DOCUMENT INFORMATION
| DOCUMENT INFORMATION | DOCUMENT INFORMATION |
|---|---|
| Document Title | 2022 Annual Report |
| Document Ref | PMCS/AR/22/001 |
| Document Date | 29 December 2022 |
| Review Date | No Set Review Date |
DOCUMENT CONTROL
| DOCUMENT CONTROL | DOCUMENT CONTROL | DOCUMENT CONTROL |
|---|---|---|
| Version | Date | Comment |
| 001 | Dec 2022 | Document Issued |
ANNUAL REPORT
About the Society
The Preston Musical Comedy Society is a Registered Charity, number 1190937.
The objects of the Society are to educate the public in the dramatic and operatic arts, and to further the development of public appreciation and taste in the said arts.
The Charity was officially registered with The Charity Commission on 19 August 2020 as a Charitable
Incorporated Organisation in line with the decision made at the final Annual General Meeting of the previous charity.
The Society’s first production was The Desert Song in 1954, and since then it has produced over 100 shows and musicals at various theatres in Preston. PMCS prides itself in its professional standards, both on and off stage. Many of the Society’s former members are now enjoying successful careers in television, music and West End Theatre, and the Society is proud to have played a part in helping them achieve their goal. The Society is a member of the National Operatic and Dramatic Association (NODA).
The Executive Committee
The Society is managed by a board of Trustees, elected from the membership at the AGM, known as the Executive Committee. The Executive Committee meet on a regular basis throughout the year.
The Trustees for the last 12 months were as below;
| Name | Appointed | Stood Down | Notes |
|---|---|---|---|
| Burns, Liam James | 17thJan 2022 | - | Treasurer (From 25th Jan) |
| Carter, Ruth Elizabeth | 17thJan 2022 | - | Chair |
| Connor, Patricia Ann | 17thJan 2022 | - | Treasurer (Until 25th Jan) |
| Hemingway, Samuel James |
17thJan 2022 | - | |
| Howard, Mark | 17thJan 2022 | - | Vice Chair |
| Moss, James | 17thJan 2022 | - | |
| Murray, Declan | 17thJan 2022 | - | Secretary |
| Regan, John Edmund | 17thJan 2022 | - | |
| Sanderson, Christine | 17thJan 2022 | - | |
| Baines, Tom | 17thJan 2022 | 1stMay 2022 | Resigned |
| Hodgson, Paula | 28thJuly | - | Co-Opted |
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ANNUAL REPORT
ANNUAL GENERAL MEETING 2022
| Date | 29thDecember 2022 |
|---|---|
| Time | 19:30 |
| Venue | Preston Musical Comedy Society HQ, 1 Pittman Court, Fulwood, PR2 9ZG |
| AGENDA 1) Chairman’s Opening Remarks 2) Apologies for absence 3) Minutes of Previous AGM 4) Trustees Report 5) Financial Statements 6) Resolutions for Votes by Members a) Appointment of Independent Financial Accountants b) Appointment of Hon. Solicitors 7) Resignation of Existing Charity Trustees 8) Election of Board of Trustees 9) Any Other Business Appendix 01 Minutes of Previous Meeting Appendix 02 Trustees Report Appendix 03 Balance Sheet (Draft) Appendix 04 Resolutions for Votes by Members Appendix 05.1 Resigning Members of Board of Trustees Appendix 05.2 Nominations for Board of Trustees |
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ANNUAL REPORT
APPENDIX 01 - Minutes of Previous AGM
Meeting commenced at 20:30, 17/01/2022
Members Present
Anne Arkwright, Jenny Ashcroft, Tom Baines, Hannah Bates, Liam Burns, Lucy Carter, Kirsty Chapman, Pat Connor, Sam Hemingway, Paula Hodgson, Mark Howard, Katy Makinson, James Moss, Dec Murray, Kate Parkes, Frank Radcliffe, Janet Radcliffe, Eddie Regan, Jean Regan, Hannah Thurston
Guests Attending
Dan Haresnape, Eleanor Jolliffe, At’Har Kusar, Phillipa Lane, James Spedding,
Appointment of Chair for the meeting
Dec opened the meeting and proposed Mark to Chair the meeting. Sam seconded this and this was voted as accepted unanimously.
After being appointed Chair of the Meeting, Mark gave some opening remarks and introduction to the Charity, he then passed on to Sam to explain more on the change of Charity Status to a Charitable Incorporated Organisation (CIO).
Apologies for Absence
Apologies were received from: Ruth Carter, Philip Tomlinson, Gemma Burns, Sue Beesley, Julie Drysdale
Minutes of Previous AGM
As this is the first AGM, there are no previous minutes
Trustees Report
Mark read out the Trustees Report to the members present.
Proposed: Liam Burns Seconded: Eddie Regan Motion Carried
Financial Report
Mark handed over to Sam to read out and explain the Financial Report.
Proposed: Sam Hemingway Seconded: Patricia Connor Motion Carried
Resolutions For Votes by Members
Resolution A – Mark read out Resolution A and Sam clarified details.
Proposed: Ruth Carter Seconded: Sam Hemingway Motion Carried
Resolution B – Mark read out Resolution B
Proposed: Ruth Carter Seconded: Sam Hemingway Motion Carried
Resolution C – Mark read out and explained Resolution C
Proposed: Board of Trustees Motion Carried
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ANNUAL REPORT
Appointment of Charity Trustees
Mark explained the process of the appointment of Charity Trustees and announced the retirement of all Trustees.
Following the retirement of Trustees, Mark read out the list of nominated Trustees for the coming year. As no more than 10 nominations were received, all nominated were duly elected.
Proposed: Eddie Regan Seconded: Janet Radcliffe Motion Carried
Any Other Business
None Received
AGM Closed at 21:38
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ANNUAL REPORT
APPENDIX 2 - Trustees Report
INTRODUCTION
Welcome to the 2nd Annual General Meeting of The Preston Musical Comedy Society. This report, prepared by the trustees, covers the last 12 months of our charity. The new Charitable Incorporated Organisation (CIO) replaced the old charity on the 1st January 2021 when all assets were transferred.
