COMPANY REGISTRATION NUMBER: 01731859 CHARITY REGISTRATION NUMBER: 292326 "LITTLE WORLD" LIMITED (A Company Limited by Guarantee) OPERATING AS HORSE + BAMBOO THEATRE ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31st MARCH 2024
"Little World" Limited Company Limited by Guarantso Financlal Statements Year ended 31 March 2024 Page Chairs Foreword Adminislrative Information Trustees, Annual Report (Incorporating the Directors, Report) Independent Examinerfs Report to the Trustees of°Little World. Limited 10 Statement of Financial Activities 11 Statement of Financial Position 12 ststement of Cash Flows 13 Notes to the Financial Statements 14
'Little World" Limited Company Limited by Guarantee Chair's foreword Year ended 31 March 2024 The Iruslees, who are also the directors for the purposes of company law. present their report and the unaudited financial slalemenls of the charity for the year ended 31 March 2024. ChaSrfs r•port Through 23124 the effects of 'post-covid' cL*ntinued to ripple as we fully Te-commenced our activities. Due lo our locality. and its socio-economic placement, we could still feel the impact of the slrains on Ihe health and financial position pla¢ed on our community. Thankfully the work and dedication of OUT team at Horse + Bamboo meant W9 were able lo posilNely re-engage with our comrnunity,. our audience mernbers, participants, and artis15, rneaning we were able lo approach near pre-covid levels of activity and income generation. thin this. new partnerships have been formed, with an increasing number of local artists using our building and expertise whi¢h is k&y lo our and Ihgir development. Thesg dwelopmenls, arlislic and community based, arose particulady through our House tsf Creation 8Ctivitig8. Feeding into these activities has been our buildin9 refurbishments. including the lrft installation. new healing system, and workshop refil. All these enabling greater engagement with artist and local comrnvnilies. Whilst this report is focused on our activities in 23124, 1 do want lo lake a mom8nl to look forward lo 24125. Finally completing our ACE funded capital project works allowing further development of the House of Creation,. enabling a greater number of residencies in Ihe refurbished workshop. Alongside this our plans for developing our archivelmuseum, and building on our historical routes to be a centre for processional CUre. Of course, none of OUT successes and future plan8 would be posslble without our le8m. So, a big thank you to them for all their dedication and expertise given lo Horse + Bamboo Alex McDonald- Chair
"Little World" Llmited Company Limited by Guarantee Administratlv8 Information Year ended 31 March 2024 Reference and admlnlstrdttve details R•glstèr•d charity namè "Little Worfd" Limited Charity registrdtion number 292326 Company registration number 01731859 Prfn¢lpal office and registsred Horse + Bamboo office 679 Ba¢up Road Walerfool Rossendale England BB4 7HB The Trustees Deyrick Allen Jonathan Ball Caroline Eccles Victoria Foulds Peter Latham Anthony Mcclean Alex McDonald Siobhan Rocks Yousef Sheikh Joseph Oldfitsld {Appointed 15 May 20231 (Appointed 15 May 20231 (Appointed 15 May 20231 (Resigned 25 May 20231 (Resigned 25 May 20231 {Appointed 9 February 2024) So¢r•tary Hannah Mook (Appointed 5 February 20241 Ind8p•ndent examlner Phillip Dennison ACA FCCA 20 Mannin Way Lancaster Business Park Calon Road Lancaster LA1 3SW
'Little World" Limited Company Limited by Guarantee Trustees. Annual Report Ilncorporatlng the Dlrector's Report) Year ended 31 March 2024 The Iruslees present their annual port together with the financial slalements of the charfty for the year ended March 31st 2024 which are also prepared lo meet the requirements for a directors, report and accounts for Companies act purposes REPORTING FRAMEWORK The financial Slalements comply with the Charities Act 2011, the Companies Act 2006, the Mernorandum and Articles of Assoaation. and Accounting and Reporting by Charities.. Sialement of Recommended Practice applicable lo charities preparing their accounts in accordance with the Financh?l Reporting Standard applicable in the UK and Republic of Ireland (FRS1021 (effective 1 January 20191, referred lo as the Charitles SORP {FRS 1021 (second edllion- Ociober 20191. Structure. governance and management Gov•mlng documtrnt The charity is a company mited by guarantee governed by ils memorandurn and articles of association dated May 21 1983, as amended by spid1 resolulion{sl dated 17107113 and 23110113. It is a reglslered charity with the Charity Commission. Appolntment oftrusts•$ The Dire¢tors who served during the year tog$lher with any changes are listed on page ol the annual report. The Board of Directors is known as the Committee of Management. The Dlrectors are appointed by the members in General Meeting. The Committee of Management may appoint directors to fill casual vacancies. bul those so appointed hold office until the nexi Annual General Meeting. In line with new Racial Equality and Disability policies. the Company 15 adively seeking lo recruit further Trustees. Trustee 5nductlon and tralnlng A proper indu¢tion and training programme is v*lal, as part of the process of ensuring that Trustees can become valuable and effective members of the H + B board as quickly as possible. H + B follows the Charity Commission Guidance, by providing an induction progiamm& that Is sullable for the new Truste& and Ihe size and nalure of Ihe H + B organisalion as follows: Introductions to senior management and staff. Providing them with relevant information on H + B, lor example business plans, annual accounts, the core goveming document. Visits to see performances and meet wf(h performers. Mèetings with existing Trustees and other board members. An assessment of any Irainlng requiied by tha trust89. Introductions lo our professional advi5er5 All new Twstees joining H + B are required to attend relevant Iraining courses. The induction process marks the beginning of an on.going proce55 of Trustee training and development, to ensure that Trustees can continue lo make an effe¢tive Contribution to H + B. Trustees a150 sign up lo the Roles and Responsibilities document which sets out the relationship beeen the Board and the Company and how this relationship is fulfilled.
