REGISTERED CHARITY NUMBER: 501904
REPORT OF THE TRUSTEES AND AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023
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 2023
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|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|
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HINCKLEY CONCORDIA ASSOCIATION
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 JULY 2023
The trustees present their report with the financial statements of the charity for the year ended 31 July 2023. 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.
ACHIEVEMENT AND PERFORMANCE
The Hinckley Concordia Association has once again enjoyed a successful year, both financially and in terms of the standard of productions within the theatre. During the year all within the theatre worked to ensure that the programme continued on track to provide excellent variation of productions for the local community.
This year have welcomed 33,000 patrons across 18 different productions with 101 individual performances. Productions included large scale musicals, plays, pantomime, opera and a number of live music and dance productions.
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'. The Front of House and technical staff undertake refresher training on a regular basis. During the season, training to accommodate legislative and system changes in technical departments has taken place and this will continue to be a focus of the theatre.
Plans and developments during the year have included major budgets being sanctioned for the building maintenance, including the replacement of many light fittings to more energy efficient types.
The Concordia theatre continues to play an active role within the community. Presentations are given to outside groups who, in turn, visit the theatre for guided tours. These range from members of the Scouting movement to Women's Institutes, Church and School Groups and Senior Citizen's Groups. Our ever popular open morning was once again held during our pantomime run in January. This always attracts many visitors and gives the opportunity to experience the magic of back-stage theatre.
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.
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HINCKLEY CONCORDIA ASSOCIATION
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 JULY 2023
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 £8,540,335 (2022: £8,557,344) and net expenditure for the year of £17,009 (2022: £25,892 net income).
Net current assets of £276,443 (2022: £308,375) 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.
FUTURE PLANS
Following initial correspondence that had been circulated to societies and departments in the previous financial years to obtain views and comments with regards to the feasibility to refurbish the main auditorium. A team of volunteers have now been put together to move forward with a feasibility study. This will include the replacement of the seating for comfort of the patrons within the auditorium, level access to the front of the auditorium from foyer level to allow potential alternate disabled access and the replacement of the current heating and ventilation system. Extensive enabling works will also need to be completed to facilitate the refurbishment. This may include the removal of asbestos contained within the fabric of the building. The re-location of electrical supplies.
The progression of the new point of sale system (POS) is to be further introduced into the spotlight bar in readiness for the new season. This will enable contactless payments to be accepted across all the venues trading outlets. Whilst also assisting our volunteers in being familiar with one POS system allowing more flexibility in staffing these outlets.
A change of premises licence will now enable patrons to take drinks containing alcohol into the auditorium.
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.
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HINCKLEY CONCORDIA ASSOCIATION
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 JULY 2023
STRUCTURE, GOVERNANCE AND MANAGEMENT
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 3 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 IRE
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HINCKLEY CONCORDIA ASSOCIATION REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 JULY 2023
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|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|Trustees|
|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|
|MrI|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|Ceased|01.03.22|
|Mr|J|Hill|Chairperson,|Theatre|Liaison|Committee|Appointed|01.03.22|
|Ms|ZE|Stokes|Vice-Chairperson,|Theatre|Liaison|Committee|Ceased|13.02.23|
|Mr|J Lloyd|Vice-Chairperson,|Theatre|Liaison|Committee|Appointed|13.02.23|
|Auditors|
|CFW|Accountants|LLP|
|Chartered|Accountants|
|&|Statutory|Auditors|
|3|Weekley Wood|Close|
|Kettering|
|Northamptonshire|
|NN14|1UQ|
|Bankers|
|HSBC|
|10|Market|Place|
|Hinckley|
|Leicestershire|
|LE10|ING|
|EVENTS|SINCE|THE|END|OF THE YEAR|
|Information|relating|to|events|since|the|end|of the year|is|given|in|the notes|to|the|financial|statements.|
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HINCKLEY CONCORDIA ASSOCIATION REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 JULY 2023
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 19 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 3.
TRUSTEES INDEMNITY INSURANCE
During the year £929 (2022: £861) 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 2022 to 31 July 2023. The insurance was for a level of £2 million.
