COMPANY REGISTRATION NUMBER: 01731859
CHARITY REGISTRATION NUMBER: 292326
“Horse and Bamboo Theatre” Ltd (A Company Limited by Guarantee)
ANNUAL REPORT
AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31[st] MARCH 2025
Horse and Bamboo Theatre Ltd
Company Limited by Guarantee
Financial Statements
Year ended 31 March 2025
| Page | |
|---|---|
| Chairs Foreword | 1 |
| Administrative Information | 2 |
| Trustees’ Annual Report (Incorporating the Directors’ Report) | 3 |
| Independent Examiner’s Report to the Trustees of “Little World” | |
| Limited | 10 |
| Statement of Financial Activities | 11 |
| Statement of Financial Position | 12 |
| Statement of Cash Flows | 13 |
| Notes to the Financial Statements | 14 |
Horse and Bamboo Theatre Ltd
Company Limited by Guarantee
Chair’s foreword
Year ended 31 March 2025
The trustees, who are also the directors for the purposes of company law, present their report and the unaudited financial statements of the charity for the year ended 31 March 2025.
Chair's report
This year has been inordinately financially challenging for the company. We have delivered on our obligations to funders and to our staff and audiences. However, we have also experienced the direct impact of reduced income from trusts and foundations, the increased capacity needed for commissioned work with no increased finance and the risks associated with a low-capacity staff structure.
We are pleased to have the ongoing support of Arts Council England as we continue to be an NPO and have been awarded an extension year in 26/27. 2025/26 will see a year of reviewed business modelling to acknowledge these impacts and to improve our reserves position towards a stronger, increasingly resilient organisation.
Alex McDonald - Chair
1
Horse and Bamboo Theatre Ltd
Company Limited by Guarantee
Administrative Information
Year ended 31 March 2025
Reference and administrative details
Registered charity name Horse and Bamboo Theatre Charity registration number 292326 Company registration number 01731859 Principal office and registered Horse + Bamboo office 679 Bacup Road Waterfoot Rossendale England BB4 7HB The Trustees Deyrick Allen (Resigned 10 February 2025) Jonathan Ball (Resigned 10 February 2025) Caroline Eccles (Resigned 2 July 2025) Victoria Foulds Peter Latham Anthony McClean (Resigned 2 July 2025) Alex McDonald Joseph Oldfield Oliver Bishop (Appointed 1 April 2025) Amy Callaghan (Appointed 1 April 2025) Elizabeth Margereson (Appointed 1 April 2025) Secretary Hannah Mook Independent examiner Phillip Dennison ACA FCCA 20 Mannin Way Lancaster Business Park Caton Road Lancaster LA1 3SW
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Horse and Bamboo Theatre Ltd
Company Limited by Guarantee
Trustees' Annual Report (Incorporating the Director's Report)
Year ended 31 March 2025
The trustees present their annual report together with the financial statements of the charity for the year ended March 31[st] 2025 which are also prepared to meet the requirements for a directors’ report and accounts for Companies act purposes.
REPORTING FRAMEWORK
The financial statements comply with the Charities Act 2011, the Companies Act 2006, the Memorandum and Articles of Association, 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 (FRS102) (effective 1 January 2019), referred to as the Charities SORP (FRS 102) (second edition – October 2019).
OBJECTIVES AND ACTIVITIES
Charitable Objectives
Its charitable objectives are the promotion of public education and the encouragement of the arts through the visual and performance arts. It achieves its charitable objectives through its principal activities. The Horse + Bamboo exists to pursue excellence in visual theatre and related activities. In particular, the Company seeks to take innovative theatre to sections of the community normally denied access to live performance by reason of location, level of physical, sensory or learning ability, ethnic background or social status.
Aims
Organisational Vision
H+B creates exciting, cultural events that remind us all of the wonder of being alive in this endlessly fascinating world. We aspire to reach all sections of society, to respond and to listen to the needs of our surrounding communities in Rossendale & the North-West. We will be a vital part of our neighbourhood, creating a place where the seed of creativity can be planted, fed & nurtured.
Mission Statement
We draw inspiration from our location in Rossendale and reflect our sense of place in the work that we produce. We are part of the cultural fabric of our neighbourhood through our venue and outreach, and we celebrate and actively reflect its rich diversity. Our venue provides a sense of belonging, a place for inspiration and a welcoming environment where families can share experiences through theatre, music and film.
We are a leader in Folk Art & define this in its broadest sense, from young people creating dances on TikTok and other digital platforms, to the folklore of the many global communities that have chosen Lancashire as their home, to the traditional arts and dance of Lancashire’s historic communities. We are interested in gathering community stories but seek to do this in a way that considers the ethics and authenticity of our role, and which credits and cares for all contributors and fellow creators. We are always redefining what this means in practice so as to reflect the role of new technologies and community created content in folk art alongside traditions, folklore and ceremony. Within our building we also have our House of Creation, a space for artists to collaborate, create and share their work. It comprises of a rehearsal room and fully equipped making workshop alongside technical and digital capacity to research, develop and fully realise creative ideas.
