Charity registration number SC032923 (Scotland)
Company registration number SC228145 (Scotland)
POORBOY LIMITED
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023
POORBOY LIMITED
LEGAL AND ADMINISTRATIVE INFORMATION
Trustees
J Skelton
S C Thomson
R J Perman
J D Stewart
Secretary
S C Thomson
Charity number (Scotland)
SC032923
Company number
SC228145
Registered office
47 Kirkbank
Auchmithie
Arbroath
DD11 5SY
Independent examiner
Findlays
Chartered Accountants
11 Dudhope Terrace
Dundee
DD3 6TS
POORBOY LIMITED
CONTENTS
Page
Trustees' report
1 - 2
Independent examiner's report
3
Statement of financial activities
4
Balance sheet
5
Notes to the financial statements
6 - 9
POORBOY LIMITED
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT)
FOR THE YEAR ENDED 28 FEBRUARY 2023
- 1 -

The Trustees present their annual report and financial statements for the year ended 28 February 2023.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's governing document, the Charities and Trustee Investment (Scotland) Act 2005, the Charities Accounts (Scotland) Regulations 2006 (as amended) and "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).

 

Since the company qualifies as small under section 382 of the Companies Act 2006, the Strategic Report required of medium and large companies under the Companies Act 2006 (Strategic Report and directors' Report) Regulations 2013 has been omitted.

Objectives and activities

In pursuit of its charitable objectives and purposes, to advance public education by the encouragement of the performing and visual arts, the company creates films, narrative projects and theatre performances for adults and young people and works with classic, new and previously unproduced texts.

Achievements and performance
Significant activities and achievements against objectives

This year has seen unprecedented change in the theatre sector in Scotland and across the arts. The impact of the pandemic, the withdraw of most emergency relief funds related to Covid 19 and Brexit have combined to create the most hostile environment for the arts in Scotland for decades. Key infrastructure and creative organisations have scaled back support and creative opportunities across the sector. Much international work in Europe is suspended or severely restricted and the rate of attrition continues to climb with the sector losing experienced workers across discipline - particularly women and particularly those who have been in the sector for 10 to 15 years.*

 

Poorboy did not trade in this financial year and is managing this situation by continuing its research into this fast changing landscape - seeking to identify viable creative activities and partners both from the creative sector and from other, less vulnerable industries and institutions and making first steps to developing those relationships specifically with organisations in the education sector and with creative and infrastructure organisations working in other performance disciplines.

Financial review

At the year end the charity holds £56 deficit (2022 - £221 deficit) in reserves, of which all are unrestricted free reserves of the charity.

Going concern

After making appropriate enquiries, the Trustees have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the accounting policies.

Reserves policy
The Trustees' policy is to maintain a level of reserves adequate to enable the continuing pursuit of the charity's activities which varies year to year dependent upon planned activities.

Funds in deficit

The trustees have considered the deficit of funds and have advised that they have carried out consultancy work post year end and agreed that the income from this will be used to support the charity meet its current liabilities.

 

The directors anticipate come spring 2023 the UK theatre and film sector will be in a state of recovery sufficient to allow the restart of company projects. The situation with Covid has been absolutely unprecedented for theatre. Whilst the company has a deficit it is not anticipated that is likely to be repeated.

POORBOY LIMITED
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
- 2 -
Structure, governance and management

Poorboy Limited is a company limited by guarantee having no share capital. It was incorporated on 15th February 2002 and is governed by the terms of its Memorandum and Articles of Association. Poorboy Limited is a registered Scottish Charity and is established for charitable objects and purposes only, namely to advance public education by the encouragement of the performing and visual arts.

The Trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were:

J Skelton
S C Thomson
R J Perman
J D Stewart
Recruitment and appointment of trustees

Trustees are appointed through proposal by another trustee, assessment by the board of the skills, experience and fit of the individual at a board meeting followed by a vote.

Organisational structure

Organisational structure and decision-making policies

The trustees, who are also the key management, are responsible for the day-to-day running of the charitable company.

The trustees' report was approved by the Board of Trustees.

S C Thomson
Trustee
7 November 2023
POORBOY LIMITED
INDEPENDENT EXAMINER'S REPORT
TO THE TRUSTEES OF POORBOY LIMITED
- 3 -

I report on the financial statements of the charity for the year ended 28 February 2023, which are set out on pages 4 to 9.

Respective responsibilities of Trustees and examiner

The charity’s Trustees, who are also the directors of Poorboy Limited for the purposes of company law, are responsible for the preparation of the financial statements in accordance with the terms of the Charities and Trustee Investments (Scotland) Act 2005 and the Charities Accounts (Scotland) Regulations 2006. The Trustees consider that the audit requirement of Regulation 10(1)(a) to (c) of the 2006 Accounts Regulations does not apply. It is my responsibility to examine the financial statements as required under section 44(1)(c) of the Act and to state whether particular matters have come to my attention.

