ids. Company Registration No. N1022539 (Northern Ireland) chartered accountonts BIG TELLY THEATRE COMPANY ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 IDS Chartered Accountants LLP 23125 Queen Street COLERAINE Co Londonderry BT52 1BG
BIG TELLY THEATRE COMPANY ids. chartered acccuntants CONTENTS Page Legal and administrative informalion Members, report Independent auditor's report Statement of financ.al activities 10- 11 Balance sheet 12 Notes to the financial statements 13-22
BIG TELLY THEATRE COMPANY ids. CnKTrrteYeg cccounta nts LEGAL AND ADMINISTRATIVE INFORMATION Members Mr Tony Hennessey (Treasurer) Ms. Chris Hurd-wood Ms Cara Macmahon Dr Tom Maguire (Chairl Ms Rosana Tra.'nor Ms Claire Sugden Ms Alison Grundle Mr Eoin O'connell (appoir)ted 31101124} Secretary Mrs C O'Donovan Charity number NIC102334 Company number N1022539 Registered office Flowerfield Arts Centre 185 Coleraine Road PORTSTEWART Co Londonaerry BT55 7HU Auditor IDS Chartered Accounlants LLP 23125 Queen Street COLERAINE Co Londonderry BT52 1 BG Bankers Danske Bank 22 The Diamond COLERAINE Co Londonderry BT52 1DE
BIG TELLY THEATRE COMPANY ids. chartered ac"ountants tW.EMBERS' REPORT (INCLUDING DIRECTORS, REPORT) FOR THE YEAR ENDED 31 MARCH 2024 The trustee's present their report and financial statements for the year ended 31 March 2023 The accounts have been prepared in accordance wilh the accounting policies sel out in Yo e to the accounts and comply with the charity's governing document, the ComFanies Act 2006 and "Accounting and Reporting by Ch2rilies' Statement of Recommended Practice applic(tble lo char.:Iies p.'eparing their accounts in accordance with the Financial Reporting Slanda-.d apyli-able ,'n tk,e UK and Repiblic of Ireland IFRS 1021 leffeclive 1 January 20151" Objectives and Activities Bio Telly Theatre Company is one of the longest standing theatre companies in Nl. Our work is centred around theatre, game, technology, and place We design professional theatre produ-tions, sile specific, live experiential art. immersive games and participatory community driven projects throughout Northern Ireland and internationally. With work spanning over 37 years. the company has a reputation for Innovation and accessibility. Vve work across sectors, using arts lo deliver objectives for health, education, heritage, tourism, economic development, social development, rural development and tO1n and city regeneration. As a company, we seek to Innovate how and where CLJllure is made and performed and how theatre can be used as a tool lo regenerate and serve the community to create Ioiig leim impact. Our work is mulli-plalform and cross-sectoral: fueled by a belief in the intrinsic value of arts practice and ils potential to deliver a range of educaliona.. economic, and social outcomes Influences in our work to dale include, gaming and escape rooms, computer hacking. burner phones. Al, AR, emotional computing, and binaural sound. The company's range and scale of work is unpai alleled, with Ils reputation for innovation built upon dislinclive professional theatre productions which tour nationally and internationally, creative collabo,'ations', and pioneering comniunily-based participation projects. The company is extremely proud of ils regional idenlity. and our programme of work reflects a continuing commitment lo the local area combined ivith Ihe ambition and capacity to extend our work within the global market, becoming ambassadors for the skills and creativity of Northern Ireland and placing it firmly on the world stage. In 23124 we worked with 94 creative personnel. with freelance artist fees totaling £86,956 Our international partnerships provide opportunities to artists to work outside Northern Ireland The Worst Cafe in the US (Belfast, Philadelphia & New York) We also offer artists free professional development 5UPPOrt wi'h regards to agent and casting director connections. funding guidance.
