**COMPANY REGISTRATION NUMBER: 08564622**
# **CHARITY REGISTRATION NUMBER: 1158517**
## **The Production Exchange Limited Company Limited by Guarantee Unaudited financial statements**
**30 June 2023**
## **The Production Exchange Limited**
## **Company Limited by Guarantee**
## **Financial statements**
## **Year ended 30 June 2023**
||**Page**|
|---|---|
|Trustees' annual report (incorporating the directors' report)|**1**|
|Independent examiner's report to the trustees|**8**|
|Statement of financial activities (including income and expenditure account)|**9**|
|Balance sheet|**10**|
|Statement of cash flows|**12**|
|Notes to the financial statements|**13**|
## **The Production Exchange Limited**
## **Company Limited by Guarantee**
## **Trustees' annual report (incorporating the directors' report)**
## **Year ended 30 June 2023**
The trustees, who are also the directors for the purposes of company law, present their report and the unaudited financial statements of the charity for the year ended 30 June 2023.
The financial statements have been prepared in accordance with the accounting policies set out in notes to the accounts and comply with the charity's governing document, the Charities Act 2011 and Companies Act 2006 and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland published in October 2019.
## **Reference and administrative details**
**Registered charity name** The Production Exchange Limited **Charity registration number** 1158517 **Company registration number** 08564622 **Principal office and registered** 72 High Street **office** Ashwell Nr Baldock Hertfordshire SG7 5NS
## **The trustees**
The trustees who served during the year and at the date of approval were as follows:
J Harris (Chair) C Blumenau (Artistic director) G Bell H Knights (Appointed 28/03/2023) C Miller (Appointed 21/02/2023) C Nelkin V Sivalingam S Startin (Appointed 26/05/2023) M Tucker (Appointed 06/04/2023) I Wells (Appointed 03/07/2023) J Winer (Appointed 11/04/2023) G Yates (Appointed 22/01/2024) Baroness A Smith of Basildon (Chair, resigned 14/06/2023) D Blumenau (Resigned 14/06/2023) C Grady (Resigned 01/02/2023) D McJannet (Resigned 14/06/2023)
**Independent examiner** L Thurston FCCA Lovewell Blake LLP Chartered accountants First Floor Suite 2 Hillside Business Park Bury St Edmunds IP32 7EA
**- 1 -**
## **The Production Exchange Limited**
## **Company Limited by Guarantee**
## **Trustees' annual report (incorporating the directors' report)** _**(continued)**_
## **Year ended 30 June 2023**
## **Objectives and activities**
The Charity's purpose, as set out in the objects contained in the company's Memorandum of Association, can be summarised as being:
1. To promote, maintain, improve and advance education particularly by the facilitation of production, and the production of, drama and dance that illuminate the condition of humanity in contemporary society.
2. To provide a training platform for the development of skills and education of theatre and dance artists at an early stage of their careers.
## **The Vision and Mission Statements**
The Charity published a new Vision Statement during the year and adapted its Mission Statement during the year as a prelude to the adoption of the 23-24 3 year Business Plan. Hitherto The Production Exchange had never committed its Vision to paper.
## **Vision Statements**
_**We want to facilitate the creation of the highest quality, inclusive performance work by contemporary artists that illuminates contemporary society for contemporary audiences.**_
## **Mission Statements**
Since its inception in 2013 has worked to its existing Mission Statement which has focussed almost exclusively on early-career practitioners. It has read - To support, mentor and offer opportunity to earlycareer practitioners in the field of the Creative Arts.
Historically we have been associated with the medium of Theatre. As our work develops, we would like to encourage others to think of us as a broader-ranging organisation with a more balanced portfolio of screen, audio and stage work.
On the anniversary of the tenth year of its existence and in response to the development and expansion of the Charity's work and vision, a new Mission Statement has been adopted:
_**The Production Exchange is a contemporary & forward-thinking organisation - that nurtures the careers of diverse creative artists in supporting and producing work that reflects contemporary society.**_
**- 2 -**
## **The Production Exchange Limited**
## **Company Limited by Guarantee**
## **Trustees' annual report (incorporating the directors' report)** _**(continued)**_
## **Year ended 30 June 2023**
## **How our activities deliver public benefit**
The directors have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing our aims and objectives and in planning our future activities.
