OpenCharities

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

2023-08-31-accounts

Charity registration number 1081824 Company registration number 03905769 (England and Wales)

CYGNET TRAINING THEATRE & CYGNET RESEARCH LIBRARY ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023

v SimpkinsEdwards

CYGNET TRAINING THEATRE & CYGNET RESEARCH LIBRARY

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees

M G Evans G L Parfitt RM Williams N D Paul

Secretary RM Williams Charity number 1081824 Company number 03905769 Registered office Cygnet Theatre Friars Gate Exeter Devon EX2 4AZ

Independent examiner

M J Campbell FCCA CTA Simpkins Edwards LLP The Summit Woodwater Park Pynes Hill Exeter Devon EX2 5WS

Bankers The Co-operative Bank 242 High Street Exeter EX4 3QB

CYGNET TRAINING THEATRE & CYGNET RESEARCH LIBRARY

CONTENTS

----- Start of picture text -----
Page
Trustees’ report 1-5
Independent examiner's report 6
Statement of financial activities tf
Balance sheet 8
Notes to the financial statements 9-22
----- End of picture text -----

CYGNET TRAINING THEATRE & CYGNET RESEARCH LIBRARY TRUSTEES' REPORT (INCLUDING DIRECTORS’ REPORT) FOR THE YEAR ENDED 31 AUGUST 2023

The trustees present their annual report and financial statements for the year ended 31 August 2023.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's governing document, the Companies Act 2006 and "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of lreland (FRS 102)" (effective 1 January 2019).

Objectives and activities

Cygnet Training Theatre & Cygnet Research Library is an educational charity dedicated to the training of professional actors and to the continual presentation of theatre and theatrical experience, and to providing research opportunities for Artists in Residence.

The year began on 13‘ September 2022, with a company of two girls. A third girl from previous year’s company joined the others on a part-time basis for the Trinity College London Diploma work. A further girl joined to take part in the Role-Play Course. The Autumn term ended on Sunday 18" December with Cygnet’s traditional Carol Celebration. Cygnet offered a two-week intensive Stage Combat Course run by Captivate Action. Former fighters joined the Cygnet Company and the course ended with Fight Night on 6 October in preparation for the BADC Examinations the following day, which all passed with good results.

Then rehearsals began for a The Earth Turns a presentation to be held at The Royal Albert Memorial Museum as part of the Green Futures Project jointly run by Exeter University, The Met Office & Royal Alber Memorial Museum. Texts were selected by Alistair Ganley from an anthology compiled from writers from all over the globe using climate change as the theme. The performance was presented to a capacity audience as part of a full programme of speakers in a gallery at the museum on Wednesday 2"¢ November 2022.

During the Autumn Term Cygnet Students took part in Role-Play workshops run by Hannah Goodaire, in preparation for a project run jointly with Devon County Council Social Services. Former student Meg Sharland joined the others to learn the skill and work as clients for training Social Workers. The project ran all year and the students were able to learn a useful skill which can be a good source of income in their professional lives.

Alistair Ganley’s planned November production of Airswimming by Charlotte Jones was postponed due to the illness of one of the actresses, so the performances were rescheduled for January 2023 and Cygnet Alumna Sally Geake was engaged to play instead.

Steve Bennett came in in late November to work with the company on a devising project, which culminated with an informal performance for invited friends and staff. This was so successful that it was repeated in May 2023, when the third Student joined the company with much success. Again a scratch performance finished the week and was much enjoyed by all.

The Spring Term began with final rehearsals for Airswimming, directed by Alistair Ganley, which opened to great acclaim at Cygnet Theatre on 23% January 2023. As well as three performances in the theatre, the play visited Exmoor Studios in Dulverton, Farrington Village Hall, Alphington Village Hall, Crediton Arts Centre & finishing on Saturday 4°" February at Lympstone Village Hall, playing to full houses and garnering standing ovations. A private performance at Exeter School included a workshop for the sixth form special drama group.

