The Lace Market Theatre Trust Limited (A company limited by guarantee) Trustees. Report and Financial Statements for the year ended 31 July 2024 Registered Charlty Number: 506730 Company Number: 01323050
The Lace Market Theatre Trust Limited (A company limlted by guarantee) Contents Page Trustees, Report Independent Examinerfs Report 17 Statement of Financial Activities 18 Balance Sheet 19 Statement of Cash Flows 20 Notes forming part of the Financial Statements 21-31 The following schedules do nol forni part of the statutory accounts Statistical Review 32 Detsiled Statement of Financi81 Activities 33-37
THE ANNUAL REPORT OF THE TRUSTEES OF THE JACE IWKET THEATRE TRUST LTD acom st 202 limited b 1st Jul 202 antee Froln 1st Au to Referenee and Administration Details Charity Name: The Lace Market Theatre Trust Limited Registered Charity Number: Company Registration Number. Chariws Registered Office: 506730 1323050 The Lace Market Theatre Halifax Place Nottingham NGI IQN The Trustees and officers serving during the year were as follows. Names of e Directors the ritable om an and it Chari Trustees John Michael Anthon Nevil Edmund Croston Micah Darmola David Dunford Nicholas Gale Phili Matthew Huntbach Gareth Mark Morris Helen Sha Eileen Patricia Stewart Matilda Stickle Gurme Officers Treasurer Com an FCA Secreta Chair ointed i .2022) Resi ned io.10.202 ointed i .202 Names f Advise Type of Advisor Bankers Name Address Barclays Bank PLC Old Market Square, Nottin ham. 414 Newark Road, Lincoln LN6 8RX The Nem, Meeting House Station Street, Mansfield Nottinghamshire, NGi8 IEF Independent Examiner Solicitors R P Ellis FCA Messrs Bryan & Armstrong
REPORT OF THE TRUSTEES 1ST JULY 20 DIRECTORS FOR THE YEAR ENDING ereinafter referred to as tthe Trustees, The Trustees present their Annual Report together with the Financial Statements of the Charity for the year ended 3iSI July 2024 which are also prepared to meet the requirements for a Directors, Report and Accounts for Companies Act 2006 purposes. The Financial Statements comply with the Charities Act 2011, the Companies Act 2006, the Articles of Association and the Statement of Recommended Practice.. Accounting and Reporting by (Charities SORP (FRS 102)). Introduction The Lace MaTlcet Theatre celebrated its centenary year in 2022 and had the honour of being awarded the Queen's Award for Volunteers. This is the equivalent of an MBE and is granted to organisations run by volunteers. The award was formally presented by the Lord Lieutenant of Nottinghamshire on the 4th September 2022. hair Gareth Morris was elected by the Trustees as Chair for a third year. uneration None of the Trustees or any person connected with them are remunerated, noi. have they received expenses with the exception of those who were reimbursed for expenses Incurred on behalf of the Charity such as postage, printing, stage prop purchase, materials for costumes, fe&8 to statutory authorities (e.g. Companies House) etc. There are no employees of the Charity which relies solely on volunteers. No person or organisation receives any 'private benefits, other than as a participant of the Charity. Structure and vernance The Charity's Trustees also act as the Companls Board of Directors ('the Board,) for the purposes of charity and company law. They are appointed in accordance wth the Company's Articles of Association, which is the governing document. They are responsible for the general control and management of the administration of the Charity. The Board can have up to 12 Members. The Charity/Company is a Company limited by guarantee and was incorporated on 26th July 1977. The Memorandum and Articl&s of Association were amended on 12th March 2006, The Memorandum and Articles of Association were further amended by Special Resolution at the AGM held on 20th March 2022 to provide for electronic communications and holding of hybrid rneetings of the Trustees and Members, to
modernise some of the language and to amalgamate the old Memorandum into the Articles of Association. It is registered as a charity with the Charity Commission and at Companies House as a company. The Trustees are elected at the Charity/Company's Annual General Meeting or co- opted onto the Board depending on the Charitys requirements and the individual's expertise. One half of the Trustees automatically resign each year under the Articles of Association, although the resigning Trustees are eligible for re-election, The Board consists of 8 males and 2 females currently. All Members aTe circulated with invitations advising them of the retiring Trustees and requesting nominations for Trustees prior to the AGM. Members nominated and willing to stand for election as Trustees are provided with a Briefing Note concerning their legal obligations as Trustees and company directors. The Trustees are responsible for preparing a Trustees, Annual Report and Financial Statements in accordance with applicable law and United Kingdom accounting standards. Company law and the law applicable to charities in England and Wales requires Trustees to Prepare Financial Statements for each year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure for that period. In preparing the Financial Ststements the Trustees are required to: Select suitable accounting policies and apply them consistently. Observe the methods and principles in the charities, SORP. Malce judgments and estimates that are reasonable and prudent. State whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the Financial Statements. 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 that disclose th reasonable accuracy at any time the financial position of the Charity and to enable them to ensure that the Financial Statements comply with the Companies Act 2006, the Charities Act 2011, and the Charity (Accounts and Reports) Regulations 2008. Fonnal returns have to be made to Companies House (Accounts by 30th April and Confirmation Statement by 14th August) and the Charity Commission (Annual Return by 31st May). The Trustees have produced a Members, Theatre Handbook setting out various policies and procedures and which is available on the website, together with the Inforniation Security Policy. The TteeS are also responsible for safeguarding the assets of the Charity and tal<ing reasonable steps for the prevention and detection of fraud and other irregularities. The Charity conducts its busin&ss, taking into account the guidance contained in the Charity Commission's Guidance on Public Benefit when reviewing its aims and objectives, and in plannins the future activities.
The Board annually reviews the structure and organisation of the [Ce Market Theatre Trust Ltd and produced a revised Business Plan in 2023. This includes an ongoing programme of refurbishment, including in the period installing new bar and studio energy efficient lighting. Every Member is a member of the Charity Company and pledges to pay £1.00 each in the event of the Company being dissolved. In the year there were a tota] of 246 (256) Members, Adults 97 (103), senior citizens 82 (79), students 6 (13), unemployed, io (5), disabled i (3), temporary o (5), life members 20 (20) and Youth Group 30 (28). The figures in brackets are for the previous year. There were 39 new Members in the year, with the remainder being previous Members, either continuing from the previous year or returning after a break. The membership is not restricted by geography, with Members coming from a wide area of the East Midlands. No other restrictions such as gender, race, sexual orientation, age, religion, disability or other matters apply to the membership. The embers, subscriptions are considered to be modest in comparison with other similar organisations and certainly when compared with the professional theatre. New members, details are passed to the heads of department in which new members have expressed an interest and the heads of department encourage participation and act as a contact for new Members. Due to the numerous roles necessary to enable the Theatre to function, there is a requirement that acting Members undertake other roles, usually on rotas, such as bar, box office, etc., so that it can be seen that all Members are making a substantial contribution to running the Theatre. The Charity operates from its freehold premises at Halifax Place, Nottingham and a rented unit for the wardrobe department at Unit 2, 248 Radford Boulevard, Nottingham, NG7 5QG. Charitable Pu oses and Ob'ect The principal objects of the Charity, under the Articles of Association, remain to promote, maintain, improve and advance education, particularly by the production of plays and the encouraging of the arts including drama, ballet, music, singing, literature, sculpture and painting (Article A 3 (a) (i)). The other main object is the preservation, for the benefit of the public, of the building of historical and architectural interest in Halifax Place, known as The Lace Market Theatre (Article A 3 (a) (2)). These fall within descriptions of charitable purposes set out in the Charities Act. The Trustees seekto ensure that the programme of productions remain affordable and attractive and to run the Theatre as economically as possible. The breadth and accessibility of the artistic programme demonstrate the benefit that the Theatre's work brings to the public and the eomrnunity.
