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← Cygnet Training Theatre & Cygnet Research Library

2024-08-31-accounts

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

CYGNET TRAINING THEATRE & CYGNET RESEARCH LIBRARY ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024

CYGNET TRAINING THEATRE & CYGNET RESEARCH LIBRARY

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees G L Parfitt R M Williams N D Paul L H Corley (Appointed 1 September 2024) Secretary R M Williams Charity number 1081824 Company number 03905769 Registered office Cygnet Theatre Friars Gate Exeter Devon EX2 4AZ Independent examiner Mr A Hemmings BA(Hons) FCA CTA Simpkins Edwards LLP The Summit Woodwater Park Pynes Hill Exeter EX2 5WS Bankers The Co-operative Bank 242 High Street Exeter EX4 3QB

CYGNET TRAINING THEATRE & CYGNET RESEARCH LIBRARY

CONTENTS

Page
Trustees' report 1 - 3
Independent examiner's report 4
Statement of financial activities 5
Balance sheet 6
Notes to the financial statements 7 - 20

CYGNET TRAINING THEATRE & CYGNET RESEARCH LIBRARY

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 31 AUGUST 2024

The trustees present their annual report and financial statements for the year ended 31 August 2024.

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 Ireland (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.

This year for the first time in Cygnet’s history we could not recruit a cohort of students. Numbers have been dwindling over the years due to several factors and changes nationally and internationally, so it was decided to see if Cygnet could continue to fulfil its aims by hiring out the space to those teaching the arts and skills to community at large and to open to more community involvement, as well as running short training courses for professional actors.

Some of Cygnet’s regular freelance staff and new practitioners and local professional and amateur theatrical groups have hired the building for regular classes, rehearsals and performances. Cygnet has continued to run a season of visiting performances to paying public, running the Front of House as before with bar and coffee bar and stewarding from volunteer teams.

Cygnet also obtained a grant from The Backstage Trust in order to commission Art Reach to conduct a Feasibility Study to help the Trustees determine the future of the Charity.

Art Reach representative Jo Dacombe met with Trustees and our associate staff and key friends and volunteers. She has conducted a survey of our regular hirers to ascertain the scope of the building and conducted joint sessions on zoom with Patrick Cunningham CEO of the Exeter Phoenix Arts Centre & Martin Berry CEO of Exeter Northcott theatre to discuss various options for future collaboration.

Cygnet hosted a number of visiting companies and guest artists:

Cygnet has also mounted a Summer Tour of Shakespeare’s The Comedy of Errors directed by Amanda Knott, with a company of Alumni and local professional actors recruited for this tour.

CYGNET TRAINING THEATRE & CYGNET RESEARCH LIBRARY

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024

The production opened at Cygnet Theatre with four performances between 3[rd] & 6[th] July and toured to Lympstone, Farringdon, Lapford Mill, Knackershole Garden Theatre (Dulverton), Hatherleigh Community Centre & Thorverton between 7[th] & 14[th] July.

The Cygnet Theatre building has been hired more frequently this year:-

The Salvation Army have regularly hired the building for their Sunday worship whilst their building is refurbished.

Helena Meineck has been a sturdy volunteer and has hired the building for three successful dance shows and two rehearsal afternoons.

We have also rented out the building for a Theatre of the Oppression Workshop and hosted two other workshops of our own – Creative Actor Training – led by Alumnus Matthieu Bellon & Bred in the Bone Theatre , and DeMystifying Shakespeare led by Stratford actor Mariah Gale.

Mark Cassidy continues to run his Meisner Course; Kevin Hickson runs a weekly T’ai Chi class; Julia Dodd hires the Music Room for extra tuition sessions; Pete Rawcliffe for singing lessons & Caroline Diffley for an African Piano Music Course. Clare Maxwell runs a weekly life-drawing session in the upstairs studio. Amanda Knott has founded a successful regular Ballet class and together with her family have added ballet barres to the upstairs studio, making it further fit for the purpose!

Exeter Musical Theatre Company hired the space for auditions and rehearsals.

Mountview Academy hired the entire building for a day’s auditions.

Four of Swords & Awkward Pigeon hired the space to rehearse their shows before performing them, and there were a number of hires by individual theatre companies to mount their shows.

