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2023-03-31-accounts

(Charity Number: 1194657)

1927 PRODUCTIONS LIMITED

REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

1927 PRODUCTIONS LIMITED

INDEX

Page
Trustees' report 1 - 6
Independent examiner's report 7
Statement of financial activities 8
Balance sheet 9
Notes to the financial statements 10-15

1927 PRODUCTIONS LIMITED

TRUSTEES’ REPORT FOR THE YEAR ENDED 31 MARCH 2023

The trustees present their report along with the financial statements of the charity for the year ended 31 March 2023.

The financial statements have been prepared in accordance with the accounting policies set out in note 2 to the accounts and comply with the charity's trust deed, Charities Act 2011 and the Charities SORP (FRS102) - Statement of Recommended Practice: Accounting and Reporting by Charities (2019).

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees Judith Hilda Dimant
Loretta Maria Guseppina McNicholas
Andrew Ivan Mark Leveson
Registered charity number 1194657
Principal address 72 Northdown Road
Margate
Kent
CT9 2RL
Independent Examiners Nunn Hayward LLP
2-4 Packhorse Road
Gerrards Cross
Buckinghamshire
SL9 7QE

1

Company Registration Number - 07555968

1927 PRODUCTIONS LIMITED

TRUSTEES’ REPORT FOR THE YEAR ENDED 31 MARCH 2023

Vision & Mission

1927 was founded in 2005, launched in 2007 and legally incorporated as 1927 Productions Limited, a company limited by guarantee, in 2011. In 2021, 1927 become a registered charity, with the Board of Directors as founding Trustees.

Our Vision is to:

From our homes in Margate and London our mission is to use all the weapons in our creative armoury - storytelling, animation, performance, music, and digital innovation - to identify, listen to, connect and collaborate with exceptionally talented artists, teachers, young people and audiences to expand our collective creative horizons, means of self-expression and engagement with the world around us.

Management & Governance

1927’s Memorandum & Articles of Association set out our charitable purpose and how we are governed and led. The Articles detail responsibilities, powers and delegated authorities of the Board and Leadership.

Trustees are responsible for ensuring 1927 is well governed, scrutinised and held to account - providing strategic leadership, monitoring financial strategy and risk, authorising stakeholder relationships, addressing succession planning and ensuring 1927’s programme and operational obligations are well managed. As part of this, the board of Trustees approve and annually refresh a suite of governance and procedural documents and organisational policies.

Trustees meet 4 times a year, including 1 AGM.

Leadership & Operations

The Trustees delegate leadership of 1927 to the Executive team, comprised of 2 Co-Artistic Directors and Executive Producer. Additionally, 1927’s core team is presently comprised of an Associate Artistic Director, Associate Artist, and Administrator. 1927 regularly collaborates with specialists, consultants and a pool of Creative Associates, production, education, and performance specialists engaged to support delivery of our artistic programme. We invest in professional development & training of our core team, freelance collaborators & board, considering this as pivotal to our ongoing resilience & progress. 1927 is based in Thanet with a studio located in Cliftonville, Margate and an office in Hawley Square, Margate.

Programme of Activity - Charitable Activities

1927 pursues its Vision and carries out its Mission, through delivery of 4 interlinked Artistic Programme strands:

2

Company Registration Number - 07555968

1927 PRODUCTIONS LIMITED

TRUSTEES’ REPORT FOR THE YEAR ENDED 31 MARCH 2023

Achievements and Performance April 2022-March 2023

Principle activities and reach across our Artistic Programme 2022-2023 as follows:

Live Performance

Production Location Detail No
of
Performances		 Audience
Reach
Please Right Back
Mehr Als Alles Auf
Der Welt /		 Margate & London Development of new work for
2022 (Austria) & 24 (UK)
premiere.		 NA NA
Burgtheater Vienna, Austria New production, German
Language premiere in Austria		 20 8,000
Re:Sound Southbank Centre London,
Central Methodist Building
Manchester, Nottingham
Playhouse,
Bridgewater Hall
Manchester		 Collaboration with Streetwise
Opera		 9 2,141
Tales Of Hoffman Margate, London & Graz Development work on new
opera production with Graz
Opera premiering Auumn 2023		 NA NA
The Magic Flute Opera de Montreal,
Canada		 New production 4 11,200
Teatro Regio Torino, Italy New production 1 2,732
Polish National Opera,
Warsaw, Poland		 Repertoire revival 6 7,160
Theater Duisburg,
Germany		 Repertoire revival 4 3,800
Komische Opera Berlin,
Germany		 Repertoire revival 6 6,555
Finnish National Opera,
Copenhagen,Denmark		 Repertoire revival 5 5,938
Totals 55 47,526