ActivA in the Period The Lace Market Theatre depends on itsvoluntary membership to run its facilities and achieve its objectives. Members become involved in the technical aspects of running productions and theatre hires. The Trustees normally meet bi-monthly, with additional meetings arranged if necessary. Many of the routine responsibilities are co-ordinated by the Theatre Management Committee (TMC). The TMC is responsible for keeping the Theatre running on a day- to-day basis. The TMC Chair reports back to the Board at each Board meeting. Worlcing parties are involved in redecorating, repair and maintenance of the Theatre building itself, with delegated powers and budgets. The TMC oversees sub-groups, such as the Bar, Production Group, Artistic Group> Admin and IT, Membership> Publicity and Marketing, Finance, Customer Services and Wardrobe. The Board undertakes a strategic role. Board meetings and all other management meetings are open to the whole membership to attend as observers. The Trustees endeavour to encourage involvement at Board level, particularlyfrom the younger Members of the Charity. The Board Members are from a wide age spectruTn. Co-option to the Board takes place occasionally where particular skills are offered. A Health & Safety Group is responsible for health and safety, access, fire prevention and emergency procedures. The Theatre holds occasional open nights for the public to enable them to visit behind the scenes at the Theatre. This encourages interest in the Theatre generally and also assists in membership recruitment. There were 5 open nights in the year. In addition, bespoke tours took place, including W.I. and Probus groups. There is a co-ordinator for Group Bookings encouraging local groups and private parties to bring groups of 12° or more people to performances. This raises the profile of the Theatre and makes a significant contribution to its finances. Groups engaged in the period included Carlton and Gedling U3A, Cotgrave U3A, Beeston U3A, The Minster School, Rotsry Club of Trent Bridge, Centrestage School of Speech and Drama, The Redhill Academy, New Life Friendship Club, Southwell U3A and The Ruddington Choral Society All actors, backstage crew such as lighting, sound, props, costume, set builders, etc., and front of house, come from the voluntary mernbership of the Charity. Twinnin Every two years the Lace Market Theatre undertake exchange visits with two theatres in Karlsruhe, Gerniany, Die Kauze and Jakobus. This twinning arrangement has been in place for many years. De Kauze visited Nottingham in 2022. Jakobus were unable
to be in physical attendance but joined the final night presentations via Zoom. The next visit from Karlsruhe will be in 2026. In March 2024 the tace Market Theatre took two productions to Karlsruhe. A Shakespeare play at the request of Die Kauze (Romeo (2nd Juliet) and a Comedy, Shakers Restirred (Godber) to Jakobus; both productions being enthusiastically received. This was the first wisit to Germany since Covid 19 prevented the preiriously scheduled visit to Karlsruhe. 27 Members took part in this exchange, with the vast majority being home hosted. There was a civic welcome at the Rathaus and a letter of friendship from Nottingham's Lord Mayor was presented to the Oberburgmeister of Karlsruhe in honour of the tivinning. A tour of Heidelburg was arranged. ArtAstic Review Each year a Play Advisory Group ('PAG'), with its participants changing each year, malce recommendations to the Board / Trustees for the artistic programme for the forthcoming season. This involves substantial work in reading plays and researching the availability of licences for public performance, royalties and setting a proposed calendar. The shortlist of plays and the schedule for performances usually Provides lively debate before the final programme is fixed and presented for appioval by the AGM. John Anthony was the Artistic Director 2023-2024 season. It was extremely pleasing to note that the Theatre operated at 76.60/0 capacity across the season and Box Office took a record £100,390. The season, in theatrical terms, runs from September to July each year. Audience attendances up to 31 July 2024 were for Studio productions 1,258 and 6,577 for the main auditorium. This compares with figures for 2022/2023 of 1075 and 6939 respectively. Numbers which were very encouraging. The Theatre continued its tradition of presenting a mix of challenging plays, together with plays from recognised classic playwrights. The 14 plays staged were. Educating Rita, (Willie Russell), Hobson s Choice, (Harold Brighouse), The Pride, (Alexi Campbell), The Weir, (Conor McPherson), The Importance ofBeing Ernest, (Oscar Wilde), 'Shakers Restirred, (John Godber), 'Once Upon A Bridge, (Sonya Kelly), Romeo & Juliet, (Shakespeare), Bleak Expectations, (Mark Evans) (Youth Group Production), A Doll's House, (Henrik Ibsen), A Doll's House Part 2, (Lucas Hnath), Strangers On A Train, (Craig Warner), Rabbit Hole, (David Lindsay-Abaire) and Ab2gail s Party, (Mike l£igh). Reviews of the season were universally positive with shows reviewed in local rnedia, including the Left Lion Magazine and East Midlands Theatre Blog. The reviews are shared on social media and are believed to boost ticket sales. Occasional interviews take place on local radio channels. The productions had the stalwart backing of directors and assistant directors, stage managers and assistant stage managers, designers, including sound, lishting and costume designers, house managers and front of house personnel, box office, bar and
coffee bar staff, in addition to set building, casting advisers, props, prompts, photography, publicity, librarian, health and safety officers, etc. The Board gives huge thanks to all volunteers, but particularly to those who undertake behind the scenes roles and without whom the Theatre would be impossible to operate. In a Nottingham tourist guide the Lace Market Theatre is described as "ambitious, progressiue and ultra-friendly dramaties society by a long stretch is Nottingham's most talented amateur productions ... ... it takes a professional approach to
J Agroup of Members Organise a monthlyprogramme of 'Lunchtime Theatre,, including presentations by both Members and external speakers and otlier activities to live attendees and with others joining Iria streaming facilities. The Trustees approve a budget and technical assistance for this group. Outreac Outreach activity includes a number of external activities. Productions can be taken to outside venues. Costumes were provided to a musical theatre training course run annually at Lancaster University. Three Members attended the Little Theatre Guild AGM. This year our production of 'Once Upon A Bridge, was taken on a short local tour to an eclectic mix of venues. The tour stated at The Governor's House in Newark a Grade I Iisted building built in 474. Performances were also staged at Scothern Village Hall, Elston Church, Eden Hall Day Spa and finally at Flintham Village Hall. These performances proirided an opportunity for local communities to come together. The events were generally staged on a profit share basis raising funds for their organisations as well as for the theatre. The theatre took part in local Byron celebrations at the home of the poet, Newstead Abbey, suitably costumed and toured a production to seven local venues. NANDA Nottin am and Nottxn amshire Drama Association The Trustees are pleased to report anotheT successful awards season, with Best Actor for the role in Oliver in The Pride, going to Jake Truswell. This was the second successive year when an actor from the Theatre has won. There were also honourable mentions for Michelle Smith (The Weir), Jack Leo (The Pride) for acting and Chris Sims (The Pride,) and Nik Hedges ('The Weir) for direeting and for the set of The Weir,. Both plays submitted by the Theatre came in joint second place for the Play of the Year award. Youth Gr and Safe rdin The Charity operates a Youth Group which was particularly active prior to the lockdown. Membership costs £55 per annum. This is a group run by committed
