Charity number: 1188117 THE HANDLEBARDS CIO UNAUDITED TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
THE HANDLEBARDS CIO CONTENTS Page Reference and administrative details of the Charity, its Trustees and advisers Trustees. report Independent examiner's report Statement of financial activities Balance sheet Notes to the financial statements 8-17
THE HANDLEBARDS CIO REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY. ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 MARCH 2024 Trustees Kathryn Jones, Trustee Harry Bresslaw, Trustee Hilary Wynter, Trustee Charity registered number 1188117 Principal office 9 St. Lukes Drive Orrell Wigan WN5 7AU Accountants Nyman Libson Paul LLP 124 Finchley Road London NW3 5JS Page 1
THE HANDLEBARDS CIO TRUSTEES. REPORT FOR THE YEAR ENDED 31 MARCH 2024 The Trustees present their annu81 report together with the finanei81 statements of the Charity for the year ending 31 March 2024. Objectives and activities a. Polieie$ and objectives The Charity's objectives a lo promote, maintain, improve and advance education and appcIatIon of the arts, in p8rb'cul8r but not exclusively, the performing arts of theat, drama and music. In setbng objectives and planning for activities, the Trustees have given due consideration lo general guidance published by the Charity Commission relating to public benefit, including the guidance 'Public benefit". running charity IPB21'. Achievements and performance a. Main achievements of the Charity This year has been good for The HandleB8rds as we successfully toured A Midsummer Night's Dream to over 70 venues across the UK, bringing highsualily theatre lo both urban and rural communities. This year also saw us have our first ever extended run at an indoor theatre venue, with Much Ado About Nothing being hosted at Shakespeare North Playhouse for a week. Tickets sold well and we will repeat this indoor run at SNP again next year. The response from audiences both new and old continues lo be overwhelmingly positive, highlighting the excellent work of our cast and creative teams and reminding us that there is still high demand for The HandleBards irreverent and accessible versions of Shakespearean plays. Financial review a. Going coneem After making appropriate enquiries, the Trustees have a reasonable expectation that the Charity has adequate resources lo continue in operational existence for the foreseeable future. For this reason, they continue lo adopt the going COnM basis in preparing the financial statements. b. Reserves policy The Iruslees of the Charity aim lo maintain financial sustainability and public trust by holding free reserves equivalent to six months of 8nnu81 expenditu. The current position al the reporb'ng dale of £3,484 means the charity is not yel close lo achieving this aim, moslly due to its relatively short history of full activity. The Iruslees are working to secure a higher level of fund retention going forward in order lo achieve this target in the future. c. Financial results In the Charity's financial results for the current year, il received donations plus gift aid tol811ing £26,04212023". £33,796), as well as a grant income of £16,00012023. £55,815). Total income was £277,26612023. £288,737) and expenditure during the period was £476,911 12023". £115,472>, leaving 8 deficit of £199,64512023." surplus of £173,26518nd £3,484 carried fotward in funds. All funds We unrestricted. The rise in costs is due to an aecrual for the estimated total value of uninvoiced fees for activity up to the reporting date. Page 2
THE HANDLEBARDS CIO TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 MARCH 2024 Structure, governance and management a. Constitution The Handlebards CIO is a registered charity, number 1188117, and is constituted under a CIO Foundation constitution. It has bèen gIstered with the Charity Commission since 21 February 2020. b. Methods of appointment or election of Trustees The management of the Charity is the responsibility of the Trustees who are elected and under the terms of the constitution. c. Financial risk management The Trustees have assessed the major risks to which the Charity is exposed, in particular those related lo the operations and finances of the Charity, and are satisfied that systems and procedures are in place to mib'gale exposu to the major risks. Plans for future periods We plan on continuing lo lour HandleBard shows to outdoor venues and small seale theatres across the UK in the eoming years. We will continue building relationships new partners with the aspiration of securing a co- production with a theatre building and touring lo midscale theatre venues. We are now aiming to have a reserves policy of 6 months expenditure and will be working towards securing this over the next financial year. Statement of Trustees. responsibilities The Trustees are responsible for preparing the Trustees, report and the financial statements in accordance with applieable law and United Kingdom Accounting Standards Iunited Kingdom Generally Aeeepled Accounting Practieel. The law applicable to charities in England & Wales requires the Trustees lo prepare financial statements for each financial