REGISTERED COMPANY NUMBER: 03133142 (England and Wales) REGISTERED CHARITY NUMBER: 1051708 REPORT OF THE TRUSTEES AND CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 FOR ROSES THEATRE TRUST (A COMPANY LIMITED BY GUARANTEE)
ROSES THEATRE TRUST CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Page Reference and Administrative Details Report of the Trustees 2108 Report of Ihe Independent Auditor 9t011 Consolidated Staternent of Financial Activities 12 Consolidated Statement of Financial Position 13 statement of Financial Position 14 Consolldated Slatemenl of Cash Flows 15 Notes to the Consolidated Statement of Cash Flows 16 Notes to the Financial Statemenls 17to33
ROSES THEATRE TRUST REFERENCE AND ADMINISTRATIVE DETAILS FOR THE YEAR ENDED 31 MARCH 2024 CURRENT TRUSTEES C Cody P N Johnson C R Smith M B Gran (reslgned 25.9.2024) E Teasdale (resigned 25.9.2024) N R Wilke5 G T Rowe {resigned 17.4.2024) G L Fidlschuster (appointed 1.10.23) S J Shrouder (decea58d 26.3.24) J Baalam lappolnlad 31.5.2023} M Br6w8r (appointed 5.6.20241 T Cheetham (appointed 21.2,2024) G Wnght (appointed 5.6.20241 ThEATRE DIRECTOR J K Brewster REGISTERED OFFICE Sun Street Tewkesbury Gloucestershire GL20 5NX REGISTERED COMPANY NUMBER 03133142 (England and Wal88) REGISTERED CHARITY NUMBER 1051708 AUDITOR BK Plus Audit Limited (Stalutory Auditor) 6 Manor Parf( Business Centre Mackenzi8 Way Cheltenham Glouceslershire GL519TX BANKERS HSBC Bank plc 2 The Promenade Chellenham Gloucestershire GL50 1LR
ROSES THEATRE TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 The Irustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the consolidated financial statements of the charity for the year ended 31 March 2024. The Irustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Praclice applicable to charities preparing their accounts in accordance with the Financial Reporting Slandard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019). OBJECTIVES AND ACTIVITIES Objectives and aims The charily's objects are.. (A) To promote, maintain, improve and advance education in particular by the production of educational plays and the encouragement of the arts, including, the arts of drama, mime, dance. singing and music, literature, poetry, painting, sculpture. photography, and all graphic and fine arls. and lo formulate, prepare and establish schemes therefor. {B) To provide an Arts Resource Centre and facilities for Theatre and Cinema for the whole Community and to promote a full range of amateur and professional arts events and exhibitions and to provide and encourage the widening of the experiences of the public and the understanding of all art forms by promoting participation in the arts through classes, workshops. outreach and other appropriale activities. The Roses Theatre Trust is a charity working from its venue in Tewkesbury to enhance the w811-being of the whole community of North Gloucestershire and Worcestershire, through entertainment, arts and creative activSty, by expanding opportunities to experience and participate in the arts, and through partnershlps and collaborallon with other organisations. We aspire lo be an outward looking, innovative and inclusive centre for th& arts. offerlng a diverse creative experience of the highest quality for our communities. Within the time avallable, The Roses Theatre delivered its objects through advancing the education of Ihe public in all aspects of the arts and cultural aclivily. The Roses contributed lo the quality of life and wellbeing of the people of Gloucestershire and the wider region through the provision of exciting, innovative and accessible professional and community arts events. The objects were delivered through four slralegic principal activities.. A diverse programme of live performing arts, a full spectrum of drama, music and dance, encompassing both popular entertainment and innovative contemporary arts An important film programme screening the best of current UK and international cinema An innovative live screenings programme, screening live arts events from all over the world and th8 addition of our own live streaming programme - streaming theatre evenls Outbound lo other venues and audiences A wide range of participatory arts projects for all ages, at the theatre, within education and in specific communities. This programme aimed to release creativity, develop self-8xpression, improve well being and confidence, foster group experience and widen appreciation of the arts The Roses sought to offer a dNerse programme of activity that balanced both artistically and financially those aclivilies which are popular enlertainmenl with innovative cutting-edge performance and film. Key to the programme was the development of participatory arts projects which allowed The Roses to reach oul to specific communities or groups of people who do not form parl of the Iraditional Ihealre or cinema audience. Work in this area took place outside Ihe building in places and organisalions within Tewkesbury Town and Borough, Gloucestershire and the wider region.
ROSES THEATRE TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 Public Benefit In planning the charity's activilies for the year, the trustees kept in mind the Charity Commission's guidance on public benefit. The focus of the charity's activities during the year. which explains the delivery by the charity of public benefit, is set out below under 'Achievemenls and Performance.. The live, film and event cinema programme aims to offer something for everyone, and our pricing strategy includes lower banding and concession tickets for all events to ensure that the programme is as accessible as possible. ACHIEVEMENTS AND PERFORMANCE Charitable activltlos The Roses went through a year of change in 2023124. with a programme of organisalional and venue development, building on significant development activity in the previous year. This saw the venue increase its turnover to £1.55m without any grants or external funding. Key areas of development were in Fundraising, Youth and Education and Community Engagemenl. Highlights include.. Our new youth programme, Roses Young Creatives, reached capacily by September 2023, only 9 months after launchSng, with over 100 children participating In The Roses first major youth show since 2016. a sold-out version of Matilda the Musical. The youth departmenl also delivered a range of SEN opportunities inGluding Gontinuing the partnershlp with Milestone Special School in Gloucester and launching Infinite Creatives, Gloucestershire's only weekly creative group for neurodiverse Children. There were rapid developments in fundraising. with a dedicated department, culminating in March 2024 with The Roses being accepted onto Big Give's Arts for Impact, providing match funding for a campaign to raise money for Infinite Creatives and raising £34k compared to a target of £20k. The Roses chairing of Tewkesbury Culture. a consortium of cultural, heritag8 and nature organisations, culminated In producing Luke Jerram's Gaia at Tewkesbury Abbey that was seen by 13,000 people over 3 weeks. Launch of a new cultural festival, Two Rivers Converge, in February 2024, that worked with organisations across the area to explore and respond to the impact of cllmate Change, The Roses hosted 188 live shows. an increase of 15./0 since 2019. The success and demand for our youth programme led to the decision to splil Ihe communily department into two, Youth and Education (Y&E) and Community and Wellbeing, enabling Y&E to develop a strong youth-focused funding model. It also enabled the growth of our adult-facing programme including our in- house offer, expancled to include a weekly Board Games night, Drink and Draw, a monthly evening painting class and a programme of choirs including Singing for Wellbeing and Singing for Lung Health delivered by Mindsong. A restructured volunleer programme saw a new cohort of volunteers join the Roses. joining Ihe veterans who are so Grucial to Ihe running of the venue. The live programme continued to recover from the impact of the Covid pandemic, with an increase in audiences of 220/0. Wlth the Panlo, Beauty and the Beasl. delivering another record-breaking year, reaching over £300,000 in sales. The Roses worked with Chellenham-based TV writer, Miranda Walker, and Worcester based Director, Hannah Phillips, with the script exploring perceptions of disability and beauty. In November 2023 The Roses launched a new commercial department to build on its success with commercial partnerships including with Tewkesbury Abbey, and to ensure the venue was crealing
