REGISTERED CHARITY NUMBER: 274782
REPORT OF THE TRUSTEES AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022
FOR
MUSICAL THEATRE SALISBURY
Hysons Chartered Accountants 14 London Street Andover Hampshire SP10 2PA
MUSICAL THEATRE SALISBURY
CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022
| Page | Page | ||
|---|---|---|---|
| Report ofthe Trustees | 1 | to 3 | |
| Independent Examiner's Report | 4 | ||
| Statement of Financial Activities | 5 | ||
| Balance Sheet | 6 | ||
| Notes to the Financia! Statements | 7 | to | 11 |
| DetailedStatementofFinancialActivities | 12 | to | 13 |
MUSICAL THEATRE SALISBURY REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2022
The trustees present their report with the financial statements of the charity for the year ended 31 December 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 aims
The purposes of Musical Theatre Salisbury (MTS) during the year under review remained that of staging productions of musicals with the object of educating the public in the operatic and dramatic arts and furthering the public appreciation in the said arts. MTS is self-funding and does not receive any grants or subsidies.
Musical productions are cast from members of MTS. Show production and front of house activities are covered both from within the MTS membership and also from outside volunteers. Certain show production posts are remunerated by fees or honoraria, none of these posts are held by MTS members. Membership of the organisation is open to the general public.
Public benefit
The Trustees confirm that they have complied with the duty in the Section 4 of the Charities Act 2011 to have due regard to public benefit guidance published by the Charity Commission when reviewing the trust's aims and objectives and planning future activities.
FINANCIAL REVIEW
Financial review and achievements
The financial statements have been prepared in accordance with the accounting policies as set out in note 1. They have been subject to an Independent Examination as it qualifies for exemption requirement to have an audit.
During the year, MTS put on two productions that produced a net surplus of £2,023.
The first in July 2022 was the musical The Full Monty which was staged at Salisbury Playhouse. A total of 6 performances were held with 1,913 seats sold or 62.27% of the total available seats. A surplus of £917 was made.
The second production was The Hunchback of Notre Dame performed at St Paul's Church. A total of 6 performances were held with 984 seats sold or 42.05% of total available seats. A surplus of £1,106 was made mainly due to a specific donation and bar sales.
Overall MTS madea surplus of £8,942 (2021: £3,660 loss).
The Trustees are pleased that the accounts continue to stabilise and that this year it has made a healthy surplus, partly due to some tight budgeting. Caution should be had, however, as a large element of the surplus is due to some one-off donations. In order for the society to continue securing its financial position, it has to choose its productions carefully and it will aim to source new supporters offering varying levels of benefits.
Page 1
MUSICAL THEATRE SALISBURY
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2022
FINANCIAL REVIEW
Reserves
At 31st December 2022 the unrestricted reserves were £46,507 (2021: £37,565) which are available to the trustees to carry out MTS's principal activities. To enable the Trustees to produce a varied programme of shows, it requires funds to provide the working capital to finance each production and to provide funds to subsidise productions that may well not be as viable or popular at the box office. The Trustees currently require free funds in the region of £45,000 to £60,000 to enable MTS to meet its objectives.
The Trustees recognize the need to continue increasing the current level of reserves. For 2023 the intention is to put on two shows, one in the Playhouse in the summer, and one in December at the Blackledge Theatre. For both, directors from within the membership and the use of backing tracks will reduce the production costs. Furthermore, the Trustees have introduced careful marketing including more extensive use of social media to improve the chance of making a_ profit. Fund raising and the use of sponsors will continue, in order to carry on improving the funding situation. A tight expense budget will be set for each show.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
MTS was established in 1908 known as Salisbury Amateur Operatic Society and changed its name to Musical Theatre Salisbury in 2012. It became a registered charity on 18 January 1978 and is governed by its constitution and rules. It is run by the general committee (trustees) which deal with the day to day matters regarding finance and all aspects of the production of the musicals. Officers and committee members are appointed in accordance with the rules set by the members at the annual general meeting. The committee is supported by sub-committees who are chaired by officers of MTS who represent them at the monthly general committee meetings. MTS's committee and sub-committees are all staffed by members of the charity on a voluntary basis.
The charity is affiliated to the National Operatic and Dramatic Association.
Risk management
The trustees have a duty to identify and review the risks to which the charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error.
The principal risk faced by the charity is from losses sustained from its performances. To minimise this risk the trustees assess each potential show's marketability and costs before it is considered by the membership for performance.
MTS Incorporated with effect from 9 January 2023 to minimise the personal risk to the Trustees.
