**REGISTERED CHARITY NUMBER: 501904** 

**REPORT OF THE TRUSTEES AND AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2021** 

## **FOR** 

## **HINCKLEY CONCORDIA ASSOCIATION** 

CFW Accountants LLP Chartered Accountants & Statutory Auditors 

3 Weekley Wood Close Kettering Northamptonshire NN14 1UQ 



**HINCKLEY CONCORDIA ASSOCIATION** 

## **CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2021** 

||**Page**|
|---|---|
|**Report of the Trustees**|1 to  6|
|**Report of the Independent Auditors**|7 to  10|
|**Statement of Financial Activities**|11|
|**Balance Sheet**|12 to  13|
|**Notes to the Financial Statements**|14 to  23|
|**Detailed Statement of Financial Activities**|24 to  25|





## **HINCKLEY CONCORDIA ASSOCIATION** 

## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 JULY 2021** 

The trustees present their report with the financial statements of the charity for the year ended 31 July 2021. The trustees have adopted the provisions of 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 (FRS 102) (effective 1 January 2019). 

## **OBJECTIVES AND ACTIVITIES** 

## **Objectives and aims** 

The objectives of the Association, as specified in Clause 2 of the Constitution, are: 

To promote the benefit of the inhabitants of Hinckley and District by providing facilities for recreation and leisure-time activities in the interest of the social welfare of the said inhabitants with the object of improving their condition of life; 

To establish a community centre including a theatre and other facilities and to maintain and manage the centre for activities promoted by the Association and its constituent bodies in furtherance of the above objects; and 

To advance the education of the inhabitants of the area of benefit in any manner which is consistent with the above objects and in any manner which now is or hereafter may be deemed by law to be charitable. 

Please see "Review of achievements and performance for the year" for the Public Benefit for the inhabitants of Hinckley. 

In planning our activities for the year we kept in mind the Charity Commission guidance on public benefit at our trustees meetings. 

Page 1 



## **HINCKLEY CONCORDIA ASSOCIATION** 

## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 JULY 2021** 

## **ACHIEVEMENT AND PERFORMANCE** 

Unfortunately, due to the ongoing global pandemic the Concordia Theatre remains closed for live performances. 

This has resulted in numerous cancellations of society productions, external hires and fund-raising events. As an organisation we have been fortunate to have had huge support from our membership and volunteers, and their generosity in donations has been fantastic. Concordia has been very fortunate in receiving numerous grants awarded by the local authority, which has provided fundamental contributions in enabling us to keep the venue maintained and COVID secure. 

During the 2020-21 closure, due to the pandemic, Trustees have met virtually every 2-3 weeks to maintain contact and to discuss the Government guidelines at the time, to ensure the Association is prepared and has all measures in place, in readiness for re-opening. 

Health and Safety, as always, is a key focus for the theatre and our policies and procedures continue to be appraised to ensure they are still 'fit for purpose'. We are continuing to work towards a standard format for our policy and organisation structure to enable ease of use and review. 

In December 2020 the Theatre was able to host its first ever streamed event. The production of Marlene was filmed in the main auditorium and streamed online to our patrons. 

Following its postponement in December (again due to a change in local restrictions), the Pantomime Company transformed the entire auditorium and stage area into a phenomenal immersive pantomime experience "The Big Panto Adventure" in April, once restrictions allowed. 

We were able to welcome patrons back into the theatre during this time whist following strict government guidance with the association benefiting from a donation made by the Pantomime Company. 

Fundraising, as always, is a major focus but unfortunately, due to the pandemic restrictions all of our fundraising events have been cancelled or postponed. 

We are always extremely appreciative of all fundraising activities and, once again, we have received generous donations from many individuals, groups, societies, external organisations and businesses who wish to acknowledge and contribute to the theatre in their own way. We have also benefitted this year from bequests from the estates of former members. The Hinckley Concordia Association acknowledges and thanks all that have given so freely and who continue to support us in whatever way. 

## **FINANCIAL REVIEW** 

## **Investment policy and objectives** 

The charity continues to hold available cash reserves in instant access current accounts. The Trustees have been unable to find an instant access account which provides a better rate but this will continue to be monitored on an ongoing basis. 

## **Reserves policy** 

The financial statements show reserves of £7,422,452 (2020: £7,426,171) and net expenditure for the year of £3,719 (2020: £11,546 net income). 

Net current assets of £276,118 (2020: £262,857) were held at the year end. 

The emergency contingency of £50,000, as agreed in the previous year, is once again included in the reserves. 

Page 2 



## **HINCKLEY CONCORDIA ASSOCIATION** 

## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 JULY 2021** 

## **FUTURE PLANS** 

Initial correspondence had been circulated to Societies and departments in the previous financial year to obtain views and comments with regards to the feasibility to refurbish the main auditorium. This will continue to be a topic for discussion. 

The provision of a new point of sale system is to be introduced in readiness for the new season. This will enable contactless payments to be accepted across all of the venues trading outlets. 

