Charity reglstratlon number NIC105804 Company registratlon number N1602830 {Northern Ir8land} WATERSIDE THEATRE COMPANY LIMITED ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023
WATERSIDE THEATRE COMPANY LIMITED CONTENTS Page Charity Information Trustees, report Independent examiner's report Statement of financial activities Balance sheet Notes to the financial statements 10-20
WATERSIDE THEATRE COMPANY LIMITED LEGAL AND ADMINISTRATIVE INFORMATION Trustees Ms EJ Barber Mrs M Mulhem Mrs B Stevenson Mr B Dowdall Mrs J Mcmasler Secretary Miss M Wallace Charity number NIC105804 Company number N1602830 Registered office Waterside Centre Glendermolt Road Londonderry 8T47 68G Independent examlner mre (Nl) LLP 21123 Clarendon Street DerrylLondonderry BT48 7EP Bankers AIB Bank Meadowbank Strand Road Derry-Londonderry BT48 7TN Sollcltors Gillan. Barr & Co Solicitors 41 New Row Colerain8 Londonderry BT47 6BG
WATERSIDE THEATRE COMPANY LIMITED TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 MARCH 2023 The Trustees present their annual report and financial statements for th8 year ended 31 March 2023. Thè accounls have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the charity's governing document, the Companies Act 2006 and "Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounls in accordance wlth the Financial Reporting Standard applicabl8 in the UK and Republic of Ireland (FRS 102) (effective 1 January 2015)" Objectlves and acllvltles Our Vi51on, Misslon and Value5 Waterside Theatre Company Limited provides arts based programmes of performance, educational and community development activity for people of all ages and abilities. impactlng locally and regionally throughout IrelandlUK and Internationally. Our Vision We aim to place the arts at the heart of Londonderry's regeneration. We are committed lo challenge, to innovation and to growth and as such have a slralegic role as a key cultural facility in one of Ihe UK'S most dynamic cities. The vision of Waterside Theatre Company is: "To provlde one of Northern Ireland's leadlng centres for the arts.. The Company's Vision, Objectives and Core Values drive our goals, aspirations and artistic policy. Our Mlsslon Waterside Theatre Company Limited has adopted the following mission statement in accordance with Its alms, objectives and constitutional status.. "To make hlgh quallty arts accesslble to everyone." Our Values All our work is driven by our core values.. Achieve artistic quality and excellence In all that we do. S8rve the whol8 community, including people who are not regular or committed arts attenders as well as our loyal audiences. Offer equal opportunilies for all to benefit from what we have to offer. Have good links locally with als groups in the community, reaching people through off-site work as well as through venue based work, meeting the needs of many different interest groups and different age groups. Have excitement and &nergy, experiment and be innovative, willing to lake risks. Give practitioners the opportunities and the circumstances in which their professional work can develop. Nurture artists and encourage original contributions to the practice of Iheir artforms. Promole a breadth of cultural range and forms. Develop contemporary and international links. as befits an outward looking company which thinks differently, embraces evolution and champions change. Be culturally inclusive as well as socially inclusive. Have a positive impact on people's attitudes. expectations and understanding. through community projects, outreach programmes and bolh formal and informal education work. Help people explore and develop their cultural understanding. Provide the best possible Guslomer seNice, because we know that our audience's expectations are high and rising and that we must meet their needs and compete effectively with other cultural and leisure choices if we are to deseNe people's loyally. Th8 Trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake.
