MASKERS THEATRE COMPANY FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 Registered Charity Number: 900067
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 CONTENTS Page Report of the Management Conllnitt¢c Independent Examiners Report Statement of Financial Activities Baian¢e Sheet Notes to Pinancial Slatements 9-15 Tbe following pages do Do¢ fonn part of the Flnanclal Ststements Members DeLqiled Accounts 16 Production Accounts 17
Page I MASKERS THEATRE COMPANY REPORT OF THE MANAGEMENf COMMITTEE FOR THE YEAR ENDED 31 AUGUST 2023 REFERENCE AND ADMINISTRATIVE INFOR1TIoN The Management Conm]ittc¢ are ple&%d to ptes¢nt th¢ir annual rcFK¥rt and Financial Siatements for the year ended 31 August 2023. Th¢ Financial Statcments havc iell ptcpated in accordance with the accounting policies set oirt in note l io the Financial Statements and mplY with the eharity's constitution. the Charities Act 2011 and Aecounling and Reporting by Cbarities: Stat¢n]cnt of Rcc4)mmcndcd Practice. applicable to charities preparing their Financial Ststem¢nts in accordan with th¢ Financial Rcporting Standard applicable in the UK and Republic of Ireland (FRS 102). Charity Name: Maskers Theatre Company Charlty Number: Prln¢lpal Offi¢e: Unit I Emsworth Road Shirley Southampton 'I'rustee$: The IDJstees are elected am)ually from the memberqhip. The trust¢¢s who served during the year were as follows.. C l Baker JFOX J P Desborough R OslK¥rne A Stsnsbridge Our Advisors Bankers: N2tion21 Westminster Bank Ple 12 High Street Southampton Independent Examiner: Abraham & Dobell 230 Shirley Road Southampton S015 3HR Solicitor.. Hedley Visick & Co 109 Ixigh Road Eastleigh HampshiTe S050 9DR
Page 2 MASKERS THEATRE COMPAIYY REPORT OF THE MANAGEMENT COMMrrrEE (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023 OBJECTIVES AND AcfiviTIES Th¢ objrcta of thc charity for the public bcncfit arc: To promote the advancemcnt and improvcment of public education in Telation to all &spects of the dramatic arts and the developmcnt of public appreciation of sh arts. The strategies cmployed to achieve the charity's objectives arc the presentation of quality dramatic productions at a nunilrr of venues in the are& To provide faciliti¢s for members to develop their skills in the dramatic arts. ACHIEVEMENTS AND PERFORMANCE Our objectives are continuing to be realised in bringing quality dram8 to the public in a variety of venues and by th¢ use of mod¢rn technology. W¢ stsged 5 full-scale productions this year, four in our studio and one in the open air. Some of our memberg took part in a production which w&8 Sta8¢d by the youth theatrc group that us¢ our studio, This ottercd a dittcrcnl experiencc to those memttrs and it is hOd that fijrther opportunities for this cooperation will ari.8e in thc futurc. FINANCIAL REVIEW The Managemcnt Committ¢¢ arc pleased to report audi¢nrx numbers have improv¢d this year. We have managed to limit our losses after depreciation to £(1.827) (2022 _ £(2.978)). The tnjstees are exploring ways to increase our income in the coming year. whilst monitoring the increases in wsts. Inv¢stm¢nt Policy Thc trustees hold any surplus funds on secure d¢posits with banks or building Sle(leS. Reservo9 Polley The Management Committee ba8 examined the charity's requiremenL% for reserves in the light of the nwin risks to the Organisatio 'lTh¢ Currcnt Icv¢l of rerV&s is adcquatc to ensure tbe continued operation of the charity into the foreseeable fiJtur¢. The Management Committ¢¢ believe the charity to b¢ a going conc¢m.