which give a true and fair view of the state of affairs of the Charity and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Trustees are required to". select suitable accounting policies and then apply them consistently., observe the methods and principles of the Charities SORP IFRS 1021", make judgments and accounting eslimales that are reasonable and prudent., stale whether applicable UK Accounting Standards IFRS 1021 have been followed, subject lo any material departures disclosed and explained in the financial stalemenls., prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Charity will continue in business. The Trustees are responsible for keeping adequate accounting records that are sufficient lo show and explain the Charity's transactions and disclose with reasonable accuracy al any lime the financial position of the Charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the Trust deed. 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. Page 3
THE HANDLEBARDS CIO TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 MARCH 2024 Approved by order of the members of the board of and signed on their behalf by". Trustees on 0113012025 PST ewL£glAMJ Swner ID.. DGPQOLDJ5G... Kathryn Jones Signer ID.. MF4XXMZONO... Harry Bresslaw Page 4
THE HANDLEBARDS CIO INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 MARCH 2024 Independent Examiner's Report to the Trustees of The Handlebards CIO {'the Charity'} I report to the charity Trustees on my examination of the accounts of the Charity for the year ended 31 March 2024. Responsibilities and Basis of Report As the Trustees of the Charity you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 20111'lhe 2011 Acl'l. I report in respect of my examination of the Charity's accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed the applicable Directions given by the Charity Commission under section 14515llbl of the 2011 Act. Independent Examiner's Statement Since the Charity's gross income exeded £250,000 your examiner musl be a member of a body listed in section 145 of the 2011 Act. I confirm that l am qualified lo undertake the examination because l am a member of The Institute of Chartered Accountants in England and Wales, which is one of the listed bodies. I have completed my examination. I confirm that no matters have come lo my allenlion in connection with the examination giving me cause lo believe that in any material respect.. 1. accounting records were not kept in respect of the Charity as required by section 130 of the 2011 Act,. or 2. the accounts do not accord with those records., or 3. the accounts do not comply with the applicable requirements concerning the form and conlenl of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a 'true and fairf view which is not a maller considered as part of an independent examination. I have no COnrn5 and have come across no other matters in connection with the examination to which attention should be drawn in this report in order lo enable a proper understanding of the accounts lo be reached. This report is made solely to the Charity's Trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. My work has been undertaken so that I might stale lo the Charity's Trustees those matters l am required lo stale lo them in an independent examiner's report and for no other purpose. To the fullest exlenl permitted by law, I do not accept or assume responsibility lo anyone other than the Charity and the Charity's Trustees as a body, for my work or for this report. Signed.. Dated.. 31 January 2025 Andrew Thomas ACA Nyman Libson Paul LLP 124 Finchley Road London NW3 5JS Page 5
THE HANDLEBARDS CIO STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2024 Restricted funds 2024 Unrestricted funds 2024 Total funds 2024 Total funds 2023 Note Income from: Donations and legacies Charitable activities Other income 6,000 36,042 235,201 23 42,042 235,201 23 89,611 199,104 22 Total income 6,000 271,266 277,266 288,737 Expgnditure on: Charitable activities 6,000 470,911 476,911 115,472 Total expenditure 6,000 470,911 476,911 115,472 Net movement in funds 1199,6451 1199,6451 173,265 Reconciliation of funds: Totsl funds brought fomard Nel movement in funds 203,129 1199,6451 203,129 1199,6451 29,864 173,265 Total funds carried forward 3,484 3,484 203,129 The Statement of Financial Activities includes all gains and losses recognised in the year. The notes on pages 8 10 17 form part of these financial statements. Page 6
THE HANDLEBARDS CIO BALANCE SHEET AS AT 31 MARCH 2024 2024 2023 Note Fixed assets Intangible assets Investments 10 11 1,313 2,143 1,314 2,144 Current assets Debtors Cash al bank and in hand 12 402,026 14,767 180,889 45,746 416,793 226,635 Creditors.. amounts falling due within one year 13 1414,6231 125,6501 Net current assets 2,170 200,985 Total net assets 3,484 203,129 Charity funds Reslricled funds 14 Unrestricted funds 14 3,484 203, 129 Totsl funds 3,484 203, 129 The financial statements were approved and authorised for issue by the Trustees on 0113012025 PST and signed on their behalf by.. Ser ID. DGPQOLDJ5G.. Signer ID.. MF4XXMZONO... Kathryn Jones Harry Bresslaw The notes on pages 8 10 17 form part of these financial statements. Page 7
