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2023-03-31-accounts

Charity Registration No. 289644

Company Registration No. 01787316 (England and Wales)

FOREST FORGE THEATRE COMPANY

ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

10 Bridge Street Christchurch Dorset BH23 1EF

FOREST FORGE THEATRE COMPANY

CONTENTS

Page
Company information 1
Trustees' report 2 - 10
Independent examiner's report 11
Statement of financial activities 12
Balance sheet 13 - 14
Notes to the financial statements 15 - 27

FOREST FORGE THEATRE COMPANY

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees Ms N Ratcliffe Wilson
Dr M Whitehead
Mr J Hartley-Binns
Ms G Gould
Charity number 289644
Company number 01787316
Principal address The Theatre Centre
Endeavour Park
Crow Arch Lane
Ringwood
Hampshire
BH24 1SF
Registered office The Theatre Centre
Endeavour Park
Crow Arch Lane
Ringwood
Hampshire
BH24 1SF
Independent examiner TC Group
10 Bridge Street
Christchurch
Dorset
BH23 1EF

FOREST FORGE THEATRE COMPANY

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT)

FOR THE YEAR ENDED 31 MARCH 2023

The Trustees present their report and financial statements for the year ended 31 March 2023.

Objectives and activities

The Charitable objectives of Forest Forge Theatre Company -to promote, maintain and encourage the Arts, particularly in rural and under-represented communities-contributes to community cohesion, inclusion and wellbeing; whilst provision of a comprehensive and participatory creative learning programme offers education and the development of transferable skills.

In line with the charitable objectives Forest Forge Theatre Company presents, provides, manages, and produces the following, either on the charity’s premises or elsewhere, to advance education or to encourage involvement in arts:

Plays, Dramas, Comedies, Operas and musical pieces, Puppet shows, Ballets, Entertainments, Exhibitions, Lectures and seminars

The Charitable Company achieves its objective by focusing on the delivery of professional theatre and participatory work for rural audiences and by working with a broad range of other audiences.

The Creative Learning work focuses on education and encouragement of the arts to a varied audience, including young people, old people, ethnic minority groups and those with disabilities.

The work undertaken benefits these groups in many ways, helping individuals develop self-confidence, presentation, and social skills.

FOREST FORGE THEATRE COMPANY

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2023

Achievements and performance

Significant Activities

The Charitable Company has continued work in the community, developing its standing as a Cultural Hub and expanding the Creative Learning Programme. Despite the continuing shadow of Covid which reduced the numbers attending in all groups, the team had created new ways to engage through postal and online offerings which contributed to the welfare of our participants as well as expanding our reach.

2022-23

Professional Shows

Christmas show: The Snow Queen created and performed in collaboration with Bumblefly and Mischievous Theatre toured 25 performances to village halls and schools. Including a new free performance venue at Blackfield which was supported by New Forest District Council in order target an audience in an area of high economic deprivation. An audience development survey was undertaken during the tour which informs our work on our rural touring strategy.

Forest Forge Youth Theatre

The Youth Theatre took part in weekly sessions throughout the year and presented two shows. The youth theatre members, aged between 7 and 18, were divided into 5 age appropriate groups.

Young Company (artists development programme)

18–25-year-old young artists’ bespoke training programme for each member, with training in facilitation, directing, stage management, events management as well as performance. It is a mixture of school leavers and university graduates.

Act Your Age sessions

Our weekly group for adults over 55. Ages ranging from 60 to 90 years old. During their weekly sessions they worked towards working alongside second year students from Arts University Bournemouth to create a small piece of work.

Game

Regular drop-in sessions for adults over 18 providing a fun and frantic space for physical activity and wellbeing. Ex youth theatre members and their parents are happy to drop in after work. Greatly appreciated as a destressor post work.

