Company registration number= 1882407 Charity re￿$tration number.. 291977 Ilminster Entertainments Society Limited IA company limited by guarantee) Annual Report and Financial Statements for the Year Ended 31 July 2024 Ilminster Entertainments Society Limited Contents Legal and Administrative Information Trustees, Report Statement of Trustees, Responsibilities Independent Examinerfs Report Income & Expenditure Account Balance Sheet Directors Statements Notes to the Financial Statements 8and9 Ilminster Entertainments Society Limited Le8al and Administrative Information Dlr¢rtors who served durlng the year 01.08.2023 to 31.07.2024 David Goodall Brian Perkins Lucy Driver Giuseppina de Novellis Malcolm Young Claire Curtis Rodney Barge (elected 21st September 20231 Lucy Bunyan lelerted 21st September 20231 Vern Dunkley (elected 21st September 20231 Krissie Isaac (elected 21st September 20231 Charles Carrington {resigned 21st September 20231 Nicola Gri8gs (resigned 21st September 2023} Reg15tered Office and Operatlonal Addre55 The Warehouse Theatre Brewery Lane Ilminster Somerset TA19 9AD Company Registratlon Number 1882407 Charity Registralion Number 291977 Independent Examiner Mitchams Chartered Accountants I Cornhill Ilminster Somerset TA19 OAD Ilmlnster Entertainments Society Limited Truste￿ Report October 2024 G¢>vernin8 Documents •nd Management Originally incorporated as a limited company on the 4th February 1985 in accordance with the Memorandum and Articles of Association dated 14th January 1985 and most recently amended 16th January 2013,. there is provision for up to twelve Trustees appointed by the Membership to serve as a Management Committee. The Trustees appoint Volunteer Managers to orEanise the various Society and Theatre activities. The Theatre Housekeeper and the Youth Theatre Leader are self-employed and invoice the society for their services. Finding enough active volunteers Wlthin the Membership for the many and varied roles to run the theatre successfully continues, on occasions, to present a challenge. Achievements and Objertives We have had an extremely busy year for the theatre. As well as our seven own shows lincluding two youth theatre productions) there have been over ten different visitkng shows and a dozen different hirers of the theatre. Our full IES productions have included pantomime5, rnurder mysteries and comedies this year. Worthy of special mention is the one act play, The Dumb Waiter directed by Celia Crookes. The produdion won the Somerset County Shield for the Best One Art Play and Mick Glynn won Best Artor in ￿MerSet. Sadly, Celia died last month and we send our thoughts and condolences to her friends and family. The theatre will mi55 her very much. The Youth Theatre group meets weekly during temi time and offers opportunities for children aged 7-18. The older children put on an evening of one act plays and the Musical Theatre group performed Beauty and the Beast Jr. The younger groups put on an afternotsn of presentation workshop pieces to a packed house. The theatre has been recogni5ed as a Trinity College Arts Award Champion Centre. Our visiting shows have included a mix of theatre, con￿rtS Iboth touring artists and local community choirs) and stand up. Our hirers included our regulars: the Cinema Club and Thursday group as well as local schools. the Ilminster Literary Festival and the Somerset Fellowship of Drama for their County Orama Festival. Our Programme Committee has now merged with the Publicity Committee and we have seen a noticeable Improvement in the promotion of all of our evens and this has resulted in improved ticket sales. The renovation work on The Warehouse Theatre Bakery Studio has been going full 5tearn ahead and is very close to opening. General maintenance is ongoing and this yearwe have fotused on the bar refurbishment. We have removed the well, added seating and given it a general make-over. making a huge difference to the ambience. Looking forward. we are excited to move our wardrobe. youth theatre sessions and some rehearsals into the Warehouse Theatre 8akery Studio. We also plan to make repairs to the roof and stop the leaks in the auditorium and foyer, update our sound and lighting equipment and continue with our full calendar of events and shows. Many thanks to all those who have helped run the theatre during the year. whether as trustees. sub-committee members, treasury. maintenance, back-stage, onstage. front of house and bar, and our audience members. Many people put in a huge effort to keep this theatre alive and we would not be here without their deditation. lucy Driver Chair of Trustees Ilminster Entertainments Society Limited Statement of Trustee's Responsibllltles The trustees (who are a150 the directors of Ilminster Entertainments Society Limited for the purpose5 of company lawl are responsible for preparing the trustees. rewrt and the financial statements in accordance with