WATERSIDE THEATRE COMPANY LIMITED TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 Achievements and performance While the company continued to offer a wide variety of theatre and exhibition events for the general public, as we emerged from Ihe Govid pandemic there was a more focused approach to our community arts participalory programmes this year. Our goal was lo largel. through outreach work as well as in-house, those most in need in our society and the people who had suffered most during the pandemic so that they could derive the well documented education and health and welfare benefits from engagement in arts actNities. Throughout the year, we continued to deliver a wide range of cultural and communily arts projects in partnershlp with key stakeholder groups across the city and wider Northwesl region, including Dementia Nl, Alzheimer's Society, Longfield Care Home, Greenfields Care Home, Nazareth House Primary School. Oakgrove Integrated Primary School, St Therese's Primary School, Jubilee Primary School and Glendermott Primary School. Working in parlnership with these organisalions we were able to creale. develop and deliver inspirational learning opportunities lo those most in need in sociely including vulnerable adulls, those living in areas of high deprivation and interface areas, young people and adults with disabilities and people from differenl political and religious backgrounds. We delivered two terms of visual art workshops in the two care homes that directly benefilted 300 isolated older people, one term of workshops in Omagh Library that benefilted 48 vulnerable adults living with Dementia, one term of workshops in the five schools working with 1,050 primary school children on drama in educalion projects, as well as a series of music and drama workshops in-house over three tems that engaged 2,308 children and young people from disadvantaged backgrounds. In total between April 2022 and March 2023 we delivered 152 sessions, engaging 3,706 of the most dlsadvantsged andlor marginalised members of society. In Octob8r 2022 we launched 'Spread the Word, a multi-disciplinary. mulll-platform, multl-age. cross-communily literary festival with the aim of highlighting the importance of reading, writing and literature. Through its emphasis on divérsity and Inclusion, the festival engaged with all demographic ranges across the city, Northwest region and beyond. Our Inaugural festival attracted over 1,150 people, tourists and locals, as audience members and particlpants to the 35 events programmed over seven days and nights. The live and on-llne festival programme Included talks wlth and readings by world-r8nowned writers. panel events. lectures, public reading events, communlty reading events, schools and community workshops, LGBTQIA writing showcases, short fllm presenlalions, Ilterary pub qulzzes, book launches, writing Competitions and writing masterclasses across various genres. We drew on a wide range of writ8rs from different lit8rary areas - authors, illustrators, journalisls, poets, playwrighls and songwriters. to inspire as wide an audience as possibl&. The festival also involved actors, performance poe15, podcasters and puppeteers in the varied programme of events. A further 100 plus theatre events showcasing high-quality children's thealre, drama. dance. music, comedy and film events attracted audiences of over 15,750,. and over 8,000 visitors viewed our exhibitions in partnership with Dementia Nl and world-renowned artist and illustrator PJ Lynch. Going fOard we will continue to explore ways to provide opportunities for local children, young people and older people, with and without disabilities, lo engage in fun, crealive. educational experiences in safe, nurturing settings, facilitated by artists and companies with the highest reputation in their fields. Flnancial review Total income for the year was £311,145 of which approximately 100% was generated from contracts and grants and O /. from donations. legacies and fundraising actrvities. Total expenditure was £267,293. 1 OOVO of this was expended on direct charitable aclivilies. The balance on total funds at the yearond was £198.153 of which £151,219 was unreslricled in nature, £34.031 was designated in nature and £12.903 was restricted. Reserves Policy The Trustees consider it prudent to hold monies in reserve in the event that unforeseen circumstances should lead lo financial difficulties which might put the future of its employment capacity. users, well-being and general charitable work in jeopardy. The Trustees have examined the charity's requirements for reserves in light of Ihe main risks to Ihe organisalion and established a formal policy which stipulates that free reserves be maintained at a level which ensures that the charity's core activily could continue during a period of unforeseen difficulty. Free reserves are defined by the Trustees as unrestricted income funds freely available for use as the charity so determines and thereby excludes any funds committed, invested in langible fixed assets held by the charity and restrtcted or designated funds.