FOREST FORGE THEATRE COMPANY

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2023

Be Creative

This was a pilot in collaboration with Coda Music Trust and hArt, for adults with a learning disability. The pilot then developed into our regular class Branching Out in collaboration with blue Apple Theatre ( Winchester based theatre providing acting, dancing, singing and film performance opportunities for adults and young people with a learning disability)

Waterside Drama Club

Continuation of our successful drama classes for 7-14 year olds in the Waterside area of The New Forest held at Blackfield. This group targets settled travellers, pupil premium and families on a low income . Funded by Children in Need.

Holiday workshops

April 2022 and Summer and Christmas workshops 2022 at St Barbes Museum Lymington; these workshops were mainly used by Ukrainian refugee children. Fun drama with a mix of family sessions and some workshops just for children.

February Half term 2023 : drama workshops with a view to recruiting for youth theatre. Low prices to encourage access for low income families.

Babigloo m usic classes for babies working with an associate artist

The Stables Family Home Trust 6 week project for adults with a learning disability on Midsummers Nights Dream

Education

After School Drama Clubs

New Forest Small School. Ringwood Junior School. Western Downlands Primary School

Projects

The Sheiling School: Working with 14-18 year old young people with a learning disability

Mountbatten Advanced Theatre workshops

On going project with Arts University Bournemouth ( AUB) including a lecture and joint working with Act Your Age and undergraduates

The Stable School 6 week programme for children with additional and behavioural needs

Workshops

We continue to offer bespoke workshops to a variety of schools currently Horndean technology college, and Priestlands school, and we are able to offer two placements for two young people on annual work experience.

Community

Mama Mia

Training the cast, crew, and creatives from the international cast of Mama Mia (Mayflower Theatre Southampton) on neurodivergent awareness and consulting on their visual story.

FOREST FORGE THEATRE COMPANY

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2023

Group 64 mentoring session

Using experience to support emerging young professionals

Stories from the dust

Gave direction and dramaturgical support to a new piece of work by Anna Harriot and Iona Johnson.

One to One

Performance skills sessions . Mentoring a local emerging performer and comedian ( 10 sessions )

Folio Futures

Supporting undergraduates in presentation skills

Community Work

Forest Forge took a key role in Folio New Forest . Folio is made up of arts and heritage organisations in the New Forest ; hArt, Coda Music, Hanger Farm (Minstead Trust), Forest Arts Centre, Spudworks, New Forest Heritage Centre, St Barbe's Museum.

The Company hosted an all-day Arts Council Funding Workshop at the Theatre Centre.

The Company has built a working relationship with Culture in Common ( the Arts Council Creative People and Places Project ) particularly in planning and programming the New Forest Comedy festival for June 2023. The Company are active members of Go New Forest and the New Forest Business Partnership.

Events and Venue Hire

The Company has hosted a wide range of emerging and professional creatives through a variety of hires , research and development programmes ,and public performances. These include Fiona Salisbury ( circus artist) Alien Jefferson ( International theatre Company) Will Downland and George Attwill local theatre makers, Michelle O’Brien, Brownsey Open Asir Theatre ( King Lear) babigloo, Half Moon Theatre Company ( International Theatre Company) , The Attic, Dorset Born( emerging local Theatre Company) and developing an ongoing relationship with associate artists The Improvised Play Company.

Staffing

The day to day running of the organisation was managed by the CEO/Creative director (Sharon Lawless) supported by the Creative Learning Director (Lucy Phillips).

The company continues to employ freelance part time staff: an Education officer, a Finance Officer and on p.a.y.e are a part time Marketing Officer and a Building Supervisor. In addition, creative freelancers are employed for workshops, projects and productions.

FOREST FORGE THEATRE COMPANY

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2023

Public Benefit

Forest Forge undertakes all its work for the public benefit.

The production of theatre in rural venues enables people to see professional theatre in a local venue at subsidised ticket prices. This not only has the benefit of contributing to the quality of life for the people of Hampshire and surrounding region, but also provides exciting, challenging and accessible performances, which in turn fosters knowledge, education and recreation. By touring theatre to village halls and rural venues the charitable company also brings isolated communities together and encourages community cohesion.

The Trustees of the Forest Forge Theatre Company are aware of their responsibilities in ensuring the charities aims are for the public benefit and follow the guidance published by the Charity Commission in this regard.