BIG TELLY THEATRE COMPANY ids. charte¥ed occountonts ro.EMBERS' REPORT {CONTINUED)(INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 MARCH 2024 22123 Belfast International Arts Festival. Origin Theatre 1 st Irish Festival NYC, Tiny Dynamite Philadelphia, Flowerfield Arts Centre Portstewart, Centre for Cultural Value Leeds, Culture Ireland. Fun Palaces, Colliers Estate Agents Be:.iasl, Councils & Government bodies, MEA. Tourism Ireland. Causeway Coast and Glens Borough Council. Repealabilily All of our work is repeatable, sustainable and scalable. with New Work projects progressing inta In Repertoire. This affords us lo be able to reuse costume. set and tech. Digital Work - The largest gains in caroon reduction in wholly digitallhybrid work come from the complete removal of audiences travelling to a show. By kvatching from home the".e is a 99.72 % reduction in carbon generated emissions. Digital Engagement - Upskilling and investing in social media marketing and utilising our digital channels to create more targeted marketing campaig45. reduces printing and laerefore reduces our overall environmental footprint. 11 also saves overhead costs, allowing us lo rediTect our marketing budget lo more optimal campaigns. Remote Working Vvhilst we spend a significant amount of time in physical spaces for projects, where we can. partial remote working still remains a favourable option for us For best practice, we follow ITC guidelines on the remuneration of artists and include all holiday pay and expenses as per that guidance which is updated annually. The outcomes achieved to dale have been. More people are engaged by the arts through access to new cultural expenences. Increased employment Direct industry impact throJgh creating toolkits and digital communication. Increase In audiences. More global partnerships Transforming our work digitally through a pandemic to make the company more sustainable and improve audience growth. Key messages communicated to a wider audience. connections made with new people_ Re-animalion of town centres. Development of cultural tourism. Better community cohesion and increased tolerance. A more positive, harmonious. and imaginative society. 2023124 ProductionslProjects The Worst Cafe In the US Granny Jackson's Dead Windswept Beaches The Living Room The House VR experience Black Box Rear Windows Incognito Dundalk Bear Hospital Pomeroy Forest The Living Map Carrickfergus Outreach Projects Fun Palaces
BIG TELLY THEATRE COMPANY ids. chartered occountants I.EMBERS' REPORT {CONTINUED)(INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 MARCH 2024 Company Mission To i.Ivest in the development of professional theatre. thealre skills and creative expression through theatrical experiences Ihat surprise, stimulate and entertain. Company Vision Big Telly aims to innovate, involve, inspire. excite. and ignite the imagination through the company's desian, delivery, production, tounng and training activities. Big Telly's vision is delivered through the following objectives. 1. the production and louiing of innovative theatre thai surprises, stimulates and ignites the imagination throughout Nl, Rol, mainland UK and Internationally. 2. the creation of projects with unique strategies of engagemenl with audiences,. with a particular focus on hybridldigital engagement tools. 3. the development of educational and outreach programmes. open rehearsals and community creativity projects, through workshops. talks and summer schools. 4 the facilitation of Ihe growth of cultural aclivity throughout Nl and to actively seek opportunities to showcase Nl work abroad. 5. the delivery of skills enhancement opportunities. maximising the resources available for work through enhancing existing and developing new partnerships. 7. developing the capacily of the company to meet the challenges of a changing environment.