During the financial year there were two productions, Goldilocks and the Three Bears and Calendar Girls The Musical, both at The Preston Playhouse. These were hugely successful productions and well received by our audiences. Our thanks must go to the pantomime production team of Mark Howard (Director), Anne Arkwright (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 Hannah Bates as the recipient of the Brian Lawson Award for this show. We would also like to thank our production team for Calendar Girls, Jane Tudor (Director), Gemma Burns (Choreographer) and Ed Rugman (MD). The Chairman’s Cup was awarded to Kirsty Chapman not only for her work on the show, but her dedication to the Society throughout the years. We were pleased our members voted for James Moss to be awarded the Brian Lawson Award for this production.
We were honoured to be invited to perform on the steps of the Harris Museum as part of Queen Elizabeth II's Platinum Jubilee celebrations. To be present as the Jubilee Beacon was lit was an unforgettable moment in the long history of our Society.
NODA AWARDS
We are thrilled to be nominated for five NODA awards following our successful performances of Calendar Girls The Musical. Our fingers are crossed for Kirsty Chapman, Jo Duckworth and Gail Carter who have been nominated for their performances. We also wish Jane Tudor luck with her nomination as Best Director and for the whole cast as Calendar Girls has been nominated for Best Musical.
SHOW CHOIR
Following the Trustees decision that from January 2022 the show choir would take a break until after Calendar Girls, several members came together to perform at the annual Playhouse Christmas Concert under the musical direction of Bruce McLaren. Due to the popularity of the Wednesday night singing sessions, these will now continue into 2023.
BOARD OF TRUSTEES UPDATE
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. We will continue to explore venues within Preston as well as keeping in regular contact with the Charter Theatre in the hope that we can perform there once again in the future.
ANNUAL REPORT
The Trustees have continued to support The Playhouse with Ruth serving as a board member and Mark & Dec 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 and 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 throughout 2023. 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!
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ANNUAL REPORT
UPCOMING PRODUCTIONS
The Trustees decided to apply for the licence to perform Avenue Q at The Playhouse in July 2023. All being well, auditions will take place in early 2023. Due to the seating capacity of the venue, we do expect to make a loss on the production. However, 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 which we are confident will attract a great audience.
Looking forward beyond Avenue Q, we will be producing the pantomime Snow White and The Seven Dwarfs in 2023 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.
Finally, all members of the Board of Trustees would like to thank you, the members, for your continued support in helping our proud society and having a wonderful 2022. Here’s to 2023!
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ANNUAL REPORT
APPENDIX 03 – BALANCE SHEET
INCOME AND EXPENDITURE YEAR END 30[TH] JUNE 2022
| INCOME AND EXPENDITURE YEAR END 30THJUNE 2022 | INCOME AND EXPENDITURE YEAR END 30THJUNE 2022 | INCOME AND EXPENDITURE YEAR END 30THJUNE 2022 | INCOME AND EXPENDITURE YEAR END 30THJUNE 2022 | INCOME AND EXPENDITURE YEAR END 30THJUNE 2022 | INCOME AND EXPENDITURE YEAR END 30THJUNE 2022 |
|---|---|---|---|---|---|
| CORE CHARITY ACTIVITY |
GOLDILOCKS | CALENDAR GIRLS |
SHOW CHOIR | TOTAL | |
| INCOME | |||||
| TICKET SALES | 24,785 | 12,961 | 37,746 | ||
| FRONT OF HOUSE INCOME |
3,248 | 521 | 3,769 | ||
| PRODUCTION RAFFLES |
585 | 632 | 1,217 | ||
| ANNUAL MEMBERSHIP & SUBSCRIPTIONS |
1,220 | 1,220 | |||
| WEEKLY REHEARSAL DONATIONS |
167 | 352 | 484 | 1,003 | |
| PRODUCTION DONATIONS |
540 | 540 | |||
| ADVERTISING AND PAGE SPONSORSHIP |
1,115 | 1,115 | |||
| DONATIONS & OTHER INCOME |
124 | 124 | |||
| APPAREL SALES | 898 | 898 | |||
| TOTAL INCOME | 1,344 | 29,683 | 16,121 | 484 | 47,632 |
| EXPENDITURE | |||||
| PRODUCTION COSTS |
17,614 | 14,052 | 380 | 32,046 | |
| MARKETING & PUBLICITY |
9 | 525 | 695 | 1,229 | |
| PROGRAMME PRINTING |
745 | 745 | |||
| FRONT OF HOUSE PURCHASES |
1,382 | 180 | 1,562 | ||
| APPAREL PURCHASES |
865 | 865 | |||
| DEPRECIATION | 347 | 347 | |||
| REFRESHMENTS | 90 | 90 | |||
| INSURANCE | 714 | 714 | |||
| RENT | 2,160 | 2,160 | |||
| REPAIRS & CLEANING |
502 | 502 | |||
| SUBSCRIPTIONS | 170 | 170 | |||
| ACOUNTANCY | 1,824 | 1,824 | |||
| BANK CHARGES | 99 | 99 | |||
| SUNDRIES | 261 | 335 | 596 | ||
| TOTAL EXPENDITURE |
5,915 | 20,647 | 16,007 | 380 | 42,949 |
| SURPLUS/(DEFICIT) | (4,571) | 9,036 | 114 | 104 | 4,683 |
| RESERVES BROUGHT FORWARD 1ST JULY 2021 | 29,564 | ||||
| TOTAL RESERVES AS AT 30TH JUNE 2022 | 34,247 |
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ANNUAL REPORT
APPENDIX 04 – RESOLUTIONS FOR VOTE BY MEMBERS
| RESOLUTION REF | A |
|---|---|
| RESOLUTION | To appoint a new independent financial accountant for The Preston Musical Comedy Society for the upcoming year. A new accountant has been identified for this year, McDade Roberts. The Board of Trustees wish to select this company as the accountants for this year |
| PROPOSED | R Carter |
| SECONDED | L Burns |
| RESOLUTION REF | B |
| RESOLUTION | To appoint Angela Vodden Associates as the Hon. Solicitors for the Upcoming Year |
| PROPOSED | R Carter |
| SECONDED | D Murray |
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ANNUAL REPORT
APPENDIX 05.1 – RESIGNING MEMBERS OF THE BOARD OF TRUSTEES
The Preston Musical Comedy Society Constitution states the following:
12. Appointment of Charity Trustees
- (2) At every subsequent annual general meeting of the members of the CIO, half of the charity trustees shall retire from office. If the number of charity trustees is not three or a multiple of five, then the number nearest to five shall retire from office, but if there is only one charity trustee, he or she shall retire;
As such the following members will resign:
| NAME | APPOINTED | RESIGNED | NOTES |
|---|---|---|---|
| Connor, Patricia Ann | 17 Jan 2022 | 29 December 2022 | |
| Hemingway, Samuel James |
17 Jan 2022 | 29 December 2022 | |
| Hodgson, Paula | 28 July 2022 | 29 December 2022 | |
| Moss, James | 17 Jan 2022 | 29 December 2022 | |
| Murray, Declan | 17 Jan 2022 | 29 December 2022 | Secretary |
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ANNUAL REPORT
APPENDIX 05.2 – ELECTION OF THE BOARD OF TRUSTEES
The following individuals are standing for appointment/reappointment to The Board of Trustees.