Volunteers

The volunteer Ambassador scheme works very well. The Ambassadors welcome audiences, collect data and sell programmes. The charity ensures all volunteers undertake DBS checks when required, before undertaking any duties with young people and vulnerable adults for the charity.

FOREST FORGE THEATRE COMPANY

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2023

Financial review

The financial position of the company has become precarious over this past financial year due to insufficient income generated and funding applications submitted. Consequently, the Board have had to make some hard decisions regarding the way forward. The Company owns the lease of the Theatre Centre with 124 years still to run, but the theatre centre itself is a large building, costly to heat and to run and is no longer appropriate to the needs of the Company.

Every option was considered, including taking out a mortgage, ( The Charity Bank were approached, visited The Theatre Centre and gave us their advice). Also selling the building lease and renting it back, selling the building lease and relocating the Company within the area ( a more central position in the town) sub letting the building and relocating, renting part of the building and staying in the rest, selling the workshop and staying in the rest.

All these options were seriously considered and pursued but at the December Board meeting 2022 the Board decided that in order to support the charitable aims of The Company , and to remain solvent and a going concern, that the lease of the company should be offered up for sale. The terms of the lease are that the landlord has to be offered the lease in the first instance, if the Board disagreed with the price offered then it could be put onto the open market. The Board had three valuations of the lease and around £800k was the average figure.

The landlord offered the company £700k and in consequence the theatre centre was put onto the open market through Hellier Langston . The Theatre centre was valued for sale of the lease for charitable purposes at £810k. The company has instructed lawyers to help us navigate through the sale of the building and the building was marketed from 29/3/2023 at £865k

Financial position

The charity made a loss of £80,616 for the financial year 2022-2023. As a result of the financial challenges. Forest Forge has undertaken a restructure to actively tackle the issues the charity faces. This will be completed in 23/24.

The Company owns the building with a lease on the land of 150 years from 1[st] January 1997. the building was valued in 2023 at £795k, £810k, £875k , and the lease which has 124 years to run was offered for sale at £875k in April 2023

Principal funding sources

FOREST FORGE THEATRE COMPANY

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2023

Risk management

A review of the major risks to which the charity is exposed has been conducted by the Trustees, and in the past year assessed through frequent meetings of the Board, and subcommittees, in person and on line via Teams.

Financial sustainability is the major financial risk due to withdrawal of the Arts Council regular funding and the pressure on Local Council finances; this has led to the decision to reduce the outgoings of the company by selling the lease of the building and using this cash injection to restructure the company.

At the same time the work of Creative Learning and development of the Companies Outreach programmes continues.

Procedures are also in place to ensure consideration of other risks such as the Health and Safety of staff, artists and audience, & management of performing rights. Updating of the Team on safeguarding is ongoing particularly with reference to the mental health of the young people with whom we work.

Future plans 2023-2024

The Charity aims to:

Continue to be a dynamic ensemble theatre company for the region, creating interesting, thoughtful theatre.

Maintain and grow regular in-house participation offer – including partnerships with blueApple and Artful Scribe.

Further develop the current relationship with AUB (Arts University Bournemouth).

Maintain and grow developmental support for emerging artists through its Associate Artist scheme.

Maintain and grow education workshops and projects through new partnerships such as ZoieLogic.

Continue to deliver drama sessions in community settings and for the settled traveller, young people on the Waterside of the New Forest supported by Children in Need funding.

To work in partnership with Culture in Common as they focus on Ringwood town for 2024

Develop 3 year rural touring strategy for the company and in consultation with Folio and NFDC

Structure, governance and management Governing document

The organisation is a charitable company limited by guarantee, incorporated on 30th January 1984 and registered as a charity with the Charity Commission. The charitable company was established under a Memorandum of Association which details the objects and powers of the charitable company and is governed under its Articles of Association. In the event of the charity being wound up, the members are required to contribute an amount not exceeding one pound.

Independent Theatre Council deemed the documents, although old fashioned, fit for purpose.