## **STRUCTURE, GOVERNANCE AND MANAGEMENT** 

## **Governing document** 

The Association is governed by the constitution adopted on 21 May 1973 and amended on the 21 October 1996, 27 September 1999, 15 October 2001, 26 October 2009, 19 November 2012 and 8 November 2016. The Association is an Unincorporated Association. 

## **Recruitment and appointment of new trustees** 

The appointment of Trustees is governed by the constitution of the Charity. The Board of Trustees, who constitute the theatre council, are authorised to appoint new Trustees to fill vacancies arising through the resignation or death of any Trustee. 

## **Organisational structure** 

Trustees are appointed to hold the title of the property on behalf of the Association (Property Trustees). The Theatre Council is the executive body of the Association, responsible for managing the Association's affairs. The members of the Theatre Council (Charity Trustees) are: 

The Officers of the Association (Chairman, Secretary and Treasurer) being elected annually by members of the Association at the AGM. 

Nine other voting members who serve a three year term, three being elected annually by members of the Association at the AGM. 

The Chairman and Vice-Chairman of the Liaison Committee (Ex-officio, voting). 

The Property and Holding Trustees are entitled to attend Council meetings but are non-voting. 

The Theatre Liaison Committee is a consultative body consisting of nominated representatives from Theatre Council and from all theatre departments and affiliated societies. 

Details of all Officers and Trustees are given on page 6 of the financial statements. 

## **Induction and training of new trustees** 

New Trustees have generally been part of the Association for a reasonable length of time and are generally aware of the background and the Charity's objectives. A briefing pack is provided for new Trustees. All Trustees have undergone appropriate financial checks and DBS checks. 

## **REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number** 

501904 

## **Principal address** 

Concordia Theatre Stockwell Head Hinckley Leicestershire LE10 1RE 

Page 3 



**HINCKLEY CONCORDIA ASSOCIATION** 

## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 JULY 2021** 

**Officers of the Association:** Mr W Hare Chairman Miss D J Hewitt Secretary Mr R Gladman Treasurer **Charity Trustees:** Mr A D Chamberlain Elected Trustee Mr R Craddock Elected Trustee Ceased 10.08.21 Mr J Fisher Elected Trustee Mrs E Gladman Elected Trustee Mrs J A Hawkins Elected Trustee Mrs J A Peatfield Elected Trustee Mrs C Pitt Elected Trustee Mr I Shipley Elected Trustee **Holding Trustees:** Miss D J Hewitt Property Trustee Mr M Jones Property Trustee Mrs J A Peatfield Property Trustee Mrs J M Whitby Property Trustee Mr M T J Walker Property Trustee **Ex-Officio:** Ms S J Bolton Chairperson, Theatre Liaison Committee Ms Z E Stokes Vice-Chairperson, Theatre Liaison Committee 

## **Auditors** 

CFW Accountants LLP Chartered Accountants & Statutory Auditors 3 Weekley Wood Close Kettering Northamptonshire NN14 1UQ 

## **Bankers** 

HSBC 10 Market Place Hinckley Leicestershire LE10 1NG 

Nottingham Building Society 5-13 Upper Parliament Street Nottingham NG1 2BX 

Page 4 



## **HINCKLEY CONCORDIA ASSOCIATION** 

## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 JULY 2021** 

## **FUNDS HELD AS CUSTODIAN FOR OTHERS** 

The Hinckley Concordia Association collects and holds money from ticket sales on behalf of some of the external hirers who perform at the theatre. Details of any such hirings are given in note 18 of the financial statements. 

## **FUNDRAISING STANDARDS** 

The charity has not used any professional fundraisers during the year, with all fundraising being carried out in house where it can be monitored appropriately. As such the charity was not bound by any voluntary scheme for regulating fundraising on behalf of the charity. 

There were no complaints received by the charity or anyone acting on its behalf relating to the fundraising activities of the charity during the year. 

Due to the nature and scope of the fundraising undertaken by the charity there was no unreasonable intrusion into vulnerable people's privacy, nor unreasonably persistent approaches for the purpose of soliciting money on behalf of the charity. 

## **DESIGNATED FUNDS** 

The designated fund was to finance the installation of lifts for disabled access to the auditorium and upper parts of the theatre. This project is now complete and the balance on the fund represents the net book value of the installation. 

## **VOLUNTARY HELP** 

The formal accounts include all monetary transactions but the value of the time and efforts of the unpaid volunteers who support the work of the Association is not quantified. The theatre is staffed and maintained entirely by volunteers in a thoroughly professional manner for both amateur and professional performances. 

The Association does not put a monetary measurement on such contributions but feel it appropriate to acknowledge the commitment and help in all the Association achieves. 

## **MEMBERS OF THE CHARITY** 

Members of the charity, who are Trustees for the purpose of charity law, who served during the year and up to the date of this report are set out on page 4. 

## **TRUSTEES INDEMNITY INSURANCE** 

During the year £749 (2020: £3,743) was paid for indemnity insurance in respect of Trustees, Officers and all within the theatre in a management role for the period covering 1 August 2020 to 31 July 2021. The insurance was for a level of £2 million. 