BIG TELLY THEATRE COMPANY ids. ch(¥rtev?d accountants MEMBERS, REPORT (CONTINUED)(INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 MARCH 2024 Structure, governance and management Big Telly Theatre Campany is lim.'ted by guarantee and registered with the new Charity Commission for Northern Ireland INIC1023341, governed by a Board of Trustees. Professor Tom Maguire Ichairl, Head of Schools of Arts & Humanities at the University ot Ulster, Chris Hurd-wood, retired HR Development Professional, Cara Macmahon, CEO of Voluntary Action North Somerset. Rosana Trainor, Charity Shop Coordinator, Tony Hennessey, Accountant., Ms. Claire Sugden MLA Alison Grundle Business Improvement Consultant and and Eoin O"'Connell Principal Data Scientist. Crissy O Donovan is the Company Secretary. The company's board provides relevant expertise in human resources, marketing and PR, finance. contemporary and cuEtural theatre practice as well as relevant strategic and planning skills. The company's full-time slaff are Company Manager {Crissy O Donovan), Project Manager (Linda Mccracken), Finance Manager Icollelle Quigleyl, who together with the Artistic Director (Zoe Seatonl oversee the running of the entire artistic programme. Between them, these company members have over fifty years of experience .n managing arts projects The company has Ethical Manager Status and is a member of the Independent Theatre Council IITCI and of Theatre Nl. The company operates ITCIUNITE and ITCIEquily minimum rates, terms and conditions for both permanent and contractual staff. The company has regular staff meetings involving the enlire staff leam. The core staff report to the Board of Trustees at quarterly meetings. The company regularly reports to ACNI and other funders on its progress through Mid-year and End of Year C5ient Reports and quarterfy monitorirbg meetings with our Arts Officer. Professor Tom Maguire (Chairl, Head of Schools of Arts & Humanities at the University of Ulster. regularly monitors progress on funding applications and Ihe.r administration. The organisation follows the Charity Commission's auidance and sets a target for reserves based on our cash flow requirements and an assessment o,. the risks facing the organisation. Our aim is to hold reserves at a level which is not excessive bul does not pul our so',vency at risk The trustees review the number of reserves that are required to ensure Ihat they are adequate to fulfil the charity's continuing obligations on a quarterly basis al their Board meeting. We hold reserves for the fo:. owing reasons". Meet contractual liabilities should the charity have lo close including redundancy pay, amounts due to creditors and commitments under leases. b. To meet unexpected costs |i*£e breakdown of essential office equipment,. staff cover in the event of illness, maternity leave, parental leave". and legal costs defending the charity's interest c. To ensure that the charity can contlnue to provide a stable and quality programme of activity and allowing for financial flex',bility to respond to new initiatives and opportunities that may present themselves during the year. d To fund risks that may materialise, resulting in an unexpecled increase in expenditure andlor a reduction in income. e. To provide working capital when funding is paid in a-rears and place the charity in a posits.on where it could apply for funding which can be paid up to 12 months in arrears The trustees aim lo maintain the charity's reserves at a level which is at least equivalent to two months operational expenditure Icirca £20.0001 in add'lion to designating a minimum of £17.300 towards potential redundancy outlay in the event of the company having to cease operations and have done so having regards lo ils manner of operation of likely funding streams. The reserves that we have sel aside provide financial stability and the means for the development of our principal activity. The in-kind value we receive each year is approximately £65,000. On 31 March 2024 the charity held £36,000 as ieserves. In the event of reserves dipping below the target the charity will aim to restore the reserves to ils minimum level over a four-year period through increased fundraising, increasing earned income andlor reducing expenditu'.e. If reserves exceed the target, then the charity will consider the likely expenditure over the next two years.
