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2022-06-30-accounts

REGISTERED COMPANY NUMBER: 00761667 (England and Wales) REGISTERED CHARITY NUMBER: 229640

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2022

FOR

SWANSEA LITTLE THEATRE LIMITED

Bevan Buckland LLP Ground Floor Cardigan House Castle Court Swansea Enterprise Park Swansea SA7 9LA

SWANSEA LITTLE THEATRE LIMITED

CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2022

Page
Report of the Trustees 1 to 4
Independent Examiner's Report 5
Statement of Financial Activities 6
Balance Sheet 7
Notes to the Financial Statements 8 to 13
Detailed Statement of Financial Activities 14

SWANSEA LITTLE THEATRE LIMITED

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

To promote, establish and manage a community theatre, namely the Dylan Thomas Theatre.

Presentation to the public of Swansea Little Theatre productions.

To establish and promote theatre in education by the annual hiring to Theatre Na n'Og, Swansea University, Bridgend College and others. Thus enabling young people to visit the theatre and experience high quality theatre in education work. Catchment area includes Rhondda Cynon Taf, Neath Port Talbot and City and County of Swansea.

To encourage and let the theatre to diverse community groups, which include local disabled groups, dance groups and exhibitions.

In addition to its annual in-house programme, Swansea Little Theatre undertakes outreach programmes with special focus on communities that have difficulty accessing 1st class theatre within their area.

Establish the ‘Dylan Thomas Youth Academy for students aged 5 - 16 years to promote and advance theatre excellence.

Public Benefit

In setting our objectives and planning our objectives our Trustees have given careful consideration to the Charity Commission's general guidance on public benefit and in particular to its supplementary public benefit guidance on advancing the arts.

Impact of Covid

As the year progressed and the restrictions eased, the charity was able to return to a degree of normality. However the virus has led to the postponement and cancellation of certain productions and this has meant that the Year to June 2022 was again less busy than the trustees had planned.

Income did recover partly by increasing to £57,528 (2021: £26,659) delivering a smaller deficit of £2,527 compared to the prior financial year deficit of £20,363.

The trustees are aware that the theatre will need a major upgrade in the near future and have decided to start to designate charity funds to contribute to what will inevitably be a major financial project. In the year to June 2022 £150,000 has been designated to the major refurbishment fund which will be used to refurbish the back of the theatre, raise the roof and deal with asbestos problems should they arise. The total expenditure on this project will be significant and it will rely on grant support to be achieved.

Page 1

SWANSEA LITTLE THEATRE LIMITED

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 JUNE 2022

ACHIEVEMENT AND PERFORMANCE

Swansea Little Theatre is one of the earliest amateur theatre companies in the U.K. and the first ‘Little Theatre’ in Wales. It was established in 1923 and Dylan Thomas was an active member until 1934.

The theatre is now one of the busiest community theatres in Wales used extensively by both amateur and professional companies. It also hosts school productions, local dance groups, conferences, exhibitions and workshops. The theatre’s wardrobe also provides costumes for drama companies, schools, colleges and community groups.

The theatre is a member of the partnership developing Swansea’s Maritime Cultural Quarter. Other partners include The National Waterfront Museum, The Dylan Thomas Centre, Swansea Museum, The Attic Gallery and The Mission Gallery.

The theatre is unique in the facilities it offers to the disabled both as performers and audience. Not only do we have ease of access for wheelchair users but we also have a hearing loop in the auditorium.

We have developed members’ expertise in initiating a professional technicians course in lighting, sound and stage management.

We promote and encourage new theatrical directors, experimental theatre and new writings.

We are an active member of The National Operatic and Drama Association (NODA).

The Theatre is in negotiations with Council to extend lease to 125 Years and/or purchase the freehold to the building.

The Theatre is renewing equipment in line with CO2 guidelines and applying for grants for a number of projects.

FINANCIAL REVIEW

Financial position

The total income of £57,528 (2021; £26,659) was spent on direct charitable expenditure totalling £60,055 (2021: £47,022) resulting in a net deficit of £2,527 (2021: net deficit of £20,363).

The Statement of Financial Activities reflects the income and expenditure incurred by Swansea Little Theatre in carrying out its role in respect of its objectives. The unrestricted funds at 30 June 2022 were £210,457 (2021:£212,984) and the restricted funds £121,913 (2021: £121,913).

FUTURE PLANS

Against a backdrop of limited resources, the company continue to generate match-funding in order to secure funding for Phase 2 improvements to include auditorium upgrades, new dressing rooms, wardrobe and storage. We are also looking at funding for replacement auditorium seating and pursuing a joint venture with local artists to renew the outside mural,

STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document

The organisation is a Charitable Company limited by guarantee, incorporated and registered as a Charity on 22 May 1963. The company was established under a Memorandum of Association which established the objects and powers of the Charitable Company and is governed under its Articles of Association. In the event of the Company being wound up, members are required to contribute an amount not exceeding £1.

