Registered Charity 500738 THE LEEDS GILBERT AND SULLIVAN socIErY Trustees, Report and Financial Statements For the year ended 31 March 2023 The Leeds Gilbert and Sullivan Society Trustees, Annual Report Forthe yearended 31 March 2023 Contents Trustees Annual Report.......................................................... Reference and administration details........................ Structure, governance and management . Objectives and artivities................................... Achievements and performance................................................................................................................... Financial review..................................................................................................... Independent Examinerfs Report to the Trustees of The Leeds Gilbert and Sulltvan Society............................ Balance Sheet at 31 March 2023 . Statement of Financial Activities for the Year Ending 31 March 2023.............................................................. Notes to the Financial Statements for the year ending 31 March 2023..................... Trustees Annual Report Reference and administration details The Leeds Gilbert and Sullivan Society is registered with the Charity Commission under reference number 5(K>738. The address registered with the Commission and the addre$5 for correspondence is 19 Chestnut Drive. Leeds L516 7TL. Website- www.leed5 ands.or .uk E-mail= committee leeds ands.or .uk The trustee5 of the charity. and their dates of appointment or resignation if they didn't serve throughout the year, a￿.. Judrth Smith Richard Naylor (resigned 20 June 20221 Daryl Pickthall (appointed 20 June 20221 Steve Limb (resigned 26 June 20231 Katie Lister (appointed 26 June 20231 Officers Ch3ir.' Janet Johnston Secretary.. Hannah Faulkner Treasurer.. David Naylor Ire5igne(131 December 20231 The charity's main advisers are= Banking HSBC Bank. Park Row, Leeds Investments and depostts Charity Official Investment Fund5 ICOIFI. Angel Lane, London Insurance Lloyd and White Ltd INODA Insurance). Taunton Structure, governance and management The charity is governed by the Societvs Rules dated 15th February 1971 as amended 18 June 2007. The trustees and the charttvs officers are elerte(l annually at the Annual General meeting and they. together with a committee elerted by the members. manage the affairs of the charity. Objertives and activities The objects of the charity are to educate the public in the dramatic and operatic arts. to further the development of publÉc appreciation and taste in the said arts and to assist and further such charitable institutions and charitable purposes as the committee shall from time to time determine. The charity achieves these objects by public performances in varÉous form5 by its volunteer member5. Achievements and perforniance The SocietWs production of Sweeney Todd was its first performance post the COV1[￿19 pandemic and in deciding to stage it the Trustees made a conscious decision to "build back better- and announce to the general public of Leed5 that theatre in general and the society in particular was back. The production was well received by both performers and audiences alike but unfortunately audience numbers were not as strong as wa5 hoped. in comtnon with ihe theatre world at the time. and the production made a sizeable loss. The society also managed to reach audiences through concerts in Roundhay and Bramley and raised funds with a carol-sinÈing day in Leeds City Centre. The Trustees. by encouraging people of 311 ages to attend these perfomiances andlor participate in them, consider that the Chartty was able to fulfil its objertives in full. Financial review Total incomin resources for the year amounted to £32.￿212022= £4,257), lyjt comparisons with the previous year are to an extent meaningless given the lack of activity in 2022. The principle sources of income were membership subscriptions I£2.739. 2022= £1,520). fijndraising (£4,439 - 2022.. £-I, Production ticket sales 1£17,080 - 2022.. £-l. Production performance fee5 (£1,680 - 2022= £-l and concert receipts (£1,390 - 2022.. £2651 and net income from the s￿ club of £1.05312022= £1,205). Other income was received from general donations. dividends from the Braime fund investments and income ancillary to the Sweeney Todd production, such as sales of prcErammes. merchandise and raffle tickets. The Trustees wish to place on record their appreciation fof the various fijndraising efforts by members which helped fund the defictt on the Sweeney Todd production and also thank the individuals who made donations to the society. Total resources expended for the year were £38.94812022.' £1,[￿31. Of this. expenditure on the Sweeney Todd produclion was £30.01012022: £-I, the theatre charged £3.23712022- £-l on ticket sale commission and charges. costs of merchandise and programmes sold were £1.967 12022: £-l awjd the costs of the concerts performed were £72612022: £4871. Overall, net expenditure for the year was £6.04612022= £2.654 net incomel, which can be further analysed as loss on production £13.276 12022: £-l. surplus from concert £664 12022= £222 lossl and surplus on general activities £6.56612022.' £2.8761. The unrealised loss on the revaluation of investment was £1.62812022.' £3,418 gain) making the total outgoing movement in funds for the year £7,67412022: £6.072 incoming). The total funds of the Society at 31 March 2023, all of which a￿ unrestricted, were £62.14412022= £69,818) made up of the