DISCLOSURE OF INFORMATION TO AUDITORS
So far as the Trustees are aware,
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There is no 'relevant audit information’ of which the charity's auditors are unaware, and
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- 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).
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HINCKLEY CONCORDIA ASSOCIATION
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 JULY 2023
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
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charity SORP;
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- make judgements and estimates that are reasonable and prudent;
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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 oftrustees on Jaloz bee Uo signed on its behalf by:
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GS -
aS )
Mr W A Hare - Trustee
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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 2023 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:
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give a true and fair view of the state of the charity's affairs as at 31 July 2023 and of its incoming resources and application of resources, for the year then ended;
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have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
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- 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.
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REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF HINCKLEY CONCORDIA ASSOCIATION
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:
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the information given in the Report of the Trustees is inconsistent in any material respect with the financial statements; or
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sufficient accounting records have not been kept; or
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- the financial statements are not in agreement with the accounting records and returns; or
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we have not received all the information and explanations we require for our audit.
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.
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:
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the nature of the industry and sector, control environment and business performance;
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results of our enquiries of management and those charged with governance about their own identification and assessment of the risks of irregularities;
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REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF HINCKLEY CONCORDIA ASSOCIATION
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any matters we identified having obtained and reviewed the Charity's documentation of their policies and procedures relating to:
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identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non-compliance;
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detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud;
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the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations;
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- 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:
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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;
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enquiring of management and those charged with governance concerning actual and potential litigation and claims;
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- performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud; and
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in addressing the risk of fraud through management override of controls, testing the appropriateness ofjournal 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.
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REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF HINCKLEY CONCORDIA ASSOCIATION
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/audiiorsresponsibilities. 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<a LLP Chartered Accountants
& Statutory Auditors
3 Weekley Wood Close Kettering Northamptonshire NN14 1UQ Date: 7)
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HINCKLEY CONCORDIA ASSOCIATION
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 JULY 2023
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|---|---|---|---|---|---|---|---|---|
|2023|2022|
|Unrestricted|— Restricted|Total|Total|
|funds|funds|funds|funds|
|Notes|£|E|£|£|
|INCOME|AND ENDOWMENTS|FROM|
|Donations|and|legacies|2|106,731|-|106,731|146,106|
|Other|trading|activities|3|187,672|-|187,672|173,107|
|Investment|income|4|1,249|~|1,249|20|
|Total|295,652|-|295,652|319,233|
|EXPENDITURE|ON|
|Raising funds|5|50,085|-|50,085|72,429|
|Charitable|activities|6|
|Bar|26,550|-|26,550|18,030|
|Front|of House|22,503|-|22,503|18,391|
|Auditorium|213,523|-|213,523|184,491|
|Total|312,661|-|312,661|293,341|
|NET INCOME/(EXPENDITURE)|(17,009)|-|(17,009)|25,892|
|Other|recognised|gains/(losses)|
|Gains|on|revaluation|of fixed|assets|-|-|-|1,109,000|
|Net movement|in|funds|(17,009)|-|(17,009)|1,134,892|
|RECONCILIATION|OF|FUNDS|
|Total|funds brought|forward|8,557,344|-|8,557,344|7,422,452|
|TOTAL FUNDS CARRIED FORWARD|8,540,335|-|8,540,335|8,557,344|
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The notes form part of these financial statements
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HINCKLEY CONCORDIA ASSOCIATION
BALANCE SHEET 31 JULY 2023
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|||||||||
|---|---|---|---|---|---|---|---|
|2023|2022|
|Notes|£|£|
|FIXED ASSETS|
|Tangible|assets|11|8,263,892|8,248,969|
|CURRENT|ASSETS|
|Stocks|12|2,481|1,928|
|Debtors|13|29,219|23,168|
|Cash|at bank and in hand|275,446|310,950|
|307,146|336,046|
|CREDITORS|
|Amounts|falling due|within|one|year|14|(30,703)|(27,671)|
|NET CURRENT ASSETS|276,443|308,375|
|TOTAL|ASSETS|LESS|CURRENT|
|LIABILITIES|8,540,335|8,557,344|
|NET ASSETS|8,540,335|8,557,344|
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The notes form part of these financial statements
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HINCKLEY CONCORDIA ASSOCIATION
BALANCE SHEET- continued 31 JULY 2023
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|||||||
|---|---|---|---|---|---|
|FUNDS|16|
|Unrestricted|funds:|
|General|fund|1,259,796|1,276,805|
|Revaluation|reserve|6,803,002|6,803,002|
|Designated|fund|-|Lift project|477,537|477,537|
|8,540,335|8,557,344|
|TOTAL FUNDS|8,540,335|8,557,344|
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The financial statements were approved by the Board of Trustees and authorised for issue on A302 (2074 and were signed on its behalf by:
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Mr W AHare- Trustee
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Mr & Gladman - Trustee
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 2023
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.