BIG TELLY THEATRE COMPANY ids. ch(Trtered accouiitants MEVIBERS, REPORT (CONTINUED}(INCLUDING DIRECTORS, REPORT) FOR THE YEAR ENDED 31 MARCH 2024 Statement of Members. responsibilities The Members, who are also the directors of Big Telly Theatre Company for the purpose of company law. are responsible for preparing Ihe Members, Report and the accounts in accordance with applicable law and United Kinodom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Company Law requires the Members to prepare accounts for each financial year which give a true and fair view of the slate of affairs of the company and of the incoming resources and application of resources, including the Income and expenditure, of the charitable company for that year. In preparing these accounts, the Members are required lo. select suitable accounting policies and then apply them consislently- observe the methods and principles in the Charities SORP. make judgements and estimates that are reasonable and prudent., and prepare the accounts on the going concern basis unless it is inappropriate to presume that the company will continue in operation. The Members are responsible for keeping aoequate accounting records Ihat disclose with reasonable accuracy al any time the financial position of the company and enable them to ensure that the accounts comply w th the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularilies Disclosure of Information to Auditors The directors who held office al the date of approval of Ihis directors, report confirm that, so far as they are each aware. there is no relevant audit information of kvhich the companls auditors are unaware", and each director has taken all the steps that they oughl to have taeTr as a director to make themselves aware of any relevant audit infoimalion and to establish that the cofflpany s audilois are aware of th.at Information. Auditor In accordance with the company's articles. a resolulion proposing that IDS Chartered Accountants LLP be reappointed as auditor of the company will be put al a General Meeting. The Members, report was approved by the Board of Membeis. T Maguire T Hennessey Dated. 26 September 2024
BIG TELLY THEATRE COMPANY ids. chartered accountants INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF BIG TELLY THEATRE COMPANY Opinion We have audited the financial statements of Big Telly Theatre Company Ilhe 'company'l for the year ended 31 March 2024 which comprise the slaiemenl of financial activities. the balance sheet and the notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Staii dards, including Financial Reporting Standard 102 The Fii?ancial ReportllPg Standard applicable iij 113e UK and Repiiblic of lielaiid (United Kingdom Generally Accepted Accounting Practice) In our opinion, the financial statements.. give a true and fair view of the stale of the charitable company's affairs as at 31 March 2024 and of its incoming resources and application of resources. for the year t.en ended. have been properly prepared in accordan with United Kingdom Generally Accepted Accounting PractiTr, and have been prepared in accordance with the requirements of the CompaniesAct 2006. Basis for opinion We conducted our audit in accordance with International Standards on Auditing {UKI IISAS (UK)) and applicable law. Our responsibi'ilies under those standards are fvrther described in the Aijditors rcspoi?sibilities lor the aiidit ol 11?e fii?anci81 statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant lo our audit of the financial slatenienls in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate lo provide a basis for our opinion. Conclusions relating to going concern In auditing the financial statements, we have concluded that the Members, use of the going concern basis of accounting in the preparation of the fi'nancial statements is appiopriate. Based on the work we have performed. we have nol identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our respon5ibililies and the responsibilities of the Members with respect to going concern are described in the relevant sections of this report. Other information The olner information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The Members are responsible for the ol*er informats.on contained within the annual report. Our opinion on tne fiiancial statements does not cover the other iiiformation and we do not expres9 any form of assurance conclusion thereon. Our responsibility is to read the other informats.on and, in doing so, consider whether the other information is materially Inconsistent with the financial stalemenls or oui knowtedge obtained in the course of the audit, or olhenvise appears to be malerially misstated. If we identify such material inconsistencies or apparent material misstatements, vje are required lo determine bvhether this gives rise to a material misstatement in the financial statements themselves. If, based on the worrf we have performed, we conclude that there is a material misstatement of this other information. we are required to report that fact. We have nothing to report in this regard. Matters on which we are required to report by exception We have nothing lo report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations INorthern Ireland) 2015 require us to report to you if, in our opinion. the information given In the financial statemenls is Inconsistent n any material respect with the Members, report, or sufficient accounting records have not been kept., or the financial slalements are not in agreement with the accounling records.. or we have not received all the information and explanations we require for our audit.
