This report covers the first six months of our new charity, The Preston Musical Comedy Society. This new Charitable Incorporated Organisation replaced the old charity on 1[st] January 2021 when all assets were transferred. Due to the Covid-19 pandemic and the resulting challenges in setting up the new charity, and opening a new bank account, the old charity extended its final financial period to 18 months. During this final period there was just one production, Dick Whittington. This was a hugely successful production with a profit of over £9,000. Our thanks must go to the production team of Eddie Regan and Mark Howard (Directors), Gemma Burns (Choreographer) and Dave Thomas (MD). Thanks also to Carol May and her junior chorus and the rest of the cast, crew and volunteers. We were delighted that the members voted Arron McGregor as the recipient of the Brian Lawson Award for this show. The Chairman’s Cup was awarded to Mark Howard not only for his work on the pantomime but his dedication to the Society throughout the year. Just before the first restrictions were introduced, we were delighted to attend the NODA Awards in February 2020 which covered Oliver! in May 2019 as well as Dick Whittington. XXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXX XXXXXXXXXXXXX We would like to record our thanks to Dave Thomas and Delphine Walton for continuing to run the show choir, who once again performed at the Playhouse Christmas Show in December 2019. Following the enforced break that started in March 2020, a zoom catch up was held in March 2021 and regular zoom sessions continued until we could finally meet again in person in July 2021. Unfortunately, we believe as a result of the pandemic, the regular attendees of the show choir have reduced in number and towards the end of 2021 we struggled to find enough people to perform and to cover the costs of the rehearsals. The Trustees have therefore decided that from January 2022 the show choir will take a break, until at least after Calendar Girls, so the focus of the Society can be on the show. At the start of 2020, with no sign of the Guild Hall re-opening, the Trustees were considering various options regarding future productions, not just at The Playhouse but at potential alternative venues in the city. Unfortunately, the arrival of the pandemic meant that discussions came to an abrupt end, and all activities had to cease. The final 12 months of the old charity were very quiet with just a few show choir rehearsals taking place before everything ground to a halt. The Trustees continued to meet via Zoom and took the opportunity of lockdown to review all the Society policies and procedures. We were delighted that, after many, many years of searching, we found Honorary Solicitors. Angela Vodden and Dave Atherton, of Angela Vodden Associates, agreed to take on the role and were invaluable in assisting us with the negotiations when the lease for our unit at Pittman Court came up for renewal in January 2021. We successfully renewed the lease for a five-year term, with a break clause after 3 years. We must thank Angela and Dave for their hard work, and we are grateful for their continued support. The Trustees decided to waive the membership subscriptions for the period from 1[st] July 2020 to 30[th] June 2021 as many members were made redundant or placed on furlough. Subscriptions became due again in July 2021 and we would encourage anyone who has not yet paid their membership fees to do so prior to the next financial year end in June 2022. In April 2021 we were fortunate to receive a Covid Grant of £10,508 from Preston City Council, part of which covered the end of the final financial period of the old charity. Along with two Theatre Tax Relief claims for 17/18 and 18/19 amounting to £3,353, this meant that the financial surplus for the period ending 31[st] December 2020 was £10,572. Added to the reserves brought forward as at 1[st] July 2019 of £13,996, this resulted in a total of £24,568 which was transferred to the new charity. The financial summary for these 18 months can be found on page XXXXXXXXX. For the first six months of the new charity, which this Annual Report covers, no activities were able to take place. The balance of the Covid Grant which fell into this period more than covered the running costs and the surplus for the six months was £4,996. This meant that the total reserves as at 30[th] June 2021 were £29,564. The financial summary for this six month period can be found on page XXXXXXXXXXXX This was an excellent start to the new financial year and, with the profit from the 2021 pantomime Goldilocks and the Three Bears, we are in a great position at the start of 2022. As there was no sign on the Guild Hall re-opening, in early 2021 the Trustees decided to apply for the licence to perform the newly released Calendar Girls, The