Our extensive archive highlights four decades of visual theatre, national and international touring, processional arts, puppetry, music and mask. This provides us with a bedrock of inspiration from which to continuously grow new work, which is connected to, not limited by, our illustrious history,
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Horse and Bamboo Theatre Ltd
Company Limited by Guarantee
Trustees' Annual Report (Incorporating the Director's Report) (continued)
Year ended 31 March 2025
Values
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Everyone is creative
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Our cultural lives matter. They are vital to who each of us is. It is a human right.
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We will not allow lack of finance to limit participation
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We take our civic responsibility seriously
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We will show leadership in environmental sustainability within our organisation and in developing partnerships
Activities
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100 seat venue and community centre programming theatre, music and film
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Horse + Bamboo’s House of Creation that supports artists from across Rossendale in the development of new work
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Baby Boo – early years programme of engagement and performance, including professional development for Early Years practitioners.
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Making a Change – increasing employability skills and confidence building with creative interventions, working with local partners.
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Creation of theatrical work with and for our community
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Management of a capital investment to increase sustainability and accessibility in our heritage building
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Waterfoot Wakes – a free, fun festival for all of the family of outdoor arts, music and theatre throughout the town
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Bacup Creative (né Bacup Cultural Consortium) - Chair of the committee currently delivering on an Arts Council Project Grant to support artistic activity and events in Bacup town centre.
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CottonShed Theatre – Delivery of management services to support the charity in delivery of inclusive theatre workshops and performances in Rossendale
The company, now operating under the name Horse and Bamboo Theatre, has well developed partnerships with local organisations working in the community, and is active in networks regionally and nationally in the Theatre Arts sector. The company works in close collaboration with funders to deliver shared objectives. Funders, community partners and networks are listed at Appendix H. Horse and Bamboo Theatre is governed by a Board of Trustees (Appendix G) responsible for supporting the strategic aims of the company, its financial health, the governance and the effective 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 charity has had regard to the Charity Commission guidance on public benefit and the trustees believe that all the activities of the charity deliver public benefit as set out in this report.
Contribution of volunteers
Volunteers support the delivery of events at Horse and Bamboo and contribute to marketing content and advocacy for the company in our locality.
ACHIEVEMENTS AND PERFORMANCE
Overview
Notable achievements within 24/25 have been the success of our annual Waterfoot Wakes festival and Parade. This engaged local audiences and artists and was received well. Horse and Bamboo have seen increased engagement with our adult audiences attending music nights and gigs, along with welcoming in new artists and groups to the building. H+B have continued to improve the building using ACE Capital funding to complete installation of infrared heating and a solar battery.
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Horse and Bamboo Theatre Ltd
Company Limited by Guarantee
Trustees' Annual Report (Incorporating the Director's Report) (continued)
Year ended 31 March 2025
Activity
The building is continuously used to host open mic and open dec nights, Babyboo and sensory 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 artforms. We successfully ran our annual festival Waterfoot Wakes and the Pumpkin trail with participation from the public throughout in the creation of artwork and processing through the streets.
Archive development
During this period, we have been working on developing the company’s archive. As a long-standing visual theatre company our building houses vast quantities of British Theatre history which needs an investment of time that we have not previously been able to resource. Throughout 2020 we have cleared spaces on the first floor and begun to catalogue the company’s long and iconic history of horse drawn touring and visual theatre since 1978. This has also allowed us to use spaces upstairs which have previously been unused and to spread out activity allowing for social distancing.
House of Creation
The House of Creation started to run activity during 23/24, with the workshop seeing its first weeklong residency, bringing together multidisciplinary artists to learn and create new work based around marionette making.
In 24/25 we welcomed artist Lucy Wright to run a new traditional ‘Dusking’ celebration in Waterfoot which welcomes in the darker month as a new folk tradition.
We supported the show and creation of multiple new works which then performed in our Theatre and across the North.
The rehearsal spaces are in use, and collaboration projects with local and national artists are in progress.
Strategic
Board Development
The Strategic Sub-Group has been established which is able to meet between board meetings and move activities and details forward with capacity and momentum.
A Sub-Group continues to focus on income strategies, made up of Board members, staff and with a view to bring in relevant professionals.
The board has received 3 new members who work in the arts sectors which will bring insight and fresh energy to the group.
Public Health Commissioning | New Stakeholder – Lancashire County Council
Following on from commissioned work around oral health in Nelson, Horse + Bamboo hosted directors from Lancashire Council’s Public Health Department to share the learning journey and impact of these storytelling workshops and resulting performance. The toothbrushing story created by Hina Qureshi alongside members of the community, will next be created into a book that can continue to be shared and elongate the lifespan of this project.
Eco building development
Horse and Bamboo continue to work with eco-friendly energy supplies, have had solar power installed and internally work to reuse and recycle materials for the creation of our work. We also have a partnership with Sustainable Smart Tech who we work with to track energy usage and air quality. There are plans to partner with them to become a lead in air quality research in arts centres and bid writing for this is underway. We have completed the installation of a solar battery and infra-red heating in the theatre.
