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 InC￿aSed 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, re￿nfOrcing 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 ne￿Ork 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