Whetstone Theatre Company Limited,Ltd - AccountsChartiy- Accounts

For the year ended 31 December 2024

Whetstone Theatre Company Limited

Report of the Trustees

The Trustees, who are also directors for the purposes of company law, have pleasure in presenting their report (which is also

the Director's Report under company law) and the financial statements for the charitable company for the year ended 31

December 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 the Republic of Ireland (FRS 102) (effective 1 January 2019).

The charitable company is also known by its operating name, Whetstone Drama Group.

OBJECTIVES AND ACTIVITIES

The company's objectives are to advance the education of the public in all aspects of the dramatic art and the development of public appreciation of such art by the provision of a theatre and facilities for the presentation of public performances. These objectives are met by the different strands of the charitable organisation, which comprise: - Main Theatre Group - two to three core productions per year - Murder Mystery Group - six to ten touring performances per year for local Leicestershire communities - Whetstone Young Adults - year-round theatrical opportunites and productions for those aged 14+ - Whetstone Sprites - year-round theatrical opportunities and productions for those aged 6 to 13.

Objectives and aims

The current activities are the production of amateur dramatic performances.

Statement on public benefit

The trustees have considered the Charity Commision's guidance on public benefit, including the guidance 'public benefit: running a charity (PB2)'. The Trustees are satisfied the activities of the charitable company meet the public benefit requirements.

Volunteers

The charitable company depends on the support of its volunteers, which is much appreciated. It is estimated that without the help of volunteers, the charity would need to find the equivalent of over £25,000 to obtain similar services. The arrangements with volunteers are difficult to value precisely in monetary terms and have not been recognised in the Statement of Financial Activities. The volunteers and the charity accept and agree that no contract of employment is created by these arrangements.

ACHIEVEMENTS AND PERFORMANCE

The charitable company has put on 3 artistic productions during the year under review which served the public through membership and audiences. The charitable company also co-ordinated a number of Murder Mystery performances for communities based throughout Leicestershire. One of the 2024 plays was adjudicated and recognised at a regional awards ceremony, winning Special Mention for Best Youth Performer and winning two Special Mentions for Best Newcomer. Future ActivitiesThe Trustees continues to focus on the stated objectives of the charitable company and is committed to reviewing and developing existing activities and strategies to meet these objectives.

FINANCIAL REVIEW

The Trustees are satisfied with the results for the year under review.

Reserves

The charitable company seeks to maintain a reserve level of £3,000. In the event of a significant unexpected loss of income (e.g. if a theatrical performance could not go ahead), this reserves level is expected to be sufficient as working capital to continue the company's charity activities through the production of one additional run of theatrical performances. In certain circumstances, the reserves level may exceed this target if there is a strategy to build cash in order to make a capital investment using existing retained funds. If this occurs, the financial statements will fully detail such a strategy by the use of designated reserves.

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For the year ended 31 December 2024

Whetstone Theatre Company Limited

Report of the Trustees Continued

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing document

The charity is constituted as a company limited by guarantee, registered under the Companies Acts. The governing

document of the charity is the Memorandum and Articles of Association establishing the company under company legislation,

as amended on 24th August 2020.

There are no restrictions in the governing documents on the operation of the Charity or on its investment powers other than

those imposed by Charity Law.

By operation of law all, trustees are directors under the Companies Act 2006 and all directors are trustees under Charities

legislation and have responsibilities, as such, under both company and charity legislation.

The trustees are all individuals.

Recruitment and appointment of trustees

When a trustee vacancy arises, either through a resignation or at the proposal of the existing trustees, a notice is issued to all members with details of the role. Members who feel they can meet the requirements of the position can apply. The trustees will review all applications and nominate a preferred candidate based on their suitability to the role. Members will then vote on appointing the nominated candidate at the next general meeting. In certain circumstances, positions may be marketed outside of membership if the trustee role cannot be suitably filled by an existing member. Such individuals will be invited to become a member prior to being considered for the role. Statement of Trustees ResponsibilitiesThe Trustees (which comprises the Directors of the Charitable Company for the purposes of company law) is responsible for preparing the Annual Report and Financial Statements in accordance with applicable English law and regulations. Company law requires the Trustees to prepare Financial Statements for each financial year. Under that law, the Trustees must prepare financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the Trustees must not approve the Financial Statements unless they are satisfied that they give a true and fair view of the state of affairs of the Association and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing these Financial Statements, the Trustees are required to: - select suitable accounting policies and apply them consistently; - observe the methods and principles in the Charities SORP; - make judgements and estimates that are reasonable and prudent; - state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the Financial Statements; and - prepare the Financial Statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue to operate. The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charitable companys' transactions and disclose with reasonable accuracy the financial position of the charitable company and which enable them to ensure that the Financial Statements comply with the Companies Act 2006. The Trustees are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