BIG TELLY THEATRE COMPANY ids. ch(trtered accountants INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS OF BIG TELLY THEATRE COMPANY Responsibilities of Members As explained more fully in the slalemenl of Members. responsibilities, Ile Members, who are also the directors ol the company for the purpose of company law. are responsible for the preparation of the financial slalements and for being satisfied that they give a true ano fair view. and for such internal control as the Mernbers determine is necessary to enable Ihe preparation of financial statements that are flee from material misstalemenl. whether due lo fraud or error. In preparing the financial stalemenls. the Members are responsible for assessing the company's ability to continue as a going concern, disclosing. as applicable. matters related lo going concern and using the going concern basis of accounting unless the Members either intend to liquidate the charitable company or lo cease operations, or have no realistic alternative but to do so. Auditor's responsibilities for the audit of the financial statements We have been appointed as auditor under section 6512} of the Chaiities Acl (Northern Ireland) 2015 and report In accordance with theAcl and relevant regulations made or having effect thereunder_ Our objectives are lo obtain reasonable assurance about whether the financial statements as a whole are free from material misslatemenl, whether due to fraud or error. and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assufance but is nol a guarantee that an audit conducted in accordance with ISAS IUKI will always detect a material misstatement when it exists. Misstalemenls can arise from fraud or error and are considered material if, Individually or in the aggregate. they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below. Our approach lo identifying and assessing the risks of material misstatement in respect of irregularities inc'uding fraud and non-compliance with laws and regulation5, was as follows. we identified the laws and regulations applicable lo the chaiily through discussions with trustees and other management, and from our commercial knowledge and experience of the sector., we assessed the exLent of compliance wilh the laws and regulations identifieo above through making enquiries of management and inspecting legal correspondence. We assessed the susceptibility of the charity's financial statemenls to material misstatement, Including obtaining an understanding af how fraud might occur, by". making enouiries of management as to where they considered there was su5ceplibility to fraud, their knowledge of actual. suspected and alleged fraud.. considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations, and performing analytical procedures lo idenlify any unusual or unexpected relatlonships, reviewing journal entries to identify unusual transactions., assessing whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias., investigating the rationale behind any significant or unusual transactions. In response to the risk of irregularities and non-compliance with laws and regulations. we designed procedures which included, but were not limited to. agreeing financial statemen15 disclosures to underlying supporting documentation.. reading the minutes of meetings of those board of trustees. enquiring of marbagement as lo actual and potenbal litigation and claims", revlewing legal correspondence. There are inherent limitations in our audit procedures descnbed above. The more removed laws and regulations are from financial transactions. the less likely il is thal we Would become aware of non-compliance. Auditing standards also limit the audit procedures required lo identify non-compliance with laws and regulations to enquiry of the trustees and other maiagement and the inspection of regulatory and legal correspondence, if any Material misstatements that arise due lo fraud can be harder to detect than those that arise from error as they may involve deliberate concealment 01 collusion.
BIG TELLY THEATRE COMPANY ids. chartered accountants INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS OF BIG TELLY THEATRE COMPANY A further description of our responsibilities is available or the Financial Reporting Counc I's website al https 11 wMN.frc.org.uklauditorsresponsibilities. This description forms part of our auditor's report. Use of our report This report is made solely to the charitable company's trustees. as a body, in accordance with Parl 4 of the Charities IAccounts and Reports) Regulations 2015. Our audit work has been undertaken so that we might slate to the charitable company's members those matters we are required to stale to them in an auditor's report 8 nd for no other purpose. To the fullest extenl permitted by law. we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's trustees as a body, for our audit work, for this report, or for the opinions we have formed. This report is made solely to the company s members. as a body in accordance with section 391 of the Companies Act 2006. Our audit work has been undertaken so that we mighl slate to the company'> members those matters we are required to slate to them in an auditor's report and for no otner purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report. or for the opinions we have formed. IDS Cha d Accountants LLP Statutory Auditor 23125 Queen Street COLERAINE Co Londonderry BT52 1BG 26 September 2024