Musical at The Playhouse. This is due to be performed in June 2022 and, all being well, auditions will take place in January 2022. Due to the seating capacity of the venue we do expect to make a loss on the production however, by the time this show makes it to the stage it will have been more than three years since the Society last staged a musical. With reserves higher than they have been for a number of years we feel it is a positive move and are very much looking forward to a fabulous production. The Trustees have continued to support The Playhouse with Ruth continuing to serve as a board member and Mark representing the Society on the Playhouse Promotions Sub-Committee. We have fulfilled our “user group” commitments by assisting with front of house duties for outside lets, most notably for the UCLan shows in Summer 2021. We would like to thank those members who volunteered to help with these shows. As ever we are always looking for more volunteers to assist with both our own shows, and the outside lets, and new training sessions for house managers and bar volunteers will be taking place in early 2022. We would encourage all members to participate in the training and have a go at volunteering. It’s great fun and you meet lots of interesting people! Looking forward beyond Calendar Girls, we will of course (all being well) be producing another pantomime in 2022 and we still hope that, once Preston City Council have resolved the legal dispute with the former tenants of The Guild Hall, the Charter Theatre will be able to be re-opened. Wouldn’t it be wonderful to be back on that stage in 2023, having first performed there 50 years earlier with The King & I back in 1973! Charity No.. 1190937 Company No . CE023645 The Preston Musical Comedy Society Report and Accounts For The 6 Months Ended 30 June 2021 frmha MOORE & SMALLEY THE PRESTON MUSICAL COMEDY SOCIETY CONTENTS Trustees and advisers Trustees, Report Independent Examinerfs Report Statement Of Financial Activities Balance Sheet Notes to the accounts THE PRESTON MUSICAL COMEDY SOCIETY TRUSTEES AND ADVISERS Trustees: Name John Edmund Regan Ruth Elyzabeth Carter Mark Howard Declan Murray Patricia Ann Connor Liam James Burns Samuel James Hemingway James Moss Christine Sanderson Philip Tomlinson Position Trustee movements President Appointed 19th August 2020 Chairman Appointed 19th August 2020 Vi Appointed 19th August 2020 Chairman Appointed 19th August 2020 Secretary Appointed 19th August 2020 Treasurer Appointed 19th August 2020 Appointed 19th August 2020 Appointed 19th August 2020 Appointed 19th August 2020 Appointed 19th August 2020 Resigned 3rd June 2021 Charity number: Working name: 1190937 Preston Musical Comedy Society PMCS Admlnlstratorl Mrs R E Carter charity 1 Pillman Court, address: Pittman Way, Fulwood, Preston PR2 9ZG Website address: www.preslonmusicalcomedy.co.uk Independent examiner: N Mason FCA, DChA MHA M(x)re and Smalley Richard House 9 Winckley Square Preston PR1 3HP Honorary Solicitor- Dr Angela Vodden Angela Vodden Associates Consulting Ltd 9 Bartle Court Business Centre Rosemary Lane Bartle Preston PR4 OHF Page 2 THE PRESTON MUSICAL COMEDY SOCIETY TRUSTEES, REPORT FOR THE 6 MONTHS ENDED 30 JUNE 2021 The trustees have pleasure in presenting their report together with the accounts for the 6 months ended 30 June 2021. The Iruslees have adopted the provisions of the Stslement of Recommended Practice ISORPI'Accounling and Reporting by Charities IFRS 102} in preparing the annual report and financial statements of the charity. The financial statements have been prepared in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland published in October 2019. Trustees The trustees listed on page 1 served during the period. Constitution The charity's governing document is by constitution adopted in December 2019. The Charity was entered onto the Register of Charities on 19th August 2020. TrusteeslExecutive Committee Under the Constitution at the first annual general meeting of the CIO all the charity trustees shall retire from office. At every subsequent annual general meeting half of the charity Iruslees shall retire from office. The charity is administered and managed by the trustees and existing trustees accept the obligation to fully inform new Iruslees of the duties and responsibilities of charity trustees by providing the new trustee with copies of the governing inslrumenl, minutes of p￿VIouS trustee meetings, recent annual accounts, and the relevant Charity Commission publication relating to the responsibilities of Iruslees. Due to the Covid 19 pandemic, membership subscriptions were waived for the six month period so the members from the previous Charity were deemed to continue their membership - 33 Adult, 1 Junior (non voting) members, 8 Honorary Life members and 2 patrons. Objectives and activities for the public