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2023-12-31-accounts

COMPANY NUMBER: 02182501 CHARITY NUMBER: 701591

NEWCASTLE UPON TYNE MUSICAL THEATRE COMPANY REPORT AND FINANCIAL STATEMENTS

2023

NEWCASTLE UPON TYNE MUSICAL THEATRE COMPANY

Company No: 02182501

Charity No: 701591

REPORT OF THE TRUSTEES AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

SMITHS ACCOUNTANTS & TAX ADVISERS LTD

Chartered Accountants Alnwick Northumberland

NEWCASTLE UPON TYNE MUSICAL THEATRE COMPANY

REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

CONTENTS Page
Trustees’ Annual Report 1 - 5
Independent Examiner’s Report 6
Statement of Financial Activities 7
Balance Sheet 8
Notes to the Financial Statements 9 - 13
__________
The following pages do not form part of the statutory accounts
Production Income and Expenditure Account 14
General Income and Expenditure Account 15

NEWCASTLE UPON TYNE MUSICAL THEATRE COMPANY

TRUSTEES’ ANNUAL REPORT

FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2023

The trustees, who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the unaudited financial statements of the charity for the year ended 31 December 2023. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2015).

OBJECTIVES AND ACTIVITIES

The principal activity of the charitable company is the performance of opera and musical productions. Our objective is to contribute to the quality of life of the people of Newcastle upon Tyne and the wider area through our first-class annual production. Our performance is staged at the iconic Newcastle Theatre Royal and we aim to provide access to a quality yet affordable experience to our members, patrons and general public alike.

We also aim to promote an appreciation of performing arts through our work, particularly in young people, be this as a viewer of our annual stage show or as a member of our team contributing towards the many aspects of our productions. In particular, we are keen to identify and nurture budding young talents and where possible, to provide support through our “Stage First” junior section.

When considering our overall objectives and planning our activities, the Board of Trustees is mindful of the Charity Commission’s guidance on public benefit, including the guidance “public benefit: running a charity (PB2)”. Our productions tend to appeal to a broad audience by selecting successful “hit” musical theatre shows and this policy will be continued in future, again with our aim of introducing our performances to as many people as possible.

ACHIEVEMENTS AND PERFORMANCE

We were delighted to stage our production of “Kinky Boots” at the iconic Newcastle Theatre Royal in Summer 2023. The production was a success, both artistically and financially, generating a surplus which enabled us to support five separate charities

In addition to our stated aim of creating accessibility to musical performances for the enjoyment of the people of Newcastle Upon Tyne and the wider community, we have also maintained our fund-raising activities for the benefit of local charities. In addition to our routine donations in 2023, we have also committed funds from the surplus generated by the success of “Kinky Boots” in 2023 and the 2022 production of “Grease” to direct charitable donations of £1,000 each which have been paid in 2023, as follows:

Chloe & Liam Together Forever Trust (1178806) Happy Faces Pudhoe (1176920) Mixit Days – disability service Kidney Research UK (252892) The Twisting Ducks Theatre Company CIO (1170354)

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NEWCASTLE UPON TYNE MUSICAL THEATRE COMPANY

TRUSTEES’ ANNUAL REPORT

FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2023

ACHIEVEMENTS AND PERFORMANCE (continued)

Our members continue to give up spare time as individuals to assist in charitable activities and fund-raising events locally and, as a collective immersed in performing arts, we assist talented members to further develop their talent by providing financial support by way of sponsorship. Our “Stage First” initiative for juniors aged 8 to 15 years has, unfortunately, been curtailed in recent years but we remain committed to identifying and nurturing up and coming new talent via this platform. In 2023, we supported Megan Stephenson with a direct educational support payment.

The enthusiasm of the managing Board of Trustees, the members and the volunteers is as strong as ever as we strive for excellence in our productions. The success of “Kinky Boots” in 2023 has been followed up by our production of “West Side Story” in summer 2024, which has been very well received.

FINANCIAL REVIEW

The charitable company sometimes needs to react quickly to particular needs and has a policy of keeping surplus liquid funds in short term deposits which can be accessed readily. The trustees believe that the current level of reserves is sufficient to provide flexibility over the course of the forthcoming challenges.

The net surplus generated by “Grease” in 2022 followed by “Kinky Boots” staged summer 2023 has boosted reserves to pre-pandemic levels

At 31 December 2023 our carried forward unrestricted reserve fund stood at £180,572 and this provides an acceptable level to mitigate future risks.

STRUCTURE, GOVERNANCE AND MANAGEMENT Legal Status

Newcastle upon Tyne Musical Theatre Company is an incorporated charity, which is limited by guarantee (company number: 02182501; charity registration number: 701591). It is governed by the provisions of its Memorandum and Articles of Association, dated 21 April 1989.

Organisation

Each of the trustees is and was during his or her term of office also a director and member of the charitable company.

