Commedia of Errors Report of the Trustees and Unaudited Financial Statements th for the Financial Year Ended 5 April 2024 Period of Accounts Start Date: 6 April 2023 End Date: 5 April 2024 Company Number: N1676327 Registered Charity Number: NIC108049 HMI RC Number: N101255 COMMEDIA OF ERRORS Report of the trustee5 FOR THE YE.AR ENDED 5 APRIL 2024 Contents Page Report of the Trustees 3to7 Statement of Trustee's Responsibilities Independent Examiners Report 9tolO Statement of Financial Activities Balance Sheet 12to13 Notes to the Financial Statements 14to17 COMMEDIA OF ERRORS ReTM)n of the trusiees FOR T￿. YEAR ENDED 5 APRIL 2024 Commedia of Errors The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for Ihe year ended 5 April 2024. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective l January 2019). OBJECTIVES AND ACTIVITIES Objectives and aims The company exists for the benefit of the public to: produce perforniances in the UK and Ireland; promote and develop the perfonning arts for the benefit of the public; encourage appreciation and participaiion in perfonning arts activities, encourage and stimulate artistic creativity and present. promote, organise, manage and produce work of cultural and educational value. Commedia of Errors creates art that responds to. challenges and questions the changing times in which we live. It aims to grow, develop and infonn audiences, beneficiaries and the arts sector and to broaden and deepen engagement by overcoming barriers to arts participation. List of Trustees Chairperson: Secretary: Treasurer: Member: Sally Campton David Gould Neill Cauwood Jenny Cooke MBE Sally Campton Fiona McAnespie Mark Francos Michael Weir COMMEDIA OF ERRORS Report of the trLL%lees FOR THE YEAR ENDED S APRIL 2024 OBJECTIVES AND ACTIVITIES Significant Activities In ?0?3.?024 Commedia of Errors maintained its commitment to its audiences, bringing l am Maura to audiences of young people across the province and into the Republic of Ireland, continuing the development of Rose Coogan and her piece Rose+Bud and two more successful tours of Plays Aloud. While a sharp reduction in funding from a principal funder curtailed some ambitions and reduced output, it was an opportunity for the company to restructure its systems and realign itself to come back more strongly in the future. NeN' business and marketing plans were created to shape future planning, and a new major funder was found in the National Lottery whose Community Fund has committed to funding Plavs Aloud for the next three years, including a major expansion and a new dedicated staff member. Further opportunities were developed with the script for Rose+Bud now performance ready and through new connections built with venues North and South of the border through the tour of 1Am Maura. ArtAStic Director Benjamin Gould continued to offer training workshops to the Lyric Theatre's Drama Studio, strengthening our partnership and continuing our commitment to the development of the next generatAon of actors. Whilst 2023-2024 WAII be remembered as a challenging year, it was a year that planted the seeds for the company's ongoing success and stability. while highlighted our flexibility and ingenuity as an organisatAon in the face of ongoing adversity. Public Benefit Commedia of Errors is established predominantly (but not exclusively) to produce performances in the UK and Ireland and in particular to: Promote and develop the perforniing arts for the benefit of the public. . Encourage appreciation of and participation in perfonning arts activities. Encourage and stimulate artistic creativity by the provision of artistic perfonnances, training. support and facilities for artistic expression. PresenL promote. organise, manage and produce work of cultural and educational value, including (but not limited to) dramas, cornedies, operas, operettas, burlesques, films, broadcasts, television shows, concerts, musical pieces, puppet shows, ballets, Procure to be written and printed, published, issued, distributed and COMMEDIA OF ERRORS Report of the trustees FOR THE YEAR ENDED 5 APRIL 2024 circulated, reports or periodicals, books, pamphlets, leatlets or other documents or information. Recruit, train and employ volunteers with relevant skills, for the furtherance of the above aims. Promote and carry out, or assist in promoting and carrying out, research, surveys and investigations provided the useful results are published. Co-operate to such an extent as may be necessary with the statutory authorities and voluntary organisations engaged in the furtherance of the above objects or of any of them. Raise and accept money by way of grants, donations. bequests, legacies or other lawful method and give, donate or disburse grants and loans to such related organisations