volunteers each Saturday. The Trustees would appeal to anyone who has spare time to assist with this lively group. Their production of 'Bleak Expectations'was a challenging and innovative piece. There is a significant turnover in the Youth Group due to the Youth Group age limit of 18 being reached and / or members moving on to further education. Recruiting young men and general diversity remains a particular issue for this group. The Trustees have a Child and Young Person Protection Policy and a Child Proteetion Officer. The policy is reviewed annually. There is also a Vulnerable Adults Policy. All adult youth group volunteers are DBS (Disdosure and Barring Service) checked and any children / young people involved in main Theatre productions have individual accredited chaperone supeS1on. The TrnteeS have current safeguarding policies and procedures in place and have a Body of Approval Lieence from Nottingham City Council, Due note has been taken of the focus by the Charities Commission on safeguarding issues and that trustees of charities working with children and other vulnerable groups must promote their welfare and protect them from harm. In the period of this Report there were no safeguarding child protection issues. Focus Grou A Focus Group has been established which meets occasionally with the aim of creating a closer rapport between the Membership and the Board of Trustees. This group is being co-ordinated by younger Members and reports to the Trustees. It provided useful feedback to inform the Ttees. thinking. Trainin and Grant Provisio A]I Members have the opportunity to undertal<e infornial training and gain sl(ills in stagecraft and all other aspects of theatre. There is also an active community and social life with a number of events during each year. Students studying drama at drama schools and universities and students of Theatre related studies may be supported by small grants payable in instalments on proof of continuing study and achievement on their Courses. This sponsorship helps to achieve the Trust's objects which include the advancement of education. Preference is given to those with involvement in the Lace Market Theatre, or who have a connection with Nottingham. In furtherance of its objectives, the Theatre undertakes occasional outreach activities (see elsewhere in this report). A project of collaboration with Nottingham Playhouse involves the provision of a bursary. The bursary commenced in Septetnber 2020 and will renew in 2024, known
as 'The Lace Market Theatre Bursarf and is awarded to someone in the age range of 18 to 25 to help them in obtaining pre-professional experience in acting, directing, writing and producing. It is recognised on the Playhouse website and is part of their 'Homegrown' initiative. The bursary is for an initial period of 3 years and Lace Market Theatre Members are able to apply, although if no candidate is foundthe bursaryfunds a placement in any event. Several former Members of The Iace Market Theatre have been successful in establishing thernselves within the acting and theatre profession. Subscri tions and Prices Annual subscription rat&8, which are approved at the Charitys AGM, for Members £95 for a couple £55 for an individual £45 for over 60's, students and unwaged £55 Youth Theatre £550 Life Membership ditorium Monday: Standard - £13.00, Members - £11.00, Concessions - £12.00 Tuesday to Saturday: Standard - £14.00, Members - £12.00, Concessions - £13,00 (over 60's, full time students and unwaged) Studio Standard tickets - £13.00 Members- £11.00 Concessions - £12.00 There is a Members, Season Ticket Scheme enabling all productions to be seen for £ioo.00. Ticlcet prices are set by the Trustees. The Trustees resolved in April 2023 to increase ticket prices by £1.00 in each category, notwithstanding that this meant increases were weIl below the rate of inflation (with a view to a further increase in the following season). ertie The Lace Market Theatre building is a theatre venue in the famous Lace Market area of the City of Nottingham. It is close to public transport and is situated in Halifax Place and is fully owned by The Lace Market Theatre Trust Limited. It consists of a main auditorium on the ground floor. The auditorium capacity is 124.
Seat sponsorship was offered to the Membership. To-date, 49 people have taken the opportunity of having dedication plaques on a seat or seats. Members are aware that this will not give PTiority booking rights. On the first floor of the building is a bar. a lounge and studio area which is used for smaller productions (with a seating capacity of 50), rehearsals and social events. This area is also used as an exhibition space where the public can view artworlcs of various types. In the basement are dressing rooms, props stores and workshops. The building is essential to achieve the principa] objects of the Charity and is used for the productions ead] season and for which tickets are available to the general public. The wardrobe department is located at Unit 2, 248 Radford Boulevard, Nottingham, NG7 5QG, which houses thousands of costumes. These premises are leased until October 2026. Hires are made on occasions to other theatres, schools, organisations and individuals. Servicing the hire department requires a significant amount of volunteer power and the future of this activity is uncertain. The Trust continues to look into the posslbility of acquiring freehold premises to house this department for the Iong term. Costumes continue to be made and adapted by the wardrobe volunteers for the Theatre's own PToductions. In the year 14 Productions were supplied with 170 complete costumes. It is estimated that there are significant savings each year in that the Lace Market Theatre does not have to hire in costumes from outside sources. For the period of this Report no notional income has been attributed to wardrobe. There was an unresolved issue with Nottingham City Council concerning their attempt to impose service charges in respect of the wardrobe department's previous Stoney Street premises in the sum of £5,793. Despite OUT best endeavours this issue has remained unresolved for over six years. The board has therefore decided that as there was no realistic prospect of the involS being paid that the provision made for this liability in the accounts be written back. One of the main objects (see above) of the Charity is the preservation of the distinctive Grade II listed Theatre bui]ding itself. The building is on a narrow site between other buildings. This restricts what the Charity is able to do structurally with the building. Whilst the Trustees are aware of their duties under the Equality Act 2010 to take into account those with disabilities, it is recognised that the ability to undertalce adjustments is limited given the age and strucknre of the Theatre building and that this means that wheelchair access is exceptionally difficult. Marketing and publicity endeavour to make this issue clear. It will continue to be an issue until major alterations can be afforded and undertaken. The Charity expends monies on Mailltenan and irnprovements to the building as and when required (see also Policy for Reserves below). A modern infra-red system for the hard of hearing was instslled in the auditorium Outside consultants Jeffrey Keays Associates produced a condition survey in 2020 as part of a Heritage Lottery Grant which made a number of recornmendations relatins to the fabTiC of the Theatre building. The feasibility study, unfortunately, conduded 10