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Horse and Bamboo Theatre Ltd
Company Limited by Guarantee
Trustees' Annual Report (Incorporating the Director's Report) (continued)
Year ended 31 March 2025
Bacup Creative
24 - 25 will be the final full year of activity delivery in Bacup, as part of Bacup Creative’s successful 18-month Arts Council Project Grant (grant will culminate with ‘This Here Festival in June 2025, that Horse + Bamboo has been commissioned to produce alongside the group). Horse + Bamboo have stated their intention to support Bacup Creative through any further bid applications, but to take an advisory role on activities beyond June 2025, due to expected increased events and activities within Waterfoot.
Waterfoot Arts Town | New Stakeholder – Rossendale Borough Council
In August 2024, Rossendale Borough Council, following public consultation, released a new ‘Waterfoot Masterplan’ that strives to continue the town’s creative legacy with arts-based commissions and key projects that will act as catalysts for the town’s regeneration. This masterplan comes alongside successful funding from UK Shared Prosperity Fund and Long-Term Plan for Towns Funding. Following preliminary discussions with Rossendale Borough Council, Horse + Bamboo expects increased opportunities for town-wide events & festival development over the next few years to support this vision.
FINANCIAL REVIEW
Overview
We report a deficit on unrestricted funds this year of £85,259 (2023/24 – Surplus of £36,911). This has been due to multiple factors including lack of successful grant funding, a drop in general income and internal financial structures which are continuously being developed and strengthened within the organisation.
Socio political circumstances
As we open fully, we will also start to understand any consequences of Covid, Brexit and the cost of living crisis on our audiences. We continue to diversify income, and long-term 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 England and are in a good financial position to draw up our NPO application in the coming year.
We continue to budget for core staffing through reliable income and through ongoing benchmarking are now able to more accurately forecast our earned income through box office, concessions and room hire. We also have adequate staffing capacity to apply to trusts and foundations for new projects and business development work.
We continue to develop partnerships within the community which bring us earned income on room hire and cafe/bar income .
Going Concern
Although the charity continues to face the uncertainties of a post COVID world, we believe that in light of the result for the year, the level of free reserves and ongoing financial support, that the charity is entitled to prepare its accounts on the going concern basis .
Principal funding sources
Arts Council England Rossendale Borough Council Lancashire County Council Bacup Cultural Consortium Cottonshed Theatre Company
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Horse and Bamboo Theatre Ltd
Company Limited by Guarantee
Trustees' Annual Report (Incorporating the Director's Report) (continued)
Year ended 31 March 2025
Reserves
As the Board, we have set a free reserves target (unrestricted funds not invested in fixed assets or otherwise designated) of six months core operating costs (core staffing and premises costs), which equates to c£51k. At the yearend the free reserves stood at £4,742 (2024 - £80,660), this is below the current target level. In 2025/26 it will be imperative to build reserves back to a reasonable level and all feasible considerations will be focussed on this objective.
FUTURE PLANS
To support its vision, mission and values, Horse and Bamboo will promote specific aims during the Business Plan 2020-2025. The principal aims are:
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Develop Horse and Bamboo’s Public Programme
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The creation of work in-house though the House of Creation
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Support the professional development of artists and emerging talent
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Deliver a programme of participatory and outreach work
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Support the development of Children and Young People
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Support the further development of a robust, sustainable and resilient organisation
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These individual aims are supported by a set of 8 objectives which are reviewed regularly to reflect our present situation and future plans.
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Increase the diversity and capacity of our professional programming, workshops and participatory projects through Horse and Bamboo and Waterfoot Wakes Festival to achieve maximum targeted audience development.
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Continue small-scale investments into the building including the café/ bar and workshop ensuring the audience and artist experience is equally valued and facilitated.
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Production, co-production and co-creation of artistic work.
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Associate artists programme will be developed to ensure we can facilitate artists to develop work from conception to final outcome.
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Development of Horse + Bamboo archive both physical and online.
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Delivery of Outreach programmes, specifically Baby Boo and Making A Change activities.
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Development of detailed schools offer, including SEN schools, delivery of Arts Award and digital work.
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Ongoing transformational business planning and management.
The SMART details of these objectives are outlined in our Business Plan. We welcome Arts Council England’s new strategy Let’s Create and we will frame our work around their new Investment Principles; Ambition & Quality, Dynamism, Environmental Responsibility and Inclusion & Relevance. These new principles sit comfortably with our reviewed objectives and the Vision and Mission or our company.
STRUCTURE GOVERNANCE AND MANAGEMENT
Governing document
The charity is a company limited by guarantee governed by its memorandum and articles of association dated May 21 1983, as amended by special resolution(s) dated 17/07/13 and 23/10/13. It is a registered charity with the Charity Commission.
Appointment of trustees
The Directors who served during the year together with any changes are listed on page one of the annual report.
The Board of Directors is known as the Committee of Management. The Directors are appointed by the members in General Meeting. The Committee of Management may appoint directors to fill casual vacancies, but those so appointed hold office until the next Annual General Meeting.
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Horse and Bamboo Theatre Ltd
Company Limited by Guarantee
Trustees' Annual Report (Incorporating the Director's Report) (continued)
Year ended 31 March 2025
In line with new Racial Equality and Disability policies, the Company is actively seeking to recruit further Trustees.