The year 2022/23 saw the charity continue its recovery following the COVID pandemic with both production and agency work now firmly re-established in the organization's work so it has been able to deliver its work against the following measures:
1. An express intention to support the development of the work of young, early-career and emergent theatre and dance makers from all backgrounds by means of providing mentoring and agency services along with production participation opportunities.
2. An express intention to encourage all artist, companies and venues with whom we work to adopt a positive policy of equality of opportunity regarding the involvement of artistic and technical practitioners. In particular we have encouraged the involvement of practitioner of diverse heritage and ability.
3. A wide range of artistic programming at all scales of production, aiming to appeal to all sections of the community.
4. The provision of work for a wide variety of venues and catchment areas including community tours to rural areas in order to bring drama and dance to those not able to visit traditional theater buildings.
5. Every project has been assessed for its suitability for the inclusion of audio-description, captioning and BSL signed performances to enable the visually impaired, deaf, deafened and hard of hearing to enjoy the live theatre and dance.
6. Every project has been assessed for its suitability for the inclusion of an accompanying programme of work to enable greater access to theater and dance for minority and disenfranchised groups within the community.
7. Every project has been assessed for its suitability for the inclusion of an accompanying programme of work to enable greater access to theater and dance for schools and colleagues and their work on both curriculum related and non-curriculum related work.
## **Core Values**
As work has progressed in the first decade of TPE's existence the organisation has learned the most important things about the way in which it works and how the staff and Board have interpreted, and wish to interpret, its charitable objectives.
These discoveries have helped formulate the following Core Values:
i. Our work will be of the highest quality.
ii. We will work in collaboration with other artists and organisations.
iii. We are rooted in the present and we look forward.
iv. We look back only to learn from our experiences.
- v. Our work has contemporary relevance.
**- 3 -**
**The Production Exchange Limited**
## **Company Limited by Guarantee**
## **Trustees' annual report (incorporating the directors' report)** _**(continued)**_
## **Year ended 30 June 2023**
vi. Our work will seek to entertain and illuminate.
vii. We will place underheard voices front and centre.
viii. Our work and our practise will be inclusive from the outset.
ix. Our work and our practise will be sustainable from the outset.
x. Our work will be conducted ethically and with respect.
## **Achievements and performance**
The following paragraphs detail the work and projects undertaken by the Charity (or by the Trading company on the Charity's behalf) in which the training and development of early career practitioners was a central focus.
The agency continues to represent early career performers alongside those more established in the industry. It has moved from strength to strength and now represents around 80 creative artists in various disciplines including actors, directors, writers and designers. Their work has spanned the industry ranging from very small-scale theatre productions to films made in Hollywood. The turnover for this part of the Charity's work was at its largest since the registration of the Charity and has remained the mainstay of the Charity's activity and finance whilst production work has taken longer to re-establish itself.
That production work, however, saw a strong comeback during the year.
Following a Research & Development period early in the year we produced _**ON THE ROPES**_ in coproduction with the Park Theatre in January 2023. Written by our client Dougie Blaxland in partnership with Vernon Vanriel, the play was directed by another client Anastasia Osei Kuffour. It is a new musical drama telling the true story of Black British Jamaican boxer Vernon Vanriel, who won a historic high court case against the UK government as a victim of the Windrush scandal. The production featured a global majority-led creative company & cast.
Its success was demonstrable both in terms of the critical response to it and the attendance statistics, the most remarkable of which was that it attracted an audience 59% of which were first time attenders.
TPE also general managed the production and tour of _**SHE**_ by Anthony Clark in co-production with Theatre Accord & Tara Theatre. The production visited some 13 venues nationwide to critical acclaim and gave early career opportunities to actors, directors and stage & production management teams.
Pantomime production during the year was an actor musician version of Daniel O'Brien's _**RAPUNZEL**_ and the _**RASCAL PRINCE**_ at the Town Hall in Sutton Coldfield which gave a number of early career practitioners the opportunity to develop their skills and experience.
