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← Improbable

2024-03-31-accounts

Docusign Envelope ID: 8472C8B6-55F0-4E9B-9C20-F7C55668E439

Company Registration Number - 08561272

The Charity Registration Number is :- 1155695

IMPROBABLE

Report and Accounts 31 March 2024

Docusign Envelope ID: 8472C8B6-55F0-4E9B-9C20-F7C55668E439

IMPROBABLE

Report and accounts for the year ended 31 March 2024

Contents

Page
Charity information 1
Trustees' Annual Report 1
Statement of directors' responsibilities 7
Independent Examiner's Report 9
Funds Statements:-
Statement of Financial Activities 11
Statement of total recognised gains and losses 12
Movements in funds 12
Income and Expenditure account 13
Balance sheet 14
Cash flow statement 15
Notes to the accounts 17

Docusign Envelope ID: 8472C8B6-55F0-4E9B-9C20-F7C55668E439

IMPROBABLE

Company Registration Number - 08561272

Trustees' Annual Report for the year ended 31 March 2024

The Trustees present their Report and Accounts for the year ended 31 March 2024, which also comprises the Directors' Report required by the Companies Act 2006.

Reference and administrative details

The charity name.

The legal name of the charity is:- IMPROBABLE.

The charity's areas operation and UK charitable registration.

The charity is registered in England & Wales with the Charity Commission in England & Wales (CCEW) with charity number 1155695.

. The charity does not operate in any overseas jurisdictions.

Legal structure of the charity

The charity is constituted as a company limited by guarantee, registered under the Companies Acts . The governing document of the charity is the Memorandum and Articles of Association establishing the company under company legislation.

There are no restrictions in the governing documents on the operation of the Charity or on its investment powers other than those imposed by Charity Law.

By operation of law all, trustees are directors under the Companies Act 2006 and all directors are trustees under Charities legislation and have responsibilities, as such, under both company and charity legislation.

The trustees are all individuals.

The principal operating address, telephone number, email and web addresses of the charity are:-

Bore Place Bore Place Road, EdenBridge, TN8 7AR Telephone * 02072404556 Email Address: office@improbable.co.uk Web address: www.improbable.co.uk The registered office of the charity for Companies Act purposes is the same as the operating address shown above.

The Trustees in office on the date the report was approved were:-

H Anglim S Daldry H Davenport F Girard P Handley N Idnani P Mayers E Murray Y Subzposh E Whyman B Yeoh

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Docusign Envelope ID: 8472C8B6-55F0-4E9B-9C20-F7C55668E439

IMPROBABLE

Company Registration Number - 08561272

Trustees' Annual Report for the year ended 31 March 2024

The following persons served as Trustees during the year ended 31 March 2024 :-

The trustees who served as a trustee in the reporting period, and, if applicable, their dates of appointment or resignation during the year were:-.

Name Appointed Resigned/Retired
P Anderson 01 July 2023
H Anglim 04 June 2024
G Bourne 13 August 2024
P Clarke 04 June 2024
S Daldry
H Davenport 04 June 2024
N Freedman 04 June 2024
F Girard
P Handley
N Idnani 04 June 2024
D Knott 01 July 2023
P Mayers
E Murray
Y Subzposh 04 June 2024
E Whyman 07 March 2024
B Yeoh

At the Annual General Meeting P Anderson and D Knott retire as trustees.

All the trustees are also members of the charity.

Objects and activities of the charity

The purposes of the charity as set out in its governing document.

The object for which the charity was established is to advance education for the public benefit by the promotion of the arts, in particular but not exclusively the art of drama.

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Docusign Envelope ID: 8472C8B6-55F0-4E9B-9C20-F7C55668E439

IMPROBABLE

Company Registration Number - 08561272

Trustees' Annual Report for the year ended 31 March 2024

The main activities undertaken in relation to those purposes during the year.

Improbable is “one of the brilliant faces of British theatre” (The Observer), and exists in order to expand and deepen the practice and application of improvisation.

For Improbable, “Improvisation” might mean onstage improv, using Open Space technology, Worldwork or any other emergent practice that brings awareness to each unfolding moment. Our view is that developing this awareness through improvisational practice has the capacity to materially change the world. It creates models of leadership, collectivity and collaboration that are more effective than systems based on hierarchy or command and control. It awakens the individual’s sense of their own agency while creating and nurturing community and collective action. It creates a conversation between the tangible and the intangible, between ‘hard’ and ‘soft’ power. It opens the possibility of a society where art, culture and the dreaming world are not treated as an add-on to be entertained after the important conversations have been had - they are central to decision making in social, organisational, legislative, economic and political spheres.

Improbable is led by Phelim McDermott and Lee Simpson, who for over thirty years (and since 1996 with Improbable) have been developing and sharing their improvisational practice. Their journey began by performing improv onstage and devising shows; developed further as they found ways to bring improvisation into other theatre forms such as text-based plays and opera; and then expanded beyond performance to bring the philosophies and practice of improvisation to community and societal issues. The breadth of Improbable’s knowledge of improvisation and its application is unrivalled and means we occupy a vital space in the landscape of international theatre.

Improbable’s business plan was updated in Summer 2024. Improbable is the only National Portfolio Organisation of Arts Council England that is solely dedicated to improvisation.

The main activities undertaken during the year to further the charity's purpose for the public benefit.

The principal activities of the charity throughout the year are to advance the arts for the public benefit, by the promotion in particular, but not exclusively, of the art of drama. When planning activities the trustees have considered the Charity Commission’s guidance on public benefit, including the guidance ‘Public Benefit: Running a Charity (PB2)’.

The short term and longer term aims and objectives.

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Docusign Envelope ID: 8472C8B6-55F0-4E9B-9C20-F7C55668E439

IMPROBABLE

Company Registration Number - 08561272

Trustees' Annual Report for the year ended 31 March 2024

The charity's strategies for achieving its aims and objectives in the future.

