Pride London

Following is Pride London's Financial Statements for the year ending 31 July 2007.  They are published here for convenience only.  If you wish to view or download them in their original format they are available via the Charity Commision website by clicking here.

 

COMPANY REGISTRATION NUMBER 5061574

PRIDE LONDON
COMPANY LIMITED BY GUARANTEE

FINANCIAL STATEMENTS FOR THE YEAR ENDED  31 JULY 2007

Charity Number 1104774

Auditors:

ROGERS PAULLEY LIMITED
Chartered Accountants & Registered Auditors
Arclight House
BS1 5HH

 

TRUSTEES ANNUAL REPORT YEAR ENDED 31 JULY 2007

 The trustees, who are also directors for the purposes of company law, present their report and the financial statements of the charity for the year ended 31 July 2007.

Reference and Administrative Details

 Registered Charity Name                    Pride London

 Charity Registration Number              1104774

 Company Registration Number          5061574

344 - 354 Gray's Inn Road
London
WC1X 8BP

Registered Office                                  344-354 Gray's Inn Road, London,  WC1X 8BP

The Trustees

The trustees who served the charity during the period were as follows:

Mr Carl Smith was appointed as a trustee on 4 October 2007.

Mr Peter Heyes resigned as a trustee on 17 January 2008.

 

Secretary                                              Mr Laurie Powell

Chief Executive                                    Mr Jason Pollock

Auditor                                                 Rogers Paulley Limited

                                                              Chartered Accountants

                                                              & Registered Auditors

                                                              Arclight House

                                                             BS1 5HH

 

Bankers                                                The Co-operative Bank

                                                               Delf House Southway

                                                              SKELMERSDALE

                                                              WN8 6WT

                                                                  

Structure, Governance and Management

Pride London is a company limited by guarantee, and a registered charity, with its trustees forming the management committee. There were eight trustees over the period, performing the functions of Chair (Paul Birrell), Vice Chair (Emma Hands), Parade Director (Farah Japanwallah), Production Director (Peter Heyes), Finance Director and Company Secretary (Laurie Powell), and Communications Director (Nigel Howard-Lloyd). A further Associate (non-voting, unregistered) Director (Carl Smith) was appointed to the board on 4th April 2007. The trustees meet as a board monthly, and organized the charity's administrative business through meetings chaired by one or other of the trustees in their respective roles. All board meetings were quorate and minuted

The board further appointed a Chief Executive to assist with day-to-day running of the organisation and to raise sponsorship for Pride London. It was agreed in February of 2007 that the Chief Executive would be retiring from Pride London after that year's event.

The charity's activities are, apart from the Chief Executive, run entirely by unpaid volunteers, which total over 400 .

The large number of volunteers is required to steward the Parade and events on Pride Day.

As the Charity's trustees are executive officers they are are appointed on merit for the role which they will undertake. New trustees are interviewed by two existing trustees and the appointment is voted on by the board. Initially the appointment is as an Associate Director, and full director (trustee) appointment is made once the persons have demonstrated their ability.

The board is currently developing the policies and procedures for the induction and training of new trustees.

 

Objectives and Activities

Pride London's main objective in 2006/07 was to stabilize the event and the charity's operations after the phenomenal growth seen in 2005/06. 2005/06 had proven an administrative strain on Pride London, and it was of concern to the board that operational capacity was lagging behind the organisation's size. As such the board decided to stabilize the operational structure and create a structure that would allow Pride London to expand its capacity.

Following on from the enormous success of 2005/06, the board noted that there was a potential that funding and / or interest in the charity's events could decline. A further aim was therefore to bring in some financial stability and to keep the event's attendance numbers high enough to maintain the critical mass required to allow the charity's messages to be picked up and communicated to as wide an audience as possible.

As noted the previous year, it is critical to Pride London's charitable aims to attract as large an audience as possible so that the charity can deliver its message both on the day and through news coverage, as that message delivery is the charity's purpose. In order to do that, Pride London aimed to attract sufficient funding and interest to provide this unique communication.

Pride London continued with its aims to promote diversity, sponsoring a Trans conference and improving the overall feel of the charity's main areas.

Achievements and Performance

Pride London was hit by several rather unfortunate factors this year, although the core aims were successfully delivered. Two days before the main event, a bomb was located next to the Parade route in central . Although not targeted at Pride London, there was extensive discussion as to whether the event could go ahead. The Chief Steward at this stage chose to resign without any prior indication. Pride London decided to progress with the event, only for one of the BBC's arms to report our event cancelled. On the day itself, torrential rain covered .

Despite these challenges, the event itself was a tremendous success. Pride's financial stability was maintained, with only a small deficit incurred, despite serious worries about financial viability only a few months previously.