the United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Prarticel and applicable law and regulations. Company law requires the trustees to prepare financial statements for each financial year. Under company law the trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements. the trustees are required to.. select 5Ultable accounting policies and apply them consistently* observe the methods and principles in the Charities SORP- make judgements and estimates that are reasonable and prudent: state whether applicable UK Accountin8 Standards have been followed, subject to any material departures disclosed and explained in the financial sratements: and prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business. The trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charitable company's transactions and disclose with reasonable accuracy at any time the financial position of the charitable company and enable them lo ensure that the financial statements comply with the Companie5 Act 2006. They are also responsible for safeguarding the assets of the charitable Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Approved by the trustees of the charity on I£c£T 14 and Signed on its behalf by: VVQS Lucy Driv Chair of Trustees Ilminster Entertalnments Society Limited Independent Exarninerfs Rem to the tntstees of Ilmlnster Entertainments Society I report on the accounts of the charity for the year ended 31 July 2024 which are set out on pages 6 to 7. Respective respon51bllltles of trustees and examlner The trustees Iwho are also the directors of the company for the purposes of company lawl are responsible for the preparation of the actounts. The trustees consider that an audit is not required for this year under section 144121 of the Charities Act 2011 (the 2011 Act) and that an independent examination 15 needed. Having satisfied myself that the tharity is not subjert to audit under company law and is eligible for independent examination. it is my responsibility to.. examine the accounts under section 145 of the 2011 Act: to follow the procedures laid down in the general Directions given by the Charity Commission under settion 14515llbl of the 2011 Act; and to State whether particular matters have come to my attention. Basls of Independent examinerf5 report My examination was carried out in accordan￿ with the general Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those record5. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as trustees concerning any such matters. The protedures undertaken do not provide all the evidence that would be required in an audit and consequently no opinion is given as to whether the accounts present a 'true and fair view, and the report is limited to those matters set out in the ststement below. Independent exarniner's ststement In connection with my examination, no matter has come to my attention: 111 which gives me reasonable cause to believe that in any material respect the requirements.. to keep accounting records in accordance with section 386 of the Companies Act 2006,. and to prepare accounts which accord with the accounting records, Comp￿ with the accounting requirements of section 396 of the Companies Act 2CWJ6 and with the methods and principles of the Statement of Recommended Practice.. Accounting and Reporting by Charities have not been met- or 121 to which, in my opinion, attention should be drawn in order to enoble a proper understanding of the accounts to be reached. MrAndrew Welch Mitchams Chartered Accountants I Cornhill Ilminster Somerset TA19 OAD 17th October 2024 Ilminster Entertainments society Limited Income and Expendlture Account For the year ended 31st July 2024 2023 2022 RECEIPTS.. IES Productions Visiting Productions Theatre Hire Discounts Given Youth Theatre Front of House Bar Income Merchandise Sales and Other Income Members Subscriptions 100 Club Income Donations Bar Refurbishment Income Old Bakery Project Income Gift Aid Profit on Sale of Asset Investment Income 32305 14970 11936 -735 9236 7157 15944 786 2768 21080 9279 9137 -640 6387 4547 8837 503 2572 2285 1641 755 583 763 21290 596 23590 1662 2198 1287 120552 92167 PAYMENTS IES Production5 Vi51ting Productions Youth Theatre Front of House Bar Expenditure Stock on Hand at Beginning of Year Stock on Hand at Year End Merchandise Costs Publicity Stage and Lighting 100 Club Expenditure Office Costs Housekeeping utilities Insurance Licence5 Maintenance Bar Renovations Professional Services Bank Charges Miscellaneous Depretiation 8228 7474 4755 3179 10705 995 -3323 318 1795 651 520 2240 3043 8513 3296 1654 2787 601 773 3320 4327 4122 4579 1898 4829 510 -995 129 870 2082 820 2999 3777 4079 2811 2321 1400 964 2113 2350 2261 63874 45896 SURPLUS RECEIPTS OVER PAYMENTS FOR YEAR 56678 46271 Ilminster Entertainments Society Limited 8alance Sheet as at 31st July 2024 2023 2022 FIXED ASSETS Land & Buildings 114220 114220 Old Bakery Costs