benefit The Preston Musical Comedy Society Is a voluntsry organisalion whose objective is to educate the public in the dramatic and operatic arts, and lo further the development of public appreciation and lasle in the said arts. The Iruslees confirm that they have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the charity's aims and objectives and in planning future aclivilies. Achievement5 and performance Due to the Covid-19 pandemic no performances or activities look place during the 6 month period. Page 3 THE PRESTON MUSICAL COMEDY SOCIETY TRUSTEES. REPORT {CONTINUED) FOR THE 6 MONTHS ENDED 30 JUNE 2021 Financial review The charity has a nel surplus for the period of£29,564. Details are shown on the Stslemenl of Financial Activities on page 5. This Included a donation from the previous Charity, Preston Musical Comedy Society Icharity No 10998611 of £24,568. The nel assets of the charity at 30 June 2021 amounted lo £29,564. ReseNes policy The general unrestricted reserves as at the period end were £29,564. it is the intention of the trustees to m8in18in unrestricted funds to cover the cost of the next production and any unforeseen liabilities and this has 81w8ys been mel. 2410212022 Thi ed b the Trustees on . .2022 and signed on their behalf by.. Chairman- R Carter Page 4 INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE PRESTON MUSICAL COMEDY SOCIETY I report to the charity Iruslees on my examination of the accounts of the charity ft)r the 6 months ended 30 June 2021 which are sel out on pages 5 10 12. Responsibilities and basis of report As the charity's trustees you are responsible for the prepamtion of the accounts in accordance with the quirements of the Charities Act 2011 I'the Act'l. I report in respect of my examination of the charity's accounts carried out under section 145 of the Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under sectson 14515llbl of the Act. Independent examlnerfs statement I have completed my examination. I confirm that no material mallers have come to my attention in connection with the examination giving me cause to believe that in any material respect.. accounting records were not kept in respect of the charity as required by section 130 of the Act., or the accounts do not accord with those records", or the accoLJnts do not comply with the applicable requirements conceming the form and content of accoLJnts sel out in the Charities (Accounts and Reports) Regulations 2008 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. I have no concerns 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 to be reached Nlcola Mason FCA, DChA Moore and Smalley Chartered Accountants and Registered Auditors Preston Date: 2410212022 Page 5 THE PRESTON MUSICAL COMEDY SOCIETY STATEMENT OF FINANCIAL ACTIVITIES FOR THE 6 MONTHS ENDED 30 JUNE 2021 6 mths to 30 June 2021 Total Unrestrictod Rgstricted Note Income and endowmgnts from: Donations and legacies Charitable activities Other trading activities 2a 2b 2c 24,573 6,935 24,573 6,935 Total income and endowments: 31.508 31.508 Expenditure on: Charitable activities 3a 1,944 1,944 Total expendlture 1,944 1,944 Net movernent in funds 29,564 29,564 Funds brought forward al 1 Jan 2021 Funds carried foThvard at 30 June 2021 29.564 29,564 Page 6 THE PRESTON MUSICAL COMEDY SOCIETY BALANCE SHEET AS AT 30 JUNE 2021 30 Jun 2021 Note Fixed assets 623 Current assets Debtors and prepayments Cash al bank and in hand 3,614 28,580 32,817 Creditors: Amounts falling due within one year 13,2531 Net current assets 29,564 Net assets 29,564 Funds Unreslricled funds 29,564 Totsl funds 29,564 The accoun roved by the Trustees on 241021202? and sig heir behalf by Chairman- R Carter Treasurer- L Bums Page 7 THE PRESTON MUSICAL COMEDY SOCIETY NOTES TO THE ACCOUNTS FOR THE 6 MONTHS ENDED 30 JUNE 2021 Accounting policies Basis of accounting 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 IFRS 1021, the Charities Act 2011 and UK Generally Accepted Accounting Practice. The financial statements have been prepared to give a 'lrue and fairf view and have departed from the Charities (Accounts and Reports) Regulations 2008 only lo the exlenl required to provide a 'lrue and fair view,. This departure has involved following the Accounting and Reporting by Charities.. Statement of Recommended Practice applicable lo charities preparing their accounts In accordanTr with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 issued on 16 July 2014 rather than the Accounting and Reporting by Charities.. Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn. The financial statements are prepared on a going concern basis under the historical cost convention. The financial statements are presented in sterling which is the functional currency of the charity. The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consislenlly applied lo all years presented unless otherwise stated. Fund accounting Unreslricled funds are available for use al the discretion of the Iruslees in furtherance of the general objectives of the charity and which have not been designated for other purposes. Designated funds comprise unrestricted funds that have been set aside by the trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements. Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the charity for particular PUfF)oses. The cost of raising and administering such funds are charged against the specific fund. The aim and use of each restrirted fund is sel out in the notes to the financial statements. Income recognition All incoming resources are included in the Statement of Financial Activities ISOFAI when the charity is legally entitled lo the income after any performance conditions have been met, the amount can be measured reliably and il is probable that the income will be received. For donations to be recognised the charity will have been notified of the amounts and the settlement date in writing. If there are conditions attached to the donation and this requires a level of performance before entitlement can be obtained, then income is deferred until those conditions are fully met or the Page 8 THE PRESTON MUSICAL COMEDY SOCIETY NOTES TO THE ACCOUNTS FOR THE 6 MONTHS ENDED 30 JUNE 2021 Accounting policies l¢ontinued} fulfilmenl of those conditions Is within the control of the charity and it is probable that they will be fulfilled. No amount Is Included in the financial stslements for volunteer time in line with the SORP IFRS 1021. Further detail is given in the Trustees, Annual Report. 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 OCCLJrred. Expenditure recognition All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Expenditure is recognised where there is a legal or conslruclive obligation to make payments lo third parties, it is probable that the settlement will be required and the amount of the obligation can be measured reliably. Detailed analyses of the expenditure are provided in the notes to the accounts. Irrecoverable VAT is charged as an expense against the artivity for which expenditure arose Tangible Fixed assets Tangible fixed assets are slated at cost lor deemed costl or valuation less accumulated depreciation and accumulated Impairment losses. Cost Includes costs directly allributable to making the asset capable of operating as Intended. Depreciation is provided on all tsnglb￿ fixed assets, at rates calculated to write off the cost, less estimated residual value, of each asset on a systematic basis over its expected useful life as follows.. Equipment- Straight line over 10 years Debtors and creditors receivable I payable within one year Debtors and creditors with no slated interest rale and re￿1vable or payab￿ within one year are recorded al transaction price. Any losses arising from impairment are recognised in expenditure. Tax The charity is an exempt charity and is not liable to laxalion. Going concern The financial statements have been prepared on a going COn￿M basis as the trustees believe that no material uncertainties exist. The Iruslees have considered the level of funds held and the expected level of income and expenditure for 12 months from authorising these financial slalements. The budgeted income and expenditure is sufficient with the level of reserves for the charity to be able to continue as a going concern. Page g THE PRESTON MUSICAL COMEDY SOCIETY NOTES TO THE ACCOUNTS FOR THE 6 MONTHS ENDED 30 JUNE 2021 Accounting policies Icontinuedl Judgements and key sources of estimation uncertainty No judgements have been made in the process of applying the above accounting policies. There have been no key assumptions concerning the future or other key sources of estimation Un￿rtaInty al the reporting dale that would have significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year. Income 6 mths to 30 June 2021 lal Income from donations and legacies Donation from Preston Musical Comedy Society Other donations 24,568 24,573 Ibl Income from charltable actlvltles COVID 19 Grant 6,935 6,935 Icl Income from other trading activities Total income 31,508 All income was attributsble lo unrestricted funds. Page 10 THE PRESTON MUSICAL COMEDY SOCIETY NOTES TO THE ACCOUNTS FOR THE 6 MONTHS ENDED 30 JUNE 2021 Expenditure 6 mths to 30 Jun 2021 lal Expenditure on charltable actlvltles NODA Insurance NODA Subscriptions Rental of premises Governance costs- accountancy services Depreciation of equipment 145 24 980 600 174 1,944 All expenditure was attributable to unrestricted funds. The independent examiners remuneration {excluding VATI amounts lo an independent examination fee of£S00. Page 11 THE PRESTON MUSICAL COMEDY SOCIETY NOTES TO THE ACCOUNTS FOR THE 6 MONTHS ENDED 30 JUNE 2021 Fixed assets Equipment 2021 Cost- Al 