ROSES THEATRE TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 opportunities for revenue growth across all departments. ACHIEVEMENTS AND PERFORMANCE - contlnued This year there were also challenges, particularly with building infrastructure, that had considerable financial impact on the organisalion. This included the 1970's heating system. the film projector reaching the end of its life and the cancellation of the final 3 days of the Pantomime due to an issue wilh the venue's fly system. The venue also had to address aging asbestos resulting in an overhaul of backstage. However, the situation gave The Roses the opportunity lo accelerate an accessibility programme to increase backstage access to disabled artists. Nationally the cinema industry continued to struggle to recover from Ihe impact of the Pandemic and the new dominance of at-home access to cinema. This was exacerbated by the projector breaking down al Ihe Roses. As the equipment is end-of-life, there were limiled options for replacement, so a reduced programme was implemented to ensure that audiences were still served. This reduced screenings to 5 a week and saw audiences reduce by 20 %. Overall, although the year has been challenging financially, the organisation began to reap the rewards of the new business model and maintained a similar turnover of £1.55m without any Covid grants or core support- an increase of £300k {24°/0) in earned income. It is on track to make a small operational surplus at the end of 2024125, fully recovering from the deficit position. As always, the conlribulion of the loyal group of volunteers and the staff are much appreciated by the Board. FINANCIAL REVIEW The Board of directors met 12 times and at each meeting the Board reviewed the theatre's finances including cashflows and management accounts. The theatre has continued lo be proactive in seeking out new sources of income to SL5pporl and Sustain its work. During the lockdown period the theatre benefited from the Government's 'furlough' scheme, which covered a large proportion of staff salaries. It also received Covid regeneralion grants which ameliorated the financial impact of the p8ndemlc. The financial result for the 2023124 financial period is a deficit of £247,985 {2023'. surplus £139,127). This aligned with financial reporting across Ihe arts induslry, with at least 750/0 of theatres experiencing deep accounting deficlts due lo rises in costs in both venue and artists, costs. Alongside this the theatre has been through a significanl period of development, restructuring the business model to bulld both commerciality and community engagement. Alongside this il had lo manage significant challenges with its aging building and equipment Ihat impacted both the Panto and cinema programme. In the 2023124 financial year. The Roses recorded a deficit on unrestricted funds, leaving a negative balance al the end of the year of £26.263, primarily due to InCaSed expenditure associated with essential infrastructure repairs and external induslry challenges. Significant investment was required lo address critical building maintenance. including replacing aging asbestos backstage. the failure of the 1970s heating system, and the breakdown of the cinema projector, which resulted in a pause in film programming. Additionally, cancellation of the final three days of the Pantomime due to an issue with the venue's fEy system had a financial impact. The national cinema induslry has also faced conlinued post-pandemic struggles, exacerbated at The Roses by the need to implement a reduced film programme following projector failure. This led to a 200/0 decline in cinema audiences and an inevilable reduction in associated revenue. In addition, The Roses undertook a significant business restructure during 2023124 to fulure-proof Ihe organisation, strengthen financial sustainability. and improve audience engagemenl. While this restructuring was essential to long-term stability, it placed additional short-term stress on the budget, requiring investment in staffing, operational changes, and systems development. The transition period resulted in temporary financial pressure, but Ihe benefits are already materialising, with increased earned and gifted income contributing to recovery in 2024125.
ROSES THEATRE TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 Despile Ihese challenges, Ihe organisalion maintained an overall turnover of £1.55m, representing a £300k increase in earned income. demonstrating the effectiveness of the new business model. Strategic Mea5ure5 for Financial Recovery The Board has already taken decisive steps to mitigate the deficit and secure long-term financial sustainability, with strong progress in the 2024125 financial year.. 1. Successful Growth In Core Funding & Donations The Roses secured significant increases in core funding grants to support operational resilience. Donations and fundraising efforts have also seen substantial growth, renfOrcing financial sustainability. 2. Clnema Programme AdJuslment8 revised cinema programming stralegy has been implemenled to maximize audience engagement while planning for future equipment investment. 3. Operational Efflclencles & Cost Management Th8 Trust continues to refine its business model. ensuring commercial growth while deepening community engagement. Cosl-saving measures have been introduced without Compromising artistic quality or audience experience. 4, Capital Investment In Venue & Infrastructure Thanks to successful capital funding applications, key infrastructure issues have now been resolved, reducing future risk and unexpected costs. The necessary improvements to backstage access for disabled artists have also been accelerated, turning challenges into long-term gains. With these measures in place, The Roses is on track to return to a surplus position by the end of 2024125. The Board remains committed to malnlaining financial stability, growing unrestricted income streams, and ensuring the long-lerm success of the theatre. Thanks to capital funding, most of these issues have now been solved and the theatre expects to see a full recovery in 2024125 thanks lo ongoing organisational development of Ihe business model and significant growth in gifted (grants and donations) income and, wilh these measures in place, The Roses is on track to record a small operational surplus at the end of 2024125. The Trust has chosen not to obtain on audit of its two trading subsidiaries Roses Theatre Productlons Limited and Roses Theatre Trading Company Limited as il guarantees their debts. The Trust is confident in its ability lo provide the necessary guarantees. as it maintains full control over its trading subsidiaries. The Trust's oversight and proactive managemenl approach ensure that it can confidently stand as a guarantor, affirming its commitment to safeguarding the financial stability and success of its Irading entities. Pay & Remuneratlon The Board of Directors review slaff pay annually in quarter 4, as part of an organisational structure review. This year senior staff pay went through a bench-marking exercise, based on research of a range of industry bodies including the Arts Marketing Association, UK Thealre and Equity. Invèstmént pollcy and obJectlv•s The Trust has the power lo establish or support any charitable trusts, associations or institutions formed for all or any of the Objects of the charity. It may also raise funds provided that it shall not undertake any subslantial permanent trading activities. Reserves policy The Directors have assessed the financial cost thal would arise in the event of closure or in the event of a significant reduclion of funding support. In their opinion, the Trust should have reserves to cover essential expenditure for a reduced operation for six months at the amount of £150,000. There are currently £26,263 of negative unrestricled reserves in place bul the Board, working with strategic partners where appropriale, is developing a strategy to focus on building reserves and improving th@ financial stability of the theatre.
