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REGISTERED NUMBER: 03296703
PLUTO PRODUCTIONS
(COMPANY LIMITED BY GUARANTEE)
REPORT AND FINANCIAL STATEMENTS
YEAR ENDED 31 MARCH 2013
PLUTO PRODUCTIONS
(COMPANY LIMITED BY GUARANTEE)
1.
CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2013
Page
Legal and administrative information
2
Report of the trustees
3
Report of the independent examiner
5
Statement of financial activities
6
Balance sheet
7
Notes forming part of the financial statements
8
Registered Office:
9 Mansfield Street
London
W1G 9NY
Registered in England and Wales
Registered No. 03296703
Registered Charity No. 10624980
PLUTO PRODUCTIONS (REGISTERED NUMBER: 03296703)
2.
LEGAL AND ADMINISTRATIVE INFORMATION
YEAR ENDED 31 MARCH 2013
STATUS
Pluto Productions is a company limited by guarantee and a registered charity governed by its Memorandum and Articles
of Association.
DIRECTORS
During the year the charity directors, who also act as trustees for the purpose of charity law and throughout this report
are collectively referred to as the trustees, were as follows:
Conrad Freedman – Resigned on 28.11.2012
Godfrey Smith
Simon Coulter – Resigned on 13.02.2013
Neil Myerson – appointed as trustee on 28.11.2012
Andrew Connolly – appointed on 28.11.2012
The directors are appointed according to the Articles of Association. They are responsible for governing the company's
activities. The chief executive Brian Daniels, reports to the board of directors on a regular basis undertakes the day-today management.
REGISTERED OFFICE
9 Mansfield Street
London
W1G 9NY
BANKERS
HSBC Bank PLC
12 Hampstead High Street
London NW3 1PY
ACCOUNTANTS
Arithma LLP
Chartered Certified Accountants &
Registered Auditors
9 Mansfield Street
London W1G 9NY
PLUTO PRODUCTIONS (REGISTERED NUMBER: 03296703)
3.
REPORT OF THE TRUSTEES
YEAR ENDED 31 MARCH 2013
The trustees are pleased to present their report together with the financial statements of the charity for the year ended 31
March 2013.
Legal and administrative information set out on page 2 forms part of this report. The financial statements comply with
current statutory requirements, the memorandum and articles of association and the Statement of Recommended
Practice - Accounting and Reporting by Charities.
Object of the charity
The charity's principal objective, as set out in its Memorandum of Association is the development of new theatrical
writing. To achieve this Pluto Productions:
-
produces shows which are by new writers or are original productions;
-
hires the theatre to production companies who intend to put on similar productions.
Organisation
The charity directors, who also act as trustees are responsible for the company's activities, meet annually for
administration of the charity. A chief executive is appointed by the trustees to manage the day-to-day operations of the
charity.
Investment powers
Under the memorandum and articles of association, the charity has the power to make any investment, which the
trustees see fit. Under the current working capital requirements any temporary surplus funds are maintained in low risk
bank and building society accounts.
Related parties
Related parties and transactions with the related parties are disclosed in the notes to the financial statements.
Review of the activities and future developments
Pluto Productions continued to collect the rental payments for the New End Theatre, Hampstead under it's lease
assignment. In January 2013 Pluto moved offices to less expensive premises in Leeds thereby terminating its lease with
Castle Grove Studios as another cost reduction exercise. The charity continues to present new plays at a range of
venues. Notably, 'The Good and the True' was presented at the West London Synagogue, the Carriageworks Theatre,
Leeds and in schools and a prison as well as a 5 performance run at the former New End Theatre, now a synagogue.
Pluto Productions received payments from Svandovo Divadlo, Prague and other charitable donations to make the
production possible and it has now been invited to present the play for a showcase in New York in January
2014. Charitable donations have enabled the company to present the work. The donations come from supporters of the
New End Theatre who have been keen to see the theatre continue in one form or another. The charity plans to make an
Arts Council application to present a new play 'Don't Leave Me Now' by Brian Daniels which explores the effects of
dementia on very different families. Pluto Productions now operates on a restricted level and will continually fund raise
to ensure that work of an important and educational nature continues to be produced at appropriate venues. The trustees
are pleased that the charity, after many years of struggling, is now breaking even and all projects will be monitored to
ensure that only minimal risks are taken.
