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2024-03-31-accounts

Registered Charity 500738

THE LEEDS GILBERT AND SULLIVAN SOCIETY

Trustees’ Report and Financial Statements

For the year ended 31 March 2024

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The Leeds Gilbert and Sullivan Society Trustees’ Annual Report For the year ended 31 March 2024

Contents

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Trustees Annual Report

Reference and administration details

The Leeds Gilbert and Sullivan Society is registered with the Charity Commission under reference number 500738. The address registered with the Commission and the address for correspondence is 19 Chestnut Drive, Leeds LS16 7TL.

Website: www.leedsgands.org.uk

E-mail: committee@leedsgands.org.uk

The trustees of the charity, and their dates of appointment or resignation if they didn’t serve throughout the year, are:

Judith Smith Daryl Pickthall Katie Lister (appointed 26 June 2023)

Officers

Chair: Janet Johnston Secretary: Hannah Faulkner Treasurer: Vacant

The charity's main advisers are:

Banking HSBC Bank, Park Row, Leeds

Investments and deposits Charity Official Investment Funds (COIF), Angel Lane, London Insurance Lloyd and White Ltd (NODA Insurance), Taunton

Structure, governance and management

The charity is governed by the Society's Rules dated 15th February 1971 as amended 18 June 2007. The trustees and the charity's officers are elected annually at the Annual General meeting and they, together with a committee elected by the members, manage the affairs of the charity.

Objectives and activities

The objects of the charity are to educate the public in the dramatic and operatic arts, to further the development of public 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 various forms by its volunteer members.

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Achievements

Key achievements in year include:

The Trustees, by encouraging people of all ages to attend these performances and events, and/or participate in them, consider that the Charity was able to fulfil its objectives in full.

Financial review

Total incoming resources for the year amounted to £33,836 (PY: £32,902), a moderate improvement on the prior year. A detailed breakdown of income can be seen in note 6.

Incoming resources from charitable activities increased to £25,271 (PY: £20,959) due to improved sale oftickets, (possibly reflecting an increase in post-covid consumer confidence), and a significant increase in member performance fees, partly to the inclusion of a 40-strong choir, and partly an increase in the level of fees charged to recognise the increase in underlying costs.

Other activities, including fundraising, declined to £4,552 (PY: £7,344) due to a particularly successful fundraising event in 2023 and the corrected alignment of income-recognition for sales of production merchandise.

The Trustees wish to place on record their appreciation for the various fundraising efforts by members which helped fund the production deficit and thank the individuals who made donations to the society.

Total resources expended for the year were £33,754 (PY: £38,948). A detailed breakdown can be seen in note 7.

Production expenditure on the Hunchback of Notre Dame was broadly in line with prior year £29,113 (PY: £30,010). Previously, theatre commission charges were a separate line (PY: £3,237) but the theatre now charges these directly to consumers as a booking fee. Credit card and bank charges of £960 (PY: £0 - £122 was shown in admin costs) are now fully recognised as a cost, rather than being netted off income as in PY. Other significant changes include merchandise costs of £0 this year (PY: £1,545) to recognise the costs in the year of the production, and concert costs of £0 (PY: £726) as there was no concert in this year.

Overall, the net income for the year was £82 (PY: net loss of £6,046). £9,508 of this improvement can be attributed to charitable activities, offset by a decline of £2,794 in net fundraising income as explained above.

The unrealised gain on the revaluation of investments was £3,746 (PY: £1,628 loss) making the total outgoing movement in funds for the year £3,829 (PY: £7,674 loss).

The total funds of the Society at the year end, all of which are unrestricted, were £65,973 (PY: £62,144) made up of the Braime Fund £45,143 (PY: £41,397), the Sharman Fund £2,500 (PY: £2,500) and the General Fund £18,330 (£18,247).

At 31 March 2024, the investments were valued at £45,143 (£41,397), cash held in current and deposit accounts was £18,948 (PY: £21,843), debtors and prepayments amounted to £10,814 (PY: £6,298), whilst creditors, accruals and deferred income were £8,932 (PY: £7,394). The total of net assets was £65,973 (2023: £62,144).

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To fulfil its charitable objectives of education and furthering appreciation, the society will continue to mount productions without sole regard for popularity but recognises that long term financial survival requires a mix of popular and less well-known works and that production 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 deficits such that reserves can be maintained at a minimum level of one year’s production costs.

