Charity registration number: SC050783
INVERNESS MUSICAL THEATRE SCIO TRUSTEES' REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2025
Inverness Musical Theatre SCIO Contents
ee
| Page | |
|---|---|
| Trustees' Report | 1—3 |
| Independent Examiner's Report | 4 |
| Statement of Financial Activities | 5 |
| Statement of Financial Position | 6 |
| Notes to the Financial Statements | 7—10 |
| The following pages do not form part of the statutory accounts: | |
| DetailedStatementofFinancialActivities | 1i |
Inverness Musical Theatre SCIO Trustees’ Report For The Year Ended 30 April 2025
The trustees present their report and the financial statements for the year ended 30 April 2025.
Objectives and Activities
Aims and Objectives
The objectives of the charity as set out in its constitution are:
1, Fhe maintenance of an organisation for the study and performance of and the promotion of public interest in musical works of a musical theatre nature.
- The raising of funds for the development of this objective.
Achievements and Performance
Main Achievements
Ticket sales reached 72% capacity. This strong result is an achievement we are extremely proud of and reflects the combined efforts of our marketing strategy, social media engagement, and the commitment of an outstanding cast.
Financial Review
Financial Position
The show made a surplus this year of £8,847 which contributed to the surplus for the year of £4,011. The total funds on the balance sheet at 30 April 2023 amounted to £66,834.
Structure, Governance and Management
Governing Document
The charity is controlled by its governing document.
Organisational structure
Inverness Musical Theatre Company (Unincorporated charity number - SC002505) was incorporated into a SCIO on 19th February 2021. All charitable activities are regulated by a constitution. Day to day management of the charity is carried out by a committee elected by the members at the AGM.
Reference and Administrative Detaiis
Trustees
Charity Number
$C050783
Principal Address
Tigh An Lis Urray
Page 1
Inverness Musical Theatre SCIO Trustees’ Report (continued) For The Year Ended 30 April 2025
Muir of Ord IV6 7UL
Independent Examiner
25 Baron Taylors Street Inverness IV1 1QG
Page 2
Inverness Musical Theatre SCIO Trustees’ Report (continued) For The Year Ended 30 April 2025
The trustees’ report was approved by the board of trustees and signed on its behalf by:
Trustee 29/01/2025
Page 3
Inverness Musical Theatre SCIO Independent Examiner's Report to the Trustees of Inverness Musical Theatre SCIO For The Year Ended 30 April 2025
I report to the trustees on my examination of the accounts of Inverness Musical Theatre SCIO (the Trust) for the year ended 30 April 2025.
Responsibilities and Basis of Report
As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (“the Act”).
I report in respect of my examination of the Trust’s accounts carried out under section 145 of the 2011 Act and in carrying out my examination, I have followed the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
Independent Examiner's Statement
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
-
accounting records were not kept in respect of the Trust as required by section 130 of the Act; or 2. the accounts do not accord with those records; or
-
the accounts do not comply with the applicable requirements concerning the form and contents of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a ‘true and fair view' which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
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Page 4
Inverness Musical Theatre SCIO Statement of Financial Activities For The Year Ended 30 April 2025
| 2025 | 2024 | |||
|---|---|---|---|---|
| Unrestricted | Unrestricted | |||
| funds | funds | |||
| Notes | £ | £ | ||
| INCOME AND ENDOWMENTS FROM: | ||||
| Donations and legacies | 3 | 58,351 | 68,610 | |
| Other trading activities | 4 | 3,080 | 4,942 | |
| Investments | 5 | 90 | - | |
| 61,521 | 73,552 | |||
| EXPENDITURE ON: | ||||
| Raising funds | 7 | (57,510) | (86,791) | |
| NET INCOME/(EXPENDITURE) | : | 4,011 | (13,239) | |
| NET MOVEMENT IN FUNDS | 4,011 | (13,239) | ||
| RECONCILIATION OF FUNDS: | ||||
| Total funds brought forward | 62,823 | 76,062 | ||
| TOTALFUNDSCARRIEDFORWARD | 15 | 66,834 | 62,823 |
The notes on pages 7 to 10 form part of these financial statements.
Page 5
Inverness Musical Theatre SCIO Statement of Financial Position As At 30 April 2025
| 2025 | 2024 | ||
|---|---|---|---|
| Unrestricted | Total | ||
| funds | funds | ||
| Notes | £ | £ | |
| FIXED ASSETS | |||
| Intangible Assets | 11 | 3,024 | 3,528 |
| Tangible Assets | 12 | 22,754 | 23,761 |
| 25,778 | 27,289 | ||
| CURRENT ASSETS | |||
| Debtors | 13 | = | 60,480 |
| Cash at bank and in hand | 41,356 | 7,426 | |
| 41,356 | 67,906 | ||
| Creditors: Amounts Falling Due Within One Year | 14 | (300) | (32,372) |
| NET CURRENT ASSETS (LIABILITIES) | 41,056 | 35,534 | |
| TOTAL ASSETSLESSCURRENTLIABILITIES | 66,834 | 62,822 | |
| NET ASSETS | 66,834 | 62,823 | |
| FUNDS OF THE CHARITY | |||
| Unrestricted Funds | 66,834 | 62,823 | |
| TOTAL FUNDS | 15 | 66,834 | 62,823 |
| Onbehalfoftheboard |
M Kremer
Trustee 29/01/2026
Tre motes on pages 7 to i6 form part of these financial statements.