The Preston Musical Comedy Society Constitution states that there may be a maximum of 10 Charity Trustees at any one time.
Nominations were received from the following individuals:
| NAME | NOTES | COUNT |
|---|---|---|
| Connor, Patricia Ann | Reappointment | 1 |
| Hemingway, Samuel James | Reappointment | 2 |
| Hodgson, Paula | Reappointment | 3 |
| Moss, James | Reappointment | 4 |
| Murray, Declan | Reappointment | 5 |
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REGISTERED COMPANY NUMBER: CE023645 (England and Wales) REGISTERED CHARITY NUMBER: 1190937
Report of the Trustees and Unaudited Financial Statements for the Year Ended 30 June 2022
for
The Preston Musical Comedy Society
McDade Roberts Accountants Limited Chartered Accountants 316 Blackpool Road Fulwood Preston Lancashire PR2 3AE
The Preston Musical Comedy Society
Contents of the Financial Statements for the Year Ended 30 June 2022
| Page | |||
|---|---|---|---|
| Report of the Trustees | 1 | to | 2 |
| Independent Examiner's Report | 3 | ||
| Statement of Financial Activities | 4 | ||
| Balance Sheet | 5 | ||
| Notes to the Financial Statements | 6 | to | 10 |
| Detailed Statement of Financial Activities | 11 | to | 12 |
The Preston Musical Comedy Society
Report of the Trustees for the Year Ended 30 June 2022
The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 30 June 2022. The trustees have adopted the provisions of 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 (FRS 102) (effective 1 January 2019).
OBJECTIVES AND ACTIVITIES
Objectives and activities for the public benefit
The Preston Musical Comedy Society is a voluntary organisation whose objective is to educate the public in the dramatic and operatic arts, and to further the development of public appreciation and taste in the said arts.
The trustees 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 activities.
ACHIEVEMENT AND PERFORMANCE
Significant activities
During the year ended 30th June the Society presented two productions, Goldilocks and the Three Bears in December 2021 and Calendar Girls The Musical in June 2022.
FINANCIAL REVIEW
Financial overview
The charity had a net surplus for the year of £4,683. Details are shown on the Statement of Financial Activities on page 5. .
The net assets of the charity at 30 June 2022 amounted to £34,247.
Reserves policy
The general unrestricted reserves as at the period end were £34,247. it is the intention of the trustees to maintain unrestricted funds to cover the cost of the next production and any unforeseen liabilities and this has always been met.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006.
Charity 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.
Trustees/Executive 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 trustees shall retire from office.
The charity is administered and managed by the trustees and existing trustees accept the obligation to fully inform new trustees of the duties and responsibilities of charity trustees by providing the new trustee with copies of the governing instrument, minutes of previous trustee meetings, recent annual accounts, and the relevant Charity Commission publication relating to the responsibilities of trustees.
During the year ended 30th June 2022 the Society had 40 Adult members, 3 Junior (non voting) members and 8 Honorary Life members.
REFERENCE AND ADMINISTRATIVE DETAILS
Registered Company number
CE023645 (England and Wales)
Registered Charity number
1190937
Page 1
The Preston Musical Comedy Society
Report of the Trustees for the Year Ended 30 June 2022
Registered office
1 Pittman Court Pittman Way Fulwood Preston Lancs PR2 9ZG
Trustees
Mrs R E Carter Chairman J E Regan President M Howard Vice Chairman D Murray Secretary Mrs P A Connor Treasurer L J Burns Treasurer S J Hemingway Trustee J Moss Trustee Miss C Sanderson Trustee T Baines Trustee (appointed 17.1.22) (resigned 1.5.22) Miss P Hodgson (appointed 28.7.22)
Independent Examiner
Martin Garry BA (Hons), FCA McDade Roberts Accountants Limited Chartered Accountants 316 Blackpool Road Fulwood Preston Lancashire PR2 3AE
Honorary Solicitor
Dr Angela Vodden Angela Vodden Associates Consulting Ltd 9 Bartle Court Business Centre Rosemary Lane Bartle Preston PR4 0HF
Administrator
Mr Declan Murray 1 Pittman Court, Pittman Way, Fulwood, Preston PR2 9ZG
Approved by order of the board of trustees on 22 December 2022 and signed on its behalf by:
Mrs R E Carter - Trustee
Page 2
Independent Examiner's Report to the Trustees of The Preston Musical Comedy Society
Independent examiner's report to the trustees of The Preston Musical Comedy Society ('the Company')
I report to the charity trustees on my examination of the accounts of the Company for the year ended 30 June 2022.