Page 3 MASKERS THEATRE COMPANY REPORT OF THE MANAGEMENT COMMITfEE (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023 PLANS FOR FirruRE PERIODS The trusfres are continuing to hold an open day each month to Incre awareness of our presence in the local arn Th¢sc have proved to k a source of new members. C)ur audiences for our studio productions are limited so the tswtee8 ore considerin8 other venu¢¥, which will give the OppOrtilty for larger audi¢nrx number& STRUCTURE, GOVERNANCE AND MANAC.EMFNT Governing l)ocument Thc orsaniJation 13 an utiin¢orporatGd a330Giation. govGrllcd by a wn3tituuon ovcrsccn by trusir and registered as a charity, number IXM)067. The association was established und¢r a constitution which estsblished the objects and powers of the associatioL Recruitment and Appointment of the Management Committee The truste¢s of the association are also known as the Management COnlittee. Under the rcquircmcnts ofthe constitution, members of the Managemeni Committee are elected from within the membership of the association at an Annual (ieneral Meeting and hold office for one year. after which they must be rc-elccd at an Annual G¢n¢ral Meeting. Trustees are only abl¢ Io SCTV¢ for four consecutive years. All members are circulated with invitations to nominate trustecs prior to the Annual G¢n¢rnl Mecting. Trujtee IDdu¢tion and Trnlning The Management Committce has prepared a set of Buidelines to cover the clL8rity's activiti¢s. These are reviewed and amended as necessary. All new trustees are refenpAI to these guidelines, together with th¢ guide published by the Charity CoD]missioL Rijk Management The trusle¢s have a risk management strategy which comprises a regular review of the risks the charity nY face and the establishment of systems and procedures to mitigate those risks identified. Procedures aT¢ in tv ¥nsur¢ wmpliancc health and safcty rc8ulalions for members and audience. These procedures are reviewed regularly. The Management Committee set a reserves policy to ensure the clwity can continue its operations. This policy is teviewed periodically.
Page 4 MASKERS THEATRE COMPANY REPORT OF THE MANACEMENT COMMrrrEE (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023 STRUCTURE. GOVERNANCE AND IKANAGEMENf (CONTINUED) Organisational Stru¢tur¢ The association h&s a Management Cotnmittee of six members who meet on a monthly basis. The Managem¢ni Committee is responsible for thc day to day management of the acIation'S activiti¢8 and for ensuring the a350ciation's pr¢mises are safe. secure and maintsined to a high 3tandard. The Management Committee have a duty to esure the charity meets its objectives. RE&iPONSIBILITIES OF THE TRUSTELS The Truste¢s are rcsrK)nsible for preparing the annua] Rewrt of the Management Committee and the Financial Statements in accordance with applicable law and United KiJ8dom Accountin8 Standards (United Kingdom Generally Accepted Accountin8 Practice). The law applicable to charities in England end Wales r¢quir¢s the TnLSte¢s to pwarc Financial Statements for each fllwicial perio4 which giv¢ a true and fair view of the state of thc affairs of the harity and of its incoming resourccs and application of Ksources of the clwily for thai period. In preparing those Financial Statements the Trustees are required to: select suitable accounting w)licies 8nd then apply them consistently. observe the methods and prinriplcs in th¢ Charili¢b SORP; mgke judgements and estimates that are reasonable and Prudent. stat¢ whcther applicable UK accounting standards have been followed, subject to any material departures disclosed and explained in the Financial Statem¢nts; and prepare the Financial Ststements on the going concern basis unless it is inappmpriate to presume that the charity will continue on thai b&gis. The Trustees are restK)nsible for maintaining proper accounting records which disclose. with r¢a50nablc accuwy al any tim¢. the fuwKial position of the charily and io enable thcm to ensure that the Pinancial Statements comply with th¢ Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trLLSt deed. They are also responsible for safeguarding the assets of the charity and. hence. for taking reasonable steps for the prevention and detection of fraud and othcr irr¢gularitics.