WATERSIDE THEATRE COMPANY LIMITED TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 The Trustees have assessed the major risks to which the charity is exposed, and are satisfied that system5 are in place to mitigate exposure to th8 major risks. Plans for future perlods In the year ahead, we aim to continue to offer year-round activity for those most in need. We intend to continue lo expand our work in the community to provide access to facilities and services so young people from ethnic minority backgrounds, young people from areas of disadvantage, people with disabilities and the elderly, can defive the social, health and educational benefits that come from engagement in the arts. We plan lo develop 'Spread the Word. into an annual literary festival for the Northwest region, silting alongside other tOUfisI attractions in Derry City and Strabane DistTicl Council's calendar of events. We believe Spread Ihe Word will provide something unique in the region but complement the other rich cultural offerings. We plan lo continue to develop ways lo excite readers ar)d writers of all ages and backgrounds by offering vibrant and exciting new opportunities for social and cultural interaction as we celebrale the written word in all ils forms. In 2024 we also plan to reintroduce a programme of events to develop new audiences for opera and ballet that we were forced to pause due to the pandemic. We do not have ready-made audiences in the region for these art forms but working in partnership with world renowned organisations, including Royal Opera House, we will provide local people the opportunity lo experience productions of the very highest calibre. Our aim is to use the appeal of these high-profile events lo break down barriers to engagement wilh opera and ballet. to develop a strong audience base for these art forms and inspire local practitioners lo advance Iheir work. Struclur81 governance and management Govornlng document Waterside Theatre Company Limited is a company limited by guarantee and accepted as charitable by HMRC under reference XT 24141. The company was incorporated on 14th October 2010. The company was established under a Memorandum ofAssoclallon which established the objects and powers of th8 company. and is governed by ils Articles of Association. The liability of members is limiled in that every member of the company undertakes to contrlbute an amount not exceeding £1 in Ihe event of the company being wound up. Th8 Trustees, who ar8 also the directors for the purpose of company law. and who served during the year and up to the date of signature of the financ5al slatem8nts were: Ms EJ Barber Mrs M Mulhern Mrs B Slevenson Mr B Dowdall Mrs J Mcmaster Ms M Keys (Reslgned 15 February 2023) Recrultment and 8ppolntment of the Trustees Under the requirements of the Memorandum and Articles of Association unless otherwlse detèrmined by the company In General Meeting the number of Trustees shall tx)t be less than five. Trustees are elected to Serve only until the next Annual Ger)eral Meeting at vthich they shall Ih8n be eligible for re-election. In the financial year no new Trustees were appointed and one resigned. The Board as a whole was approved by the AGM and continues to monitor its membership. Risk Management The Trustees are aware of the major risks to which the charity is exposed. Where appropriate. systems or procedures have been established lo mitigate the risks Ihe charity faces. Internal control risks are minimised through the procedures for aulhorisation of all transactions and projects. Procedures are in place lo ensure compliance with applicable laws and regulations. These procedures are reviewed periodically to ensure that they continue lo meet the needs of the charity.
WATERSIDE THEATRE COMPANY LIMITED TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 Organlsatlon Structure The Board of Trustees consists of six members who administer the charity. The Trustees are responslble for the strategic direction and policy of the organisation. The Trustees are from a varlety of professional backgrounds relevant to the work of the charity. All members of the Board of Truslees give their time voluntarily and receive no benefits from the charity. Any expenses reclaimed from the charity are sel out in the notes to the financial slatemenls. A scheme of delegalion is in place and responsibility for the provision of services rests with the Chief Executive Officer, who is fesponsible for the day to day operational management of the charity. Statement of Trustees. responsiblllties The Trustees, who are also the direclors of Waterside Theatre Company Limited for the purpose of company law, are responsible for preparing the Trustees, Report and the financial statements in accordance with applicable law and Uniled Kingdom Accounting Slandards (United Kingdom Generally Accepted Accounting Practice). Company Law requires the Trustees to prepare financial statements for each financi21 year which give a true and fair view of the