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 accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act').
Having satisfied myself that the accounts 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 charity's accounts 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
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:
-
accounting records were not kept in respect of the Company as required by Section 386 of the 2006 Act; or 2. the accounts do not accord with those records; or
-
the accounts 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
-
the accounts 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 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 to enable a proper understanding of the accounts to be reached.
Martin Garry BA (Hons), FCA McDade Roberts Accountants Limited Chartered Accountants 316 Blackpool Road Fulwood Preston Lancashire PR2 3AE
22 December 2022
Page 3
The Preston Musical Comedy Society
Statement of Financial Activities for the Year Ended 30 June 2022
| Period | |||
|---|---|---|---|
| 19.8.20 | |||
| Year Ended | to | ||
| 30.6.22 | 30.6.21 | ||
| Unrestricted | Total | ||
| fund | funds | ||
| Notes | £ | £ | |
| INCOME AND ENDOWMENTS FROM | |||
| Donations and legacies | 2,887 | 24,573 | |
| Charitable activities | |||
| Box office | 37,746 | - | |
| Advertising and page sponsorship | 1,115 | - | |
| Front of house income | 3,769 | - | |
| Apparel Sales | 898 | - | |
| Covid-19 Grants | - | 6,935 | |
| Other trading activities | 2 | 1,217 | - |
| Total | 47,632 | 31,508 | |
| EXPENDITURE ON | |||
| Charitable activities | |||
| Scenery, props and costumes | 17,393 | - | |
| Royalties, performing rights, PRS | 4,353 | - | |
| Director/MD/Choreographer | 5,980 | - | |
| Publicity | 1,229 | 21 | |
| Programmes, tickets and ticket comm | 745 | - | |
| Sundries | 626 | - | |
| Hire of theatre | 4,320 | - | |
| Front of house purchases | 1,562 | - | |
| Apparel purchases | 865 | - | |
| Repairs and renewals/cleaning | 502 | - | |
| Refreshments | 90 | - | |
| Bank charges | 99 | - | |
| NODA Insurance | 714 | 145 | |
| NODA Subscriptions | 140 | 24 | |
| Rental of premises | 2,160 | 980 | |
| Depreciation of equipment | 347 | 174 | |
| Other | 1,824 | 600 | |
| Total | 42,949 | 1,944 | |
| NET INCOME | 4,683 | 29,564 | |
| RECONCILIATION OF FUNDS | |||
| Total funds brought forward | 29,564 | - | |
| TOTAL FUNDS CARRIED FORWARD | 34,247 | 29,564 |
The notes form part of these financial statements
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The Preston Musical Comedy Society
Balance Sheet
30 June 2022
| 30.6.22 | 30.6.21 | ||
|---|---|---|---|
| Unrestricted | Total | ||
| fund | funds | ||
| Notes | £ | £ | |
| FIXED ASSETS | |||
| Tangible assets | 6 | 276 | 623 |
| CURRENT ASSETS | |||
| Debtors | 7 | 3,272 | 3,614 |
| Cash at bank and in hand | 37,516 | 28,580 | |
| 40,788 | 32,194 | ||
| CREDITORS | |||
| Amounts falling due within one year | 8 |
(6,817) | (3,253) |
| NET CURRENT ASSETS | 33,971 | 28,941 | |
| TOTAL ASSETS LESS CURRENT | LIABILITIES | 34,247 | 29,564 |
| NET ASSETS | 34,247 | 29,564 | |
| FUNDS | 9 | ||
| Unrestricted funds | 34,247 | 29,564 | |
| TOTAL FUNDS | 34,247 | 29,564 |
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2022.
The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2022 in accordance with Section 476 of the Companies Act 2006.
The trustees acknowledge their responsibilities for
-
(a) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and
-
(b) preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company.
These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.
The financial statements were approved by the Board of Trustees and authorised for issue on 22 December 2022 and were signed on its behalf by:
R E Carter - Trustee
The notes form part of these financial statements
Page 5
The Preston Musical Comedy Society
Notes to the Financial Statements for the Year Ended 30 June 2022
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) '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 (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.
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.
Critical accounting 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 uncertainty at the reporting date that would have significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.
Income
All incoming resources are included in the Statement of Financial Activities (SoFA) when the charity is legally entitled to the income after any performance conditions have been met, the amount can be measured reliably and it 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 fulfilment 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 statements for volunteer time in line with the SORP (FRS 102). 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 occurred.
Expenditure
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 constructive obligation to make payments to 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 activity for which expenditure arose.
Tangible fixed assets
Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended. Depreciation is provided on all tangible 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
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continued...
The Preston Musical Comedy Society
Notes to the Financial Statements - continued for the Year Ended 30 June 2022
1. ACCOUNTING POLICIES - continued
Taxation
The charity is exempt from corporation tax on its charitable activities.
Fund accounting
Unrestricted funds are available for use at the discretion of the trustees 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 purposes. The cost of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.
Debtors and creditors receivable / payable within one year
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in expenditure.
2. OTHER TRADING ACTIVITIES
| OTHER TRADING ACTIVITIES | |||
|---|---|---|---|
| Period | |||
| 19.8.20 | |||
| Year Ended | to | ||
| 30.6.22 | 30.6.21 | ||
| £ | £ | ||
| Production raffles | 1,217 | - |
3. NET INCOME/(EXPENDITURE)
Net income/(expenditure) is stated after charging/(crediting):
| Period | ||
|---|---|---|
| 19.8.20 | ||
| Year Ended | to | |
| 30.6.22 | 30.6.21 | |
| £ | £ | |
| Depreciation - owned assets | 347 | 174 |
4. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 30 June 2022 nor for the period ended 30 June 2021.
Trustees' expenses
There were no trustees' expenses paid for the year ended 30 June 2022 nor for the period ended 30 June 2021.
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continued...