"Llttle World" Limited Company Llmlted by Guarantee Trusteos. Annual Raport Ilncorporatlng the Dlrector's Report) Year ended 31 March 2024 Organisation The Board is responsSbfe for the overall strategy. management and direction of the charity and meets as required, usually four limes per year. 11 delegatès day to day managèment of the charity lo the senior staff team, who comprise a mixture of employed staff and freelance artistic personnel. Obj¢etiv¥$ and activit1¢¥ Charitabl• obj¢¢ts Ils charitable objectives are the promotion of public education and the encouragement of the arts through the visual and perfomiance arts. 11 achieves ils charitable objectives through lis principa1 activities. Thè Horse + Bamboo exist$ lo pursue e@lIenCe in visual thealre and related activitie$. In particular. the Company seeks lo lake innovative theatre lo 8e¢tion$ of the community normally denied access to live performan¢e by reason of location. level of physical, sensory. or leamlng abilty. ethnic background, or social status. Aims Organi¥ational Ifision We will create work that reminds us all the wonder of being alNe In Ihls endlessly fascinating and complex worfd. We wanl lo reach all sections of society and communicate with people in exciting and unexpecièd ways, lo Somètimes surprise. amuse, intrigue and queslion bul aayS enlert8in. We will be a vital part of OUT neighbourhood, creating 8 place whèrè art and creatNily are an ordinary and essential part ol people's lives. Mlsslon Statem*nt We draw inspiration from our locatlon in Pennine Laneashire and reflect our sense of place in the work Ihal we produce. We are part of the ltural fabric of our neighbourhood. Horse and Bamboo provides a sense of belonging. a pla¢& for inspiration and a welcoming environment where families can share experiences through art and theatre. Through educating and inspiring audiences, we can have a lasting impaci on the quality of their cultural lives and give them a sense of comrnilmenl lo Horse and Bamboo Theatre and Iher&by become advocates for OUT work and contribution lo the community. National and internationa5 tours enable us lo reach new audiences and consolidate our reputation as national and intemational speaalisls in puppetry and mask. We will continue lo draw inspiration from touring and refiect this back to our local audien5 through the developrnenl of our work. We produce thought provoking and emotionally engaging theatre with an integrity that resonates with audiences. We support wide ranging art forms gulded by the strengths and enthusiasms of the art151s and audiences with whom we work. We share our skills and resources with emerging artists and support our wider communty in engaging young people and families in the arts.
"Little World" Limited Company Limited by Guarantee Trusteos. Annual Report (Incorporating the Director's Report} l¢onllnu Year ended 31 March 2024 ActSvltlès Horse and Bamboo was formed in 1978 by a small group of artists, musicians and perfomers lad by the founding Artistic Director Bob Frith. Ils purpose,. lo take visual, musical, and predominantly non- verbal theatre lo places largely neglected by conventional fomis of theatre, playing to audiences from a wide range of backgrounds. Since then, Ihe company has been on the road as a touring puppet theatre company across Lancashire, the UK and Europe with perf¢man¢es aimed al young and adu audiences. In June 1983 the company become a registered charity, Little Worfd Ltd Ua Horse and Bamboo with a Board of Trustees and Members. The company moved into a permanent home in Waterfool in the Rossendale Valley Calling the venue "The Boo" The Boo provides a small performance space delNering a regular programme for the community, perforTlled by visiting artists as well as the Horse and Bamboo team. The Boo is also a creativo hub where artists collaborate to share and develop skills and ¢reale new shows. Increasing, the company is reaching out into the local community tts engage famili85 and young people in the Rossendale Valley lo access the creative skills the company can offer. The company. now operating under th9 name Horse and Bamboo. has well developed partnerships with lo¢al organisations woiking in the community. and is active in nelworks regionally and nationally in the Theatre Arts sector. The company works in close Collaboration with funders lo deliver shared objectives. Funders, community pariners and neorkS are listed al (Page 81. Horse and Bamboo is governed by a Board of Trustees (Page 21 responsible for supporting the strategic aims of the Mpany. ts finanryal health. the govemance. and Ihg effgctive use of resources. The staff are responsible for the continued artistic development of the company and the delivery of the strategic plan and Operational plan. Public benefit The charily has had Tegard to the Charity Commission guidan on public benefit and the trustees believe that all the activitiès of the ¢h3rity dèliver public benefit as set out in this report. Contribution of volunteers support the delivery of events al Horse and Bamb¢J) and contrlbute to marketing contsnl and advocacy for the company in our locality.
