046
34,685		 Total
60,526
-
60,526
52,167
3,135
55,302
5,224
8,359







1,814
2,903


3,410
5,456

11. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR



Trade creditors

Social security and other taxes

Accrued expenses

 2023
£
-
426
650
1,076		 2022
£
-
986
650
1,636

12. ANALYSIS OF NET ASSETS BETWEEN FUNDS

General
Funds
£
Tangible fixed assets
5,224
Current assets
14,438
Current liabilities
(1,076)
Net assets at 31 March 2023
18,586		 Restricted
Funds
£
-
-
-
-		 Total
Funds
£
5,224
14,438
(1,076)
18,586

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: 11 December 2023

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 2023

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)


2023
£
60,824
320
50,052
68,944
1,780
624
-
245
27,758
4,470
4,508
2,350
650
216
5,998
9,032
2,732
105
-
1,089
2,046
£		 £




111,196















129,307
(18,111)


105


3,135
(21,351)		 2022
£
£
77,323
990
32,245
110,558
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
124,922
(11,784)
64
-
64
1,089
2,046
3,135
£(17,563)


















This page does not form part of the statutory financial statements

Page 13