Approved by the Trustees on 18/11/2024 and signed on their behalf by Katie Lister

Cote. Lithhret 18-006 U4

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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 2011 (“the Act”).

| report in respect of my examination of the Society’s accounts carried out under section 145 of the 2011 Act and in carrying out my examination, | have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.

independent examiner's statement

| have completed my examination. | confirm that no material matters have come to my attention in connection with the examination which gives me cause to believe that in, any material respect,:

| 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 orderto enable a proper understanding of the accounts to be reached. Heather Whitver 3 , MSc, ARCS, BFP, FCA

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The Leeds Gilbert and Sullivan Society

Balance Sheet at 31 March 2024

g Unrestricted funds Unrestricted funds Unrestricted funds
2 31 March 2024 31 March 2023
£ £
FIXEDASSETINVESTMENTS 2 45,143 41,397
CURRENTASSETS
Debtors and prepayments 3 10,814 6,298
Cash atbank and in hand 18,948 21,843
29,762 28,141
CREDITORS: amounts fallingdue within one year 4 (8,932) (7,394)
NETCURRENTASSETS 20,830 20,747
TOTALNETASSETS 8 65,973 62,144
FUNDSOFTHE CHARITY 5,9
Unrestricted funds:
Designated funds 47,643 43,897
General reserve 18,330 18,247
859732144

These financial statements were approved by the Trustees on 18/11/2024 and were signed on their behalf by

[Colre they (€--2y Katie Lister Trustee

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The Leeds Gilbert and Sullivan Society

Statement of Financial Activities for the Year Ending 31 March 2024

s Unrestricted Unrestricted
= funds funds
2024 2023
£ £
INCOMING RESOURCES 6
Income and endowments from:
Donations and legacies 2,249 3,292
Charitable activities 25,271 20,959
Fund raising activities 4.552 7,344
Investments 1,764 1,307
Total incoming resources 33,836 32,902
RESOURCES EXPENDED 7
Expenditure on:
Charitable activities 32,699 37,895
Fundraising costs 1,055 1.053
Total resources expended 33,754 38,948
Net (expenditure)/income before investment gains/(losses) 82 (6,046)
Other recognised (losses)/gains
Losses and gains on revaluation offixed assets forthe charity’s own
use		 3,746 (1,628)
Net movement in funds 3,829 (7,674)
Total funds brought forward 62,144 69,818
Totalfundscarriedforward 5,9 65,973 62,144

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The Leeds Gilbert and Sullivan Society

Notes to the Financial Statements for the Year Ending 31 March 2024

  1. Accounting policies 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 preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) and the Charities Act 2011 and UK Generally Accepted Practice as it applies from 1 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

Incoming resources
Recognition ofincoming These are included in the Statement of Financial Activities (SoFA) when:
resources e
=the charity becomes entitled to the resources;
e
the trustees deem it reasonably probable that they will receive the
resources; and
e
the monetary value can be measured with sufficient reliability.
Incoming resources with related Where incoming resources have related expenditure (as with fundraising or
expenditure contractincome) the incoming resourcesand related expenditure are reported
gross in the SoFA.
Grants and donations Grants and donations are only included in the SoFAwhen the charity has
unconditional entitlement to the resources.
Tax reclaims on donations and Incoming resources from tax reclaims are included in the SoFA at the same time
gifts as the gift towhich they relate.
Contractual income and This is only included in the SoFA once the related goods or services have been
performance related grants delivered.
Gifts in kind Gifts in kind are accounted for at a reasonable estimate oftheir value to the
charity orthe amount actually realised.
Gifts in kind for sale or distribution are included in the accounts as gifts only
when sold or distributed by the charity.
Gifts in kind for use bythe charity are included in the SoFA as incoming
resources when receivable.
Donated services and facilities These are only included in incoming resources (with 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 ofthe service or facility received.
Volunteer help The value ofany voluntary help received is notincluded in the accounts but is
described in the trustees’ annual report.
investment income This is included in the accounts when receivable.
Investment gains and losses This includes anygain or losson the sale of investments and any gain or loss
resulting from revaluing investments to market value at the end ofthe year.
Expenditure and liabilities
Liability recognition Liabilities are recognised as soon asthere is a legal or constructive obligation
committing the charity to pay out resources.
Governance costs Include costs ofthe preparation and examination ofstatutory accounts, the
costs of trustee meetings and cost of any legal advice to trustees on governance
orconstitutionalmatters.

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Grants with performance Where the charity gives a grant with conditions for its payment being a specific conditions level of service or output to be provided, such grants are only recognised in the SoFA once the recipient of the grant has provided the specified service or output.