After the tour the teaching term commenced, the two girls being joined by another girl who continued for the rest of the year. The final production of the term was a compilation of plays concerning women entitled Mothers, Daughters, Actresses directed by Alistair Ganley with seven performances between 23 March & 1% April 2023. During the Spring Term Hannah Goodaire’s family commitments made it impossible for her to continue for the same number of hours. She now works on a freelance basis from home and on occasional days itf the office. She continued to teach Role-Play and run the Cygnet Youth Theatre which performed Shakespeare’s Romeo & Juliet at Cygnet on 19" & 20" July. She is happy to help with technical work for events when available.

as:

CYGNET TRAINING THEATRE & CYGNET RESEARCH LIBRARY TRUSTEES’ REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023

Cygnet continues to benefit from the regular freelance team of staff — including Mel Mehta (Voice), Louisa Morgan (singing), Kate Somerby (Trinity Diplomas), Daisy Harrison (Dance & Body Conditioning), Amanda Knott (Ballet). Sadly, Daisy resigned at the end of the Autumn Term for personal reasons and Nicholette Pollard joined the team to look after the dance elements for the two Performance Arts Diploma students.

Kate Somerby prepared the students alongside Louisa & Nicholette for their Trinity Diploma examinations; and our summer term began with concentrated final rehearsals for ATCL (Associate of Trinity College London — Level 4 QRL) & LTCL Licentiate of Trinity College London Practical — (Level 6 QRL). Examinations took place on 15" June at Cygnet Theatre, when we welcomed a further student from Wiltshire to take her ATCL Diploma at our centre. All candidates achieved Distinctions. Rehearsals then began for our summer touring production of Shakespeare’s A Midsummer Night's Dream which had been originally proposed during 2021. Directed by Amanda Knott the Dream opened at Cygnet Theatre on 42th — 15th July and then toured to six local outdoor venues (Lympstone Entertainments, Knackershole Garden Theatre, Exmoor, Farringdon Garden, Hatherleign Community Centre, Alphington Community Centre & Thorverton Memorial Hall) before the term ended on 22" July. For this production we welcomed four additional cast members (one alumna and three men) three of whom have been past members of our Summer Touring Company, and we newly welcomed Jack Lord.

We remain grateful to our friends in the profession, who often give their time to assess, advise and coach the students. During the year we ran a series of workshops:

Steve Bennett — Comedy & Devising

Doug Rollins — self-taping and show-reel preparation. Penelope McGhie — Truthful Acting. Marina Caldarone — Actioning & entering the profession. Angela Bull — Going into the Profession for graduating actors. Vicki-Jo Eva — Voice-Over.

Cygnet attended one Careers’ Fairs at St Peter’s school and later in the year welcomed two students for work experience and hosted their production of Kindertransport by Diane Samuels, directed by their head of Drama, Briony Vallis. We also held students from Colyton Grammar School, Newton Abbot school & St Thomas Hall school for work experience weeks.

In the spring term we hosted Clyst Vale Community College’s production of The Little Shop of Horrors which brought two extremely full houses for a very successful production.

During the Autumn Term our delayed Monologue Competition took place on Saturday October 22" with Mark Cassidy & Amanda Knott Judging the categories. In the Summer Term Louisa Morgan organised and ran a Musical Theatre Competition which took place at Cygnet Theatre on Saturday 17" June. Naomi Lee Schulke came to judge the competition which was well attended and a successful & popular event.