stale of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure, of the Charitable company for that year. In preparing these Ilnanclal statemenls. the Trustees are requlred to: select sultable accounting policles and then apply them conslstently; observe the methods and princlpl8s in the Charities SORP. make judgements and estimates that are reasonablg and prudent. and prapar8 the flnanclal statements on the golng concern basis unless It Is Inappropriate to presume that the charlly wlll continue in op8ration. The Trustees are responslble for keeplng adequate accounting records thal dlsclose with raasonable accuracy at any lime the financial position of the charily and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding th& assets of the charity and hence for taking reasonable steps for the prevention ancl detection of fraud and other irregularities. The Trustees, report was approved by the Board of Trustees. Mrs 8 Slevenson Trustee 13 Dember 2023
WATERSIDE THEATRE COMPANY LIMITED INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF WATERSIDE THEATRE COMPANY LIMITED W8 report on the accounts of the charlty for the year ended 31 March 2023, which are set out on pages 7 to 20. Respectlve responslbllltles of Trustees and examlner The trustees. who are also the directors of Waterside Theatre Company Limited for the purposes of company law, are responsible for thè preparation of the accounts in accordance wilh the requirèments of the Companies Act 2006. Having satisfied ourselves that the charity is not subject to audit under company law, and is eligible for independenl examination. il is our fesponsibilily io: examine the accounts under sectlon 65 of the Charities Act (li) follow the procedures laid down in the general directions given by the Charity Commission for Northern Ireland under section 65(9)Ib) of the Charities Act Illi) slate whether particular matters have com8 to our attention. Basls of Independent examlner's report We have examined your charity accounts as required under section 65 of the Charities Act and our examlnation was carried out in accordance with Ihe general Directions given by the Charity Commission for Northern Ireland under section 65(9llb) of the Charities Act. The examination included a review of th8 accounting records kept by the charity and a comparison of the accounts presented wilh those records. It also Included conslderalion of any unusual items or disclosures in the accounts. and seeking explanats'ons from you as charity trustees concerning any such matters. Our role is to stale whether any material matters have come to our attention glving us cause lo b&lieve: 1. That accounting records were rnl kept in accor(Jance with section 386 of the Companies Act 2006 2. Thal the accounts do not accord with those accounling records 3. That the accounts do not comply with the accounting requirements of section 396 of the Companies Act 2006 and with the methods and principles of the Charities Statement of Recornmended Praclice applicable to charilles preparing their accounts in accordance wllh the Financial Reporting Standard applicable in the UK and Republlc of Ireland 4. Thal there is further information needed for a proper understanding of the accounts to be reached. Independent examlner's slatement We can confirm that we are qualified lo undertake the ex8mination because we are registered members of Chartered Accounlants Ireland which is one of the listed bodies. We have completed our examination and have no concerns in respect of the malters11) to (4) Ilsted above and, in connection with followlng the Direclions of the Charity Commission for Northern Ir8land, we have found no matters that require drawing to your attention. Moore {Nl) LP Charlered Accounlants Ireland 21123 Clarendon Street DerrylLondonderry BT48 7EP Dated." 13 December 2023
WATERSIDE THEATRE COMPANY LIMITED STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2023 Current financlal year Unrostrlcted Unrestricted Restrlcted funds funds funds general deslgnated 2023 2023 Total Total 2023 2023 2022 Noles Income from.. Grants and donations Charitable actlvities 147,406 101,399 18,611 166,017 145,128 167,661 83,393 43,729 Total Income 248,805 18.611 43,729 311,145 251.054 endlture on: Charitable activities 222,575 9,215 35,503 267.293 222.357 Net incomlng r•sourc8s before transfers 26,230 9,396 8,226 43,852 28,697 Net Incomlng resources before transfers 26,230 9,396 8,226 43,852 28,697 Gross transfers between funds (5,802) 1,125 4,677 Net In¢ome for the yearl Net movement In fund$ 20,428 10,521 12.903 43,852 28,697 Fund balances at 1 Aprll 2022 130.791 23,510 154.301 125,604 Fund balances at 31 March 2023 151,219 34.031 12,903 198,153 154,301 The statement of financlal activities Includes all gains and losses recognised in the year. All income and expendilure derive from continuing activities. The statement of financial activities also complies wilh the requirements for an income and expenditure account under the Companies Act 2006.