## **DISCLOSURE OF INFORMATION TO AUDITORS** 

So far as the Trustees are aware, 

- There is no 'relevant audit information' of which the charity's auditors are unaware, and 

- they have taken all the steps that they ought to have taken as Trustees in order to make themselves aware of any relevant audit information and to establish that the charity's auditors are aware of the information. 

## **STATEMENT OF TRUSTEES' RESPONSIBILITIES** 

The trustees are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). 

Page 5 



## **HINCKLEY CONCORDIA ASSOCIATION** 

## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 JULY 2021** 

## **STATEMENT OF TRUSTEES' RESPONSIBILITIES - continued** 

The law applicable to charities in England and Wales, the Charities Act 2011, Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed 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 charity and of the incoming resources and application of resources, including the income and expenditure, of the charity for that period. In preparing those financial statements, the trustees are required to 

- select suitable accounting policies and then apply them consistently; 

- observe the methods and principles in the Charity SORP; 

- make judgements and estimates that are reasonable and prudent; 

- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business. 

The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. 

Approved by order of the board of trustees on 18 January 2022 and signed on its behalf by: 

........................................................................ Mr W A Hare - Chairman 

........................................................................ Mr R Gladman - Treasurer 

Page 6 



**REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF HINCKLEY CONCORDIA ASSOCIATION** 

## **Opinion** 

We have audited the financial statements of Hinckley Concordia Association (the 'charity') for the year ended 31 July 2021 which comprise the Statement of Financial Activities, the Balance Sheet and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). 

- In our opinion the financial statements: 

- give a true and fair view of the state of the charity's affairs as at 31 July 2021 and of its incoming resources and application of resources, for the year then ended; 

- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and 

- have been prepared in accordance with the requirements of the Charities Act 2011. 

## **Basis for opinion** 

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report.  We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements.  We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. 

## **Conclusions relating to going concern** 

In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. 

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. 

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report. 

## **Other information** 

The trustees are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Report of the Independent Auditors thereon. 

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. 

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.  We have nothing to report in this regard. 

## **Matters on which we are required to report by exception** 

We have nothing to report in respect of the following matters where the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion: 

- the information given in the Report of the Trustees is inconsistent in any material respect with the financial statements; or 

- sufficient accounting records have not been kept; or 

- the financial statements are not in agreement with the accounting records and returns; or 

- we have not received all the information and explanations we require for our audit. 

Page 7 



## **REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF HINCKLEY CONCORDIA ASSOCIATION** 

## **Responsibilities of trustees** 

As explained more fully in the Statement of Trustees' Responsibilities, the trustees are responsible for the preparation of the financial statements which give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. 

In preparing the financial statements, the trustees are responsible for assessing the charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so. 

Page 9 



**REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF HINCKLEY CONCORDIA ASSOCIATION** 

## **Our responsibilities for the audit of the financial statements** 

We have been appointed as auditors under Section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder. 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Independent Auditors that includes our opinion.  Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. 

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: 

We identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and then design and perform audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion. 

## **Identifying and assessing potential risks related to irregularities** 

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we consider the following: 

- the nature of the industry and sector, control environment and business performance; 

- results of our enquiries of management and those charged with governance about their own identification and assessment of the risks of irregularities; 

- any matters we identified having obtained and reviewed the Charity's documentation of their policies and procedures relating to: 

- identifying , evaluating and complying with laws and regulations and whether they were aware of any instances of non-compliance; 

- detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud; 

- the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations; -  the matters discussed among the audit engagement team and involving other members of staff requiring consultation regarding how and where fraud might occur in the financial statements and any potential indicators of fraud. 

As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override. 

We also obtained an understanding of the legal and regulatory frameworks that the Charity operates in, focusing on provisions of those laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included the Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (UK GAAP), Charities SORP (FRS 102) and tax legislation. 

In addition, we considered the provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the Charity's ability to operate or to avoid a material penalty. 

## **Audit response to risks identified** 

As a result of performing the above, our procedures to respond to risks identified included the following: 

- reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements; 

- enquiring of management and those charged with governance concerning actual and potential litigation and claims; -  performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of 

Page 9 



## **REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF HINCKLEY CONCORDIA ASSOCIATION** 

material misstatement due to fraud; and 

-  in addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business. 

We also communicate relevant identified laws and regulations and potential fraud risks to all engagement team members, and remain alert to any indications of fraud or non-compliance with laws and regulations throughout the audit. 

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the trustees and other management and the inspection of regulatory and legal correspondence, if any. 

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion. 

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Independent Auditors. 

## **Use of our report** 

This report is made solely to the charity's trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity's trustees as a body, for our audit work, for this report, or for the opinions we have formed. 

CFW Accountants LLP Chartered Accountants & Statutory Auditors 3 Weekley Wood Close Kettering Northamptonshire NN14 1UQ 

Date: 28 February 2022. 