FOREST FORGE THEATRE COMPANY

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2023

The Trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were:

Ms N Ratcliffe Wilson

Ms B Smith (Resigned 1 April 2023) Dr M Whitehead Mr J Hartley-Binns Ms G Gould Ms M Purdie (Resigned 1 October 2023)

Recruitment and appointment of new trustees ;

All Trustees are proposed, seconded, and appointed by the Board and hold Office for three years before their re-election. A voting procedure takes place before re-election. To simplify procedures all trustees are now reelected annually at the AGM.

FOREST FORGE THEATRE COMPANY

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2023

Organisational structure

The Charity is managed by the Board of Directors, who meet on a quarterly basis and when required. The board consider themselves to be the charity's key management personnel with the CEO and Creative Learning Director.

There are currently five Trustees on the Board, plus a representative from New Forest District Council

Mr James Hartley-Binns ( Chair)

Dr Miranda Whitehead ( Vice Chair)

Mrs Nicola Ratcliffe Wilson

Mrs Gill Gould

NFDC rep Cllr Mrs Christine Ward

The Chair of the Board ( Mr James Hartley-Binns) regularly attends meetings on behalf of the charitable company, went not available he is supported by Dr Miranda Whitehead ( Vice Chair) and other members of the Board. Trustees and staff are kept updated via regular meetings. The Chair keeps himself informed by social media, telephone calls, and face to face meetings with the CEO.

Statement of Trustees' responsibilities

The Trustees, who are also the directors of Forest Forge Theatre Company for the purpose of company law, are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company Law requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that year.

In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. The Trustees' report was approved by the Board of Trustees.

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

Mr J Hartley-Binns

Trustee Dated: .........................

FOREST FORGE THEATRE COMPANY

INDEPENDENT EXAMINER'S REPORT

TO THE TRUSTEES OF FOREST FORGE THEATRE COMPANY

I report to the Trustees on my examination of the financial statements of Forest Forge Theatre Company (the charity) for the year ended 31 March 2023.

Responsibilities and basis of report

As the Trustees of the charity (and also its directors for the purposes of company law) you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006 (the 2006 Act).

Having satisfied myself that the financial statements of the charity 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 the charity’s financial statements carried out under section 145 of the Charities Act 2011 (the 2011 Act). In carrying out my examination I have followed all the applicable 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 that in any material respect:

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 financial statements to be reached.

Dean Pullen FCCA TC Group

10 Bridge Street Christchurch Dorset BH23 1EF

Dated: .........................

FOREST FORGE THEATRE COMPANY

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 31 MARCH 2023

Unrestricted
Restricted
funds
funds
2023
2023
Notes
£
£
Income and endowments from:
Donations and grants
3
2,037
20,499
Charitable activities
4
46,340
-
Other trading activities
5
-
-
Investments
6
106
-
Other income
7
4,060
-
Total income
52,543
20,499
Expenditure on:
Raising funds
8
11,013
-
Charitable activities
9
135,188
7,457
Total resources expended
146,201
7,457
Net (expenditure)/income for the year/
Net movement in funds
(93,658)
13,042
Fund balances at 1 April 2022
450,613
5,897
Fund balances at 31 March 2023
356,955
18,939		 Total
2023
£
22,536
46,340
-
106
4,060
73,042
11,013
142,645
153,658
(80,616)
456,510
375,894		 Total
2022
£
131,244
33,398
230
12
450
165,334
16,934
163,884
180,818
(15,484)
471,995
456,511

The statement of financial activities includes all gains and losses recognised in the year.

All income and expenditure derive from continuing activities.

The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.