that the cost of any significant development would be between £1,000,000 and £2,000,000. Funding would not be available for works of the magnitude required and which, almost certainly, would exceed the market value of the property. (See also Policy for Reserves below). The Theatre freehold premises has been stated at its historical cost of £62,190 for accounting purposes for a number of years). There has been a continuing programme of upgrading and improvement in technical equipment, such as sound and lighting. The main Theatre building is occasionally hired to other organisations. The Trustees are conscious that the building can be an attractive venue for community events and is available when there is no clash with the ongoing programmes of The Lace Marlcet Theatre itself. This not only enhances the income of the Charity, but the profile and Icnowledge within the community of the existence of The Lace Market Theatre and what it does. However, it is recognised that setting up for outside hires adds significantly to the workload of volunteers and therefore the overall number of hires needs to be proportionate and to take account of the rehearsal and production schedules. There is a premises licen. The Designated Premises Superwisor is Philip Hogarth. In normal times, the building is able to be opened to the public from io.00am to i.00am on weekdays, and midnight on Sundays. Profits from the bar go directly to the income of the Charity. The coffee bar / kitchen and licensed bar area has a 5 Star Food Hygiene Rating Certificate and appropriate individuals have undertaken and will undertalce hygiene courses, Evacuation training is undertaken with Duty Officers, front of house volunteers and relevant stage staff. First Aid kits are kept up to date. Appropriate Portable Appliance Testing and other electrical testing is undertaken when required. The fire alarm and intruder alarms are subject to a service contract. Health and Safe There were no reports of serious accidents in the year. House Managers attended a First Aid course in September 2023. A portable defibrillator has been purchased. The Theatre is a non-smoking venue. If smoking is an integral part of a play e-cigarettes are used. In the period, all basement fire doors have been upgraded with servicing of fire alarms, emergency Iights and extinguishers in compliance with current regulations. Fire Risk Assessments are undertaken and updated every 6 months. Evacuation training and procedures are updated annually. Financial Review The charity had a gross income, including interest, of £202,580 (2022/2023 £174,886). The accounts show that there was again a net surplus over the period of £42,538 (2022/23 £32,491 as shown in the Statement of Financial Activities. Funds and
reserves have a balance sheet at £515,141 (2023 £472,036). The charity has a strong balance sheet that is testament to prudent financial management over many years. The Lace Market Theatre is financially self-sufficient and currently receives no financial support from external agencies, except for Theatre Tax Credit and Gift Aid claimed on qualifying donations. The eharity receives donations and the occasional legacy which, in the year under review, amounted to £2,151 (2023 £3,373). The Theatre relies on the income from ticket sales and membership subscriptions to cover its operating costs. In setting ticket and membership prices the Trustees give care1 consideration to affordability and accessibility to those on lower incomes to enable as many as possible within the community to take part in the Theatre's activities, or to attend as audiences as a member of the audien. a charity, the Theatre qualified for a mandatory 80% rate relief from Nottingham City Council. The charity utilises the services of a specialist third party in applying for Theatre Tax Credit which is only available in respect of 'in person, performances. The Theati'e Tax Credit for the year was £21,251 (2022/23 £16,740). Poli for Reserves The Theatre Development Fund at 31 July 2024 Stands at £51,983 (£56,114 in 2023), Although they are general or unrestricted funds, the Theatre Development Fund is designated by the Trustees for future improvements and development of the Tlieatre building itself. Funds are in accounts which generate interest. The Treasurer malies recommendations to the Trustees when advantage can be taken of higher interest rates. In addition to the normal banking arrangements £85,000 is held by CCIA Fund Managers in a COIF Charities Deposit Fund, a further £85,000 is held by the Mansfield Building Society in a Community Deposit Maxi Account and £ioo,000 in a Virgin Money Bond, in an endeavour to increase the returns on monies. Including these accounts the total cash at bank and in hand at the year-end was £303,151 compared with £297,722 in the previous financial year. Some years ago it was intended that a strip of land donated by a developer next to the Theatre building, would be incorporated within the building to improve backstage and audience facilities, and to allow improvements for access and toilet facilities for the disabled but this project has not been able to proceed due to not being able to locate sponsorship or grants which would be essential given the high cost of such works. (See the reference to the survey under the section entitled 'Properties' above). It is anticipated that the Charity will continue to explore other avenues of financial help but for a scaled back project of development, still hoping to utilise the strip of land referred to at some stage in the future. 12
The Trustees continue to keep an eye on the local property market with a view to locating premises to purchase, but there is litde available property that would be financially within the Charity's budget at present. The Charity had general funds of £463,158 as at 31 July 2024 (free reserves). This fund stood at £416,489 in 2022/2023. Apart from this, there are no funds which need to be separately accounted for as having Testrictions on the use of income or capital for particular purposes, and no endowment funds held on trust to be retained as a capital fund. Neither the Charity nor its TteeS act as custodian Trustees. The Trustees will continue to monitor closely the Charity/Company's financial position to ensure so far as possible that reserves are not used to "subsidise" the Theatre's nornial day to day running costs. oncerns The major risk to which the charity was exposed in recent years was the Covid-19 pandemic which effectively closed the Theatre and cut off its flow of income. However, the Trustees continue to have a strong Commitment to, and regard it as part of their rernit to, bring some productions which do not form part of mainstrearn, regional and national main Theatre offers to a wider public audience when it is able to do so. The building's situation off the main thoroughfares of the city centre has historically made it difficult to maintain an obirious presence in the public eye. Comments are often made from new audience members that they had not previously been aware of The IAce Market Theatre. Anecdotally some have stated that people are reluctant to come into the city at night, particularly during the winter months, and parking is an issue and an additional expense. The IAee Market Theatre is in the fortunate position of being able to offer a concession on parking in the Fletcher Gate Car Parlc. A swipe card system in the bar means that aUdienS and members can park at a reduced cost of É3.50 for four hours. Audiences can also take advantage of pre-show food offers at three local venues, 'Edin', Tapesty and 'Pitcher & Piano.. The Trustees realise that they cannot be complacent, and that publicity and marlceting is essential in maintaining and enhaneing the Lace Market Theatre's profile. It remains a troublesome area because of the commitment required of volunteers of the Charity to undertake these tasks in their own time. The objective is to have a consistent publicity and marketing leader or team. The Trustees are conscious that this remains an area which must continue to be the focus for improvement. A Publicity and Marketing Group has a co-ordinator and much of the design work for the annual brochure is done in-house. Advertisements are placed in 'Nottingham Aspect, and 'Nottingham Now,, with social media such as Facebook, Instagram and X (Twitter) proving valuable in reaching external SoUrs. The website on-line booking seThrice is an essential feature for ticket sales, together with the box office at the Theatre which is open even when no production is taking place and is again manned by volunteers. 13