WATERSIDE THEATRE COMPANY LIMITED STATEMENT OF FINANCIAL ACTIVITIES (CONTINUED) INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2023 Prior flnanclal year Unrestrlcted Unrestricled Restrlctèd funds funds funds general deslgnated 2022 2022 Total 2022 2022 Notes Income from: Grants and donations Charltable activities 167,661 51,720 167,661 83,393 31.673 Total Income 219,3B1 31,673 251,054 endllure on: Charitable a¢tivilies 173,610 7,800 40,947 222,357 Nel Incomlng resources before transfers 45,771 (7,800) (9,274) 28,697 Gross transfers between funds 232 (232) Net Income for Ihe yearl Net movement In funds 46,003 17.800) (9,506) 28,697 Fund balances at 1 April 2021 84.788 31,310 9,506 125,604 Fund balances al 31 March 2022 130.791 23,510 1 $4,301
WATERSIDE THEATRE COMPANY LIMITED BALANCE SHEET ASAT 31 MARCH 2023 2023 2022 Notes Flxed assets Tangible assets 44.748 34,430 Current assets Debtors Cash at bank and in hand 10 27,449 137,675 62,082 66,055 165,124 128,137 Credltors: amounts falllng due wlthln one year 11 (11,719) (8,266) Net current assets 153.405 119,871 Total assets less current Ilabllltles 198,153 154,301 Income funds Restricted funds Unrestricted funds - deslgnated Unrestricted funds - general 12 12,903 34,031 151,219 23,510 130,791 198,153 154,301 The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 31 March 2023. The directors acknowledge their responsibilities for complying with Ihe requlrernents of th& Companies Act 2006 with respect to accounting records and the preparation of financial statements. The members have not required the company to obtain an audit of its financial statements for the year in questlon in accordance with section 476. These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime. The financial statements W8re approved by the Trustees on 13 December 2023 VL Mrs B Stevenson Trustee Company registration number N1602830
WATERSIDE THEATRE COMPANY LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 Accounting pollcles Charity Informatlon Waterside Theatre Company Limited is a private company limited by guarantee incorporated In Northern Ireland. The registered office is Walerside Cenlre. Glandermolt Road, Londonderry, B T47 6BG. 1.1 Accountlng convenllon The financial statements have been prepared in accordance wilh the chariws Igoverning documentl, Ihe Companies Act 2006. FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" I'FRS 102.) and the Charities SORP 'Accounting and Reporting by Charities-. Slatement of Recommended Practice applicable to charities preparing Iheir accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" (effective 1 January 2019}. The charity is a Public Benefit Entity as defined by FRS 102. The charity has taken advantage of the provisions in the SORP for charities not lo prepare a Statement of Cash Flows. The financial statements are prepared in sterling, which is the functional currency of Ihe charily. Monetary amounts in these financial siatements are rounded to the nearest £. The accounts have been prepared under the historical cost convention. The principal accounting policies adopted are set out below. 1.2 Going concern At the time of approving the financial statements, the Trustees h8ve a reasonable expectation that the charity has adequate resources to conlinue in operational exislence for the foreseeable future. Thus the Trustees continue to adopt the going concern basis of accounting in preparing the financial stalements. 1.3 Charltable funds Unrestricted funds are available for use at the discretion of the Trustees In furtheran of their charitable objectlves. Designated funds comprlse funds which have been sel aside at the discretlon of the Trustees for speclfic purposes. Restricted funds are subject to specific conditions by donors as to how they may be used. Th8 purposes and uses of the restricted funds are set out in the notes to the financial statements. 1.4 Income Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured rellably. and it is probable that income will be received. Cash donations are recognised on receipt. other donations are recognised once Ihe charity has been notified of the donation, unless performance conditions require deferral of Ihe amount. Income tax recoverable in relation lo donations received under Gift Aid or deeds of covenant is recognised at the time of the (Jonation. Turnover from other trading activities is measured at the fair value of the conslderation received or recelvable and represents amounts receivable for services provided in the normal course of business. 1.5 Expenditure Expenditure is recognised once there is a legal or constnJ¢tive obligation lo make a payment to a third parly, it is probable that selllement will be required and the amount of the obligation can be measured reliably. Irrecoverable VAT is Charged as a cost against Ihe activity for which the expendilure was incurred. 10-