Improbable’s Strategic Aims are:

We do this by:

Each strand of work underpins Improbable’s journey towards The Gathering and our new home at Bore Place. The breadth of Improbable’s knowledge of improvisation and its application is unrivalled and means we occupy a vital space in the landscape of international theatre. Since 2008 Improbable has been the only improvisation company in Arts Council England’s National Portfolio.

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Docusign Envelope ID: 8472C8B6-55F0-4E9B-9C20-F7C55668E439

IMPROBABLE

Company Registration Number - 08561272

Trustees' Annual Report for the year ended 31 March 2024

How the activities undertaken during the year contributed to the achievement of the aims and objectives and the main achievements and performance of the charity.

Improbable’s activity during the 2023/24 financial year was extremely busy, with several new productions created and staged due to postponements from pandemic years. Improbable won Producer Of The Year at The Stage Awards 2023.

Key activity:

Resources used in the activities undertaken during the year.

During the year, resources were allocated across various activities to support our mission. £307,902, was dedicated to Projects and Productions, emphasizing our commitment to making excellent theatre. Marketing and PR expenses totalled £4,648, focused on raising awareness and engaging with our community. Salaries, amounting to £276,814, reflect our investment in skilled staff who drive our programs forward. Additionally, £55,124 was allocated to Overheads and Administration, ensuring we have the infrastructure needed for effective operations. This allocation demonstrates our commitment to responsible financial management and maximizing our impact.

Structure, governance and management of the charity

The methods used to recruit and appoint new charity trustees.

The management of the company is the responsibility of the Trustees, who are appointed under the terms of the Articles of Association and Terms of Reference. They shall be no less than three and no more than fourteen. One-third of the Board of Directors, or, if their number is not a multiple of three then the number nearest to one third, shall retire from office each year at the Annual General Meeting. The retiring Trustees shall be eligible for re-election unless it is expressly resolved otherwise. New Trustees are proposed by the company’s Executive Team and elected with a majority vote by the Trustees. A search was undertaken in early 2024 (Q4) for new Trustees to strengthen the Board's financial, political, digital and communications skillsets. Four new Trustees and a new Chair, Erica Whyman, were appointed shortly after the end of this financial year (june 2024).

The policies and procedures for the induction and training of trustees.

All new Trustees will attend a meeting with the Executive Team and, separately, the Chair of the Board. They will also be issued the Memorandum and Articles of Association and current company business plan. Specific training and development opportunities offered by external bodies will also be offered to individual Board members or the Board as and when appropriate.

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Docusign Envelope ID: 8472C8B6-55F0-4E9B-9C20-F7C55668E439

IMPROBABLE

Company Registration Number - 08561272

Trustees' Annual Report for the year ended 31 March 2024

The charity's organisational structure.

During 2023/2024 financial year Improbable embedded an additional team member to the Senior Leadership Team, Rachel Grunwald as Strategic Lead for The Gathering, which came into effect in June 2023. The Senior Leadership Team now consists of two Artistic Directors (who are also joint Chief Executives of the organisation), an Associate Director, an Executive Director, an Executive Producer and a Strategic Lead for The Gathering. The senior team was supported by an Open Space Producer (part time), a Fundraising Officer (part time), a Research Associate (part-time), a Finance Manager (part-time) and an Administrator (part time). The Senior Leadership Team report to the Trustees at quarterly Board meetings, which are minuted by the Administrator.

The Chief Executive Officer and other senior management personnel to whom day to day management is delegated

Phelim McDermott & Lee Simpson, Artistic Directors and joint Chief Executives Eleanor Claughton, Executive Director Kathryn Bilyard, Executive Producer

Bankers HSBC, 240 Lavender Hill, Clapham Junction, London, SW11 1LH

Financial review

The charity's financial position at the end of the year ended 31 March 2024

The financial position of the charity at 31 March 2024 and comparatives for the prior period, as more fully detailed in the accounts, can be summarised as follows:-

Restricted Revenue Funds
Total Funds
Unrestricted Revenue Funds available for the
general purposes of the charity
Net income		 2024
£
57,513
196,071
20,198
216,269		 2023
£
(4,805)
158,756
-
158,756

Financial review of the position at the reporting date, 31 March 2024 .

In 2023/2024, we received our first year of funding in the NPO 2023-2026 agreement with Arts Council England totally £220,517, and raised a further £78k through donations and including Gift Aid. A further £309k was secured through box office income, producing and management fees, workshops and other sources. As a participant of the NPO Transfer Programme, we will be required to apply for our final year of funding in the 2023-2026 round in late 2024.

To ensure financial robustness, Improbable have replaced their previous financial systems and hired a Finance Manager dedicated to the financial administration and management of the organisation. 24/25 Financial Year will see financial systems develop further in preparation for the anticipated capital campaign.

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Docusign Envelope ID: 8472C8B6-55F0-4E9B-9C20-F7C55668E439

IMPROBABLE

Company Registration Number - 08561272

Trustees' Annual Report for the year ended 31 March 2024

Policies on reserves.

Having operated as a partnership since 1996, Improbable was incorporated as a limited company in 2013 and received charitable status in 2014. At that point trustees resolved to build reserves, having not held any while operating as a partnership. During Covid-19, trustees identified an ‘absolute minimum’ level of reserves necessary for the healthy function of the organisation as £45,000, equivalent to 8 weeks’ operational costs and in line with changing guidance in the sector during the pandemic. This ‘minimum’ will be readdressed in line in 2024/2025 to account for increase in activity and staffing. As of March 2024, the reserves level sits at £196,071.

Availability and adequacy of assets of each of the funds

The board of trustees is satisfied that the charity's assets in each fund are available and adequate to fulfil its obligations in respect of each fund.

Significant events which have affected the financial performance and the financial position.

There were no significant events.

The major risks to which the Charity is exposed and reviews and systems to mitigate them.

The Trustees have assessed the major risks to which the charity is exposed, and have included a risk register detailing these in their latest business plan.

Factors likely to affect future financial performance .

There were no factors the Trustees consider likely to affect future financial performance.