Braime Fund É41.39712022= £43.0251, the Sharman Fund £2,5(K)12022.. £3,(K)01 and the General Fund £18.2471£23,7931. At 31 March 2023. the investments were valued at £41.3971£43,0251. cash held in current and deposit accounts was £21.84312022- £20.3781, debtors and prepayments amounted to £6.29812022.. £9,349). whi15t creditors and accruals We￿ £7.39412022= £2,934). The total of net assets was £62.14412022= £69,818). To fulfil its charitable objectives of education and furthering appreciation, the society will continue to mount productions without sole regard for popularity but recognise5 that long term financial survival requires a mix of popular and less well-known works and that produrtion losses cannot be sustained year on year. Whilst the total level of reserves held is considered sufficient in the short-term. the Trustees, immediate policy is to lessen future deficit5 such that reserves can be maintained al a minimum level of one yearfs production costs. A three- veal recovery plan has been actioned as the start of the process to achieve this. Approved by the Trustees on 11 March 2024 and sgned on their behalF by Judith Smith. Independent Examiner's Report to the Trustees of The Leeds Gilbert and Sullivan Society Responsibilities and basis of report As Trustees of the Society you are responsible for the preparation of the accounts in accordance with the Charities Act 20111.the Act"). I report in respect of my examination of the Societys accounts carried out under section 145 of the 2011 Act and in carrying out my examination, I have followed all the applicable Direction5 given by the Charity Commission under section 1451Sllbl of the Act. Independent examinerfs staternent I have completed my examination. I confimi that no material matters have come to my attention in connertion with the examination which gNes me cause to believe that in, any material respect.= the accounting records were not kept in accordance with section 130 of the Act- or the accounts did not accord with the accounting records.. or the accounts did not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Account5 and Reportsl Regulations 2(X)8 other than any requirement that the accounts Eive a 'true and fairf view which is not a matter considered as part of an independent examination. I have no concerns and have come across no other matters in connertion 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. Thomas Matthews BA (Honsl, CA Leeds 13th March 2024 The Leeds Gilbert and Sullivan Society Balance Sheet at 31 March 2023 Unrestricted funds 31 March 2023 Unrestritted funds 31 March 2022 FIXED ASSET INVESTMENTS 41,397 43,025 CURRENT ASSETS Debtors and prepayments Cash at bank and in hand 6,298 21.843 28,141 9,349 20,378 29,727 CREDITORS.. amounts falling due within one year {7.394) 12,9341 NET CURRENT ASS￿5 20,747 26,793 TOTAL NET ASSETS 62,144 69.818 FUNDS OF THE CHARITY Unrestricted funds- Designated funds General reserve 43,897 18,247 62,144 46,025 23,793 69,818 These financial statements were approved by the Tnjstees on 11 March 2024 and were signed on their behalf Judith Smith Trustee The Leeds Gilbert and Sullivan Society Statement of Financial Activities for the Year Ending 31 March 2023 Unrestricted funds Unrestricted funds 2022 2023 INCOMING RESOURCES Income and endowments from- Donations and legacies Charitable artivities 3,292 1,602 20.959 265 Fund raising activities 1,205 Investments 1,307 32.902 1,185 4,257 Total incoming resour￿$ RESOURCES EXPENDED Expenditure on- Raising funds Charitable artivitie5 Totsl resource5 expended 1.053 37.895 38.948 1,603 1,603 Net {expenditurellincome before in¥estmentgainslllossesl {6,1)46) 2,654 Other recognised Ilossesllgains Losses and gains on revaluation of fixed assets for the ch3rtVs own use {1.628) 3.418 Net movement in funds {7,6741 6.072 Total funds brought forward 69,818 63,746 Totsl funds carried forward 62.144 69,818 The Leeds Gilbert and Sullivan Society Notes to the Financial Statements for the year ending 31 March 2023 l. Accounting policie5 The financial statements have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant notes to these accounts. The financial statements have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities applicable to Charities preparin8 their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFR51021 and the Charities Act 2011 and UK Generally Accepted Practice as it applies from l January 2015. Funds Unrestricted funds are either general funds which can be used for Society ordinary purposes or designated funds earmarked by the Trustees for particular purposes. Incoming resources Recognition of incomin8 resources These are included in the Statement of Financial Artivities ISOFAI when.. the charity becomes entitled to the resources.. the trustees deem it reasonably probable that they will receive the resources.. and the monetary value can be measured with sufficient reliability. Where incomtrng reSour￿S have related expenditure las with fundraising or contract income) the incoming resource5 and related expenditure are reported gross in the SOFA. Grants and don3tion5 are only included in the SOFA when the charity has unconditional entitlement to the resources. Incoming resources from tsx reclaims are included in the SOFA atthe same time as the gtft to which they relate. This is only included in the SOFA once the related goods or services have been delivered. Gifts in kind are accounted for Bt a reasonable estimate of theirvalue to the charity or the amount artually