THE HANDLEBARDS CIO NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 General information The Handlebards CIO is a Charitable Incorporated Organisalion, registered in England and Wales with the Charity Commission. The address of its registered office is 9 St Lukes Drive, Orrell, Wigan, WN5 7AU. Accounting policies 2.1 Basis of preparation of financial statements The financial statements have been prepared in accordance with the Charities SORP IFRS 1021- Accounting and Reporting by Charities. Statement of Recommended Practice applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 (effective 1 January 20191, the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 and the Charities Act 2011. The Handlebards CIO meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated In the relevant accounting policy. 2.2 Going concern After making appropriate enquiries, the Trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concem basis in preparing the financial statements. 2.3 Income All income is recognised once the Charity has entillemenl to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably. Grants and donations are included in the statement of financial activities on a receivable basis. Other income is recognised in the period in which it is receivable and to the extent the goods have been provided or on completion of the service. 2.4 Expenditure Expenditure is recognised On there is a legal or constTuclive obligation lo transfer economic benefit lo a third party, it is probable that a transfer of economic benefits will be reqLJired in settlement and the amount of the obligation can be measured reliably. Expenditure on charitable activities is incurred on directly undertaking the activities which further the Charity's objectives, as well as any associated support costs. 2.5 Intangible assets and amortisation Intangible assets are capilalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably. Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisalion and any accumulated impairment losses. Page 8
THE HANDLEBARDS CIO NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Accounting policies Icontinuedl 2.5 Intangible assets and amortisation {continued} Amortisalion is provided on intangible assets at rates calculated lo write off the cost of each asset on a straighl-line basis over its expected useful life. Amortisation is provided on the following basis.. Website development 25 Q/0 2.6 Debtors Trade and other debtors are recognised at the selllemenl amount after any trade discount offered. Prepayments are valued al the amount prepaid nel of any trade discounts due. 2.7 Cash at bank and in hand Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the dale of acquisition or opening of the deposit or similar account. 2.8 Liabilities and provisions Liabilities are recognised when there is an obligation al the balance sheet dale as a result of a past event, il is probable that a transfer of economic benefit will be required in selllement, and the amount of the settlement can be estimated reliably. 2.9 Financial instruments The Charity only has financial assets and financial liabilities of a kind that qualify as basic financial inslrumenls. Basic financial instruments are initially recognised at transaction value and subsequently measured al their settlement value with the exception of bank loans which are subsequently measured al amortised cost using the effective interest method. 2.10 Pensions The Charity operates a defined contribution pension scheme and the pension charge represents the amounts payable by the Charity lo the fund in respect of the year. 2.11 Fund accounting General funds are unrestricted funds which are available for use al the discretion of the Trustees in furtherance of the general objectives of the Charity and which have not been designated for other purposes. Restricted fvnds are funds which are lo be used in accordance with specific restrictions imposed by donors or which have been raised by the Charity for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each reslricled fund is sel out in the notes lo the financial statements. Page 9
THE HANDLEBARDS CIO NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Income from donations and legacies Restricted Unreslricled funds funds 2024 2024 Total funds 2024 Total funds 2023 Donations Grants 26,042 10,000 26,042 16,000 33,796 55,815 6,000 6,000 36,042 42,042 89,611 Totsl 2023 55,815 33,796 89,611 Income from charitable activities Unreslricled funds 2024 Total Jnds 2024 Total funds 2023 Theatrical productions 235,201 235,201 199,104 Other incoming resources Unreslricled funds 2024 Total funds 2024 Total funds 2023 Bank interest received 23 23 22 Page 10
THE HANDLEBARDS CIO NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Analysis of expenditure by activities Activities undertaken directly 2024 Support costs 2024 Total funds 2024 Total funds 2023 Charitsble expenditure 426,983 49,928 476,911 115,472 Total 2023 63,434 52,038 115,472 Anatysi$ of direct costs Total funds 2024 Total funds 2023 Outreach programme Thriving Community programme Twelfth Night Romeo & Juliet 300 18,939 33,333 10,862 900 A Midsummer Nights Dream Production staff costs 4,849 6,289 26,391 2,000 386,554 Venue hire costs Venue storage costs Outsourced production fees 426,983 63,434 Page11