Attendance was hit by the succession of unfortunate events in the run up and on the day, but nonetheless, an estimated 250,000 - 300,000 people participated either directly or as spectators throughout central , with the turnover of spectators along in particular boosting spectator numbers. This was still significantly higher than previous years, excepting EuroPride, and pleasing given the problems.

Pride London maintained its core areas of and Regent Streets, and Piccadilly Circuses, Trafalgar and Leicester Squares and approximately half of . The proposed screening of Dr Who - cancelled after the weather played havoc with Pride London's broadcast systems - greatly increased coverage.

Sponsorship was high, but a proposed 'sale' of banners along the route by a contracted company simply wasn't delivered, and hence the additional income and branding that that would have delivered were missed.

Operational capacity was greatly increased in 2006/07, and the new structures around the fixed event ensured that the problems experienced by Pride London in those areas were eradicated. Pride London moved into the top level of events as a result.

The Trans conference, the report of which is issued elsewhere, was a tremendous success, providing one of the first Trans meeting arenas that has hosted.

The board believes that this increased stability and coverage in a year that brought so many challenges in the run up to the event has proven that the model is working and that Pride London can build the event to a sufficient size to drive its message to as wide an audience as possible.

 

Financial Review

Pride London turned a small deficit in the period 2006/07, mainly due to very late costs for the 2006 event not provided for in the previous years accounts, and the board of trustees are satisfied with the year's financial performance. Sponsorship went well, although it was noted that there were significant strains in evidence from the Chief Executive effectively taking a leave of absence from his duties in the run up to the event, putting immense strain on the charity.

Nonetheless, there are significant areas of untapped income that the charity could be collecting to deliver back into charitable activities. Of note was the insignificant revenue from LGBT business within the capital and the failure of a collection team to be organised.

The Charity aims to have reserves sufficient to cover its operations during the first six months of the financial year, which amount to approximately £30,000, when it receives no sponsorship income.

Current free reserves stand at £25,109 (2006 - £28,679)

The trustees have identified major risks to which the charity is exposed, and these are reviewed on an annual basis, and potential new risks are considered. The trustees have implemented systems designed to mitigate risks.

The subsidiary undertaking, Pride London Productions Limited operates the trading activities of the charity.

During the year this operated the "Pride Built Float Scheme" which builds a complete float for those wishing to enter the parade, either as a Charity or Commercial entry, but do not wish to undertake the organisation themselves.

In the previous year it produced "Europride - The Show" at The Royal Albert Hall. This was sponsored by Q-Soft Consulting Limited and the profits were donated to The Food Chain charity.

Plans for Future Periods

The board has made plans to adapt its financial strategy following on from the 2006/07 period, in particular, moving away from the rather old fashioned 'Gold / Silver / Bronze' package into more closely bundled modular packages for particular event strands. It is also believed that the retirement of the Chief Executive will open the way for new ideas and methodologies to be implemented.

The board has further amended its operating practices, moving administrative and operational work over to trustee-run committees, leaving the board free to concentrate on strategic issues. Individual trustees nonetheless all maintain their executive function, simply transferring the discussion and work to committee rather than the board.  

Further, Pride London is looking to engage much more closely with the community, to the extent that a new committee has been set up to help that engagement. It is hoped that not only will this allow Pride London to better hear the needs of London's wider LGBT community, but that that community can be tapped for skills, experience and enthusiasm to build both the event and campaigning side of the charity further.  

The board believes that this new broadening of the structure will ensure the success of Pride London and its delivery of its charitable commitments.

 

Responsibilities of the Trustees

The trustees are responsible for preparing the Trustees Annual Report and the financial statements in accordance with applicable law and regulations.

Company law requires the trustees to prepare financial statements for each financial year. Under that law the trustees have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). The financial statements are required by law to give a true and fair view of the state of affairs of the charity and of the surplus or deficit of the charity for that period.

In preparing these financial statements, the trustees are required to:

• select suitable accounting policies and then apply them consistently;
• make judgements and estimates that are reasonable and prudent;
• 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 proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and which enable them to ensure that the financial statements comply with Companies Act 1985. The trustees 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.

In so far as the trustees are aware:  

• there is no relevant audit information of which the charity's auditors are unaware; and
• the trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditors are aware of that information.

 

Small Company Provisions

This report has been prepared in accordance with the special provisions for small companies under Part VII of the Companies Act 1985.

 

Registered office:                                                  Signed by order of the trustees

344-354 Gray's

WC1X 8BP

                                                                              Mr Laurie Powell

                                                                              Charity Secretary

8 May 2008

 

                                                                           

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF PRIDE LONDON YEAR ENDED 31 JULY 2007

 We have audited the financial statements of Pride London for the year ended 31 July 2007 on pages 8 to 17 which have been prepared under the historical cost convention, as modified by the revaluation of certain fixed assets, and the accounting policies set out on pages 10 to 11 .