"Little World" Limited Company Llmltad by Guarantee Trustees. Annual Report (Incorporating the Directorfs Report) le+JntirtvedJ Yoar ended 31 March 2024 Strdteglc rèport Board Development The Strategic Sub-Group ha8 been established whlch is abl& to m9et between board meetings and move activities and details forward with capacity and rnomenlum. A Sub-Group has been set up lo focus on Income slralegies, made up of Board members. staff and with a view to bring in relevant professionals. Staff Development A new Finance and Operations Manager was appointed al the end of 2024 who is taking control of developlng operational processes and freeing up more time for the Creative Development DireGlor and Producer lo focus on their roles. Workshop D•v•lopm8nt We received a gTanl from The Theatres Trust to replace our workshop floor whlch led to a workshop organlse wrth the current artists uslng the spac¢. Plans are In place to begin renting workshop space lo local artists and groups, making the space more visible and usabl8. Heritage Action Zone Funding and Culturnl Consortium Working with Rossendale Borough Council we have led the Bacup Cultural Consortium and in January 2021 achieved £90k of funding from Historic England Cultural Programme and this will see us lead culttjral activity throughout Bacup in 2021-24. Oral health Project We have been commissioned by Lancashire Country Councll lo run cr¢aliv¢ oral health related slorytelling sessions for the community along with the CTeation of a book. Eco building davelopmant Horse + Bamboo continues to work with eco-friendly energy supplies, have had solar power installed and internally work to reuse and recycle materials for the creallon of our work. We a150 have 8 partnership with IOT Horizons who we work wilh lo track energy usage and air quality. There are plan5 lo partner wlh them lo become 8 lead in air qu81ity research in arts centres.
'Little World" Limited Company Limited by Guarantea Trustsès. Annual Report Ilncorporating the Director's Rèport) {eonLlnts8 Year ended 31 Pliah 2024 Aehievèments and rfOrnian Overview Notable achievements within 23124 have been the suG¢ess of our annual Walerfoot Wakes festival and Parade. This engagèd local audiences and artists and was re¢eThied w811. Horsè and Bamboo have seen increased engagement with our adult audiences attending rnusic nights and gigs, along with welcoming in new artisls and groups to the building. H+8 have continued to improve the building using ACE Capital lunding lo instsll an accessible lift, giving a¢¢ess to the wotkshop and office spaces. A¢tlvlty The building Ss continuously used lo host open m¢c and open dec nlghls, Babyboo and sen$ory activity. dance classes. craft workshops, film nights and Cottonshed Theatres, classes and workshops. Our Arts award sessions run across the years at various level and across artfom)s. We successfully ran our annual festival Walerfool Wakes and the Pumpkin trail with participation from the public throughout in the creation of aOrk and processing through the streets. Archive development During this period, we have been working on developing the Ctsrnpans archwe. As a long-stsnding vtsual theatre company our building houses vast quantthes of British Theatre history which needs an investment of time that we have not previously been able lo resouree. Throughoul 2020 we have deared spaces on the first floor and begun lo catalogue the companys long and Iconic htslory of horse drawn touring and wsual thèatr8 since 1978. This has also allowed us lo use spaces upstairs which have PTeviou5ty been unused and to spread out adivity allowing for social distancing. We have made an application lo the Heritage Lottery lo begin and archwal and museum Pfoject and have mad contacts with local archivists lo support u$ in Ihi$ wor Creation Centrel House of Creation The House of Creation has started to run activity during 23124. with the workshop seeing its first weeklong resldency, bringlng together rnullidlsclpllnary artlsts lo leam and ueale new work based around marionette making. We welcomed in artist Lucy Wright and had our ffirsl 'Dusking' celebration in Waterfoot which welcomed in Ihe darker month as a new folk tradition. Other local artist8 joined and brought masks made with croquette artist Helen Davies in the previous weeks. We supported the show and sel creation of Tales from the lighthouse by Littlo seeds Music over the R&D week, who then returned to perform their children's show which included world class music. The rehearsal spaces aro in use, and collaboration projocls wllh local and nath)nal artists are in progress.
