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
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Froln 1st Au
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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 T￿￿teeS 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 supe￿S1on. The Trn￿teeS 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 T￿￿tees. 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 invol￿S 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
care￿1 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 T￿￿teeS 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 aUdien￿S 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 SoUr￿s.
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 b￿n 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 cur￿nt 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 re￿1vable 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 Inte￿8t 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
SOf￿are 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