Cygnet has been lucky to continue to benefit from our part-time Administrator Hannah Goodaire and recently added Lucie Ball as our marketing and social media expert. Another key volunteer Helena Meineck has revolutionized the costume store and is extremely generous with her time and energy in improving the environment of the Cygnet Building.

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

We made applications for grants to mount our Summer Tour. Applications were successful as follows:

The Viscount Amory Charitable Trust - £1,000

We remain indebted to our volunteers the Associates, our Front of House Staff and Trustees for their help and support throughout the year. Cygnet welcomes over 3000 audiences into the building and continues to be a community asset which is much loved and cherished.

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.

Financial review

As shown in the statement of financial activities on page 5, incoming resources have decreased during the year by £5,253 to £91,669 (2023: £96,922).

Income from Cygnet productions totalled £7,485 (2023: £9,402).

Direct costs of Cygnet productions totalled £11,666 (2023: £9,638).

Fundraising and publicity expenses increased by £1,870 to £2,866 (2023: £996).

Expenditure on charitable activities increased by £16,775 to £113,418 (2023: £96,643).

This gave net incoming/(outgoing) resources during the year of (£24,615) (2023: (£717)) bringing the total fund balance at 31 August 2024 to £235,024 (2023 £259,639).

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

CYGNET TRAINING THEATRE & CYGNET RESEARCH LIBRARY

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024

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.

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 (Resigned 31 August 2024) G L Parfitt R M Williams N D Paul L H Corley (Appointed 1 September 2024)

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/Trustee Dated: 13 May 2025

N D Paul Director/Trustee Dated:13 May 2025

CYGNET TRAINING THEATRE & CYGNET RESEARCH LIBRARY

INDEPENDENT EXAMINER'S REPORT

TO THE TRUSTEES OF CYGNET TRAINING THEATRE & CYGNET RESEARCH LIBRARY

I 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 2024.

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.

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

Independent examiner's statement

I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

I 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.

Mr A Hemmings BA(Hons) FCA CTA

for and on behalf of Simpkins Edwards LLP

The Summit Woodwater Park Pynes Hill Exeter EX2 5WS

Dated: 20 May 2025

CYGNET TRAINING THEATRE & CYGNET RESEARCH LIBRARY

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 31 AUGUST 2024

Unrestricted
Restricted
funds
funds
2024
2024
Notes
£
£
Income from:
Donations and legacies
3
19,854
20,000
Charitable activities
4
46,147
26
Other trading activities
5
5,642
-
Total income
71,643
20,026
Expenditure on:
Raising funds
6
2,866
-
Charitable activities
7
102,540
10,878
Total expenditure
105,406
10,878
Net income/(expenditure)
(33,763)
9,148
Transfers between
funds
-
-
Net movement in
funds
8
(33,763)
9,148
Reconciliation of funds:
Fund balances at 1 September
2023
246,562
13,077
Fund balances at 31 August
2024
212,799
22,225		 Total
Unrestricted
Restricted
funds
funds
2024
2023
2023
£
£
£
39,854
29,715
12,500
46,173
50,131
9
5,642
4,567
-
91,669
84,413
12,509
2,866
996
-
113,418
91,573
5,070
116,284
92,569
5,070
(24,615)
(8,156)
7,439
-
(4,455)
4,455
(24,615)
(12,611)
11,894
259,639
259,173
1,183
235,024
246,562
13,077		 Total
2023
£
42,215
50,140
4,567
96,922
996
96,643
97,639
(717)
-
(717)
260,356
259,639

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

CYGNET TRAINING THEATRE & CYGNET RESEARCH LIBRARY

BALANCE SHEET

AS AT 31 AUGUST 2024

Notes
Fixed assets
Tangible assets
13
Current assets
Stocks
14
Debtors
15
Cash at bank and in hand
Creditors: amounts falling due within
one year
16
Net current assets
Total assets less current liabilities
Creditors: amounts falling due after
more than one year
17
Net assets
Income funds
Restricted funds
18
Unrestricted funds		 2024
£
495
5,743
23,557
29,795
(9,792)		 £
228,164
20,003
248,167
(13,143)
235,024
22,225
212,799
235,024		 2023
£
565
30,046
14,588
45,199
(6,049)		 £
233,632
39,150
272,782
(13,143)
259,639
13,077
246,562
259,639

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 2024.