ROSES THEATRE TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 The Directors will not use or keep any restricted funding to fomi parl or all of this reserves policy. FUTURE PLANS The Trustees have plans in place lo ensure the financial stability of the Theatre and which aim to establish a viable business model, while still delivering a vibrant and varied programme. The Roses has reached the end of a redevelopment of its business model that included re-establishing a fundraising department, establishing a commercial department and growing marketing capacity. 2024125 will Slarl lo focus on revenue growth, cost control and establishing a sustainable programme of work by expanding partnerships with funders. The Roses will continue to innovate its programme. focusing on growing its live programme lo mitigate agalnst a contracting cinema industry. The Roses Theatre retains ils commitment to prioritise equality and diversity objective5 in terms of programming, staffing or board representation, in line with Arts Council expectations. In late 2024 the organisation will relaunch the community department as the Creative Wellbeing SEN and dlsability will be a key area of work for the theatre, with plans to establish ongoing activities for specific groups, including those with dementla, autism and menlal health issues. In its position of Chair of the Tewkesbury Culture Consortium, The Roses will be leading the development of a cultural strategy for Tewkesbury and the wider area, placing the venue at the heart of cultural development, In order to secure 115 future, the Trust will put significant focus into achieving ongoing core funding, looking forward to being in a strong position to apply for Arts Council National Portfolio status in the 2027 round. and making a case for support to re-establish ongoing local authority funding. With ongoing support, the considerable output of education and community work for which The Roses Is widely regarded, can develop and thrive. Current forecasting sees the theatre remaining a going concern for the foreseeable future. STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document The Roses Theatre Trust is a company limited by guarantee governed by ils Memorandum and Articles of Association dated 1 December 1995. It is registered as a charily with the Charity Commission. Members of the charity are approved by the directors in accordance with the rules laid out in the Articles of Assoclation. There are currently eight members, who are also trustees, each of whom is deemed by accepting appointment as a trustee, to have agreed to Contribute up to £10 in event of Ihe charily being wound up. This obligation remains in place for twelve months from the dsle of their resignation as a trustee. Recrultment and appointment of new trustees As set out in the Articles of Association at every annual general meeting (AGM), one-third of the trustees are subject to retirement by rotation. All trustees now serve a maximum of 2 x 3-year lerms, to encourage turnover and the introduction of new talenl. Twenty-one days before the AGM, all mernbers are circulated with details of retiring trustees and with details of persons recommended by trustees for appointment. The trustees may appoint a person who is willing to act to be a trustee either lo fill a vacancy or as an additional trustee. The Chairman is appointed by the Irustees. Organisational structure The board of trustees, which has a minimum number of three and a maximum number of ten, administers the charity. The trustees act as Directors for the purpose of company law. The Board meets at least six times a year. A Board Finance Subcommittee oversees the charily's budget, financial processes and audit. A Governance subcommittee ensures the organisation is compliant and reporting appropriately. The Board also participates in internal working groups including Income Generation, Compliance & policies and
ROSES THEATRE TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 programming. A Director is appointed by the truslees to manage the day-to-day operations of the charity. To facilltale effective operalions, the Director has delegated authority, within terms of delegation approved by the trustees, for operational mallers including finance, employment, marketing and artistic performance related activity. The Theatre Director is Jessica Brewster who took up the role in June 2019. The board wish lo record their grateful thanks lo all the staff who wenl through a difficult and uncertain period and have come out of the pandemic period delivering a thriving organisation. The Director deserves particular thanks for leading the company and the staff through another challenging year as the country recovers from the pandemic. Inductlon and training of new trusteès New trustees undergo briefing on their obligations under charity and company law, the content of the Memorandum ané Articles of Association, the committee and decision-making process and the recent financial performance of the charity. Trustees are given a tour of the building and meet key employees and other trustees. Trustees are encouraged from time to time to allend external training events and to attend the theatre to see the programme of work. Trustees are asked to declare any conflict of interest they may have at each board meeting. RISK MANAGEMENT Buildings The Ihealre bullding is jointly maintained by The Roses Theatre Trusl (Tenant) & Tewkesbury Borough Council (Landlord). D8ily, weekly and annual checks ensure that the theatre Is kept in the safest possible Gondltion, Finance Finance is a standing agenda item at each Board meeting. There Is a flnance committee which includes Stephen Bareham MBA FCCA. Health & Safety Peninsula Ltd provlde pollcy and advice on Health & Safety and Human Resources, including a full review of Health & Safety across the venue. There is a current Health & Safety policy and a management system, Business Safe, to digitally record all activity related to Health & Safely. The Theatre has comprehensive Health & Safety procedures detailed in a wrilten Health & Safety Policy. The Health & Safely Committee, which includes a Board member, meets four limes a period lo revlew the Policy, review any new events or problems identified and implement improvements if necessary. Vulnerable People Many of the visitors to the theatre are young or vulnerable people. The Theatre has a Safeguarding Pollcy, Child Protection Policy and a Protection Officer to ensure the safely of such people. We carry out Disclosure & Barring Servlce checks (formerly Criminal Bureau) on relevant staff. STATEMENT OF TRUSTEES RESPONSIBILITIES The Iruslees (who are also the direclors of Roses Theatre Trust for the purposes of company law) are responsible for preparing th8 Reporl of the Trustees and the financial stalements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and appllcalion of resources, including the income and expenditure of the charitable company for that period. In preparing those financial statements, the trustees are required to select suitable accounting policies and then apply them consistently; observe the methods and principles in the Charity SORP,. 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 charitable company will continue in business. The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and to enable them to ensure that the financial
ROSES THEATRE TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of Ihe charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. In so far as the tfustees are aware.. there is no relevant audit information of which the charitable company's auditor 15 unaware., and the trustees have taken all steps that they ought lo have taken lo make themselv85 aware of any relevant audil information and to establish that the auditor is aware of that information. AUDITOR The auditor, BK Plus Audit Limited (Statutory Auditor>, will be proposed for re-appointment at the forthcoming Annual General Meeting. This report has been prepared in accordance wilh the special provisions of Parl 15 of the Companies Act 2006 relating 10 small companies. Approved by order of the board of trustees on 26 March 2025 and signed on its behalf by: alam - Trustee
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF ROSES THEATRE TRUST Oplnlon We have audited the financial statements of Roses Theatre Trust (the 'charitable company,) and its subsidiaries (the 'group') for the year ended 31 March 2024. which comprise the Consolidated Statement of Financial Activities, the Consolidated and Charity Statements of Financial Position, the Consolidated Statement of Cash Flows and notes lo the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements.. give a true and fair view of Ihe state of the group's and the charitable cornpany's affairs as at 31 March 2024 and of the group's incoming resources and application of resources, including its income and expenditure, for the period then ended: have been properly prepared in accordance with United Kingdom Generally Accepted Accounting PraGlice; and have been prepared in accordance with the requirements of the Companies Act 2006. Basis for opinion We conducted our audit in accordance with International Standards on Auditing (UK) (ISAS {UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors responsibilities for the audit of the financial stalements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requiremenls. We believe that the audit evidence we have obtained Is sufficient and appropriate lo provide a basis for our opinion. Materlal uncertalnty relatlng to golng concern We draw attention to the Consolidated Statement of Financial Position on page 13, where it is noted that the charitable company's consolidated current liabilities exceeded its current assets by £313,985 and there was a net deficit on unrestricted reserves of £26,263. The charitable company's trustees have acknowledged the position and provided their explanation of its causes in note 1 to the consolidated financial statements. They have also outlined the steps that have been taken, snd are being taken, to improve the charitable company's financial position. The existence of these conditions, the reliance on funding from external sources and the challenge of delivering a business plan that returns the charitable company lo regular surplus and positive cash flow against a baGkground of continuing economic uncertalnly indicate that a materlal uncertainty exists that may cause doubl on the charitable company's ability to continue as a going concern. Our opinion is not modified in this regard. In auditing the financial statements. we have concluded thal the directors, use of the going concern basis of accounling In the preparation of the financial statements is appropriate. Our responsibilities and the responsibilities of Ihe direclors with respect to going concern are described in Ihe relevant sections of this report. Other informatTon The trustees are responsible for the other information. The other information comprises the information included in the group annual report, other than Ihe financial statements and our Report of the Independent Auditor thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements. our responsibility is to read the other information and, in doing so. consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audil or otherwise appears to be malerially misstated, If we identify such material inconsistencies or apparent material misstatements. we are required to determine whether there is a material misslalement in the financial stalements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a malerial misstatemenl of this other information, we are required to report that fact. We have nothing to report in this regard.