"Little World" Limlted Company Llmltod by Guarantee Trustees. Annual Report (Incorporating the Directorfs Report) IcLvJtirtuedJ Yaar endod 31 March 2024 Financial rnvl Overview We report a surplus on unrestricted funds this year of £36,911 P022r23 - £25,70n. This has bggn Possible due to exce11enl management practice in building financial r9silience and income strategy within difficu economic times. Socio political circumstances As we open fully, we will also start understand any consequences of Covid, Brexit and the cosl-of- Ilvlng crisi8 on our audience8, we continu9 to diversify income. and long-lerm investment from funders with new investment from Lancashire County Council for our Oral health project work and commissions through Bacup Cultural Consortium. We continue to achieve on our NPO agreement with Arts Council Engtand and are in a good financial position to draw up our NPO application in the coming year. We ¢onlinue to budget for core staffing through reliable in¢omè and through ongoing benchmarking are now able lo more a¢¢uralely forecast our eamed incorne through box office. n¢essions and room hire. We also havè adequate staffing capacity to apply lo Irusls and foundations lor new projects and business development work. We continue to develop partnerships within the communlty which bring u5 eamed irthme on Toom hire and cafelbar income. Golng Concern Although the charity continues to face the uncertainties of a post COVID world. we believe that considering the result for the year. the level of free reserves and ongoing financlal support, that the charity is entilled lo prepare its accounts on the going concarn basis. Prfnclpal Income $our¢es Arts Council England Rossendale Brough Council Lancashirg County Council Bacup Cultural Consoriium Cottonshed Theatre Company The Theatres Twsl Reser4es The Board. has sel a free roserves target lunrgStrict8d funds nol invested in fixed assets or otherwise designaledl of approx. sixjeight months core operating Costs l¢ore staffing and premises costs), which equates lo ¢£70k. At the year end the free reserves stood at £80.e6012023 - £43.2991, this is above th8 current target level. 11 is likely that we will need lo draw on those reseeS to meet the challenges of operating In nèw ways and to allow lime for eamed income lo recover post pandemic and during economic'un¢ertainty. We have th8relore developed the following approach to our free reserves over the following 12 months.. £25k- Building contingency fund (we own oulrighl our large heritage building and small issues such as guttgring, roof problem$ el¢ ¢an bècome very costly. very quickly). £15k- Business Developrnenl activities (Partnership building, oulreachl £5k- Towards H&Bs 50th Anniversary activities. c£55k-Approximalely 6 months operating costs.
"Little World" Limited Company Limited by Guarantee Trustees. Annual Report {Incorporating the Director's Report) {conllnuerfJ Year ended 31 March 2024 Plans for futur• perlods To support its vision. mission 8nd values, Horse and 88mtX wrll promot& spe¢ifi¢ aims during the Business Plan 2020-2025. The principal aims are.. 1. Develop Horse and Bamboo's Public Programme 2. The eroation of work in-hou$6 though thtr Hous8 of Crgalion 3. Support the professional development of artists and emergin9 talent 4. Deliver a programme of participatory and outreach work 5. Support th$ development of Children and Young Pgople 6. Support the further development of a robust, sustainable, and resilient organisation These individual aims aify support$d by 8 Set of 8 obi¢ctivos which 8re reviewed regularly to reflect our present situation and future plans. 1. Increase the diversity and capacity of our professional programming, workshops and participatory prolects through Horse and Bamboo and Waterfoot Wakes Fe$lal to achieve maximum targeted audienc8 development. 2. Continue small-sc8le Investments into the building including tho cafai b8r 8nd workshop ensuring the audience and artist experience is equally valued and facililaled. 3. Production. cprOduCtion and co-creation of artistic wort¢. 4. Asso¢iale artists programme will be developed to ensure we can farilitsts artists to develop work from conception to final outcome. 5. Development of Horse + Bamboo archive both physical and online. 6. Delivery of Outreach programmes. specAfically Baby Boo and Making a Change act8$. 7. Development of detailed h0O15 offer, including SEN schools, delivery of Arts Award and digit81 wort. 8. Ongoing Iransfomialional business planning and management. The SMART dgtsbls of these objectives are outlined in our Business Plan. We welcome Arts Counal England's new strategy Levs Create and we will frarne our work around their new Investment Prinrypl&s,. Ambition & Quality, Oynamism, Environmental Responsibility. and Inclusion & Relevance. These new principles sil comfotsbly with our reviewed objectives and the Wision and Mission or our ¢x)mpany. Thè trustèes, annual report and the strategic rgport woro approvèd on 22nd JanLAry 2025 and ned on behalf of the board of Iruslees by.. Alex M¢Donald Director