Reserves policy
The trustees consider that the reserves should be as high as prudently possible to enable the financing of future
productions. The free reserves at the balance sheet date, was £1,033 (i.e. the unrestricted funds not committed to or
invested in tangible fixed assets).
Trustees Report continued
PLUTO PRODUCTIONS (REGISTERED NUMBER: 03296703)
4.
REPORT OF THE TRUSTEES
YEAR ENDED 31 MARCH 2013
Risk management
The trustees have assessed the major risks to which the charity is exposed, in particular those related to the operations
and finances of the charity. As part of this process, the trustees have implemented a risk management strategy, which
comprises:
An annual review of the risks, which the charity may face;
The establishment of systems and procedures to mitigate those risks identified in the plan; and
The implementation of procedures designed to minimise any potential impact on the charity should any of those
risks materialise.
Trustees responsibilities in relation to the financial statements
Law applicable to charities in England and Wales requires the trustees to prepare financial statements for each financial
year which give a true and fair view of the charity’s financial activities during the year and of its financial position at
the end of the year. In preparing financial statements giving a true and fair view, the trustees should follow best practice
and:
-
select suitable accounting policies and then apply them consistently;
make judgments and estimates that are reasonable and prudent;
state whether applicable accounting standards and statements of recommended practice have been followed,
subject to any 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 charity
will continue in operation.
The trustees are responsible for keeping accounting records which disclose with reasonable accuracy the financial
position of the charity and which enable them to ascertain the financial position of the charity and which enable them to
ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding
the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other
irregularities.
On behalf of the board of Trustees
Godfrey Smith
Trustee
10 December 2013
PLUTO PRODUCTIONS (REGISTERED NUMBER: 03296703)
5.
INDEPENDENT EXAMINERS’ REPORT ON THE TRUSTEES OF PLUTO PRODUCTIONS
I report on the accounts of the company for the year ended 31 March 2013, which are set out on pages 6 to 11.
Respective responsibilities of trustees and examiner
The trustees (who are also the directors of the company for the purposes of company law) are responsible for the
preparation of the accounts. The charity’s trustees consider that an audit is not required for this year under section
144(2) of the Charities Act 2011 (the 2011 Act) and that an independent examination is needed.
Having satisfied myself that the charity is not subject to audit under Part 16 of the Companies Act 2006 and is eligible
for independent examination, it is my responsibility to:

examine the accounts under section 145 of the 2011 Act;

to follow the procedures laid down in the General Directions given by the Charity Commission under section
145(5)(b) of the 2011 Act; and

to state whether particular matters have come to my attention.
Basis of independent examiner’s report
My examination was carried out in accordance with the General Directions given by the Charity Commission. An
examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented
with those records. It also includes consideration of any unusual items or disclosures in the accounts, and the seeking of
explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the
evidence that would be required in an audit and, consequently, no opinion is given as to whether the accounts present a
‘true and fair view’ and the report is limited to those matters set out in the statement below.
Independent examiner’s statement
In connection with my examination, no matter has come to my attention:
(1) which gives me reasonable cause to believe that in any material respect the requirements:


to keep accounting records in accordance with section 386 of the Companies Act 2006; and
to prepare accounts which accord with the accounting records, comply with the accounting requirements of the
Companies Act 2006 and with the methods and principles of the Statement of Recommended Practice:
Accounting and Reporting by Charities (revised 2005) have not been met, or
(2) to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be
reached.
Narendrakumar K Mistry FCA
for and on behalf of
Arithma LLP Statutory Auditor
Chartered Certified Accountants
9 Mansfield Street
London
WIG 9NY
10 December 2013
PLUTO PRODUCTIONS (REGISTERED NUMBER: 03296703)
6.