During the year the organisation developed a slate of potential work for delivery in 2023/24. These have included: a Channel 4 funded pilot in response to the Disability Discrimination Brief entitled _**ABNORMAL PEOPLE**_ ; continuing efforts to find the resources to produce _**JOCKSTRAP**_ by Lucy Davidson, _**SWEET HEATHENS**_ by Josh Barrow and _**A PIECE OF MY LIVER**_ by Rebecca Banatvala.
**- 4 -**
## **The Production Exchange Limited**
## **Company Limited by Guarantee**
## **Trustees' annual report (incorporating the directors' report)** _**(continued)**_
## **Year ended 30 June 2023**
## **Financial review**
The Charity has income this year of £238,481 (2022: £724,954) with expenditure being £233,444 (2022: £694,421) creating a surplus of £5,037 (2022: £30,533). The significant decrease in both income and expenditure year on year is due entirely to the new way of presenting income earned by our clients which is no longer treated as the charities own income. The underlying trend however has once again seen record income figures when comparing like with like. At the time of writing the figures for 23-24 also look set to increase like for like income.
## **Principal funding policy**
In 2022/23 the principal sources of income are commissions derived from the work of the agency with modest contributions from the production work, grant aid and donations.
With an expansion in activity we have seen a corresponding increase in external project funding from a variety of sources including Arts Council England and a number of Trusts and Foundations.
In line with this expansion core capacity has been enhanced in the year to sustain demand for services, alongside with diversifying revenue generating activity to improve overall financial resilience.
## **Reserves policy**
The Board of trustees has established a policy where the unrestricted funds not committed or invested in Tangible Fixed Assets ("free reserves") held by the Charity should be three to four months of the resources expensed. At the end of the financial year the company's free reserves were £16,087 (2022: £72,158) and the reserves policy amount was determined to be £58,361 (2022: £37,500). The board continue to monitor and review the reserves policy and in line with the plans for future.
## **Plans for future periods**
The Business Plan for next year has adopted key targets in the published Business Plan 2023-2026 which is available on request.
**- 5 -**
## **The Production Exchange Limited**
## **Company Limited by Guarantee**
## **Trustees' annual report (incorporating the directors' report)** _**(continued)**_
## **Year ended 30 June 2023**
## **Structure, governance and management**
The charity is a company limited by guarantee and as such has no share capital. It was incorporated on 11 June 2013 under company registration number 08564622, and is governed by its Memorandum and Articles of Association. It was registered as a charity under the charity number 1158517. None of the trustees have a beneficial interest in the company. All of the trustees are members of the company and guarantee to contribute £1 in the event of a winding up as indicated on the original incorporation documents of the Charity.
## **Recruitment and appointment of trustees**
New trustees are appointed from a recruitment and selection process to enhance the skills and experience of the Board as a whole. Once appointed, trustees are provided with all the information required to assist them in performing their role as trustees covering all aspects of the organisation.
## **Trustee induction and training**
Potential trustees are interviewed by the Chair and Artistic Director and then invited to attend a Board meeting to assess whether the individual will benefit the Charity. Following their invitation to join the Board, the trustees have meetings with the Artistic Director to induct them into the business of the Charity.
## **Organisational structure**
The trustees are responsible for making decisions on all matters of general concern and importance, including deciding on how the funds are to be spent. The Board met 4 times including an AGM (2022: 4) during the period and there was an average attendance of 75% (2022: 80%). The trustees, who are responsible for the purpose of company law, and who served during the year are listed on the reference and administration details page of the financial statements.
## **Risk assessment**
The trustees have assessed the major risks to which the Charity is exposed, and are satisfied that systems in place to mitigate exposure to the major risks.
## **Related party**
The charity owns 100% of the share capital of The Production Exchange (Trading) Limited and TPE Accord She Limited, both of which are registered in England and Wales.
The company TPE (On The Ropes) Ltd is associated by common control and was incorporated on the 12 June 2022.
## **Independent examiner reappointment**
A resolution to appoint L Thurston FCCA of Lovewell Blake LLP as independent examiner will be proposed at the next Annual General Meeting.
