OpenCharities

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

2024-03-31-accounts

(Charity Number: 1194657)

1927 PRODUCTIONS LIMITED

REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

Company Registration No: 07555968

1927 PRODUCTIONS LIMITED

INDEX

Page
Trustees' report 1 - 5
Independent examiner's report 6
Statement of financial activities 7
Balance sheet 8
Notes to the financial statements 9-14

Company Registration No: 07555968

1927 PRODUCTIONS LIMITED TRUSTEES ’ REPORT FOR THE YEAR ENDED 31 MARCH 2024

The trustees present their report along with the financial statements of the charity for the year ended 31 March 2024.

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
Henry Charles Robert Long (appointed 15 July 2024)
Ailsa Carpenter (appointed 15 July 2024)
Ella Lewis-Collins (appointed 15 July 2024)
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

1927 PRODUCTIONS LIMITED T RUSTEES’ REPORT FOR THE YEAR ENDED 31 MARCH 2024

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 an d 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. At the year-end a Bookkeeper and Producer have been recruited to start. 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.

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 No: 07555968

1927 PRODUCTIONS LIMITED T RUSTEES’ REPORT FOR THE YEAR ENDED 31 MARCH 2024

Achievements and Performance April 2023-March 2024

The reach across our Live Performance Programme 2023-2024 was as follows:

Production Location Detail No
of
Performances		 Audience
Reach
Mehr Als Alles Auf
Der Welt		 Burgtheater Vienna, Austria German Language
production running in
repertoire in Austria		 5 2,450
Roots Shanghai, Ningbo &
Guangzhou, China		 Tour 9 3160
Tales Of Hoffman Margate, London & Graz New Production at Graz
Opera		 16 18,720
The Magic Flute Royal Danish Opera,
Denmark		 New production 14 21,000
Stuttgart State Opera New production 10 12,600
Teatro Regio Torino, Italy New production 11 15,500
Teatro Colon, Argentina New production 7 16100
Polish National Opera,
Warsaw, Poland		 Repertoire revival 6 7,970
Theater Duisburg, Germany Repertoire revival 4 3,900
Dusseldorf Opera House Repertoire revival 16 17,240
Komische Opera Berlin,
Germany		 Repertoire revival 10 11,400
Finnish National Opera,
Helsinki,Finlanc		 Repertoire revival 4 4,460
Totals 112 134,500

We delivered 32 participation sessions involving 200 children across key participatory activities, including:

3

Company Registration No: 07555968

1927 PRODUCTIONS LIMITED T RUSTEES’ REPORT FOR THE YEAR ENDED 31 MARCH 2024

We delivered a series of talks, demonstrations and mentoring activities for Artists and emerging practitioners and endeavoured to be a valued leader in the UK, Margate, Thanet, and Kent arts landscape being actively involved in Creative Kent, Kent Theatre & Touring Focus Group and Thanet Youth Network and various UK theatre networks.

Financial Review

1927 operates a business model drawing income from public bodies, fundraising and earned sources. These Accounts present a turnover of £620,860 representing an increase of 22.4% on our YE 2023 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 2024 funding represents 36% of our turnover and earned income 64%. This demonstrates a continued recovery and rebuild of earned income from our artistic programme post pandemic.

Reserves Policy

We maintain a Reserve of £110,529 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.

4

Company Registration No: 07555968

1927 PRODUCTIONS LIMITED TRUSTEES, REPORT FOR THE YEAR ENDED 31 MARCH 2024 Safeguardlng 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: Create and Premiere new theatre production of Please Right Back for premiere in the UK in 2024, touring it across England and into Scotland. Develop a new opera production of Tales of Hoffman with Deustch Opera am Rhein Mount new productions of The Magic Flute with San Fransisco Opera. Tour Roots to Japan. Develop partnerships and activities exploring social justice for those impacted by a family member being in or having been in prison, to orbit around the creation and presentation of Please Right Back in the UK from 2024 Deliver 1927 Young Animation Leaders programme with Key Thanet Primary Schools. Share digital creative leaming tools through online platforms to support leaming and insight. Create, distribute, and share digital creative content, includlng live to digital captures, audio content and short films working to extend routes for audiences to engage with our work. Develop company staffing and govemance structures. Approved by the board of trustees on I q -k bef £4L4 and signed on its behalf by: He Trustee Registered tharty number: 1194657 Company Reglstration No: 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 2024 as set out on pages 7 to 14. Responsibilities and basis of report As the charity trustees, you are responsible for the preparation of the accounts in accordance with the Charities Act 2011 (the Act). I report in respect of my examination of the Charity's accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act. 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: The accounting records were not kept in accordance with section 130 of the Act; or The accounts did not accord with the accounting records" or The accounts did not comply with the applicable requirements concerning the form and content of accounts set 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 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 24 Packhorse Road Gerrards Cross Buckinghamshire SL9 7QE Dated: Company Registration No: 07555968

1927 PRODUCTIONS LIMITED

STATEMENT OF FINANCIAL ACTIVITIES (INCLUDING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 MARCH 2024

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
2024
2024
2024
£
£
£
620,860
-
620,860
620,860
-
620,860
462,438
18,397
480,835
462,438
18,397
480,835
158,422
(18,397)
140,025
132,291
40,379
172,670
290,713
21,982
312,695		 Unrestricted
Funds
2023
£
507,225
507,225
450,980
450,980
56,245
116,425
172,670

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 9 - 14 form part of these financial statements.