Details of The Independent Examiner

Matthew Brown Member of CIPFA Studio 6 Bluecoat Chambers School Lane Liverpool L1 3BX

Statement of the Directors' and Trustees' Responsibilities

The charity's trustees are responsible for the preparation of the accounts in accordance with the terms of the Companies Act 2006, the Charities Act 2011 and the Charities (Accounts and Reports) Regulations 2008. Notwithstanding the explicit requirement in the extant statutory regulations,the Charities (Accounts and Reports) Regulations 2008, to prepare the financial statements in accordance with the SORP 2005, in view of the fact that the SORP 2005 has been withdrawn, the Trustees determined to interpret this responsibility as requiring them to follow current best practice and prepare the accounts according to the FRS 102 SORP (Statement of Recommended Practice for Accounting and Reporting by Charities) 2019, applicable to all accounting periods beginning on or after 1st January 2019), (The SORP), .

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Docusign Envelope ID: 8472C8B6-55F0-4E9B-9C20-F7C55668E439

IMPROBABLE

Company Registration Number - 08561272

Trustees' Annual Report for the year ended 31 March 2024

In particular, the Companies Act 2006 and charity law require the Board of Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity as at the end of the financial year and of the surplus or deficit of the charity. In preparing those financial statements the Board is required to :-

The law requires that the trustees must not approve the accounts unless they are satisfied that they give a true and fair view of the state of affairs of the charity and of the surplus or deficit of the charity for the year.

The Trustees are also responsible for maintaining adequate accounting records which disclose with reasonable accuracy at any time the financial position of the charity and which are sufficient to show and explain the charity's transactions and enable them to ensure that the financial statements comply with the Companies Act 2006 and comply with regulations made under the Charities Act. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The Trustees are also responsible for the contents of the Trustees' report, and the statutory responsibility of the Independent Examiner in relation to the Trustees' report is limited to examining the report and ensuring that , on the face of the report, there are no material inconsistencies with the figures disclosed in the financial statements.

Method of preparation of accounts - Small company provisions

The financial statements are set out on pages 11 to 31.

The financial statements have been prepared implementing the FRS 102 SORP (Statement of Recommended Practice for Accounting and Reporting by Charities) 2019, applicable to all accounting periods beginning on or after 1st January 2019), (The SORP), and in accordance with the Financial Reporting Standard 102, (effective 1st January 2016)

These financial statements have been prepared in accordance with the provisions in Part 15 of the Companies Act 2006. applicable to companies subject to the small companies regime.

This report was approved by the board of trustees on 4 December 2024.

ERICA WHYMAN OBE Director and Trustee

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Docusign Envelope ID: 8472C8B6-55F0-4E9B-9C20-F7C55668E439

IMPROBABLE - Statement of Financial Activities for the year ended 31 March 2024

Statement of Financial Activities (including the Income and Expenditure Account for the year ended 31 March 2024, as required by the Companies Act 2006)

Current year
Unrestricted
Funds
2024
£
Income & Endowments from:
Donations & Legacies
A1
289,444
Charitable activities
A2
319,053
Investments
A4
1,124
Total income
A
609,621
Expenditure on:
Charitable activities
B2
630,296
Theatre tax relief
B3
(57,990)
Total expenditure
B
572,306
Net income for the year
37,315
Net income after transfers
A-B-C
37,315
37,315
Reconciliation of funds:-
E
Total funds brought forward
158,756
Total funds carried forward
196,071
SORP
Ref
Net movement in funds		 Current year
Restricted
Funds
2024
£
22,500
-
-
22,500
2,302
-
2,302
20,198
20,198
20,198
-
20,198		 Current year
Total Funds
2024
£
311,944
319,053
1,124
632,121
632,598
(57,990)
574,608
57,513
57,513
57,513
158,756
216,269		 Prior Year
Total Funds
2023
£
312,816
236,156
220
549,192
576,670
(22,673)
553,997
(4,805)
(4,805)
(4,805)
163,561
158,756

The 'SORP Ref' indicated above is the classification of income set out in the formal SORP documents. As required by paragraph 4.60 of the SORP, the brought forward and carried forward funds above have been agreed to the Balance Sheet.

A Statement of Total Recognised Gains and Losses is included as a primary statement in these accounts. All the prior year transactions were unrestricted items, and no further analysis is required All activities derive from continuing operations

The notes attached on pages 17 to 31 form an integral part of these accounts.

9

Docusign Envelope ID: 8472C8B6-55F0-4E9B-9C20-F7C55668E439

IMPROBABLE - Statement of Financial Activities for the year ended 31 March 2024

Statement of Total Recognised Gains and Losses for the year ended 31 March 2024

Surplus for the year :-
Net excess of income over expenditure from operations before tax		 2024
£
(477)		 2023
£
(27,478)
Income from operations before tax in the Statement of Financial Activites (477) (27,478)
Net Movement in funds before taxation
Theatre tax relief		 (477)
57,990		 (27,478)
22,673
Funds generated in the year as shown on Statement of Financial Activities 57,513 (4,805)
2024
£
Funds generated in the year as detailed in the SOFA
(477)
IMPROBABLE - Resources applied in the year ended 31 March 2024 towards fixed
for Charity use:-		 2023
£
(27,478)
assets
Net resources available to fund charitable activities (477) (27,478)

Movements in revenue and capital funds for the year ended 31 March 2024

Revenue accumulated funds

Unrestricted
Funds
2024
£
Accumulated funds brought forward
158,756
37,315
196,071
Closing revenue funds
196,071
Summary of funds
Unrestricted
and
Designated funds
2024
£
Revenue accumulated funds
196,071
Recognised gains and losses before
transfers		 Restricted
Funds
2024
£
-
20,198
20,198
20,198
Restricted
Funds
2024
£
20,198		 Total
Funds
2024
£
158,756
57,513
216,269
216,269
Total
Funds
2024
£
216,269		 Last year
Total Funds
2023
£
163,561
(4,805)
158,756
158,756
Last Year
Total Funds
2023
£
158,756

The notes attached on pages 17 to 31 form an integral part of these accounts.