## **Small company provisions**
This report has been prepared taking advantage of the small companies' exemption of section 415A of the Companies Act 2006.
**- 6 -**
## **The Production Exchange Limited**
## **Company Limited by Guarantee**
## **Trustees' annual report (incorporating the directors' report)** _**(continued)**_
## **Year ended 30 June 2023**
## 25th March 2024
The trustees' annual report was approved on .............................. and signed on behalf of the board of trustees by:
J Harris (Chair) Trustee
C Blumenau (Artistic director) Trustee
**- 7 -**
## **The Production Exchange Limited**
## **Company Limited by Guarantee**
## **Independent examiner's report to the trustees of The Production Exchange Limited**
## **Year ended 30 June 2023**
I report to the charity trustees on my examination of the financial statements of the company for the year ended 30 June 2023 which comprise the statement of financial activities (including income and expenditure account), balance sheet, statement of cash flows and the related notes.
## **Responsibilities and basis of report**
As the charity's trustees of the company (and also its directors for the purposes of company law) you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006 ('the 2006 Act’).
Having satisfied myself that the financial statements of the company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your company's financial statements as carried out under section 145 of the Charities Act 2011 (‘the 2011 Act’). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
## **Independent examiner's statement - matter of concern identified**
We note that accounting records were not kept to an adequate standard during the year due to inefficiencies in the software to cope with group VAT reporting. This has led to a number of assumptions being made regarding the writing off of historic balances.
I confirm that no other matters have come to my attention in connection with my examination giving me cause to believe that in any material respect:
1. accounting records were not kept in respect of the company as required by section 386 of the 2006 Act; or
2. the financial statements do not accord with those records; or
3. the financial statements do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a ‘true and fair' view which is not a matter considered as part of an independent examination; or
4. the financial statements have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).
I confirm that there are no other matters to which your attention should be drawn to enable a proper understanding of the accounts to be reached.
L Thurston FCCA Independent Examiner
Lovewell Blake LLP Chartered accountants First Floor Suite 2 Hillside Business Park Bury St Edmunds IP32 7EA
**- 8 -**
**The Production Exchange Limited**
## **Company Limited by Guarantee**
## **Statement of financial activities (including income and expenditure account)**
## **Year ended 30 June 2023**
||||**2023**||2022|
|---|---|---|---|---|---|
|||Unrestricted|Restricted|||
|||funds|funds|**Total funds**|Total funds|
||**Note**|**£**|**£**|**£**|£|
|**Income**||||||
|Donations and legacies|**5**|48,575|43,250|91,825|54,101|
|Charitable activities|**6**|87,502|59,154|146,656|670,853|
|||``|``|``|``|
|**Total income**||136,077|102,404|238,481|724,954|
|||``|``|``|``|
|**Expenditure**||||||
|Charitable activities|**7**|(192,148)|(41,296)|(233,444)|(694,421)|
|||``|``|``|``|
|**Total expenditure**||(192,148)|(41,296)|(233,444)|(694,421)|
|||``|``|``|``|
|||``|``|``|``|
|**Net income and net movement in funds**||(56,071)|61,108|5,037|30,533|
|||``|``|``|``|
|**Reconciliation of funds**||||||
|Total funds brought forward||72,158|593|72,751|42,218|
|||``|``|``|``|
|**Total funds carried forward**||16,087|61,701|77,788|72,751|
|||``|``|``|``|
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
**The notes on pages 13 to 21 form part of these financial statements.**
**- 9 -**
**The Production Exchange Limited**
## **Company Limited by Guarantee**
## **Balance sheet**
## **30 June 2023**
|||**2023**||2022||
|---|---|---|---|---|---|
||**Note**|**£**|**£**|£|£|
|**Fixed assets**||||||
|Investments|**12**||2||2|
|**Current assets**||||||
|Debtors|**13**|53,629||49,213||
|Cash at bank and in hand||75,297||119,215||
|||``||``||
|||128,926||168,428||
|**Creditors: Amounts falling due within**||||||
|**one year**|**14**|(39,057)||(79,012)||
|||``||``||
|**Net current assets**|||89,869||89,416|
||||``||``|
|**Total assets less current liabilities**|||89,871||89,418|
|**Creditors: Amounts falling due after**||||||
|**more than one year**|**15**||(12,083)||(16,667)|
||||``||``|
|**Net assets**|||77,788||72,751|
||||``||``|
|**Funds of the charity**||||||
|Restricted funds|||61,701||593|
|Unrestricted funds|||16,087||72,158|
||||``||``|
|**Total charity funds**|**17**||77,788||72,751|
||||``||``|
For the year ending 30 June 2023 the charity was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.