Trustee induction and training
A proper induction and training programme is vital, 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 programme that is suitable for the new Trustee and the size and nature of the H + B organisation as follows:
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introductions to senior management and staff.
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providing them with relevant information on H + B, for example business plans, annual accounts, the core governing document.
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visits to see performances and meet with performers.
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meetings with existing Trustees and other board members.
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an assessment of any training required by the new trustee.
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introductions to our professional advisers
All new Trustees joining H + B are required to attend relevant training courses. The induction process marks the beginning of an on-going process of Trustee training and development, to ensure that Trustees can continue to make an effective contribution to H + B. Trustees also sign up to the Roles and Responsibilities document which sets out the relationship between the Board and the Company and how this relationship is fulfilled.
Organisation
The Board is responsible for the overall strategy, management and direction of the charity and meets as required, usually four times per year. It delegates day to day management of the charity to the senior staff team, who comprise a mixture of employed staff and freelance artistic personnel.
TRUSTEES’ RESPONSIBILITIES IN RELATION TO THE FINANCIAL STATEMENTS
The trustees (who are also directors of “Little World” Limited for the purposes of company law) are responsible for preparing the Trustees’ Annual 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 charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing these financial statements, the trustees are required to:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charities SORP (FRS 102) (second edition – October 2019);
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make judgements and estimates that are reasonable and prudent;
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state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in operation.
The trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for
8
Horse and Bamboo Theatre Ltd
Company Limited by Guarantee
Trustees' Annual Report (Incorporating the Director's Report) (continued)
Year ended 31 March 2025
safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The trustees' annual report and the strategic report were approved on .............................. and signed on behalf of the board of trustees by:
Alex McDonald Chair
9
Horse and Bamboo Theatre Ltd
Company Limited by Guarantee
Independent Examiner's Report to the Trustees of Horse and Bamboo Theatre Ltd
Year ended 31 March 2025
I report to the trustees on my examination of the financial statements of "Little World" Limited ('the charity') for the year ended 31 March 2025.
Responsibilities and basis of report
As the trustees of the company (and 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 accounts of the company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of the charity’s accounts as carried out under section 145 of the Charities Act 2011 (‘the 2011 Act’). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
Independent examiner's statement
Since the charity’s gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of the Institute of Chartered Accountants in England and Wales (ICAEW), which is one of the listed bodies.
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:
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accounting records were not kept in respect of the charity as required by section 386 of the 2006 Act; or
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the financial statements do not accord with those records; or
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the financial statements do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a ‘true and fair' view which is not a matter considered as part of an independent examination; or
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the financial statements have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Phillip Dennison ACA FCCA Independent Examiner
20 Mannin Way Lancaster Business Park Caton Road Lancaster LA1 3SW
10
Horse and Bamboo Theatre Ltd
Company Limited by Guarantee
Statement of Financial Activities (including income and expenditure account)
Year ended 31 March 2025
| 2025 | 2024 | ||||
|---|---|---|---|---|---|
| Unrestricted | Restricted | ||||
| funds | funds | Total funds | Total funds | ||
| Note | £ | £ | £ | £ | |
| Income and endowments | |||||
| Donations and legacies | 5 | 144,980 | - | 144,980 | 151,049 |
| Charitable activities | 6 | 61,327 | 44,373 | 105,700 | 147,529 |
| Other trading activities | 7 | 5,244 | 23,250 | 28,494 | 23,237 |
| Investment income | 8 | 797 | - | 797 | 979 |
| ------------------------------- | ---------------------------- | -------------------------------- | -------------------------------- | ||
| Total income | 212,348 | 67,623 | 279,971 | 322,794 | |
| ================================ | ============================ | ================================ | ================================ | ||
| Expenditure | |||||
| Expenditure on raising funds: | |||||
| Costs of raising donations and | |||||
| legacies | 9 | - | - | - | 2,538 |
| Expenditure on charitable activities | 10 | 297,607 | 55,283 | 352,890 | 323,410 |
| -------------------------------- | ---------------------------- | -------------------------------- | -------------------------------- | ||
| Total expenditure | 297,607 | 55,283 | 352,890 | 325,948 | |
| ================================ | ============================ | ================================ | ================================ | ||
| -------------------------------- | ---------------------------- | -------------------------------- | -------------------------------- | ||
| Net (expenditure) / income | (85,259) | 12,340 | (72,919) | (3,154) | |
| ================================ | ============================ | ================================ | ================================ | ||
| Transfers | 20 | - | - | - | - |
| Net income / (expenditure) | (85,259) | 12,340 | (72,919) | (3,154) | |
| ================================ | ============================ | ================================ | ================================ | ||
| Reconciliation of funds | |||||
| Total funds brought forward | 531,682 | 20,430 | 552,112 | 555,266 | |
| -------------------------------- | ---------------------------- | -------------------------------- | -------------------------------- | ||
| Total funds carried forward | 446,423 | 32,770 | 479,193 | 552,112 | |
| ================================ | ============================ | ================================ | ================================ |
The statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure derive from continuing activities.