7

Company Registration No: 07555968

1927 PRODUCTIONS LIMITED BALANCE SHEET AS AT 31 MARCH 2024 2024 2023 Notes FIXED ASSETS Tangible assets 57,666 74,322 CURRENT ASSETS Debtors due within one year Cash at bank and In hand 9,911 398,824 24,117 192,805 10 408,735 216,922 45,413 CREDITORS - Amounts falllng due wlthln one year Creditors and accruals 11 153,706 118,574 NET CURRENT ASSETS 255,029 98,348 NET ASSETS 13 312,695 172,670 Restricted funds Unrestricted funds 12 12 55,191 257,504 81,544 91.126 TOTAL CHARITY FUNDS 12 312,695 172,670 The trustees acknowledge their responsibilities for: (a) ensuring that the company keeps accounting records which comply 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 company as at the end of each financial year and of its profit or loss 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 2024. The trustees have not required the company to obtain an audit of Its financial statements for the year ended 31 March 2024 in accordance with section 476 of the Companies Act 2006. The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies, regime. Appr ved by the board of trustees on Iqk ￿L4 and signed on its behalf by: Henry Long Trustee Registered charty number: 1194657 The notes on pages 9 - 14 form part of these financial statements. Company Registration No: 07555968

1927 PRODUCTIONS LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

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

9

Company Registration No: 07555968

1927 PRODUCTIONS LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 (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:

10

Company Registration No: 07555968

1927 PRODUCTIONS LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 (continued)

3
INCOME
2024
£
Artistic Programme Income
Grant income - ACENP
220,993
DCMS
-
DWP RM
-
Lottery capital
-
Donations
1,357
Local Authority Grants
2,000
Production fees,comm&BX (INTL)
180,131
Production fees,comm&BX (UK)
208,237
Royalties
-
Creative learning
-
Digital Commissions & Streaming (UK)
-
Digital Commissions & Streaming (International)
-
Grant income - Trusts and Foundations
-
Other income
8,142
620,860
4
CHARITABLE ACTIVITIES
2024
£
Costs of artistic programme
Production, Touring, Creative Learning & Talent
Development (including Artists fees)
408,397
408,397
Overheads/Administrative costs
72,438
Total charitable activities
480,835
All of the above are institutional grants given in furtherance of the charity's objects.
5
OVERHEADS/ADMINISTRATIVE COSTS
2024
£
Rent
10,459
Storage costs
3,861
Insurance
8,941
Wages
8,051
Pension
218
Staff training and welfare
577
Post and stationery
747
Travel and subsistence
2,285
Accommodation
1,699
Computer & IT Costs
2,952
DBS Charge
-
Membership and Subscription
965
Training costs
188
Sundry expenses
919
Governance costs
496
Accountancy
7,120
Marketing cost
399
Legal fees
2,267
Depreciation
19,223
Advertising and PR
954
Bank charges
117
Access costs
-
Tax
-
72,438		 2023
£
220,993
-
6,050
28,979
617
2,500
-
246,042
-
-
-
-
-
2,044
507,225
2023
£
355,031
355,031
95,949
450,980
2023
£
9,261
3,725
6,379
17,906
1,326
602
504
1,526
1,326
2,107
87
1,091
198
971
346
6,000
399
8,300
24,774
651
137
6,620
1,713
95,949

11

Company Registration No: 07555968

1927 PRODUCTIONS LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 (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		 2024
£
8,051
-
218
8,269
2024
£
1		 2023
£
17,906
-
1,326
19,232
2023
£
1

No remuneration or expenses were paid to or provided for in respect of the trustees for the year ended 31 March 2024 nor for the year ended 31 March 2023.

7 ARTISTIC PROGRAMME COSTS

There has been no capital project activity for the year ended 31 March 2024. In the prior year, £19,900 has been released to artistic programme costs in recognition of prior years spend on capital project activity.

8 FIXED ASSETS

As at 1 April 2023
Additions at cost
As at 31 March 2024
Depreciation
As at 1 April 2023
Charge for year
As at 31 March 2024
As at 31 March 2024
As at 31 March 2023		 Plant and
machinery
Fixtures
and fittings
£
£
122,570
25,144
2,567
-
125,137
25,144
49,686
23,706
18,863
360
68,549
24,066
56,588
1,078
72,884
1,438		 Total
£
147,714
2,567
150,281
73,392
19,223
92,615
57,666
74,322

12

Company Registration No: 07555968

1927 PRODUCTIONS LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 (continued)

9
DEBTORS
Trade 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
Accruals and deferred income		 2024
£
192
1,545
8,174
9,911
2024
£
389,824
398,824
2024
£
119,937
200
94
33,475
153,706		 2023
£
10,522
8,284
5,311
24,117
2023
£
192,805
192,805
2023
£
84,406
537
156
33,475
118,574

13

Company Registration No: 07555968

1927 PRODUCTIONS LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 (continued)

12 ANALYSIS OF NET ASSETS BETWEEN FUNDS

Unrestricted Restricted Total Total
Funds Funds funds funds
2023
£ £ £ £
Fund balances as at 31 March 2024 are
represented by:
Tangible assets 2,475 55,191 57,666 74,322
Debtors 192 - 192 10,522
Net current assets/liabilities 254,837 - 254,837 87,826
As at 31 March 2024 257,504 55,191 312,695 172,670

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
2024
£
57,666
9,911
398,824
(153,706)
312,695		 Total funds
2023
£
74,322
24,117
192,805
(118,574)
172,670

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 (2023 - 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.

14

Company Registration No: 07555968