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BIG TELLY THEATRE COMPANY ids. Cha occountetntS BALANCE SHEET ASAT31 MARCH 2024 2024 2023 Notes Fixed assets Tangible assets 13 15,286 18,786 Current assets Debtors Cash at bank and In hand 14 31,234 206,575 27.719 149,514 237,809 177,233 Creditors: amounts falling due within one year 15 (92.8351 (91,4171 Net current assets 144,974 85,816 Total assets less cu rrent liabilities 160,260 104,602 Income funds Restricted funds Unrestricted funds - d•signated Unrestricted funds - g•neral 17 18 94,116 15,776 50,368 79.833 15,776 8,993 160,260 104,602 The company is entitled lo the exemptijn from the audit requirement contained in section 477 of the Companies Act 2006. for the year ended 31 March 2024. although an audit has been carried out under section 65 of tre Charities Act (Northern Ireland) 2013. No member of the company has deposited a notice, pursuant lo section 476, requiring an audit of these accounts under the requiremen15 oflhe Companies Act 2006. The directors acknowledge their responsibilities for complying ivith the requirements of the Companies Act 2006 with respect to accounting records and tne preparalion of financial statements The members have not required the company to obtain an audit of its financial statements under the requirements of the Companies Act 2006, for the yeai in question in accordance with section 476. These financial statements have been prepared in accordance with the provis'.ons applicable to companie5 subject to the small companies regime The financial slalements were approved by the Members on 26 September 2024 T Maguire T Hennessey Company registration number N1022539 12-
BIG TELLY THEATRE COMPANY ids. chartered occountants NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Accounting policies Charity information Big Telly Theatre Company is a private company limited by guarantee incorporated in Northern Ireland. The registered office is Flowerfield Arts Cenlre, 185 Coleraine Road, PORTSTEWART, Co Londonderry.. BT55 7HU. 1.1 Accounting convention The financial slatemenls have been prepared in accordance with the compaiy's Igoverning documenll, the Companies Act 2006, FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" l FRS 102") and the Charities SORP "Accounting and Reporting by Charities. Statement ol Recommended Practice applicable lo charities preparing their accounts in accordance bvith the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021" (effective 1 January 20191. The company is a Public Benefit Entity as defined by FRS 102. The company has taken advantage of the provisions in the SORP for charities not to prepare a Statement of Cash Flows. The financial statements are prepared in sterling. which is the functional currency of Ihe company Monetary amounts In these financial statements are rounded to the nearest £. The financial statements have been prepared under the historical cos1 convention. The principal accounting policies adopted ale sel oul below_ 1.2 Going concern Tie trustees are of the opinton that they have adequate resources to see the charity through this difficult period and continue in operational ex".stence for the foreseeable future. 1.3 Charitable funds Unrestricted funds are available for use at the discietion of the Members in furtherance of their charitable objectives. Restricted funds are subjecl lo specific conditions by donors or grantors as to how they may be used. The purposes and uses of the restricled funds are set out in the notes to the financial statements. Endowment funds are subject lo specific conditions by donors that the capital musl be maintained by the company. 1.4 Income Income Is recognised when the company is legally entt.tled to it after any performance conditions have been met, the amounts can be measured reliably. and il is probable that income will be received. Cash donations are recognised on receipl. Other donations are recognised once the company has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation. Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods and services provided in the normal course of business, nel of discounts, VAT and other sales related taxes. 1.5 Expenditure Liabilities are rogniSed as expendilure as soon as there is a legal or constructive obligation committing the ompany lo that expenditure, it is probable that settlement will be iequired and the amount of the obligation can be measured reliably. All expend'ture is accounted for on an accruals basis. 13-