11
Horse and Bamboo Theatre Ltd
Company Limited by Guarantee
Statement of Financial Position
31 March 2025
| 2025 | 2024 | ||
|---|---|---|---|
| Note | £ | £ | |
| Fixed assets | |||
| Tangible fixed assets | 16 | 426,924 | 426,452 |
| Current assets | |||
| Stocks | 17 | 2,180 | 2,482 |
| Debtors | 18 | 34,588 | 48,567 |
| Cash at bank and in hand | 25,299 | 77,610 | |
| -------------------------------- | -------------------------------- | ||
| 62,067 | 128,659 | ||
| Creditors: amounts falling due within one year | 19 | 9,798 | 2,999 |
| ------------------------------- | -------------------------------- | ||
| Net current assets | 52,269 | 125,660 | |
| -------------------------------- | -------------------------------- | ||
| Total assets less current liabilities | 479,193 | 552,112 | |
| -------------------------------- | -------------------------------- | ||
| Net assets | 479,193 | 555,112 | |
| ================================ | ================================ | ||
| Funds of the charity | |||
| Restricted funds | 32,770 | 20,430 | |
| Unrestricted funds | 446,423 | 531,682 | |
| ------------------------------- | -------------------------------- | ||
| Total charity funds | 20 | 479,193 ================================ |
552,112 ================================ |
For the year ending 31 March 2025, the charity was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
-
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;
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.
These financial statements were approved by the board of trustees and authorised for issue on ........................, and are signed on behalf of the board by:
Alex McDonald Chair
12
Horse and Bamboo Theatre Ltd
Company Limited by Guarantee
Statement of Cash Flows
Year ended 31 March 2025
| 2025 | 2024 | |
|---|---|---|
| £ | £ | |
| Cash flows from operating activities | ||
| Net (expenditure)/income | (72,919) | (3,154) |
| Adjustments for: | ||
| Depreciation of tangible fixed assets | 17,590 | 17,690 |
| Other interest receivable and similar income | (797) | (979) |
| Interest payable and similar charges | 1,704 | 2,538 |
| Accrued (income)/expenses | 4,091 | (1,687) |
| Changes in: | ||
| Stocks | 302 | - |
| Trade and other debtors | 13,979 | (29,997) |
| Trade and other creditors | 2,708 | (20,957) |
| --------------------------- | ---------------------------- | |
| Cash generated from operations | (33,342) | (36,546) |
| Interest paid | (1,704) | (2,538) |
| Interest received | 797 | 979 |
| ---------------------------- | ---------------------------- | |
| Net cash (used in)/from operating activities | (34,249) | (38,105) |
| ============================ | ============================ | |
| Cash flows from investing activities | ||
| Purchase of tangible assets | (18,062) | (37,770) |
| --------------------------- | ---------------------------- | |
| Net cash used in investing activities | (18,062) | (37,770) |
| ============================ | ============================ | |
| Net (decrease)/increase in cash and cash equivalents | (52,311) | (75,875) |
| Cash and cash equivalents at beginning of year | 77,610 | 153,485 |
| -------------------------------- | -------------------------------- | |
| Cash and cash equivalents at end of year | 25,299 | 77,610 |
| ================================ | ================================ |
13
Horse and Bamboo Theatre Ltd
Company Limited by Guarantee
Notes to the Financial Statements
Year ended 31 March 2025
1. General information
The charity is a public benefit entity 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 Bacup Road, Waterfoot, Rossendale, England, BB4 7HB, England.
2. Statement of compliance
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 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) (Charities SORP (FRS 102)) and the Companies Act 2006.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through income or expenditure.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
There are no material uncertainties about the charity's ability to continue.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Fund accounting
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 funds are subjected to restrictions on their expenditure declared by the donor or through the terms of an appeal, and fall into one of two sub-classes: restricted income funds or endowment funds.
14
Horse and Bamboo Theatre Ltd
Company Limited by Guarantee
Notes to the Financial Statements (continued)
Year ended 31 March 2025
3. Accounting policies (continued)
Incoming resources
All incoming resources are included in the statement of financial activities when entitlement has passed to the charity; it is probable that the economic benefits associated with the transaction will flow to the charity and the amount can be reliably measured. The following specific policies are applied to particular categories of income:
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income from donations or grants is recognised when there is evidence of entitlement to the gift, receipt is probable and its amount can be measured reliably.
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legacy income is recognised when receipt is probable and entitlement is established.
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income from donated goods is measured at the fair value of the goods unless this is impractical to measure reliably, in which case the value is derived from the cost to the donor or the estimated resale value. Donated facilities and services are recognised in the accounts when received if the value can be reliably measured. No amounts are included for the contribution of general volunteers.
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income from contracts for the supply of services is recognised with the delivery of the contracted service. This is classified as unrestricted funds unless there is a contractual requirement for it to be spent on a particular purpose and returned if unspent, in which case it may be regarded as restricted.
Resources expended
Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is classified under headings of the statement of financial activities to which it relates:
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expenditure on raising funds includes the costs of all fundraising activities, events, noncharitable trading activities, and the sale of donated goods.