REFERENCE AND ADMINISTRATIVE INFORMATION

Whetstone Theatre Company Limited

Name of Charity

Charity registration number

1191142

12786200

Company registration number

24 Bluebell Green

Principal address

Desford

Leicester

LE9 9QL

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For the year ended 31 December 2024

Whetstone Theatre Company Limited

Statement of Financial Activities (including Income and Expenditure account)

Notes

2023

2024

Restricted

funds

Unrestricted

funds

Income and endowments from:

Donations and legacies

4,456

5,527

693

3,763

Charitable activities

15,723

11,536

15,723

Investments

Total

20,179

17,065

693

19,486

Expenditure on:

Charitable activities

(22,139)

(193)

(22,332)

(17,574)

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Other expenditure

(645)

Total

(22,332)

(18,219)

(193)

(22,139)

Transfers between funds

(500)

500

Net movement in funds

(2,153)

(1,154)

(2,153)

Reconciliation of funds

Total funds brought forward

14,905

13,751

Total funds carried forward

11,598

13,751

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12786200

Registered Number :

As at 31 December 2024

Whetstone Theatre Company Limited

Statement of Financial Position

Notes

2024

2023

Fixed assets

Tangible assets

8,035

8,979

8,035

8,979

Current assets

Stocks

289

427

1,534

1,833

Debtors

Cash at bank and in hand

4,616

5,192

6,439

7,452

Creditors: amounts falling due within one year

(2,876)

(2,680)

Net current assets

3,563

4,772

Total assets less current liabilities

11,598

13,751

Net assets

11,598

13,751

The funds of the charity

Restricted income funds

Unrestricted income funds

11,598

13,751

Total funds

11,598

13,751

For the year ended 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

- The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476,

The trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved and authorised for issue by the Board and signed on its behalf by:

22 September 2025

Mr Carl Smith

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For the year ended 31 December 2024

Whetstone Theatre Company Limited

Notes to the Financial Statements

1. Accounting Policies

Basis of accounting

The financial statements have been prepared under the historical cost convention, except for investments which are included at market value and the revaluation of certain fixed assets and 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 (FRS 102), and the Companies Act 2006. Whetstone Theatre Company Limited meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy note(s).

Incoming resources

All incoming resources are included in the statement of financial activities when the Charity is entitled to the income and the amount can be quantified with reasonable accuracy. The following specific policies are applied to particular categories of income: Membership subscriptionsThe income and any associated Gift Aid or other tax refund from a membership subscription received by the charity in the nature of a gift, is accounted for on the same basis as a donation.The income from a membership subscription received by the charity where the subscription purchases the right to services or benefits is recognised as income from charitable activities.

Resources expended

Liabilities are recognised as resources expended when there is a legal or constructive obligation committing the Charity to the expenditure:

Taxation

The Trustees consider that the charity satisfies the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 for UK corporation tax purposes. Accordingly, the Charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by chapter 3 part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively on the specific charitable objects of the charity and for no other purpose. Value Added Tax is not recoverable by the charity, and is therefore included in the relevant costs in the Statement of Financial Activities.

Tangible fixed assets

Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:

20% Straight line

Plant and Machinery

20% Straight line

Computer Equipment

20% Straight line

Fixtures and Fittings

Stocks and work in progress

Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow moving items. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.

Irrecoverable VAT

Irrecoverable VAT is included in the Statement of Financial Activities, and is reported as part of the expenditure to which it

relates.

Winding up or dissolution of the charity

If upon winding up or dissolution of the charitable company there remain any assets, after the satisfaction of all debts and

liabilities, the assets represented by the accumulated fund shall be transferred to some other charitable body or bodies

having similar objects to the charitable company.

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For the year ended 31 December 2024

Whetstone Theatre Company Limited

Notes to the Financial Statements Continued

Financial Instruments

The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other

Financial Instruments Issues' of FRS 102 to all its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company 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

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.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements

entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after

deducting all its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that

are classified as debt, 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 business 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.