10

Docusign Envelope ID: 8472C8B6-55F0-4E9B-9C20-F7C55668E439

IMPROBABLE - Statement of Financial Activities for the year ended 31 March 2024

IMPROBABLE

Income and Expenditure Account for the year ended 31 March 2024 as required by the Companies Act 2006

Income
Income from operations
Refunds from HMRC on gift aided donations
Interest receivable
Gross income in the year before exceptional items
Gross income in the year including exceptional items
Expenditure
Charitable expenditure, excluding depreciation and amortisation
Depreciation and amortisation
Governance costs
Realised losses on disposals of social investments which are programme related
Total expenditure in the year
Theatre tax relief
Retained surplus for the financial year
Net income after tax in the financial year
Net income before tax in the financial year
Investment income		 2024
£
627,372
3,625
1,124
632,121
632,121
629,398
-
3,200
-
632,598
(477)
(57,990)
57,513
57,513		 2023
£
548,972
-
220
549,192
549,192
570,859
61
5,750
-
576,670
(27,478)
(22,673)
(4,805)
(4,805)

All activities derive from continuing operations

In accordance with the provisions of the Companies Act 2006, the headings and subheadings used in the Income and Expenditure account have been adapted to reflect the special nature of the charity's activities.

The notes attached on pages 17 to 31 form an integral part of these accounts.

11

Docusign Envelope ID: 8472C8B6-55F0-4E9B-9C20-F7C55668E439

IMPROBABLE - Balance Sheet as at 31 March 2024

SORP
Note Ref 2024 2023
£ £
Current assets B
Debtors 11 B2 138,184 84,122
Cash at bank and in hand B4 180,858 131,605
Total current assets 319,042 215,727
Creditors: amounts falling due within
one year 12 C1 (102,773) (56,971)
Net current assets 216,269 158,756
The total net assets of the charity 216,269 158,756
The total net assets of the charity are funded by the funds of the charity, as follows:-
Restricted funds
Restricted Revenue Funds 16 D2 20,198 -
Unrestricted Funds 20,198 -
Unrestricted Revenue Funds 16 D3 196,071 158,756
Designated Funds 196,071
-		 158,756
-
Total charity funds 216,269 158,756

The 'SORP Ref' indicated above is the classification of Balance Sheet items as set out in the formal SORP documents. As required by paragraph 4.60 of the SORP, the brought forward and carried forward funds above have been agreed to the SOFA..

The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.

The members have not required the company to obtain an audit in accordance with section 476 of the Act.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.

The charity is subject to Independent Examination under charity legislation, and the report of the Independent Examiner is on page 10.

The financial statements have been prepared in accordance with the provisions in Part 15 of the Companies Act 2006. applicable to companies subject to the small companies regime.

ERICA WHYMAN OBE

Trustee

Approved by the board of trustees on 4 December 2024

The notes attached on pages 17 to 31 form an integral part of these accounts.

12

Docusign Envelope ID: 8472C8B6-55F0-4E9B-9C20-F7C55668E439

IMPROBABLE

Cash Flow Statement for the year ended 31 March 2024

Cash flows from operating activities
A
Cash flows from investing activities
Interest received
Cash flows from financing activities
Net cash provided by operating activities as shown below		 2024
£
48,129
1,124		 2023
£
(4,964)
220
Net cash provided by financing activities
C
Overall cash provided by all activities
Cash movements
Change in cash and cash equivalents from activities in the
year ended 31 March 2024
Cash and cash equivalents at 1 April 2023
A+B+C
Cash at bank and in hand less overdrafts at 31 March		 -
49,253
49,253
131,605
180,858		 -
(4,744)
(4,744)
-
(4,744)

13

Docusign Envelope ID: 8472C8B6-55F0-4E9B-9C20-F7C55668E439

IMPROBABLE

Cash Flow Statement for the year ended 31 March 2024 IMPROBABLE

Cash Flow Statement for the year ended 31 March 2024 - Continued

Reconciliation of net income to net cash flow from operating activities

Net income as shown in the Statement of Financial Activities
Adjustments for :-
Depreciation charges
Dividends, interest and rents from investments
Decrease in debtors
Increase in creditors, excluding loans
Net cash provided by operating activities
A
Analysis of cash and cash equivalents
Cash in hand at for the year ended 31 March 2024
Notice deposits - (less than 3 months)
Total cash and cash equivalents
At start
of year
Cash
131,605
Movement in deferred income
-
Total
131,605
Analysis of change in net debt		 57,513
-
(1,124)
(54,062)
45,802
48,129
2024
£
180,858
-
180,858
Cash
Flows and
49,253
49,253
(16,119)
33,134		 (4,805)
61
(220)
-
-
(4,964)
2023
£
131,605
-
131,605
At end
of year
180,858
49,253
(16,119)
33,134

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Docusign Envelope ID: 8472C8B6-55F0-4E9B-9C20-F7C55668E439

IMPROBABLE

Notes to the Accounts for the year ended 31 March 2024

1 Accounting policies

Policies relating to the production of the accounts.

Basis of preparation and accounting convention

The accounts have been prepared on the accruals basis, under the historical cost convention, and in accordance with the Financial Reporting Standard 102, (effective 1st January 2016) and 'FRS 102 SORP (Statement of Recommended Practice for Accounting and Reporting by Charities) 2019, applicable to all accounting periods beginning on or after 1st January 2019), (The SORP), published by the Charity Commission in England & Wales (CCEW) , and in accordance with all applicable law in the charity's jurisdiction of registration, except that the charity has prepared the financial statements in accordance with the FRS 102 SORP (Statement of Recommended Practice for Accounting and Reporting by Charities) 2019, applicable to all accounting periods beginning on or after 1st January 2019), (The SORP), in preference to the previous SORP, the SORP 2005, which has been withdrawn, notwithstanding the fact that the extant statutory regulations, the Charities (Accounts and Reports) Regulations 2008 refer explicitly to the SORP 2005. This has been done to accord with current best practice.