FOREST FORGE THEATRE COMPANY

BALANCE SHEET

AS AT 31 MARCH 2023

Notes
Fixed assets
Tangible assets
14
Current assets
Debtors
15
Cash at bank and in hand
Creditors: amounts falling due within
one year
16
Net current (liabilities)/assets
Total assets less current liabilities
Creditors: amounts falling due after
more than one year
17
Net assets
Income funds
Restricted funds
20
Unrestricted funds		 2023
£
6,207
6,332
12,539
(58,433)		 £
456,459
(45,894)
410,565
(34,671)
375,894
18,939
356,955
375,894		 2022
£
14,001
37,329
51,330
(20,570)		 £
465,384
30,760
496,144
(39,633)
456,511
5,897
450,614
456,511

FOREST FORGE THEATRE COMPANY

BALANCE SHEET (CONTINUED)

AS AT 31 MARCH 2023

The charitable company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 31 March 2023.

The Trustees acknowledge their responsibilities for ensuring that the charitable company keeps accounting records which comply with section 386 of the Act and for preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of the financial year and of its incoming resources and application of resources, including its income and expenditure, for the financial year in accordance with the requirements of sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the Trustees on .........................

.............................. Mr J Hartley-Binns Trustee

Company Registration No. 01787316

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

FOREST FORGE THEATRE COMPANY

1 Accounting policies

Charity information

Forest Forge Theatre Company is a private charitable company limited by guarantee incorporated in England and Wales. The registered office is The Theatre Centre, Endeavour Park, Crow Arch Lane, Ringwood, Hampshire, BH24 1SF.

1.1 Accounting convention

The financial statements have been prepared in accordance with the charity's governing document, the Companies Act 2006 and “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)” (as amended for accounting periods commencing from 1 January 2016). The charity is a Public Benefit Entity as defined by FRS 102.

The charity has taken advantage of the provisions in the SORP for charities applying FRS 102 Update Bulletin 1 not to prepare a Statement of Cash Flows.

The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest pound.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2 Going concern

At the time of approving the financial statements, the Trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. As stated in the Trustees' Report, in order to provide sufficient cashflow for the foreseeable future the Trustees elected to sell it's property after the balance sheet date. The free cash reserves resulting from this will provide financial security for the foreseeable future. Thus the Trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3 Charitable funds

Unrestricted funds are available for use at the discretion of the Trustees in furtherance of their charitable objectives unless the funds have been designated for other purposes.

Designated funds are unrestricted funds which have been earmarked for a particular purpose, within the objects of the charitable company by the Trustees.

Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.

1.4 Incoming resources

Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

FOR THE YEAR ENDED 31 MARCH 2023

FOREST FORGE THEATRE COMPANY

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

1 Accounting policies

(Continued)

Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

Income from grants, whether ‘capital’ grants or ‘revenue’ grants, is recognised when the charity has entitlement to the funds, any performance conditions attached to the grants have been met, it is probable that the income will be received and the amount can be measured reliably and is not deferred.

1.5 Resources expended

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probably 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 heading they have been allocated to activities on a basis consistent with the use of resources.

1.6 Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Leasehold land and buildings Straight line over 150 years
Fixtures and fittings 20% on reducing balance basis
Computers 33% on cost
Motor vehicles 20% on reducing balance basis

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in net income/(expenditure) for the year.

1.7 Impairment of fixed assets

At each reporting end date, the charity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

1.8 Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.9 Financial instruments

The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

FOREST FORGE THEATRE COMPANY

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2023

1 Accounting policies

(Continued)

1.10 Employee benefits

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.11 Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

2 Critical accounting estimates and judgements

In the application of the charity’s accounting policies, the Trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated 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 ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

The annual depreciation charge is considered with reference to the estimated useful economic lives and residual value of the assets. The useful economic lives and residual values are re-assessed annually.

Income recognition is considered with reference to the service level agreement, grant agreement or other supporting documentation, to ensure cut off is correctly stated at the point of entitlement.

Allocation of costs are considered and allocated accordingly between direct, support within the relevant category.

There were no other key sources of estimation uncertainty or judgements.