Page 5 MASKERS THEATRE COMPANY REPORT OF THE MANAGEMENT COMMITfEE (CONTIIYUED) FOR THE YEAR ENDED 31 AUGUST 2023 INDEPENDENT EXAMINERS Wc appointcd Abraham & Dobell &8 the charitable association's independent exgminers during the year and they have expressed their willingness to act in that capacity. Approved by the trustees on 20 November 2023 and signed on their behalf by: A ST A]YSBRIDGE TRUSTEE
Page 6 INDEPENDENf EXAMtNER'S REPORT TO THE TRUSTEES OF FOR THE YEAR EIYDED 31 AUCUST 21123 I report to the tte¢S on my eXan]IOn of the accounts of Maskers Theatre Company for thc ycar ended 31 August 2023. RESPONSIBILITIES AND BASIS OF REPORT As the trustees of the chariry you are reSpOlbIe for the preparation of the a¢Unts in accordance with the requirements of the c}ltieS Act 2011 ('the Act,). I report in respect of my examination of the charily's aecounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicdble DiTeLtions given by th¢ Charity Commission under section 145(5Kb) of the Act. INDEPENDENT EXAMINER'S STATEMENT I have Completed my examination. I confmn that no matcrial matt¢rs have comc to my att¢ntion in onnection with the examination giving me cause to beli¢ that in any material respect.. accounting records We not kept in respect of the charity as required by section 130 of the Act; or the accounts do not accord with those Tccords: or the accounts do not comply with the applicable requ1Ments concerning ihe forn) and contenl of accounts set out in the Charities (Acwunts and Rcports) Regulations 2008 other than any requirement that the accounts give a 'lwe and fair view. which is not a matter considered as part of an ind¢p¢nd¢nt ¢Xan]iO I havc no conccrns and have com¢ across no other matters in conn¢ction with thc examination to which attention Should IK drnwn in this report in order to enable a proper understanding of the accounts lo reached. DAVID J MANT FCA INSTITUTE OF CHARTERED ACCOUNTANTS IN ENGLAIYD & WALES 230 Shirley Road SouthAmpton S015 3HR 20 Nov¢mber 2023
Pag¢ 7 STATEMENT OF FINANCIAL AcfIviTIES (INCORPORATING INCOME AND EXPENDITURE Accouiyr) FOR THE YEAR ENDED 31 AUGUST 2023 2023 2022 Note INCOME Other trading activities Investment incom¢ Charitsble acuvities 13,589 257 21,593 5,864 12 21,498 TOTAL IIYCOME 35.439 27,374 EXPENDITURE Charitable activxties 37266 30,352 TOTAL EXPENDJTURE 37,266 30,352 L'r DEFICII"I{&•URPLUS)I NET MOVEMENf FUNDS (1.827) (2,978) RECONCILIATION OF FUNDS Funds brought forward 222,125 225,103 Total funds carried forward £220.298 £222.125 The Statement of Financial Activities includes all gains and losses in the year. All incoming regources and resources expended derive from continuing activities.
Page 8 MASKERS THEATRE COMPANY BALANCE SHEET AS AT 31 AUGUST 2023 Note 2012 FIXED ASSETS 192,015 192,837 TOTAL FIXED ASSETS 192.015 192.837 CURREN'f A&*SETS Dcbtors Cash and bank 1,405 31,675 .473 32,975 TOTAL CURRENT ASSF.TS 33,080 34.448 LIABILITIES Creditors: Amounts falling due within one yegr 4.797 5,160 NET CURRENT ASSETS 28,283 29,288 TOTAI, ASSETS LFSS CIIRRENT LIABILITEESINET ASSETS £220,298 £222,125 THE FUNDS OF THE CHARITY Unr¢stri¢t¢d Ancomc funds £220,298 £222,125 Approved by th¢ trust¢¢s on 20 Novcmb¢r 2023 and si&ngJ on th¢ir b¢half by.. A STANSBIiIDCE TRUSTEE C I BAKER TRUSTEE
Pydge 9 MASKERS THEATRE COMPANY IYOTES TO TKE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 ACCOUNTING POLICIES Th¢ principal accounting FKilicies adopted> judgcmcnts and kcy 3outCC3 of cstimation unccrtsinty in the preparation of the Financial Statements are as follows: (a) Basis of Prep2r4tlon The FAnan¢ial Statements hav¢ bccn prepared in accordance with Accounting and Reporting by Charitieg: Ststement of Recommentsj Practice, applicable to charities preparing the Financial Stst¢m¢nts in Aordan with th¢ Finala1 R¢porting SLdard appliGablc in thc UK and Republic of Ireland (FRS 102) - {Charities SORP IFRS 102)) and the Financial Rcportin8 Standld Applithl¢ in thc UK al RcpubliG of Ircland (fRS 102). The Financial Statements are prepared in Sterli which is the fimction81 currency of the charity. Monetsry amounts are to the nearest £. Ib) ID¢om¢ All income is in¢lud¢d in the Statement of Financial Activities when the clwity is entitled to the income and thc amounl can be quaniifie41 with reasonable accuracy. Incom¢ from Charitsble Activiti is T¢cognised a5 caTncd. Other trading income is received by way of members, subscriptions and miscellaneous income and is includ¢d in the Ststement of Finan¢ial Activitics wh¢n receivable. Investtncnt income is included when r¢¢eivable. (c) Expenditure ExndItUre is reco8nised on an ac¢nuls basis as a liability is incued. Expenditure includes any VAT which cannot be recovered and is reported &s part of the expenditure to which it relates. Charitablc activities comprise those costs incurrcd by the charity in the delivery of its objectives. Support Costs are those functions that assist the work of the charity but do not dircctly undertake Ihe charitable activities. 'll]ese costs have been allocated between the expenditu Gat¢gorics of th¢ Stai¢mL of Financial Activitics on a b&si5 d¢signcd to reflect thc use of the resource and are aprtIoned on 8n appmprith bls. eg floor 9rcas, per capita or fbtllnat usag¢. Governance costs include those costs s(latl with the rnanagemcnt of th¢ chariiy's F)remises and thitllstration of th¢ 0¢latIon'S activities.