Dia

CYGNET TRAINING THEATRE & CYGNET RESEARCH LIBRARY TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023

Cygnet Theatre ran approximately 30 events at the theatre, stewarded by a stalwart team of over 20 Front of House volunteers, collectively giving over 360 hours throughout the year, which is equivalent to over £2,690 inkind payments. As well as our own productions Cygnet hosted a number of visiting companies and guest artists: 8 September— The Wind in The Willows— Calf 2 Cow 10 September — Every Brilliant Thing — Living Room Theatre 16" & 17 September — Duck Variations — Benchmark Theatre 23'4 — 23" September — A Comedy Double Bill: A Dinner Engagement & The Telephone — Staircase Opera 24th September - Autumn Concert~ Louisa Morgan’s singing pupils 8 October - Autumn Concert— Katy Bringloe’s singing pupils 4th November— Victorian Gothic — Don’t Go Into The Cellar! 17" December - Christmas Concert— Katy Bringloe’s singing pupils 21st January — Breeding Grounds — Journeyman Theatre 31% January & 18' February — Little Shop of Horrors — Clyst Vale School 3% March — Diary of a Nobody — Don’t Go Into The Cellar! 10 March — Crying Like A Fire in the Sun — Artemis Storytelling 18" March — Tom McConville & Michael Biggins 26'" March — Spring Concert — Katy Bringloe’s singing pupils 20" May — Spring Concert — Louisa Morgan’s singing pupils 25th — 27' May — An Inland Haven — Quay & Canal Trust 3" June — Storm in a Teapot— Boo to a Goose Theatre 9th June — Tam Lin Retold— Corinne Harragin 15 June — Duck Variations — Benchmark Theatre 22"4 — 24th June — The Mother — The Wheel 29! June — Kindertransport— St Peter’s C of E Aided High School

Cygnet welcomed around 1866 of our expected 3000 audience members into the building and hosted many local groups including performances for the local charities and groups.

Cygnet building was also hired by Louisa Morgan, Katy Bringloe & Pete Rawcliffe for singing lessons; Mark Cassidy for Meisner Classes & Sam Morgan for Impro classes. Anthos Youth Theatre hired the theatre for their Christmas & Summer shows. Alistair Ganley rehearsed ///uminate a new play by Jane Tipping, which was played at Crediton Arts Centre, and they made a generous donation to Cygnet Theatre.

Cygnet continues to benefit from the Solar PV installation made in 2012.

We remain indebted to the Associates, our Front of House Staff and Trustees for their help and support throughout the year.

Cygnet also acknowledges generous donations from friends and a large legacy from a local donor.

Over the last few years applications have dwindled partly through the proliferation of competition through University courses offering actor training with the obvious advantage of a degree qualification and Student Loan opportunities. We had very few applicants and numbers of those who did apply were restricted by Brexit visa requirements. So, in conjunction with staff the Trustees have decided to pause the training pending a Feasibility Study by Arts Reach of Leicester, which will take place between September and December 2023. It has been generously funded by The Backstage Trust.

Alistair Ganley has resigned with effect from the end of July and has commenced an intensive course in Teacher Training. Mark Carey, actor, writer, director and member of Cygnet’s Advisory Board has offered to take over in the interim from January 2024, pending the results of the feasibility study which he has organised.

Louisa Morgan will return to teach voice in any future arrangement, but for the present has a part-time teaching post at Italia Conti and teaches privately from home.

The trustees have paid due regard to guidance issued by the Charity Commission regarding public benefit and in deciding what activities the charity should undertake.

=3-

seSS

CYGNET TRAINING THEATRE & CYGNET RESEARCH LIBRARY

TRUSTEES’ REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023

Financial review

As shown in the statement of financial activities on page 7, incoming resources have decreased during the year by £17,671 to £96,922 (2022: £114,593).

income from Cygnet productions totalled £9,402 (2022: £7,446).

Direct costs of Cygnet productions totalled £9,638 (2022: £13,493).

Fundraising and publicity expenses decreased by £5,032 to £996 (2022: £6,028).

Expenditure on charitable activities decreased by £47,948 to £96,643 (2022: £144,591).

This gave net incoming/(outgoing) resources during the year of (£717) (2022: (£36,026)), bringing the total fund balance at 31 August 2023 to £259,639 (2022: £260,356).

The Trustees aim to hold sufficient reserves to cover running costs for 3 months. This equates to approximately £20,500.

The trustees have assessed the major risks to which the charity is exposed, in particular those related to the operations and finances of the charity, and are satisfied that systems are in place to mitigate their exposure to major risks.

eeEee

oy i

CYGNET TRAINING THEATRE & CYGNET RESEARCH LIBRARY

TRUSTEES' REPORT (INCLUDING DIRECTORS’ REPORT) (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023

Structure, governance and management

The charity is a company limited by guarantee and has no share capital. The charity's objects and regulations are set out in the company's Memorandum and Articles approved on 13 January 2000. The company is the successor to the earlier non-incorporated charity which ceased to operate and its assets and funds transferred to the present charity.