The Preston Musical Comedy Society
Notes to the Financial Statements - continued for the Year Ended 30 June 2022
| 5. | COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES | ||
|---|---|---|---|
| Unrestricted | |||
| fund | |||
| £ | |||
| INCOME AND ENDOWMENTS FROM | |||
| Donations and legacies | 24,573 | ||
| Charitable activities | |||
| Covid-19 Grants | 6,935 | ||
| Total | 31,508 | ||
| EXPENDITURE ON | |||
| Charitable activities | |||
| Publicity | 21 | ||
| NODA Insurance | 145 | ||
| NODA Subscriptions | 24 | ||
| Rental of premises | 980 | ||
| Depreciation of equipment | 174 | ||
| Other | 600 | ||
| Total | 1,944 | ||
| NET INCOME | 29,564 | ||
| TOTAL FUNDS CARRIED FORWARD | 29,564 | ||
| 6. | TANGIBLE FIXED ASSETS | ||
| Equipment | |||
| £ | |||
| COST | |||
| At 1 July 2021 and 30 June 2022 | 797 | ||
| DEPRECIATION | |||
| At 1 July 2021 | 174 | ||
| Charge for year | 347 | ||
| At 30 June 2022 | 521 | ||
| NET BOOK VALUE | |||
| At 30 June 2022 | 276 | ||
| At 30 June 2021 | 623 |
Page 8
continued...
The Preston Musical Comedy Society
Notes to the Financial Statements - continued for the Year Ended 30 June 2022
| 7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR | |||
|---|---|---|---|---|
| 30.6.22 | 30.6.21 | |||
| £ | £ | |||
| Accrued income | 302 | 160 | ||
| Prepayments | 2,970 | 3,454 | ||
| 3,272 | 3,614 | |||
| 8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR | |||
| 30.6.22 | 30.6.21 | |||
| £ | £ | |||
| Accrued expenses | 6,817 | 3,253 | ||
| 9. | MOVEMENT IN FUNDS | |||
| Net | ||||
| movement | At | |||
| At 1.7.21 | in funds | 30.6.22 | ||
| £ | £ | £ | ||
| Unrestricted funds | ||||
| General fund | 29,564 | 4,683 | 34,247 | |
| TOTAL FUNDS | 29,564 | 4,683 | 34,247 | |
| Net movement in funds, included in the above are as follows: | ||||
| Incoming | Resources | Movement | ||
| resources | expended | in funds | ||
| £ | £ | £ | ||
| Unrestricted funds | ||||
| General fund | 47,632 | (42,949) | 4,683 | |
| TOTAL FUNDS | 47,632 | (42,949) | 4,683 | |
| Comparatives for movement in funds | ||||
| Net | ||||
| movement | At | |||
| in funds | 30.6.21 | |||
| £ | £ | |||
| Unrestricted funds | ||||
| General fund | 29,564 | 29,564 | ||
| TOTAL FUNDS | 29,564 | 29,564 |
Page 9
continued...
The Preston Musical Comedy Society
Notes to the Financial Statements - continued for the Year Ended 30 June 2022
9. MOVEMENT IN FUNDS - continued
Comparative net movement in funds, included in the above are as follows:
| Incoming | Resources | Movement | |
|---|---|---|---|
| resources | expended | in funds | |
| £ | £ | £ | |
| Unrestricted funds | |||
| General fund | 31,508 | (1,944) | 29,564 |
| TOTAL FUNDS | 31,508 | (1,944) | 29,564 |
10. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 30 June 2022.
11. INCOME/(EXPENDITURE) BY SHOW
| Goldilocks | Calendar Girls |
Show Choir |
Other | Year Ended 30.06.22 |
6 months Ended 30.06.21 |
|
|---|---|---|---|---|---|---|
| £ | £ | £ | £ | £ | £ | |
| Income | ||||||
| Donations and legacies | 167 | 892 | 484 | 1,344 | 2,887 | 24,568 |
| Charitable activities | 28,931 | 14,597 | - | - | 43,528 | 6,935 |
| Other trading activities | 585 | 632 | - | - | 1,217 | 5 |
| Total Income | 29,683 | 16,121 | 484 | 1,344 | 47,632 | 31,508 |
| Expenditure | ||||||
| Charitable activities and productions |
20,647 | 16,007 | 380 | 5,915 | 42,949 | 1,944 |
| Total expenditure | 20,647 | 16,007 | 380 | 5,915 | 42,949 | 1,944 |
| Net income/(expenditure) | 9,036 | 114 | 104 | (4,571) | 4,683 | 29,564 |
Page 10
The Preston Musical Comedy Society
Detailed Statement of Financial Activities for the Year Ended 30 June 2022
| Period | ||
|---|---|---|
| 19.8.20 | ||
| Year Ended | to | |
| 30.6.22 | 30.6.21 | |
| £ | £ | |
| INCOME AND ENDOWMENTS | ||
| Donations and legacies | ||
| Donation from Preston Musical Comedy Society | - | 24,568 |
| Other donations | 124 | 5 |
| Annual membership subscriptions | 1,220 | - |
| Weekly rehearsal donations | 1,003 | - |
| Production donations | 540 | - |
| 2,887 | 24,573 | |
| Other trading activities | ||
| Production raffles | 1,217 | - |
| Charitable activities | ||
| COVID-19 Grant | - | 6,935 |
| Box Office | 37,746 | - |
| Advertising and page sponsorship | 1,115 | - |
| Front of house income | 3,769 | - |
| Apparel sales | 898 | - |
| 43,528 | 6,935 | |
| Total incoming resources | 47,632 | 31,508 |
| EXPENDITURE | ||
| Charitable activities | ||
| Sundries | 626 | - |
| NODA Insurance | 714 | 145 |
| NODA Subscriptions | 140 | 24 |
| Rental of premises | 2,160 | 980 |
| Scenery, props and costumes | 17,393 | - |
| Royalties, performing rights, PRS | 4,353 | - |
| Director/MD/Choreographer | 5,980 | - |
| Publicity | 1,229 | 21 |
| Programmes, tickets and ticket commission | 745 | - |
| Hire of Theatre | 4,320 | - |
| Front of house purchases | 1,562 | - |
| Apparel purchases | 865 | - |
| Refreshments | 90 | - |
| Repairs & renewals/cleaning | 502 | - |
| Plant and machinery | 347 | 174 |
| 41,026 | 1,344 |
This page does not form part of the statutory financial statements
Page 11
The Preston Musical Comedy Society
Detailed Statement of Financial Activities for the Year Ended 30 June 2022
| Period | ||
|---|---|---|
| 19.8.20 | ||
| Year Ended | to | |
| 30.6.22 | 30.6.21 | |
| £ | £ | |