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF ROSES THEATRE TRUST 10
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF ROSES THEATRE TRUST Oplnion on other matters prescrlbed by the Companies Act 2006 In our opinion, based on the work undertaken in the course of the audit.. the information given in the Group Report of the Trustees for the financial period for which the financial statements are prepared is consistent with the financial stalemenls,. and the Group Report of the Trustees has been prepared in accordance with applicable legal requirements. Matters on which we are required fo report by exception In the light of the knowledge and understanding of the group and charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in Ihe Group R8POrt of the Trustees. Matters on which we are required to report by exceptlon We have nothing to report in respect of the following matters where the Companies Acf 2006 requires us to report to you if, in our opinion.. adequate accounting records have not been kept or returns adequate for our audit have not been received from branches not visited by us: or the financial statements are not in agreement with the accounting records and returns., or certain disclosures of trustees, remuneration specified by law are not made,. or we have not received all the information and explanation5 we require for our audit: or the trustees were not entitled to take advantage of the small companies, exemption from the requirement to prepare a Strategic Report or in preparing the Report of the Trustees. Re8ponslbllltl88 of trustees As explalned more fully in the Statement of Trustees Responsibilities. the truslees (who ar8 also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for belng satisfied that they give a true and fair view, and for such internal control as the Iruslees delermine Is necessary to enable the preparation of financial statements that are free from material misstatement. whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the group's and the charitable company's ability to continue as a going concern, disclosing, as 8ppll¢able, matters related to going concern and using the going concern basis of accounting unless the Irustees either intend to liquidate the charitable company or to cease operalions. or have no realistic alternative bul to do so, Our responslbllltlos for the audll of tha flnanclal statements Our objectives are lo obtain reasonable assurance about whether Ihe financial statements as a whole are free from material miss121ement, whether due to fraud or error, and to issue a Report of the Auditor that Includes our opinion. Reasonable assurance is a high level of assurance, but it is not a guarantee that an audit conducted in accordance with ISAS (UK) will always detect a material misstatement when it exists. Misslalemenls can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Owing to the inherent limitations of an audit. there is an unavoidable risk thal. despite us planning and performing our audit in accordance with audiling standards, one or more material misstatements in the financial slalements may have gone undetecled by our audit. As with any audit, there is a risk that irregularities and fraud will go undetected where they involve matlers such as misrepresentations from management, collusion, deliberate omissions and override of controls. It is not the role of the auditor to prevent non-compliance, and we cannot be expected to detect every instance of non-compliance with all laws and regulatlon5. Inidenlifying and assessing risks of material misslaternent in respect of irregularities. including fraud and non-compliance with laws and regulations. our procedures included the following.. enquiries of management including a pre audit meeting. obtaining and reviewing supporting documentation of policies concerning the law5 and regulations applicable to the charitable company's aclivilies.. understanding how Ihe charitable company complies with its regulatory framework by making enqLiiries of management,. considering the culture inherent in the charitable company and whether this represenls a culture of 11
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF ROSES THEATRE TRUST honesty and ethical behaviour with a strong emphasis of detection and prevenlion of ffaud. We assessed the susceptibility of the charitable companws financial statements to material misstatement and considered how fraud might occur, The audit procedures performed included. but were not limited to.. challenging management assumptions and estimates: identifying and testing unusual journal entries., assessing how the relevant laws and regulations have been complied with and noting any instances of non compliance., reviewing the financial slalements for compliance with relevant Accounting Standards and accounting legislation applicable to a charitable company., considering how those charged with governance have addressed the possibility of an override of essential controls or other influence over the financial reporling processes. In addition, we also considered other non-financial laws relevant to Ihe charitable company. These do not necessarily have a direct influence on the financial slalements bul mighl affect the company's ability to operate, A further descrlption of our responsibilities for the audit of the financial statements is located on the Financial Reporling Councll's website at www.frc.org.uklaudilorsresponsibilities. This description forms parl of our Report of the Independent Auditor. Use of our report This report is made solely to the charitable company's members. as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable 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 lo anyone other than the charitable company and the charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed. Roger Downes FCA (Senior siatutory Auditor) for and on behalf of BK Plus Audit Limited (Statutory Auditor) 6 Manor Park Business Centre Mackenzie Way Chellenham Gloucestershire GL519TX Dale.. 27 March 2025 12
ROSES THEATRE TRUST CONDOLIDATED STATEMENT OF FINANCIAL ACTIVITIES INCORPORATING AN INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2024 Year ended Year ended 31.3.2024 31.3.2023 Total Total funds funds Unrestricted funds Reslricted funds Note INCOME FROM Donations 108.912 60,009 168,921 491.376 Charltable activitles Operation of theatre and cinema 1,341,472 1,341.472 973,180 Other trading activities Investment income 232,176 2,450 232,176 2,450 199,189 1,199 Total income 1,685,010 60,009 1,745,019 1,664,944 EXPENDITURE ON Raising funds 281,655 281,655 248,085 Charltable actlvltlos Operation of theatre and cinema 1.626,322 85,027 1,711,349 1,277,732 Total expendlture 1,907,977 85.027 1,993,004 1,525,817 NET INCOMEIIEXPENDITURE) (222,967) {25,018} {247,985) 139,127 Transfers between funds 29,414 29,414) NET MOVEMENT IN FUNDS (193.553) (54,432) (247,985) 139,127 RECONCILIATION OF FUNDS Total funds brought forward 26 167,290 552,301 719,591 580,464 TOTAL FUNDS CARRIED FORWARD 26,263 497,869 471606 719,591 13
ROSES THEATRE TRUST CONSOLIDATED STATEMENT OF FINANCIAL POSITION FOR THE YEAR ENDED 31 MARCH 2023 14
ROSES THEATRE TRUST CONSOLIDATED STATEMENT OF FINANCIAL POSITION FOR THE YEAR ENDED 31 MARCH 2024 31.3.2024 Total funds 31.3.2023 Total funds Unrestricted funds R8Stricled funds Note FIXED ASSETS Intangible assets Tangible assets 15 16 30,799 269.375 300,174 30.799 754,792 785,591 33,356 655,023 688,379 485,417 485.417 CURRENT ASSETS Stocks Debtors Cash al bank and in hand 19 20 6,735 94,255 55,980 156.970 6.735 94.255 89.326 190,316 4,900 70,818 364,534 440,252 33,346 33,346 CURRENT LIABILITIES Creditors.. amounts falling due within one year 22 483.407) 20,894) 504,301) 409,040) NET CURRENT (LIABILITIES)IASSETS 326,437) 12,452 313,985) TOTAL ASSETS LESS CURRENT LIABILITIES (26,263) 497,869 471,606 719,591 NET ASSETS 26,263) 497.869 471606 719 591 FUNDS Unrestricted funds Restricted funds 26 (26,263) 497,869 167,290 552,301 TOTAL FUNDS 471,606 719,591 These financi81 statements have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to charitable small companies. The financial statements were approved by the Board of Trustees on 26 March 2025 and were signed on its behalf by.. am -Trustee 15