Recruitment and appointment of new trustees

The Directors of the Company are also Charity Trustees for the purposes of Charity Law and, under the Company’s Articles are known as the Board of Directors. Under the requirements of the Memorandum and Articles of Association the Board of Directors are elected to serve for a period of three years after which they must be re-elected at the next Annual General Meeting.

Organisational structure

The Swansea Little Theatre has a Board of Directors of up to nine members who meet monthly and are responsible for the strategic direction and policy of the theatre. At present, the Board of Directors has members from a variety of professional backgrounds and each board member undertakes an area of responsibility relevant to the work of the theatre..

Page 2

SWANSEA LITTLE THEATRE LIMITED

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 JUNE 2022

STRUCTURE, GOVERNANCE AND MANAGEMENT

Risk management

The Board of Directors has conducted a review of the major risks to which the theatre is exposed. A risk register has been established and is updated at least annually.

Where appropriate, systems or procedures have been established to mitigate the risks the theatre faces. Procedures are in place to ensure compliance with health and safety of volunteers, clients and visitors to the theatre.

We are in compliance with DBS checks and chaperone training.

A child protection policy is in place together with facilities in compliance with the Disability Discrimination Act.

REFERENCE AND ADMINISTRATIVE DETAILS

Registered Company number

00761667 (England and Wales)

Registered Charity number 229640

Registered office

Dylan Thomas Theatre Gloucester Place Maritime Quarter Swansea West Glamorgan SA1 1TY

Trustees

Mrs D E Morgan-Harvey Ms F Purchase Mrs S E Jefferies S Morgan Mrs C Jones Mrs N Taylor M Johnson A Merrell Theatre Technician J Thomas

Independent Examiner

Henry Lloyd-Davies Bevan Buckland LLP Ground Floor Cardigan House Castle Court Swansea Enterprise Park Swansea SA7 9LA

Bankers

HSBC

Auditors Letters Coventry DSC Harry Weston Road Binley Coventry CV3 2TQ

Barclays Bank plc

262 Oxford Street Swansea SA1 3BR

Approved by order of the board of trustees on ............................................. and signed on its behalf by:

Page 3

SWANSEA LITTLE THEATRE LIMITED

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 JUNE 2022

........................................................................ Mrs D E Morgan-Harvey - Trustee

Page 4

INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF SWANSEA LITTLE THEATRE LIMITED

Independent examiner's report to the trustees of Swansea Little Theatre Limited ('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:

  1. 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

  2. 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

  3. 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.

Henry Lloyd-Davies Bevan Buckland LLP Ground Floor Cardigan House Castle Court Swansea Enterprise Park Swansea SA7 9LA

Date: .............................................

Page 5

SWANSEA LITTLE THEATRE LIMITED

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 30 JUNE 2022

Unrestricted
funds
Notes
£
INCOME AND ENDOWMENTS FROM
Donations and legacies
2
3,200
Charitable activities
Charitable Activities
52,187
Investment income
3
2,141
Total
57,528
EXPENDITURE ON
Charitable activities
Charitable Activities
45,673
NET INCOME/(EXPENDITURE)
11,855
RECONCILIATION OF FUNDS
Total funds brought forward
212,984
TOTAL FUNDS CARRIED FORWARD
224,839		 Restricted
funds
£
-
-
-
-
14,382
(14,382)
121,913
107,531		 2022
Total
funds
£
3,200
52,187
2,141
57,528
60,055
(2,527)
334,897
332,370		 2021
Total
funds
£
14,000
10,553
2,106
26,659
47,022
(20,363)
355,260
334,897

The notes form part of these financial statements

Page 6

SWANSEA LITTLE THEATRE LIMITED

BALANCE SHEET 30 JUNE 2022

Unrestricted
funds
Notes
£
FIXED ASSETS
Tangible assets
8
28,272
CURRENT ASSETS
Stocks
9
2,259
Debtors
10
3,648
Cash at bank and in hand
192,014
197,921
CREDITORS
Amounts falling due within one year
11
(1,354)
NET CURRENT ASSETS
196,567
TOTAL ASSETS LESS CURRENT LIABILITIES
224,839
NET ASSETS
224,839
FUNDS
12
Unrestricted funds
Restricted funds
TOTAL FUNDS		 Restricted
funds
£
107,531
-
-
-
-
-
-
107,531
107,531		 2022
Total
funds
£
135,803
2,259
3,648
192,014
197,921
(1,354)
196,567
332,370
332,370
224,839
107,531
332,370		 2021
Total
funds
£
156,166
-
3,949
176,036
179,985
(1,254)
178,731
334,897
334,897
212,984
121,913
334,897

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

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 ............................................. and were signed on its behalf by:

.............................................