Going Concern

The charitable activities are entirely dependent on continuing grant aid and voluntary donations as well as trading revenues. As a consequence, the going concern basis is dependent on the future flow of these uncertain funding streams. Accordingly, the Trustees have obtained forecasts and, after reviewing the financial forecasts for future periods to 31 March 2024, the Trustees are satisfied that, at the time of approving the financial statements, it is appropriate to adopt the going concern basis in preparing the financial statements. Other than these matters, the Trustees are not aware of any material uncertainites about the charity's ability to continue as a going concern.

Risks and future assumptions

The charity is a public benefit entity.

Policies relating to categories of income and income recognition.

Nature of income

Gross income represents the value, net of value added tax and discounts, of goods provided to customers and work carried out in respect of services provided to customers.

Categories of Income

Income is categorised as income from exchange transactions (contract income) and income from non-exchange transactions (gifts), investment income and other income.

Income from exchange transactions is received by the charity for goods or services supplied under contract or where entitlement is subject to fulfilling performance related conditions. The income the charity receives is approximately equal in value to the goods or services supplied by the charity to the purchaser.

Income from a non-exchange transaction is where the charity receives value from the donor without providing equal value in exchange, and includes donations of money, goods and services freely given without giving equal value in exchange.

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Docusign Envelope ID: 8472C8B6-55F0-4E9B-9C20-F7C55668E439

IMPROBABLE

Notes to the Accounts for the year ended 31 March 2024

Income recognition

Income, whether from exchange or non exchange transactions, is recognised in the statement of financial activities (SOFA) on a receivable basis, when a transaction or other event results in an increase in the charity’s assets or a reduction in its liabilities and only when the charity has legal entitlement, the income is probable and can be measured reliably.

Income subject to terms and conditions which must be met before the charity is entitled to the resources is not recognised until the conditions have been met.

All income is accounted for gross, before deducting any related fees or costs.

Accounting for deferred income and income received in advance

Where terms and conditions relating to income have not been met or uncertainty exists as to whether the charity can meet any terms or conditions otherwise within its control, income is not recognised but is deferred as a liability until it is probable that the terms or conditions imposed can be met.

Any grant that is subject to performance-related conditions received in advance of delivering the goods and services required by that condition, or is subject to unmet conditions wholly outside the control of the recipient charity, is accounted for as a liability and shown on the balance sheet as deferred income. Deferred income is released to income in the reporting period in which the performance-related or other conditions that limit recognition are met.

When income from a grant or donation has not been recognised due to the conditions applying to the gift not being wholly within the control of the recipient charity, it is disclosed as a contingent asset if receipt of the grant or donation is probable once those conditions are met.

Where time related conditions are imposed or implied by a funder, then the income is apportioned to the time periods concerned,and, where applicable, is accounted for as a liability and shown on the balance sheet as deferred income. When grants are received in advance of the expenditure on the activity funded by them, but there are no specific time related conditions, then the income is not deferred.

Any condition that allows for the recovery by the donor of any unexpended part of a grant does not prevent recognition of the income concerned, but a liability to any repayment is recognised when repayment becomes probable.

Membership subscriptions

The income and any associated Gift Aid or other tax refund from a membership subscription received by the charity in the nature of a gift, is accounted for on the same basis as a donation.

The income from a membership subscription received by the charity where the subscription purchases the right to services or benefits is recognised as income from charitable activities.

Policies relating to expenditure on goods and services provided to the charity.

Recognition of liabilities and expenditure

A liability, and the related expenditure, is recognised when a legal or constructive obligation exists as a result of a past event, and when it is more likely than not that a transfer of economic benefits will be required in settlement, and when the amount of the obligation can be measured or reliably estimated..

Liabilities arising from future funding commitments and constructive obligations, including performance related grants, where the timing or the amount of the future expenditure required to settle the obligation are uncertain, give rise to a provision in the accounts, which is reviewed at the accounting year end. The provision is increased to reflect any increases in liabilities, and is decreased by the utilisation of any provision within the period, and reversed if any provision is no longer required. These movements are charged or credited to the respective funds and activities to which the provision relates.

16

Docusign Envelope ID: 8472C8B6-55F0-4E9B-9C20-F7C55668E439

IMPROBABLE

Notes to the Accounts for the year ended 31 March 2024

Allocating costs to activities

Direct costs that are specifically related to an activity are allocated to that activity. Shared direct costs and support costs are apportioned between activities.

Policies relating to assets, liabilities and provisions and other matters.

Tangible fixed assets

All tangible fixed assets are fully depreciated

Debtors

Debtors are measured at their recoverable amounts at the balance sheet date.

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.

Financial instruments including cash and bank balances

Cash held by the charity is included at the amount actually held and counted at the year end. Bank balances, whether in credit or overdrawn, are shown at the amounts properly reconciled to the bank statements.

Fund Accounting

Unrestricted funds are available for use at the discretion of the trustees in furtherance of the general objectives of the charity.

There are no designated funds

Restricted funds are subjected to restrictions on their expenditure imposed by the donor or as implied by law.

There are no endowment funds.

2 Liability to taxation

The Trustees consider that the charity satisfies the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 for UK corporation tax purposes. Accordingly, the Charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by chapter 3 part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively on the specific charitable objects of the charity and for no other purpose.

3 Winding up or dissolution of the charity

If upon winding up or dissolution of the charity there remain any assets, after the satisfaction of all debts and liabilities, the assets represented by the accumulated fund shall be transferred to some other charitable body or bodies having similar objects to the charity.

4 Significance of financial instruments to the charity's position

There are no significant implications of such matters.

17

Docusign Envelope ID: 8472C8B6-55F0-4E9B-9C20-F7C55668E439

IMPROBABLE

Notes to the Accounts for the year ended 31 March 2024

5
2024
£
The net surplus before tax in the financial year is stated after charging:-
Depreciation of owned fixed assets
-
Pension costs
3,210
6
Taxation
2024
£
Theatre tax relief
(57,990)
7
Staff costs and emoluments
Salary costs
2024
£
Gross Salaries excluding trustees and key management personnel
158,796
Employer's National Insurance for all staff
9,727
Employer's operating costs of defined
contribution pension schemes
3,210
Total salaries, wages and related costs
171,733
The estimated full time equivalent number of all staff employed in the year was
7
The estimated equivalent number of full time staff deployed in different activities in the year was:-
Engaged on charitable activities
2
Engaged on fundraising activities
1
Engaged on management and administration
4
The estimated full time equivalent number of all staff employed as above
7
Net surplus before tax in the financial year		 2023
£
61
4,263
2023
£
(22,673)
2023
£
154,459
9,467
4,263
168,189
6
2
-
4
6

Neither the trustees nor any persons connected with them have received any remuneration from the charity or any related entity, either in the current or prior year.