| Support costs | ||
| Finance | ||
| Bank charges | 99 | - |
| Governance costs | ||
| Accountancy and legal fees | 1,824 | 600 |
| Total resources expended | 42,949 | 1,944 |
| Net income | 4,683 | 29,564 |
This page does not form part of the statutory financial statements
Page 12
REGISTERED COMPANY NUMBER: CE023645 (England and Wales) REGISTERED CHARITY NUMBER: 1190937
Report of the Trustees and Unaudited Financial Statements for the Year Ended 30 June 2022
for
The Preston Musical Comedy Society
McDade Roberts Accountants Limited Chartered Accountants 316 Blackpool Road Fulwood Preston Lancashire PR2 3AE
The Preston Musical Comedy Society
Contents of the Financial Statements for the Year Ended 30 June 2022
| Page | |||
|---|---|---|---|
| Report of the Trustees | 1 | to | 2 |
| Independent Examiner's Report | 3 | ||
| Statement of Financial Activities | 4 | ||
| Balance Sheet | 5 | ||
| Notes to the Financial Statements | 6 | to | 10 |
| Detailed Statement of Financial Activities | 11 | to | 12 |
The Preston Musical Comedy Society
Report of the Trustees for the Year Ended 30 June 2022
The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 30 June 2022. The trustees have adopted the provisions of 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 (FRS 102) (effective 1 January 2019).
OBJECTIVES AND ACTIVITIES
Objectives and activities for the public benefit
The Preston Musical Comedy Society is a voluntary organisation whose objective is to educate the public in the dramatic and operatic arts, and to further the development of public appreciation and taste in the said arts.
The trustees 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 activities.
ACHIEVEMENT AND PERFORMANCE
Significant activities
During the year ended 30th June the Society presented two productions, Goldilocks and the Three Bears in December 2021 and Calendar Girls The Musical in June 2022.
FINANCIAL REVIEW
Financial overview
The charity had a net surplus for the year of £4,683. Details are shown on the Statement of Financial Activities on page 5. .
The net assets of the charity at 30 June 2022 amounted to £34,247.
Reserves policy
The general unrestricted reserves as at the period end were £34,247. it is the intention of the trustees to maintain unrestricted funds to cover the cost of the next production and any unforeseen liabilities and this has always been met.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006.
Charity 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.
Trustees/Executive 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 trustees shall retire from office.
The charity is administered and managed by the trustees and existing trustees accept the obligation to fully inform new trustees of the duties and responsibilities of charity trustees by providing the new trustee with copies of the governing instrument, minutes of previous trustee meetings, recent annual accounts, and the relevant Charity Commission publication relating to the responsibilities of trustees.
During the year ended 30th June 2022 the Society had 40 Adult members, 3 Junior (non voting) members and 8 Honorary Life members.
REFERENCE AND ADMINISTRATIVE DETAILS
Registered Company number
CE023645 (England and Wales)
Registered Charity number
1190937
Page 1
The Preston Musical Comedy Society
Report of the Trustees for the Year Ended 30 June 2022
Registered office
1 Pittman Court Pittman Way Fulwood Preston Lancs PR2 9ZG
Trustees
Mrs R E Carter Chairman J E Regan President M Howard Vice Chairman D Murray Secretary Mrs P A Connor Treasurer L J Burns Treasurer S J Hemingway Trustee J Moss Trustee Miss C Sanderson Trustee T Baines Trustee (appointed 17.1.22) (resigned 1.5.22) Miss P Hodgson (appointed 28.7.22)
Independent Examiner
Martin Garry BA (Hons), FCA McDade Roberts Accountants Limited Chartered Accountants 316 Blackpool Road Fulwood Preston Lancashire PR2 3AE
Honorary Solicitor
Dr Angela Vodden Angela Vodden Associates Consulting Ltd 9 Bartle Court Business Centre Rosemary Lane Bartle Preston PR4 0HF
Administrator
Mr Declan Murray 1 Pittman Court, Pittman Way, Fulwood, Preston PR2 9ZG
Approved by order of the board of trustees on 22 December 2022 and signed on its behalf by:
Mrs R E Carter - Trustee
Page 2
Independent Examiner's Report to the Trustees of The Preston Musical Comedy Society
Independent examiner's report to the trustees of The Preston Musical Comedy Society ('the Company')
I report to the charity trustees on my examination of the accounts of the Company for the year ended 30 June 2022.
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 accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act').
Having satisfied myself that the accounts 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 charity's accounts 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
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:
-
accounting records were not kept in respect of the Company as required by Section 386 of the 2006 Act; or 2. the accounts do not accord with those records; or
-
the accounts 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
-
the accounts 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 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 to enable a proper understanding of the accounts to be reached.