Creative Engagement

We delivered 61 participation sessions involving 260 participants across key participatory activities, as follows:

3

Company Registration Number - 07555968

1927 PRODUCTIONS LIMITED

TRUSTEES’ REPORT FOR THE YEAR ENDED 31 MARCH 2023

Talent Development & Support

Animated Worlds

Financial Review

1927 operates a tripartite business model drawing income from public bodies, fundraising and earned sources. These Accounts present a turnover of £507,225 representing an increase of 13% on our YE 2022 Accounts.

Through rigorous and robust financial planning & monthly, quarterly, and annual reporting (Management Accounts, Cashflows, Budgets, Audited Accounts monitored and approved by the Trustees), maintaining insurances and reserves to protect our assets and activities, contingency plans and funds, strong governance, leadership and rigorously efficient financial management the organisation continues to manage and mitigate risk.

Principle Revenue Sources

In the pre-pandemic financial year ending 31 March 2020, 32% of our income was derived from Arts Council England National Portfolio Organisation investment, 5% contributed income and 63% earned income.

In the YE 2022, 84% of our income came from public funding, donations, and cultural recovery funds. Comparably in the YE 2023 ACE NPO (public) funding represents 44% of our turnover, contributed income a further 7% and earned income 49%. This demonstrates a continued recovery and rebuild of earned income from our artistic programme post pandemic.

4

Company Registration Number - 07555968

1927 PRODUCTIONS LIMITED

TRUSTEES’ REPORT FOR THE YEAR ENDED 31 MARCH 2023

Reserves Policy

Since 2019 we have maintained £108,397 in reserves. We worked hard across the pandemic years to protect the stability & resilience of our organisation. Through stringent financial modelling we will ensure we will carry a £110,529 Reserve forward to underpin our capacity to drive forwards with stability. This reserve is allocated as £86,500 for core overheads, salaries, and fees + £24,029 programme reserve.

Fundraising

1927 has been an Arts Council England National Portfolio Organisation since 2018. A further 3-year funding agreement for the period 2023-2026 was secured, underpinning organisational stability going forwards. Implementation of our Fundraising Strategy will guide us through our endeavour to diversify our income and procure resource towards our charitable activities, with a specific focus on 1927’s Creative Learning and Talent Development activities where key community located, and social justice focussed activities increase the tangible social benefits and outputs of 1927's work.

Risks

A solid organisational structure, strong governance, a leading team, and expertise at all levels ensures risk is managed effectively. We fully consider approaches to risk mitigation, monitoring, and management as part of our ongoing practice. A contingency programme plan and contingency budget scenarios have been prepared; awareness of risks and risk mitigation as part of our on-going practice is imbedded across all activities and a Risk Register is developed on an annual basis and reviewed and monitored by the Trustees. Reserve funds further underpin the organisations capacity to drive forwards with stability and to minimise risk.

Equity, Diversity & Inclusion

Equity, inclusion, access & opportunity for all sits at the core of everything we do. We strive for equality, equity and diversity in all areas of our creative programme, operations and reach. In pursuit of this we have implemented a time-bound delivery plan for the year to guide us through a process of implementation, change and improvement to support our development, imbed inclusive practices across the leadership of the organisation and play our part in contributing to a more equitable, diverse, and inclusive arts sector.

Safeguarding

1927 is committed to protecting the welfare of children and vulnerable adults. We believe that everyone has the right to live and work free from abuse of any kind. We consider it our responsibility to keep children and vulnerable adults safe and we are committed to protecting children and vulnerable adults in all of our activities and providing a safe and supportive place to work. Our Safeguarding Policy has been developed in accordance with this commitment and the requirements and principles of statutory legislation.