Page 10 



## **HINCKLEY CONCORDIA ASSOCIATION** 

## **STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 JULY 2021** 

|Notes<br>**INCOME AND ENDOWMENTS FROM**<br>Donations and legacies<br>2<br>Other trading activities<br>3<br>Investment income<br>4<br>Other income<br>**Total**<br>**EXPENDITURE ON**<br>Raising funds<br>5<br>**Charitable activities**<br>6<br>Bar<br>Front of House<br>Auditorium<br>**Total**<br>**NET INCOME/(EXPENDITURE)**<br>**Other recognised gains/(losses)**<br>Gains on revaluation of fixed assets<br>**Net movement in funds**<br>**RECONCILIATION OF FUNDS**<br>**Total funds brought forward**<br>**TOTAL FUNDS CARRIED FORWARD**|Unrestricted<br>funds<br>£<br>**106,993**<br>**22,506**<br>**-**<br>**3,390**<br>**132,889**<br>**2,142**<br>**15,120**<br>**12,935**<br>**106,198**<br>**136,395**<br>**(3,506)**<br>**-**<br>**(3,506)**<br>**7,425,958**<br>**7,422,452 **|Restricted<br>funds<br>£<br>**-**<br>**-**<br>**-**<br>**-**<br>**-**<br>**-**<br>**-**<br>**-**<br>**213**<br>**213**<br>**(213)**<br>**-**<br>**(213)**<br>**213**<br>**-**|**2021**<br>**Total**<br>**funds**<br>**£**<br>**106,993**<br>**22,506**<br>**-**<br>**3,390**<br>**132,889**<br>**2,142**<br>**15,120**<br>**12,935**<br>**106,411**<br>**136,608**<br>**(3,719)**<br>**-**<br>**(3,719)**<br>**7,426,171**<br>**7,422,452 **|2020<br>Total<br>funds<br>£<br>105,910<br>123,372<br>71<br>-<br>229,353<br>29,697<br>18,026<br>15,507<br>154,577<br>217,807<br>11,546<br>1,913,754<br>1,925,300<br>5,500,871<br>7,426,171|
|---|---|---|---|---|



The notes form part of these financial statements 

Page 11 



## **HINCKLEY CONCORDIA ASSOCIATION** 

## **BALANCE SHEET 31 JULY 2021** 

|Notes<br>**FIXED ASSETS**<br>Tangible assets<br>11<br>**CURRENT ASSETS**<br>Stocks<br>12<br>Debtors<br>13<br>Cash at bank and in hand<br>**CREDITORS**<br>Amounts falling due within one year<br>14<br>**NET CURRENT ASSETS**<br>**TOTAL ASSETS LESS CURRENT**<br>**LIABILITIES**<br>**NET ASSETS**|**2021**<br>**£**<br>**7,146,334**<br>**1,486**<br>**37,846**<br>**281,156**<br>**320,488**<br>**(44,370)**<br>**276,118**<br>**7,422,452**<br>**7,422,452 **|2020<br>£<br>7,163,314<br>1,894<br>49,393<br>255,311<br>306,598<br>(43,741)<br>262,857<br>7,426,171<br>7,426,171|
|---|---|---|



The notes form part of these financial statements 

Page 12 



## **HINCKLEY CONCORDIA ASSOCIATION** 

## **BALANCE SHEET - continued 31 JULY 2021** 

|**FUNDS**<br>16<br>Unrestricted funds:<br>General fund<br>Revaluation reserve<br>Designated fund - Lift project<br>Restricted funds:<br>Awards for all<br>Evac Chair<br>**TOTAL FUNDS**|**1,250,913**<br>**5,694,002**<br>**477,537 **<br>**7,422,452 **<br>**-**<br>**-**<br>**-**<br>**7,422,452 **|1,254,036<br>5,694,002<br>477,920<br>7,425,958<br>164<br>49<br>213<br>7,426,171|
|---|---|---|



The financial statements were approved by the Board of Trustees and authorised for issue on 18 January 2022 and were signed on its behalf by: 

........................................................................ Mr W A Hare - Chairman 

........................................................................ Mr R Gladman - Treasurer 

The notes form part of these financial statements 

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**HINCKLEY CONCORDIA ASSOCIATION** 

## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2021** 

## **1. ACCOUNTING POLICIES** 

## **Basis of preparing the financial statements** 

The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) '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 (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011. The financial statements have been prepared under the historical cost convention, as modified by the revaluation of certain assets. 

## **Income** 

All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably. 

## **Expenditure** 

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources. 

## **Allocation and apportionment of costs** 

Support costs are those functions that assist the work of the charity but do not directly undertake charitable activities. Support costs include back office costs, payroll and governance costs. These costs have been allocated between the different charitable activities. 

## **Tangible fixed assets** 

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. 

Fixtures and fittings -  20% on reducing balance 

Tangible fixed assets costing more than £250 are capitalised at cost. 

Freehold land and buildings are included at valuation based on replacement cost. All gains and losses arising on the valuation of the properties are shown in the statement of financial activities. The trustees thus consider that the lives of such freehold land and buildings and their residual values are such that any depreciation charge would be insignificant. 

The carrying values of the freehold land and buildings are reviewed for impairment if events or changes in circumstances indicate that the carrying value may not be recoverable. Any impairment in the value of the freehold land and buildings will be charged to the statement of financial activities. 

## **Stocks** 

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. 

## **Taxation** 

The charity is exempt from tax on its charitable activities. 

## **Fund accounting** 

Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees. 

