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2025-08-31-accounts

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

CYGNET TRAINING THEATRE & CYGNET RESEARCH LIBRARY ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025

CYGNET TRAINING THEATRE & CYGNET RESEARCH LIBRARY

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees Ms G L Parfitt Ms R M Williams Mr N D Paul Ms L H Corley (Appointed 1 September 2024) Secretary Ms 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 - 4
Independent examiner's report 5
Statement of financial activities 6
Balance sheet 7
Notes to the financial statements 8 - 20

CYGNET TRAINING THEATRE & CYGNET RESEARCH LIBRARY

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 31 AUGUST 2025

The trustees present their annual report and financial statements for the year ended 31 August 2025.

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 offering training for professional actors and arts practitioners and to the continual presentation of theatre and theatrical experience, and to providing research opportunities for Artists in Residence.

The year began on September 1st 2024 with a new Theatre Manager, Steve Bennett in post. He began his work by inviting all local practitioners to visit the theatre for an open day, enabling them to meet and greet and to see the facilities available for hire and use by all.

Steve also expressed the wish to open out the foyer and develop the bar area – enlarging the reception space for audiences. This was achieved by the start of the January programme.

A busy season of visiting companies and new partnerships forged followed: We welcomed back old friends and made new connections including a regular monthly jazz nights with Blue Vanguard Jazz; an occasional jazz speciality night with Fougou Music; a continuation of hosting Artemis Storytelling and extending our hosting of shows from The Alma Tavern Theatre in Bristol, as well as making contact with Bristol based magician Peter Clifford. We have also made links with local amateur companies directed by David Finlay, Exeter Drama Company and other groups who now regularly hire the theatre for a week of performances. The programme included 52 shows:

CYGNET TRAINING THEATRE & CYGNET RESEARCH LIBRARY

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025

Sadly, several planned evenings were cancelled, including a projected Cygnet production of Far from the Madding Crowd – in an adaptation by Steve Bennett to be directed by Amanda Knott. Four suitable actor musicians proved difficult to find. A couple of other shows were cancelled from lack of bookings or from illness.

Workshops were offered in Meisner Technique by Mark Cassidy, Singing by Pete Rawcliffe; & dance classes by

Helena Meineck.

Mary Evans resigned from The Board of Trustees at the end of the last financial year and new trustees were recruited during the following few months. Sadly Mary died on 26[th] July and the property at 23 New North Road will now need to be sold.

Cygnet Theatre ran approximately 36 events giving 52 performances at the theatre, stewarded by a stalwart team of over 20 Front of House volunteers, collectively giving over 830 hours throughout the year, which is equivalent to over £8,300 in-kind payments.

Cygnet welcomed around 3,000 audience members into the building and hosts many local groups including

performances for the local charities and groups.

Cygnet building was hired by Pete Rawcliffe for singing lessons; Mark Cassidy for Meisner Classes & Sam Morgan for Impro classes. Anthos Youth Theatre hired the theatre for their Christmas and Summer shows.

Cygnet benefits from various donations including small but regular contributions from Exeter Lottery and continues to benefit from the Solar PV installation made in 2012.

CYGNET TRAINING THEATRE & CYGNET RESEARCH LIBRARY

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025

Much groundwork was done on the New Moodz project and several workshops have already happened. Groups we have identified are now being contacted to arrange further workshops to fulfil the terms of the grant given last year by August 2026.

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

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, incoming resources have decreased during the year by £627 to £91,042 (2024: £91,669).

Income from Cygnet productions totalled £1,164 (2024: £7,484).

Direct costs of Cygnet productions totalled £96 (2024: £11,666).

Fundraising and publicity expenses decreased by £161 to £2,705 (2024: £2,866).

Expenditure on charitable activities was £115,713 compared with £113,418 last year, however, when the piano impairment of £8,000 is removed, the expenditure for the year represents a decrease of £5,705 to £107,713 (2024: £113,418).