realised. Gtfts in kind for sale or distribution are included in the accounts as gifts only when sdd or distributed by the charity. Grfts in kind for use by the charity are induded in the SOFA as incoming ources when recervable. These are only included in incoming resource5 Iwith an equivalent amount in resources expended) where the benefit to the charity is reasonably quantifiable, measurable and material. The value placed on these resources is the estimated value to the charity of the service orfacility received. The value of any voluntary help received is not included in the accounts but is described in the trustees. annual report. This is included in the accounts when receivable. This includes any gain or loss on the sale of investments and any gain or loss resulting from revaluing inve%tments to market value at the end of the year. Incoming resources wth related expenditure Grants and donations Tax reclaims on donation5 and gifts Contrartual income and perfonnance related grants Gift5 in kind Donated Services and facilities Volunteer help Investment income Investment gains and losses Expenditure and liabilities Liabillty recognition Liabilities are recognised as soon as there is a legal or construrtive obligation committing the charity to pay out resour￿5. Include costs of the preparation and examination of statutory accounts, the costs of trustee meetings and cost of any legal advice to trustees on governance or constitutional matters. Governance costs Grants with perfomiance conditions Where the charity gives a grant with conditions for its payment being a specifi level of service or output to be provided. such grants are only recoEnised in the SOFA once the reciptent of the grant ha5 provided the specified service or output. These are only recognised in the accounts when a commitment has been made and there are no conditions to be met relating to the grant which remain in the control of the charity. Grants payable without perfomiance conditions Assets Tangible fixed assets for use bv charity These are capttalised rf they can be used for more than one year. and cost at least £5(N). They are valued at cost or a reasonable value on receipt. 2. Fixed Asset investrnents 2023 2022 Market Value l April Unrealised revaluation gain/lloss} Marketvalue 31 March 43,025 (1.628} 41.397 39,607 3,418 43,025 Some years ago, the Society was gifted 4,2CKI non-voting shares in T.F. & J.H. BRAIME {HOLDINGSI P.L.C. which were eventually sold and the net proceeds of sale, £29.188 Ithe historical costl. were reinvested in COIF Investment Fund shares- representirE the entirety of the unrestricted desigrbated Braime Fund. 3. Debtors and prepayments Arnounts falling due within one year 2023 2022 Other debtors 598 Prepayments and accrued income 5,71)0 6.298 9.349 9,349 4. Creditors and accruals Amounts falling due wlthin one year 2023 2022 Accruals and deferred incorne 7.394 7.394 2,934 2.934 5. Unrestricted Funds 2023 2022 Fund Designated Funds.. Braime Fund Pur ose of fund General unrestricted purposes of the 50ciety- Maintained a5 a separate desiEnated fund to maintain the historical connettion with the donor. General unrestricted purposes of the society but with a donor exp￿SSed preference to be used for artivities connetted with the works of Gilbert & Sullivan. Maintained a5 a separate designated fund to maintain the historical connection with the donor. 41,397 43,025 Sharman Fund 2.5(K) 3,000 43.897 46,025 General fund General unrestricted purpose5 of the society 18,247 23.793 62.144 69,818 2023 2022 6. Analysis of incoming resources tk)nations and legacies Member5. subscriptions Donations 2.739 553 3.292 1,520 82 1,602 Other trading activities or fund raising Sale of production merchandise 5(Kl Club 1,607 1,053 4.439 245 7.344 1,205 Fundraising Raffle Income 1,205 Investment income Bank interest received Dividends 103 1,2fy1 1,307 1.180 1,185 Charitable attivities Friends, subscriptions and tickets rickets sold through the Theat member￿ performing fees Programme Sales Q)ncert receipts 91 17,080 1.680 718 1.390 20.959 265 265 TOTAL INCOMING RESOURCES 32.902 4,257 io 2023 2022 7. Analysis of resources expended Charitable activities Affiliation fees Insurance Admin expenses Theatre ticket sale commission NODA badges- net cost to society StoraBe facilitÈes C05t of production merchandise sold Production expenditure Programme costs Concert expenses NODA rep and other free tickets 240 767 122 3,237 72 720 1,545 30,010 422 726 34 37,895 1,053 164 532 1121 12 420 487 1.603 Raising funds Fundraising costs 1.053 TOTAL RESOURCES EXPENDED 38.948 1,603 8. Analysis of Net Assets by Fund Fixed Asset Investments 41.397 Debtors and re ments Current Fund Braime Fund Sharman Fund General Reserves Cash Total 41,397 2,500 18,247 62.144 2,5(Kl 19.343 21.843 6,298 6.298 {7,394) (7,3941 41,397 9. Unrestrirted Funds Current ear- 31 March 2023 Balance brou Forward 43,025 Gains and Losses {1.628) Balance carried forward 41,397 2.500 18.247 unrestricted fund Designated Designated Unrestricted Fund name Braime Fund Sharman Fund General Reserves Income Ex nditure {5001 (38.4481 23.793 32,902 69.818 32.￿2 138,948) 11,628) 62,144 Previous ear- 31 March 2022 eof unrestricted fund Designated Designated Unrestricted Balance brou Forward 39.607 Gains and Losses 3,418 Balance carried forward 43,025 3,000 23,793 Fund name Braime Fund Sharman Fund General Reserves Income enditure 21.139 4.257 11,6031 63.746 4,257 1,603 3,418 69,818 The purposes of each fund are detailed in note 5. li