D E Morgan-Harvey - Trustee

The notes form part of these financial statements

Page 7

SWANSEA LITTLE THEATRE LIMITED

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.

Financial reporting standard 102 - reduced disclosure exemptions

The charitable company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland':

Income

All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.

Expenditure

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Improvements to property - 4% on cost Fixtures and fittings - 25% reducing balance Equipment - 25% reducing balance

Assets below £250 are not capitalised, but included within expenses. The Trustees do not believe any assets are impaired and do not carry out impairment reviews.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation

The charity is exempt from corporation tax on its charitable activities.

Fund accounting

Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.

Designated funds are unrestricted funds earmarked by the Trustees for particular purposes falling in future time periods.

Restricted funds are funds subject to specific restrictions imposed by donors which have been raised by the charity for particular purposes. The aim and use of each restricted fund is set out in the notes to the financial statements.

Grants

Grants relating to specific capital expenditure are treated as deferred income which is the credited to the profit and loss account over the related asset's life.

Revenue grants are credited to the profit and loss account in the same period as the expenditure to which they relate.

Cash at bank and in hand

Page 8

continued...

SWANSEA LITTLE THEATRE LIMITED

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 JUNE 2022

1. ACCOUNTING POLICIES - continued

Grants

Cash at bank and cash in hand includes cash and short term highly liquid investments held within a deposit or similar account.

Creditors and provisions

Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

2. DONATIONS AND LEGACIES

Donations/ Fundraising
Grants
Grants received, included in the above, are as follows:
CCS Covid 19 Grant
3.
INVESTMENT INCOME
Deposit account interest
4.
NET INCOME/(EXPENDITURE)
Net income/(expenditure) is stated after charging/(crediting):
Depreciation - owned assets		 2022
£
1,200
2,000
3,200
2022
£
2,000
2022
£
2,141
2022
£
22,501		 2021
£
-
14,000
14,000
2021
£
14,000
2021
£
2,106
2021
£
25,115

5. TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 30 June 2022 nor for the year ended 30 June 2021.

Trustees' expenses

There were no trustees' expenses paid for the year ended 30 June 2022 nor for the year ended 30 June 2021.

6. STAFF COSTS

No employees received emoluments in excess of £60,000.

Page 9

continued...

SWANSEA LITTLE THEATRE LIMITED

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 JUNE 2022

7. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES

INCOME AND ENDOWMENTS FROM
Donations and legacies
Charitable activities
Charitable Activities
Investment income
Total
EXPENDITURE ON
Charitable activities
Charitable Activities
NET INCOME/(EXPENDITURE)
Transfers between funds
Net movement in funds
RECONCILIATION OF FUNDS
Total funds brought forward
TOTAL FUNDS CARRIED FORWARD
8.
TANGIBLE FIXED ASSETS
Improvements
to
property
£
COST
At 1 July 2021
353,401
Additions
-
At 30 June 2022
353,401
DEPRECIATION
At 1 July 2021
230,680
Charge for year
14,136
At 30 June 2022
244,816
NET BOOK VALUE
At 30 June 2022
108,585
At 30 June 2021
122,721		 Unrestricted
funds
£
14,000
10,553
2,106
26,659
31,344
(4,685)
31,500
26,815
186,169
212,984
Fixtures
and
fittings
£
55,958
-
55,958
42,713
3,186
45,899
10,059
13,245		 Restricted
funds
£
-
-
-
-
15,678
(15,678)
(31,500)
(47,178)
169,091
121,913
Equipment
£
122,166
2,138
124,304
101,966
5,179
107,145
17,159
20,200		 Total
funds
£
14,000
10,553
2,106
26,659
47,022
(20,363)
-
(20,363)
355,260
334,897
Totals
£
531,525
2,138
533,663
375,359
22,501
397,860
135,803
156,166

Page 10

continued...