"Little World" Limited Company Limited by Guaranteo Independent Examine8 Report to th8 Trustées of "Llttle World" Limited Year onded 31 March 2024 I report lo the Iruslees on my examination of the financial statements of 'ttle World" Limited Ilhe charty'l forthe year ended 31 March 2024. ResponslbllitieB and ba$1$ of rnport As the trustees of the company (and ts directors for the purposes of ctsmpany lawl you are rgsponsible for the preparation of the ffinancial statements in accordance with the requiroments of the Cornpanies Act 2006 {'Ihe 2006 Act'i. Having satisfied myself that the accr>unts of the company are not required to be audited under Part 16 of the 2006 Acl and are eligible for independent examination, I report in respect of my &xamination of the charity's accounts as caTried out under section 145 of the Charilies Act 2011 I'lhe 2011 Act'l. In carrying out my examination I have followed the Directions given by the Charity Commission under Section 145151{bl of the 2011 Act. Indèpendent •xamlnef$ $tstsmgnt Since the charily's gross income exceede(1 £250,000 your examiner rnusl be a member of a body li51ed in section 145 of the 2011 Act. I confirm that l arn qualified lo undertake the examination because l arn a member of the Institute of Chartered Accountants in England and Wales IICAEW), which is one of thè listed bodies. I have complèted my axamination. I c4Jnfirm that matters have come to my attention in connection wich the examinalKTrn giving me cause lo believe.. accounting records were not kept in respect of the charity as required by se¢t¢on 386 of the 2006 Act.. or the financlal statements do not accord with those records.. or Ihe finanoial statements do not compty with the accounting requirements of saction 396 of the 2006 Act other than any requirement that the accounts gwe a 'true and fairf vlew which is not a matter considered as part of an independent examination; or the financial statemen15 have not been prepared in aCrdanCe with the rnethods and principlés of the Slatement of Recomrnended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordallce with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021. I have no concems and have Come across no other matters connection wllh the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to bo roa¢hed. Phillip Dennison ACA FCCA Independent Examiner 20 Mannin Way Lancaster Business Park Caton Road Lancaster LA13SW 10
"Little World" Limited Company Limited by Guarantee ststement of Flnancial Activities (including income and expenditure account) Year ended 31 March 2024 2024 Reslricled funds Total funds Total funds 2023 Unre51ricted funds Note In¢om• and èndowmènts Donations and legacies Charitable activities Olher trading activities Investment income 151,049 81,615 23,237 979 151.049 147.529 23,237 979 126,746 230,173 5,468 547 65,914 Total income 256,880 65.914 322.794 362,934 Expendltur• Expenditure on raising funds.. C051s of raising donations and legacies Expendilure on charitable activib'es Totsl oxp*ndltur• 2,538 269,869 2,S38 323,410 4,822 293,997 10 53,541 272,407 53.541 325,948 298,819 N8t l•xpondlturg1 I Income (15,5271 12.373 13,1541 64,115 Transfèrs 20 Net income I lexpendbturèl Rgconciliation of funds Tot81 funds brought foMard Total funds carried forward 494,771 60.495 555.266 491.151 531,682 20.430 552,112 555,266 The stslemenl of financlal actIlIeS Includes all gains and losses reo)gnised in the year. All income and expenditure derive from continuing acliwlÈs. 11
"Little World" Limited Company Limited by Guarantee Statement of Financial Position 31 March 2024 2024 2023 Fix•d a$$ets Tangible fixed assgls 16 426,452 406,372 Current assats Stocks 17 2.482 2,482 Debtors 18 48.567 18,570 Cash at bank and in hand 77,610 153,485 128.659 Creditors: amounts falllng due within one year 19 2,999 25.643 Nat curront assets Total assets le$$ ¢urront Ilabllltles 552.112 555,266 Not assets 552,112 Funds oftha charity Restrictad fvnds 20.430 60,495 Unreslricted fund8 531.682 552,112 494,771 Totsl charity funds 20 555,266 Forthe yèar ending 31 March 2024, the charity was entitle(I to eXemptn from audit under section 477 oflhe Companitrs A¢t 2006 wlating to small companies. Directors, responsibiles. The members have not required the company to obtsin an audit of its financial statements for the year in question in accordance with section 476,. Thè directors adtnowlgdge their spOnsIbl11110$ for Complying with thg requirèments of the Act with respect to accounting records and thè preparatn of financial statèments. These financial ststements hav9 b90n prèparod in a¢¢ordan¢e with the provisions applicable lo companies subject to the small companies. regime. Th8$e finanaal statements were approved by the board of trustees and a[tthOred for issue on 22nd January2025, and are signed on behalf oflhe btsafd by.. Alex M¢Donald Director 12
"Little World" Limited Company Limitsd by Guarantee Statement of Cash Flows Year ended 31 March 2024 2024 2023 Cash flows from operntlng actlvitles Nel lexpenditurellincome 13,1541 64,115 Adjuslrnenls for.. Depreciation of tangible fixed assets Other interest receivable and similar income Interest payable and similar tharges Accrued lincomellexpenses 17,690 {9791 2,538 {1.68 17,536 15471 2,687 Changes in.. Stocks Trade and other debtors Trade and other creditors 11.9191 113.4191 11,567 129.9971 120.9571 136,5461 Cash generated from operations 80.020 Interest paid Interest re1V0d (2,5381 979 547 Nel cash lused inllfrom operallng activf(ies 138,1051 80.567 Cash flow5 from investing a¢tivltl•$ Purehase of tangible assets Nel cash used in investing activf(i&s {37,7701 {37,7701 (77,466) 177,4661 Net Idecreasellincrease in cash and ¢a$h equlvalents Cash and ¢a$h equlvalonts at gInnIng of year Cash and cash ¢qulvants at ènd ofy•ar 175,875} 153,485 3,101 150,384 77,610 153,485 13