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**HINCKLEY CONCORDIA ASSOCIATION** 

## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 JULY 2021** 

## **1. ACCOUNTING POLICIES - continued** 

## **Fund accounting** 

Designated funds are those set aside by the trustees out of unrestricted funds for specific future purposes. 

Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes. 

Further explanation of the nature and purpose of each fund is included in the notes to the financial statements. 

## **Donated goods** 

Donated professional services are recognised as income when receipt of economic benefit from the use by the charity of the item is probable and that economic benefit can be measured reliably. In accordance with the Charities SORP (FRS 102) general volunteer time is not recognised, and refer to the trustees' annual report for more information about their contribution. 

On receipt, donated professional services are recognised on the basis of the value of the gift to the charity, which is the amount the charity would have been willing to pay to obtain services of equivalent economic benefit on the open market; a corresponding amount is then recognised in expenditure in the period of receipt. 

## **Government grants** 

Government grants are recognised when it is reasonable to expect that the grants will be received and that all related conditions will be met, usually on submission of a valid claim for payment. 

Grants of a revenue nature are credited to income so as to match them with the expenditure to which they relate. 

## **2. DONATIONS AND LEGACIES** 

|Grants<br>Fundraising<br>Tinhatters<br>NTP<br>Pantomime<br>Concordia AOS<br>Youth Theatre<br>Guild<br>Stanley Opera<br>Membership donations<br>BADS<br>Others<br>Gift Aid<br>Bequeathed donations|**2021**<br>**£**<br>**78,500**<br>**1,658**<br>**-**<br>**1,205**<br>**3,150**<br>**-**<br>**1,500**<br>**4,000**<br>**-**<br>**6,511**<br>**1,500**<br>**4,907**<br>**3,099**<br>**963**<br>**106,993**|2020<br>£<br>25,000<br>589<br>3,696<br>13,030<br>19,866<br>7,108<br>-<br>2,433<br>1,449<br>5,296<br>1,826<br>11,982<br>3,317<br>10,318|
|---|---|---|
|||105,910|



Page 15 



**HINCKLEY CONCORDIA ASSOCIATION** 

## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 JULY 2021** 

## **2. DONATIONS AND LEGACIES - continued** 

Grants received, included in the above, are as follows: 

|Rate relief grant<br>Cultural and community grant<br>Local restriction grant<br>Restart grant<br>**3.**<br>**OTHER TRADING ACTIVITIES**<br>Bar sales<br>Refreshment sales<br>Hire charges<br>Society ticket printing<br>Membership subscriptions<br>Box office<br>**4.**<br>**INVESTMENT INCOME**<br>Building Society interest<br>**5.**<br>**RAISING FUNDS**<br>**Raising donations and legacies**<br>Fundraising expenditure||**2021**<br>**£**<br>**-**<br>**50,000**<br>**16,500**<br>**12,000**<br>**78,500**<br>**2021**<br>**£**<br>**2,834**<br>**-**<br>**112**<br>**-**<br>**17,873**<br>**1,687 **<br>**22,506**<br>**2021**<br>**£**<br>**-**<br>**2021**<br>**£**<br>**1,252 **||
|---|---|---|---|
|||||
|||||



Page 16 



## **HINCKLEY CONCORDIA ASSOCIATION** 

## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 JULY 2021** 

## **5. RAISING FUNDS - continued** 

## **Other trading activities** 

|**Other trading activities**|||
|---|---|---|
|Purchases<br>Bad debts<br>Aggregate amounts|**2021**<br>**£**<br>**890**<br>**-**<br>**890**<br>**2,142**|2020<br>£<br>28,224<br>1,473|
|||29,697|
|||29,697|



## **6. CHARITABLE ACTIVITIES COSTS** 

|Bar<br>Front of House<br>Auditorium<br>**SUPPORT COSTS**<br>Auditorium|Direct<br>Costs<br>£<br>**15,120**<br>**12,935**<br>**103,691 **<br>**131,746**|Support<br>costs (see<br>note 7)<br>Totals<br>£<br>£<br>**-**<br>**15,120**<br>**-**<br>**12,935**<br>**2,720**<br>**106,411**<br>**2,720**<br>**134,466**<br>Governance<br>costs<br>£<br>**2,720**|
|---|---|---|



## **7. SUPPORT COSTS** 

Support costs, included in the above, are as follows: 

## **Governance costs** 

|**Governance costs**|||
|---|---|---|
||**2021**|2020|
|||Total|
||Auditorium|activities|
||**£**|£|
|Auditors' remuneration|**5,345**|**5,070**|
|Accountancy|**(2,625) **|**2,185**|
||**2,720**|**7,255**|



Page 17 



**HINCKLEY CONCORDIA ASSOCIATION** 

## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 JULY 2021** 

## **8. TRUSTEES' REMUNERATION AND BENEFITS** 

There were no trustees' remuneration or other benefits for the year ended 31 July 2021 nor for the year ended 31 July 2020. 

## **Trustees' expenses** 

The aggregate amount of expenses reimbursed to trustees during the year was £nil (2020: £nil). 