The balance sheet continues on the following page. **The notes on pages 13 to 21 form part of these financial statements.**
**- 10 -**
## **The Production Exchange Limited**
## **Company Limited by Guarantee**
## **Balance sheet** _**(continued)**_
## **30 June 2023**
These financial statements were approved by the board of trustees and authorised for issue on 25th March 2024 ........................, and are signed on behalf of the board by:
J Harris (Chair) Trustee
C Blumenau (Artistic director) Trustee
Company registration number: 08564622
**The notes on pages 13 to 21 form part of these financial statements.**
**- 11 -**
## **The Production Exchange Limited**
## **Company Limited by Guarantee**
## **Statement of cash flows**
## **Year ended 30 June 2023**
||**2023**|2022|
|---|---|---|
||**£**|£|
|**Cash flows from operating activities**|||
|Net income|5,037|30,533|
|_Adjustments for:_|||
|Accrued expenses|420|175|
|_Changes in:_|||
|Trade and other debtors|(4,416)|(31,809)|
|Trade and other creditors|(44,959)|57,747|
||``|``|
|Cash generated from operations|(43,918)|56,646|
||``|``|
|Net cash (used in)/from operating activities|(43,918)|56,646|
||``|``|
|**Net (decrease)/increase in cash and cash equivalents**|(43,918)|56,646|
|**Cash and cash equivalents at beginning of year**|119,215|62,569|
||``|``|
|**Cash and cash equivalents at end of year**|75,297
``|119,215
``|
**The notes on pages 13 to 21 form part of these financial statements.**
**- 12 -**
**The Production Exchange Limited**
## **Company Limited by Guarantee**
## **Notes to the financial statements**
## **Year ended 30 June 2023**
## **1. General information**
The charity is a public benefit entity and a private company limited by guarantee, registered in England and Wales and a registered charity in England and Wales. The address of the registered office is 72 High Street, Ashwell, Nr Baldock, Hertfordshire, SG7 5NS.
## **2. Statement of compliance**
The charity constitutes a public benefit entity as defined by FRS 102. The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Charities Act 2011, the Companies Act 2006 and UK Generally Accepted Accounting Practice.
## **3. Accounting policies**
## **Basis of preparation**
The financial statements have been prepared on the historical cost basis.
The financial statements are prepared in sterling, which is the functional currency of the entity.
## **Going concern**
The financial statements have been prepared on a going concern basis as the trustees believe that no material uncertainties exist. The trustees have considered the level of funds held and the expected level of income and expenditure for 12 months from authorising these financial statements. The budgeted income and expenditure is sufficient with the level of reserves for the charity to be able to continue as a going concern.
## **Fund accounting**
Unrestricted funds are maintained by the charity as a general fund which represents funds which are expended at the discretion of the Trustees in furtherance of the objects of the Charity.
Restricted funds have been provided to the Charity for particular purposes. The trustees carefully monitor the application of these funds in accordance with the restrictions placad upon them. Details of the nature and purpose of each fund is set out in the notes to the accounts where applicable.
## **Income**
All income is included in the statement of financial activities when the Charity is entitled to the income and the amount can be quantified with reasonable accuracy. Income received by way of grants, donations and gifts and is included in full in the Statement of Financial Activities when the recognition criteria is met.
Income from trading activities includes income earned from fundraising events and trading activities to raise funds for the charity. Income is received in exchange for supplying goods and services in order to raise funds and is recognised when entitlement has occurred.