The Truste&s also focus on non-financial risks, such as those which might arise from fire, health and safety of actors and audiences, management of perforrning rights and food hygiene. The Theatre works with the Fire Service, the local authority and Environmental Health departments whenever necessary. Ongoing training in First Aid is scheduled. Elements of managing financial risk include a reserves policy and retention of sufficient working capital (see above). Volunteers The Trustees are conscious that the majority of volunteers are no longer "spring chiclcens" and that willing volunteers are increasingly hard to find for essential activities. This became a more pressing issue sinee the relaxation of Covid-19 restrictions and the Theatre was able to re-open. A number of valuable former volunteers did not return to participate on duty rotas. Anecdotally some thought they had "done their bit" for the Lace Market Theatre over the years and that it was time to pass on to the next generation. The age profile of volunteers is notable in that there are very few under the age of forty. Those over the age of sixty made up over half the bank of regular volunteers. A Strategic Action Plan has been put in place, together with wider pIanning for the organisation, membership and diversity, amongst other things. With its reliance on volunteers the Trustees need to increase pools of Members to undertake front of house, duty officers, box office, set designing) set building, stage managing, props support, etc with a prograrnme of mentoring by Members with more experience in those fields. Volunteers are often on more than one rota for different areas of the Theatre's needs and some voIunteers are undertaking far more duties than others and who go 'above and beyond, to maintain the production standards expected of the Lace Market Theatre. A Membership rule makes it a condition of Membership that Members must be prepared to be allocated to and undertake duties on a rota. For example, those wishing to participate as actors should also make a significant contribution to other aspects of the Theatre's requirements to enable it to run efficiently, such as front of house, box office, bar, etc. Failure to do so may result in an individua] not being permitted to audition for another production. Experience has shown that despite the introduction of this whilst volunteer numbers have increased and it has led to more people offering to take on backstage roles and sign up to rotas there has only bn a small increase in the number actively undertaking duties, which results in an additional burden on other hard-worl<ing volunteers. The Trustees eontinue to monitor the contribution Members make and hope that as the culture becomes embedded this situation will improve. 14
Due to increased use of projection within plays, the Theatre is looking to Tecruit Members to take on this task in addition to the only two Members who have the necessary skills. Some tasks rnay be less glamorous than others, but rota tasks are for the benefit of the whole membership and are essential to enable the Trust to achieve its objectives. Wearing of logo clothing has drawn positive response from audiences. This gives a more professional face to the services which the Theatre offers. There have been occasions where there has been a risk of cancelling performances due to the lack of available cover. Fortunately, that situation has been averted to-date. Managing the rotas to ensure that there are sufficient people to man the productions has been an onerous task. The use of social media and face to fa canvassing has helped to some extent. There is ongoing training in front of house and Box Office operation, bar and coffee bar and House Management, where there are often changes requiring refresher and updated training. The Production Group offer training sessions in backstage work and offer support. Attendance at a webinar organised by the Creative Lives Network was made entitled 'Keeping Volunteers.. Acquiring and Retaining.. Oth At the Annual General Meeting each year the accounts and Trustee Reports are presented by the Trustees and the following season's programme is recommended by PAG and approved by the Trustees. The Trustees fully acknowledge the dedication of PAG and the Artistic Director in compiling a season, their flexibility in coping with, at times, fraught discussions as to how a multitude of factors should be reflected in the season and the collaboration with the past and future PAG and Artistic Directors to ensure continuity. The Charity/Company continues to produce a newsletter to members which proirides updates on productions and other news and articles by and for the membership. There is an emailed monthly update to all current members who are registered to receive it. There is publicly accessible and www.lacemarketth atre.co.uk. maintained website at The Trustees wish to record their thanks to all the Members for their past and continuing dedication and hard work to the tace Market Theatre in all the aspects of its activities in keeping areas staffed and running smoothly and without whom "the show could not go on" and not forgetting the audience for their continuing support and without whom this Theatre would not exist. The tace Market Theatre is a member of the Little Theatre Guild of Great Britain, a national organisation for amateur companies who own or control their own theatres and the Nottingham and Nottinghamshire Drama Association (NANDA). 15
Materials frorn the IAee Market Theatre's own archives from 1924 to 2006 are deposited in the Nottinghamshire County Council archives under Accession Number 8676. Following allegations made by Members against another individual Member during the period the complaints procedures underwent review and were revised in the light of this experience. Chari Commission Guidance The Trustees have complied with their dutyto have regard to the Charitycommission's public benefit guidance when exercising its powers or duties to which the guidance is relevant and in producing this report. The statutory requirements for filing of Annual Returns and accounts at the Charity Commission and Companies House were attended to at the appropriate times. Dated: 9th October 2024 NEVIL CROSTO mpany Secretary 16
The Lace Market Theatre Trust Limited (A company limited by guarantee) Inde endent Examinerfs Re ort on the Financial Statements Report to the trustees, directors and members of The La Market Theatre Trust Limlted on the financial statements for the year ended 31 July 2024 (Registered Charity Number: 506730) (Company Number 01323050) set out on pages 18 to 31. I report to the charity trustees on my examination of the financial statements of Ihe com pany for the year ended 31 July 2024. Responslbilities and basis of report As the charitys trustees of the Company (who are also the directors of the company for the purposes of company law), you are responsible for the preparation of the financial statements in accordan with the requirements of the Companies Act 2006 ("the 2006 Aci"). Having satisfied myself that the financial statements of the company are not required to be audited for this year under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charitys financial statements as carried out under section 145 of the Charities Act 2011 ('Yhe 2011 Act"). In carrying out my examination, I have followed the directions given by the Charity Commlssion (under section 145(5)(b) of the 2011 Act. Independent examinerfs statement l am qualified to undertake the examination by being a qualffied member of the Institute of Chartered Accountants in England and Wales. I have completed my exam ination. I confirm that no material matters have come to my attention which gives me cause to believe that: . accounting records were not kept in accordance with section 386 of the Companies Act 2006,. or . the financial Statements do not accord with such records,. or the financial statements do not comply with relevant accounkn'ng requirements under section 396 of the Companies Act 2006 other than any requirement that the financial statements give a 'true and fair, view which is not a matter considered as part of an independent examination.. or . the financial stalemenls have not been prepared in accordance with the Charitles SORP (FRS102). I have no concerns and come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached. Signed,. Date: 14th October 2024 Roderick Peter Ellis Fellow of the Institute of Chartered Accountants in England and Wales 414 Newark Road Llncoln LN6 8RX 17