Debtors
Debtors receivable within one year are measured at transaction price less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially measured at transaction price and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts. Any losses arising from impairment are recognised in the profit and loss account.
Creditors
Creditors payable within one year are measured at transaction price. Loans and other financial liabilities are initially recognised at transaction price and subsequently measured at amortised cost determined using the effective interest method.
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
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.
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.
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HINCKLEY CONCORDIA ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 JULY 2023
iF ACCOUNTING POLICIES- continued
Tangible fixed assets
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.
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.
Page 15
HINCKLEY CONCORDIA ASSOCIATION
NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 JULY 2023
2;
3,
DONATIONS AND LEGACIES
| DONATIONS AND LEGACIES | ||
|---|---|---|
| 2023 | 2022 | |
| £ | ES | |
| Grants | - | 3,000 |
| Fundraising | 1,016 | $8,725 |
| Tinhatters | 9,007 | 4,422 |
| NTP | 10,061 | 8,440 |
| Pantomime | 26,052 | 23,279 |
| ConcordiaAOS | 18,000 | 17,304 |
| Youth Theatre | 3,310 | 5,420 |
| Guild | 19,130 | 5,000 |
| Stanley Opera | 3,025 | 1,632 |
| Membership donations | 2,455 | 5,153 |
| BADS | 2,130 | 5,900 |
| Others | 8,834 | 6,417 |
| GiftAid | 3,282 | 3,098 |
| Bequeathed donations | 429 | 316 |
| 106,731 | 146,106 | |
| Grants received, included in the above, are as follows: | ||
| 2023 | 2022 | |
| £ | f | |
| Local restriction grant | - | 3,000 |
| OTHERTRADINGACTIVITIES | ||
| 2023 | 2022 | |
| £ | £ | |
| Bar sales | 59,977 | 46,811 |
| Refreshment sales | 49,972 | 37,452 |
| Hire charges | 38,310 | 47,057 |
| Society ticket printing | 6,149 | 3,880 |
| Membership subscriptions | 19,651 | 24,895 |
| Box office | 13,613 | 13,012 |
| 187,672 | 173,107 |
Page 16
HINCKLEY CONCORDIA ASSOCIATION
NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 JULY 2023
| 4. | INVESTMENT INCOME | |||
|---|---|---|---|---|
| 2023 | 2022 | |||
| £ | £ | |||
| Building Society interest | 1,249 | 20 | ||
| 5} | RAISINGFUNDS | |||
| Raising donations and legacies | ||||
| 2023 | 2022 | |||
| £ | £ | |||
| Fundraising expenditure | - | 22,659 | ||
| Other trading activities | ||||
| 2023 | 2022 | |||
| £ | £ | |||
| Purchases | 50,085 | 37,503 | ||
| Outside hire costs | - | 12,267 | ||
| 50,085 | 49,770 | |||
| Aggregateamounts | 50,085 | 72,429 | ||
| 6. | CHARITABLE ACTIVITIES COSTS | |||
| Support | ||||
| Direct | costs (see | |||
| Costs | note 7) | Totals | ||
| £ | £ | £ | ||
| Bar Front ofHouse |
26,550 22,503 |
- - |
26,550 22,503 |
|
| Auditorium | 207,123 | 6,400 | 213,523 | |
| 256,176 | 6,400 | 262,576 |
Page 17
HINCKLEY CONCORDIA ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 JULY 2023
1: SUPPORT COSTS
Auditorium
Governance costs £ 6,400
----- Start of picture text -----
|||||||||
|---|---|---|---|---|---|---|---|
|Support|costs,|included|in|the above,|are|as|follows:|
|Governance|costs|
|2023|2022|
|Total|
|Auditorium|activities|
|<|é|
|Auditors' remuneration|6,400|5,935|
----- End of picture text -----
- TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees’ remuneration or other benefits for the year ended 31 July 2023 nor for the year ended 31 July 2022.