BIG TELLY THEATRE COMPANY ids. chartered accountants NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Accounting policies {Continuedl 1.6 Tangible fixed assets Tangible fixed assets are initially measured at cost and subsequently measured al cost or valuation, net of depreciation and any impairment losses. Depreciation is re-ognised so as lo write off the cost or valuation of assets less their residual values over their useful lives on the following bases. Plant and machinery Office equipment Stage Equipment 25'/o Straight line 250/c Straight line 25 % straight line The gain or loss aris.'na on the disposa., of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities. 1.7 Impairment of fixed assets At each reporting end date. the company reviews the carrying amounts of ils tangible assets to determine whether there is any indication that those a55ets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any) 1.8 Cash and cash equivalents Cash and cash equivalent5 include cash in hand. deposits held at call with banks, other short-term liquid investments with original malurilies of th". ee months or less. and bank overdrafls. Bank overdrafts are shown within borrowings in current liabilities. 1.9 Financial instruments The company has elected lo apply the provisions of Section 11 '8asic Financial Instruments, and Section 12 Other Financial Instruments Issues, ?f FRS 102 to all of its financial inslrumenls. Financial instruments are recognised in the companrfs balance sheet when the company becomes party lo the contractual provisions of the instrLJmeii t_ Financial assets and liabilitles are offset. with the nel amounts presented in the financial statements, when there is a legally enforceabte rlght to set off the recognised amounts and there is an intentlon to settle on a net basis or lo realise the asset and settle the liability simultaneously. Basic financial assets Basic financial assets, which include debtors and cash and bank balances, are initially measured al transaction price including transaction costs and are subsequently carried al amortised cost using the effective interest method unless the arrangement constitutes a financing Iransaclion, where the transaction Is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised. 14-
BIG TELLY THEATRE COMPANY ids. chartefrya accountants NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Accounting policies (Continued) Impairment of financial assets Financial assets. other than those held ai fair value through incoTne and expenditure, are assessed for indicators of impairment al each reporting date. Financial assets are impaired where there is abjeclve evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired. the impairnient loss Is the difference between the carrying amount and the present value of the eslimaled cash flows discounted at the asset's original effective interest rate The impairment loss is recognised in nel incomellexpenditurel for the year_ If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognlsed, the impairment IS reversed The reversal is such that the current carrying amount does not exceed what the carrying amount would have been. had the impairment not previous y been recognised. The impairment reversal is recognised in net incomellexpenditure) for the year. Derecognition of financial assets Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are sellled, or when the company transfers the financial asset and substanl'"ally all the risks and rewards of ownership to anolhor entity. or if some significant risks and rewards of ownership are retained bul control of the asset has transferred to another party that is able to sell the asset in its enli.ety to an unrelated third party Basic financial liabilities Basic financial liabilities. including creditors arbd bank loans are initially recognised at transaction price unless the arrangement conslltutes a financing transaction. where the debl instrument is measured at the present value of the future payments discounted al a market rate of interest Financial liabilities classified as payable within one year are not amortised. Trade creditors are obligations lo pay for goods or services that have been acquired in the ordinary COLJrse of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within ane year or less. If not. they are presented as non-current liabilities Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. Derecognition of financial liabilities Financial liabilities are derecognised when the company's contractual obligations expire or are discharged or cancelled 1.10 Employee benefits Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employmenl of an employee or to prov':de lerminalion benefits. 1.11 Retirement benefits Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due. 15-
BIG TELLY THEATRE COMPANY ids. charrétred accountants NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Donations and grants Unrestricted Restricted funds fund5 Total 2024 Total 2023 Donations and gifts Grants receivable 92 258,108 219.615 219,615 219.615 219.615 258,200 For the year ended 31 March 2023 92 258,108 258,200 Grants receivable for core activities ACNI Revenue Grant ACNI Other Grants Esmee Fairbairn Foundation The Foyle FoiJndalion Centre for Cultural Value Fun Palaces Arts & BusinessAward National Lottery- Dormanl Accounts Fund The Commission of Victims & Survivors Future Scieens Nl Belfast City Council - Vacant to Vibrant Grant Enkalon Foundation Clillure Ireland Creative Scotland - Four Nations Fund British Council Travel Award Other movement {141,9441 (141,944) {19,5911 (19,5911 1138,4861 16431 (39,450} 120,0001 (15,2771 (20,0001 115,2771 (15,142} 3,0001 13,000) 137.5001 120,0001 120,0001 12.5001 (1,0001 12,500) (1,000) 110,0001 (5,5001 (1,5001 30,113 (16,3031 116,3031 {219,6151 {219,6151 1258,1081 Income from other trading activities Unrestricted Restricted funds funds 2024 2024 Total Unrestricted Restricted funds funds 2023 2023 Total 2024 2023 Performance and Workshop fees 26,236 26.236 73.419 73,419 16-