2. Income from donations and legacies

2023

2024

Restricted

funds

Unrestricted

funds

Donations received

706

Grants received

4,310

3,768

693

3,075

Subscriptions received

511

687

5,527

4,456

693

3,763

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For the year ended 31 December 2024

Whetstone Theatre Company Limited

Notes to the Financial Statements Continued

5. Costs of charitable activities by fund type

2023

2024

Restricted

funds

Unrestricted

funds

Direct cost

7,275

193

7,082

4,508

Depreciation - owned assets

4,453

3,667

Set expenses

1,222

1,081

Storage expenses

1,100

Advertising & PR

413

747

Venue hire

4,664

3,698

18,934

193

14,801

19,127

Support costs

Theatre and production

Administrative expenses

880

957

Insurance

434

Digital services & IT

1,346

974

Governance costs

Accountancy fees

360

300

Other office costs

185

108

3,205

2,773

3,205

22,139

193

17,574

22,332

6. Costs of charitable activities by activity type

2023

2024

Support

costs

Activities

undertaken

directly

Support costs

Theatre and production

8,155

880

7,275

Theatre and production

5,465

360

Accountancy fees

300

4,638

185

4,453

Other office costs

3,775

1,656

434

1,222

Insurance

1,515

2,446

1,346

1,100

Digital services & IT

2,074

413

Advertising & PR

747

4,664

Venue hire

3,698

22,332

3,205

19,127

17,574

19,127

3,205

22,332

17,574

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For the year ended 31 December 2024

Whetstone Theatre Company Limited

Notes to the Financial Statements Continued

10. Comparative for the Statement of Financial Activities

2023

Restricted

funds

Unrestricted

funds

Income and endowments from:

Donations and legacies

5,527

1,963

3,564

Charitable activities

11,536

1,045

10,491

Investments

Total

17,065

3,008

14,057

Expenditure on:

Charitable activities

(16,733)

(841)

(17,574)

Other expenditure

(645)

Total

(18,219)

(1,486)

(16,733)

1,522

Transfers between funds

(1,522)

Net movement in funds

(1,154)

Reconciliation of funds

Total funds brought forward

14,905

Total funds carried forward

13,751

11. Tangible fixed assets

Plant and

Machinery

Cost or valuation

18,340

At 01 January 2024

3,508

Additions

At 31 December 2024

21,848

Depreciation

9,361

At 01 January 2024

Charge for year

4,452

13,813

At 31 December 2024

Net book values

At 31 December 2024

At 31 December 2023

8,035

8,979

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For the year ended 31 December 2024

Whetstone Theatre Company Limited

Notes to the Financial Statements Continued

Unrestricted Funds - Previous year

Balance at

01/01/2023

Incoming

resources

Outgoing

resources

Transfers

Balance at

31/12/2023

General

14,905

14,057

(16,733)

1,522

13,751

General

14,905

14,057

(16,733)

1,522

13,751

Purpose of unrestricted Funds

Fixed Asset replacement reserve

For the replacement of props, sets and fixed asset equipment.

General

To enable the general activities of the charity

Restricted Funds

Incoming

resources

Outgoing

resources

Transfers

Balance at

31/12/2024

Fixed Asset Reserve

500

(500)

Restricted income

193

(193)

693

(193)

(500)

Restricted Funds - Previous year

Incoming

resources

Outgoing

resources

Transfers

Balance at

31/12/2023

Blaby Lottery

403

(403)

Fixed Asset Reserve

1,522

(1,522)

Restricted income

1,083

(1,083)

3,008

(1,486)

(1,522)

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For the year ended 31 December 2024

Whetstone Theatre Company Limited

Notes to the Financial Statements Continued

Purpose of restricted funds

Fixed Asset Reserve

To provide for the acquisition of fixed assets

Restricted income

Contribution to venue hire costs

Blaby Lottery

Proceeds from the Love Blaby Lottery are to be spent on community activities or services that directly benefit the residents of Blaby District.

16. Analysis of net assets between funds

Tangible

fixed assets

Net current

assets /

(liabilities)

Net Assets

Unrestricted funds

General

8,035

3,563

11,598

General

8,035

3,563

11,598

Previous year

Tangible

fixed assets

Net current

assets /

(liabilities)

Net Assets

Unrestricted funds

General

8,979

4,772

13,751

General

8,979

4,772

13,751

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