The registered office is 29 Garforth Close, Cramlington, Northumberland, NE23 6EW.

The charitable company’s bankers are HSBC, Bamburgh House, Cramlington, Northumberland, NE23 6QE

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NEWCASTLE UPON TYNE MUSICAL THEATRE COMPANY

TRUSTEES’ ANNUAL REPORT

FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2023

Investment Powers and Restriction

The trustees have the power to invest in such assets as they see fit.

Trustees

The trustees who served the charitable company during the year were as follows:

K J Allan (Treasurer) M P Gilbert L Gill (resigned 31.07.23) C Luke L M Powell (resigned 31.07.23) L M Redhead R F Scott (resigned 31.07.23) J Simpson (resigned 02.01.23) P A Smith (Chair) P N Stockley K P Sword S Tawse S F Thompson (appointed 01.08.23) L E Wood (appointed 01.08.23) G Wright (appointed 01.11.23)

Induction of Trustees

The majority of trustees are already familiar with the practical work of the charity. Additional new trustees are invited and encouraged to attend a series of short meetings with some of the existing trustees to familiarise themselves with the charity and the contexts within which it operates. These include:

Risk Review

The Board of Trustees has reviewed the risks to which the charitable company is exposed and has a policy of continual reassessment of risk strategy to mitigate those risks

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NEWCASTLE UPON TYNE MUSICAL THEATRE COMPANY

TRUSTEES’ ANNUAL REPORT

FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2023

REFERENCE AND ADMINISTRATIVE DETAILS

Directors: K J Allan (Treasurer) M P Gilbert L Gill (resigned 31.07.23) C Luke L M Powell (resigned 31.07.23) L M Redhead R F Scott (resigned 31.07.23) J Simpson (resigned 02.01.23) P A Smith (Chair) P N Stockley K P Sword S Tawse S F Thompson (appointed 01.08.23) L E Wood (appointed 01.08.23) G Wright (appointed 01.11.23) Secretary: K J Allan Registered office: 29 Garforth Close Cramlington Northumberland NE23 6EW Independent examiners: Smiths Accountants & Tax Advisers Ltd Chartered Accountants 8 Linnet Court Cawledge Business Park Alnwick Northumberland NE66 2GD Bankers: HSBC Bamburgh House Cramlington Northumberland NE23 6QE

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NEWCASTLE UPON TYNE MUSICAL THEATRE COMPANY

TRUSTEES’ ANNUAL REPORT

FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2023

TRUSTEES’ RESPONSIBILITIES IN RELATION TO THE FINANCIAL STATEMENTS

The charity trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for preparing a trustees’ annual report and financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the charity trustees to prepare financial statements for each year which gave 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, of the charitable company for that period. In preparing the financial statements, the trustees are required to

The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charity and hence taking reasonable steps for the prevention and detection of fraud and other irregularities.

DECLARATIONS

The company has taken advantage of the small companies’ exemption in preparing the report above.

The trustees declare that they have approved the trustees’ report (including directors’ report) above.

Signed on behalf of the charity’s trustees/directors

……………………………………. K J Allan - Secretary and Trustee

26 September 2024

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INDEPENDENT EXAMINER’S REPORT

TO THE TRUSTEES OF NEWCASTLE UPON TYNE MUSICAL THEATRE COMPANY

I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 December 2023.

Responsibilities and basis of report

As the charity’s trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 (‘the 2006 Act’).

Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity’s accounts as carried out under section 145 of the Charities Act 2011 (‘the 2011 Act’). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5) (b) of the 2011 Act.

Independent examiner’s statement

I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:

  1. accounting records were not kept in respect of the Company as required by section 386 of the 2006 Act; or

  2. the accounts do not accord with those records; or

  3. the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a ‘true and fair view which is not a matter considered as part of an independent examination; or

  4. the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities [applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)].

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.

……………………………… I R Smith ACA

26 September 2024

Smiths Accountants & Tax Advisers Ltd Chartered Accountants 8 Linnet Court Cawledge Business Park Alnwick Northumberland NE66 2G

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NEWCASTLE UPON TYNE MUSICAL THEATRE COMPANY

STATEMENT OF FINANCIAL ACTIVITIES

(Including Summary Income and Expenditure Account)

FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2023

Restricted
Unrestricted
Income
Note
Funds
Funds
£
£
INCOME
Income and endowments from:
Donations and legacies
2
5,455
-
Charitable activities
3
156,888
-
Investments
4
2,639
-
_ _
TOTAL
164,982
-
_ _
EXPENDITURE
Expenditure on:
Charitable activities
5
160,839
-
_ _
TOTAL
160,839
-
_ _
NET INCOME/(EXPENDITURE)
4,143
-
Transfers between funds
-
_ _
NET MOVEMENT IN FUNDS
4,143
-
RECONCILIATION OF FUNDS
TOTAL FUNDS BROUGHT FORWARD
176,429
-
_ _
TOTAL FUNDS CARRIED FORWARD
180,572
-
_ _		 Total
Funds
£
5,455
156,888
2,639
_
164,982
_
160,839
_
160,839
_
4,143
-
_
4,143
176,429
_
180,572
_		 Prior
Year
Funds
£
3,821
193,125
317
_
197,263
_
147,326
_
147,326
_
49,937
-
_
49,937
126,492
_
176,429
_