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 on 13 May 2025

R M Williams N D Paul
Trustee Trustee
Company Registration No. 03905769

CYGNET TRAINING THEATRE & CYGNET RESEARCH LIBRARY

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024

1 Accounting policies

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

The charity is currently reliant on support from the trustees to continue in operational existence. The trustees have indicated their ongoing commitment to supporting the charity through unrestricted funding, and their commitment to obtaining other sources of funding to secure the financial future of the charity and further the charitable objectives. On this basis, 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.

CYGNET TRAINING THEATRE & CYGNET RESEARCH LIBRARY

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024

1 Accounting policies

(Continued)

1.5 Resources expended

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:

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

CYGNET TRAINING THEATRE & CYGNET RESEARCH LIBRARY

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024

1 Accounting policies

(Continued)

Freehold land 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.

1.7 Stocks

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.

CYGNET TRAINING THEATRE & CYGNET RESEARCH LIBRARY

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024

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
funds
funds
2024
2024
2024
£
£
£
Donations and gifts
19,854
-
19,854
Legacies receivable
-
-
-
Grant income
-
20,000
20,000
19,854
20,000
39,854
For the year ended 31 August 2023
29,715
12,500
Income from charitable activities
Unrestricted
Restricted
Total
Unrestricted
Restricted
funds
funds
funds
funds
2024
2024
2024
2023
2023
£
£
£
£
£
Charitable activities
Tuition fees
2,304
-
2,304
19,472
-
Short course and
workshops
4,270
-
4,270
2,414
-
Income from Cygnet
productions
7,484
-
7,484
9,402
-
Ticket sales from guest
productions
13,286
-
13,286
13,534
-
Feed in tariff
1,142
-
1,142
1,151
-
Charitable rental income
17,615
-
17,615
3,919
-
Bank interest received
46
26
72
239
9
46,147
26
46,173
50,131
9		 Total
2023
£
27,534
2,181
12,500
42,215
42,215
Total
2023
£
19,472
2,414
9,402
13,534
1,151
3,919
248
50,140

4 Income from charitable activities

CYGNET TRAINING THEATRE & CYGNET RESEARCH LIBRARY

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024

5 Other trading activities

Unrestricted
funds
2024
£
Programme sales
5
Refreshment income
5,530
Miscellaneous
107
Other trading activities
5,642
Raising funds
Unrestricted
funds
2024
£
Fundraising and publicity
Advertising
2,866
2,866		 Total
2023
£
6
3,632
929
4,567
Total
2023
£
996
996

CYGNET TRAINING THEATRE & CYGNET RESEARCH LIBRARY

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 AUGUST 2024

7 Charitable activities

Direct
Charitable
Expenditure
Management
and
Administration
2024
2024
£
£
Staff costs
8,499
3,642
Depreciation and impairment
906
4,562
Equipment repairs and renewals
2,297
985
Light and heat
5,825
2,496
Rates
2,139
917
Insurance
3,831
1,642
Travel expenses
1,175
503
Motoring expenses
-
78
Postage, printing, photocopying & stationery
1,657
710
Telephone
1,658
711
Property repairs and renewals
734
314
Teaching costs
60
-
Direct costs of Cygnet productions
2,249
-
Guest production fees and costs
10,249
-
Exam fees and licences
180
-
Catering
2,694
-
Sundry
242
-
Short courses and workshops
1,712
-
Legal and professional
10,800
2,198
Bank charges and interest
-
588
Cleaning expenses
-
193
Computer costs
-
900
Irrecoverable debts
-
21,000
Accountancy
-
5,083
Actors fees
9,989
-
Other direct costs
-
-
66,896
46,522
Analysis by fund
Unrestricted funds
56,096
46,444
Restricted funds
10,800
78
66,896
46,522
For the year ended 31 August 2023
Unrestricted funds
70,877
20,696
Restricted funds
5,070
-
75,947
20,696		 Total
2024
£
12,141
5,468
3,282
8,321
3,056
5,473
1,678
78
2,367
2,369
1,048
60
2,249
10,249
180
2,694
242
1,712
12,998
588
193
900
21,000
5,083
9,989
-
113,418
102,540
10,878
113,418		 Total
2023
£
8,242
5,935
2,684
7,056
2,249
5,228
1,383
-
2,827
2,090
382
22,093
768
8,108
2,004
2,255
381
2,684
372
614
173
499
-
4,676
8,870
5,070
96,643
91,573
5,070
96,643
91,573
5,070
96,643