ROSES THEATRE TRUST STATEMENT OF FINANCIAL POSITION FOR THE YEAR ENDED 31 MARCH 2024 31.3.2024 Total funds 31.3.2023 Total funds Unrestricted funds Restricted funds Note FIXED ASSETS Intangible assets Tangible assets Investments 30,799 268,308 30,799 753.725 33,356 645.615 17 18 485,417 299,109 485,417 784,526 687,973 CURRENT ASSETS Debtors Cash at bank and in hand 21 93,729 37,795 131.524 93,729 71,141 164,870 89,862 347,681 437,543 33,346 33,346 CURRENT LIABILITIES Creditors.. amounts falling due within one year 23 (456,896) (20,894) (477,790) (405,925) NET CURRENT {LIABILITIES)IASSETS 325,372) 12,452 312,920) TOTAL ASSETS LESS CURRENT LIABILITIES (26,263) 497.869 471,606 719,591 NET ASSETS 26.263) 497,869 471,606 719,591 FUNDS Unrestrlcted funds Reslricled funds 26 (26,263) 497.869 167,290 552,301 TOTAL FUNDS 471.606 719,591 The deficit for the charity deall with in the financial statements was £247,985 (2023: £139,127 surplus). These financial statements have been prepared in accordance with the special provisions of Parl 15 of the Companies Act 2006 relaling to charitable small companies. The financial stalemenls were approved by the Board of Trustees on 26 March and were signed on its behalf by: lam -Trustee 16
ROSES THEATRE TRUST CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2024 31.3.2024 31.3.2023 Notes Cash flows from operatlng actlvilies: Cash generated from operations Interest paid (123,883) 301) (111) Net cash (used In)IpTovlded by operating activities 124,184) Cash flows from Investing actlvltl6s: Purchase of intangible fixed assets Purchase of tangible fixed assets Sale of tangible fixed assets Interest recelved (33,782} (63,247} 75 1,199 (153,474) 2,450 Net cash (used in) investlng activities {151024) 95 755) Cash flows from flnanclng actlvltles: Loan repayments in period Net cash (used In) finan¢lng actlvltles 2,959) Change In cash and cash equlvalents in the reporting perlod (275,208) (99,137) Cash and cash équlvalants at the beglnnlng of the reportlng parSod 364,534 463,671 Cash and cash equlvalents at the end of tho reportlng period 89.326 364,534 17
ROSES THEATRE TRUST NOTES TO THE CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2024 RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES 31.3.2024 31.3.2023 Net Income for the reporting perlod (as per the statement of flnanclal activities) Adjustments for: Depreciation charges {Profit)ILoss on disposal of fixed assets Interest received Inleresl paid Taxation paid Decreasel(Increase) in stocks (Increase) in debtors Increasel(decrease) in creditors (247,985) 139,127 53,705 65,911 {75) (1,119) 312 (2,450) 301 4,279 (1,835) (23,437) 93,539 40 (747) {203,480) Net cash provided by op•ratlng activities 123,883 ANALYSIS OF CASH AND CASH EQUIVALENTS Cash in hand Nolice deposits (les8 than 3 months) 90 364,444 89,326 Total cash and cash equlvalents 89,326 364 534 ANALYSIS OF CHANGES IN NET DEBT At 1.4,23 Cash flow At 31.3.24 Net cash Cash at bank and in hand 364.534 275,208) 89.326 Debt Debts falling due within 1 year 30.000) 30.000) 18
ROSES THEATRE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 ACCOUNTING POLICIES Legal form Roses Theatre Trust is a company Ilmited by guaranlee (registered number.. 03133142 England and Wales) and a Charity registered with the Charity Commission in England and Wale5 (number.. 10517081. Its registered address is Sun Street, Tewkesbury, Gloucestershire. GL20 5NX, Basls of preparing the flnanclal statements The financial slalements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charitie5 SORP (FRS 102) 'Accounting and Reportlng by Charities.- Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Slandar(S 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,, the Companies Act 2006 and the Charities Act 2011. The financial statements have been prepared under the historical cost convention. Going concern Following two years recording significant surpluses, the last year has presented significant challenges for the cultural sector, with over 75,/0 of theatres reporting deficit positions, includlng The Roses. This has been compounded by the ongoing cost-of-living crises, as well as rising costs in utilities and wages. Changes lo national insurance and the minimum wage will increase risks in this area. Despite these difficulties, The Roses Theatre Trust has demonstrated resilience and adaptability. During the financial year, The Roses increased Its earned Income by £300,000 (240/o>- Remarkably, this was achieved without the benefit of additional grant funding, maintaining the Income levels reached during the COVID-19 pandemic when substantial support grants were available. While the wider funding environment remains highly competitive, and Ihe charity has not secured Arts Council England NPO funding for 2023-26, the Theatre has made strategic strides to secure its future. A new commercially-focused business approach has been launched. including an ambitious fundraising slralegy aimed at generating ongoing surpluses from 2025 onwards. This has already increased donations by 100 % year on year for the last two years, with over £100k expected in donations for 2024125 with further growth expected In 2025126. This strategy is bolstered by the Tewkesbury Culture partnership model, led and managed by The Roses, which significantly increases its fundraising capacity. Operationally, the Theatre has outperformed industry benchmarks. Live performance sales have been consistently high. and pantomime sales for 2024 exceeded all previous records. bringing in £344k and over £40k more than 2023. Additionally, the Roses Youth Offer, initially projected as a three-year growth plan, has achieved its targels in just ten month5, wilh substantial future growlh potential. At the end of December 2024, the charity is expecting to record a small surplus on its 2024125 results. The Directors have carefully considered the working capital requirements of Ihe charity in line with the latest business plan, which includes detailed budgets and forecasts for Ihe nexl two years. A finance sub-committee continues to oversee the financial management of the charily, ensuring robust planning and governance. In light of these factors, the Directors are confident that the Roses Theatre Trust can continue lo operate as a going concern, despite the uncertainlies posed by the current econornic and funding landscape. The financial statements have Iherefore been prepared on this basis. 19
ROSES THEATRE TRUST NOTES TO THE FINANCIAL STATEMENTS - CONTINUED FOR THE YEAR ENDED 31 MARCH 2024 Group financial statements The group financial statements consolidate the result of the charitable company and its wholly owned subsidiaries, Roses Theatre Productions Limited and Roses Theatre Trading Company Limited, on a line-by-line basis. Roses Theatre Trading Company Limited was incorporated on 16 March 2022 and commenced trading on 1 December 2022. The charity has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own statement of Financial Activities in these financial statements. The charity has also taken advantage of the exemptions in FRS102 from the requirement to present a charity only Cash Flow Statement. The charity has chosen not to obtain on audit of its two trading subsidiaries Roses Theatre Productions Limited and Roses Theatre Trading Company Limited as it guarantees their debts. Incom8 and R6venue Recognltlon Income is recognised in the Statement of Financial Activities once the charity has entitlemenl to the funds, it is probable that the income will be received, and the amount can be rneasured reliably. Revenue from ticket sales is recognised on the basis the performance or screening has taken place. HAZ grant income is recognised when the trust has incurred eligible costs that meet the criteria Specified in the grant agreement. Any grant income not recognised in the year is deferred to the following year until such time Ihat the grant agreement comes to an end. Expendlture Liabilities are recognised as expenditure as soon as ihere is a legal or constructive obligatlon committing the charity lo that expenditure, it is probable that a transfer of economic benefits will be required in selllemenl and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cosls related to the category. Where costs cannot be directly allribuled to particular headings, they have been 8llocated to activilies on a basis consistent with the use of resources. Intangiblo flxed assets Intangible flxed assets comprise website developmenl costs which have been capitalised in line with SORP recommendations. Amortisation is provided at an annual raie of 10 % of original cost in order to write off the asset over its estimated useful economic life. Tanglble fixed assets Assets costing more than £1,000 are capitalised. Save in the case of leasehold improvements, depreciation is provided at an annual rate of 20V/o of original cost in order to write off each asset over ils estimated useful life or, if held under a finance lease, over the terTn of that lease. Leasehold improvements are amortised over the term of the new lease signed in August 2018, which runs for a 21-year period lo the end of August 2039. Stocks Stocks are valued at the lower of cost and net realisable value, afler making due allowance for obsolete and slow moving items. Taxation As a recognised charity, The Roses Theatre Trust is exempt from Corporation Tax 50 far as it relates to ils charitable objects. It is not, however. exempt from VAT, and irrecoverable VAT is included as a separate item of expense in the financial slatements. Debtors Trade and other debtors are recognised at the settlement amount. Prepayments are valued at the amount prepaid. Cash at bank and in hand Cash al bank and in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the dale of acquisition or opening of the deposit or similar account. 20