During the year £749 (2020: £3,743) was paid for indemnity insurance in respect of trustees, officers and all within the theatre in a management role. The insurance policy has a coverage limit of £2 million. 

## **9. STAFF COSTS** 

The average monthly number of staff employed by the Charity during the year was nil (2020: nil). With no staff there were no employee costs during the year (2020: £nil). 

## **10. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES** 

|**INCOME AND ENDOWMENTS FROM**<br>Donations and legacies<br>Other trading activities<br>Investment income<br>**Total**<br>**EXPENDITURE ON**<br>Raising funds<br>**Charitable activities**<br>Bar<br>Front of House<br>Auditorium<br>**Total**<br>**NET INCOME/(EXPENDITURE)**<br>**Other recognised gains/(losses)**<br>Gains on revaluation of fixed assets<br>**Net movement in funds**<br>**RECONCILIATION OF FUNDS**<br>**Total funds brought forward**|Unrestricted<br>funds<br>£<br>105,910<br>123,372<br>71<br>229,353<br>29,697<br>18,026<br>15,507<br>154,523<br>217,753<br>11,600<br>1,913,754<br>1,925,354<br>5,500,604|Restricted<br>funds<br>£<br>-<br>-<br>-<br>-<br>-<br>-<br>-<br>54<br>54<br>(54)<br>-<br>(54)<br>267|Total<br>funds<br>£<br>105,910<br>123,372<br>71<br>229,353<br>29,697<br>18,026<br>15,507<br>154,577<br>217,807<br>11,546<br>1,913,754<br>1,925,300<br>5,500,871|
|---|---|---|---|



Page 18 



## **HINCKLEY CONCORDIA ASSOCIATION** 

## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 JULY 2021** 

|**10.**<br>**COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES**<br>Unrestricted<br>funds<br>£<br>**TOTAL FUNDS CARRIED FORWARD**<br>7,425,958<br>**11.**<br>**TANGIBLE FIXED ASSETS**<br>Freehold<br>property<br>£<br>**COST**<br>At 1 August 2020<br>**7,065,000**<br>Additions<br>**-**<br>At 31 July 2021<br>**7,065,000**<br>**DEPRECIATION**<br>At 1 August 2020<br>**-**<br>Charge for year<br>**-**<br>At 31 July 2021<br>**-**<br>**NET BOOK VALUE**<br>At 31 July 2021<br>**7,065,000**<br>At 31 July 2020<br>7,065,000|**10.**<br>**COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES**<br>Unrestricted<br>funds<br>£<br>**TOTAL FUNDS CARRIED FORWARD**<br>7,425,958<br>**11.**<br>**TANGIBLE FIXED ASSETS**<br>Freehold<br>property<br>£<br>**COST**<br>At 1 August 2020<br>**7,065,000**<br>Additions<br>**-**<br>At 31 July 2021<br>**7,065,000**<br>**DEPRECIATION**<br>At 1 August 2020<br>**-**<br>Charge for year<br>**-**<br>At 31 July 2021<br>**-**<br>**NET BOOK VALUE**<br>At 31 July 2021<br>**7,065,000**<br>At 31 July 2020<br>7,065,000|**- continued**<br>Restricted<br>funds<br>£<br>213<br>Fixtures<br>and<br>fittings<br>£<br>**740,288**<br>**4,112**<br>**744,400**<br>**641,974**<br>**21,092 **<br>**663,066**<br>**81,334 **<br>98,314||Total<br>funds<br>£<br>7,426,171<br>Totals<br>£<br>**7,805,288**<br>**4,112**<br>**7,809,400**<br>**641,974**<br>**21,092 **<br>**663,066**<br>**7,146,334 **<br>7,163,314|
|---|---|---|---|---|
||||||
||||||
||||||
||||||
||||||



At 31 May 2021 freehold buildings were valued by Barrett Corp and Harrington Limited (RICS) for insurance purposes at £7,065,000 on a replacement cost basis. This valuation was adopted in the financial statements for the year-ended 31 July 2020 prior to their approval. The historic cost of the freehold land and buildings is £1,370,998 (2020: £1,370,998). 

## **12. STOCKS** 

|Stocks|**2021**<br>**£**<br>**1,486**|2020<br>£<br>1,894|
|---|---|---|



Page 19 



## **HINCKLEY CONCORDIA ASSOCIATION** 

## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 JULY 2021** 

## **13. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR** 

|Other debtors<br>Prepayments and accrued income|**2021**<br>**£**<br>**22,730**<br>**15,116**<br>**37,846**|2020<br>£<br>34,598<br>14,795<br>49,393|
|---|---|---|



## **14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR** 

|Trade creditors<br>VAT<br>Other creditors<br>Accruals and deferred income|**2021**<br>**£**<br>**3,974**<br>**579**<br>**15,749**<br>**24,068**<br>**44,370**|2020<br>£<br>3,289<br>1,826<br>15,569<br>23,057<br>43,741|
|---|---|---|