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expenditure on charitable activities includes all costs incurred by a charity in undertaking activities that further its charitable aims for the benefit of its beneficiaries, including those support costs and costs relating to the governance of the charity apportioned to charitable activities.
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other expenditure includes all expenditure that is neither related to raising funds for the charity nor part of its expenditure on charitable activities.
All costs are allocated to expenditure categories reflecting the use of the resource. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs are apportioned between the activities they contribute to on a reasonable, justifiable and consistent basis.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
15
Horse and Bamboo Theatre Ltd
Company Limited by Guarantee
Notes to the Financial Statements (continued)
Year ended 31 March 2025
3. Accounting policies (continued)
Tangible assets (continued)
An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other recognised gains and losses, unless it reverses a charge for impairment that has previously been recognised as expenditure within the statement of financial activities. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other recognised gains and losses, except to which it offsets any previous revaluation gain, in which case the loss is shown within other recognised gains and losses on the statement of financial activities.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Freehold property - 2% reducing balance Fixtures and fittings - 10% reducing balance
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cashgenerating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.
For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the charity are assigned to those units.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Financial instruments
A financial asset or a financial liability is recognised only when the charity becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the amount receivable or payable including any related transaction costs.
16
Horse and Bamboo Theatre Ltd
Company Limited by Guarantee
Notes to the Financial Statements (continued)
Year ended 31 March 2025
3. Accounting policies (continued)
Financial instruments (continued)
Current assets and current liabilities are subsequently measured at the cash or other consideration expected to be paid or received and not discounted.
Debt instruments are subsequently measured at amortised cost.
Where investments in shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in income and expenditure. All other such investments are subsequently measured at cost less impairment.
Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Other financial instruments are subsequently measured at fair value, with any changes recognised in the statement of financial activities, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised under the appropriate heading in the statement of financial activities in which the initial gain was recognised.
For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics.
Any reversals of impairment are recognised immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4. 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.
5. Donations and legacies
| Unrestricted | Total Funds | Unrestricted | Total Funds | |
|---|---|---|---|---|
| Funds | 2025 | Funds | 2024 | |
| £ | £ | £ | £ | |
| Donations | 144,980 | 144,980 | 151,049 | 151,049 |
| ================================ | ================================ | ================================ | ================================ |
17
Horse and Bamboo Theatre Ltd
Company Limited by Guarantee
Notes to the Financial Statements (continued)
Year ended 31 March 2025
6. Charitable activities
| Unrestricted | Restricted | Total Funds | |
|---|---|---|---|
| Funds | Funds | 2025 | |
| £ | £ | £ | |
| Capital Grants | - | 44,373 | 44,373 |
| Fees for workshops, performances, and related | |||
| trading | 61,327 | - | 61,327 |
| ---------------------------- | ---------------------------- | -------------------------------- | |
| 61,327 | 44,373 | 105,700 | |
| ============================ | ============================ | ================================ | |
| Unrestricted | Restricted | Total Funds | |
| Funds | Funds | 2024 | |
| £ | £ | £ | |
| Capital Grants | 34,770 | 65,914 | 100,684 |
| Fees for workshops, performances, and related | |||
| trading | 46,845 | - | 46,845 |
| ---------------------------- | -------------------------------- | -------------------------------- | |
| 81,615 | 65,914 | 147,529 | |
| ============================ | ================================ | ================================ |
7. Other trading activities
| Unrestricted | Restricted | Total Funds | |||
|---|---|---|---|---|---|
| Funds | Funds | 2025 | |||
| £ | £ | £ | |||
| Letting and licensing | 5,244 | 23,250 | 28,494 | ||
| ============================ | ============================ | ======================= | |||
| Unrestricted | Total Funds | ||||
| Letting and licensing | Funds £ |
2024 £ |
|||
| 23,237 | 23,237 | ||||
| ============================ | ============================ | ||||
| 8. | Investment income | ||||
| Unrestricted | Total Funds | Unrestricted | Total Funds | ||
| Funds | 2025 | Funds | 2024 | ||