Additional costs in year 192329 50585 136644 55685 242914 192329 Furniture Fittings and Equipment Cost Additions in Year 103984 31S7 107141 98431 5553 103984 81378 2261 Depreciation brought forward Depreciation charge for year 83639 2350 85989 21152 20345 378286 326894 CURRENT ASSEr Stock on Hand 3323 995 Debtors 3599 2646 Bank Balances Lloyds CCLA Petty Cash 26419 58232 3￿ 12984 71185 472 84951 84641 TOTAL A SETS 470159 415176 CURRENT LIABILTIES Creditors Trade Creditors Accruals Deferred Income -663 1499 2687 450 712 4056 3523 5218 NET ASSETS 466636 409958 Represented by: General funds brought forward Add Surplus of income over expenditure 409958 56678 363687 46271 466636 409958 Ilmlnster Entertainments 5oclety Umlted Directors Statements required by Section 475 for the year ended 31st July 2024 In approving these financial statements as directors of the company we hereby confirm: al that for the year stated above the company was entitled to the exemption from audit under Section 477 of the Companies Act 2006: bl that no notice has been deposited at the registered o)Tice of the company pursuant to Section 476 requesting that an audit be conducted for the year ended 31st July 2024. cl that we acknowledge our responsibilities for= 11 ensuring that the company keeps accounting rewrds which comply with Section 386; and 21 preparing financial statements which give a true and fair view of the state of the company at the end of the financial year and of its profit or105s for the year that ended in accordance with the requirements of Sections 394 ond 395 and which otherwise comply with the provisions of the Companies Act relating to financial statement. so far as applicable to the company. These financial statements have been prepared in accordance wrth the special provisions of Part 15 of the Companies Act 2006 and the Financial reporting Standard for Smaller Entities leffertive April 2CQ81 relating to Small companies. The financial statementswere approved bythe management commtttee on IS £4 and signed on its behalf by Lucy Drive Director Lucy Bunyan Director Ilminster Entertainments Society Limited Notes to the Flnanclal Ststement for the Year ending 31st July 2024 I Charity sta￿S The charity is a charity limited by guarantee ènd consequently does not have share capital. Each of the trustees is liable to contribute an amount not exceeding £10 towards the assets of the charity in the event of liquidation. 2 Accountlng pollcles Summary of significant accounting policie5 arKI key a¢tountin8 estlmates The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consixently applied to all the years presented. unless otherwise ststed. ststement of compllance The financial statement5 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 IFRS 1021 (effective l January 20151- (Charities SORP IFRS 1021, the Financial Reporting Standard applicable in the UK and Republic of Ireland IFR51021 and the Companies Act 2006. Basls of preparatlon The Ilminster Entertainments Society Limited meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recogni5ed at historical CO￿ or transartion value unless otherwise stated in the relevant accounting ￿lIcY notes. Golng concern The trustees consider that there are no material uncertainties about the charity's ability to continue as a going concern nor any significant areas of uncertainty that affect the carrying value of assets held by the charity- Exemption from preparin8 a cash flow ststement The charity opted to early adopt Bulletin I published on 2 February 2016 and have therefore not included a Cash flow statement in these financial statements. Transltlon to FRS 102 In preparing the accounts, the trustees have considered whether in applying the accounting policies required by FRS 102 and the Charities SORP FRS 102 a restatement of comparative items w35 required. No restatements ère required as a result of the transition to FRS 102. Exemption frorn preparing group accounts The charity has taken advantage of the exemption in section 398 of the Companies Act 2006 from the requirement to prepare con501idated financial statement5. on the ground5 that it is a small sized group. Asset dass Furniture and equipment Depreclatlon metI￿d and rate IO% reducing balance Stock Stock is valued at the lower of cost and estimated 5ellin8 price le55 CQSt5 to complete and sell. after due regard for obsolete and slow moving stocks. Cost is detemiined using the first-in, first-out IFIFOI. Ilminster Entertainments Society Limited Notes to the Financial Statement for the Year endin8 31st July 2024 3 The Trustees believe that the furniture, fittings and equipment are worth more than the balance sheet states following a review in the year. 4 The Society follows a policy of maintaining not le55 than a £25.OCQ reserve in cash in hand and bank, following appropriate risk assessment. 5 No Member of the Management Committee received any remuneration during the year.