**- 13 -**
**The Production Exchange Limited**
## **Company Limited by Guarantee**
## **Notes to the financial statements** _**(continued)**_
## **Year ended 30 June 2023**
## **3. Accounting policies** _**(continued)**_
## **Expenditure**
Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is reported as part of the expenditure to which it relates.
Costs of generating funds comprise the costs associated with attracting voluntary income.
Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.
All costs are allocated between expenditure categories of the Statement of Financial Activities on a basis designed to reflect the use of resources.
## **Tangible assets**
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
## **Depreciation**
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Office equipment - 33% straight line
## **Investments**
Unlisted equity investments are initially recorded at cost, and subsequently measured at fair value. If fair value cannot be reliably measured, assets are measured at cost less impairment.
Listed investments are measured at fair value with changes in fair value being recognised in income or expenditure.
## **Financial instruments**
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the amount receivable or payable including any related transaction costs, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Current assets and current liabilities are subsequently measured at the cash or other consideration expected to be paid or received and not discounted.
Debt instruments are subsequently measured at amortised cost.
**- 14 -**
**The Production Exchange Limited**
## **Company Limited by Guarantee**
## **Notes to the financial statements** _**(continued)**_
## **Year ended 30 June 2023**
## **4. Limited by guarantee**
The Charity is a company limited by guarantee. None of the trustees have a beneficial interest in the company. All of the trustees are members of the company and guarantee to contribute £1 in the event of a winding up as indicated on the original incorporation documents of the Charity.
## **5. Donations and legacies**
|||Unrestricted|Restricted|**Total Funds**|
|---|---|---|---|---|
|||Funds|Funds|**2023**|
|||£|£|**£**|
||**Donations**||||
||Contributions to productions|42,881|–|42,881|
||Donations|11,194|–|11,194|
||**Grants**||||
||Grants receivable|(5,500)|43,250|37,750|
|||``|``|``|
|||48,575|43,250|91,825|
|||``|``|``|
|||Unrestricted|Restricted|Total Funds|
|||Funds|Funds|2022|
|||£|£|£|
||**Donations**||||
||Contributions to productions|17,637|10,000|27,637|
||Donations|13,533|–|13,533|
||**Grants**||||
||Grants receivable|12,931|–|12,931|
|||``|``|``|
|||44,101|10,000|54,101|
|||``|``|``|
|**6.**|**Charitable activities**||||
|||Unrestricted|Restricted|**Total Funds**|
|||Funds|Funds|**2023**|
|||£|£|**£**|
||Income from charitable activities|87,502|59,154|146,656|
|||``|``|``|
|||Unrestricted|Restricted|Total Funds|
|||Funds|Funds|2022|
|||£|£|£|
||Income from charitable activities|670,853|–|670,853|
|||``|``|``|
**- 15 -**
**The Production Exchange Limited**
## **Company Limited by Guarantee**
## **Notes to the financial statements** _**(continued)**_
## **Year ended 30 June 2023**
## **7. Expenditure on charitable activities**
||Activities|||
|---|---|---|---|
||undertaken|**Total funds**|Total fund|
||directly|**2023**|2022|
||£|**£**|£|
|Direct costs of productions including management fees|96,277|96,277|42,353|
|Performer fees|–|–|560,562|
|Wages and salaries|70,559|70,559|37,992|
|Premises costs including insurance|5,837|5,837|1,717|
|Professional fees|38,999|38,999|28,663|
|Other|8,168|8,168|6,838|
|Travel costs|4,136|4,136|4,149|
|Agency costs|9,468|9,468|12,147|
||``|``|``|
||233,444|233,444|694,421|
||``|``|``|
## **8. Independent examination fees**
|||**2023**|2022|
|---|---|---|---|
|||**£**|£|
||Fees payable to the independent examiner for:|||
||Independent examination of the financial statements|2,320|1,900|
|||``|``|
|**9.**|**Staff costs**|||
|||**2023**|**2022**|
|||**£**|£|
||Wages and salaries|67,528|36,885|
||Social security costs|1,035|–|
||Pension costs|1,996|1,107|
|||``|``|
|||70,559|37,992|
|||``|``|
The average head count of employees during the year was 2 (2022 - 2).