The charity is governed by a board of trustees.

The trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were: M G Evans G L Parfitt S Pounds (Resigned 2 March 2023) RM Williams N D Paul

New trustees may be appointed by a resolution of the Trustees recorded in the minutes and signed by the new Trustee.

A trustee may retire by writing. Such retirement shall be recorded in the minutes.

The trustees' report was approved by the Board of Trustees. R M Williams Director/TryustDated: “CUT 4{ ; te

----- Start of picture text -----
NMe
DirDated:...1....nal ba1h. ‘
----- End of picture text -----

«5e

CYGNET TRAINING THEATRE & CYGNET RESEARCH LIBRARY

INDEPENDENT EXAMINER'S REPORT

TO THE TRUSTEES OF CYGNET TRAINING THEATRE & CYGNET RESEARCH LIBRARY

| report to the trustees on my examination of the financial statements of Cygnet Training Theatre & Cygnet Research Library (the charity) for the year ended 31 August 2023. 2

Responsibilities and basis of report

As the trustees of the charity (and also its directors for the purposes of company law) you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006 (the 2006 Act).

Having satisfied myself that the financial statements of the charity are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, | report in respect of my examination of the charity’s financial statements carried out under section 145 of the Charities Act 2011 (the 2011 Act). In carrying out my examination | have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.

Independent examiner's statement

| have completed my examination. | confirm that no matters have come to my attention in connection with the

examination giving me cause to believe that in any material respect:

| have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached.

M J Campbell FCCA CTA

for and on behalf of Simpkins Edwards LLP

The Summit

Woodwater Park

Pynes Hill Exeter Devon EX2 5WS

Dated hsxcrsessssnuceeercsexes

=i Gin

CYGNET TRAINING THEATRE & CYGNET RESEARCH LIBRARY

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 31 AUGUST 2023

Unrestricted Restricted Total Unrestricted Restricted Total
funds funds funds funds
2023 2023 2023 2022 2022 2022
Notes z £. £ £ £ £
Income from:
Donations and legacies 3 29,715 12,500 42,215 14,572 8,500 23,072
Charitable activities 4 50,131 9 50,140 86,246 - 86,246
Other trading activities 5 4,567 - 4,567 5,275 - 5,275
Total income 84,413 12,509 96,922 106,093 8,500 114,593
Expenditure on:
Raising funds 6 996 - 996 6,028 - 6,028
Charitable activities 7 91,573 5,070 96,643 133,570 11,021 144,591
Total expenditure 92,569 5,070 97,639 139,598 11,021 150,619
Net income/(expenditure) (8,156) 7,439 (717) (33,505) (2,521) (36,026)
Transfers between
funds (4,455) 4,455 - (2,521) 2,521 -
Net movement in
funds (12,611) 11,894 (717) (36,026) - (36,026)
Reconciliation of funds:
Fund balances at 1 September
2022 259,173 1,183 260,356 295,199 1,183 296,382
Fund balances at 31 August
2023 246,562 13,077 259,639 259,173 1,183 260,356

The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.

27%

CYGNET TRAINING THEATRE & CYGNET RESEARCH LIBRARY

BALANCE SHEET

AS AT 31 AUGUST 2023

2023 2022
Notes £ £ £ £
Fixed assets
Tangible assets 12 233,632 239,567
Current assets
Stocks 13 565 351
Debtors 14 30,046 26,456
Cash at bank and in hand 14,588 20,499
45,199 47,306
Creditors: amounts falling due within
oneyear 15 (6,049) (13,374)
Net current assets 39,150 33,932
Total assets less current liabilities 272,782 273,499
Creditors: amounts falling due after
more than one year 16 (13,143) (13,143)
Net assets 259,639 260,356
Income funds
Restricted funds 17 13,077 1,183
Unrestricted funds 246,562 259,173
259,639 260,356

The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 31 August 2023.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime. The financial statements were approved by the Trustees of Ay i Dy . LCRTINGL EOIN ily (tip R M Williams NO Pbul Trustee Trustee

Company Registration No. 03905769

is

CYGNET TRAINING THEATRE & CYGNET RESEARCH LIBRARY

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023

Charity information

Cygnet Training Theatre & Cygnet Research Library is a private company limited by guarantee incorporated in England and Wales. In the event of the charity being wound up, the liability in respect of the guarantee is limited to £1 per member of the charity. The registered office is Cygnet Theatre, Friars Gate, Exeter, Devon, EX2 4AZ.