This report is made solely to the company's members, as a body, in accordance with Section 235 of the Companies Act 1985. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

 

Respective Responsibilities of the Trustees and Auditors

The responsibilities of the trustees (who also act as directors of Pride London for the purposes of company law) for preparing the Trustees Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) are set out in the Statement of Responsibilities of the Trustees on page 5.

Our responsibility is to audit the financial statements in accordance with relevant legal and regulatory requirements and International Standards on Auditing ( and ).

We report to you our opinion as to whether the financial statements give a true and fair view and are properly prepared in accordance with the Companies Act 1985, and whether the information given in the Trustees Annual Report is consistent with the financial statements.

In addition we report to you if, in our opinion, the charitable company has not kept proper accounting records, if we have not received all the information and explanations we require for our audit, or if information specified by law regarding remuneration of the trustees and other transactions is not disclosed.

We read the Trustees Annual Report and consider the implications for our report if we become aware of any apparent misstatements within it.

 

We conducted our audit in accordance with International Standards on Auditing ( and ) issued by the Auditing Practices Board. An audit includes examination, on a test basis, of evidence relevant to the amounts and disclosures in the financial statements. It also includes an assessment of the significant estimates and judgements made by the trustees in the preparation of the financial statements, and of whether the accounting policies are appropriate to the charitable company's circumstances, consistently applied and adequately disclosed.

We planned and performed our audit so as to obtain all the information and explanations which we considered necessary in order to provide us with sufficient evidence to give reasonable assurance that the financial statements are free from material misstatement, whether caused by fraud or other irregularity or error. In forming our opinion we also evaluated the overall adequacy of the presentation of information in the financial statements.

 

Opinion

In our opinion:

• the financial statements give a true and fair view, in accordance with United Kingdom Generally Accepted Accounting Practice, of the state of the charitable company's affairs as at 31 July 2007 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended;
• the financial statements have been properly prepared in accordance with the Companies Act 1985; and
• the information given in the Trustees Annual Report is consistent with the financial statements.

 

                                                                              ROGERS PAULLEY LIMITED

Arclight House                                                      Chartered Accountants

                                                        & Registered Auditors

BS1 5HH

29 May 2008

 

PRIDE LONDON COMPANY LIMITED BY GUARANTEE STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING THE  INCOME AND EXPENDITURE ACCOUNT)  YEAR ENDED 31 JULY 2007

 

 

The Statement of Financial Activities includes all gains and losses in the year and therefore a statement of total recognised gains and losses has not been prepared.  

All of the above amounts relate to continuing activities.

 

PRIDE LONDON  COMPANY LIMITED BY GUARANTEE  BALANCE SHEET  31 JULY 2007

 

Fixed Assets

Current Assets

 

 

 

Funds

These financial statements have been prepared in accordance with the special provisions for small companies under Part VII of the Companies Act 1985.

These financial statements were approved by the members of the committee on the 8 May 2008 and are signed on their behalf by:

 

Mr Paul Birrell                                                       Mr Laurie Powell

 

 

PRIDE LONDON COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS  YEAR ENDED 31 JULY 2007

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 applicable United Kingdom accounting standards, the Statement of Recommended Practice "Accounting and Reporting by Charities" issued in March 2005 (SORP 2005) and the Companies Act 1985.

        Consolidation

In the opinion of the members of the committee, the charity and its subsidiary undertakings comprise a small group. The charity has therefore taken advantage of the exemption provided by Section 248 of the Companies Act 1985 not to prepare group accounts.

 The directors do not consider the cost of preparing consolidated accounts justifiable and note 13 provides adequate details relating to the nature of the trading subsidairy.

        Cash Flow Statement

The trustees have taken advantage of the exemption in Financial Reporting Standard No 1 (revised) from including a cash flow statement in the financial statements on the grounds that the charity is small.

 Grants

Grants are Included in the Statement of Financial Activities When Receivable, and are Allocated to the Activities to Which They Relate.

                Investment Assets and Income

Investment in Subsidiaries are Included at the Subsidiaries Net Asset Value.

                Unrealised Gains

Unrealised Gains are Included on an Annual Basis in Respect of the Revaluation of the Subsidiaries.

        Fixed Assets

All fixed assets are initially recorded at cost.

In accordance with Pride London's financial policies and procedures, tangible fixed assets are items of capital value exceeding £100.

        Depreciation

Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:

Parade Equipment - 4 years
 Computer Equipment - 4 years