Future

Over the coming year 1927 will continue to pursue its Vision and carries out its Mission, through delivery of its 4 interlinked Artistic programme strands - key plans include:

5

Company Registration Number - 07555968

1927 PRODUCTIONS UMITED TRUSTEES, REPORT FOR THE YEAR ENDED 31 MARCH 2023 Share digital creative leaming tools through online platfomis to support leaming and insight. Provide Bursaries and Open House Artists Advisory Sessions for Kent based Creatives. Create, distribute, and share digital creative content, including INe to digital captures, audio content and short films working to extend routes for audiences to engage with our work. Utilise commercial and consultancy commissions to dNer5rfy revenue streams to underpin the charitable activities of the company. Approved by the board oftrustees on ￿￿2￿nd signed on ts behalf by: Andrew Leveson Trustee Registered charity number 1194657 Company Registration Number - 07555968

1927 PRODUCTIONS LIMITED

INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF 1927 PRODUCTIONS

I report on the accounts for the trustees on my examination of the accounts of 1927 Productions for the year ended 31 March 2023 as set out on pages 8 to 15.

Responsibilities and basis of report

Independent Examiner’s Statement

I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination which gives me cause to believe that in any material respect:

I have no concerns and have come across no 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.

Arvin Assani FCCA CTA Nunn Hayward LLP Chartered Accountants 2-4 Packhorse Road Gerrards Cross Buckinghamshire SL9 7QE

Dated:

7

1927 PRODUCTIONS LIMITED

STATEMENT OF FINANCIAL ACTIVITIES (INCLUDING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 MARCH 2023

INCOME AND ENDOWMENTS
Artistic Programme Income
3
TOTAL INCOME
EXPENDITURE
Costs of Artistic Programme:
Charitable activities
4
TOTAL EXPENDITURE
NET INCOME/(EXPENDITURE) FOR THE
YEAR/NET MOVEMENT IN FUNDS
12,13
12,13
Notes
Fund balances brought forward
Fund balances carried forward		 Unrestricted
Restricted
Total
Funds
Funds
Funds
2023
2023
2023
£
£
£
478,246
28,979
507,225
478,246
28,979
507,225
427,304
23,676
450,980
427,304
23,676
450,980
50,942
5,303
56,245
81,349
35,076
116,425
132,291
40,379
172,670		 Unrestricted
Funds
2022
£
450,257
450,257
444,361
444,361
5,896
110,529
116,425

The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure is derived from continuing activities.

The notes on pages 10 - 15 form part of these financial statements.

8

1927 PRODuGlloNS LIMITED BALANCE SHEEf AS AT 31 MARCH 2023 Not88 HXED ASSErs Tangible assets 74.322 53.942 CURREKf ASSErs Debtors due within one year Cash at bank and in hand 24.117 192.805 5.673 236,324 241,997 10 216.922 CREDITORS- Amounts falllng due wlthln one year Creditors and accruals 11 118.574 179.514 NEf CURREKf ASSErs 98.348 62.483 NEf ASSErs 13 172,670 116,425 Restricted funds Unrestricted funds 12 12 81.544 91,126 35,076 81.349 TOTAL CHARrrY FUNDS 12 172,670 116,425 The trustees acknowledge their responsibilities for (a) ensuring that the company keeps accounting records which compty with Sections 386 and 387 of the Companies Act 2006; and preparing financial statements which give a true and fair view of the state of affairs of the cofflpany as at the end of each financial year and of its profit or toss for each financial year in accordance with the requirments 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 company. (b) The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 relating to small companies for the year ended 31 March 2023. The trustees have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 in accordance with section 476 of the Companies Act 2006. The financial ststements have been prepared in accordance with the provisions applicable to compani subject to the small companies, regime. Approved by the board of trustees on I(De￿203 nd signed on its behalf by. Andrew Leveson Trustee Registered charity number: 1194657 The notes on pages 10 - 15 form part of these financial statements.

1927 PRODUCTIONS LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

1 STATUTORY INFORMATION

The 1927 Productions is a registered charity (number 1194657) constituted under deed of trust, domiciled in the UK and is a public benefit entity. The principal office is 72 Northdown Road, Margate, CT9 2RL.

