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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;