or projects as are by law deemed charitable, provAded that in the exercise thereof Commedia of Errors shall not engage in any forni of permanent, non-primary purpose trading. Purchase, take or lease or in exchange, hire or otherwise acquire any property and any rights and privileges necessary for the attainment of the said objects. Subject to such consents that may be required by law to sell, let. mortgage, dispose or turn to account all or any of the property or assets of Commedia of Errors which shall be deemed necessary for the furtherdnce of Commedia of Errors. All such other lawful things as are necessary for the attainment of the said objects. FINANCE REVIEW The Trustees are extremely grateful for the continued financial support provided by the following on general and project funding: Dfc-Future Screens NI, ACNI, Allen Lane Foundation, Halifax Foundation, The Arts Society, Lord and Lady Lurgan and Radius Housing. Financial Results At the end of the flnancial year the company's total assets totalled £40,204 (£38,729 in 2023) with liabilities of £583 (NIL in 2023), giving net assets of £39.6? l. an increase of £892 from 2023. As at 5 April 2024 total funds were £39,621 comprising £20,898 restricted funds and £18,723 unrestricted funds. Reserves Policy Reserves are required to bridge the shortfall of income to expendlture, (the company achieved a small surplus over the 2023124 financial year), and to cover any unplanned emergencies. Whilst the economic backdrop and more difficult trading environment in the arts sector over the past two years have been challenging, the company has grounds for optimism that it will produce a tradAng surplus over the current year. COMMEDIA OF ERRORS Report of the trustees FOR THE YEAR ENDED 5 APRIL 2024 Despite the challenges, the company's reserves remain comfortably positil'e (see above), facilitating an eventual total reserves target equivalent to six months, core outgoings. Prineipal Risks and Uncertainties The company has recently draw'n up a paper on Risk Assessmeni Policy and a sub- group to establish a Risk Framework to identify and address major risks. The Trustees are of the view that fmancial sustainability is the major risk for the company, in particular: The terniination of a major source of funding A negative change in funding policy on the part of government or any major funding body Risks of a non-financial nature include: Changes in law pertaining to charities or the arts sector A substantial decline in demand within the theatrical sector STRUCTURE GOVERNANCE AND MANAGEMENT Governing Document The charity is controlled by its governing document, a deed of trust. and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006. It began trading on 011 l112021 , taking over the activities of the pre-existing Commedia of Errors Theatre Company NIC102783. Trustee Induction and Training New trusiees attend an induction session at which they are issued with a "Board Induction Inforniation" brochure selling out detailed data explaining the duties and responsibilities of the Board Member under charity and company law. Trustees are regularly given the opportunity and are encouraged to attend a variety of external training events relevant to their role. REFERENCE AND ADMINISTRATIVE DETAILS Registered Company Number N1676327 Registered Charity Name Commedia of Errors Registered Charity ￿'Umber NIC108049 COMMEDIA OF ERRORS Report of the trustces FOR THE YEAR ENDED 5 APRIL 2024 Registered Office 17 Ulsterville Avenue, Belfast, BT9 7AS Staff Benjamin Gould - Artistic Director Clare Mcmahon- Co-creative Director Megan Kelly - Assistant Producer (Resigned 0711112023) Independent Examiner Daniel McFaul ACA Chartered Accountants Ireland 41 Castleburn Road Carrickfergus BT38 7NY Approved by order of the Board of Trustees on behalf by: and signed on its Sall Campton - Chair COMMEDIA OF ERRORS ststemeni of the Trustecs. Responsi7)iliiies FOR THE YEAR ENDED 5 APRIL ?024 The trustees (who are also the directors of Commedia of Errors for the purposes of company law) are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, Including the income and expenditure. of the charitable company for that period. In preparing those flnaticial statements, the trustees are required to Select suitable accounting policies and then apply them consistently; Observe the methods and principles in the Charity SORP; Make judgements and estAmates that are reasonable and prudent; Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business. The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable step5 for the prevention and detection of fraud and other irregularities. Independent Exatnin¢T'S Rep)rt to the Tn￿tt$ of Commedia of Errors Independent examiner's report to the charity Irustees of Commedia of