The Trustees present their report and financial statements for the year ended 30 April 2024.
As stated in the Memorandum of Association (2000) Shona Reppe Puppets' objects are:
"to advance public education by the encouragement of the performing arts, including without limiting the foregoing, the arts of puppetry, drama, ballet, dance, mask, mime and music"
In furtherance of the stated objects, the company shall:
"Present, promote, organise, manage, produce and record such plays, dramas, comedies, operas, ballets, concerts, recitals, films, videos, radio and television broadcasts, all kinds of audio, visual and multimedia productions and other events, community arts activities and performances"
The research project Hospital Radio concluded in 2023, and was followed by development on a new piece entitled The Point of Wasps. This was carried out over the year, working towards a live gig style show for young audiences.
Plans for future periods
It is hoped creation of the Point of Wasps will happen in 2025, pending funding confirmation.
The results for the year are set out in the Statement of Financial Activities. The charity made a surplus of £13,655 for the year (2023: deficit of £265) of which a surplus of £15,333 (2023: £1,276) related to Restricted Funds. The charity has total funds carried forward at 30 April 2024 of £22,636. These funds are represented by Unrestricted Funds of £6,027 (2023 - £7,705) and Restricted Funds of £16,609 (2023 - £1,276). The Board adopted a formal reserves policy to have three months running costs in Unrestricted Reserves, which is approximately £8,500.
Risk Management
The Trustees are satisfied that they have identified the main areas of risk and that steps are being taken to minimise the potential impact of these risks on the life of the charity.
Organisational Management
The Board of Trustees meets twice yearly and is responsible for setting the policies that direct Shona Reppe Puppets' activities and to keep up to date with changes in legislature. Shona Reppe is the founder and artistic director of Shona Reppe Puppets and makes decisions on the artistic programme and output of the charity. Trustees develop the strategic plan for the company in collaboration with the Shona Reppe.
On behalf of the board of Trustees
I report on the financial statements of the Charity for the year ended 30 April 2024, which are set out on pages 4 to 11.
The Charity’s Trustees, who are also the directors of Shona Reppe Puppets 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.
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.
In connection with my examination, no matter has come to my attention:
to keep accounting records in accordance with section 44(1) (a) of the 2005 Act and Regulation 4 of the 2006 Accounts Regulations; and
to prepare financial statements which accord with the accounting records and comply with Regulation 8 of the 2006 Accounts Regulations;
to which, in my opinion, attention should be drawn in order to enable a proper understanding of the financial statements to be reached.
The statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure derive from continuing activities.
Shona Reppe Puppets is a private company limited by guarantee incorporated in Scotland. The registered office is 22b High Street, East Linton, East Lothian, EH40 3AB.
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) 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)". 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 applying FRS 102 Update Bulletin 1 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, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
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.
Unrestricted funds are available for use at the discretion of the Trustees in furtherance of their charitable objectives.
Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.
Expenditure is recognised when a liability is incurred.
Charitable activities include expenditure associated with the staging of productions and include both direct and support costs relating to these activities.
Governance costs include those incurred in the governance of the charity and its assets and are primarily associated with constitutional and statutory requirements.
Support costs include central functions and have been allocated to the charitable activity on a basis consistent with their use.
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in net income/(expenditure) for the year.
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.
The Charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the Charity's balance sheet when the Charity becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
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, 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.
Financial liabilities are derecognised when the Charity’s contractual obligations expire or are discharged or cancelled.
In the application of the Charity’s accounting policies, the Trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions 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 accounting 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.
Production costs
Insurance
Bank charges
Marketing and Advertising
Repairs and maintenance
The average monthly number of employees during the year was:
There were no disclosable related party transactions during the year (2023 - none).