No employees received emoluments (excluding pension costs) in excess of £60,000 per annum. (2023:none)

Chief Executive Officer
The remuneration in the year year was
Pension contributions paid by the employer
Total remuneration package included in
total salaries above		 32,204
596
32,800		 -
-
-

8 Remuneration and payments to Trustees and persons connected with them

No trustees or persons connected with them received any remuneration from the charity, or any related entity.

18

Docusign Envelope ID: 8472C8B6-55F0-4E9B-9C20-F7C55668E439

IMPROBABLE

Notes to the Accounts for the year ended 31 March 2024

9 Deferred income - Unrestricted and Designated funds

Current Year
Total
These deferrals are included in creditors		 Opening
Deferrals
£
-
-		 Released
from prior
years
£
-		 Received
less released
in year
£
(16,119)
(16,119)
2024
£
16,119		 Deferred
at year end
£
16,119
16,119
2023
£
-

The deferrals included in creditors relate to funding specified by the funders as relating to specific periods and represent those parts of unrestricted funds which relate to periods subsequent to the accounting year end and are treated as grants in advance, or, alternatively, where there are conditions which must be fulfilled prior to entitlement or use of the unrestricted funds by the charity .

10 Tangible fixed assets

Current Year
Cost
At 1 April 2023
At 31 March 2024
Depreciation
At 1 April 2023
At 31 March 2024
Net book value
At 31 March 2024
At 31 March 2023
Debtors
Trade debtors
Prepayments and accrued income
Other debtors		 Equipment
£
2,385
2,385
2,385
2,385
-
-		 2024
£
15,739
52,729
69,716
138,184		 Total
£
2,385
2,385
2,385
2,385
-
-
2023
£
57,750
3,699
22,673
84,122

11 Debtors

19

Docusign Envelope ID: 8472C8B6-55F0-4E9B-9C20-F7C55668E439

IMPROBABLE

Notes to the Accounts for the year ended 31 March 2024

12 Creditors: amounts falling due within one year

12 Creditors: amounts falling due within one year
Trade creditors
Accruals
Deferred Income - Unrestricted & designated funds
PAYE, NIC VAT and other taxes
Other creditors
13 Income and Expenditure account summary
At 1 April 2023
Surplus after tax for the year
At 31 March 2024		 2024
£
36,060
43,857
16,119
3,920
2,817
102,773
2024
£
158,756
57,513
216,269		 2023
£
28,195
5,750
-
18,341
4,685
56,971
2023
£
163,561
(4,805)
158,756

14 No related party transactions

There were no transactions with related parties in the year.

15 Particulars of how particular funds are represented by assets and liabilities

At 31 March 2024
Unrestricted
Designated
Restricted
funds
funds
funds
£
£
£
Current Assets
298,844
20,198
Current Liabilities
(102,773)
-
-
196,071
-
20,198
At 1 April 2023
Unrestricted
Designated
Restricted
funds
funds
funds
£
£
£
Current Assets
215,727
-
-
Current Liabilities
(56,971)
-
-
158,756
-
-
Change in total funds over the year as shown in Note 15 , analysed by individual funds
Funds brought
forward from
2023
Movement in
funds in 2024
£
£
£
Unrestricted and designated funds:-
Unrestricted Revenue Funds
158,756
37,315
-
Total unrestricted and designated funds
158,756
37,315
-
Restricted funds:-
Arts Council England Feasibility Funding
-
20,198
-
Total restricted funds
-
20,198
-
Total charity funds
158,756
57,513
-
Transfers
between
funds in 2024		 Total
Funds
£
319,042
(102,773)
216,269
Total
Funds
£
215,727
(56,971)
158,756
Funds
carried
forward to
2025
£
196,071
196,071
20,198
20,198
216,269

16 Change in total funds over the year as shown in Note 15 , analysed by individual funds

20

Docusign Envelope ID: 8472C8B6-55F0-4E9B-9C20-F7C55668E439

IMPROBABLE

Notes to the Accounts for the year ended 31 March 2024

17 Analysis of movements in funds over the year as shown in Note 16

Unrestricted and designated funds:-
Unrestricted Revenue Funds
Restricted funds:-
Arts Council England Feasibility Funding		 Income
2024
£
609,621
22,500
632,121		 Expenditure
2024
£
(572,306)
(2,302)
(574,608)		 Other
Gains &
Losses
2024
£
-
-
-		 Movement
in funds
2024
£
37,315
20,198
57,513

The purposes for which the funds

18 as detailed in note 16 are held by the charity are:-

Unrestricted and designated funds:-

Unrestricted Revenue Funds

These funds are held for the meeting the objectives of the charity, and to provide reserves for future activities, and , subject to charity legislation, are free from all restrictions on their use.

Restricted funds:-

Arts Council England Feasibility Funding

These funds are for work completing a feasibility study.

19 Ultimate controlling party

The charity is under the control of its legal members.

Every member of the charity is obliged to contribute such amount as may be required not exceeding £10 to the assets of the company in the event of its being wound up while he or she is a member, or within one year after he or she ceases to be a member.

21

Docusign Envelope ID: 8472C8B6-55F0-4E9B-9C20-F7C55668E439

IMPROBABLE

Detailed analysis of income and expenditure for the year ended 31 March 2024 as required by the SORP 2015

This analysis is classsified by conventional nominal descriptions and not by activity.