1.1. Accounting convention The financial statements have been prepared in accordance with the charity's governing document, the Companies Act 2006, FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (‘FRS 102”) and the Charities SORP "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" (effective 1 January 2019). The charity is a Public Benefit Entity as defined by FRS 102.

The charity has taken advantage of the provisions in the SORP for charities not to prepare a Statement of Cash Flows.

The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2 Going concern

At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3 Charitable funds Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.

Restricted funds are subject to specific conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.

1.4 Incoming resources

Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

Income represents grants, donations, tuition fees and other revenue receivable during the year.

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

~i0<

CYGNET TRAINING THEATRE & CYGNET RESEARCH LIBRARY

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023

----- Start of picture text -----
(Continued)
----- End of picture text -----

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement, and the amount of the obligation can be measured reliably.

Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset’s use.

All expenditure is included in the Statement of Financial Activities on an accruals basis.

Direct charitable expenditure

This comprises all expenditure directly relating to the objects of the Charity. Where appropriate, it includes a proper allocation of items of expenditure involving more than one cost category. Where expenditure is of both a charitable and administrative nature, it is split between the two. In most cases, this results in 70% going to charitable expenditure and 30% to management and administration expenditure. Management and administration expenditure This comprises the costs which are not incurred directly in any of the charitable activities or projects of the Charity. Where appropriate, it includes a proper allocation of items of expenditure involving more than one cost category. Where expenditure is of both a charitable and administrative nature, it is split between the two. In most cases, this results in 70% going to charitable expenditure and 30% to management and administration expenditure.

1.6 Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:

----- Start of picture text -----
|||||||||||| |---|---|---|---|---|---|---|---|---|---|---| |Freehold|property|2%|per annum|on|written|down|value| |Freehold|land|0%|per annum| |Property|improvements|4%|per annum|on|written|down|value| |Plant|and|equipment-|grand|piano|0%|per annum| |Plant|and|equipment-|computer|hardware|33%|per annum|on|written|down|value| |Plant|and|equipment-|other|20%|per annum|on|written|down|value| |Costumes|0%|per annum|

----- End of picture text -----

=40-

CYGNET TRAINING THEATRE & CYGNET RESEARCH LIBRARY

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023

1 Accounting policies

(Continued)

Freehold sand is not depreciated. Costumes are not depreciated as they are well maintained and repaired when necessary.

The company inherited a property and it is included at market value on the date it was transferred to the charity. The property is used by the charity to house the research library and provide accommodation for visiting lecturers. Rental income is received from one individual and the property has been accounted for as property within tangible fixed assets.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. Items held for distribution at no or nominal consideration are measured the lower of replacement cost and cost.

Net realisable value is the estimated selling price less all estimated costs of completion and costs to be incurred in marketing, selling and distribution.

1.8 Financial instruments

The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

-11-

CYGNET TRAINING THEATRE & CYGNET RESEARCH LIBRARY

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023

2 Critical accounting estimates and judgements

In the application of the charity’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3 Donations and legacies

Unrestricted Restricted Total Total
funds funds
2023 2023 2023 2022
£ £ £ £
Donations and gifts 21,534 . 27,534 9,403
Legacies receivable 2,181 - 2,181 -
Grant income - 12,500 12,500 13,669
29,715 12,500 42,215 23,072
For the yearended 31 August 2022 14,572 8,500 23,072
4 Income from charitable activities
Unrestricted Restricted Total Unrestricted Restricted Total
funds funds funds funds
2023 2023 2023 2022 2022 2022
£ £ £ £ £ £
Charitable activities
Tuition fees (full time and
evening classes) 19,472 - 19,472 59,183 - 59,183
Short courses and
workshops 2,414 - 2,414 2,971 - 2,971
Incomefrom Cygnet
productions 9,402 - 9,402 10,965 = 10,965
Ticket sales from guest
productions 13,534 - 13,534 10,633 - 10,633
Feed in tariff 1,151 = 1151 715 - 715
Charitable rental income 3,919 - 3,919 1,775 - 1,775
Bank interest received 239 9 248 4 . 4
50,131 9 50,140 86,246 - 86,246