Trustees' expenses
The aggregate amount of expenses reimbursed to trustees during the year was £nil (2022: £nil).
During the year £929 (2022: £861) 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 (2022: nil). With no staff there were no employee costs during the year (2022: nil).
----- Start of picture text -----
|||||||
|---|---|---|---|---|---|
|COMPARATIVES|FOR THE|STATEMENT|OF|FINANCIAL|ACTIVITIES|
|Unrestricted|—_ Restricted|Total|
|funds|funds|funds|
|£|£|£|
|INCOME AND ENDOWMENTS|FROM|
|Donations|and|legacies|146,106|-|146,106|
|Other trading|activities|173,107|-|173,107|
|Investment|income|20|-|20|
|Total|319,233|-|319,233|
|EXPENDITURE|ON|
|Raising|funds|72,429|-|72,429|
----- End of picture text -----
Page 18
HINCKLEY CONCORDIA ASSOCIATION
NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 JULY 2023
| 10. | COMPARATIVES FORTHESTATEMENTOFFINANCIAL ACTIVITIES - | COMPARATIVES FORTHESTATEMENTOFFINANCIAL ACTIVITIES - | continued | |
|---|---|---|---|---|
| Unrestricted | Restricted | Total | ||
| funds | funds | funds | ||
| £ | £ | £ | ||
| Charitable activities | ||||
| Bar | 18,030 | - | 18,030 | |
| Front ofHouse | 18,391 | - | 18,391 | |
| Auditorium | 184,491 | - | 184,491 | |
| Total | 293,341 | - | 293,341 | |
| NETINCOME | 25,892 | - | 25,892 | |
| Other recognised gains/(losses) | ||||
| Gains onrevaluation offixed assets | 1,109,000 | - | 1,109,000 | |
| Net movement in funds | 1,134,892 | - | 1,134,892 | |
| RECONCILIATION OFFUNDS | ||||
| Total funds brought forward | 7,422,452 | - | 7,422,452 | |
| TOTALFUNDSCARRIEDFORWARD | 8,557,344 | - | 8,557,344 | |
| 11. | TANGIBLE FIXED ASSETS | |||
| Fixtures | ||||
| Freehold | and | |||
| property | fittings | Totals | ||
| £ | £ | £ | ||
| COST | ||||
| At 1 August 2022 | 8,174,000 | 755,831 | 8,929,831 | |
| Additions | - | 38,516 | 38,516 | |
| Disposals | - | (6,129) | (6,129) | |
| At31 July2023 | 8,174,000 | 788,218 | 8,962,218 | |
| DEPRECIATION | ||||
| At 1 August 2022 | - | 680,862 | 680,862 | |
| Charge foryear | - | 22,583 | 22,583 | |
| Eliminated on disposal | - | (5,119) | (5,119) | |
| At 31 July 2023 | - | 698,326 | 698,326 | |
| NET BOOKVALUE | ||||
| At 31 July 2023 | 8,174,000 | 89,892 | 8,263,892 | |
| At31July2022 | 8,174,000 | 74,969 | 8,248,969 |
Page 19
HINCKLEY CONCORDIA ASSOCIATION NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 JULY 2023
11. TANGIBLE FIXED ASSETS - continued
In the year ending 31 July 2022 buildings were valued by Barrett Corp and Harrington Limited (RICS) for insurance purposes at £8,174,000 on a replacement cost basis. The historic cost of the freehold land and buildings is £1,370,998 (2022: £1,370,998).