"Llttle World" Limited Company Limited by Guarantee Notes to the Financlal Statsmonts Year onded 31 Pliarch 2024 Gèneral infomiation The charity is a public benerrt enlily and a private company limited by guarantee, registered in England and Wales and a registered charity in England and Wales. The address of the registered office is Horse + Bamboo, 679 Ba¢up Road, Walerfoot, Rossendale, England. BB4 7HB, England. ststement of ¢ompllan¢e These financial statements have been prepared in compliance with FRS 102, The Financial Reporting Standard applicable in the UK and the Republic of Ireland,, the Statement of Recomrnended Practice applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 {Charilies SORP IFRS 10211 and the Companies Act 2006. A¢¢ounting policie Basls of preparation The financial statoments have been prepared on the historical cost basis. as modified by the Tevalualion of certain financial assets and Ilabilities and investment propertles me8SUTed at fair value through incorne or expenditure. The financlal slalemenls arg prèpared in sterling, which is th& lunctional currancy of the entity. Going conc•rn There are no material uncertainties about the ¢haritls abilty lo continue. Judgements and key sources of e¥timation uncertainty The preparation of the financial slalements qUireS management to make judgement5. estirnales and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and olher factors. including expectations of luiure events that are believed lo be reasonable under the ¢ir¢umstan¢es. Fund aecountlng Unrestricted funds are available for use at the discretion of the trustees to further any of the charity's purposes. Designated funds are unrestricted funds earmarked by the trustees for particular future project or commitment. Restricted fLJnds are SL*bjécted lo rèstrictions on their expènditurè dèclared by the donor or through the terms of an appea5, and fall 10 one of two sub-classes.. restricted income funds or endowment funds. 14
"Little World" Limited Company Limited by Guarantse Notes to the Flnancial Statements {¢ontyny Year ended 31 March 2024 Accounting policies iconiinue¢ Incoming resour¢e$ All in¢oming resources are included in the statement of financlal aCtIlieS when entitlernenl has passed lo the charity.. ills probable that the economic benerrts associated with the transaction will flow lo the charity and the amount can be reliably measured. The following 8pecifi¢ pdiryes are applied to particular categories of income.. income from donations or grants is recgnISed when there is evidence of entitlement to the gift, receipt is probable and Ils amount can be measured reliably. legacy income is recognised when re¢eipt is probable and entitlement is established. incorne from donated goods is measured at the fair value of the goods unless this is impraciical to measure reliably, in which case the value is derived frorn the cost to the donor or the estimated resale value. Dorialed f8¢ilities and services are recognised in the accounts when received if the value can be reliab measured. No amounts are included for the contribution of general volunteers. incorne frorn contracts for the supply of services is recognised wtth the delivery of the contracted service. This is dassified as unrestricted fvnds unless there 15 a Contractual requirement for il to be spent on a particular purpose and returned rf unspent. in which case it may be regarded 3$ restricted. Re$our¢•8 •xp¢nded Expenditure is recognised on an ac¢rual8 basis as a Ilabilty is incurred. EXperlture indudes any VAT which Cannot be fully recovfyred, and is classified under headings of th& statement of financial aclivilies lo which il relate$.' expenditure on raising funds includes the costs of all fundraising activities. events, non- charitable trading activllies, and the saEe of donated goLxJs. expenditure on charitable act¢vilies indudes all costs incurred by a charty in undertaking adivf(ies that further its charitable aims for the benefit of its beneficiaries, including those support costs and costs relating lo the govemanc8 of the charity apportiorbed lo charitable activities. other expenditure includes all expenditure that is neither related lo raising funds for the charity nor part of its expenditure on charitable activf(ies. All costs are allocated to expenditure categories reflecting the use of the re8ourc8. Dir8Ct costs attributable lo a single activity are allocated dir¢cily to thal activity. Shared cost$ ar6 apportioned between thg activiti$$ they contribute to on a reasonable. justifiable and consistent basi8. Tanglble assèts Tangible assets are initially Corded at cost. and subsequently slated at cost less any 8¢¢umuled depreciation and irnpairmenl losses. Any tangible assets carrSed al revalued grnounls are re¢orded at the fair value al thè datè ol revaluation less any subsequent accurnulated deprèciatton and subsequent accumuled Impairment losses. 15