STATEMENT OF FINANCIAL ACTIVITIES (INCLUDING INCOME AND EXPENDITURE ACCOUNT)
YEAR ENDED 31 MARCH 2013
Notes
UnRestricted
Total
Total
restricted
Funds
Funds
Funds
Funds
Year to
Year to
31.03.13
31.03.12
£
£
£
£
Incoming resources
Incoming resources from generated funds:
Voluntary income
Donations
Lottery Grant
Investment income
Interest received
Incoming resources from charitable
Activities
Ticket sales and theatre hire
Bar and sundry sales
Other incoming resources
Income/Premium on sub-letting
63,441
-
-
-
-
10,164
-
-
60,000
Total incoming resources
63,441
-
6,135
39,780
-
10,164
-
144,369
2,677
60,000
130,000
133,605
-
133,605
322,960
Resources expended
Costs of generating funds
Fundraising trading: Cost of goods sold
and other costs
Bar and sundry purchases
Charitable activities
Governance costs
3
4
113,998
3,900
-
113,998
3,900
4,975
235,043
6,756
Total resources expended
5
117,898
-
117,898
246,774
15,707
-
15,707
76,186
(14,674)
-
-
(14,674)
-
(90,860)
-
1,033
-
1,033
(14,674)
Net incoming resources
Reconciliation of funds
Total funds brought forward
Transfer between funds
Total funds carried forward
8,9
The statement of financial activities includes all gains and losses recognised for the current and previous periods.
All incoming resources and resources expended derive from continuing activities.
The notes form part of these financial statements
PLUTO PRODUCTIONS (REGISTERED NUMBER: 03296703)
7.
BALANCE SHEET
AS AT 31 MARCH 2013
Note
CURRENT ASSETS
Debtors
Cash at bank and in hand
CREDITORS: AMOUNTS FALLING
DUE WITHIN ONE YEAR
6
7
2013
£
2012
£
5,000
13,525
1,802
15,759
18,525
17,561
(17,492)
(32,235)
NET CURRENT LIABILITIES
1,033
(14,674)
NET LIABILITIES
1,033
(14,674)
1,033
-
(14,674)
-
1,033
(14,674)
FUNDED BY
Unrestricted funds
Restricted funds
8
9
For the year ending 31 March 2013 the charitable company was entitled to exemption from audit under section 477 of
the Companies Act 2006. The members have not required the charitable company to obtain an audit in accordance with
section 476 of the Companies Act 2006. The directors acknowledge their responsibilities for complying with the
requirements of the Act with respect to accounting records and for the preparation of accounts.
Approved by the trustees on 10 December 2013
and signed in its behalf by:-
Neil Myerson
Godfrey Smith
Trustees
The notes form part of these financial statements
PLUTO PRODUCTIONS (REGISTERED NUMBER: 03296703)
8.
NOTES TO THE FINANCIAL STATEMENT
YEAR ENDED 31 MARCH 2013
1
ACCOUNTING POLICIES
Basis of accounting
The financial statements have been prepared under the historical cost convention and in accordance with the
Statement of Recommended Practice, Accounting and Reporting by Charities (SORP 2005) issued in March 2005,
applicable UK accounting standards and the Companies Act 2006.
Incoming resources
i.
Charitable trading activities:
Income from theatre admission fees is included in incoming resources in the period in which the relevant show
takes place.
ii.
Bar and sundry income:
Income from bar and sundry income is included in the period in which the charity is entitled to receipt.
iii.
Donations and grants:
Income from donations and grants, including capital grants, is included in incoming resources when received.
When donors specify that donations and grants given to the charity must be used for specified productions in
future accounting periods, the income is treated as restricted funds until expended for the specified purpose
when it is transferred to unrestricted funds.
Subscriptions from an annually renewable scheme are included in as incoming resources when received.
Interest received
Interest is included when received by the charity.
Resources expended
Resources expended are included in the Statement of Financial Activities on an accruals basis, inclusive of any VAT
which cannot be recovered.
Certain expenditure is directly attributable to specific activities and has been included in those cost categories.
Certain other costs, which are attributable to more than one activity, are apportioned across the cost categories on
the basis of an estimate of the proportion of time spent by staff on those activities.
Operating leases
Rentals payable under operating leases are charged to the Statement of Financial Activities as incurred over the
term of the lease.
Cash flow
The accounts do not include a cash flow statement because the company, as a small reporting entity, is exempt from
the requirement to prepare such a statement under Financial Reporting Standard 1"Cash Flow Statements".
Notes continued
PLUTO PRODUCTIONS (REGISTERED NUMBER: 03296703)
9.
NOTES TO THE FINANCIAL STATEMENT
YEAR ENDED 31 MARCH 2013
1
ACCOUNTING POLICIES - continued
Fund accounting
Funds held by the charity are either:
- Unrestricted funds - these are funds which can be used in accordance with the charitable objects at the discretion
of the trustees.