| £ | £ | £ | £ | ||
| Bank Interest | 797 | 797 | 979 | 979 | |
| ============== | ============== | ============== | ============== |
9. Costs of raising donations and legacies
| Unrestricted | Total Funds | Unrestricted | Total Funds | |
|---|---|---|---|---|
| Funds | 2025 | Funds | 2024 | |
| £ | £ | £ | £ | |
| Staff Costs | - | - | 2,538 | 2,538 |
| ======================= | ======================= | ======================= | ======================= |
18
Horse and Bamboo Theatre Ltd
Company Limited by Guarantee
Notes to the Financial Statements (continued)
Year ended 31 March 2025
10. Expenditure on charitable activities by fund type
| Unrestricted | Restricted | Total Funds | Total Funds | |
|---|---|---|---|---|
| Funds | Funds | 2025 | ||
| £ | £ | £ | ||
| Artists & freelance staff fees | 34,827 | 19,850 | 54,677 | |
| Staff costs | 119,242 | 25,213 | 144,455 | |
| Depreciation | 15,470 | 2,120 | 17,590 | |
| Marketing & publicity costs | 8,856 | - | 8,856 | |
| Theatre & premises costs | 30,576 | 4,777 | 35,353 | |
| Travel & accommodation | 1,443 | - | 1,443 | |
| Café Costs | 17,689 | - | 17,689 | |
| Production & workshop costs | 37,993 | 3,323 | 41,316 | |
| Support costs | 31,511 | - | 31,511 | |
| -------------------------------- | ---------------------------- | ------------------------------- | ||
| 297,607 | 55,283 | 352,890 | ||
| ================================ | ============================ | ================================ | ||
| Unrestricted | Restricted | Total Funds | ||
| Funds | Funds | 2024 | ||
| £ | £ | £ | ||
| Artists & freelance staff fees | 26,669 | - | 26,669 | |
| Staff costs | 73,192 | 38,926 | 112,118 | |
| Depreciation | 15,420 | 2,270 | 17,690 | |
| Marketing & publicity costs | 9,356 | - | 9,356 | |
| Theatre & premises costs | 18,785 | 12,345 | 31,130 | |
| Travel & accommodation | 4,527 | - | 4,527 | |
| Café Costs | 13,681 | - | 13,681 | |
| Production & workshop costs | 52,363 | - | 52,363 | |
| Support costs | 55,876 | - | 55,876 | |
| -------------------------------- | ---------------------------- | -------------------------------- | ||
| 269,869 | 53,541 | 323,410 | ||
| ================================ | ============================ | ================================ |
11. Analysis of support costs
| Total 2025 | Total 2024 | ||
|---|---|---|---|
| £ | £ | ||
| Governance costs | 4,835 | 4,887 | |
| Staff costs | 1,560 | 30,797 | |
| Staff training | 1,756 | 3,660 | |
| Office costs | 23,360 | 16,532 | |
| ------------------------------ | ------------------------------- | ||
| 31,511 | 55,876 | ||
| ================================ | ================================ | ||
| 12. | Net (expenditure)/income | ||
| Net (expenditure)/income is stated after charging/(crediting): | |||
| 2025 | 2024 | ||
| £ | £ | ||
| Depreciation of tangible fixed assets | 17,590 | 17,690 | |
| ============================ | ============================ |
19
Horse and Bamboo Theatre Ltd
Company Limited by Guarantee
Notes to the Financial Statements (continued)
Year ended 31 March 2025
13. Independent examination fees
| 2025 | 2024 | |
|---|---|---|
| £ | £ | |
| Fees payable to the independent examiner for: | ||
| Independent examination of the financial statements | 830 | 800 |
| ======================= | ======================= |
14. Staff costs
The total staff costs and employee benefits for the reporting period are analysed as follows:
| 2025 | 2024 | |
|---|---|---|
| £ | £ | |
| Wages and salaries | 141,016 | 138,027 |
| Social security costs | 3,000 | 2,930 |
| Employer contributions to pension plans | 2,000 | 1,958 |
| 146,016 | 142,915 | |
| ================================ | ================================ | |
| The average head count of employees during the year was 11 (2024: 11). | ||
| 2025 | 2024 | |
| No. | No. | |
| Average number of staff | 11 ============== |
11 ============== |
No employee received employee benefits of more than £60,000 during the year (2024: Nil).
15. Trustee remuneration and expenses
No employee earned more than £60,000 per annum.
20
Horse and Bamboo Theatre Ltd
Company Limited by Guarantee
Notes to the Financial Statements (continued)
Year ended 31 March 2025
16. Tangible fixed assets
| Freehold | Fixtures and | |||
|---|---|---|---|---|
| property | fittings | Total | ||
| £ | £ | £ | ||
| Cost | ||||
| At 1 April 2024 | 590,821 | 243,694 | 834,515 | |
| Additions | - | 18,062 | 18,062 | |
| -------------------------------- | -------------------------------- | -------------------------------- | ||
| At 31 March 2025 | 590,821 | 261,756 | 852,577 | |
| ================================ | ================================ | ================================ | ||
| Depreciation | ||||
| At 1 April 2024 | 263,454 | 144,609 | 408,063 | |
| Charge for the year | 6,547 | 11,043 | 17,590 | |
| -------------------------------- | -------------------------------- | -------------------------------- | ||
| At 31 March 2025 | 270,001 | 155,652 | 425,653 | |
| ================================ | ================================ | ================================ | ||
| Carrying amount | ||||
| At 31 March 2025 | 320,820 | 106,104 | 426,924 | |
| ================================ | ================================ | ================================ | ||
| At 31 March 2024 | 327,367 | 99,085 | 426,452 | |