This gave net incoming/(outgoing) resources during the year of (£27,376) including the piano impairment or (£19,376) excluding the impairment (2024: (£24,615)) bringing the total fund balance at 31 August 2025 to £207,648 (2024: £235,024).

The Trustees aim to hold sufficient reserves to cover running costs for 3 months. This equates to approximately £27,000.

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.

CYGNET TRAINING THEATRE & CYGNET RESEARCH LIBRARY

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025

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:

Ms G L Parfitt

Ms R M Williams Mr N D Paul Ms 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.

Ms R M Williams Director/Trustee Dated: 21 May 2026

Mr N D Paul

Director/Trustee Dated:21 May 2026

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 2025.

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: 26 May 2026

CYGNET TRAINING THEATRE & CYGNET RESEARCH LIBRARY

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 31 AUGUST 2025

Unrestricted
Restricted
funds
funds
2025
2025
Notes
£
£
Income from:
Donations and legacies
3
12,022
2,500
Charitable activities
4
64,323
23
Other trading activities
5
12,174
-
Total income
88,519
2,523
Expenditure on:
Raising funds
6
2,705
-
Charitable activities
7
102,712
13,001
Total expenditure
105,417
13,001
Net expenditure and
movement in funds
(16,898)
(10,478)
Reconciliation of funds:
Fund balances at 1 September
2024
212,799
22,225
Fund balances at 31 August
2025
195,901
11,747		 Total
Unrestricted
Restricted
funds
funds
2025
2024
2024
£
£
£
14,522
19,854
20,000
64,346
46,147
26
12,174
5,642
-
91,042
71,643
20,026
2,705
2,866
-
115,713
102,540
10,878
118,418
105,406
10,878
(27,376)
(33,763)
9,148
235,024
246,562
13,077
207,648
212,799
22,225		 Total
2024
£
39,854
46,173
5,642
91,669
2,866
113,418
116,284
(24,615)
259,639
235,024

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 2025

Notes
Fixed assets
Tangible assets
14
Current assets
Stocks
15
Debtors
16
Cash at bank and in hand
Creditors: amounts falling due within
one year
17
Net current assets
Total assets less current liabilities
Creditors: amounts falling due after
more than one year
18
Net assets
Income funds
Restricted funds
19
Unrestricted funds		 2025
£
373
4,686
14,567
19,626
(14,859)		 £
218,024
4,767
222,791
(15,143)
207,648
11,747
195,901
207,648		 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

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 2025.

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 21 May 2026

Ms R M Williams Mr 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 2025

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 loans, and their commitment to obtaining other sources of funding to secure the financial future of the charity and further the charitable objectives. Following the death of the life tenant, the charity is looking to sell the charity owned house to raise funds and cut costs. 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 2025

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 2025

1 Accounting policies

(Continued)

Freehold land is not depreciated. Costumes are not depreciated as they are well maintained and repaired when necessary. The grand piano is not depreciated as it is well maintained and repaired when necessary, however, following an impairment review during year end 2025 the asset was reduced to its current market value and will be depreciated over 20 years going forward.

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 and houses one individual with a life tenancy granted to her. This life tenancy ended with the tenants death in July 2025. The property has been accounted for as freehold 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 Impairment of fixed assets

At each reporting end date, the charity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

1.8 Stocks

Stocks are stated at the low of cost and net realisable value. Stocks comprise of drinks and snacks held in the theatre bar.

1.9 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 2025

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
2025
2025
2025
£
£
£
Donations and gifts
12,022
-
12,022
Grant income
-
2,500
2,500
12,022
2,500
14,522
For the year ended 31 August 2024
19,854
20,000
Income from charitable activities
Unrestricted
Restricted
Total
Unrestricted
Restricted
funds
funds
funds
funds
2025
2025
2025
2024
2024
£
£
£
£
£
Charitable activities
Tuition fees
-
-
-
2,304
-
Short course and
workshops
150
-
150
4,270
-
Income from Cygnet
productions
1,164
-
1,164
7,484
-
Ticket sales from guest
productions
40,620
-
40,620
13,286
-
Feed in tariff
1,319
-
1,319
1,142
-
Charitable rental income
21,061
-
21,061
17,615
-
Bank interest received
9
23
32
46
26
64,323
23
64,346
46,147
26		 Total
2024
£
19,854
20,000
39,854
39,854
Total
2024
£
2,304
4,270
7,484
13,286
1,142
17,615
72
46,173