Page 6
Inverness Musical Theatre SCIO Notes to the Financial Statements For The Year Ended 30 April 2025
1. General Information
Inverness Musical Theatre SCIO is an unincorporated charity registered with the Charity Commission, registered charity number SC050783. The principal address is Tigh An Lis, Urray, Muir of Ord, IV6 7UL.
- Accounting Policies
2.1. Basis of Preparation of Financia! Statements
The financial statements have been prepared in accordance with the Charities SORP (FRS 102) "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)", Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Charities Act 2011.
The charity is a Public Benefit Entity as defined by FRS 102.
2.2. Intangible Fixed Assets and Amortisation - Other Intangible
Other intangible assets are amortised to income and expenditure account over its estimated economic life of 10 years.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Denreciation is pravided at rates calculated to write off the cast of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery
2.5% Straight Line Basis
2.4. Cash and Cash Equivalents
Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks, other short-term highly liquid investments that mature in no more than three months from the date of acquisition and are readily convertible to a known amount of cash with insignificant risk of change in value, and bank overdrafts.
- Income from Donations and Legacies
| 3. Income fromfrom Donations and Legacies |
||
|---|---|---|
| 2025 | 2024 | |
| Unrestricted | Unrestricted | |
| funds | funds | |
| £ | £ | |
| Donations and gifts | 55,672 | 65,478 |
| Member subscriptions and sponsorships | 2,500 | 2,490 |
| Other | 179 | 642 |
| 58,351 | 68,610 |
4. Income from Other Trading Activities
| 4. Income from Other Trading Activities |
||
|---|---|---|
| 2025 | 2024 | |
| Unrestricted | Unrestricted | |
| funds | funds | |
| £ | £ | |
| Income from other trading activities | ~ | 2,056 |
| Awards night income | 3,080 | 2,786 |
| Other income | - | 100 |
| 3,080 | 4,942 |
- Investment Income
Page 7
Inverness Musical Theatre SCIO Notes to the Financial Statements (continued) For The Year Ended 30 April 2025
| 2025 | 2024 | |||||
|---|---|---|---|---|---|---|
| Unrestricted | Unrestricted | |||||
| . | ||||||
| funds | funds | |||||
| £ | £ | |||||
| Bank interest receivable | 90 | - | ||||
| 6. | Net Income/(Expenditure) | |||||
| The | net income/(expenditure) is stated after charging/(crediting): | |||||
| 2025 | 2024 | |||||
| £ | £ | |||||
| Depreciation oftangible fixed assets - owned | 1,007 | 933 | ||||
| Amortisation of intangible fixed assets | ' | 504 | 504 | |||
| 7. | Analysis of Expenditure | |||||
| 2025 | ||||||
| Activities undertaken directly |
Support costs (see note 8) |
Total | ||||
| £ | £ | £ | ||||
| Raising funds | 48,436 | 9,074 | 57,510 | |||
| 2024 | ||||||
| Activities undertaken directly |
Support costs (see note 8) |
Total | ||||
| £ | £ | £ | ||||
| Raising funds | 78,997 | 7,794 | 86,791 | |||
| 8. | Support Costs | |||||
| 2025 | ||||||
| Raising | ||||||
| funds | ||||||
| £ | ||||||
| Premises expenses | 1,244 | |||||
| General administration | 6,319 | |||||
| Depreciation | 1,511 | |||||
| 9,074 | ||||||
| 2024 | ||||||
| Raising | ||||||
| funds | ||||||
| £ | ||||||
| Premises expenses | 1,576 | |||||
| General administration | 4,781 | |||||
| Depreciation | 1,437 | |||||
| 7,794 |
| 6. | Net | Income/(Expenditure) |
|---|---|---|
| The | net | income/(expenditure)isstatedaftercharging/(crediting): |
7. Analysis of Expenditure
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Inverness Musical Theatre SCIO Notes to the Financial Statements (continued) For The Year Ended 30 April 2025
9, Independent Examiner's Remuneration
| 9, Independent Examiner's Remuneration |
|||
|---|---|---|---|
| 2025 | 2024 | ||
| £ | £ | ||
| Independent examination ofthe financial statements | 300 | 300 | |
| 10. Average Number of Employees |
|||