During the year ended 31 August 2024, the charity conducted a full review of their customer ledger and cleared all irrecoverable debts. This has resulted in irrecoverable debts of £21,000 (2023: £Nil).

CYGNET TRAINING THEATRE & CYGNET RESEARCH LIBRARY

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024

8
Net movement in funds
The net movement in funds is stated after charging/(crediting):
Fees payable to the charity's independent examiner:
- for the independent examination of the charity's financial statements
- for other financial services
Depreciation of owned tangible fixed assets
9
Independent examiner's remuneration
The analysis of independent examiner's remuneration is as follows:
Independent examination of the annual accounts
Non-audit services
All other non-audit services		 2024
£
3,830
833
5,468
2024
£
3,830
833		 2023
£
3,825
851
5,935
2023
£
3,825
851

10 Trustees

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

11 Employees

The average monthly number of employees during the year was:

2024 2023
Number Number
Total - -
The majority of staff have been freelance since May 2020. There were no employees during the year (2023:
0).
Staff costs of £12,141 represents freelance labour costs.

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

12 Taxation

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

CYGNET TRAINING THEATRE & CYGNET RESEARCH LIBRARY

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024

13
Tangible fixed assets
Property and
improvements
Equipment
Costumes
£
£
£
Cost
At 1 September 2023
341,619
89,396
5,067
At 31 August 2024
341,619
89,396
5,067
Depreciation and impairment
At 1 September 2023
133,916
67,573
961
Depreciation charged in the year
4,562
906
-
At 31 August 2024
138,478
68,479
961
Carrying amount
At 31 August 2024
203,141
20,917
4,106
At 31 August 2023
207,703
21,823
4,106
14
Stocks
2024
£
Bar stock
495
15
Debtors
2024
Amounts falling due within one year:
£
Trade debtors
600
Other debtors
4,057
Prepayments
1,086
5,743
16
Creditors: amounts falling due within one year
2024
£
Trade creditors
2,536
Other creditors
2,320
Accruals and deferred income
4,936
9,792		 Total
£
436,082
436,082
202,450
5,468
207,918
228,164
233,632
2023
£
565
2023
£
21,150
8,331
565
30,046
2023
£
1,642
60
4,347
6,049

CYGNET TRAINING THEATRE & CYGNET RESEARCH LIBRARY

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024

17 Creditors: amounts falling due after more than one year

2024 2023
£ £
Other creditors 13,143 13,143

18 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.

At 1 Incoming Resources Transfers At 31 August
September resources expended 2024
2023
£ £ £ £ £
Student Welfare Fund 468 16 - - 484
Project Fund 109 10 - - 119
Feasibility Study Fund 12,500 - (10,878) - 1,622
New Moodz fund - 20,000 - - 20,000
13,077 20,026 (10,878) - 22,225
Previous year: At 1 Incoming Resources Transfers At 31 August
September resources expended 2023
2022
£ £ £ £ £
Student Welfare Fund 183 7 - 278 468
Project Fund 1,000 2 - (893) 109
Dream Festival - - (5,070) 5,070 -
Feasibility Study Fund - 12,500 - - 12,500
1,183 12,509 (5,070) 4,455 13,077

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.

The New Moodz Fund is for working with young people who are neuro-divergent.