-12-

CYGNET TRAINING THEATRE & CYGNET RESEARCH LIBRARY

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023

5 Other trading activities

Unrestricted Total
funds
2023 2022
£ £
Programme sales 6 116
Refreshment income 3,632 3,870
Miscellaneous 929 1,289
Othertradingactivities 4,567 5,275

6 Raising funds

Unrestricted Total
funds
2023 2022
£ £
Fundraising and publicity
Advertising 996 6,028
996 6,028

= /f{3-

CYGNET TRAINING THEATRE & CYGNET RESEARCH LIBRARY

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023

7 Charitable activities

Direct Management Total Total
Charitable and 2023 2022
ExpenditureAdministration Administration
2023 2023
£ £ £ £
Staff costs 5,769 2,473 8,242 34,832
Depreciation and impairment 1,216 4,719 5,935 6,305
Equipment repairs and renewals 1,879 805 2,684 2,493
Light and heat 4,939 2,117 7,056 5,616
Rates 1,574 675 2,249 2,711
Insurance 3,660 1,568 5,228 4,943
Travel expenses 792 340 1,132 930
Motoring expenses 176 75 251 1,329
Postage, printing, photocopying & stationery 1,979 848 2,827 2,578
Telephone 1,463 627 2,090 1,621
Property repairs and renewals 267 115 382 1,735
Teaching costs 22,093 . 22,093 38,147
Direct costs of Cygnet productions 768 . 768 10,154
Guest production fees and costs 8,108 - 8,108 3,434
Exam fees and licences 2,004 - 2,004 2,421
Catering 2,255 - 2,255 2,445
Sundry 381 - 381 604
Short courses and workshops 2,684 - 2,684 160
Legal and professional - 372 372 703
Bank charges and interest - 614 614 695
Cleaning expenses - 173 173 355
Computer costs - 499 499 1,485
Irrecoverable debts . . - 195
Accountancy - 4,676 4,676 4,340
Actors fees 8,870 - 8,870 3,339
Other direct costs 5,070 - 5,070 205
Advertising costs - - - 10,816
75,947 20,696 96,643 144,591
Analysis by fund
Unrestricted funds 70,877 20,696 91,573 133,570
Restricted funds 5,070 - 5,070 11,021
75,947 20,696 96,643 144,591
Forthe yearended 31 August 2022
Unrestricted funds 103,282 30,288 133,570
Restricted funds 11,021 - 11,021
114,303 30,288 144,591

-14-

CYGNET TRAINING THEATRE & CYGNET RESEARCH LIBRARY

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023

8 Independent examiner's remuneration

The analysis ofindependent examiner's remuneration is as follows:
2023 2022
£ £
Independent examination ofthe annual accounts 3,825 3,800
Othersupport services 851 540
Totalindependentexaminationfees 4,676 4,340

9 Trustees

During the year, no trustees (or any persons connected with them) received any remuneration or benefits from the charity.

10 Employees

The average monthly number of employees during the year was:

2023 2022
Number Number
- 1
Employment costs 2023 2022
£ £
Wagesandsalaries - 3,843

The majority of staff have been freelance since May 2020. There were no employees during the year (2022: 1).

Staff costs of £8,242 represents freelance labour costs.

There were no employees whose annual remuneration was more than £60,000.

11. Taxation

The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.