Basis of independent examiner's statement

My examination is carried out in accordance with Regulation 11 of the 2006 Accounts Regulations. An examination includes a review of the accounting records kept by the charity and a comparison of the financial statements presented with those records. It also includes consideration of any unusual items or disclosures in the financial statements, and seeks explanations from the trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit and consequently I do not express an audit opinion on the view given by the financial statements.

Independent examiner's statement

In connection with my examination, no matter has come to my attention:

(a)
which gives me reasonable cause to believe that in any material respect the requirements:
(i)

to keep accounting records in accordance with section 44(1) (a) of the 2005 Act and Regulation 4 of the 2006 Accounts Regulations; and

(ii)

to prepare financial statements which accord with the accounting records and comply with Regulation 8 of the 2006 Accounts Regulations;

have not been met or
(b)

to which, in my opinion, attention should be drawn in order to enable a proper understanding of the financial statements to be reached.

Lesley Campbell, CA
Findlays
Chartered Accountants
11 Dudhope Terrace
Dundee
DD3 6TS
Dated: 7 November 2023
POORBOY LIMITED
STATEMENT OF FINANCIAL ACTIVITIES
INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 28 FEBRUARY 2023
- 4 -
Unrestricted
Unrestricted
funds
funds
2023
2022
Notes
£
£
Income from:
Donations and legacies
2
300
300
Charitable activities
3
135
720
Net income/(expenditure) and movement in funds
165
(420)
Reconciliation of funds:
Fund balances at 1 March 2022
(221)
199
Fund balances at 28 February 2023
(56)
(221)

The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.

The notes on pages 6 to 9 form part of these financial statements.

POORBOY LIMITED
BALANCE SHEET
AS AT
28 FEBRUARY 2023
28 February 2023
- 5 -
2023
2022
Notes
£
£
£
£
Current assets
Cash at bank and in hand
260
260
Creditors: amounts falling due within one year
7
316
481
Net current liabilities
(56)
(221)
The funds of the charity
Unrestricted funds
(56)
(221)
(56)
(221)

The notes on pages 6 to 9 form part of these financial statements.

The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 28 February 2023.

The directors acknowledge their responsibilities for complying with the requirements of the 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 question 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 were approved by the Trustees on 7 November 2023
S C  Thomson
Trustee
Company registration number SC228145 (Scotland)
POORBOY LIMITED
NOTES TO THE  FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023
- 6 -
1
Accounting policies
Charity information

Poorboy Limited is a private company limited by guarantee incorporated in Scotland. The registered office is 47 Kirkbank, Auchmithie, Arbroath, DD11 5SY.

1.1
Accounting convention

The financial statements have been prepared in accordance with the charity's governing document, the Charities and Trustee Investment (Scotland) Act 2005, the Charities Accounts (Scotland) Regulations 2006 (as amended), FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the Charities SORP "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). 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 to prepare a Statement of Cash Flows.

The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements 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 have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the Trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

The trustees have considered the deficit of funds and have advised that they have carried out consultancy work post year end and agreed that the income from this will be used to support the charity meet its current liabilities.

 

The directors anticipate come spring 2023 the UK theatre and film sector will be in a state of recovery sufficient to allow the restart of company projects. The situation with Covid has been absolutely unprecedented for theatre. Whilst the company has a deficit it is not anticipated that is likely to be repeated.

1.3
Charitable funds

Unrestricted funds are available for use at the discretion of the Trustees in furtherance of their charitable objectives.

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 reliably, and it is probable that income will be received.
1.5
Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement, and the amount of the obligation can be measured reliably.

 

Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset’s use.

POORBOY LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
1
Accounting policies
(Continued)
- 7 -
1.6
Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at 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 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.

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one 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 charity’s contractual obligations expire or are discharged or cancelled.

2
Income from donations and legacies
Unrestricted
Unrestricted
funds
funds
2023
2022
£
£
Donations and gifts
300
300
Donations and gifts
Donations < £500
300
300
300
300
POORBOY LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
- 8 -
3
Expenditure on charitable activities
Heading #ac982
Heading #ac982
2023
2022
£
£
Direct costs
Share of support and governance costs (see note )
Governance
135
720
Analysis by fund
Unrestricted funds
135
720
4
Trustees

None of the Trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year.

5
Employees

The average monthly number of employees during the year was:

2023
2022
Number
Number
Total
-
0
-
0
There were no employees whose annual remuneration was more than £60,000.
6
Taxation

The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.

7
Creditors: amounts falling due within one year
2023
2022
£
£
Accruals and deferred income
316
481
POORBOY LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
- 9 -
8
Unrestricted funds

The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.

At 1 March 2022
Incoming resources
Resources expended
At 28 February 2023
£
£
£
£
General funds
(221)
300
(135)
(56)
Previous year:
At 1 March 2021
Incoming resources
Resources expended
At 28 February 2022
£
£
£
£
General funds
199
300
(720)
(221)
9
Related party transactions

There were no disclosable related party transactions during the year (2022 - none).

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