20 Donations, Grants and Legacies

Donations and gifts from individuals
Total Donations, Grants and
Legacies
A1
Refunds from HMRC on gift aided donations
Small donations individually less than £1000
Total public sector revenue grants
Arts Council of England
Total donations and gifts from
individuals
Revenue grants from government and
public bodies
Donations £1000 or more from 5 donors
(2023: 3)		 Current year
Unrestricted
Funds
2024
£
5,840
3,625
59,462
68,927
Current year
Unrestricted
Funds
2024
£
220,517
220,517		 Current year
Restricted
Funds
2024
£
-
-
-
-
Current year
Restricted
Funds
2024
£
22,500
22,500		 Current year
Total Funds
2024
£
5,840
3,625
59,462
68,927
Current year
Total Funds
2024
£
243,017
243,017		 Prior Year
Total Funds
2023
£
36
-
38,129
38,165
Prior Year
Total Funds
2023
£
274,651
274,651
312,816
289,444 22,500 311,944

22

Docusign Envelope ID: 8472C8B6-55F0-4E9B-9C20-F7C55668E439

IMPROBABLE

Detailed analysis of income and expenditure for the year ended 31 March 2024 as required by the SORP 2015

21 Income from charitable activities - Trading Activities

Current year
Primary purpose and ancillary trading
22
Current year
Total income from charitable trading
Total from charitable activities
A2
23 Investment income
Bank Interest Receivable
Total investment income
A4
Reimbursed expenses
Corporate events and workshops
Commissions and management fees
Producing and management fees
Other income
Patrons
Total Primary purpose and ancillary
trading
Venue fees and guarantees
Membership income
Box office income
Facilitation fees
Total Income from charitable activities		 Current year
Unrestricted
Funds
2024
£
110,781
87,273
37,500
36,866
34,609
5,500
3,798
1,346
1,380
-
319,053
Current year
Unrestricted
Funds
2024
£
319,053
319,053
Current year
Unrestricted
Funds
2024
£
1,124
1,124		 Current year
Restricted
Funds
2024
£
-
-
-
-
-
-
-
-
-
-
-
Current year
Restricted
Funds
2024
£
-
-
Current year
Restricted
Funds
2024
£
-
-		 Current year
Total Funds
2024
£
110,781
87,273
37,500
36,866
34,609
5,500
3,798
1,346
1,380
-
319,053
Current year
Total Funds
2024
£
319,053
319,053
Current year
Total Funds
2024
£
1,124
1,124		 Prior Year
Total funds
2023
£
33,822
8,903
162,600
22,667
2,139
-
494
3,000
1,500
1,031
236,156
Prior Year
Total Funds
2023
£
236,156
236,156
Prior Year
Total Funds
2023
£
220
220

23

Docusign Envelope ID: 8472C8B6-55F0-4E9B-9C20-F7C55668E439

IMPROBABLE

Detailed analysis of income and expenditure for the year ended 31 March 2024 as required by the SORP 2015

24 Expenditure on charitable activities - Direct spending

Current Year
Total direct spending
B2a
Space Hire
Defined contribution pension costs -
charitable activities
Fees creative and production
Employers' NI - Charitable activities
Gross wages and salaries - charitable
activities
Access
Other project costs, hire and storage
Wellbeing
Open Space
Hospitality
Production
Travel and Subsistence - Charitable
Activities		 Current year
Unrestricted
Funds
2024
£
67,200
4,263
1,642
97,936
123,943
-
30,070
2,795
10,371
6,412
2,576
-
347,208		 Current year
Restricted
Funds
2024
£
-
-
-
356
250
-
-
62
-
831
741
-
2,240		 Current year
Total Funds
2024
£
67,200
4,263
1,642
98,292
124,193
-
30,070
2,857
10,371
7,243
3,317
-
349,448		 Prior Year
Total Funds
2023
£
-
-
-
31,549
137,151
31,275
-
14,835
12,092
7,254
2,520
20,409
257,085

25 Expenditure on charitable activities - Charitable trading

Current Year
Reallocated from support costs
Total charitable trading costs
B2b		 Current year
Unrestricted
Funds
2024
£
279,888
279,888		 Current year
Restricted
Funds
2024
£
62
62		 Current year
Prior Year
Total Funds
Total Funds
2024
2023
£
£
279,950
313,835
279,950
313,835

24

Docusign Envelope ID: 8472C8B6-55F0-4E9B-9C20-F7C55668E439

IMPROBABLE

Detailed analysis of income and expenditure for the year ended 31 March 2024 as required by the SORP 2015

26 Support costs for charitable activities

Current year Current year Current year Prior Year
Unrestricted Restricted Total Funds Total Funds
Current Year Funds Funds
2024 2024 2024 2023
£ £ £ £
Employee costs not included in direct costs
Salaries - Administrative staff 91,596 - 91,596 154,459
Defined contribution pension cost -
administrative staff		 1,568 - 1,568 4,263
Employers' NI - Administrative staff 5,464 - 5,464 9,467
Training and welfare - staff 5,020 - 5,020 1,056
Travel and subsistence - staff 2,491 54 2,545 5,466
Recruitment expenses 1,660 - 1,660 1,744
Artistic Director fees 98,987 - 98,987 98,459
Premises Expenses
Rent and storage costs 11,569 - 11,569 8,912
Cleaning and waste management 446 - 446 350
Insurance 236 - 236 3,091
Administrative overheads
Telephone, internet and IT costs 7,835 - 7,835 6,983
Postage, stationery and office sundries 2,556 8 2,564 3,487
Membership and subscriptions 5,578 - 5,578 3,153
Marketing and fundraising 9,521 - 9,521 10,879
Ticket costs 946 - 946 663
Settlement 21,988 - 21,988 -

Professional fees paid to the Auditor or Independent Examiner in addition to audit and examination fees

fees
-
-
Professional fees paid to advisors other than the auditor or examiner
1,500
-
4,114
-
5,750
-
Financial costs
1,063
-
-
-
Support costs before reallocation
279,888
62
Less support costs reallocated to specific activities
To charitable trading costs
(279,888)
(62)
The basis of allocation of costs between activities is described under accounting policies
Bank charges
As detailed in Note 27
Accountancy fees other than examination
or audit fees
Legal fees
Depreciation & Amortisation in total for the period
Other legal and professional		 -
1,000
1,500
-
4,114
-
5,750
-
1,063
342
-
61
279,950
313,835
(279,950)
(313,835)
-
-