## **15. ANALYSIS OF NET ASSETS BETWEEN FUNDS** 

|Fixed assets<br>Current assets<br>Current liabilities|Unrestricted<br>funds<br>£<br>**7,146,334**<br>**320,488**<br>**(44,370) **<br>**7,422,452 **|Restricted<br>funds<br>£<br>**-**<br>**-**<br>**-**<br>**-**|**2021**<br>Total<br>funds<br>**£**<br>**7,146,334**<br>**320,488**<br>**(44,370) **<br>**7,422,452 **|2020<br>Total<br>funds<br>£<br>7,163,314<br>306,598<br>(43,741)<br>7,426,171|
|---|---|---|---|---|



## **16. MOVEMENT IN FUNDS** 

|**Unrestricted funds**<br>General fund<br>Revaluation reserve<br>Designated fund - Lift project<br>**Restricted funds**<br>Awards for all<br>Evac Chair<br>**TOTAL FUNDS**|At 1.8.20<br>£<br>**1,254,036**<br>**5,694,002**<br>**477,920**<br>**7,425,958**<br>**164**<br>**49**<br>**213**<br>**7,426,171**|Net<br>movement<br>in funds<br>£<br>**(3,123)**<br>**-**<br>**(383) **<br>**(3,506)**<br>**(164)**<br>**(49) **<br>**(213)**<br>**(3,719) **|At<br>31.7.21<br>£<br>**1,250,913**<br>**5,694,002**<br>**477,537 **<br>**7,422,452**<br>**-**<br>**-**<br>**-**<br>**7,422,452 **|
|---|---|---|---|



Page 20 



## **HINCKLEY CONCORDIA ASSOCIATION** 

## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 JULY 2021** 

## **16. MOVEMENT IN FUNDS - continued** 

Net movement in funds, included in the above are as follows: 

|**Unrestricted funds**<br>General fund<br>Designated fund - Lift project<br>**Restricted funds**<br>Awards for all<br>Evac Chair<br>**TOTAL FUNDS**|Incoming<br>Resources<br>Movement<br>resources<br>expended<br>in funds<br>£<br>£<br>£<br>**132,889**<br>**(136,012)**<br>**(3,123)**<br>**-**<br>**(383) **<br>**(383) **<br>**132,889**<br>**(136,395)**<br>**(3,506)**<br>**-**<br>**(164)**<br>**(164)**<br>**-**<br>**(49) **<br>**(49) **<br>**-**<br>**(213)**<br>**(213)**<br>**132,889**<br>**(136,608) **<br>**(3,719) **|
|---|---|



## **Comparatives for movement in funds** 

|**Unrestricted funds**<br>General fund<br>Revaluation reserve<br>Designated fund - Lift project<br>**Restricted funds**<br>Awards for all<br>Evac Chair<br>**TOTAL FUNDS**|At 1.8.19<br>£<br>1,242,340<br>3,780,248<br>478,016<br>5,500,604<br>206<br>61<br>267<br>5,500,871|Net<br>movement<br>in funds<br>£<br>11,696<br>1,913,754<br>(96)<br>1,925,354<br>(42)<br>(12)<br>(54)<br>1,925,300|At<br>31.7.20<br>£<br>1,254,036<br>5,694,002<br>477,920<br>7,425,958<br>164<br>49<br>213<br>7,426,171|
|---|---|---|---|



Page 21 



**HINCKLEY CONCORDIA ASSOCIATION** 

## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 JULY 2021** 

## **16. MOVEMENT IN FUNDS - continued** 

Comparative net movement in funds, included in the above are as follows: 

|**Unrestricted funds**<br>General fund<br>Revaluation reserve<br>Designated fund - Lift project<br>**Restricted funds**<br>Awards for all<br>Evac Chair<br>**TOTAL FUNDS**|Incoming<br>resources<br>£<br>229,353<br>-<br>-<br>229,353<br>-<br>-<br>-<br>229,353|Resources<br>expended<br>£<br>(217,657)<br>-<br>(96)<br>(217,753)<br>(42)<br>(12)<br>(54)<br>(217,807)|Gains and<br>losses<br>£<br>-<br>1,913,754<br>-<br>1,913,754<br>-<br>-<br>-<br>1,913,754|Movement<br>in funds<br>£<br>11,696<br>1,913,754<br>(96)<br>1,925,354<br>(42)<br>(12)<br>(54)<br>1,925,300|
|---|---|---|---|---|



A current year 12 months and prior year 12 months combined position is as follows: 

|**Unrestricted funds**<br>General fund<br>Revaluation reserve<br>Designated fund - Lift project<br>**Restricted funds**<br>Awards for all<br>Evac Chair<br>**TOTAL FUNDS**|At 1.8.19<br>£<br>1,242,340<br>3,780,248<br>478,016<br>5,500,604<br>206<br>61<br>267<br>5,500,871|Net<br>movement<br>in funds<br>£<br>8,573<br>1,913,754<br>(479)<br>1,921,848<br>(206)<br>(61)<br>(267)<br>1,921,581|At<br>31.7.21<br>£<br>1,250,913<br>5,694,002<br>477,537<br>7,422,452<br>-<br>-<br>-<br>7,422,452|
|---|---|---|---|