"Little World" Limited Company Llmltsd by Guaranteo Notes to the Financial Statements (eoAttnuEd) Year ended 31 March 2024 A¢¢ounUng poll¢les Icontsnued) Tanglbl& a$$•ts {condnu8dJ An increase in the carying amount of an asset as a result of a revaluation, is recognised in other recognised gains and losses. unless it reverses a charge for impairmènt that has previously been recoonised as expenditure within the statement of finan¢lal activities. A decrease in the carrying amount of an asset a5 a result of revaluation. is recognised in other reGogni5ed gains and losses, except to which it offsets any pievious revaluation gain, in which ease the loss is shown within other re¢o9nised gains and lo$$es on the $latement of finanoal activllies. Dèpre¢lation Deprecialion 18 calculated so as lo wrlte off the cost or valuation of an asset, less Its residual value, over the useful economK life of that asset as folknws.. Freehold propety Fixtures and fittings 2% reducing balance 10% reduclng balance Impalrn)ont of ftxed assets A review for Indlcators of impaimient is carrd out at eat* reportlng date, with the recoverable amount being estimated where such indi¢ators exist. W)ere the Carrying value exceeds the recoverable amount. the asset is impaired a¢¢ordingly. Prior impairments a also reviewed for posslble reversal al each reporting dale. For the purposes of impairment testing, when il is not possible to estimate the recoverabl¢ amount of an individual asset, an estimate is made ol the recoverable amount of the cash- generating unit to which the asset belongs. Thé cash-generaling unil is the smallest identifiable gTOUP of assets that includes the asset and generates cash inlows that largety independent of th& cash inflows from other assets or groups of assets. For impairment lesling of goodwill, the goodwill acquired in a business combination is. from the acquisition date, allocated lo each of the cash-generating units that are expected lo benefrt from the synergies of the combinauon. irrespective of whether other assets or liabililies of the charity are assigned lo those unts. Stocks Sto¢k8 are measured al the lower of cost and estimated sèlling price lèss Costs to complete and sell. Cost includes all Costs of purchase, costs of conversion and other co818 incurred In bdnging the stock lo ils present location 8nd condition. Flnancial Instrumènts A financial a$$el or 8 financial liability 18 Teo)gnised only when the charity becomes a party to the ¢xJntractual provisions of the instnjment. Basic financial insliuments are initially recognised at the amount receivable or payable including any related Iransactton costs. 16
'Llttle World" Llmlted Company Limited by Guarantee Notes to the Financial Statements (conllnued) Year ondod 31 March 2024 Accounting policie$ (¢LMllnuedJ Flnan¢lal Instruments I¢¢nu0dj Current assets and current liabilities are subsequently measured al the cash ¢1 other consider81ion expected lo be paid or received and not discounted. Debt instruments 8re subsequentty measured 818mortised cost. here Snveslmenls In shares are publidy traded or their fair value can otherwise be measured reliably, the inv8slmenl is subsequgntly measured al fair value with changes in fair value recognised in income and expenditure. All other such inve51men15 are subsequenfjy measured al cost less impairment. Other finanal in51rurnenls, including derivatives, are initially recognlsed al f8lr value, unless payment for an asset is deferred beyond normal business lerrns or financed al a rale of interest th81 is not a market rate, in which case the asset is meaSud at the present value of the future payments discounted at a market rate of interest a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in the slalemenl of financial aclivilies, with the exception of hedging instruments in a designated hedging relationship. Financial as5els that are measured al cost or amortised cost are revlewed for obiecbve evidence of impairment al the end of each reporting dale. If there is objective evidence of impairment, an impairment loss is recognised undèr thè appropriate heading in the staternent of financial activities in which the initial gain was recognised. For all equity instruments regardless of signfficance, and other financial assets that are individually significant, these are assessed individually for impairrnenl. Other financial assets are either assessed individually or grouped on the basi3 of simi[ ¢redil risk characteristics. Any reversals of impairment are rewnised immediatety, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrylng amount would have been had the impairment not previously been recognised. Limited by guarantee The Company is limited by guarantee and does not have a share capital. In the event of the Company being wound up members are committed to contributing £1 each. Donations and legacles Unrgstri¢tgd Total Funds Unrestricted Total Funds Funds 2024 Funds 2023 Donations 151,049 151,049 126,746 128.746 17
"Little World" Llmlted Company Limited by Guarantee Notes to tho Flnancial Statements (¢ontlnsredJ Year ended 31 March 2024 Charltabl• aellvltl•s Unrestricted Funds Restricted Total Funds Funds 2024 Capllal Grants Fees for workshop5. performances, and related trading Other Grants 34.770 65,914 100,684 46,845 46.845 81,615 65,914 147,529 Unre51rided Funds Restricted Total Funds Funds 2023 Capital Grants Fees for workshops. performance5, and related trading l)ther Gfanls 177.306 177,306 51,642 51.642 1.225 1,225 178,531 51.642 230,173 Oth•r tradlng a¢tlvitle$ Unreslricled Total Fund¥ Unrestricted Total Funds Funds 2024 Fund$ 2023 Letting and licensing 23,237 23,237 5,468 5,468 Inve$tmtnt Income Unrestricted Totsl Funds Unrestri¢tgd Total Funds Funds 2024 Funds 2023 Bank Interest 979 979 547 547 Costs of rnlslng donatlons and legacles Unreslrlcted Total Funds UnstrICted Total Funds Fund5 2024 Funds 2023 Staff Costs 2.538 2,538 4,822 4,822 18