REFERENCE AND ADMINISTRATIVE DETAILS
Registered Charity number 274782
Principal address
11 Burford Avenue Salisbury Wiltshire SP2 8AG
Page 2
MUSICAL THEATRE SALISBURY
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2022
Trustees Committee
President The Hon. M Morrison DCVO Vice President Mrs J Bowden Chairman Mr R Greathead Treasurer Mrs B Potts Assistant Treasurer Position currently vacant Secretary Mrs R Packer Assistant Secretary Mrs L Simmons Ms H Lockwood Production Manager Mr P McAuley Publicity Mr J Bradley Elected Members: Mrs A Babey Mr D Foord ivirs D Horne Mrs L Deignan Mrs L Duffy* Mrs L Nightingale Mrs C Parrett***
- Volunteered and took up position in January 2022
** Stood down in January 2022
-
*** Stood down in May 2022
-
#+ Elected at AGM September 2022
The Committee are appointed by the members at the Annual Genera! Meeting of the Charity. The officers stand for election on an annual basis.
Independent Examiner Christopher Joyce FCCA Hysons Chartered Accountants 14 London Street Andover Hampshire SP10 2PA
Bankers HSBC Bank Pic 19 Minster Street Salisbury Wiltshire SPT 1TE 1A Tuy 2023 Approved by order of the board of trust@@S OM ............:ssseeecreresserseeettersernes and signed on its behalf by:
Mrs R'Paoker - Trustee
Page 3
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF MUSICAL THEATRE SALISBURY
Independent examiner's report to the trustees of Musical Theatre Salisbury
| report to the charity trustees on my examination of the accounts of Musical Theatre Salisbury (the Trust) for the year ended 31 December 2022.
Responsibilities and basis of report
As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (‘the Act’).
| report in respect of my examination of the Trust's accounts carried out under Section 145 of the Act and in carrying out my examination | have followed all applicable Directions given by the Charity Commission under Section 145(5)(b) of the Act.
Independent examiner's statement
| have completed my examination. | confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
-
13 accounting records were not kept in respect of the Trust as required by Section 130 of the Act; or
-
2: the accounts do not accord with those records; or
-
op the accounts do 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.
| 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.
----- Start of picture text -----
fe
----- End of picture text -----
Christopher Joyce FCCA
Hysons Chartered Accountants 14 London Street
Andover Hampshire SP10 2PA Date: tof e723.
Page 4
MUSICAL THEATRE SALISBURY
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2022
| 2022 | 2021 | ||
|---|---|---|---|
| Unrestricted | Total | ||
| fund | funds | ||
| Notes | £ | £ | |
| INCOME AND ENDOWMENTS FROM | |||
| Donations and legacies | 1.026 | 8 | |
| Charitable activities | 2 | ||
| As ifwe never said goodbye | . | 1,616 | |
| The Full Monty | 47,491 | . | |
| Hunchback | 24,613 | - | |
| Other income | 3 | 13,860 | 2,936 |
| Total | 87,690 | 4,560 | |
| EXPENDITURE ON | |||
| Charitable activities | 4 | ||
| General musical theatre | - | 750 | |
| As ifwe never said goodbye | - | 1,632 | |
| The Full Monty | 46,574 | - | |
| Hunchback | 25,007 | ~ | |
| Other | 7,167 | 5,838 | |
| Total | 78,748 | 8,220 | |
| NET INCOME/(EXPENDITURE) | 8,942 | (3,660) | |
| RECONCILIATION OF FUNDS | |||
| Total funds brought forward | 37,565 | 41,225 | |
| TOTAL FUNDS CARRIED FORWARD | 46,507 | 37,565 | |
| CONTINUING OPERATIONS | |||
| Allincomeandexpenditurehasarisen | fromcontinuingactivities. |
The notes form part of these financial statements
Page 5
MUSICAL THEATRE SALISBURY
BALANCE SHEET. 31 DECEMBER 2622
----- Start of picture text -----
|||||||
|---|---|---|---|---|---|
|2022|2021|
|Unrestricted|Total|
|fund|funds|
|Notes|£|£|
|FIXED|ASSETS|
|Tangible|assets|9|x|a|
|CURRENT ASSETS|
|Debtors|10|734|540|
|Cash|at|bank|49,424|38,865|
|50,158|39,405|
|CREDITORS|
|Amounts|falling due within|one year|11|(3,651)|(1,840)|
|NET CURRENT ASSETS|46,507|37,565|
|TOTAL ASSETS|LESS CURRENT|
|LIABILITIES|46,507|37,565|
|NET ASSETS|46,507|37,565|
|FUNDS|
|Unrestricted funds|46,507|37,565|
|TOTAL FUNDS|46,507|07,565|
----- End of picture text -----
The financial statements were approved by the Board of Trustees and authorised for issue on AA Sly. 202.3 oer and were signed on its behalf by:
----- Start of picture text -----
Waterton
Mr R Greathead - Trusteeeh.