The Lace Market Theatre Trust Limited (A company limited by guarantee) Statement of Financial Activities (incorporating an Income and Expenditure account) for the year ended 31 July 2024 Unrestricted Restricted Total Funds Total Funds Funds Funds 2024 2023 Note Income: Donations and legacles 2,151 2,151 3,373 Government grants 21.251 21,251 16,740 Incom& from charitable activities.. Operation of theatre 168,846 168,846 149,702 Income from oth8r trading activities.. Commercial trading operations Investment Income 10,632 10,632 5,068 Total Income 202,880 202,880 174,883 Expendlture Costs of raising funds.. Commerclal trading operations Expenditure on ch8ritabl8 8Ctivitles.' Educatlonal grants Operation of theatre 160,129 160.129 142,153 Governance functlon 213 213 239 Total expenditure 160,342 160,342 142,392 Net incorne and net movement in funds for the year 42,538 42,538 32,491 Reconciliation of funds Fund balances at the beginning of the year 472,803 472.603 440,112 Fund balances at the end of the year 515,141 515,141 472,603 All Income and expenditure derive from continuing operations. The statement of financial activities includes all gains and losses recognised during the year. 18
The Lace Market Theatre Trust Limited IA company limited by guarantee) Balance Sheet as at 31 July 2024 Note 2024 2023 Fixed Assets Tangible fixed assets 13 194.213 169,348 Total Flxed Assets 194,213 169,348 Current assets Stock 14 1,284 1,335 Debtors 15 45.557 35,670 Cash at bank and in hand 303,151 297,722 Total Current Assets 349,992 334,727 Liabilities Creditors: amounts falling due within one year Net Current Assets 16 29.064 31,472 320,928 303,255 Total assets less current liabllltles 515,141 472,603 Credltors: falling due after more than one year Net Assets 515,141 472,603 The funds of the charlty Unrestricted income fur)ds 18 515,141 472,603 Total Charity Funds 515,141 472,603 These financial statements are prepared in accordance with the special provisions of Part Vll of the Companies Act relating to small companies and constitute the annual financlal statements required by the Companies Act 1985 and are for circulation to members of the company. The company was entitled lo the exemption from audit under section 477{2) of the Companies Act 2006 relating to the small companies regime. Th6 members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006 The notes on pages 21 to 31 form part of these financial statements. Signed GARETH MARK MORRIS. Chair of trustees on behalf of the trustees Approved by the trustees on gth October 2024 19
The Lace Market Theatre Trust Limited {A company limited by guarantee) Statement of Cash Flows for the year ended 31 July 2024 Note 2024 2023 Net Movement in funds 42,538 32,491 Add back depreciation charge 16,473 18,940 Deduct interest income from investing actlvities -10,632 -5,068 De¢reasel-increase in stock 51 -280 Decreasel-increase in debtors -9,887 -11,459 Increasel-decrease in creditors -2,408 4.475 Cash used in operating aGtivltles 36,135 39,099 Cash flows from Investing actlvlties Interest income 10,632 5,068 Purchase of tangible fixed assets 41,338 -12,742 Proceeds on sale of tangible fixed assets Cash provided by (used In) Investing activltles -30,706 -7,674 Cash flows from flnancing activitie8 Repayment of borrowing Cash used In flnancing activitles Increasel-decrease) in cash and cash equivalents in the year Cash and cash equivalents at the beginning of the year 5,429 31,425 297,722 268.297 Total cash and cash equivalents at the end of the year 303,151 297,722 20
The Lace Market Theatre Trust Limited (A company limited by guarantee) Notes to the Financial Statements for the year ended 31 July 2024 I Principal accounting policies The principal accounting policies adopted, judgements and key sources of estimation uncertainty In the preparation of the financial statements are as follows: a) Basis of preparation The Lace Market Theatre Trust Limited is a registered incorporated charity in the United Kingdom. The address of the registered offic6 is given In the Trustees, Report on page 1. The nature of the charivs operations and principal activities are to promote. maintain and improve and advance education particularly by the production of educational plays and the encouragement of the arts including the arts of drama, ballet, music, singing, literature, sculpture and painting. As well as to preseNe for the benefit of the public the building of historic and architectural interest situate in Halifax Place in the City of Nottingham known as The Lace Markel Theatre. The charity constitutes a public benefit entity as defined by Financial Reporting Standard 102 (FRS102). The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recom mended Practice applicable to charities prep8ring their financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 102) (effective 1 January 2015) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006. The financial statements are prepared on a going concem basis under the historical ¢ost Gonvention. The financial statements are prepared In sterling which is the functional Gurrency of the charity. The significant accounting policies applied in the preparation of these financial statements are set out below. These policles have been consistently applled to all years presented unless otherwise stated. b) Preparation of the financial statements on a going concem basis The trustees are of the view that, having considered the curnt financial position and thè prospects for the forseeable future, the charity is a golng concern. c) Income Income is recognised when the charity has entitlement to the funds, any performance conditlons attached to the item(s) of income have been met, it is probable that the income will be received and the amount can be measured reliably. Income from government and other grants, whether 'capital' grants or 'revenue' grants, is recognised when the charity has entitlement to the funds, any performance Conditions attached to the grants have been met, It is probable that the Income will be received and the amount can be measured reliably and Is not deferred. For legacies, entitlement is taken as the earlier of the date on which either: the charity is aware that probate h3S been granted, the estate has been finalised and notification has been made by the executor(s) to the Trust that a distribution will be made, or when a distribulion is received from the estate. Receipt of a legacy, in whole or in part, is only considered probable when the amount can be measured reliably and the charity has been notified of the executor's intention to make a distribution. Where legacies have been notrfied to the charity. or the charity is aware of the granting of probate, and the criteria for income recognition have not been met, then the legacy is treated as a contingent asset and disclosed if material. Income received in advance of a theatrical performan or provision of other specffied service is deferred until the criteria for income recognition are met (See notes 16 and 17) Income for life memberships is recognised in the year that it is received. 21
The Lace Market Theatre Trust Limited (A company limited by guarantee) Notes to the Financial Statements for the year ended 31 July 2024 1 Prlnclpal accounting policies (continued) d) Donated seNices and facilities Donated professional services and donated facilities are recognised as income when the charity has control over the item, any conditions associated with the donated item have been met, the 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). the general volunteer time of the members is not r8cognised and refer to the trustees, annual report for more information about their contribution. On receipt, donated professional services and donated facilities 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 or facilities of equivalent economic benefit on the open market; a corresponding amount is then recognised in expenditure In the period of receipt. e) Interest receivable Interest on funds held on deposit is included when re1vable and the amount can be measured reliably by the charity; this Is normally upon notlfication of the interest paid or payable by the bank. fj Fund accounting Unrestricted funds are available to spend on actlvlties that further any of the purposes of the charity. Deslgnated funds are unrestrlcted funds of the charity which the trustees have decided at their discretion lo sel aside for a speclfic purpose. Restricted funds are donations which the donor has specified are to be solely used for particular areas of the charity's work or for specific projects being undertaken by the charity. g) Expenditure and Irrecoverable value added tax Expenditure is recognised once there Is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably. Expendlture Is classified under the following aGtivity headings. Costs of ralsing funds comprise the costs of commercial trading including the licensed bar, coffee bar, ice cream and catering and their associated support costs. Expenditure on charitable activities includes the costs of perforrnances. exhibitions and other educational activities undertaken to further the purposes of the charity and their associated support costs, Other expenditure represent those items not falling into any other heading. Irrecoverable value added tax is charged as a cost against the activity for which the expenditure was incurred, h) Allocation of support costs Support costs are those functions that assist the work of the charily bLrt do not directly undertake charitable activities. Support costs include back office costs, finance. personnel. payroll and governance costs which support the charitys artistic programmes and activities. 22