FOREST FORGE THEATRE COMPANY

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2023

3 Donations and grants

Unrestricted Restricted Total Total
funds funds
2023 2023 2023 2022
£ £ £ £
Donations 2,037 - 2,037 1,093
Grants - 20,499 20,499 127,828
Other - - - 2,323
2,037 20,499 22,536 131,244
For the year ended 31 March 2022 92,245 38,999 131,244
4 Charitable activities
Charitable Charitable
activities activites
2023 2022
£ £
Production 2,578 2,831
Creative Learning 43,762 30,567
46,340 33,398
5 Other trading activities
Unrestricted Total
funds
2023 2022
£ £
Friends scheme - 230

FOREST FORGE THEATRE COMPANY

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2023

6 Investments

Unrestricted
funds
2023
£
Interest receivable
106
7
Other income
Unrestricted
funds
2023
£
Rental and hire income
4,060		 Total
2022
£
12
Total
2022
£
450

FOREST FORGE THEATRE COMPANY

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2023

8 Raising funds

Unrestricted
Restricted
funds
funds
2023
2023
£
£
Expenditure on raising funds
Sundries
550
-
Marketing
-
-
Other fundraising costs
-
-
Staff costs
10,463
-
Expenditure on raising funds
11,013
-
11,013
-
For the year ended 31 March 2022
Fundraising and publicity
16,772
162		 Total
2023
£
550
-
-
10,463
11,013
11,013		 Total
2022
£
1,525
1,671
1,728
12,010
16,934
16,934
16,934

FOREST FORGE THEATRE COMPANY

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2023

9 Charitable activities

Staff costs
Production costs
Freelance fees
Marketing
Insurance
Rates and water
Postage and stationery
Telephone
Computer costs
Maintenance costs
Motor and travel
Subscriptions
Sundries
Educational support
Share of support costs (see note 10)
Share of governance costs (see note 10)
Analysis by fund
Unrestricted funds
Restricted funds
For the year ended 31 March 2022
Unrestricted funds
Restricted funds		 Creative
learning
Production Other costs
2023
2023
2023
£
£
£
42,837
10,672
-
7,986
-
-
8,093
-
-
317
317
-
1,190
1,190
-
2,913
2,913
-
131
131
-
709
709
-
1,359
1,359
-
2,729
2,729
-
272
294
-
84
84
-
433
433
-
-
-
1,705
69,053
20,831
1,705
16,212
11,313
15,238
-
-
8,293
85,265
32,144
25,236
77,808
32,144
25,236
7,457
-
-
85,265
32,144
25,236
85,664
33,244
35,026
8,143
725
1,082
93,807
33,969
36,108		 Total
2023
£
53,509
7,986
8,093
634
2,380
5,826
262
1,418
2,718
5,458
566
168
866
1,705
91,589
42,763
8,293
142,645
135,188
7,457
142,645		 Total
2022
£
61,254
9,036
8,964
774
2,808
3,030
586
1,306
3,004
6,320
622
468
1,458
2,655
102,285
52,439
9,160
163,884
153,934
9,950
163,884
153,934
9,950
163,884

FOREST FORGE THEATRE COMPANY

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2023

10
Support costs
Support
costs
Governance
costs
2023
£
£
£
Staff costs
6,380
-
6,379
Depreciation
8,925
-
8,925
Freelance fees
892
-
892
Marketing
635
-
635
Insurance
2,381
-
2,381
Maintenance and computer costs
10,419
-
10,419
Educational support
5,115
-
5,115
Support costs heading 8
3,584
-
3,584
Sundries
3,323
-
3,323
Bank charges
1,110
-
1,110
Legal and professional
-
8,293
8,293
42,763
8,293
51,056
Analysed between
Charitable activities
42,763
8,293
51,056
Governance costs includes independent examinations fees of £2,671 (2022- £2,520).
11
Net movement in funds
2023
£
Net movement in funds is stated after charging/(crediting)
Depreciation of owned tangible fixed assets
8,926		 2022
£
6,805
9,928
985
5,790
2,808
9,324
7,966
3,030
4,923
880
9,160
61,599
61,599
2022
£
9,928

12 Trustees

None of the Trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year.