'Little World" Limited Company Limited by Guarantee Notes to the Financial Statements {¢ontlnu•o Year ended 31 March 2024 10. Expendlturg on charftsbl& a¢tlvltlg$ by fund typ• Unrestricted Funds Restricted Total Funds Funds 2024 Artlsls & freelance staff fees Staff costs Deprec1allon Marketing & publicity costs Theatre & premises costs Travel & accomm¢xlalion Café Costs Production & workshop costs Support costs 26,669 73,192 15,420 9,356 18,785 4,527 13,681 52,363 55,876 26,669 112.118 17,690 9.358 31.130 4,527 13.681 52,363 55.876 38,928 2.270 12,345 269,869 53,541 323.410 UnrestrScted Funds Restrl¢ted Totsl Funds Funds 2023 Artists & freelan¢e staff fees Staff Costs Depreciation Marketing & publiaty costs Thèatre & premisès costs Travel & ac¢ommodalion Café C0515 Production & workshop costs Support costs 25,516 43,940 17,536 15,777 15.169 2,638 9.970 50,834 41,444 25,516 115.113 17.536 15.777 15.169 71,173 9.970 50,834 41,444 222.824 71,173 293,997 11. Analysls ol support costs Total 2024 Total 2023 Govemanee costs Staff costs Staff training Office costs 4,887 30.797 3.660 16,532 6,093 13,087 4,437 17.827 55.876 41,444 12. Net lexpendlturelllncome Nel lexpendllurelllncome is staled after charglngllcfedilingi.. 2024 2023 Deprecigtion of18ngible ffixed assets 17,690 17.536 19
'Little World" Limited Company Limlted by Guarantee Notss to the Flnanclal Statements {COmlnu8 Year onded 31 March 2024 13. Independent examination fees 2024 2023 Fees payable to the independent examiner for.. Independent examination of the finanual statements 2,450 1.340 14. Stsff costs The total staff costs and employee benefits for the reporting period are analysed as follows- 2024 2023 Wag&s and salarias 142915 128 200 The average head o)unt of employ¢es during Ihe year was 11 12023.. 9). 2024 2023 No. No. Av&rage number of staff No employee reoeived employee benefits of mre than £60,000 ¢Juruig tho year12023.' Nill. 15. Trustee remuneratlon and expense$ No employee earned morg than £60,000 per annum. 16. Tanglble flxed assots Freehold Fixiure$ and property rrttings Total Cost At 1 April 2023 Additions 590.821 205.924 37.770 796,745 37,770 At 31 March 2024 590,821 243,694 834,515 Depreciatlon At 1 April 2023 Charge for the year At 31 March 2024 258.773 6.e81 133,6frJ 11,009 390.373 17,690 408.063 263,454 144,609 Carrylng amount At 31 March 2024 327,367 99,085 426.452 At 31 March 2023 334,048 72.324 406,372 20
"Little World" Limited Company Limited by Guarantee Notes to the Financlal Statements Icorttlnu•dJ Year ended 31 March 2024 17. Stocks 2024 2023 Finished goods and goods for resale 2,482 2,482 18. Debtors 2024 2023 Trade debtors Prepayments and accrued income Other debtors 47,706 711 150 8,798 4,363 5.409 19. Creditors: amounts falllng due wlthln ona ygar 2024 2023 Trade ¢redil¢ys Accruals and deferred incorne Socjal security and other taxes 866 1,000 1,133 18,496 2,687 4,460 2,999 25,643 21
"Llttle World" Limited Company Limited by Guarantee Notes to the Financlal Statements (¢ontlnued) Year endod 31 March 2024 20. Analytsls of charitabl• funds Unrestrlctsd funds At 1 April 2023 At Transfers 31 March 24 Inme E¥pendllure General Fund 43,399 241.810 {236.9871 32,438 80.660 Designated Fund$'. Covid Protection Fund Business Development Fund H+B 50th Anniversary Fund Building Contingency Fund Invested in fixed assets 10,000 110,0001 10,000 iio.000} 15,000 15,000 5,000 5,000 25.OOD 408,372 25.000 406.022 15,070 115,4201 Total unreslrfct&d lunds 494,771 256.880 1272,407) 52,438 531,682 Al l April 2022 Al Transfers 31 March 23 Income Expenditure Genèral funds 460,548 184,403 1227,6461 77.466 494,771 Re8trlctod funds Al 1 April 2023 At Transfers 31 March 24 Income Expenditure Rgv•nu• fund: RBC- Heritsge Action Zone Capital Development Fund Arts Council England Capltal Gr4nts: Capital Grants Expended 3,057 13,057) 5,000 38,280 143,2801 14,9341 4,934 52,438 22,700 12,2701 152.4381 20.430 Total Re51ricled Funds 60,495 65,914 {53,5411 152,4381 20.430 At 1 Aprll 2022 At Transfers 31 March 23 Income Expenditure Restricted Funds 30,603 178.531 (71.1731 r17,4661 60.495
"Little World" Limited Company Limitsd by Guarantee Notes to the Financial Statements (¢onithu Year ended 31 March 2024 21. Analysls of net assets betsveen funds Unrestricted Funds Restricted Total Funds Funds 2024 Tangiblg fixed assets Current assets Creditors less than 1 year Net assets 406,022 128,659 {2.9991 531,682 20.430 426.452 128.659 12,9991 552,112 20,430 Unreslricled Funds Reslri¢ted Trjtal Funds Funds 2023 Tangible fixed assets Current assets Creditors less than 1 year Net assets 406,372 114,142 125.6431 494,871 4[,372 174,537 125.643} 555.266 60,395 60,395 22. Analy¥i$ of ¢hang•$ in net debt At At 1 Apr 2023 Cash flows 31 Mar 2024 Cash at bank aThY in hand 153,485 175.8751 77.610 23. R8latod parttes No invoices for professional seNlces performed for the charity were iaised by the Trustee$ during the yeai12023.' £Nill. No travel costs were reimbursed to the Trustees during the year P023.. £Nl. No m*arial donations were made by the Trustees lo tt)g ¢harity. 24. Controlling Party The charty has no controlling patty. The members, who appoint the trustees, are independent of each other and no individual has a significant proportion of the voting rights. The company is limited by guarantèe and does not have share capital. In thè ev&nt of the company being wound up members are committed lo conlribuling £1 each. 23