| 12. | STOCKS | ||||
|---|---|---|---|---|---|
| 2023 | 2022 | ||||
| £ | £ | ||||
| Stocks | 2,481 | 1,928 | |||
| 13. | DEBTORS: AMOUNTS FALLINGDUEWITHINONE YEAR | ||||
| 2023 | 2022 | ||||
| £ | £ | ||||
| Trade debtors | 1,250 | 586 | |||
| Other debtors | 8,150 | 8,853 | |||
| Prepayments andaccruedincome | 19,819 | 13,729 | |||
| 29,219 | 23,168 | ||||
| 14. | CREDITORS: AMOUNTS FALLINGDUEWITHINONEYEAR | ||||
| 2023 | 2022 | ||||
| £ | £ | ||||
| Trade creditors | 7,462 | 4,068 | |||
| VAT | 1,449 | 4,820 | |||
| Other creditors | 7,000 | 8,381 | |||
| Accruals anddeferred income | 14,792 | 10,402 | |||
| 30,703 | 27,671 | ||||
| 15. | ANALYSIS OFNETASSETSBETWEEN FUNDS | ||||
| 2023 | 2022 | ||||
| Unrestricted _Restricted | Total | Total | |||
| funds | funds | funds | funds | ||
| £ | £ | £ | £ | ||
| Fixed assets | 8,263,892 | - | 8,263,892 | 8,248,969 | |
| Current assets | 307,146 | - | 307,146 | 336,046 | |
| Current liabilities | (30,703) | - | (30,703) | (27,671) | |
| 8,540,335 | - | 8,540,335 | 8,557,344 |
Page 20
HINCKLEY CONCORDIA ASSOCIATION
NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 JULY 2023
----- Start of picture text -----
||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
|16.|MOVEMENT|IN|FUNDS|
|Net|
|movement|At|
|At|1.8.22|in|funds|3L7.23|
|£|£|£|
|Unrestricted|funds|
|General|fund|1,276,805|(17,009)|1,259,796|
|Revaluation|reserve|6,803,062|-|6,803,002|
|Designated|fund|-|Lift project|477,537|-|477,537|
|8,557,344|(17,009)|8,540,335|
|TOTAL FUNDS|8,557,344|(17,009)|8,540,335|
|Net|movement|in|funds,|included|in|the|above|are|as|follows:|
|Incoming|Resources|Movement|
|resources|expended|in funds|
|£|£|£|
|Unrestricted|funds|
|General|fund|295,652|(312,661)|(17,009)|
|TOTAL FUNDS|295,652|(312,661)|(17,009)|
|Comparatives|for movement|in|funds|
|Net|
|movement|At|
|At|1.8.21|in|funds|S22|
|£|£|£|
|Unrestricted|funds|
|General|fund|1,250,913|25,892|1,276,805|
|Revaluation|reserve|5,694,002|1,109,000|6,803,002|
|Designated|fund|-|Lift project|477,537|-|477,537|
|7,422,452|1,134,892|8,557,344|
|TOTAL FUNDS|7,422,452|1,134,892|8,557,344|
----- End of picture text -----
Page 21
HINCKLEY CONCORDIA ASSOCIATION
NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 JULY 2023
16. MOVEMENT IN FUNDS- continued
Comparative net movement in funds, included in the above are as follows:
----- Start of picture text -----
|||||||
|---|---|---|---|---|---|
|Incoming|Resources|Gains and|Movement|
|resources|expended|losses|in|funds|
|£|£|£|£|
|Unrestricted|funds|
|General|fund|319,233|(293,341)|-|25,892|
|Revaluation|reserve|-|-|1,109,000|1,109,000|
|319,233|(293,341)|1,109,000|1,134,892|
|TOTAL FUNDS|319,233|(293,341)|1,109,000|1,134,892|
----- End of picture text -----
A current year 12 months and prior year 12 months combined position is as follows:
----- Start of picture text -----
||||||||
|---|---|---|---|---|---|---|
|Net|
|movement|At|
|At|1.8.21|in|funds|31.723|
|£|£|£|
|Unrestricted|funds|
|General|fund|1,250,913|8,883|1,259,796|
|Revaluation|reserve|5,694,002|1,109,000|6,803,002|
|Designated|fund|-|Lift project|477,537|-|477,537|
|7,422,452|1,117,883|8,540,335|
|TOTAL FUNDS|7,422,452|1,117,883|8,540,335|
----- End of picture text -----
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:
----- Start of picture text -----
|||||||
|---|---|---|---|---|---|
|Incoming|Resources|Gains and|Movement|
|resources|expended|losses|in|funds|
|£|£|£|£|
|Unrestricted|funds|
|General|fund|614,885|(606,002)|-|8,883|
|Revaluation|reserve|.|-|1,109,000|1,109,000|
|614,885|(606,002)|1,109,000|1,117,883|
|TOTAL FUNDS|614,885|(606,002)|1,109,000|1,117,883|
----- End of picture text -----
The lift project fund was to finance the installation of lifts for disabled access to our auditorium and upper parts of the theatre.