Martin Garry BA (Hons), FCA McDade Roberts Accountants Limited Chartered Accountants 316 Blackpool Road Fulwood Preston Lancashire PR2 3AE
22 December 2022
Page 3
The Preston Musical Comedy Society
Statement of Financial Activities for the Year Ended 30 June 2022
| Period | |||
|---|---|---|---|
| 19.8.20 | |||
| Year Ended | to | ||
| 30.6.22 | 30.6.21 | ||
| Unrestricted | Total | ||
| fund | funds | ||
| Notes | £ | £ | |
| INCOME AND ENDOWMENTS FROM | |||
| Donations and legacies | 2,887 | 24,573 | |
| Charitable activities | |||
| Box office | 37,746 | - | |
| Advertising and page sponsorship | 1,115 | - | |
| Front of house income | 3,769 | - | |
| Apparel Sales | 898 | - | |
| Covid-19 Grants | - | 6,935 | |
| Other trading activities | 2 | 1,217 | - |
| Total | 47,632 | 31,508 | |
| EXPENDITURE ON | |||
| Charitable activities | |||
| Scenery, props and costumes | 17,393 | - | |
| Royalties, performing rights, PRS | 4,353 | - | |
| Director/MD/Choreographer | 5,980 | - | |
| Publicity | 1,229 | 21 | |
| Programmes, tickets and ticket comm | 745 | - | |
| Sundries | 626 | - | |
| Hire of theatre | 4,320 | - | |
| Front of house purchases | 1,562 | - | |
| Apparel purchases | 865 | - | |
| Repairs and renewals/cleaning | 502 | - | |
| Refreshments | 90 | - | |
| Bank charges | 99 | - | |
| NODA Insurance | 714 | 145 | |
| NODA Subscriptions | 140 | 24 | |
| Rental of premises | 2,160 | 980 | |
| Depreciation of equipment | 347 | 174 | |
| Other | 1,824 | 600 | |
| Total | 42,949 | 1,944 | |
| NET INCOME | 4,683 | 29,564 | |
| RECONCILIATION OF FUNDS | |||
| Total funds brought forward | 29,564 | - | |
| TOTAL FUNDS CARRIED FORWARD | 34,247 | 29,564 |
The notes form part of these financial statements
Page 4
The Preston Musical Comedy Society
Balance Sheet
30 June 2022
| 30.6.22 | 30.6.21 | ||
|---|---|---|---|
| Unrestricted | Total | ||
| fund | funds | ||
| Notes | £ | £ | |
| FIXED ASSETS | |||
| Tangible assets | 6 | 276 | 623 |
| CURRENT ASSETS | |||
| Debtors | 7 | 3,272 | 3,614 |
| Cash at bank and in hand | 37,516 | 28,580 | |
| 40,788 | 32,194 | ||
| CREDITORS | |||
| Amounts falling due within one year | 8 |
(6,817) | (3,253) |
| NET CURRENT ASSETS | 33,971 | 28,941 | |
| TOTAL ASSETS LESS CURRENT | LIABILITIES | 34,247 | 29,564 |
| NET ASSETS | 34,247 | 29,564 | |
| FUNDS | 9 | ||
| Unrestricted funds | 34,247 | 29,564 | |
| TOTAL FUNDS | 34,247 | 29,564 |
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2022.
The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2022 in accordance with Section 476 of the Companies Act 2006.
The trustees acknowledge their responsibilities for
-
(a) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and
-
(b) preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company.
These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.
The financial statements were approved by the Board of Trustees and authorised for issue on 22 December 2022 and were signed on its behalf by:
R E Carter - Trustee
The notes form part of these financial statements
Page 5
The Preston Musical Comedy Society
Notes to the Financial Statements for the Year Ended 30 June 2022
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) '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 (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.
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.
Critical accounting 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 uncertainty at the reporting date that would have significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.
Income
All incoming resources are included in the Statement of Financial Activities (SoFA) when the charity is legally entitled to the income after any performance conditions have been met, the amount can be measured reliably and it 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 fulfilment 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 statements for volunteer time in line with the SORP (FRS 102). 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 occurred.
Expenditure
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 constructive obligation to make payments to 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 activity for which expenditure arose.
Tangible fixed assets
Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended. Depreciation is provided on all tangible 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
Page 6
continued...
The Preston Musical Comedy Society
Notes to the Financial Statements - continued for the Year Ended 30 June 2022
1. ACCOUNTING POLICIES - continued
Taxation
The charity is exempt from corporation tax on its charitable activities.
Fund accounting
Unrestricted funds are available for use at the discretion of the trustees 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 purposes. The cost of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.
Debtors and creditors receivable / payable within one year
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in expenditure.
2. OTHER TRADING ACTIVITIES
| OTHER TRADING ACTIVITIES | |||
|---|---|---|---|
| Period | |||
| 19.8.20 | |||
| Year Ended | to | ||
| 30.6.22 | 30.6.21 | ||
| £ | £ | ||
| Production raffles | 1,217 | - |
3. NET INCOME/(EXPENDITURE)
Net income/(expenditure) is stated after charging/(crediting):
| Period | ||
|---|---|---|
| 19.8.20 | ||
| Year Ended | to | |
| 30.6.22 | 30.6.21 | |
| £ | £ | |
| Depreciation - owned assets | 347 | 174 |
4. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 30 June 2022 nor for the period ended 30 June 2021.
Trustees' expenses
There were no trustees' expenses paid for the year ended 30 June 2022 nor for the period ended 30 June 2021.
Page 7
continued...
The Preston Musical Comedy Society
Notes to the Financial Statements - continued for the Year Ended 30 June 2022
| 5. | COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES | ||
|---|---|---|---|
| Unrestricted | |||
| fund | |||
| £ | |||
| INCOME AND ENDOWMENTS FROM | |||
| Donations and legacies | 24,573 | ||
| Charitable activities | |||
| Covid-19 Grants | 6,935 | ||
| Total | 31,508 | ||
| EXPENDITURE ON | |||
| Charitable activities | |||
| Publicity | 21 | ||
| NODA Insurance | 145 | ||
| NODA Subscriptions | 24 | ||
| Rental of premises | 980 | ||
| Depreciation of equipment | 174 | ||
| Other | 600 | ||
| Total | 1,944 | ||
| NET INCOME | 29,564 | ||
| TOTAL FUNDS CARRIED FORWARD | 29,564 | ||
| 6. | TANGIBLE FIXED ASSETS | ||
| Equipment | |||
| £ | |||
| COST | |||
| At 1 July 2021 and 30 June 2022 | 797 | ||
| DEPRECIATION | |||
| At 1 July 2021 | 174 | ||
| Charge for year | 347 | ||
| At 30 June 2022 | 521 | ||
| NET BOOK VALUE | |||
| At 30 June 2022 | 276 | ||
| At 30 June 2021 | 623 |
Page 8
continued...