WATERSIDE THEATRE COMPANY LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 Accounting pollctes (Contlnued) Expenditure on charitable activities includes Ihe costs of services undertaken to further the purposes of the charity and their associated support costs. 1.6 Tanglblo flxed assets Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation. net of dèpreciation and any impairment losses. Depreciation is recognised so as to write off the cost or valuation of assets less their residual value5 over thelr useful lives on the following bases: Flxtures and fittings 12.50A straight line The gain or loss arising on the disposal of an asset is determined as the difference behveen the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities. 1.7 Impalrm8nt of flxed assets At each reporting end date, Ihe charity reviews the carrylng amounts of Its tangible assets to determine whether there Is any indication that those assets hav8 suffered an impairment loss. If any such Indication exists, the recoverable amount of the asset is estimat8d in order to determine th8 extenl of the impairment loss (if any). 1.8 Ca8h and cash equlvalenls Cash and cash equlvalents include cash in hand and bank overdrafts. Bank overdrafts are shown wlthln borrowlngs In current Ilabililies. 1.9 Flnanclal Instruments The charity has elected to apply the provlslons of Section 11 'Basic Financlal Instruments, and Section 12 'Other Financlal Instruments Issues, of FRS 102 to all of its fsnanclal Instruments. Flnancial Instruments are recognised in the charity's balance sheet vthen th8 charlly becomes party to the contractual provisions of Ihe instrument. Flnan¢ial assets and liabilities are offs81. with the net amounts presented in the financial slatements, when there is a legally enforceable right to set off the recognised amounts and there Is an intention lo settle on a net basis or to realise the assel and settle the liability simultaneously. Baslc flnanclal assets Basic financial assets, which include debtors arKI cash and bank balances, are initially measured al transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at Ihe present value of the future receipts discounled at a markel rate of interest. Financial assets classified as receivable within one year are not amortised. 11
WATERSIDE THEATRE COMPANY LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 Accounting policles {Contlnued} Basic flnancial liabilities Basic financial liabilities, including credilors and bank Soans are inilially recognised at transaction price unless the arrangement conslilutes a financing transaction. where the debt instrument is measured at the presenl value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised. Debt instrumenls are subsequently carried at amorlised cost. using the effective interest rate method. Trade credllors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppllers. Amounts payable are classified as current liabilities if paymenl is due within one year or less. If not, Ihey are presented as non-current liabilities. Trade creditors are recognlsed initially at Iransactlon price and subsequently measured al amorlised cost using the effective interest method. Derecognltlon of flnanclal Ilabllltles Financial Ilabillties are derecognised when the charity's contractual obligatlons expire or are dlscharged or cancelled. 1.10 Taxatlon The company is a charity and is recognised as such by HM Revenue & Customs under the charity lax reference XT24141. As a result, there is no liability to taxation on any of its income. 1.11 Employee beneflls The cost of any unused holiday entitlemenl is recognised in the period in which the employee's services are received. Termination benefits are recognised Immediately as an expense when the charity is demonslrably commltled to terminate the employment of an employee or to provide lermination benefits. Crlllcal accountlng estlmates and judgements In the application of the charity's accounting policies, the Trustees are required lo mak8 judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumplions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounling estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods. Grants and donatlons Unrestricted Unrestricted funds funds general deslgnated 2023 2023 Total Unrestricted funds general 2022 2023 Donations and gifts Income receivable for CORE activities 1,000 146,406 1,000 165,017 1,ODO 166,661 18,611 147,406 18,611 166,017 167,661 12-