1 Jan 2021 Additions Disposals 797 797 At 30 June 2021 797 797 Depreciation: Al 1 Jan 2021 Charge for the year On disposals 174 174 At 30 Jung 2021 174 174 Net Book Value: At 30 June 2021 623 623 At 1 Jan 2021 Debtors and prepayments 30 Jun 2021 Accrued income Prepayments 160 3,454 3,614 Cash at bank and in hand 30 Jun 2021 Barclays Bank Cash 28,159 421 28,580 Page 12 THE PRESTON MUSICAL COMEDY SOCIETY NOTES TO THE ACCOUNTS FOR THE 6 MONTHS ENDED 30 JUNE 2021 Creditors: amounts falling due within one year 30 Jun 2021 Accruals 3,253 3,253 Related party transactlons There are no related party transactions during the period Trustees. and key management personnel remuneration and expenses The trustees neither received nor waived any remuneration during the period. The Iruslees did not have any expenses reimbursed during the year. Page 13 Charity No.. 1190937 Company No . CE023645 The Preston Musical Comedy Society Report and Accounts For The 6 Months Ended 30 June 2021 frmha MOORE & SMALLEY THE PRESTON MUSICAL COMEDY SOCIETY CONTENTS Trustees and advisers Trustees, Report Independent Examinerfs Report Statement Of Financial Activities Balance Sheet Notes to the accounts THE PRESTON MUSICAL COMEDY SOCIETY TRUSTEES AND ADVISERS Trustees: Name John Edmund Regan Ruth Elyzabeth Carter Mark Howard Declan Murray Patricia Ann Connor Liam James Burns Samuel James Hemingway James Moss Christine Sanderson Philip Tomlinson Position Trustee movements President Appointed 19th August 2020 Chairman Appointed 19th August 2020 Vi Appointed 19th August 2020 Chairman Appointed 19th August 2020 Secretary Appointed 19th August 2020 Treasurer Appointed 19th August 2020 Appointed 19th August 2020 Appointed 19th August 2020 Appointed 19th August 2020 Appointed 19th August 2020 Resigned 3rd June 2021 Charity number: Working name: 1190937 Preston Musical Comedy Society PMCS Admlnlstratorl Mrs R E Carter charity 1 Pillman Court, address: Pittman Way, Fulwood, Preston PR2 9ZG Website address: www.preslonmusicalcomedy.co.uk Independent examiner: N Mason FCA, DChA MHA M(x)re and Smalley Richard House 9 Winckley Square Preston PR1 3HP Honorary Solicitor- Dr Angela Vodden Angela Vodden Associates Consulting Ltd 9 Bartle Court Business Centre Rosemary Lane Bartle Preston PR4 OHF Page 2 THE PRESTON MUSICAL COMEDY SOCIETY TRUSTEES, REPORT FOR THE 6 MONTHS ENDED 30 JUNE 2021 The trustees have pleasure in presenting their report together with the accounts for the 6 months ended 30 June 2021. The Iruslees have adopted the provisions of the Stslement of Recommended Practice ISORPI'Accounling and Reporting by Charities IFRS 102} in preparing the annual report and financial statements of the charity. The financial statements have been prepared in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland published in October 2019. Trustees The trustees listed on page 1 served during the period. Constitution The charity's governing document is by constitution adopted in December 2019. The Charity was entered onto the Register of Charities on 19th August 2020. TrusteeslExecutive Committee Under the Constitution at the first annual general meeting of the CIO all the charity trustees shall retire from office. At every subsequent annual general meeting half of the charity Iruslees shall retire from office. The charity is administered and managed by the trustees and existing trustees accept the obligation to fully inform new Iruslees of the duties and responsibilities of charity trustees by providing the new trustee with copies of the governing inslrumenl, minutes of p￿VIouS trustee meetings, recent annual accounts, and the relevant Charity Commission publication relating to the responsibilities of Iruslees. Due to the Covid 19 pandemic, membership subscriptions were waived for the six month period so the members from the previous Charity were deemed to continue their membership - 33 Adult, 1 Junior (non voting) members, 8 Honorary Life members and 2 patrons. Objectives and activities for the public benefit The Preston Musical Comedy Society Is a voluntsry organisalion whose objective is to educate the public in the dramatic and operatic arts, and lo further the development of public appreciation and lasle in the said arts. The Iruslees confirm that they have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the charity's aims and objectives and in planning future aclivilies. Achievement5 and performance Due to the Covid-19 pandemic no performances or activities look place during the 6 month period. Page 3 THE PRESTON MUSICAL COMEDY SOCIETY TRUSTEES. REPORT {CONTINUED) FOR THE 6 MONTHS ENDED 30 JUNE 2021 Financial review The charity has a nel surplus for the period of£29,564. Details are shown on the Stslemenl of Financial Activities on page 5. This Included a donation from the previous Charity, Preston Musical Comedy Society Icharity