-15-

CYGNET TRAINING THEATRE & CYGNET RESEARCH LIBRARY

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023

12 Tangible fixed assets
Property and Equipment Costumes Total
improvements
£ e £ £
Cost
At 1 September 2022 341,619 89,396 5,067 436,082
At 31 August2023 341,619 89,396 5,067 436,082
Depreciation and impairment
At
1 September 2022		 129,197 66,357 961 196,515
Depreciation charged in the year 4,719 1,216 - 5,935
At 31 August2023 133,916 67,573 961 202,450
Carrying amount
At 31 August2023 207,703 21,823 4,106 233,632
At 31 August 2022 212,422 23,039 4,106 239,567
13 Stocks
2023 2022
£ £
Bar stock 565 351
14 Debtors
2023 2022
Amounts falling due within one year: £ £
Trade debtors 21,150 19,150
Other debtors 8,331 7,230
Prepayments 565 76
30,046 26,456
15 Creditors: amounts falling due within one year
2023 2022
£ £
Othertaxation and social security - 773
Trade creditors 1,642 .
Other creditors 60 7,261
Accruals and deferred income 4,347 5,340
6,049 13,374

«fGix

CYGNET TRAINING THEATRE & CYGNET RESEARCH LIBRARY

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023

16 Creditors: amounts falling due after more than one year Other creditors

2023 2022
£ £
Other creditors 13,143 13,143
Restricted funds
The restricted funds of the charity comprise the unexpended balances of donations and grants held on trust
subject to specific conditions by donors as to howthey may be used.
At 1 Incoming Resources Transfers At 31 August
September resources expended 2023
2022
£ £ £ £ £
Student Welfare Fund 183 ZL . 278 468
Project Fund 1,000 2 - (893) 109
Dream Festival - - (5,070) 5,070 -
Feasibility Study Fund . 12,500 - - 42,500
1,183 12,509 (5,070) 4,455 13,077
Previous year: At 1 Incoming Resources Transfers At 31 August
September resources expended 2022
2021
£ £ £ £ £
Student Welfare Fund 183 - - - 183
Project Fund 1,000 - - - 1,000
Dream Festival - 8,500 (11,021) 2,521 -
1,183 8,500 (11,021) 2,521 1,183

17 Restricted funds

The restricted funds of the charity comprise the unexpended balances of donations and grants held on trust subject to specific conditions by donors as to how they may be used.

The Student Welfare Fund is maintained to contribute towards the living costs of the students studying with the company.

The Project Fund is maintained to contribute to any project for which Cygnet is raising money, for a specific purpose, on an ad hoc basis.

The Feasibility Study Fund represents funds granted to Cygnet in order to engage an external consultant to conduct a full feasibility study into the educational, commercial and fundraising prospects of the organisation.

= 47s

CYGNET TRAINING THEATRE & CYGNET RESEARCH LIBRARY

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023

18 Unrestricted funds

The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.

At 1 Incoming Resources Transfers At 31 August
September resources expended 2023
2022
£ £ £ £ £
General funds 259,173 84,413 (92,569) (4,455) 246,562
Previous year: At 1 Incoming Resources Transfers At 31 August
September resources expended 2022
2021
£ £ £ £ £
General funds 295,199 106,093 (139,598) (2,521) 259,173
Analysis of net assets between funds
Unrestricted Restricted Total
funds funds
2023 2023 2023
£ £ £
Fund balances at 31 August 2023 are represented by:
Tangible assets 233,632 - 233,632
Current assets/(liabilities) 26,073 13,077 39,150
Long term liabilities (13,143) - (13,143)
246,562 13,077 259,639
Unrestricted Restricted Total
funds funds
2022 2022 2022
£ £ £
Fund balances at 31 August 2022 are represented by:
Tangible assets 239,567 - 239,567
Current assets/(liabilities) 32,749 1,183 33,932
Long term liabilities (13,143) - (13,143)
259,173 1,183 260,356

19 Analysis of net assets between funds

-18-

CYGNET TRAINING THEATRE & CYGNET RESEARCH LIBRARY

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023

20 Operating lease commitments

At the reporting end date the charity had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

2023 2022
£ £
Between two and five years 3,042 4,056

21 ~+Related party transactions

Transactions with related parties

During the year the charity entered into the following transactions with related parties:

The charity received donations totalling £20,250 from two trustees as follows:

Rosalind Williams: £17,000 (2022: £5,614) Mary Evans: £3,250 (2022: £nil)

There were no restrictions attached to the donations.