| Average number of employees during the year was: NIL (2024: NIL) | |||
| 11. Intangible Assets |
|||
| Other | |||
| £ | |||
| Cost | ; | ||
| As at 1 May 2024 | 5,040 | ||
| As at 30 April 2025 | 5,040 | ||
| Amortisation | |||
| As at 1 May 2024 | 1,512 | ||
| Provided during the period | 504 | ||
| As at 30 April 2025 | 2,016 | ||
| Net Book Value | |||
| As at 30 April 2025 | 3,024 | ||
| As at 1 May 2024 | 3,528 | ||
| 12. Tangible Assets |
|||
| Plant & | |||
| Machinery | |||
| £ | |||
| Cost | |||
| As at 1 May 2024 | 40,263 | ||
| As at 30 April 2025 | 40,263 | ||
| Depreciation | |||
| As at 1 May 2024 | 16,502 | ||
| Provided during the period | 1,007 | ||
| As at 30 April 2025 | 17,509 | ||
| Net Book Value | |||
| As at 30 April 2025 | 22,754 | ||
| As at 1 May 2024 | 23,761 | ||
| 13. Debtors |
|||
| 2025 | 2024 | ||
| £ | £ | ||
| Due within one year | |||
| Tradedebtors | - | 60,480 |
| Independent examination ofthe financial statements |
|---|
| 10. Average Number of Employees |
| Average number of employees during the year was: NIL (2024: NIL) |
| 11. IntangibleAssets |
Page 9
Inverness Musical Theatre SCIO Notes to the Financial Statements (continued) For The Year Ended 30 April 2025
14, Creditors: Amounts Falling Due Within One Year
| 2025 | 2024 | |||
|---|---|---|---|---|
| £ | £ | |||
| Trade creditors | - | 32,072 | ||
| Accruals and deferred income | 300 | 300 | ||
| 300 | S2,ore | |||
| 15. Movement in Funds |
||||
| As at 1 May | As at 30 | |||
| 2024 | Income | Expenditure | April 2025 | |
| £ | £ | £& | £ | |
| Unrestricted funds | ||||
| General: | ||||
| General unrestricted fund | 62,823 | 61,521 | (57,510) | 66,834 |
| Total funds | 62,823 | 61,521 | (57,510) | 66,834 |
| As at 1 May | As at 30 | |||
| 2023 | Income | Expenditure | April 2024 | |
| £ | £ | £ | £ | |
| Unrestricted funds | ||||
| General: | ||||
| General unrestricted fund | 76,062 | 73,552 | (86,791) | 62,823 |
| Totalfunds | 76,062 | 73,552 | (86,791) | 62,823 |
16. Transactions with Trustees
None-of the trustees received any remuneration or any other benefits from an employment with the charity or a related entity during the current or previous year.
During the year the expenses reimbursed to the trustees or paid directly to third parties were as follows:
| 2025 | 2024 |
|---|---|
| £ | £ |
17. Related Party Disclosures
There have been no related party transactions in the reporting period that require disclosure, except for those disclosed in the Transactions with Trustees note.
Page 10
Inverness Musical Theatre SCIO Detailed Statement of Financial Activities For The Year Ended 30 April 2025
| 2025 | 2024 | |
|---|---|---|
| Total funds |
Total funds |
|
| £ | £ | |
| INCOME AND ENDOWMENTS FROM: | ||
| Donations and legacies | ||
| Donations and gifts | 1,522 | 435 |
| Production income | 54,150 | 65,043 |
| Membership subscriptions | - | 2,490 |
| Sponsorships | 2,500 | = |
| Social committee fund B/In | 179 | 642 |
| 58,351 | 68,610 | |
| Other trading activities | ||
| Income from other trading activities | - | 2,056 |
| Awards night income | 3,080 | 2,786 |
| Other income | - | 100 |
| 3,086 | 4,942 | |
| Investments | ||
| Bank interest receivable | 90 | - |
| 90 | - | |
| 61,521 | 73,552 | |
| EXPENDITURE ON: | ||
| Raising funds | ||
| Production expenditure | (45,303) | (75,854) |
| Awards night expenditure | (1,175) | (2,643) |
| Future show prepayment | (1,958) | (500) |
| Rent | (1,052) | (894) |
| Security costs | (192) | (682) |
| Computer software, consumables and maintenance | (234) | - |
| Insurance | (3,546) | (2,577) |
| Telecommunications and data costs | - | (35) |
| Independent examiner's fees | (300) | (300) |
| NODA membership | (299) | (475) |
| Bank charges | (14) | (79) |
| Sundry expenses | (1,926) | (1,315) |
| Depreciation | (1,007) | (933) |
| Amortisation | (504) | (504) |
| (57,510) | (86,791) | |
| (57,510) | (86,791) | |
| NETINCOME/(EXPENDITURE) | 4,011 | (13,239) |
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