The notes on page 9 to 13 form part of the financial statements

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NEWCASTLE UPON TYNE MUSICAL THEATRE COMPANY

BALANCE SHEET AS AT 31 DECEMBER 2023

Restricted
Unrestricted
Income
Note
Funds
Funds
FIXED ASSETS
£
£
Tangible assets
7
1,755
-
_
_
CURRENT ASSETS
Debtors
8
2,390
-
Cash at bank and in hand
177,417
-
_
_
179,807
-
CREDITORS: Amounts falling due
within one year
9
990
-
_
_
NET CURRENT ASSETS
178,817
-
_
_
TOTAL ASSETS LESS CURRENT LIABILITIES180,572
-
_
_
FUNDS OF THE CHARITY
Restricted income funds
-
-
Unrestricted funds
180,572
-
_
_
TOTAL FUNDS
10
180,572
-
_
_		 Total
This
Year
£
1,755
_
2,390
177,417
_
179,807
990
_
178,817
_
180,572
_
-
180,572
_
180,572
_		 Total
Last
Year
£
-
_
1,886
175,983
_
177,869
1,440
_
176,429
_
176,429
_
-
176,429
_
176,429
_

The notes on pages 9 to 13 form part of the financial statements.

The Trustees are satisfied that for the year ended 31 December 2023 the charity was entitled to exemption under section 477(2) of the Companies Act 2006.

The Trustees also confirm that the Members have not required the charity to obtain an audit in accordance with section 476 of the Companies Act 2006

The Trustees acknowledge their responsibilities for:

These financial statements were approved by the Board of Trustees and authorised for issue on 26 September 2024 and are signed on its behalf by:

…………………………… K J Allan Trustee

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NEWCASTLE UPON TYNE MUSICAL THEATRE COMPANY

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2023

1. ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) ‘Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2015)’, Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ and the Companies Act 2006. The financial statements have been prepared under the historical cost convention with the exception of investments which are included at market value, as modified by the revaluation of certain assets.

The financial statements have been prepared on a going concern basis on the ground that current and future sources of funding or support will be more than adequate for the charity’s needs. The Trustees have considered a period of 12 months from the balance sheet date and consider no further disclosures relating to the charity’s ability to continue as a going concern need to be made.

Newcastle upon Tyne Musical Theatre Company meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy note(s).

The financial accounts are prepared in Sterling (£).

Significant estimates and judgements

The preparation of the financial statements requires the Trustees to make judgements and estimates. The main areas where such judgements and estimates are made are in respect of recognition of income.

The company has applied the following accounting policies:

Financial reporting standard 102 – reduced disclosure exemptions

The charity has taken advantage of the following disclosure exemption in preparing these financial statements, as permitted by FRS 102 ‘The Financial Reporting Standard applicable in the UK and republic of Ireland’.

Fund structure

All funds held are unrestricted income funds. Unrestricted funds comprise accumulated surpluses and deficits on general funds that are available for use at the discretion of the trustees in furtherance of the general objectives of the charitable company and that have been designated for other purposes.

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NEWCASTLE UPON TYNE MUSICAL THEATRE COMPANY

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2023

Investment income

Investment income is recognised on a receivable basis.

Income

Income from charitable activities includes admission fees which are recognised once earned.

Income is recognised in the period in which the charitable company is entitled to receipt and the amount can be measured with reasonable certainty.

Voluntary income received by way of donations to the charitable company is included in full in the statement of financial activities when received.

Grants

Revenue grants are credited to incoming resources on the earlier date of when they are received or when they are receivable, unless they relate to a specified future period, in which case they are deferred.

Expenditure

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

Tangible fixed assets and depreciation

All assets are capitalised, irrespective of their amount.

Depreciation is provided at rates calculated to write off the cost less residual value of each asset over its expected useful life as follows:

Equipment, fixtures and fittings - 20% straight line

Taxation

The charitable company is a registered charity and as such is not liable to corporation tax.

Investments

Investments are stated at cost in the accounts.

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NEWCASTLE UPON TYNE MUSICAL THEATRE COMPANY

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2023

Debtors

Trade debtors are recognised at the settlements amount due after any trade dispute offered. Prepayments are valued at the amount prepaid after taking account of any trade discounts due.