WATERSIDE THEATRE COMPANY LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 Grants and donations (Continued) Donations and gifts Waterside Credit Union 1,000 1,000 1,000 1,000 1,000 1.000 Grants rècelvable for core actlvltles Arts Council Nl DCSDC Arts Council Covid Recovery Arts Council AFP 124,384 13,073 18,611 142,995 13,073 124,384 11,770 30,507 8,949 8,949 146,406 18,611 165,017 166,661 Charltable actlvllles 2023 2022 Performance r81ated grants Ancillary trading income Charitable rent81 income other income 43,729 77,400 17,578 6,421 31.673 37,099 15,029 (408) 145,128 83,393 Analysis by fund Unrestricted funds - general Reslricted funds 101,399 43,729 51,720 31,673 145,12B 83,393 Performance related grants ACNI DCSDC HMRC Job Retention Scheme Future Screens 7,565 14,245 22,762 8,911 21,919 43,729 31,673 13-
WATERSIDE THEATRE COMPANY LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 Charltable actlvltles 2023 2022 Depreclation and impairment Wages and salaries Programme costs Artisls, costs Publishing and marketing costs Member Fees Bar and gallery costs 11,112 15,217 20.286 31,155 6,362 1,170 3,410 9,626 8,911 32,036 16.642 3,581 203 1,640 88,712 72,639 Share of support costs (see note 6) Share of governance costs (see not8 6) 171,579 7,002 143,200 6,518 267,293 222,357 Analysls by fund Unrestrlcted funds general Unrestricted funds - designated Restricted funds 222,575 9,215 35,503 173,610 7,800 40,947 267,293 222,357 Support costs Support Governance cosls costs 2023 Support Governancè costs cosls 2022 Staff costs Staff costs Premises costs Administration costs Bank charges Sundry costs 112,695 1,619 53,180 1,100 1,856 1,129 112,695 1,619 53,180 1,100 1,856 1,129 94,227 1,286 44.773 1,244 1,477 193 94,227 1,286 44.773 1,244 1,477 193 Audit fees Insurance costs 3,050 3,952 3,050 3,952 2,788 3,730 2,788 3.730 171,579 7,002 178,581 143.200 6,518 149,718 Analysed between Charitable activities 171,579 7.002 178,581 143,200 6,518 149,718 Governance costs includes payments to the auditors of £2,788 (2022- £2,500) for audit fees. 14-
WATERSIDE THEATRE COMPANY LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 Employees The average monthly number of employees during the year was: 2023 Number 2022 Number Employment costs 2023 2022 Wages and salaries 112,695 94,227 There were no employees whose annual remuneration was more than £60.000. Taxatlon The charity is exempt from tax on Income and gains falling within section 505 of the Taxes Act 1988 or sectlon 252 of the Taxationof Chargeable Gains Act 1992 to the exlent thal Ihese are applied to ils charitable objects. Tangible fixed assets Flxtura% and flttlng¥ Cost At 1 Aprll 2022 Additions 164,521 21,429 At 31 March 2023 185,950 Depreclatlon and Impalrment At 1 April 2022 Depreciatlon charged in the year 130,091 11,111 Al 31 March 2023 141,202 Carrylng amount At 31 March 2023 44,748 Al 31 March 2022 34,430 15-
WATERSIDE THEATRE COMPANY LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 10 Debtors 2023 2022 Amounts falling due within one year: Trade debtors Other debtors Prepayments and accrued income 4.576 14,639 8,234 604 53.196 8,282 27,449 62,082 11 Credltor8: amounts falllng due wlthln one year 2023 2022 other taxation and social security Trade creditors Accruals and deferred income 3,088 3,091 5,540 (101) 3,486 4.881 11,719 8,266 16-
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WATERSIDE THEATRE COMPANY LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023 14 Financlal commltments, guarantees and contlngent liabllltles Certain grants received and receivable may become repayable to the funder if the charity 15 no longer able lo meet the conditions under which they were awarded. Due to the nature of these contingencies it may not be possible to quantify the potential financial effect or give an indication of the tlrning as to the liabilities that may arise. 15 Related party transactlons One of the Trustees received £105 {2022 £910) for their role as a facilitstor of a charltable activlty. None of the other Trustees recelv8d any remuneration during th8 year. There were no oth8r related party transactlons. -20-