4 Income from charitable activities

CYGNET TRAINING THEATRE & CYGNET RESEARCH LIBRARY

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025

5 Other trading activities

Unrestricted
funds
2025
£
Programme sales
-
Refreshment income
11,107
Miscellaneous
1,067
Other trading activities
12,174
Raising funds
Unrestricted
funds
2025
£
Fundraising and publicity
Advertising
2,705
2,705		 Total
2024
£
5
5,530
107
5,642
Total
2024
£
2,866
2,866

CYGNET TRAINING THEATRE & CYGNET RESEARCH LIBRARY

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025

7 Charitable activities

Direct
Charitable
Expenditure
Management
and
Administration
2025
2025
£
£
Staff costs
26,553
6,992
Depreciation and impairment
8,722
4,458
Equipment repairs and renewals
1,163
498
Light and heat
6,573
2,817
Rates
1,667
714
Insurance
3,752
1,608
Travel expenses
98
42
Motoring expenses
-
-
Postage, printing, photocopying & stationery
1,568
672
Telephone
1,049
450
Property repairs and renewals
3,114
263
Teaching costs
-
-
Direct costs of Cygnet productions
96
-
Guest production fees and costs
30,015
-
Exam fees and licences
360
-
Catering
4,805
-
Sundry
92
-
Short courses and workshops
412
-
Legal and professional
-
-
Bank charges and interest
-
556
Cleaning expenses
-
533
Computer costs
-
1,913
Irrecoverable debts
-
-
Accountancy
-
4,158
Actors fees
-
-
90,039
25,674
Analysis by fund
Unrestricted funds
77,038
25,674
Restricted funds
13,001
-
90,039
25,674
For the year ended 31 August 2024
Unrestricted funds
56,096
46,444
Restricted funds
10,800
78
66,896
46,522		 Total
2025
£
33,545
13,180
1,661
9,390
2,381
5,360
140
-
2,240
1,499
3,377
-
96
30,015
360
4,805
92
412
-
556
533
1,913
-
4,158
-
115,713
102,712
13,001
115,713		 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
102,540
10,878
113,418

CYGNET TRAINING THEATRE & CYGNET RESEARCH LIBRARY

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 AUGUST 2025

7 Charitable activities

(Continued)

During the year ended 31 August 2024, the charity conducted a full review of their customer ledger and cleared all irrecoverable debts. This resulted in irrecoverable debts of £21,000 (2025: £Nil).

An impairment review was carried out of fixed assets during the year ended 31 August 2025 which resulted in the grand piano being impaired by £8,000.

8 Net movement in funds 2025 2024
£ £
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 3,275 3,830
- for other financial services 883 833
Depreciation of owned tangible fixed assets 5,180 5,468
Impairment of owned tangible fixed assets 8,000 -

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		 2025
£
3,275
883		 2024
£
3,830
833

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:

2025 2024
Number Number
Total - -

All staff have been freelance since May 2020. There were no employees during the year (2024: 0).

Staff costs of £33,545 represents freelance labour costs.

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

CYGNET TRAINING THEATRE & CYGNET RESEARCH LIBRARY

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025

12 Taxation

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

13 Impairments

Impairment tests have been carried out where appropriate and the following impairment losses have been recognised in profit or loss:

2025
£
In respect of:
Property, plant and equipment
8,000
14
Tangible fixed assets
Property and
improvements
Equipment
Costumes
£
£
£
Cost
At 1 September 2024
341,619
89,396
5,067
Additions
2,677
363
-
At 31 August 2025
344,296
89,759
5,067
Depreciation and impairment
At 1 September 2024
138,478
68,479
961
Depreciation charged in the year
4,458
722
-
Impairment losses
-
8,000
-
At 31 August 2025
142,936
77,201
961
Carrying amount
At 31 August 2025
201,360
12,558
4,106
At 31 August 2024
203,141
20,917
4,106		 2024
£
-
Total
£
436,082
3,040
439,122
207,918
5,180
8,000
221,098
218,024
228,164

More information on the impairment arising in the year is given in note 13.