No employee received employee benefits of more than £60,000 during the year (2022 - £Nil).
## **Key Management Personnel**
Key management personnel include all personnel that have the authority and responsibility for planning, directing and controlling the activities of the charity. The total compensation paid to key management personnel for services provided to the charity was £Nil (2022 - £Nil).
## **10. Trustee remuneration and expenses**
No trustee received remuneration for services as a trustee in the current or prior year from the Charity. One trustee received reimbursed expenditure for this charities activities totalling £17 during the year from the charity (2022: £111).
**- 16 -**
**The Production Exchange Limited**
## **Company Limited by Guarantee**
## **Notes to the financial statements** _**(continued)**_
## **Year ended 30 June 2023**
## **11. Tangible fixed assets**
||**Office**|
|---|---|
||**equipment**|
||**£**|
|**Cost**||
|**At 1 July 2022 and 30 June 2023**|1,577|
||``|
|**Depreciation**||
|**At 1 July 2022 and 30 June 2023**|1,577|
||``|
|**Carrying amount**||
|**At 30 June 2023**|–|
||``|
|At 30 June 2022|–|
||``|
## **12. Investments**
||**Shares in**|
|---|---|
||**group**|
||**undertakings**|
||**£**|
|**Cost or valuation**||
|**At 1 July 2022 and 30 June 2023**|2|
||``|
|**Impairment**||
|**At 1 July 2022 and 30 June 2023**|–|
||``|
|**Carrying amount**||
|**At 30 June 2023**|2|
||``|
|At 30 June 2022|2|
||``|
All investments shown above are held at valuation.
The company owns 100% of the £1 Ordinary share capital of The Production Exchange (Trading) Limited, a company registered in England & Wales. During the year The Production Exchange (Trading) Limited undertaking made a loss before tax of £5,504 (2022: £949) and as at its balance sheet date had net assets amounting to £36,306 (2022: £7,659).
The Production Exchange Limited owns 100% of the £1 Ordinary share capital of TPE Accord She Limited, a company registered in England & Wales and incorporated on 16 March 2020. During the year TPE Accord She Limited undertaking made a profit of £6,907 (2022: £Nil) and as at its balance sheet date had net assets amounting to £9,986 (2022: net liabilities of £8,229).
## **13. Debtors**
||**2023**|2022|
|---|---|---|
||**£**|£|
|Trade debtors|15,025|41,311|
|Amounts owed by group undertakings|37,241|7,369|
|Prepayments and accrued income|1,363|533|
||``|``|
||53,629|49,213|
||``|``|
**- 17 -**
**The Production Exchange Limited**
## **Company Limited by Guarantee**
## **Notes to the financial statements** _**(continued)**_
## **Year ended 30 June 2023**
## **14. Creditors: Amounts falling due within one year**
|||**2023**|2022|
|---|---|---|---|
|||**£**|£|
||Bank loans and creditor amounts due|5,000|5,416|
||Trade creditors|3,125|838|
||Accruals and deferred income|27,711|56,591|
||Social security and other taxes|2,710|13,777|
||Student Loan|70|107|
||Pension|441|2,213|
||Other creditors|–|70|
|||``|``|
|||39,057|79,012|
|||``|``|
|**15.**|**Creditors:** **Amounts falling due after more than one year**|||
|||**2023**|2022|
|||**£**|£|
||Bank loans and creditor amounts due|12,083|16,667|
|||``|``|
|**16.**|**Deferred income**|||
|||**2023**|2022|
|||**£**|£|
||At 1 July 2022|54,691|3,400|
||Amount released to income|(54,691)|(3,400)|
||Amount deferred in year|25,391|54,691|
|||``|``|
||**At 30 June 2023**|25,391|54,691|
|||``|``|
Deferred income relates to conditional income received in the year ended 30 June 2023 which relates to projects being completed in the year ended 30 June 2024.