MrsBPotts- Trustee
----- End of picture text -----
The notes form part of these financial statements
Page 6
1... ACCOUNTING POLICIES
MUSICAL THEATRE SALISBURY
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022
Basis of preparing the financial statements
The financial statements of the charity, 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 !reland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of lreland' and the Charities Act 2011. The financial statements have been prepared under the historical cost convention.
Financial reporting standard 102 - reduced disclosure exemptions
The charity 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’:
« the requirements of Section 7 Statement of Cash Flows,
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.
Charitable activities
Costs of charitable activities are those costs incurred by the charity in the delivery of its activities and all support costs.
Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Banners - 20% on cost Music stands/keyboard - 10% on cost Heaters - 10% on cost Portable wardrobe - 10% on cost Scenery trucks, curtain tracks , ropes and pulleys - 20% on cost Costumes - 10% on cost
Taxation
The charity is exempt from tax on its charitable activities.
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continued...
MUSICAL THEATRE SALISBURY
- ACCOUNTING POLICIES - continued
NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 DECEMBER 2022
Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
2. INCOME FROM CHARITABLE ACTIVITIES
| 2022 | 2021 | |||
|---|---|---|---|---|
| Admissions | The Full Monty oa 44,651 |
Hunchback £ 19,447 |
Total activities £ 64,098 |
Total activities rs 1,464 |
| Programmes | 642 | 683 | 1,325 | - |
| Advertising in programmes | 750 | 150 | 900 | - |
| Front of house | 398 | 459 | 857 | 152 |
| Show fees | 1,050 | 1,425 | 2,475 | . |
| Bar and catering | - | 2,449 | 2,449 | - |
| 47,491 | 24,613 | 72,104 | 1,616 | |
| OTHER INCOME | ||||
| 2022 | 2021 | |||
| zg | a | |||
| Subscriptions - Members | 4,248 | 1,801 | ||
| Subscriptions - Patrons | 6,705 | 1,095 | ||
| Gif Aid tax claim | 1,843 | - | ||
| Props and other hire income (net of costs) | 115 | 40 | ||
| Other income | 949 | - | ||
| 13,860 | 2,936 |
- OTHER INCOME
4. CHARITABLE ACTIVITIES COSTS
| CHARITABLE ACTIVITIES COSTS | |
|---|---|
| Direct | |
| Costs (see | |
| note 5) | |
| ie | |
| The Full Monty | 46,574 |
| Hunchback | 25,007 |
| 71,581 |
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continued...
MUSICAL THEATRE SALISBURY
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2022
5. DIRECT COSTS OF CHARITABLE ACTIVITIES
----- Start of picture text -----
||||||||||
|---|---|---|---|---|---|---|---|---|
|2022|2021|
|The|Full|Total|Total|
|Monty|Hunchback|activities|activities|
|£|£|£|£|
|Cost|of programmes|850|745|1,595|-|
|Scenery|and|effects|630|210|840|-|
|Props|.|124|124|-|
|Costumes|540|718|1,258|-|
|Royalties|and|music|costs|8,934|4,454|13,388|100|
|Lighting|2,378|3,498|5,876|.|
|Sound|3,000|3,505|6,505|.|
|Orchestra|4,450|820|5,270|-|
|Musical|director|1,449|1,575|3,024|853|
|Show|director|and|expenses|3,099|~|3,099|-|
|Venue|hire|9,500|5,320|14,820|707|
|Hire|of|rehearsal|rooms|1,232|760|1,992|558|
|Publicity|&|photography|1,108|528|1,636|-|
|Insurance|272|272|544|-|
|Miscellaneous|744|46|790|TS|
|Ticket|costs|6,430|1,480|7,910|89|
|Technical|support|1,958|-|1,958|-|
|Bar|and|catering|costs|-|952|952|-|
|46,574|25,007|71,581|2,382|
|SUPPORT|COSTS|
|Governance|
|Management|Finance|costs|Totals|
|£|£|£|£|
|Other|resources|expended|5,978|109|1,080|7,167|
|Support|costs,|included|in|the|above,|are|as|follows:|
|2022|2021|
|Other|
|resources|Total|
|expended|activities|
|£|£|
|Storage|charges|3,681|3,754|
|Insurance|544|444|
|Committee|room|hire|-|137|
|NODA|-|Subs|and|medals|185|281|
|Printing,|postage|and|stationery|342|-|
|Sundries|1,226|137|
|Bank|charges|109|5|
|Independent|examiner's|fees|1,080|1,080|
|7,167|5,838|
----- End of picture text -----
- SUPPORT COSTS
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continued...
MUSICAL THEATRE SALISBURY
NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 DECEMBER 2022
7. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31 December 2022 nor for the year ended 31 December 2021.
Trustees’ expenses
There were no trustees’ expenses paid for the year ended 31 December 2022 nor for the year ended 31 December 2021.
8. STAFF COSTS
The charity has no employment costs as there are no employees. All work is undertaken on a voluntary basis by members of the society.