Page 10 MASKEIiS THEATRE COMPANY NOTES TO FINANCIAL STATEME (CONTifrfuED) FOR THE YEAR ENDED 31 AUCUST 2023 ACC"OUIY"I"IIYG POLICILS {COIYTINULII) (d) Flx¢d Assets Fixed ass¢ts are stat¢d at ¢08ts Ig36 AUMulat¢d dGprLKiatio Depreciation is provided at a rate to write off the asset over its uscfid lif¢. Dq)reciation h&$ been provided on leasehold improvements to write this off over the primary period of thc Icasc. No depreciation has been provided on fre¢hold property. (e) Deblor8 Tradi ld othcr dcbior3 ar¢ re¢ogniSl thc scidemeni amount duc. Prepayments arc valued at the amount prepaid nel of any trade discounts due. {fj Cash At BaDk And In Hand Cash at bank and in hand includes cash and short tenn highly liquid investments with a short nMturity of three months QT l¢ss from the dat¢ of acquisition or opening of the deposit or similar account. (g) Creditors aDd ProviJion& Creditors and provisions T¢gniSed where the charity hls a present obligalion suiting from a past ¢v¢nt that will probably r¢sult in thc Irdnsfcr of funds to a third Pdrty and the atnouni due to settle the obligation ean be mcasurcd or cstimated reliably. Cr¢ditors and provisions atc nonnally r¢cogni3ed at their setilcmcnt amounl after allowing for any trad¢ discounts du¢. (h) Taxatlon The clwity is ex¢mpi from cOry10n Tax on its ch8ritsble activities. (i) Fund Aecounting Unrestricted fimds consist of the general purpo fund and designated funds. Designated funds are established by the TnL%tees from time to time for speeific projects or purposes, are not in any way resICd and any surp1$ or deficit will be transferred tolfrom the gener81 purpose8 fijnd when the designuted fund is closed. Restricted Funds 8re fun(Lq subject to glfie restrictions imposed by donor3 or by the PUTPQS¢ of thc app¢al. (i) Donated S¢rvi¢¢s Donated services 8nd fllItieS 8Te included al the value to the charity where this Can be quantified.
Page 11 MASKERS THEATRE COMPANY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023 ACCOUNTING POLICIES {CONTINUED) O() Fln4n¢ial Instrnrn¢nts Th¢ charity only has fumncial assets and financial liabilities of a kind that qualify as basic fllwicial instruments. Basic fuwicial itrUme1 are initially r¢¢ognis¢d at transaction value and subsequently M¢ured at their settlement valuc. O) Significant Judgements And E$thnates Preparation of the Financial Statcments may r¢quirc T1¢¢S to mak¢ significant judgements and estimates. There are no items in the Fin8nctal Statements where jud8ementR And estimates would have 8 si8nificant effect on amounts reeo8ni$¢d in th# rin(Cl smen18. IflCOME 2023 Total 2022 Total ChAritable Activitie8 Productions and p¢rfonnanc¢s 21593 21,498 Other Trading Activiti Subscriptions Miscellaneous IrMe 2.489 li,l(KJ 2,065 3,799 13,589 5,864 Inve8tment Ineome Interest rrf¢ived 257 12 TOTAL INCOME £35.439 £27.374 All incom¢ tlY for IK)th y¢atS UDT¢StriGt¢ Thcre were no donated servic£s or faciliti&s re££ivable which would be quantifi in the y[ {2022 - £nil).