CYGNET TRAINING THEATRE & CYGNET RESEARCH LIBRARY

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024

19 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 Transfers At 31 August
September resources expended 2024
2023
£ £ £ £ £
General funds 246,562 71,643 (105,406) - 212,799
Previous year: 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

20 Analysis of net assets between funds

Unrestricted
Restricted
funds
funds
2024
2024
£
£
At 31 August 2024:
Tangible assets
228,164
-
Current assets/(liabilities)
(2,222)
22,225
Long term liabilities
(13,143)
-
212,799
22,225
Unrestricted
Restricted
funds
funds
2023
2023
£
£
At 31 August 2023:
Tangible assets
233,632
-
Current assets/(liabilities)
26,073
13,077
Long term liabilities
(13,143)
-
246,562
13,077		 Total
2024
£
228,164
20,003
(13,143)
235,024
Total
2023
£
233,632
39,150
(13,143)
259,639

CYGNET TRAINING THEATRE & CYGNET RESEARCH LIBRARY

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024

21 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:

Within one year
Between two and five years		 2024
£
1,014
1,014
2,028		 2023
£
1,014
2,028
3,042

22 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 £16,600 from two trustees as follows:

Rosalind Williams: £15,100 (2023: £17,000) Mary Evans: £1,500 (2023: £3,250)

There were no restrictions attached to the donations.

At 31 August 2024, the charity owed the following amounts to trustees:

Amounts owed to related
parties
2024 2023
£ £
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 was also a trustee of the charity but resigned on 31 August 2024.

CYGNET TRAINING THEATRE & CYGNET RESEARCH LIBRARY

PRODUCTIONS ACCOUNT SUMMARY

FOR THE YEAR ENDED 31 AUGUST 2024

23 Profit/(Loss) from productions

Profit/(Loss) from productions
Net
profit/(loss)
£ £
Productions by Cygnet
Romeo & Juliet Income -
Expenditure (24)
(24)
Aladdin Income 575
Expenditure (34)
541
Katy Kerley's Singing Concert Income 135
Expenditure (34)
101
Louisa Morgan's Christmas Concert Income 385
Expenditure -
385
The Comedy of Errors Income 6,390
Expenditure (11,574)
(5,184)
Income from Cygnet productions 7,485
Cygnet productions direct costs and actors fees (11,666)
Profit/(Loss) from Cygnet productions (4,181)

CYGNET TRAINING THEATRE & CYGNET RESEARCH LIBRARY

PRODUCTIONS ACCOUNT SUMMARY FOR THE YEAR ENDED 31 AUGUST 2024

23 Profit/(Loss) from productions (Continued)
Guest Show Productions
Kindertransport Income -
Expenditure (189)
(189)
Derailed Income 1,234
Expenditure (791)
443
Eddie & Jenny - The Blues Musical Income 50
Expenditure (34)
16
Eigengrau Income 60
Expenditure -
60
I'm Sexy & I know It Income -
Expenditure (34)
(34)
Joni Mitchell & Bob Dylan Tribute Income 1,626
Expenditure (1,189)
437
King John Income 482
Expenditure (34)
448
Knickers & Queens Income 605
Expenditure (435)
170
Much Ado About Nothing Income 3,264
Expenditure (3,334)
(70)
The Tale of Trista Heb Skovam Income 638
Expenditure (365)
273
The Thief's Tale Income 1,020
Expenditure (702)
318
The War of the Worlds Income 173
Expenditure (34)
139

CYGNET TRAINING THEATRE & CYGNET RESEARCH LIBRARY

PRODUCTIONS ACCOUNT SUMMARY FOR THE YEAR ENDED 31 AUGUST 2024

23 Profit/(Loss) from productions (Continued)
Trial by Jury Income 960
Expenditure (699)
261
What Ho Wodehouse Income 684
Expenditure (445)
239
What's Wrong with Benny Hill Income 740
Expenditure (552)
188
Chopped Liver & Unions Income 480
Expenditure (428)
52
Mara Income 292
Expenditure (221)
71
Our Secret's Safe Income 488
Expenditure (345)
143
Edifice & Artifice Income 50
Expenditure -
50
Kieron Garrett Quintet Income 50
Expenditure -
50
Macbeth Income 50
Expenditure -
50
Ukrainian Choir Income 50
Expenditure -
50
Where There's Brass - Tom Kitching Income 290
Expenditure (176)
114
Ticket sales from guest productions 13,286
Guest production fees and costs (10,007)
Profit/(Loss) from guest productions 3,279