FOREST FORGE THEATRE COMPANY

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2023

13 Employees

Number of employees

The average monthly number of employees during the year was:

Employment costs
Wages and salaries
Social security costs
Other pension costs		 2023
Number
4
2023
£
69,180
1,100
71
70,351		 2022
Number
4
2022
£
74,497
2,640
2,932
80,069

There were no employees whose annual remuneration was £60,000 or more.

14 Tangible fixed assets

Tangible fixed assets
Leasehold land
and buildings
Fixtures and
fittings
£
£
Cost
At 1 April 2022
528,157
105,174
At 31 March 2023
528,157
105,174
Depreciation and impairment
At 1 April 2022
84,211
86,846
Depreciation charged in the year
3,521
3,666
At 31 March 2023
87,732
90,512
Carrying amount
At 31 March 2023
440,425
14,662
At 31 March 2022
443,946
18,328		 Computers
Motor vehicles
£
£
36,567
3,350
36,567
3,350
35,171
1,635
1,396
343
36,567
1,978
-
1,372
1,395
1,715		 Total
£
673,248
673,248
207,863
8,926
216,789
456,459
465,384

FOREST FORGE THEATRE COMPANY

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2023

15
Debtors
Amounts falling due within one year:
Trade debtors
Other debtors
Prepayments and accrued income
16
Creditors: amounts falling due within one year
Notes
Bank loans
18
Other borrowings
Other taxation and social security
Trade creditors
Other creditors
Accruals and deferred income
17
Creditors: amounts falling due after more than one year
Notes
Bank loans
18		 2023
£
360
250
5,597
6,207
2023
£
5,404
14,000
7,667
18,321
6,967
6,074
58,433
2023
£
34,671		 2022
£
10,119
-
3,882
14,001
2022
£
5,398
-
3,796
6,142
1,786
3,448
20,570
2022
£
39,633

FOREST FORGE THEATRE COMPANY

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2023

18 Loans and overdrafts

Bank loans
Directors' loans
Payable within one year
Payable after one year
Amounts included above which fall due after five years:
Payable by instalments		 2023
£
40,075
14,000
54,075
19,404
34,671
23,093		 2022
£
45,031
-
45,031
5,398
39,633
23,393

Bank loans incur interest at 2.50% per annum, fixed for the duration of the loan.

19 Retirement benefit schemes

Defined contribution schemes

The charity operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the charity in an independently administered fund.

The charge to profit or loss in respect of defined contribution schemes was £71 (2022 - £2,932).

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2023

FOREST FORGE THEATRE COMPANY

20 Restricted funds

The income funds of the charity include restricted funds comprising the following unexpended balances of donations and grants held on trust for specific purposes:

Movement in funds Movement in funds
Balance at Incoming Resources Balance at
1 April 2022 resources expended 31 March 2023
£ £ £ £
Children In Need 2022 5,897 - (5,897) -
Children In Need 2023 - 10,499 (1,560) 8,939
New Forest District Council - 10,000 - 10,000
- -
5,897 20,499 (7,457) 18,939

The Children In Need grants, relate to monies received to aid in the provision of drama workshops and group theatre work for children and young people from settled gypsy and traveller communities.

New Forest District Council grants were received towards capital works, core funds and general building costs and has been fully spent in the year.

21 Analysis of net assets between funds

Analysis of net assets between funds
Fund balances at 31 March 2023 are
represented by:
Tangible assets
Current assets/(liabilities)
Long term liabilities		 2023
£
456,459
(45,894)
(34,671)
375,894		 2023
£
-
-
-
-		 Total
2023
£
456,459
(45,894)
(34,671)
375,894		 Total
2022
£
465,384
30,760
(39,633
456,511

22 Operating lease commitments

At the reporting end date the charity had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

2023 2022
£ £
Within one year - 1,272

FOREST FORGE THEATRE COMPANY

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2023

23 Related party transactions

Remuneration of key management personnel

The remuneration of key management personnel is as follows.

2023 2022
£ £
Aggregate compensation 67,260 68,240

During the year the trustees provided a short term loan to the charity totalling £14,000. The loan was repaid in full in November 2023.