Errors. I report on the accounts of the Charity for the period ended 5th April 2024. which are set out in the company accounts. Respective responsibilities of charlty trustees and examiner As the charity, s trustees you are responsible for the preparation of the Accounts in accordance with the Charities Act (Northern Ireland) 2008. It is my responsibility to: Examine the accounts under section 65 of the Chariiies Act Follow the procedures laid down in the general Directions given by the Commission under section 65(9Xb) of the Charities Act State whether particular matters have come to my attention. Basis of independent examiner's report I have examined your charity accounts as required under section 65 of the Charities Act and my examination was carried out in accordance with the general Directions given by the Charity Commission for Northern Ireland under section 65(9Xb) of the Charlties Act. My examination included a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also included consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as charity trustees concerning any such matters. My role is to state whether any material matters have come to my attention giving me cause to believe: l . That accounting records were not kept in accordance with section 63 of the Charities Act 2. That the accounts do not accord with those accounting records 3. That Ihe accounts do not comply with the accounting requirements of the Charities Act 4. That there is further infonnation needed for a proper understanding of the accounts to be reached Independcnt Examiner's Rew)rt to the Trustres of Commedia of Ernrs Independent examiner's statement I have completed my examination and have no concerns in respect of the matters ( l ) to (4) listed above and, in connection with following the Directions of the Charity Commission for Northern Ireland. I have found no matters that require drawing to your attention. Name: Relevant professional qualification or body: Address: Date: Ig P3C327 Bala￿¢ Slu* S APIUL J)24 NOTE Unrestricted Funds Restricted Fund5 Total Fiiiids 20?4 Total Fiiiids ?0?.3 Fixed A￿setS T￿l￿[rible Assels -302 4,01? 4.-314 6,3.18 Current Assets Casli at baiik Dcbtois 2,504 16.29.3 593 18.797 -32,-191 Total Assets 19,-306 20.898 -38,7?9 c.urrent Liahililies Crcditors pa)'able witliiii onc yLar 583 83 Net Assets ljnreslricied Fui)ds Restri cted F"unds Total Fiiiids 2024 Total Fiiiids ?023 Represented bv: Revenue ReseThes: As at 6 Apnl ?0?.3 Surplus (Deficit) for the year As at 5 April 2024 17.831 ?0.898 -18,7?9 41.246 892 89? Commedia of Errors is a charitable cOMp￿)Y limited by bluar￿]1eed. li is eiilitled to exemption from aiidit under Section 477 of the Coinpanies Act 2006 for Ihe ycar ended 5 April ?0?4. The directors have not required tlie company to obtain an audit of its financial slalements for tlie year ended 5 Aptil 2024 ii) accordance witl) Section 476 of the Coinpanies ALt 2006. 12 COMMEDIA OF ERRORS Balance Sheet S APRIL 2024 NOTE Unrestricted Funds Restricted Funds Total Funds 2024 Total Funds 2023 Fixed Assets Tangible Assets 302 4,012 4,314 6,338 Current Assets Cash ai bank Debtors 2,504 16,293 593 18,797 32.391 Total Assets 19,306 20,898 40,204 38,729 Current Liabilities Creditors payable within one year 583 583 Net Assets Unrestricted Funds Restricted Funds Total Funds 2024 Total Funds 2023 Represented by: Revenue Reserves: As at 6 April 2023 Surplus (Deficit) for the year As at 5 April 2024 17,831 20,898 38,729 41,246 892 89? Commedia of Errors is a charitable company limited by guaranteed. It is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 5 April 2024. The directors have not required the company to obtain an audit of its financial statemenis for the year ended 5 April 2024 in accordance with Section 476 of the Companies Act 2006. 12 COMMEDIA OF ERRORS Balance Sheei - coniinu 5 APRIL 2024 The trustees acknow,ledge their responsibilities for: (a) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and (b) preparing financial statements which give a true and fair view of the charitable company as at the end of the financial year and of its surplus or deficit for the financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with Ihe requirements of the Companies Act 2006 relatAng to financial statements, so far as applicable to the charitable company. The notes form part of the financial statements. The financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime. The financlal ststements were approved by the Board of Trustees and authorised for issue on .IA(Jkl.Alt.. . and signed on Its behalf by: Sally Campton Chairperson 13 COMMEDIA OF ERRORS Note5 10 the Financial Statements FOR THE YEAR ENDED 5 APRIL 2024 I. ACCOUNTING POLICIES Basis of Preparation These financial statements have been prepared on the accruals basis under the historical cost convention. Revenues and expenditures have been recognised in the year in which the transactions occurred. The financial statements of the chariiable company. which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective l January 2019),. Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland,, including the provisions of Section l a "Small Entities" and the CompaniesAct 2006. The financial statements have been prepared under the historical cost convention. The charity's registered number is NIC108049. Change of Accounting Policy th The financlal statements for the year ended 5 April 2024 have been prepared on the accruals basis. representing a change of policy from the cash basis in 2022123. The comparatlve figures have not been restated on the accruals basis. Going Concern Having considered the state of the perfonning arts industry in Northern Ireland, the company's resources and current financial position, the Directors consider it appropriate to continue to prepare the financial statements under the going concern convention. Income Grant income is recognised in the Statement of Financial ActlVAties once there is substantial certainty of receipt and the income can be quanti fied with reasonable accurdcy. 14 COMMEDIA OF ERRORS Notes io the Financial Statements FOR THE YEAR ENDED 5 APIUL 2024 Expenditure Expenditures are recognised at the point at which the company has become legally committed to the transaction. All resources are accounted for on an accruals basis. Tangible Fixed Assets The company's equipment, furniture and fittings are capitalised at cost and depreciated on a straight -line basis of 20 % per annum calculated to reduce them to their estimated net realisable value over the course of their useful economic lives. Taxation The company is exempt from corporation tax on the basis of its charitable status. It does however submit a tax return as a company limited by guarantee in order to facilitate a claim for Theatre Tax Relief. An application for Theatre Tax Relief was submitted in 2023124; the income was received after the year end and has been recognised in the financial statements. In the financial year 2023/24 the company has voluntarily registered for Value Added Tax and has submitted its first return for the period ended 5 April 2024. 2. FUND ACCOUNTING Particular restricted purposes can be used in accordance with the charitable objectives at the discretion of the trustees. Restricted funds can only be used for particular reslricted pU￿oseS within the objects of the charity. RestrACtions arise when specified by the donor or when funds are raised for particular restricted purposes. Further explanation of the nature and purpose of each fund is included in the notes to the financial statements. 15 COMMEDIA OF ERRORS Notes to the Financial s￿leMents FOR THE YEAR ENDED 5 APRIL 2024 3. NET EXPF.JDITURE Net expenditure is stated after charging: 20?4 2023 Depreciation of tangible assets 2,023 1,618 4. STAFF COSTS TRUSTEES, REMUNERATION Ah'D BENEFITS There were no trustees, remuneration, benefits or expenses paid for the year ended 5 April 2024. b. Staff Numbers and Costs The average number of stsff during the year was 3 (2022123: 3). Staff costs for the year were as follows: 202312024 202212023 Salaries Employer's National Insurance Employer's Pension Contributions 51,241 3.794 58,578 2,959 16 COMMEDIA OF ERRORS Notes lo the Financial Siaiements FOR THE YEAR ENDED 5 APRIL 2024 TAPNGIBLE FIXED ASSETS Equipment, Fixtures and Fittings Unrestricted Funds Restricted Funds Total Funds Cost At 6 April 2023 Purchases for the Year At 5 April 2024 Depreciation At 6 April 2023 Charge for the year At 5 April 2024 Net Present Value At 5 April 2023 At 5 April 2024 1,099 11,295 12,394 577 220 5,479 6,056 522 5,816 6,338 DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 5 April 2024 April 2023 Amounts falling due within one year. Debtors CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 5 April 2024 5 April 2023 Amounts falling due within one year Other Creditors 17 COMMEDIA OF ERRORS Notes io the Financial Statements FOR THE YEAR ENDED 5 APRIL 2024 MOVEMENT IN FUNDS Unrestricted Funds Restricted Funds Total Funds At 6 April 2023 Movement for year 17,831 892 20,898 38.7?9 892 At 5 April 2024 LEGAL STATUS The company is limited by guarantee not having a share capital. In the event of the company belng wound up each member is liable to contribute a sum not exceeding £ l O in settlement of the company's liabilities. RELATED PARTY TRthSACTIONS The company had no related paty transactions for the year ended 5 April 2024. 10. POST BALANCE SHEETTRANSACTIONS There have been no significant transactions impacting the company since the balance sheei date. 18