**- 18 -**
**The Production Exchange Limited**
## **Company Limited by Guarantee**
## **Notes to the financial statements** _**(continued)**_
## **Year ended 30 June 2023**
## **17. Analysis of charitable funds**
||||||**At 30 June**|
|---|---|---|---|---|---|
||At 1 July 2022|Income|Expenditure|Transfers|**2023**|
||£|£|£|£|**£**|
|**Restricted funds**||||||
|Don't Diss The Abled|593|–|(46)|–|547|
|On The Ropes|–|43,250|(41,250)|–|2,000|
|Accord She|–|59,154|–|–|59,154|
||``|``|``|``|``|
||593|102,404|(41,296)|–|61,701|
||``|``|``|``|``|
|**Unrestricted funds**||||||
|General funds|72,158|136,077|(192,148)|–|16,087|
||``|``|``|``|``|
||||||**At 30 June**|
||At 1 July 2021|Income|Expenditure|Transfers|**2022**|
||£|£|£|£|**£**|
|**Restricted funds**||||||
|Don't Diss The Abled|–|10,000|(9,407)|–|593|
||``|``|``|``|``|
|**Unrestricted funds**||||||
|General funds|42,218|714,954|(685,014)|–|72,158|
||``|``|``|``|``|
## **Restricted fund purposes:**
**Don't Diss The Abled** - The income received within this fund is restricted for use towards the Don't Diss The Abled project.
**On The Ropes** - The income received within this fund is restricted for use towards the On The Ropes performance.
**Accord She** - The income received within this fund is restricted for use towards the She performance.
**- 19 -**
**The Production Exchange Limited**
## **Company Limited by Guarantee**
## **Notes to the financial statements** _**(continued)**_
## **Year ended 30 June 2023**
## **18. Analysis of net assets between funds**
|||Fixed|Net Current|Net Current|Creditors More||
|---|---|---|---|---|---|---|
|||Assets||Assets|Than One Year|**Total**|
||Year ended 30 June 2023|£||£|£|**£**|
||Restricted Funds|–||61,701|–|61,701|
||Unrestricted Funds|2||28,168|(12,083)|16,087|
|||``||``|``|``|
|||2||89,869|(12,083)|77,788|
|||``||``|``|``|
|||Fixed|Net Current||Creditors More||
|||Assets||Assets|Than One Year|**Total**|
||Year ended 30 June 2022|£||£|£|**£**|
||Restricted Funds|–||593|–|593|
||Unrestricted Funds|2||88,823|(16,667)|72,158|
|||``||``|``|``|
|||2||89,416|(16,667)|72,751|
|||``||``|``|``|
|**19.**|**Financial instruments**||||||
||The carrying amount of financial instruments at 30 June||were:||||
||||||**2023**|**2022**|
||||||**£**|£|
||Financial assets measured at fair value||||||
||Investments||||2|2|
||||||``|``|
|**20.**|**Analysis of changes in net debt**||||||
|||||||**At**|
||||At 1|Jul 2022|Cash flows
**30**|**Jun 2023**|
|||||£|£|**£**|
||Cash at bank and in hand|||119,215
``|(43,918)
``|75,297
``|
**- 20 -**
**The Production Exchange Limited**
## **Company Limited by Guarantee**
## **Notes to the financial statements** _**(continued)**_
## **Year ended 30 June 2023**
## **21. Related parties**
Whilst Mr C Blumenau, a trustee, does not receive remuneration from the Charity for his services as a Trustee, he was paid management fees of £11,500 (2022: £16,600) in the year for management services and work on productions, as well as receiving £Nil (2022: £111) in relation to recharged expenses.
Mr C Blumenau, is a also a director of the subsidiary company, TPE (On the Ropes) Ltd. During the year the subsidiary was paid £40,717 (2022: £2,033) for production fees by the Production Exchange Limited.
Mr J Harris, is also director for The Jon Harris Partnership. During the year the charity made payments on behalf of TPE Accord She Ltd totalling £312 (2022: £Nil) for professional fees.
Mr C Grady, a trustee who resigned during the year, is also a director of Chris Grady.Org Limited. During the year Chris Grady.Org Limited received a bursary of £1,400 (2022: £Nil) from the charity.
With the exception of those mentioned above no Trustee or any person connected to them benefited from any contract or work awarded or payment made by the Charity during either this or the prior year.
**- 21 -**