Page 22 



## **HINCKLEY CONCORDIA ASSOCIATION** 

## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 JULY 2021** 

## **16. MOVEMENT IN FUNDS - continued** 

A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows: 

|**Unrestricted funds**<br>General fund<br>Revaluation reserve<br>Designated fund - Lift project<br>**Restricted funds**<br>Awards for all<br>Evac Chair<br>**TOTAL FUNDS**|Incoming<br>Resources<br>Gains and<br>Movement<br>resources<br>expended<br>losses<br>in funds<br>£<br>£<br>£<br>£<br>362,242<br>(353,669)<br>-<br>8,573<br>-<br>-<br>1,913,754<br>1,913,754<br>-<br>(479)<br>-<br>(479)<br>362,242<br>(354,148)<br>1,913,754<br>1,921,848<br>-<br>(206)<br>-<br>(206)<br>-<br>(61)<br>-<br>(61)<br>-<br>(267)<br>-<br>(267)<br>362,242<br>(354,415)<br>1,913,754<br>1,921,581|
|---|---|



The lift project fund was to finance the installation of lifts for disabled access to our auditorium and upper parts of the theatre. 

Awards for All was in respect of income received towards the upgrade and refurbishment of the workshop. The balance carried forward relates to the net book value of the saw bench purchased with the fund. 

Evac Chair was in respect of income received towards the purchase of Evac chairs for the evacuation of disabled persons from the theatre in an emergency. The balance carried forward relates to the net book value of the Evac Chair purchased with the fund. 

## **17. RELATED PARTY DISCLOSURES** 

There were no related party transactions for the year ended 31 July 2021. 

## **18. ASSETS HELD ON BEHALF OF OTHERS** 

The charity holds funds in a separate bank account for the receipts from ticket sales on behalf of the external hirers who perform at the theatre. These amounts are then repaid to the external hirers. 

The amount held at the year end was £25,528 (2020: £48,273). 

Page 23 



## **HINCKLEY CONCORDIA ASSOCIATION** 

## **DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 JULY 2021** 

|**INCOME AND ENDOWMENTS**<br>**Donations and legacies**<br>Grants<br>Fundraising<br>Tinhatters<br>NTP<br>Pantomime<br>Concordia AOS<br>Youth Theatre<br>Guild<br>Stanley Opera<br>Membership donations<br>BADS<br>Others<br>Gift Aid<br>Bequeathed donations<br>**Other trading activities**<br>Bar sales<br>Refreshment sales<br>Hire charges<br>Society ticket printing<br>Membership subscriptions<br>Box office<br>**Investment income**<br>Building Society interest<br>**Other income**<br>Insurance recoveries<br>**Total incoming resources**|2021<br>£<br>**78,500**<br>**1,658**<br>**-**<br>**1,205**<br>**3,150**<br>**-**<br>**1,500**<br>**4,000**<br>**-**<br>**6,511**<br>**1,500**<br>**4,907**<br>**3,099**<br>**963**<br>**106,993**<br>**2,834**<br>**-**<br>**112**<br>**-**<br>**17,873**<br>**1,687 **<br>**22,506**<br>**-**<br>**3,390**<br>**132,889**|2020<br>£<br>25,000<br>589<br>3,696<br>13,030<br>19,866<br>7,108<br>-<br>2,433<br>1,449<br>5,296<br>1,826<br>11,982<br>3,317<br>10,318<br>105,910<br>33,170<br>25,451<br>30,772<br>3,674<br>23,767<br>6,538<br>123,372<br>71<br>-<br>229,353|
|---|---|---|



This page does not form part of the statutory financial statements 

Page 24 



## **HINCKLEY CONCORDIA ASSOCIATION** 

## **DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 JULY 2021** 

|**EXPENDITURE**<br>**Raising donations and legacies**<br>Fundraising expenditure<br>**Other trading activities**<br>Fundraising trading<br>Bad debts<br>**Charitable activities**<br>Stage lighting and sound<br>Premises costs<br>Repairs and renewals<br>Office costs<br>Miscellaneous expenses<br>Insurance and licences<br>Hire of equipment<br>Professional fees<br>Irrecoverable VAT<br>Depreciation of tangible fixed assets<br>Loss on sale of tangible fixed assets<br>**Support costs**<br> **Governance costs**<br>Auditors' remuneration<br>Accountancy<br>Total resources expended<br>**Net (expenditure)/income**|**2021**<br>**£**<br>**1,252**<br>**890**<br>**-**<br>**890**<br>**3,046**<br>**42,585**<br>**22,987**<br>**12,493**<br>**903**<br>**22,092**<br>**395**<br>**3,832**<br>**2,321**<br>**21,092**<br>**-**<br>**131,746**<br>**5,345**<br>**(2,625) **<br>**2,720**<br>**136,608**<br>**(3,719) **|2020<br>£<br>-<br>28,224<br>1,473<br>29,697<br>6,018<br>53,755<br>25,900<br>31,537<br>4,435<br>23,781<br>383<br>4,730<br>4,760<br>24,669<br>887<br>180,855<br>5,070<br>2,185<br>7,255<br>217,807<br>11,546|
|---|---|---|



This page does not form part of the statutory financial statements 

Page 25