ROSES THEATRE TRUST NOTES TO THE FINANCIAL STATEMENTS - CONTINUED FOR THE YEAR ENDED 31 MARCH 2024 Ltabilities Liabilities are recognised when there is an obligation at the Balance Sheet dale as a result of a past event, it is possible Ihat a transfer of economic benefit will be required in settlement, and Ihe amount of the setllemenl can be estimated reliably. Liabilities are recognised at the amount the charity anlicipates it will pay to settle the debl. Flnancial Instruments The Charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value. Penslon costs The charity operates a defined contribution pension scheme. Contributions payable to the charity's pension scheme are charged to the Statement of Financial Activities in the period to which they relate. Fund accounting Unrestricted funds can be used in accordance with the charitable objectives at the discrellon of the trustees. Restricted funds can only be used for particular restricled purposes within the objects of Ihe charity. Restrictions arlse when specified by the donor or when funds are ralsed for particular restrlcied purposes. Further explanation of the nature and purpose of each fund is included in the notes to the financial stalemenls. CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY In the application of the charity's accounling policies, the Irustees are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experlence and other factors which are considered to be relevant. Aclual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. The depreciation and amorlisation of tangible and intangible assets respectively is based on our judgement of useful economic lives and residual values. Depreciation and amortisation rates are disclosed in the policies above and Ihe carrying value of assets is shown in notes 15 to 17. Where enlitlemenl to grant income is subjecl to performance conditions, income is recognised as Ihe performance conditions are met. 21
ROSES THEATRE TRUST NOTES TO THE FINANCIAL STATEWEENTS - CONTINUED FOR THE YEAR ENDED 31 MARCH 2024 DONATIONS Year ended Year ended 31.3.2024 31.3.2023 Private donations Business donations Legacies Grants 83,401 9,762 5,000 70,758 53,453 19,164 418,759 168,921 491,376 Grants received, included in the above, are as follows: Historic England.. Hlgh Street Action Zones: Cultural Programme Watershed Tewkesbury Borough Council for heritage events Tewkesbury Borough Council flood recovery Historic England Heritage Schools POTAS Tewkesbury Borough Council Wellbeing grant Film London: Young Audiences Generator Scheme Arts Council England Tewkesbury Borough Council: Young Peoples Mental Health National Heritage.. Grant for Stitch Story Creale Gloucestershire.. Kickstart Grants Tewkesbury Abbey; Stitch Story British Film Institute Nottingham Media Horror Project Climate Change Theatre Trust.. Backstage electrics Others less than £1,000 46,182 9,850 6,000 2,500 2,302 1,520 1,000 1,000 26,708 3,150 1,151 1,575 293,988 50,000 12,316 8,607 7,000 5,000 3,000 2,500 2.450 1.314 404 70,758 418,759 Aris Council England grants re the Culture Recovery Fund (Sustainability) of £293,988 were received in the prior year. OTHER TRADING ACTIVITIES Year ended Year ended 31.3.2024 31.3.2023 Kiosk and bar Advertising income Theatre and room hire Other income Theatre Tax Credit 178,628 1,353 20,628 10,661 20,906 131,512 3,865 38,562 6,489 18,761 232,176 199,189 22
ROSES THEATRE TRUST NOTES TO THE FINANCIAL STATE141ENTS - CONTINUED FOR THE YEAR ENDED 31 MARCH 2024 INVESTMENT INCOME Year ended 31.3.2024 Year ended 31.3.2023 Interest receivable 2,450 1.199 INCOME FROM CHARITABLE ACTIVITIES Year ended Year ended 31.3.2024 31.3.2023 Activlly Operation of Iheatre and cinema Operation of theatre and cinema Operalion of theatre and cinema Operation of theatre and cinema Theatre licket sales Cinema ticket sales Booking fees Get Creative income 1.017,467 79,022 200,878 44,105 787,726 99,614 74,761 11,079 1,341,472 973,180 RAISING FUNDS Year ended Year ended 31.3.2024 31.3.2023 Othor trading activille8 Kiosk and bar purchases Kiosk and bar staff costs Costs of Pantomime Production 98,603 37,952 145,100 55,240 45,516 147,329 281,655 248,085 CHARITABLE ACTIVITIES COSTS Direct costs Support costs (see note 9) (see note 10) Totals Operation of theatre and cinema 1,183,614 527,735 1,711,349 DIRECT COSTS OF CHARITABLE ACTIVITIES Year ended Year ended 31.3.2024 31.3.2023 Staff costs Show costs Advertising Hire of films Credit card charges Insurance Bank charges Get Creative costs Box Office costs Stitch Story costs Depreciation 373,598 588,038 25,578 67,183 22,986 5,370 1,915 11,777 33,464 254.369 330.649 21,546 70,362 15,939 4.450 1,009 34,542 28,139 21,018 65,707 53,705 23
ROSES THEATRE TRUST NOTES TO THE FINANCIAL STATEMENTS - CONTINUED FOR THE YEAR ENDED 31 MARCH 2024 1,183,614 847,730 10. SUPPORT COSTS Support Governance costs costs Totals Operation of theatre and cinema 426.490 101,245 527,735 Support costs, included in the above. are as follows: Year ended Year ended 31.3.2024 31.3.2023 Markeling salaries Premises expenses IT costs Office expenses Staff recruitment and training Advertlsing Professional fees (Proflt)ILoss on sale of tangible fixed assets Interest payable 60,558 117,812 12,653 157,978 19,141 52,065 5,982 51,851 82,300 9,743 131,087 7,811 36,961 19,783 (75) 312 301 426,490 339,773 Governance costs Year ended Year ended 31.3.2024 31.3.2023 Administration salarles Auditor's remuneration Auditor's remuneration for non-audit services Professional fees.. governance Accountancy fees 78,007 9,305 2,800 6,458 4,675 72,678 5,995 goo 7,909 2,747 101.245 90,229 11. NET INCOME Net income is stated after charging.. Year ended Year ended 31.3.2024 31.3.2023 Depreciatlon - owned assets (Profit)ILoss on sale of assets Auditors, remuneration Auditors, remuneralion for non-audil services 53,705 65,707 (75) 8,742 900 9,305 2,800 24
ROSES THEATRE TRUST NOTES TO THE FINANCIAL STATEMENTS - CONTINUED FOR THE YEAR ENDED 31 MARCH 2024 The building from which the Theatre operates is leased from Tewkesbury Borough Council. In accordance with the terms of Ihe lease, no rent was charged for the year ended 31 March 2024 or the year to 31 March 2023. 12. TRUSTEES, REMUNERATION AND BENEFITS Trustees. remuneration and expenses No truslee received any remuneration in the year to 31 March 2024 nor in the year ended 31 March 2023. There were no Irustees, expenses paid for the year ended 31 March 2024 nor for the year ended 31 March 2023, 13. STAFF COSTS Year ended Year ended 31.3.2024 31.3.2023 Wage5 and salaries Social security costs Pension costs 506,730 34,767 8,618 394,405 23,313 6,696 550,115 424,414 The average monthly number of employees during Ihe period was as follows-. Year ended Year ended 31.3.2024 31.3.2023 Marketing Kiosk and bar Fundraising Box office and front of house Get Creative Technical Staff Governance 14 14 27 28 No employee earned more than £60,000 in the period (2023: £nil}. Key managemenl personnel is defined as Ihe Theatre Director. Remuneration was £52,468 {2023.. £51,118). A redundancy paymenl of £8,518 was made in the year following a restructuring of the accounts department. 25