No 10998611 of £24,568. The nel assets of the charity at 30 June 2021 amounted lo £29,564. ReseNes policy The general unrestricted reserves as at the period end were £29,564. it is the intention of the trustees to m8in18in unrestricted funds to cover the cost of the next production and any unforeseen liabilities and this has 81w8ys been mel. 2410212022 Thi ed b the Trustees on . .2022 and signed on their behalf by.. Chairman- R Carter Page 4 INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE PRESTON MUSICAL COMEDY SOCIETY I report to the charity Iruslees on my examination of the accounts of the charity ft)r the 6 months ended 30 June 2021 which are sel out on pages 5 10 12. Responsibilities and basis of report As the charity's trustees you are responsible for the prepamtion of the accounts in accordance with the quirements of the Charities Act 2011 I'the Act'l. I report in respect of my examination of the charity's accounts carried out under section 145 of the Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under sectson 14515llbl of the Act. Independent examlnerfs statement I have completed my examination. I confirm that no material mallers have come to my attention in connection with the examination giving me cause to believe that in any material respect.. accounting records were not kept in respect of the charity as required by section 130 of the Act., or the accounts do not accord with those records", or the accoLJnts do not comply with the applicable requirements conceming the form and content of accoLJnts sel out in the Charities (Accounts and Reports) Regulations 2008 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. I have no concerns 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 to be reached Nlcola Mason FCA, DChA Moore and Smalley Chartered Accountants and Registered Auditors Preston Date: 2410212022 Page 5 THE PRESTON MUSICAL COMEDY SOCIETY STATEMENT OF FINANCIAL ACTIVITIES FOR THE 6 MONTHS ENDED 30 JUNE 2021 6 mths to 30 June 2021 Total Unrestrictod Rgstricted Note Income and endowmgnts from: Donations and legacies Charitable activities Other trading activities 2a 2b 2c 24,573 6,935 24,573 6,935 Total income and endowments: 31.508 31.508 Expenditure on: Charitable activities 3a 1,944 1,944 Total expendlture 1,944 1,944 Net movernent in funds 29,564 29,564 Funds brought forward al 1 Jan 2021 Funds carried foThvard at 30 June 2021 29.564 29,564 Page 6 THE PRESTON MUSICAL COMEDY SOCIETY BALANCE SHEET AS AT 30 JUNE 2021 30 Jun 2021 Note Fixed assets 623 Current assets Debtors and prepayments Cash al bank and in hand 3,614 28,580 32,817 Creditors: Amounts falling due within one year 13,2531 Net current assets 29,564 Net assets 29,564 Funds Unreslricled funds 29,564 Totsl funds 29,564 The accoun roved by the Trustees on 241021202? and sig heir behalf by Chairman- R Carter Treasurer- L Bums Page 7 THE PRESTON MUSICAL COMEDY SOCIETY NOTES TO THE ACCOUNTS FOR THE 6 MONTHS ENDED 30 JUNE 2021 Accounting policies Basis of accounting 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 IFRS 1021, the Charities Act 2011 and UK Generally Accepted Accounting Practice. The financial statements have been prepared to give a 'lrue and fairf view and have departed from the Charities (Accounts and Reports) Regulations 2008 only lo the exlenl required to provide a 'lrue and fair view,. This departure has involved following the Accounting and Reporting by Charities.. Statement of Recommended Practice applicable lo charities preparing their accounts In accordanTr with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 issued on 16 July 2014 rather than the Accounting and Reporting by Charities.. Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn. The financial statements are prepared on a going concern basis under the historical cost convention. The financial statements are presented in sterling which is the functional currency of the charity. The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consislenlly applied lo all years presented unless otherwise stated. Fund accounting Unreslricled funds are available for use al the discretion of the Iruslees in furtherance of the general objectives of the charity and which have not been designated for other purposes. Designated funds comprise unrestricted funds that have been set aside by the trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements. Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the charity for particular PUfF)oses. The cost of raising and administering such funds are charged against the specific fund. The aim and use of each restrirted fund is sel out in the notes to the financial statements. Income recognition All incoming resources are included in the Statement of Financial Activities ISOFAI when the charity is legally entitled lo the income after any performance conditions have been met, the amount can be measured reliably and il is probable that the income will be received. For donations to be recognised the charity will have been notified of the amounts and the settlement date in writing. If there are conditions attached to the donation and this requires a level of performance before entitlement can be obtained, then income is deferred until those conditions are fully met or the Page 8 THE PRESTON MUSICAL COMEDY SOCIETY NOTES TO THE ACCOUNTS FOR THE 6 MONTHS ENDED 30 JUNE 2021 Accounting policies l¢ontinued} fulfilmenl of those conditions Is within the control of the charity and it is probable that they will be fulfilled. No amount Is Included in the financial stslements for volunteer time in line with the SORP IFRS 1021. Further detail is given in the Trustees, Annual Report. 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 OCCLJrred. Expenditure recognition All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Expenditure is recognised where there is a legal or conslruclive obligation to make payments lo third parties, it is probable that the settlement will be required and the amount of the obligation can be measured reliably. Detailed analyses of the expenditure are provided in the notes to the accounts. Irrecoverable VAT is charged as an expense against the artivity for which expenditure arose Tangible Fixed assets Tangible fixed assets are slated at cost lor deemed costl or valuation less accumulated depreciation and accumulated Impairment losses. Cost Includes costs directly allributable to making the asset capable of operating as Intended. Depreciation is provided on all tsnglb￿ fixed assets, at rates calculated to write off the cost, less estimated residual value, of each asset on a systematic basis over its expected useful life as follows.. Equipment- Straight line over 10 years Debtors and creditors receivable I payable within one year Debtors and creditors with no slated interest rale and re￿1vable or payab￿ within one year are recorded al transaction price. Any losses arising from impairment are recognised in expenditure. Tax The charity is an exempt charity and is not liable to laxalion. Going concern The financial statements have been prepared on a going COn￿M basis as the trustees believe that no material uncertainties exist. The Iruslees have considered the level of funds held and the expected level of income and expenditure for 12 months from authorising these financial slalements. The budgeted income and expenditure is sufficient with the level of reserves for the charity to be able to continue as a going concern. Page g THE PRESTON MUSICAL COMEDY SOCIETY NOTES TO THE ACCOUNTS FOR THE 6 MONTHS ENDED 30 JUNE 2021 Accounting policies Icontinuedl Judgements and key sources of estimation uncertainty No judgements have been made in the process of applying the above accounting policies. There have been no key assumptions concerning the future or other key sources of estimation Un￿rtaInty al the reporting dale that would have significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year. Income 6 mths to 30 June 2021 lal Income from donations and legacies Donation from Preston Musical Comedy Society Other donations 24,568 24,573 Ibl Income from charltable actlvltles COVID 19 Grant 6,935 6,935 Icl Income from other trading activities Total income 31,508 All income was attributsble lo unrestricted funds. Page 10 THE PRESTON MUSICAL COMEDY SOCIETY NOTES TO THE ACCOUNTS FOR THE 6 MONTHS ENDED 30 JUNE 2021 Expenditure 6 mths to 30 Jun 2021 lal Expenditure on charltable actlvltles NODA Insurance NODA Subscriptions Rental of premises Governance costs- accountancy services Depreciation of equipment 145 24 980 600 174 1,944 All expenditure was attributable to unrestricted funds. The independent examiners remuneration {excluding VATI amounts lo an independent examination fee of£S00. Page 11 THE PRESTON MUSICAL COMEDY SOCIETY NOTES TO THE ACCOUNTS FOR THE 6 MONTHS ENDED 30 JUNE 2021 Fixed assets Equipment 2021 Cost- Al 1 Jan 2021 Additions Disposals 797 797 At 30 June 2021 797 797 Depreciation: Al 1 Jan 2021 Charge for the year On disposals 174 174 At 30 Jung 2021 174 174 Net Book Value: At 30 June 2021 623 623 At 1 Jan 2021 Debtors and prepayments 30 Jun 2021 Accrued income Prepayments 160 3,454 3,614 Cash at bank and in hand 30 Jun 2021 Barclays Bank Cash 28,159 421 28,580 Page 12 THE PRESTON MUSICAL COMEDY SOCIETY NOTES TO THE ACCOUNTS FOR THE 6 MONTHS ENDED 30 JUNE 2021 Creditors: amounts falling due within one year 30 Jun 2021 Accruals 3,253 3,253 Related party transactlons There are no related party transactions during the period Trustees. and key management personnel remuneration and expenses The trustees neither received nor waived any remuneration during the period. The Iruslees did not have any expenses reimbursed during the year. Page 13