SWANSEA LITTLE THEATRE LIMITED

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 JUNE 2022

9.
STOCKS
Stocks
10.
DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Prepayments and accrued income
11.
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Accrued expenses
12.
MOVEMENT IN FUNDS
At 1.7.21
£
Unrestricted funds
General Funds
212,984
Major Refurbishment Fund
-
212,984
Restricted funds
Restricted Capital Funds
106,383
Cory Grant
15,530
121,913
TOTAL FUNDS
334,897
Net movement in funds, included in the above are as follows:
Unrestricted funds
General Funds
Restricted funds
Restricted Capital Funds
Cory Grant
TOTAL FUNDS		 Net
movement
in funds
£
11,855
-
11,855
(10,500)
(3,882)
(14,382)
(2,527)
Incoming
resources
£
57,528
-
-
-
57,528		 2022
2021
£
£
2,259
-
2022
2021
£
£
3,648
3,949
2022
2021
£
£
1,354
1,254
Transfers
between
At
funds
30.6.22
£
£
(150,000)
74,839
150,000
150,000
-
224,839
-
95,883
-
11,648
-
107,531
-
332,370
Resources
Movement
expended
in funds
£
£
(45,673)
11,855
(10,500)
(10,500)
(3,882)
(3,882)
(14,382)
(14,382)
(60,055)
(2,527)

Page 11

continued...

SWANSEA LITTLE THEATRE LIMITED

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 JUNE 2022

12. MOVEMENT IN FUNDS - continued

Comparatives for movement in funds

Net Transfers
movement between At
At 1.7.20 in funds funds 30.6.21
£ £ £ £
Unrestricted funds
General Funds 186,169 (4,685) 31,500 212,984
Restricted funds
Restricted Capital Funds 148,383 (10,500) (31,500) 106,383
Cory Grant 20,708 (5,178) - 15,530
169,091 (15,678) (31,500) 121,913
TOTAL FUNDS 355,260 (20,363) - 334,897

Comparative net movement in funds, included in the above are as follows:

Incoming Resources Movement
resources expended in funds
£ £ £
Unrestricted funds
General Funds 26,659 (31,344) (4,685)
Restricted funds
Restricted Capital Funds - (10,500) (10,500)
Cory Grant - (5,178) (5,178)
- (15,678) (15,678)
TOTAL FUNDS 26,659 (47,022) (20,363)

A current year 12 months and prior year 12 months combined position is as follows:

Net Transfers
movement between At
At 1.7.20 in funds funds 30.6.22
£ £ £ £
Unrestricted funds
General Funds 186,169 7,170 (118,500) 74,839
Major Refurbishment Fund - - 150,000 150,000
186,169 7,170 31,500 224,839
Restricted funds
Restricted Capital Funds 148,383 (21,000) (31,500) 95,883
Cory Grant 20,708 (9,060) - 11,648
169,091 (30,060) (31,500) 107,531
TOTAL FUNDS 355,260 (22,890) - 332,370

Page 12

continued...

SWANSEA LITTLE THEATRE LIMITED

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30 JUNE 2022

12. MOVEMENT IN FUNDS - continued

A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:

Incoming Resources Movement
resources expended in funds
£ £ £
Unrestricted funds
General Funds 84,187 (77,017) 7,170
Restricted funds
Restricted Capital Funds - (21,000) (21,000)
Cory Grant - (9,060) (9,060)
- (30,060) (30,060)
TOTAL FUNDS 84,187 (107,077) (22,890)

Restricted Capital funds is in relation to a Grant received during 2007 from the Arts Council of Wales, the grant was utilised to refurbish the theatre.The fund is charged with depreciation arising thereon.

The Cory Grant provided funding towards the purchase of fixed assets. The fund is charged with depreciation arising thereon.

13. RELATED PARTY DISCLOSURES

There were no related party transactions for the year ended 30 June 2022.

Page 13

SWANSEA LITTLE THEATRE LIMITED

DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 30 JUNE 2022

2022 2021
£ £
INCOME AND ENDOWMENTS
Donations and legacies
Donations/ Fundraising 1,200 -
Grants 2,000 14,000
3,200 14,000
Investment income
Deposit account interest 2,141 2,106
Charitable activities
Sundry income 541 263
Memberships 4,011 3,828
Bar sales 6,994 -
Hiring of facilities 26,978 2,304
Academy 6,057 2,897
Wardrobe 197 20
Box Office 824 -
Productions 6,585 1,241
52,187 10,553
Total incoming resources 57,528 26,659
EXPENDITURE
Charitable activities
Insurance 3,713 2,914
Light, heat and water 8,439 5,638
Advertising 163 -
Theatre 385 65
Academy 1,860 984
Administration 709 857
Maintenance 4,159 2,326
Cleaning 3,788 2,745
Rent/Recycling 1,550 1,476
Box Office 1,389 567
Bar Consumables 4,008 2,529
Productions 5,942 452
Depn of improvements to property 14,136 14,136
Depn of fixtures & fittings 3,186 4,247
Depn of equipment 5,179 6,732
58,606 45,668
Support costs
Finance
Bank charges 58 -
Support costs
Accountancy and legal fees 1,391 1,354
Total resources expended 60,055 47,022
Net expenditure (2,527) (20,363)

This page does not form part of the statutory financial statements

Page 14