- TANGIBLE FIXED ASSETS
| TANGIBLE FIXED ASSETS | ||||
|---|---|---|---|---|
| Music | ||||
| Banners | stands/keyboard | Heaters | ||
| £ | £ | £ | ||
| COST | ||||
| At 1 January 2022 and | ||||
| 31 December 2022 | 235 | 1,458 | 145 | |
| DEPRECIATION | ||||
| At 1 January 2022 and | ||||
| 31 December 2022 | 235 | 1,458 | 145 | |
| NET BOOK VALUE | ||||
| At 31 December 2022 | o | a | = | |
| At 31 December 2021 | - | - | - | |
| Scenery | ||||
| trucks, | ||||
| curtain | ||||
| tracks , |
||||
| Portable | ropes and | |||
| wardrobe | pulleys | Costumes | Totals | |
| £ | £ | E | £ | |
| COST | ||||
| At 1 January 2022 and | ||||
| 31 December 2022 | 1,353 | 1,096 | 200 | 4,487 |
| DEPRECIATION | ||||
| At 1 January 2022 and | ||||
| 31 December 2022 | 1,353 | 1,096 | 200 | 4,487 |
| NET BOOK VALUE | ||||
| At 31 December 2022 | = | = | = | z |
| At31December2021 | - | - | - | . |
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continued...
MUSICAL THEATRE SALISBURY
NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 DECEMBER 2022
10. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
| 10. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR | ||
|---|---|---|---|
| 2022 | 2021 | ||
| £ | £ | ||
| Trade debtors | 95 | 40 | |
| Prepayments | 639 | 500 | |
| 734 | 540 | ||
| 11. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONEYEAR | ||
| 2022 | 2021 | ||
| £ | £ | ||
| Trade creditors | - | 470 | |
| Other creditors | 3,651 | 1,370 | |
| 3,651 | 1,840 |
12. CONTINGENT LIABILITIES
There were no contingent liabilities at 31 December 2022.
13. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 31 December 2022.
Page 11
MUSICAL THEATRE SALISBURY
DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2022
| 2022 | 2021 | |
|---|---|---|
| £ | £ | |
| INCOME AND ENDOWMENTS | ||
| Donations and legacies | ||
| Donations | 1,726 | 8 |
| Charitable activities | ||
| Admissions | 64,098 | 1,464 |
| Programmes | 1,325 | - |
| Advertising in programmes | 900 | - |
| Front of house | 857 | 152 |
| Show fees | 2,475 | - |
| Bar and catering | 2,449 | - |
| 72,104 | 1,616 | |
| Other income | ||
| Subscriptions - Members | 4,248 | 1,801 |
| Subscriptions - Patrons | 6,705 | 1,095 |
| GifAid tax claim | 1,843 | - |
| Props and other hire income (net of | ||
| costs) | 115 | 40 |
| Other income | 949 | 7 |
| 13,860 | 2,936 | |
| Total incoming resources | 87,690 | 4,560 |
| EXPENDITURE | ||
| Charitable activities | ||
| Cost ofprogrammes | 1,595 | - |
| Scenery and effects | 840 | - |
| Props | 124 | - |
| Costumes | 1,258 | - |
| Royalties and music costs | 13,388 | 100 |
| Lighting | 5,876 | - |
| Sound | 6,505 | - |
| Orchestra | 5,270 | - |
| Musical director | 3,024 | 853 |
| Show director and expenses | 3,099 | - |
| Venue hire | 14,820 | 707 |
| Hire of rehearsal rooms | 1,992 | 558 |
| Publicity & photography |
1,636 | - |
| Carriedforward | 59.427 | 2,218 |
This page does not form part of the statutory financial statements
Page 12
MUSICAL THEATRE SALISBURY
DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2022
| 2022 | 2021 | |
|---|---|---|
| £ | £ | |
| Charitable activities | ||
| Broughtforward | 59,427 | 2,218 |
| Insurance | 544 | = |
| Miscellaneous | 790 | 75 |
| Ticket costs | 7,910 | 89 |
| Technical support | 1,958 | - |
| Bar and catering costs | 952 | - |
| 71,581 | 2,382 | |
| Support costs | ||
| Management | ||
| Storage charges | 3,681 | 3,754 |
| Insurance | 544 | 444 |
| Committee room hire | - | 137 |
| NODA - Subs and medals | 185 | 281 |
| Printing, postage and stationery | 342 | - |
| Sundries | 1,226 | 137 |
| 5,978 | 4,753 | |
| Finance | ||
| Bank charges | 109 | 5 |
| Governance costs | ||
| Independent examiner's fees | 1,080 | 1,080 |
| Total resources expended | 78,748 | 8,220 |
| Netincome/(expenditure) | 8,942 | (3,660) |
This page does not form part of the statutory financial statements
Page 13