ROSES THEATRE TRUST NOTES TO THE FINANCIAL STATEMENTS- CONTINUED FOR THE YEAR ENDED 31 MARCH 2024 14. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES Unrestrlcted funds Restricted funds Total funds INCOME FROM Dorlalions Charitable actlvltles Operation of theatre and cinema 58.896 432,480 491,376 973,180 973,180 Other trading actlvilies Investment income 199,189 1,199 199,189 1,199 Total Income 1,232,464 432,480 1,864,944 EXPENDITURE ON Raising funds Charitablo actlvltles Operation of theatre and cinema 248,085 248,085 783,265 494,467 1,277,732 Total expendlture 1,031,350 494,467 1,525817 NET INCOMEI{EXPENDITURE) Tfansfars between funds 201,114 361 (61,987> 361) 139,127 NET MOVEMENT IN FUNDS 201,475 (62,348) 139,127 RECONCILIATION OF FUNDS Total funds brought forward 34.185) 614,649 580,464 TOTAL FUNDS CARRIED FORWARD 167,290 552,301 719,591 15. INTANGIBLE FIXED ASSETS- GROUP AND CHARITY Development costs COST Brought forward and carried forward 33,782 AMORTISATION 26
ROSES THEATRE TRUST NOTES TO THE FINANCIAL STATEMENTS - CONTINUED FOR THE YEAR ENDED 31 MARCH 2024 Broughl forward Charge for year Carried forward 426 2,557 2,983 NET BOOK VALUE At 31 March 2024 30,799 At 31 March 2023 33,356 27
ROSES THEATRE TRUST NOTES TO THE FINANCIAL STATEMENTS- CONTINUED FOR THE YEAR ENDED 31 MARCH 2024 16. TANGIBLE FIXED ASSETS - GROUP Stage & Short cinema Fixtures and Office leasehold equipment fitlings equipment Assets under construction Totals COST At 1 April 2023 Additions Transfers Disposals 753,108 139,100 12.071 22.396 6.991 5.353 5.353 67,037 6,850 9,142 533 12,071 863.754 153,474 5,353 5,353 (12,071) At 31 March 2024 904,279 29,387 73.887 9,675 1,017,228 DEPRECIATION At 1 April 2023 Charge for year Transfer Elimlnated on Disposal 138,039 42.145 17,628 1.406 738 49,140 8,438 3,924 1,716 208,731 53,705 738 738 738 Al 31 March 2024 180 184 19,034 57,578 5.640 262,436 NET BOOK VALUE At 31 March 2024 724.095 10,353 16,309 754,792 At 31 March 2023 615,069 4,768 17,897 5,218 12,071 655 023 17. TANGIBLE FIXED ASSETS - COMPANY Stage & Short cinema Fixlures and Office leasehol(5 equipmenl fittings equipment Assets under construction Totals COST At 1 April 2023 Additions Transfers Disposals 753,108 139,100 12,071 21,784 2.250 5,353 67,037 5.313 9,142 533 12,071 863,142 147,196 5,353 (12,071) At 31 March 2024 904,279 29,387 72,350 9,675 1,015,691 DEPRECIATION At 1 April 2023 Charge for year Transfer Eliminated on Disposal 138,039 42,145 17,424 872 738 49,140 7,968 3,924 1,716 208.527 52,701 738 At 31 March 2024 180,184 19,034 57,108 5,640 261,966 NET BOOK VALUE At 31 March 2024 724,095 10,353 15,242 4,035 753,725 At 31 March 2023 615,069 4,360 17.897 5,218 12,071 654,615 28
ROSES THEATRE TRUST NOTES TO THE FINANCIAL STATEMENTS - CONTINUED FOR THE YEAR ENDED 31 MARCH 2024 18, FIXED ASSET INVESTMENTS- COMPANY Unlisted investments MARKET VALUE At 1 April 2023 Additions At 31 March 2024 There were no investment assets outside the UK. The Company's investments at the balance sheet date in the share capital of companies include the following.. Roses Theatrè Productlons Limited Registered office.. Roses Theatre, Sun Slreet, Tewkesbury. GL20 5NX Nature of business: Production of pantomime and other live shows Class of share.. Ordinary Holding 100 31,3.24 31.3.23 Income Expenditure Profit 165,781 170,804 (165,781) 1170,804) Aggregate capital and reserve5 Roses Theatre Trading Company Llmlted Registered office.. Roses Theatre, Sun Street, Tewkesbury. GL20 5NX Nature of business: Operation of café and bar Class of share.. Ordinary Holding 100 31.3,24 31.3.23 Income Expenditure (Loss}IProfit 178,404 (178,404) 60,100 (60,1001 Aggregate capital and reserves Roses Theatre Productions Limited is included in the Consolidated Financial Stalements of Roses Theatre Trust for both 31 March 2024 and 31 March 2023. Roses Theatre Productions Llmited was not audited for 31 March 2024 or 31 March 2023 as under Section 479A of the Companies Acl 2006, Roses Theatre Productions Limited; subsidiary undertaking was exempt from the requirements to have an audit of its financial statements as its liabilities were guaranteed by Roses Theatre Trust. Roses Theatre Trading Company Limited is included in the Consolidated Financial Statements of Roses Theatre Trust for 31 March 2024 and 31 March 2023. Roses Theatre Trading Limited was not audited for 31 March 2024 or 31 March 2023 as under Section 479A of the Companies Act 2006, Roses Theatre Trading Limited,. subsidiary undertaking was exempt from the requirements to have an audit of its f inancial statements as its liabilities were guaranteed by Roses Theatre Trust. 29
ROSES THEATRE TRUST NOTES TO THE FINANCIAL STATEMENTS - CONTINUED FOR THE YEAR ENDED 31 MARCH 2024 19. STOCKS- GROUP 31.3.24 31.3.23 Stocks 4,940 20. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR- GROUP 31.3.24 31,3.23 Trade debtors VAT Other debtors Corporation tax debtor Prepayments and accrued income 365 12,824 52 4,280 76,734 3,626 2,605 64,587 94.255 21. DE8TORS: AMOUNTS FALLING DUE WITHIN ONE YEAR- CHARITY 31.3.24 31.3.23 Trade debtors Amount5 owed by group undertakings VAT Prepayments and accrued income 270 12,567 6,361 74,531 3,626 23,701 1,548 60,987 93,729 89,862 22. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR- GROUP 31.3.24 31.3.23 other loans (see note 25) Trade creditors Social security and other taxes VAT Other creditors Deferred income Accrued expenses 30,000 120,795 11,546 13,920 13,634 253,525 60.881 30,000 95,962 7,687 13,699 221,534 40,158 504,301 409,040 23. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR- CHARITY 31.3.24 31.3.23 Other loans (see note 25) Trade creditors Social security and other laxes Other creditors Deferred income Accrued expenses 30,000 113,803 8,503 13,078 253,525 59,061 30,000 94,845 7,687 13,701 221,534 38,158 30
ROSES THEATRE TRUST NOTES TO THE FINANCIAL STATEMENTS - CONTINUED FOR THE YEAR ENDED 31 MARCH 2024 477.790 405 925 Movement in def6rred income: 31.3.24 31.3.23 Brought forward Deferred in the year Released in the year 221,534 244,756 212,765) 433,670 206,629 418,765) 253,525 221,534 Deferred income relales to grant income and ticket sales received in advance. 24. LOANS 31.3.24 31.3.23 An analysis of the maturity of loans is given below: Amounts falling due within one year on demand: Olher108ns 30.000 30,000 30,000 25. SECURED DEBTS The following secured debts are included within creditors.. 31,3.24 31.3.23 Other loans 30,000 30.000 30,000 There is a fixed and floating charge over all assets in favour of HSBC Bank plc regarding the bank loan that was repaid in the previous financial year. The charge was created on 28 November 2017. The other loan is a loan from Tewkesbury Borough Council who hold a floating charge covering all property or undertaking of the company. The charge was created on 8 June 2020 and a deed of priority is in place between secured lenders. 31
ROSES THEATRE TRUST NOTES TO THE FINANCIAL STATEMENTS - CONTINUED FOR THE YEAR ENDED 31 MARCH 2024 26. MOVEMENT IN FUNDS Net movement in funds At 1.4.23 Transfers At 31.3.24 Unrestrl¢ted funds General 167,290 (222,967) 29,414 (26,263) Restricted funds Capital Campaign Theatre Seals National Heritage; Grant for Stitch Story Historic England,. High Street Action Zones - Cultural Programme Slng for Wellbeing Buck Up Backstage Historic England Heritage Schools POTAS 515,682 3,091 3,020 20,664 (31,397) (1,959) (2,081) 6,685 484,285 1,132 (939) (27,349) 880 2,965 1.721 1,832 880 11,572 8,607 701 536 (2,422) 1,296 552.301 25,018 29,414 497 869 TOTAL FUNDS 719,591 247,985 471,606 Net movement in funds, included in the above are as follows.. Income Expenditure Movement in funds Unrestricted funds General 1,685,010 (1.907,977) (222,967) Restrlctad funds Capital Campaign Theatre Seats National Heritage- Grant for Stitch Story Historic England- High Slreel Action Zones: Cultural Programme Buck Up Backstage Sing for Wellbeing Historic England Herilage Schools POTAS (31,397) (1,959) {2,081) (45,497) {31,197) (1,959) (2,081) 6,685 52.182 2.965 1.040 2.302 2,965 880 1,721 1,832 (160) 1581) 60.009 85,027) TOTAL FUNDS 1,745,019 1,993,004) 247.985 32
ROSES THEATRE TRUST NOTES TO THE FINANCIAL STATEMENTS - CONTINUED FOR THEYEAR ENDED 31 MARCH 2024 33