Grants payable without These are only recognised in the accounts when a commitment has been made performance conditions and there are no conditions to be met relating to the grant which remain in the control of the charity.

Assets

Tangible fixed assets for use by These are capitalised if they can be used for more than one year, and cost at charity least £500. They are valued at cost or a reasonable value on receipt.

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2. Fixed Asset investments
2024 2023
£ £
Market Value 1 April 41,397 43,025
Unrealised revaluation gain/(loss) 3,746 (1,628)
Market Value 31 March 45,143 41,397
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Some years ago, the society was gifted 4,200 non-voting shares in T.F. &J.H. BRAIME (HOLDINGS) P.L.C. which were eventually sold and the net proceeds of sale, £29,188 (the historical cost), were reinvested in COIF Investment Fund shares - representing the entirety of the unrestricted designated Braime Fund.

3. Debtors and prepayments

3. Debtors andand prepayments
Amounts fallingdue within
one year
2024 2023
£ £
Otherdebtors 314 598
Prepayments andaccrued income 10,500 5,700
10,814 6,298
4. Creditors and accruals
Amounts fallingdue within
one year
2024 2023
£ £
CreditorsandAccruals 3,054 2,474
Deferred Income 5,878 4,920
8,932 7,394

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5. Unrestricted Funds

2024 2023
Fund Purpose offund £ £
Designated Funds:
Braime Fund General unrestricted purposes ofthe society. 45,143 41,397
Maintained as a separate designated fund to
maintain the historical connection with the donor.
Sharman Fund General unrestricted purposesofthe societybut 2,500 2,500
with a donor expressed preference to be used for
activities connected with the works of Gilbert &
Sullivan. Maintained as a separate designated
fund to maintain the historical connection with the
donor.
47,643 43,897
General Reserves General unrestricted purposes ofthe society 18,330 18,247
65,973 62,144
2024 2023
6. Analysis of incoming resources £ £
Donationsand legacies Members’ subscriptions 2,097 2,739
Donations 152 553
2,249 3,292
Charitable Activities Friends’ subscriptions and tickets . 91
Tickets soldthrough theTheatre 19,864 17,080
Members’ performingfees 4,683 1,680
Programme Sales 724 718
Concert receipts - 1,390
25,271 20,959
FundraisingActivities Sale ofproduction merchandise j 1,607
500 Club 1,090 1,053
Fundraising Income 3,134 4,439
Raffle Income 328 245
4,552 7,344
Investmentincome Bank interest received 257 103
Dividends 1,507 1,204
1,764 1,307
TOTALINCOMINGRESOURCES 33,836 32,902

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2024 2023
7.
Analysis of resourcesexpended		 £ £
Charitable activities Affiliation fees 249 240
Insurance 734 767
Admin expenses 49 122
Credit card and bank charges 960 0
Theatre ticket sale commission 0 3,237
NODA badges - net cost to society 0 72
Website costs 388 0
Storage facilities 900 720
Cost of production merchandise sold 0 1,545
Production expenditure 29,113 30,010
Programme costs 306 422
Concert expenses - 726
NODA rep and otherfree tickets 0 34
32,699 37,895
Raisingfunds Fundraising costs 1,055 1,053
1,055 1,053
TOTAL RESOURCES EXPENDED 33,754 38,948
8.
Analysisof Net		 Assets by Fund
Fund
Braime Fund		 FixedAsset Debtorsand
Investments
prepayments
45,143
-		 Cash
-		 Current
_ liabilities
-		 Total
45,143
Sharman Fund - - 2,500 - 2,500
General Reserves - 10,814 16,448 (8,932) 18,330
45,143 10,814 18,948 (8,932) 65,973
9.
Unrestricted Funds
Currentyear—31 March 2024
Type of Balance Gains Balance
unrestricted brought and carried
Fundname fund Forward Income Expenditure Losses forward
Braime Fund Designated 41,397 - - 3,746 45,143
Sharman Fund Designated 2,500 - - - 2,500
GeneralReserves Unrestricted 18,247 33,836 (33,754) - 18,330
62,144 33,836 (33,754) 3,746 65,973
Previousyear— 31March 2023
Type of Balance Gains Balance
unrestricted brought and carried
Fund name fund Forward Income Expenditure Losses forward
Braime Fund Designated 43,025 - - (1,628) 41,397
Sharman Fund Designated 3,000 - (500) - 2,500
GeneralReserves Unrestricted 23,793 32,902 (38,448) 18,247
69,818 32,902 (38,948) (1,628) 62,144

The purposes of each fund are detailed in note 5.

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