P&ge 12 MASKERS THEATRE COMPANY NOTES TO THE FINANCIAL sTATEmEs {CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023 ANALYSIS OF EXPENDITURE ON CHAKITABLE ACTIVITIES Produetionsl subscriptio Perf0rn19neeg 2023 TotAI 2022 Totxl Production costs Premi3¢5 Support costs (ioY¢ruancc Gosts 9232 21.807 5,325 022 9232 21.807 5,605 622 9,228 15.474 5,085 565 280 TOTAL RESOURCES F.XPENDED £280 £36.986 £37,266 £30,352 All expcnditure on charitable activities was unresth¢tol for years. ANALYSIS OF SUPPORT AND GOVERNANCE COSTS The chArity idcntifieg the costs of its support fimctions. Tt thcn idcntifies Ihose co¥ts which rclat¢ Lo thc govcrnanLc function. Having identified its govemancc costs, the renuining support Costs together with thc gov¢mance costs apFK)rtioned IKiween the two key uh¢1(able activities undertaken (see note 3) in the year. Kefer to the tsble below for the basis for apportionment and the analysis of supN)rt and 8overnance costs. Genernl Support Ba818 of Apportionmcnt Governance Total Equipment and maintenance Dcpreciation GenerAI office oosts 931 4,674 931 4,674 622 U998e Usage UsAg¢lGovernanee 622 £5,605 £622 £6.227
Page 13 MASKERS THEATRE COMPANY NOTES TO THE FINANCIAL STATEMEWTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023 NET (EXPENDITURE) FOR THE YEAR This is stated after charging: 2023 2022 Depreciation £4,674 £4,575 TRUSTEES, REMUNERATION AND EXPENSF.S No remunerdtion or expenses have been paid to any trustee for their services (2022 - £nil). FIXED ASSETS Improvements to Lrtaschold Freehold Property Property Fqulpment Total Cost At I September 2022 Additions Disposa13 12,630 178,241 59,152 250,023 3,852 3,852 (2,143) (2,143) At 31 August 2023 12.630 178,241 60.861 251.732 Depreeiation At l 8¢ptembcr 2022 Provided in the year Eliminatcd on disposal 6.082 2,526 51,104 57,186 2,148 4,674 (2,143) (2,143) At 31 August 2023 8.608 51.109 59.717 Iyet Book Valu At 31 August 2023 £4,022 £178,241 £9,752 £192,015 At 31 August 2022 £6,548 £178,241 £8,048 £192,837
Page 14 MASKERS THEATRE COMPANY NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023 DEBTORS 2023 2022 Trade debtors Prepayments 901 504 1,393 80 £1.405 £1,473 CRF.DITORS: Amoun18 falling due wl¢blD one year 2023 2022 Trad¢ creditors £4,797 £5,160 10, FINANCIAL INSTRUMENTS Financial in3trumcnts measured nrtIS 3t comprise the followin8: 2023 2022 Financial &%sets that ar¢ debt instivmcnts £1,405 £1,473 Financial liabilities that are debi instruments £4,797 £5,160 I I. ANALYSIS OF CIL4RITABLE FUNDS At Ineoming OutgoSng At 01.0922 Resources Resource8 31.08.23 Analysis of Mov¢m¢ntJ in Unr¢stricted Funds General fund 222,125 35,440 37,267 220,298 Total UDr¢slrict¢d Fund8fTotal Funds £222,125 £35,HO £37,267 £220,298
Page 15 NOTES TO THE FINANCIAL STATEMENrs (coNrINUED) FOR THE YEAR EIYDED 31 AUGUST 2023 I I. AIYALYSIS OF CHARITABLE VUNDS (CONTINUED) Unrestricted Funds Unrestricted funds comprise those fimds which tnth are free to use in accordan¢¢ with ¢h¢ charitabl¢ objects. 12. ANALYSIS OF NET ASSETS BETWEEN FUNDS 2023 General TotAI Funds Fund8 2022 Total FuDdM .1 angibl¢ fixed &8sets Current assets Currrnl liabilitic3 192,015 192,015 192.837 33,080 33,080 34,448 (4.797) (4.797) (5,160) Total fillds £220.298 £220,298 £222.125 13. RELATED PARTY TRANsAloNs 'll]ere were no rclated party transactions arising in the year ended 31 August 2023 (2022 - £nil). 14. CONTtNGEPIT LIABILITIES AND CAPITAL COMMITMENTS The charity IMd no contingent liabilities or capitsl commitments as at 31 August 2023 (2022 - £uil). 15. POST BALANCE SHEET EvEs Thc charity no post Balance Shed ¢v¢ots (2022 - £nil). 16. TAXATto As a r¢gist¢red charity, the income is generally ex¢n]pt from tax on Income and gains falling within s.524 of the Income Taxes Act 2007 and s.256 of the TtIOn of Chargeable Gains Act 1992. No lax char8es have arisen in the ¢harity.