| ================================ | ================================ | ================================ | ||
| 17. | Stocks | |||
| 2025 | 2024 | |||
| £ | £ | |||
| Finished goods and goods for resale | 2,180 | 2,482 | ||
| ======================= | ======================= | |||
| 18. | Debtors | |||
| 2025 | 2024 | |||
| £ | £ | |||
| Trade debtors | 29,372 | 47,706 | ||
| Prepayments and accrued income | 3,381 | 711 | ||
| Other debtors | 1,835 | 150 | ||
| ======================= | ======================= | |||
| 34,588 | 48,567 | |||
| ======================= | ======================= | |||
| 19. | Creditors: amounts falling due within one year | |||
| 2025 | 2024 | |||
| £ | £ | |||
| Trade creditors | - | 866 | ||
| Accruals and deferred income | 5,091 | 1,000 | ||
| Social security and other taxes | 3,845 | 1,133 | ||
| Other Creditors | 862 | - | ||
| ----------------------- | ---------------------------- | |||
| 9,798 | 2,999 | |||
| ======================= | ============================ |
21
Horse and Bamboo Theatre Ltd
Company Limited by Guarantee
Notes to the Financial Statements (continued)
Year ended 31 March 2025
20. Analysis of charitable funds
Unrestricted funds
| Unrestricted funds | |||||
|---|---|---|---|---|---|
| At | At | ||||
| 1 April 2024 | Income | Expenditure | Transfers | 31 March 25 | |
| £ | £ | £ | £ | £ | |
| General Fund | 80,660 | 198,919 | (274,837) | - | 4,742 |
| Designated Funds: | |||||
| Covid Protection Fund | - | - | - | - | - |
| Business Development | |||||
| Fund | 15,000 | - | - | - | 15,000 |
| H+B 50thAnniversary | |||||
| Fund | 5,000 | - | - | - | 5,000 |
| Building Contingency | |||||
| Fund | 25,000 | - | (7,300) | - | 17,700 |
| Invested in fixed assets | 406,022 | 13,429 | (15,470) | - | 403,981 |
| Total unrestricted funds | 531,682 | 212,348 | (297,607) | - | 446,423 |
| ================================ | ================================ | ================================ | ============================ | ================================ | |
| At | At | ||||
| 1 April 2023 | Income | Expenditure | Transfers | 31 March 24 | |
| £ | £ | £ | £ | £ | |
| General funds | 494,771 | 256,880 | (272,407) | 52,438 | 531,682 |
| ================================ | ================================ | ================================ | ============================ | ================================ | |
| Restricted funds | |||||
| At | At | ||||
| 1 April 2024 | Income | Expenditure | Transfers | 31 March 25 | |
| £ | £ | £ | £ | £ | |
| Revenue fund: | |||||
| Bacup Cultural | |||||
| Consortium | - | 23,250 | (23,250) | - | - |
| Theatres Trust | - | 4,777 | (4,777) | - | - |
| Arts Council England | - | 34,963 | (25,136) | - | 9,827 |
| Capital Grants: | |||||
| Capital Grants | |||||
| Expended | 20,430 | 4,633 | (2,120) | - | 22,943 |
| Total Restricted Funds | 20,430 | 67,623 | (55,283) | - | 32,770 |
| ============================ | ============================ | ============================ | ============================ | ============================ | |
| At | At | ||||
| 1 April 2023 | Income | Expenditure | Transfers | 31 March 24 | |
| £ | £ | £ | £ | £ | |
| Restricted Funds | 60,495 | 65,914 | (53,541) | (52,438) | 20,430 |
| ============================ | ================================ | ============================ | ============================ | ============================ |
22
Horse and Bamboo Theatre Ltd
Company Limited by Guarantee
Notes to the Financial Statements (continued)
Year ended 31 March 2025
21. Analysis of net assets between funds
| Unrestricted | Restricted | Total Funds | ||
|---|---|---|---|---|
| Funds | Funds | 2025 | ||
| £ | £ | £ | ||
| Tangible fixed assets | 403,981 | 22,943 | 426,924 | |
| Current assets | 52,240 | 9,827 | 62,067 | |
| Creditors less than 1 year | (9,798) | - | (9,798) | |
| -------------------------------- | ---------------------------- | -------------------------------- | ||
| Net assets | 446,423 | 32,770 | 479,193 | |
| ================================ | ============================ | ================================ | ||
| Unrestricted | Restricted | Total Funds | ||
| Funds | Funds | 2024 | ||
| £ | £ | £ | ||
| Tangible fixed assets | 406,022 | 20,430 | 426,452 | |
| Current assets | 128,659 | - | 128,659 | |
| Creditors less than 1 year | (2,999) | - | (2,999) | |
| -------------------------------- | ---------------------------- | -------------------------------- | ||
| Net assets | 531,682 | 20,430 | 552,112 | |
| ================================ | ============================ | ================================ | ||
| 22. | Analysis of changes in net debt | |||
| At | ||||
| At 1 Apr 2024 | Cash flows | 31 Mar 2025 | ||
| £ | £ | £ | ||
| Cash at bank and in hand | 77,610 | (52,311) | 25,299 | |
| ================================ | ============================ | ============================ |
23. Related parties
No invoices for professional services performed for the charity were raised by the Trustees during the year (2024: £Nil).
No travel costs were reimbursed to the Trustees during the year (2024: £Nil).
No material donations were made by the Trustees to the charity.
24. Controlling Party
The charity has no controlling party. 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 guarantee and does not have share capital. In the event of the company being wound up members are committed to contributing £1 each.
23