ROSES THEATRE TRUST NOTES TO THE FINANCIAL STATEMENTS- CONTINUED FOR THE YEAR ENDED 31 MARCH 2024 Comparatlvos for movement in funds Net movement in funds At 1.4.22 Transfers At 31.3.23 Unrestrlcted Funds General (34.185) 201.114 361 167,290 Restrlcted Funds Capital Campaign Thealre Seats Gloucestershire County Council- Grant for Stitch Story Film London Young Audiences Generator Scheme National Heritage.. Grant for Stitch Story Arts Council England.. Culture Recovery Fund. Sustainability Historic England.. High Street Action Zones- Cultural Programme Tewkesbury Borough Council - Young People's Mental Health Theatre Trust= Backstage Electrics Tewkesbury Abbey.. Stitch Story Buck Up Backstage Historic England Heritage Schools POTAS 546.545 5.050 8.000 (30,863> (1,959) (8,000) 515,682 3,091 10.000 {10.000) 3.722 41,332 (702) (41,332) 3,020 13,664 7.000 20,664 (2,089) 2,089 2,450 7,000 8,607 701 536 (2,450) {7,000) 8,607 701 536 361 614,649 552301 61,987 TOTAL FUNDS 580,464 139,127 719,591 34
ROSES THEATRE TRUST NOTES TO THE FINANCIAL STATEMENTS - CONTINUED FOR THE YEAR ENDED 31 MARCH 2024 Comparative net movement in funds, included in the above are as follows: Income Expenditure Movement in funds Unrestricted funds General 1,232,464 {1,031,350) 201,114 Restricted funds Capital Campaign Theatre Seats Gloucestershire County Council: Grant for Stitch Story Film London Young Audiences Generator Scheme National Heritage.. Grant for Stitch Story Create Glouceslershire Kickstarl Historic England,. High Street Action Zones.. Cultural Programme Arts Council England: Culture Recovery Fund, Sustainability Tewkesbury Borough Council - Young People's Mental Health Theatre Trust.. Backstage Electrics Tewkesbury Abbey: Stitch Story Buck Up Backstage Nollingham Media Horror Project Climate Change Restricted grants < £1 k Historic England Heritage Schools POTAS (30,863) {1,9591 {8,0001 (10,000) (13,018) (8,607) (26,708) (30,863) (1,959} (8.000> (10,000} (702) 12,316 8,607 40,372 13,664 293,988 (335,320) {41,332) 50,000 (52,089) (2.089) 2.450 7.000 8.607 3.000 2.500 914 1.151 1,575 2,450 7,000 8,607 (3,000) (2,500> (914) (450> (1,039> 701 536 432,480 494,487} 61,987) TOTAL FUNDS 1.664,944 1,525,817) 139.127 Capltal Campaign Initiated in 2014 lo raise funds for a £1 million refurbishment of the theatre, the project was completed between July and September 2015 with support from trusts, businesses and members of the public. Additional funds were raised in 2016-17 to fund architect's designs for a second phase known as Phase Two. Phase Two will see the addition of a studio space, improvements lo the existing dressing rooms, additional accessible dressing rooms and also additional office space. Phase Two is in the very early stages of planning and will only commence when the Theatre has reduced the existing deficit. Theatre Seats During 2018-19, funds were received towards a change lo the sealing in Ihe auditorium. Gloucestershlre County Councll and National Heritage Grants for Stitch Story Funding for 8 community engagement programme that engaged 8,500 of Tewkesbury Town residents to contribute a stitch to a new gianl tapestry to celebrate two anniversaries= 900years since the founding of Tewkesbury Abbey and 550 years since the Ballle of Tewkesbury, the deciding ballle in the War of The Roses. The funding this year supported a small tour of the tapestry and resources to display il l ils permanent home at Tewkesbury Visitor Centre. 35
ROSES THEATRE TRUST NOTES TO THE FINANCIAL STATEMENTS - CONTINUED FOR THE YEAR ENDED 31 MARCH 2024 Historic England: High Street Action Zones {HAZ) The Heritage Action Zone - funded by Historic England was due to come to an end in March 2024. Thls fund has partly funded the Community Engagement Producer's post I combined with the TBC YP fund. The Roses was the lead applicant for this fund and are managing it on behalf of the Tewkesbury Cultural Consortium, who are a non-affiliated neOrk of heritage and culture organisations, charities and individuals in the borough. The group is now known as the Tewkesbury Culture Network, chaired by Jessica Brewster and delivered by Megan Dunford. This three year programme has several strands and works across multiple partners and projects. Slng for Wellbelng Funding provided by the Tewkesbury Borough Council Wellbeing Fund to support two new choirs Singing for Wellbeing and Singing for Lung Health. These were delivered in partnership with Mindsong, Gloucestershire Libraries and Inspire. Buck up backstage A fundraising campaign to bring in donations specifically to fund refurbishments to the backstage area. So far the fund has supported replacing degrading asbeslos fire doors with accessibility-friendly lightweight doors and funded a refurbishment of the dressing rooms. Historlc England Herltage Schools Project An Historic England Funded project. through the Heritage Schools Strand, to work with three schools lo run a pilot programme. The aim is to connect all schools lo heritage organisations or venues in the town In order to enhance their knowledge and local history curriculum, beller support the teachers and students understanding of the context of Tewkesbury's history in the wider national I global context and instil a sense of local pride by re-introducing them to their local town. POTAS POTAS (internally) Inf inite Creatives (publically) funded by Community Support for Autistic Children and Young People, Grants Scheme, 2022. A two year programme finishing in September 2024 10 supporl young people aged 10-14, with Autism, experience creative workshops in a theatre and arts environment. We have worked with local specialist schools to provide opportunities for staff and students and have themed each month's workshop carefully around our Get Creative & Live Programrnes to ensure the young people are learning about what we do as a venue and how we operate across departments as well as creating their own artistic oulput and building their confidence in a new space with new people. Transfers between funds Transfers are made between restricted and unrestricted funds at the end of every accounting period in cases where., i) the activily of the restricted fund has come lo an end and there is an unspent balance that is not repayable to the funder(s), when the surplus is transferred to unrestricted funds,. and il) the restricted fund is in deficit and has either come to an end or there is no prospect of a surplus in a later period, when the deficit is eliminated by Iransfer from unrestricted funds. In the current year the following specific transfers were made: £939 was transferred from the Stitch Story Grant fund due to the completion of Ihat fund. £27,349 was transferred from the High Street Actions Zone fund due lo Ihe complelion of that work during the year. £2,422 was transferred from the Historic England Heritage Schools Fund as this project is now complele. 36
ROSES THEATRE TRUST NOTES TO THE FINANCIAL STATEMENTS - CONTINUED FOR THE YEAR ENDED 31 MARCH 2024 £1 ,296 was transferred from the general unrestricted fund to clear the deficit on the POTAS fund. 27. PENSIONS The charity operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the charity in an independently administered fund. The pension cost charge represents conlributions payable by the charily to the fund and amounted to £8,618 (2023.. £6,696). Contributions payable to the fund at the balance sheet date were £1.868 (2023- £1,498). 28. CONTINGENT LIABILITIES Various funders retain the right lo claw back granls should the use of the funds not be in accordance with the terms of the grant. As far as the trustees are aware no such liability exists at 31 March 2024. 29. RELATED PARTY DISCLOSURES Durlng the year £nil (2023.. £360) was paid, on an arms, length basis, to Cate Cody, a Trustee, for a live musical performance. There was £nil (2023.. £nil) outstanding at the year end. During the year £4,000 (2023.. £2,750) was paid, on an arms, length basis, lo Colin Smlth, a Truslee, for directing Ilve performances. There was £nil {2023.' £nil) outstandin9 at the year end. During the year £nil (2023.. £5,200} was paid, on an arms. length basis, to Nicholas Wilkes, a Trustee, for writing and performance fees. There was £nil (2023: £nil) oulslanding at the year end. During the year £3,600 (2023.. £3,000} was received from Thomson & Bancks, a business In which P Johnson, a Trustee, is a partner. This related to sponsorship on an arms, length basis. An amount of £nil (2023.. £250) was also paid to Thomson & Bancks for legal fees. There was £nil {2023.' £nil) outstanding at the year end. During the year, £17.000 was received as a donation from G Wright, who became a Trustee after the year end. 37