The Lace Market Theatre Trust Limited (A company limited by guarantee) Notes to the Financlal Statements for the year ended 31 July 2024 1 Principal accounting policies {continued) i) Tangible fixed assets Tanglble fixed assets are capitalised at cost and are depreciated over their estimated useful economic lives on a straight line basis as follows: Asset Category Annual Rate Freehold property Equipment Fixtures and fittings j) Stock Stock is included at the lower of cost or net realisable value. Donated items of stock are recognised at fair value which is the amount Ihe charity would have been willing to pay for the item on Ihe open market. k> Operating leases Assets acquired under finance leases are capitalised and depreciated over the lease term arKI expected useful life of the asset. Minimum lease payments are apportSoned between the finance charge and the reduction of the outstanding lease liability using the effective interest melhod. The related obligations, net of future charges, are included in creditors. Rentals payable and receivable under operating leases are charged to the Statement of Flnancial Activities on a straight line basis over the period of the lease. l) Debtors Trade and other debtors are recognised al the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due. m) Cash at bank and in hand Cash at bank and cash in hand Includes cash and short term highly liquid invesimenls with a short maturity of three months or less from the date of acquisition or openirKJ of the deposit or similar account. n) Creditors and provisions Creditors and provlsions are recognised where the charity has a present obligation resultlng from a past event that will probably result in the transfer of funds to a third parly and the amount due to settle the obligation can be measured reliably. Creditors and provisions are normally recognised al their estimaled settlement amount after allowing for any trade discounts due. o) Financial instruments The ¢harlty only has tlnanclal assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effectlve Inte8t method. 23
The Lace Market Theatre Trust Limited (A company limited by guarantee) Notes to the Financial Statements for the year ended 31 July 2024 1 Principal accounting policies (continued) p) Going concern The financial statements have been prepared on a going concern basis as the trustees believe that no material uncertainties exist. The trustees have considered the level of funds held and the expected level of income and expenditure for twelve months from authorising ihese financial statements. The budgeted income and expenditure is sufficient with the level of reserves for the charity to be able to continue as a going concern. 2 Legal status of the charlty The charity is a company limited by guarantee and has no share capilal. In the event of the charity being wound up, the liability in respect of the guarantee is limited to £1 per member of the Charity. 3 Income: Donations and legaci•$ 2024 2023 Indlvidual donations 1,446 2,673 Seat sponsorship 705 700 2,151 3,373 4 Income: Government grants 2024 2023 Theatre tax credits 21,261 16,740 5 Income: Operatlon of theatro 2024 2023 Box office, touring and programmes 101,739 96,016 Theatre and facilities hire 5,036 6,038 Bar and catering operations 36,988 36,736 SubscrSptions 11,365 10,500 Other income 13,718 412 168,846 149,702 6 Income: Investment income 2024 2023 Deposit account interest 10,632 5,068 24
The Lace Market Theatre Trust Limited (A company limited by guarantee) Notes to the Financial Statements for the year ended 31 July 2024 7 Expenditure: Operation of theatre 2024 2023 Direct Costs Royalties 7,263 9,408 Other production expenses 17,120 12.678 Promotion and marketing 8,077 12,059 Bar Purchases 12,372 12,411 Catering and ice cream 2,834 2,322 Karlsruhe theatre link 12,585 Other purchases 1,528 1,413 Car park 2,134 2,147 Support Costs Rent 16,935 15,300 Rates and water rates 1,494 1,403 Llghl and heat 13.495 12,825 Repairs and malntenance 11,209 3,760 Insurances 6,972 6,059 Cleaning 8,661 8,040 Health and safety 2,773 5,475 Youth theatre 797 915 Sundry expenses 3,464 3.535 Credit card charges 3,486 3,039 Printing, postage and stationery 2,176 2,315 Telephone and Internet 2,212 1,986 Licences and subscriptions 180 180 Information technology costs 2,251 2,311 Legal 8nd other professional fees 3,638 3,632 Depreciation 16,473 18.940 160,129 142,153 25
The Lace Market Theatre Trust Limited (A company limited by guarantee) Notes to the Financial Statements for the year ended 31 July 2024 8 Expenditure: Governance function 2024 2023 Independent examiner's remuneration 200 200 Companies house compliance statement fee 13 213 239 9 Net income and net movement In funds for the y•ar 2024 2023 This is stated after charging". Depreciation 16,473 18,940 Independent examiner's remuneration 200 200 qo Staff Costs, trustee remuneration and expenses The charity h8s no employees The trustees were not paid or received any other benefits from employment wlth th6 charity In the year (2023.. £Nil) During the year the charity was supplied by Design Innovalion Limited a company wholly owned by a trustee, Nlcholas Gale and his wife Penelope Susan Gale. A description of the equipment supplied and the cost to the charity is as follows:. Replacement Binary Input Module 1,592 Infra Red Hard of Hearing System Replacement Hom&server 1,490 3,404 Expanded KNX System for the Flrst Floor 3 Exit Signs (Theatre Verslon) 5,625 706 26
The Lace Market Theatrè Trust Limited (A company limited by guarantee) Notes to the Financial Statements for the year ended 31 July 2024 11 Related party transactions The following trustees received reimbursement for out of pocket expenses 2024 2023 John Michael Anthony Nevil Edmund Croston 505 1,515 88 39 Micah Darmola (Appinted 2 April 2023) David Dunford 3,706 40 451 Guy Evans (Resigned 2 April 2023) Nicholas Gale 209 584 Allan Green (Resigned 2 April 2023) Philip Hogarth 1,121 2,573 Matthew Huntbach Gareth Mark Morris 297 20 Keith Parklnson (Resigned 2 April 2023) Gilllan Scott (Resigned 2 April 2023) Helen Sharp (Appolnted 2 April 2023) Eileen Patricia Stewart 2,314 21 30 245 Matilda Stickley (Appointed 2 April 2023) Gurmej Virk (Appointed 13 April 2024) 11 6,382 7,403 As at 31 July 2024 there was £11 outstanding in respect of out of pocket expenses (2023 - £Nil) 12 Taxation As a charltable company. The Lace Market Theatre Trust Limited, is exempt from tax on Income and gains falling withln section 478 of the Taxes Act 2010 or se¢iion 256 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects. No tax charges have arisen within the charitable com pany. 27
The Lace Market Theatre Trust Limited (A company limited by guarantee) Notes to the Financial Statements for the year ended 31 July 2024 13 Tangible flxed assets Fixtures Freehold and Property Fittings Equipment Total Cost As at 1 August 2023 62,190 247,318 112,449 421.957 Additions 36,002 5,336 41,338 Sales As at 31 July 2024 62,190 283,320 117.785 463,295 Depreciation As at 1 August 2023 162,383 90,226 252,609 Charge for year 9,172 7,301 16,473 Sales As at 31 July 2024 171,555 97,527 269,082 Net Book Value As at 1 August 2023 62,190 84,935 22,223 169,348 As at 31 July 2024 62,190 111,765 20,258 194,213 All fixed assets are held for charitable purposes. 14 Stock 2024 2023 Bar 1,284 1,335 The dlrectors dld not conslder it practicable to place a value on the stock of theatrical costumes and properties. 15 Debtors 2024 2023 Debtors 23,109 17,527 Prepayments 17,782 16,600 Accrued income 4,666 1,543 45,557 35,670 28