At 31 August 2022, the charity owed the following amounts to trustees:

Amounts owed to related
parties
2023 2022
£ £
Mary Evans 13,143 13,143

The loan does not have fixed repayment terms and no interest is charged.

The charity has free use of the theatre which is owned by a discretionary trust of which Mary Evans is a trustee.

The charity inherited 23 New North Road in 2006. It was inherited with Mary Evans being a life tenant of the property. She is also a trustee of the charity.

-19-

’

CYGNET TRAINING THEATRE & CYGNET RESEARCH LIBRARY

PRODUCTIONS ACCOUNT SUMMARY FOR THE YEAR ENDED 31 AUGUST 2023

22 ~~ Profit/(Loss) from productions

~~ Profit/(Loss)Profit/(Loss) from productions
Net
profit/(loss)
£ £
Productions by Cygnet
Twelth Night Income =
Expenditure (173)
= (173)
AMidsummerNight's Dream Income 4,892
Expenditure (7,564)
— (2,672)
Airswimming Income 2,668
Expenditure (1,778)
— 890
Monologue Competition Income 53
Expenditure
—=S= 53
Musical Theatre Competition Income 195
Expenditure >
=—=> 195
Mothers DaughtersActresses Income 840
Expenditure (123)
— 717
Romeo & Juliet Income 360
Expenditure =
= 360
Louisa September Concert Income 110
Expenditure
——- 110
Louisa Christmas Concert Income 170
Expenditure
— 170
Louisa Spring Concert Income 115
Expenditure
—— 415
Incomefrom Cygnet productions 9,403
Cygnet productions direct costs and actors fees (9,638)
Profit/(Loss)fromCygnetproductions (235)

“Ox

5

|

CYGNET TRAINING THEATRE & CYGNET RESEARCH LIBRARY

PRODUCTIONS ACCOUNT SUMMARY

FOR THE YEAR ENDED 31 AUGUST 2023

22 _ ~=~Profit/(Loss) from productions

(Continued)

Guest Show Productions
AWarm Winter's Eve Income 240
Expenditure (185)
== 55
An Inland Haven Income 1,040
Expenditure (678)
—— 362
Breeding Grounds Income 487
Expenditure (152)
—= 335
Duck Variations Income 652
Expenditure (344)
— 308
Every Brilliant Thing Income 276
Expenditure (143)
— 133
Greek Myths Double Bill Income 944
Expenditure (611)
—— 333
Kindertransport Income 370
Expenditure -
— 370
Little Shop of Horrors Income 2,184
Expenditure (1,892)
es 292
Staircase Opera Income 1,644
Expenditure (1,016)
— 628
Storm in a Teapot Income 101
Expenditure -
—= 101
Tam Lin Retold Income 372
Expenditure (210)
—_—> 162
The Mother Income 1,122
Expenditure (673)
— 449

294%

t

ja

CYGNET TRAINING THEATRE & CYGNET RESEARCH LIBRARY

PRODUCTIONS ACCOUNT SUMMARY

FOR THE YEAR ENDED 31 AUGUST 2023

22 ~—«~Prrofit/(Loss) from productions ~—«~Prrofit/(Loss) from productions (Continued)
TheWind theWillows Income 245
Expenditure (300)
=< (55)
Tom McConville Income 420
Expenditure (294)
— 126
Victorian Gothic Income 472
Expenditure (300)
— 172
Crying Like a Fire in the Sun Income 1,019
Expenditure (663)
—— 356
Diary of a Nobody Income 996
Expenditure (647)
——== 349
Mara Income 74
Expenditure =
— 74
OurSecret's Safe Income 50
Expenditure -
— 50
The Earth Turns Theatrical Performance Income 200
Expenditure -
— 200
Katy Bringloe September Concert Income 175
Expenditure -
SS 175
Katy Bringloe Christmas Concert Income 316
Expenditure -
—_ 316
Katy Bringloe Spring Concert Income 135
Expenditure -
— 135
Ticket sales from guest productions 13,534
Guest production fees and costs (8,108)
Profit/(Loss)fromguestproductions 5,426

= 22 =