Page 22
HINCKLEY CONCORDIA ASSOCIATION
NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 JULY 2023
16. MOVEMENT IN FUNDS- continued
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 sawbench 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.
- RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 31 July 2023.
- POST BALANCE SHEET EVENTS
A probate has been submitted at the value of approximately £670,000 after the year-end regarding a members estate left to the charity.
- 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 £32,280 (2022: £41,918).
Page 23
HINCKLEY CONCORDIA ASSOCIATION
DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 JULY 2023
| 2023 | 2022 | |
|---|---|---|
| £ | a | |
| INCOME ANDENDOWMENTS | ||
| Donations and legacies | ||
| Grants Fundraising Tinhatters |
- 1,016 9,007 |
3,000 58,725 4,422 |
| NTP | 10,061 | 8,440 |
| Pantomime | 26,052 | 23,279 |
| ConcordiaAOS | 18,000 | 17,304 |
| Youth Theatre | 3,310 | 5,420 |
| Guild Stanley Opera |
19,130 3,025 |
5,000 1,632 |
| Membership donations | 2,455 | 3,153 |
| BADS | 2,130 | 5,900 |
| Others Gift Aid |
8,834 3,282 |
6,417 3,098 |
| Bequeathed donations | 429 | 316 |
| 106,731 | 146,106 | |
| Other trading activities | ||
| Bar sales | 59,977 | 46,811 |
| Refreshment sales | 49,972 | 37,452 |
| Hire charges | 38,310 | 47,057 |
| Society ticketprinting | 6,149 | 3,880 |
| Membership subscriptions | 19,651 | 24,895 |
| Box office | 13,613 | 13,012 |
| 187,672 | 173,107 | |
| Investment income | ||
| Building Society interest | 1,249 | 20 |
| Totalincoming resources | 295,652 | 319,233 |
| EXPENDITURE | ||
| Raising donations and legacies | ||
| Fundraising expenditure | - | 22,659 |
| Other trading activities | ||
| Fundraising trading | 50,085 | 37,503 |
| Carriedforward | 50,085 | 37,503 |
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 2023
----- Start of picture text -----
||||||||
|---|---|---|---|---|---|---|
|2023|2022|
|£|i|
|Other|trading|activities|
|Brought|forward|50,085|37,503|
|Outside|hire|costs|-|12,267|
|50,085|49,770|
|Charitable|activities|
|Stage|lighting and sound|7,627|9,222|
|Premises|costs|82,577|64,032|
|Repairs|and renewals|40,025|41,509|
|Office|costs|22,978|22,825|
|Miscellaneous|expenses|919|3,302|
|Insurance|and|licences|28,873|26,865|
|Hire of equipment|1,431|1,370|
|Professional|fees|22,665|5,193|
|Irrecoverable VAT|3,826|6,558|
|Bank|and|credit|card|charges|21,661|14,455|
|Depreciation|of tangible|fixed|assets|22,583|18,849|
|Loss on|sale|of tangible|fixed|assets|1,011|797|
|256,176|214,977|
|Support|costs|
|Governance|costs|
|Auditors'|remuneration|6,400|5,935|
|Total|resources|expended|312,661|293,341|
|Net (expenditure)/income|(17,009)|25,892|
----- End of picture text -----
This page does not form part of the statutory financial statements
Page 25