BIG TELLY THEATRE COMPANY ids. chatrérea accountants NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Investments 2024 2023 Interest receivable 714 504 Other income Unrestricted funds general 2024 Total 2023 Theatre Tax Relief 25,912 17-
BIG TELLY THEATRE COMPANY ids. charted accouiitantS NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Expenditure on charitable activities Charitable activities 2024 CharTtable activities 2023 Direct costs Staff costs Rent lisurance Light and heal Props, sets and costumes Printing and stationery Telephone and postage Motor expenses Travel and accommodation Publicilylpromotional work Hire of equipment and rehearsal space Sundry expenses Fees and subscriptions Bank charges 89,800 317 3,563 80,340 4,145 2,872 169 5,029 788 2,166 1,410 26,151 1,577 3,854 5,598 203,596 120 3.887 988 1,225 240 13,957 3,157 1,742 2.183 84,055 220 205,334 337,813 Share of support and governance costs (see note 7) Governance 1,900 1,725 207.234 339,538 Analysis by fund Unrestricted funds Reslricled funds 1,900 205,334 1,725 337,813 207,234 339,538 Support costs allocated to activities 2024 2023 Governance costs 1,900 1,725 Analysed between: Charitable activities 1,900 1,725 18-
BIG TELLY THEATRE COMPANY ids. chartered accountants NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Net movement in funds 2024 2023 The net movement in funds is stated after chargingllcrediling).. Fees payable for the audit of the charity's financial statements Depreciation of owned tangible fixed assets 1,900 9,587 1,725 9.466 Members None of the Members lor any persons connecled with them} received any remuneialion or benefits from the company during the year. 10 Employees The average monthly number of employees during the yeai was" 2024 Number 2023 Number Employment costs 2024 2023 Wages and salaries Social security Costs Other pension costs 80.566 7.565 1,669 74,547 4,963 830 89,800 80,340 There were no employees whose annual remuneration was more than £60,000. 11 Raising funds 2024 2023 Tradin costs Depreciation and impairment 9,587 9,466 9.587 9,466 12 Taxation The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.
BIG TELLY THEATRE COMPANY ids. charttred occountants NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 13 Tangible fixed assets Plant and machinery Office equipment Stage Equipment Total Cost Al 1 April 2023 Additions 5.380 43,185 945 34,945 5,142 83,510 6,087 Al 31 March 2024 5,380 44,130 40,087 89,597 Depreciation and impairment At 1 Apiil 2023 Depieciation charged in the year 5,380 27,591 7,073 31,753 2,514 64,724 9.587 At 31 March 2024 5.380 34,267 74,311 Carrying amount At 31 March 2024 9,466 5.820 15,286 At 31 March 2023 15,594 3,192 18,786 14 Debtors 2024 2023 Amounts falling due within one year- Trade debtors Other deblors 9,423 21,811 17,261 10,458 31,234 27,719 15 Creditors: amounts falling due within one year 2024 2023 Other taxation aid social security Other creditors Accruals and deferred income 1,920 5,409 85,506 1,094 90,323 92,835 91,417 16 Retirement benefit schemes 2024 2023 Defined contribution schemes Charge to profil or loss in respect of defined contribution schemes 1,669 830 The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund. -20-
BIG TELLY THEATRE COMPANY ids. chartEfEd accountants NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 17 Restricted funds The reslricled funds of the charity comprise the unexpended balayces of donations and grants held on trust subject lo specific conditions by donors as lo how they may be used. At 1 April 2023 Incomtng resources Resources expended At 31 March 2024 79.835 219,615 205,3341 94.116 Previous year: At 1 April 2022 Incoming resources Resources expended At 31 March 2023 86,119 331,527 1337,8131 79,833 18 Unrestricted funds These are unrestricted funds which are material to the company's activities At 1 April At 31 March 2023 2024 15.776 15,776 Previous year: At 1 April At 31 March 2022 2023 15,776 15,776 19 Unrestricted funds The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are iot subject to specific conditions by donors and gianlors as lo how they may be used These Include designated funds which have been sel aside out of unrestricted funds by the trustees for specific purposes At 1 April 2023 Incoming resources Resources At 31 March expended 2024 General funds 9,993 52,862 111,4871 50,368 21
BIG TELLY THEATRE COMPANY ids. chartered accountants MOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 19 Unrestricted funds (Continued) Previous year.. At 1 April 2022 Incoming resources Resources At 31 March expended 2023 General funds 19,588 596 111 1911 8,993 20 Analysis of net assets between funds Unrestricted Unrestricted Restricted general designated 2024 2024 Total Tota. 2024 2024 2023 Fund balances at 31 March 2024 are represented by.. Tangible assets Current asselsllliabilities) 15.286 35,082 15,286 144,974 18,786 85,816 15.776 94,116 50.368 15,776 94,116 160,260 104,602 21 Related party transactions There were no disclosable related party transactions during the year (2023- none}