Cash at bank and in hand

Cash at bank and cash in hand included cash and short term highly liquid investments with short to mid-term maturity from the date of the deposit.

Creditors and provisions

Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

2023 2022
£ £
2. DONATIONS AND LEGACIES
Member subscriptions 2,380 1,661
Member contributions to room hire and performance 2,000 1,700
Donations 1,075 460
______ ______
5,455 3,821
______ ______
3. CHARITABLE ACTIVITIES
Production income 156,788 192,642
Insurance receipts - -
Charitable Collection - 483
Sundry income 100 -
______ ______
156,888 193,125
______ ______
4. INVESTMENTS
Bank interest 2,639 317
______ ______
5. EXPENDITURE ON CHARITABLE ACTIVITIES
Production expenditure 152,013 142,337
Charitable donations 5,000 500
General expenses 2,836 3,529
Independent examination fees 990 960
_ _
160,839 147,326
_ _

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NEWCASTLE UPON TYNE MUSICAL THEATRE COMPANY

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2023

6. REMUNERATION AND BENEFITS

There are no direct employees of the company. There were therefore no staff costs during the year (2022: Nil)

7. TANGIBLE FIXED ASSETS

Furniture
Equipment 2023 2022
& Sets Costumes Total Total
£ £ £ £
Cost
At 1 January 2023 15,300 9,506 24,806 24,806
Additions 1,847 - 1,847 -
Disposals - - - -
_ _ _ _
At 31 December 2023 17,147 9,506 26,653 24,806
_ _ _ _
Depreciation
At 1 January 2023 15,300 9,506 24,806 24,806
Charge for the year 92 - 92 -
Disposals - - - -
_ _ _ _
At 31 December 2023 15,392 9,506 24,898 24,806
_ _ _ _
Net book value
At 31 December 2023 1,755 - 1,755 -
_ _ _ _
2023 2022
£ £
8. DEBTORS
Prepayments – 2024 production 2,390 1,886
_ _
9. CREDITORS DUE WITHIN ONE YEAR
Accruals 990 1,440
Production creditors - -
_ _
990 1,440
_ _

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NEWCASTLE UPON TYNE MUSICAL THEATRE COMPANY

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2023

As at As at
1 January 31 December
2023 Income ExpenditureTransfers
2023
£ £
£		 £
£
10. ANALYSIS OF FUNDS
-
RESTRICTED FUNDS - -
-		 -
-
UNRESTRICTED FUNDS-
Production fund - 158,788 (152,013) (6,775)
-
General fund 176,429 6,194
(8,826)		 6,775
180,572
_ _ _ _ _
Total unrestricted funds 176,429 164,982 (160,839) -
180,572
_ _ _ _ _

11. CONTINGENT ASSETS AND LIABILITIES

Contingent Liabilities

There are no known contingent liabilities at the year end.

12. RELATED PARTY TRANSACTIONS

There were no direct payments to company directors / charity trustees, other than reimbursement of direct production costs, for professional services provided.

13. ULTIMATE CONTROLLING PARTY AND LEGAL STATUS

In the opinion of the trustees the charitable company is controlled by the Board of Trustees.

The charitable company is limited by guarantee in that every member undertakes to contribute to the assets of the charitable company in the event of the same being wound up whilst he/she is a member, such amount as may be required not exceeding £10.

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The following pages do not form part of the statutory accounts.

NEWCASTLE UPON TYNE MUSICAL THEATRE COMPANY

PRODUCTION INCOME AND EXPENDITURE ACCOUNT

FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2023

2023 2022
£ £ £ £
INCOME
Production income 156,788 192,642
Member contributions to rehearsal room hire 1,200 1,700
Member contributions to scores hires 800 -
Stage First - -
______ ______
158,788 194,342
DEDUCT: EXPENDITURE
Direct production spend (incl. depreciation) 141,813 135,437
Orchestra 5,700 4,550
Hall hire and other production expenditure 4,500 2,350
Stage First - -
______ ______
152,013 142,337
______ ______
NET SURPLUS / (DEFICIT) FOR THE YEAR 6,775 52,005
______ ______

Note: Surplus for the year transferred from the production fund to the general fund.

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NEWCASTLE UPON TYNE MUSICAL THEATRE COMPANY

GENERAL INCOME AND EXPENDITURE ACCOUNT

FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2023

£
INCOME
Members subscriptions
Interest received
Donations
Sundry income
Charitable collections
DEDUCT:EXPENDITURE
General expenses
2,186
Accountancy charges
990
Charitable donations
5,000
Other donations
150
Educational support payment
500
______
NET SURPLUS/(DEFICIT) FOR THE YEAR		 2023
£
£
2,380
2,639
1,075
100
-
__
6,194
3,529
960
500
-
-
_
8,826
___
(2,632)
______		 2022
£
1,661
317
460
-
483
__
2,921
4,989
____
(2,068)
______

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