THE HANDLEBARDS CIO NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Analysis of expenditure by activities Icontinuedl Analysis of support costs Total funds 2024 Total funds 2023 Staff costs Amortisation 40,165 830 37,363 831 Bank charges Accountancy fees Computer costs Subseriplions Consulting Insuran Bad debts Sundry expenses 34 2,400 907 250 2,800 2,181 105 438 500 2,450 950 3,145 6,300 308 49,928 52,038 Independent examinerfs remuneration The independent examine¢s remuneration amounts to an independent examiner fee of £1,000 (2023 - £900), and accountancy fee of £1,50012023 - £1,500). Staff costs 2024 2023 Wages and salaries Social security costs Contribution lo defined contribution pension schemes 39,443 36,400 277 722 686 40,165 37,363 The average number of persons employed by the Charity during the year was as follows.. 2024 No. 2023 No. Employees Page 12
THE HANDLEBARDS CIO NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 staff costs {continued) No employee reiVed remuneration amounting lo more than £60,000 in either year. Key management personnel Total remuneration paid lo key management was £40,16512023.' £37,3631. Trustees. remuneratlon and expenses During the year, no Trustees reiVed any remuneration or other benefits. During the year ended 31 March 2024, no expenses were reimbursed or paid direcuy to Trustees. 10. Intanglble assets Website development Cost At 1 April 2023 3,321 At 31 March 2024 3,321 Amortisation At 1 April 2023 Charge for the year 1,178 830 At 31 March 2024 2,008 Net l)ook value At 31 March 2024 1,313 At 31 March 2023 2,143 Page 13
THE HANDLEBARDS CIO NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 11. Fixed asset investments Investments in subsidiary companies Cost or valuation At 1 April 2023 At 31 March 2024 The investment represents the book value of 100010 of the share capital of the company Cycling Shakespeare Limited, registered on Companies House with number 12516789. 12. Debtors 2024 2023 Due within one year Trade debtors 4,645 397,381 3,950 175,000 1,939 Amounts owed by group undertakings Prepayments and accrued income 402,026 180,889 13. Credltors: Amounts falllng due wlthln one year 2024 2023 other laxalion and social security Pension fund loan payable Other creditors Accruals and deferred income 3,003 146 20 1,049 413,554 22,500 414,623 25,650 Page 14
THE HANDLEBARDS CIO NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 14. Statement of funds statement of funds - current year Balan at 31 March 2024 Balance al 1 April 2023 Income Expenditure Unrestricted funds General Funds- all funds 203,129 271,266 1470,9111 3,484 Restrlcted funds Reslricled Funds- all fvjnds 6,000 16,0001 Total of funds 203,129 277,266 1476,9111 3,484 Restricted funds relates to grants received from Arts Council England. The funding was spent on productions. Statement of funds - prior year Balance at 31 March 2023 Balance at 1 April 2022 Income Expenditure Unrestricted funds General Funds- all funds 29,864 232,922 159,6571 203,129 Restricted funds Thriving Community Programme 55,815 155,8151 Total of funds 29,864 288,737 1115,4721 203,129 Page 15
THE HANDLEBARDS CIO NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 15. Analysis of net assets between funds Analysis of net assets between funds - current period Unreslricled funds 2024 Total funds 2024 Intangible fixed assets Fixed asset investments Current assets Creditors due within one year 1,313 1,313 416,793 1414,6231 416,793 1414,6231 Totsl 3,484 3,484 Anatysis of net assets between funds - prior period Unrestricted funds 2023 Total funds 2023 Intangible fixed assets Fixed asset investments Current assets Creditors due within one year 2,143 2,143 226,635 (25,6501 226,635 125,6501 Total 203,129 203, 129 16. Penslon commltments The charity operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the group in an independently administered fund. The pension cost charge represents contributions payable by the group to the fund and amounted lo £722 12023.. £6861. £126 12023.. £1461 was payable to the fund at the reporting dale and are included in creditors. 17. Related party transactlons During the year, the CIO provided a loan of £222,381 12023.. £175,000) to its subsidiary company. £397,381 12023.. £175,000) was due at the reporting dale. There is no interest accruing on this balance. The trustees will take measures lo ensure this balance is cleared in the next financial year. Page 16
THE HANDLEBARDS CIO NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 18. Principal subsidiaries The following was a subsidiary undertaking of the Charity.. Name Company number Registered office or principal Principal activity place of business Cycling Shakespeare Limited 12516789 Same as parent Trading subsidiary {Theatrical produclionsl Class of shares Holding Included in consolidation Ordinary The financial results of the subsidiary for the year were.. Name Income Expenditure Net assets Cycling Shakespeare Limited 401,815 252,019 4,336 Page 17