25

Docusign Envelope ID: 8472C8B6-55F0-4E9B-9C20-F7C55668E439

IMPROBABLE

Detailed analysis of income and expenditure for the year ended 31 March 2024 as required by the SORP 2015

27 Other Expenditure - Governance costs

Current Year
Independent Examiner's fees
Total Governance costs		 Current year
Unrestricted
Funds
2024
£
3,200
3,200		 Current year
Restricted
Funds
2024
£
-
-		 Current year
Total Funds
2024
£
3,200
3,200		 Prior Year
Total Funds
2023
£
5,750
5,750

Professional fees paid to the Auditor or Independent Examiner in addition to audit and examination fees

Fees paid to the examiner's firm
Total additional fees included in
support costs at Note 26
All the expenditure in the prior year was unrestricted.		 Current year
Unrestricted
Funds
2024
£
-
-		 Current year
Restricted
Funds
2024
£
-
-		 Current year
Total Funds
2024
£
-
-		 Prior Year
Total Funds
2023
£
1,000
1,000

28 Total Charitable expenditure

Current Year
Total direct spending
B2a
Total charitable trading costs
B2b
Total Governance costs
B2e
Total charitable expenditure
B2
All the expenditure in the prior year was unrestricted.
Prior Year
Total direct spending
B2a
Total charitable trading costs
B2b
Total support costs
B2d
Total Governance costs
B2e
Total charitable expenditure
B2		 Current year
Unrestricted
Funds
2024
£
347,208
279,888
3,200
630,296
Prior Year
Unrestricted
Funds
2023
£
257,085
313,835
(25,165)
5,750
551,505		 Current year
Restricted
Funds
2024
£
2,240
62
-
2,302
Prior Year
Restricted
Funds
2023
£
-
-
-
-
-		 Current year
Total Funds
2024
£
349,448
279,950
3,200
632,598
Prior Year
Total Funds
2023
£
257,085
313,835
-
5,750
576,670		 Prior Year
Total Funds
2023
£
257,085
313,835
5,750
576,670

26

Docusign Envelope ID: 8472C8B6-55F0-4E9B-9C20-F7C55668E439

IMPROBABLE

Detailed analysis of income and expenditure for the year ended 31 March 2024 as required by the SORP 2015

29 Taxation
Theatre Tax Relief
Theatre tax relief - prior year adjustments
Total taxation costs
B3c
All the expenditure in the prior year was unrestricted.
30 Total of other expenditure
Current Year
Theatre Tax Relief
Total other expenditure
B3
All the expenditure in the prior year was unrestricted.
Prior Year
Theatre Tax Relief
Total other expenditure
B3		 Current year
Unrestricted
Funds
2024
£
(58,606)
616
(57,990)
Current year
Unrestricted
Funds
2024
£
(57,990)
(57,990)
Prior Year
Unrestricted
Funds
2023
£
(22,673)
(22,673)		 Current year
Restricted
Funds
2024
£
-
-
-
Current year
Restricted
Funds
2024
£
-
-
Prior Year
Restricted
Funds
2023
£
-
-		 Current year
Total Funds
2024
£
(58,606)
616
(57,990)
Current year
Total Funds
2024
£
(57,990)
(57,990)
Prior Year
Total Funds
2023
£
(22,673)
(22,673)		 Prior Year
Total Funds
2023
£
(22,673)
-
(22,673)
Prior Year
Total Funds
2023
£
(22,673)
(22,673)

27

Docusign Envelope ID: 8472C8B6-55F0-4E9B-9C20-F7C55668E439

IMPROBABLE

Activity analysis of Income and expenditure for the for the year ended 31 March 2024

This analysis is classsified by activity and not by conventional nominal descriptions.

31 Analysis of income by activity

SOFA ref
Artistic Programmes
Summary of Total Income, including the items above
Charitable activities
A2
Donations & Legacies
A1
Investment income
A4
A
Categories of income
Income from exchange transactions
Analysis of charitable expenditure by activity
Direct
costs
Support
costs
Grant
funding of
activities
2024
2024
2024
£
£
£
Artistic Programmes
Direct costs
349,448
-
-
Employee costs not included in direct cos
-
206,840
-
Premises expenses
-
12,251
-
Administrative overheads
-
48,432
-
Professional fees
-
11,364
-
Financial costs
-
1,063
-
349,448
279,950
-
Income from charitable activities
Activity
Total Artistic Programmes
Activity
Total income as shown in the SOFA		 2024
£
319,053
319,053
311,944
1,124
632,121
632,121

Total
2024
£
349,448
206,840
12,251
48,432
11,364
1,063
629,398		 2023
£
236,156
236,156
312,816
220
549,192
549,192
Total
2023
£
-
-
-
-
-
-
-

32 Analysis of charitable expenditure by activity

28

Docusign Envelope ID: 8472C8B6-55F0-4E9B-9C20-F7C55668E439

IMPROBABLE

Activity analysis of Income and expenditure for the for the year ended 31 March 2024 Summary of charitable costs by activity

Direct
costs
Support
costs
Grant
funding of
activities
2024
2024
2024
£
£
£
Total Artistic Programmes
349,448
279,950
-
-
3,200
-
349,448
283,150
-
Analysis of support and governance costs by charitable activities
Governance
Finance
Human
Activity
Resources
Artistic Programmes
3,200
1,063
206,840
33 Analysis of non charitable expenditure by activity
Artistic Programmes
Governance costs
Other Expenditure - Governance costs as detailed in Note 27
Total Governance costs as detailed in
Note 27
Total charitable expenditure
Total
2024
£
629,398
3,200
632,598
Other
Overheads
72,047
Governance
costs
2024
£
3,200		 Total
2023
£
570,920
5,750
576,670
Total
283,150
Governance
costs
2023
£
5,750

29