15 Stocks

Stocks
2025 2024
£ £
Bar stock 373 495

CYGNET TRAINING THEATRE & CYGNET RESEARCH LIBRARY

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025

16 Debtors

Debtors
Amounts falling due within one year:
Trade debtors
Other debtors
Prepayments
Creditors: amounts falling due within one year
Trade creditors
Other creditors
Accruals and deferred income
Creditors: amounts falling due after more than one year
Other creditors		 2025
£
771
2,609
1,306
4,686
2025
£
4,617
922
9,320
14,859
2025
£
15,143		 2024
£
600
4,057
1,086
5,743
2024
£
2,536
2,320
4,936
9,792
2024
£
13,143

17 Creditors: amounts falling due within one year

18 Creditors: amounts falling due after more than one year

19 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 2025
2024
£ £ £ £ £
Student Welfare Fund 484 10 - (494) -
Project Fund 119 13 - 494 626
Feasibility Study Fund 1,622 - (1,622) - -
New Moodz fund 20,000 - (8,879) - 11,121
Repair fund - 2,500 (2,500) - -
22,225 2,523 (13,001) - 11,747

CYGNET TRAINING THEATRE & CYGNET RESEARCH LIBRARY

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025

19 Restricted funds (Continued)
Previous year: 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

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.

The Repair Fund is for repairs to the flooring of the bar area.

20 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 At 31 August
September resources expended 2025
2024
£ £ £ £
General funds 212,799 88,519 (105,417) 195,901
Previous year: At 1 Incoming Resources At 31 August
September resources expended 2024
2023
£ £ £ £
General funds 246,562 71,643 (105,406) 212,799

CYGNET TRAINING THEATRE & CYGNET RESEARCH LIBRARY

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 AUGUST 2025

21 Analysis of net assets between funds

Unrestricted
Restricted
funds
funds
2025
2025
£
£
At 31 August 2025:
Tangible assets
218,024
-
Current assets/(liabilities)
(6,980)
11,747
Long term liabilities
(15,143)
-
195,901
11,747
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		 Total
2025
£
218,024
4,767
(15,143)
207,648
Total
2024
£
228,164
20,003
(13,143)
235,024

22 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		 2025
£
1,014
-
1,014		 2024
£
1,014
1,014
2,028

CYGNET TRAINING THEATRE & CYGNET RESEARCH LIBRARY

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2025

23 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 £8,559 from one trustee and one former trustee during the year as follows:

Rosalind Williams: £8,463 (2024: £15,100)

Mary Evans (resigned on 31 August 2024 and now deceased): £96 (2024: £1,500)

There were no restrictions attached to the donations.

At 31 August 2025, the charity owed the following amounts to trustees/former trustees:

Amounts owed to related
parties
2025 2024
£ £
Mary Evans (deceased) 13,143 13,143
Rosalind Williams 2,000 -

The loans do 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 was a trustee until her death.

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 and later passed away on 26 July 2025.

Following the death of Mary Evans, the charity is considering a possible sale of this property to cut costs and raise vital funds for the charity.

CYGNET TRAINING THEATRE & CYGNET RESEARCH LIBRARY

PRODUCTIONS ACCOUNT SUMMARY FOR THE YEAR ENDED 31 AUGUST 2025

24 Profit/(Loss) from productions
Net
profit/(loss)
£ £
Cygnet Productions
Income from Cygnet productions 1,164
Cygnet productions fees and costs (96)
Profit/(Loss) from Cygnet productions 1,068
Guest Show Productions
Ticket sales from guest productions 40,620
Guest production fees and costs (30,015)
Profit/(Loss) from guest productions 10,605