- Restricted funds - these are funds that can only be used for particular restricted purposes within the objects of the
charity. Restrictions 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.
Taxation
The company is a registered charity and as such is entitled to the exemption from tax to the extent that the income
received falls within section 505 ICTA 1988 and section 256 CGTA 1992 and is applied to charitable purposes
only.
s
2
LEGAL STATUS OF THE CHARITY
The charity is a company limited by guarantee and has no share capital. The liability of each member in the event
of winding-up is limited to £1.
3
CHARITABLE ACTIVITIES
Activities undertaken directly
Production of theatrical shows:
Direct cost of shows:
Artistes fees
Staging costs
Support costs
Theatre running costs:
Staff salaries
Office costs
Premises
Staff travel
4
GOVERNANCE COSTS
Unrestricted
funds
£
Total
funds
Year to
31.03.13
£
£
Total
funds
Year to
31.03.12
£
27,329
9,054
-
27,329
9,054
57,763
68,383
36,383
-
36,383
126,146
16,616
60,999
-
-
16,616
60,999
-
10,311
31,682
66,904
-
77,615
-
77,615
108,897
113,998
-
113,998
235,043
Unrestricted
funds
£
Legal and professional fees
Accountancy
Restricted
funds
Restricted
Funds
Total
Funds
Year to
31.03.13
£
£
3,900
Total
Funds
Year to
31.03.12
£
2,556
4,200
3,900
6,756
3,900
3,900
-
PLUTO PRODUCTIONS (REGISTERED NUMBER: 03296703)
10.
NOTES TO THE FINANCIAL STATEMENT
YEAR ENDED 31 MARCH 2013
5
TOTAL RESOURCES EXPENDED
Staff
costs
£
Other
Costs
Total
Year to
31.03.13
£
£
Total
Year to
31.03.12
£
Cost of productions and hire charges:
Theatre productions
Theatre running costs
36,383
77,615
36,383
77,615
126,146
108,897
113,998
113,998
235,043
3,900
4,975
6,756
117,898
246,774
62,778
-
60,960
-
-
10,139
172
-
10,311
Other costs:
Premises
60,999
66,904
Miscellaneous
56,899
169,559
117,898
236,463
31.03.13
£
5,000
31.03.12
£
1,802
5,000
1,802
Total charitable activities expenditure
Other expenditure:
Bar and sundry purchases
Governance costs
3,900
-
117,898
Other costs of production and hire charges
includes:
Operation lease rentals - land and buildings
Depreciation - owned assets
Staff costs:
Wages and salaries
Social security costs
Wages and salaries include freelance staff.
No employee earned more than £50,000 per annum in 2012.
None of the trustees received any remuneration or re-imbursements of expenses from the charity.
6
DEBTORS
Prepayments and accrued income
Notes continued
PLUTO PRODUCTIONS (REGISTERED NUMBER: 03296703)
11.
NOTES TO THE FINANCIAL STATEMENT
YEAR ENDED 31 MARCH 2013
7
CREDITORS: AMOUNTS FALLING
DUE WITHIN ONE YEAR
Accruals and deferred income
8
31.03.12
£
32,235
17,492
32,235
General
fund
£
(14,674)
15,707
-
UNRESTRICTED FUNDS
Balance at 1 April 2012
Movement in funds for the period
Transfer from restricted fund
Balance at 31 March 2013
9
31.03.13
£
17,492
Total
£
(14,674)
15,707
-
1,034
1,034
RESTRICTED FUNDS
Balance at 1 April 2012 and 31 March 2013
10 ANALYSIS OF NET ASSETS BETWEEN
FUNDS
Cash at bank and in hand
Other net current liabilities
£
General
fund
£
13,525
(12,492)
1,033
Restricted
funds
£
-
Total
-
£
13,523
(12,492)
-
1,033
11 OPERATING LEASE COMMITMENTS
The company is committed to operating lease payments in respect of the premises of £45,720 (2012: £60,960)
within one year. Pluto Productions has granted an under-lease in the year and will receive rental income of £45,000
within one year. Therefore there is net operating lease commitment of £720.
12 RELATED PARTIES
During the year the company had the following transactions with Brian Daniels, the (unpaid) chief executive of the
company:
Leased the premises at an annual rental of £61,200 (2012 - £60,960) from a pension fund company in
which he is a beneficiary. The Trustees consider this rent to be the open market rental;