The Lace Market Theatre Trust Limited (A company limited by guarantee> Notes to the Financlal Statements for the year ended 31 July 2024 16 Credltors: amounts falling due within one year 2024 2023 Creditors 2,354 8,571 Accruals 4,478 4,892 Deferred income 22,232 18,009 29,064 31,472 17 Deferred income Deferred income is made up as follows 2024 2023 Seat sponsorship scheme 10,026 10,681 Advance ticket sales 7,915 4,097 Advance mem bership subscriptions Car Parking 4,265 3,080 26 26 Room Hire 125 22,232 18,009 Balance as at 1 August 2023 18,009 Amount released to income earned from charitable activities 7,983 Amount deferred in year 12,206 Balance as at 31 July 2024 22,232 29
The Lace Market Theatre Trust Limited (A company limited by guarantee) Notes to the Flnancial Statements for the year ended 31 July 2024 18 Analysls of charitable funds Analysis of movements In unrestricted funds Balance 1 August 2023 Balance 31 July 2024 Income Expenditure Transfers General fund 416,489 202,880 156,211 463.158 Theatre development fund 56.114 4,131 51,g83 472,603 202,880 160.342 515,141 Analysls of movements In unrestrlcted funds - prevlous year Balance 1 August 2022 Balance 31 July 2023 Income Expenditure Transfers General fund 377,874 174.883 136,268 416,489 Theatre development fund 62,238 6,124 56,114 440.112 174,883 142,392 472,603 Name of unrestricted fund Descriptlon, nature and purposes of the fund General fund The 'free reserves, after allowing for all designated funds. Theatre developmenl fund Set aside by the trustees for the continued development of the theatre. Analysis of net assets between funds General Deslgnated Restricted Fund Funds Fund Total Tangible fixed assets 142,230 51,983 194,213 Cash at bank and in hand 303,151 303,151 Other net current assets 17,777 17,777 463,158 51,983 515,141 30
The Lace Market Theatre Trust Limited (A company limited by guarantee> Notes to the Financial Statements for the year ended 31 July 2024 19 Financial commitments Land and Buildings 2024 Land and Buildings 2023 Other Other Expiry within Less than one year 3,616 Two to five years 38.757 Over five years The charity has a lease on commercial premises occupied by the wardrobe department. The rent is £17,400 per annum and the lease expires on 22 October 2026. 20 Capltal commitments 2024 2023 Authorised and contracted for 3,166 Authorised and not contracl&d for 21 Members liability The1Sablllty of mem bers as set out In the Memorandum of Association of the charltable company is as follows: The liability of the members is limited. Every member of the company undertakes to contribute to the assets of the company In the event of its being wound up during the time that he is a member or within one year afterwards for payment of the debts and liabilities of the company contracted before he ceases lo be a member and of the costs. charges and expenses of winding up of the same and for the adjustment of the rights of the contributories amongst themselves such amount as may be required not exceeding in the case of any member the sum of £1. 22 Post balance sheet events The have been no p05t balance sheet events that would have a material effect on the view presented by the foregoing financial statements. 31
The Lace Market Theatre Trust Limlted {A company limited by guarantee) Statistical Review for the year ended 31 July 2024 2024 2023 Membership including Youth Theatre 246 316 Youth Theatre Membership 30 29 Total Number of Performances Main House (Capacity- 124) 72 68 Studio (Capacity- 50) 26 24 On Tour (Capacity - Varied) Main House Production Seats Capaclty P6rforman Sold Hobson's Choice 749 868 86.290/0 9477.00 The Pride 533 868 61.410h 6625.00 The Importance Of Being Earnest 10 818 1240 65.970/0 10447.00 Shakers Restirred 693 868 79.840/0 8807.00 Romeo and Juliet 546 868 62,900/0 6797.00 Bleak Expectations 556 744 74.730A 7174.00 A Doll's House 868 67.51 /0 7098.00 Strangers On A Train 868 93.09% 10256.00 Rabblt Hole 420 868 48.39% 5033.00 10 Abigail's Party 868 868 100,OOOh 11158.00 Studio 11 Educating Rita 293 300 97.67Yo 3332.00 12 The Weir 300 300 100.000/0 3427.00 13 Once Upon A Bridge 393 400 4403.00 14 A Doll's House Part 2 272 300 90.67Yo 2g56.00 On Tour 15 Once Upon A Bridge 1375.13 103 7835 10228 76.60°A 98365.13 Members Season Tickets 3400.00 101765.13 32
The Lace Market Theatre Trust Limited (A company limited by guarantee) Detailed Statement of Financial Activities for the year ended 31 July 2024 2024 2023 Income Volunta income Indlvidual donations 1.446 2,673 Seat sponsorship 705 700 Theatre tax credit 21,251 23,402 16,740 20,113 eration of theatre Ticket sales 98,339 92,776 Mem bers season ticket sales 3,400 3,240 Bar sales 31,110 30,833 Bar other income 63 Wardrobe hire income 2,204 3,114 Wardrobe sales 18 Wardrobe other income 150 Room hire income 310 408 Properties hire income 130 20 Parking income 2,392 2,496 Karlsruhe link income 7,600 Pub grub Income 42 Coffee bar income 1,678 2,093 Merchandise sales The story of the lace market theatre 21 45 Soclal commlttee income 156 Picture sales commission 18 39 Ice cream sales 4,200 3.768 Other income 5,923 97 Adult membership 4,565 4,450 Balances carried forward 162,046 23,402 143,652 20,113 33
The Lace Market Theatre Trust Limited (A company limited by guarantee) Detailed Statemènt of Financial Activities for the year ended 31 July 2024 2024 2023 Balances brought forward 162.046 23,402 143,652 20,113 Joint membership 700 630 Senior citizen membership 3.685 3,160 Student membershlp 270 520 Unemployed membership 450 195 Disabled membership 45 120 Youth theatre membershlp 1,650 1,400 Temporary membership 168,846 25 149,702 vestment income Interest receivable 10,632 5,068 Total Income 202,880 174,883 Expenditure Gran Educational grants eratlon of theatre Royalties and licences 7,263 9,408 Scrlpts 1,639 1,529 Set 6,838 3,666 Properties 2,211 2,783 Coslumes 1.972 2,021 Lighting and sound 46 52 Other production expenses 1,019 178 Stage maintenance 978 672 Publicity 7,533 9,539 Markeling 544 2.520 Room hire 2.290 1,662 Balances carried forward 32,333 202,880 34,030 174,883 34
Th8 Lace Market Theatre Trust Limited (A company limited by guarantee) Detalled Statement of Financial Activities for the year ended 31 July 2024 2024 2023 Balances brought forward 32,333 202,880 34,030 174,883 Miscellaneous expenses 127 115 Box office unders and overs 24 Programme purchases 1,528 1,413 Bar Ex enses Purchases 12,372 12,411 Prem ises licence 180 180 Credlt card charges 609 521 Sundry expenses 123 278 Wardrobe d artm ntex &nses Rent 16,935 15,300 Rates 299 301 Eleclrlcity 2,267 1,570 Gas 841 781 Insurance 500 447 Service charge 600 600 Repairs and maintenance 386 449 Cleaning 621 509 Telephone and internet 386 374 Wardrobe expenses 347 385 Legal and professional 600 Sundry expenses 58 184 Catering costs 333 194 Programme advisory group expenses 175 136 Social committee expenses 225 Parking expense 2.134 2,147 Balances carried forward 74,003 202,880 72,333 174,883 35
The Lace Market Theatre Trust Limited (A company limlted by guarantee) Detailed Statement of Financial Activities for the year ended 31 July 2024 2024 2023 Balan$ brought forward 74.003 202,880 72,333 174,883 Lunchtime theatre expenses 488 63 Ice cream purchases 2,501 2,128 Theatre remises ex enses Rates 210 198 Water rates 985 904 Electricity 9,707 9,980 Gas 680 Insurance 6,472 5,812 Repairs and maintenance 10,223 2.711 Cleaning 8,040 7,531 Consumables 1,127 1,349 Health and safety 2,773 5,475 Sundry expenses 897 1,132 Depreciation 16,473 18,940 Youth theatre expenses 797 915 Karlsruhe theatre Ilnk 12,585 Stationery 1,616 1,062 Poslage 560 1.253 Telephone and Internet 1.826 1,612 SOfare support 8nd website hosting 1.929 1,973 Computer software Ilcences 322 338 Credit card charges 2,877 2,518 Legal 8nd professional 3,038 160,129 3.632 142,153 Balances carried forward 42,751 32,730 36
The Lace Market Theatre Trust Limited (A company limited by guarantee) Detailed Statement of Financial Activities for the year ended 31 July 2024 2024 2023 Balances brought forward 42.751 32.730 Governance costs Independent examiner's remuneration 200 200 Companies house filing fee 13 213 39 239 Net Income 42,538 32,491 37