The Preston Musical Comedy Society
Notes to the Financial Statements - continued for the Year Ended 30 June 2022
| 7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR | |||
|---|---|---|---|---|
| 30.6.22 | 30.6.21 | |||
| £ | £ | |||
| Accrued income | 302 | 160 | ||
| Prepayments | 2,970 | 3,454 | ||
| 3,272 | 3,614 | |||
| 8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR | |||
| 30.6.22 | 30.6.21 | |||
| £ | £ | |||
| Accrued expenses | 6,817 | 3,253 | ||
| 9. | MOVEMENT IN FUNDS | |||
| Net | ||||
| movement | At | |||
| At 1.7.21 | in funds | 30.6.22 | ||
| £ | £ | £ | ||
| Unrestricted funds | ||||
| General fund | 29,564 | 4,683 | 34,247 | |
| TOTAL FUNDS | 29,564 | 4,683 | 34,247 | |
| Net movement in funds, included in the above are as follows: | ||||
| Incoming | Resources | Movement | ||
| resources | expended | in funds | ||
| £ | £ | £ | ||
| Unrestricted funds | ||||
| General fund | 47,632 | (42,949) | 4,683 | |
| TOTAL FUNDS | 47,632 | (42,949) | 4,683 | |
| Comparatives for movement in funds | ||||
| Net | ||||
| movement | At | |||
| in funds | 30.6.21 | |||
| £ | £ | |||
| Unrestricted funds | ||||
| General fund | 29,564 | 29,564 | ||
| TOTAL FUNDS | 29,564 | 29,564 |
Page 9
continued...
The Preston Musical Comedy Society
Notes to the Financial Statements - continued for the Year Ended 30 June 2022
9. MOVEMENT IN FUNDS - continued
Comparative net movement in funds, included in the above are as follows:
| Incoming | Resources | Movement | |
|---|---|---|---|
| resources | expended | in funds | |
| £ | £ | £ | |
| Unrestricted funds | |||
| General fund | 31,508 | (1,944) | 29,564 |
| TOTAL FUNDS | 31,508 | (1,944) | 29,564 |
10. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 30 June 2022.
11. INCOME/(EXPENDITURE) BY SHOW
| Goldilocks | Calendar Girls |
Show Choir |
Other | Year Ended 30.06.22 |
6 months Ended 30.06.21 |
|
|---|---|---|---|---|---|---|
| £ | £ | £ | £ | £ | £ | |
| Income | ||||||
| Donations and legacies | 167 | 892 | 484 | 1,344 | 2,887 | 24,568 |
| Charitable activities | 28,931 | 14,597 | - | - | 43,528 | 6,935 |
| Other trading activities | 585 | 632 | - | - | 1,217 | 5 |
| Total Income | 29,683 | 16,121 | 484 | 1,344 | 47,632 | 31,508 |
| Expenditure | ||||||
| Charitable activities and productions |
20,647 | 16,007 | 380 | 5,915 | 42,949 | 1,944 |
| Total expenditure | 20,647 | 16,007 | 380 | 5,915 | 42,949 | 1,944 |
| Net income/(expenditure) | 9,036 | 114 | 104 | (4,571) | 4,683 | 29,564 |
Page 10
The Preston Musical Comedy Society
Detailed Statement of Financial Activities for the Year Ended 30 June 2022
| Period | ||
|---|---|---|
| 19.8.20 | ||
| Year Ended | to | |
| 30.6.22 | 30.6.21 | |
| £ | £ | |
| INCOME AND ENDOWMENTS | ||
| Donations and legacies | ||
| Donation from Preston Musical Comedy Society | - | 24,568 |
| Other donations | 124 | 5 |
| Annual membership subscriptions | 1,220 | - |
| Weekly rehearsal donations | 1,003 | - |
| Production donations | 540 | - |
| 2,887 | 24,573 | |
| Other trading activities | ||
| Production raffles | 1,217 | - |
| Charitable activities | ||
| COVID-19 Grant | - | 6,935 |
| Box Office | 37,746 | - |
| Advertising and page sponsorship | 1,115 | - |
| Front of house income | 3,769 | - |
| Apparel sales | 898 | - |
| 43,528 | 6,935 | |
| Total incoming resources | 47,632 | 31,508 |
| EXPENDITURE | ||
| Charitable activities | ||
| Sundries | 626 | - |
| NODA Insurance | 714 | 145 |
| NODA Subscriptions | 140 | 24 |
| Rental of premises | 2,160 | 980 |
| Scenery, props and costumes | 17,393 | - |
| Royalties, performing rights, PRS | 4,353 | - |
| Director/MD/Choreographer | 5,980 | - |
| Publicity | 1,229 | 21 |
| Programmes, tickets and ticket commission | 745 | - |
| Hire of Theatre | 4,320 | - |
| Front of house purchases | 1,562 | - |
| Apparel purchases | 865 | - |
| Refreshments | 90 | - |
| Repairs & renewals/cleaning | 502 | - |
| Plant and machinery | 347 | 174 |
| 41,026 | 1,344 |
This page does not form part of the statutory financial statements
Page 11
The Preston Musical Comedy Society
Detailed Statement of Financial Activities for the Year Ended 30 June 2022
| Period | ||
|---|---|---|
| 19.8.20 | ||
| Year Ended | to | |
| 30.6.22 | 30.6.21 | |
| £ | £ | |
| Support costs | ||
| Finance | ||
| Bank charges | 99 | - |
| Governance costs | ||
| Accountancy and legal fees | 1,824 | 600 |
| Total resources expended | 42,949 | 1,944 |
| Net income | 4,683 | 29,564 |
This page does not form part of the statutory financial statements
Page 12