The accounts are presented in £ Sterling and rounded to the nearest £1.

2 STATEMENT OF ACCOUNTING POLICIES

The accounting policies adopted, judgements and key sources of estimation uncertainty in the preparation of the financial statements are as follows:

2.1

Basis of preparation

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 (FRS102) (effective 1 January 2019) - (Charities SORP (FRS 102)), Charities Act 2011 and United Kingdom Generally Accepted Practice as it applies from 1 January 2019.

1927 Productions meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy note(s).

These financial statements are prepared in accordance with applicable charity law.

2.2 Going Concern

At the time of approving the financial statements, the charity has reasonable expectation that it has adequate resource to continue in operational existence for the foreseeable future. Thus, continue to adopt the going concern basis of accounts in preparing the financial statements.

2.3 Income

All incoming resources are recognised once the charity has entitlement to the resources, it is certain that the resource will be received and the monetary value can be measured with sufficient reliability.

Donations in kind of listed shares are valued using the market value on the date of receipt.

2.4 Expenditure

Liabilities are recognised as resources expended as soon as there is a legal or constructive obligation committing the charity to the expenditure. All expenditure is accounted for on an accruals basis.

Charitable activities are grants made to third parties in the furtherance of the charitable objectives of the trust.

Governance costs comprises expenditure incurred for constitutional and statutory requirements and are included within expenditure on charitable activities.

2.5 Fixed Assets

Tangible fixed assets are stated at cost less depreciation. Depreciation is provided on a reducing balance basis over the expected useful lives of the assets as follows starting once the asset is brought into use:

Plant and machinery - 15% reducing balance basis Fixtures & fittings - 15% reducing balance basis

10

1927 PRODUCTIONS LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 (continued)

2.6 Funds

Unrestricted funds (general funds and designated funds) are those funds expendable at the discretion of the trustees in accordance with the charitable objects.

Restricted funds are monies raised for, and their use restricted to, a specific purpose, or donations subject to donor imposed conditions.

2.7 Foreign currency translation

Monetary assets and liabilities denominated in foreign currencies are translated into Pound Sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are recorded at the rate of exchange ruling at the date of the transaction. All differences are taken to the Statement of Financial Activities.

2.8 Taxation

The company is a registered charity and, therefore, is not liable for income tax or corporation tax on income derived from its charitable activities, as it falls within the various exemptions available to registered charities if applied for charitable purposes.

2.9 Financial instruments

The charity only has financial assets and liabilities of a kind that qualifies as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at amortised costs using the effective interest method. Financial assets held at amortised comprise cash at bank and other debtors. Financial liabilities held at amortised cost comprise other creditors.

Investments, including bonds held as part of an investment portfolio, are held at fair value at the balance sheet date, with gains and losses being recognised within income and expenditure.

2.10 Grants receivable

Grants are recognised when there is reasonable assurance that the grant conditions will be met and that the grants will be received.

2.11 Cash and cash equivalents

Cash and cash equivalents comprise cash in hand, current and deposit accounts held at the bank.

2.12 Judgements and estimation

Preparation of the financial statements requires management to make judgements, estimates and assumptions about the carrying value of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an on-going basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period or in the period of the revision and future periods if the revision affects the current and future periods. The key sources of estimation uncertainty that have a significant effect on the amounts recognised in the financial statements are as follows:

11

1927 PRODUCTIONS LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 (continued)

3
INCOME
2023
£
Artistic Programme Income
Grant income - ACENP
220,993
DCMS
-
DWP RM
6,050
Lottery capital
28,979
Donations
617
Local Authority Grants
2,500
Production fees,comm&BX (INTL)
-
Production fees,comm&BX (UK)
246,042
Royalties
-
Creative learning
-
Digital Commissions & Streaming (UK)
-
Digital Commissions & Streaming (International)
-
Grant income - Trusts and Foundations
-
Other income
2,044
507,225
4
CHARITABLE ACTIVITIES
2023
£
Costs of artistic programme
Production, Touring, Creative Learning & Talent
Development (including Artists fees)
355,031
355,031
Overheads/Administrative costs
95,949
Total charitable activities
450,980
All of the above are institutional grants given in furtherance of the charity's objects.
5
OVERHEADS/ADMINISTRATIVE COSTS
2023
£
Rent
9,261
Storage costs
3,725
Insurance
6,379
Wages
17,906
Pension
1,326
Staff training and welfare
602
Telephone
-
Post and stationery
504
Travel and subsistence
1,526
Accommodation
1,326
Computer & IT Costs
2,107
DBS Charge
87
Membership and Subscription
1,091
Training costs
198
Sundry expenses
971
Governance costs
346
Accountancy
6,000
Marketing cost
399
Legal fees
8,300
Depreciation
24,774
Advertising and PR
651
Bank charges
138
Access costs
6,620
Tax
1,712
95,949		 2022
£
220,993
106,562
-
47,907
1,089
2,500
-
30,062
8,077
1,250
-
4,000
-
27,817
450,257
2022
£
372,105
372,105
72,256
444,361
2022
£
9,168
3,542
4,346
13,553
1,096
888
8
1,832
2,403
521
4,296
223
1,395
140
1,918
248
7,200
479
-
17,980
975
45
-
-
72,256

12

1927 PRODUCTIONS LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 (continued)

6
ANALYSIS OF TOTAL STAFFING COSTS
Staff costs:
Wages and salaries
Social security costs
Pensions
The average number of employees was:
Direct charitable activities		 2023
£
17,906
-
1,326
19,232
2023
£
1		 2022
£
13,415
138
1,096
14,649
2022
£
1

No remuneration or expenses were paid to or provided for in respect of the trustees for the year ended 31 March 2023 nor for the year ended 31 March 2022.

7 ARTISTIC PROGRAMME COSTS

The provision of £19,900 has been released to artistic programme costs in recognition of previous year spend on capital project activity.

8 FIXED ASSETS

FIXED ASSETS
As at 1 April 2022
Additions at cost
As at 31 March 2023
Depreciation
As at 1 April 2022
Charge for year
As at 31 March 2023
As at 31 March 2023
As at 31 March 2022		 Plant and
machinery
Fixtures and
fittings
£
£
77,416
25,144
45,154
-
122,570
25,144
25,390
23,228
24,296
478
49,686
23,706
72,884
1,438
52,026
1,916		 Total
£
102,560
45,154
147,714
48,618
24,774
73,392
74,322
53,942

13

1927 PRODUCTIONS LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 (continued)

9
DEBTORS
Trade debtors
Other debtors
VAT
Prepayments and accrued income
10
CASH AT BANK AND IN HAND
Cash at bank and in hand
Cash at bank and in hand
11
CREDITORS - AMOUNTS FALLING
DUE WITHIN ONE YEAR
Trade creditors
Social security and other taxes
Pension payable
VAT
Other creditors
Accruals and deferred income		 2023
£
10,522
-
8,284
5,311
24,117
2023
£
192,805
192,805
2023
£
84,406
537
156
-
-
33,475
118,574		 2022
£
-
481
-
5,192
5,673
2022
£
236,324
236,324
2022
£
125,794
-
-
345
19,900
33,475
179,514

14

1927 PRODUCTIONS LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 (continued)

12 ANALYSIS OF NET ASSETS BETWEEN FUNDS

Unrestricted
Restricted
Total
Funds
Funds
funds
£
£
£
Fund balances as at 31 March 2023 are
represented by:
Tangible assets
3,300
71,022
74,322
Debtors
10,522
10,522
Net current assets/liabilities
87,826
-
87,826
As at 31 March 2023
91,126
81,544
172,670		 Total
funds
2022
£
35,076
-
81,349
116,425

The restricted funds are to support capital purchases only.

13
Fixed assets
Debtors
Cash and bank
Creditors and accruals
ACCUMULATED FUNDS CONSISTS OF:		 Total funds
2023
£
74,322
24,117
192,805
(118,574)
172,670		 Total funds
2022
£
53,942
5,673
236,324
(179,514)
116,425

14 EVENTS AFTER THE REPORTING DATE

There have been no significant events since the balance sheet date.

15 RELATED PARTY TRANSACTIONS

There were no disclosable related party transactions during the year (2022 - none)

16 FUNDS

A minimum of £110,529 is allocated to a designated "reserves" fund. All other funds are designated to spend across the artistic programme.

15