Charity Registration No. 1089084 Company Registration No. 03941287 {England and Wales) THE REGEKf (CHRISTCHURCH) LIMITED ANNUAL REPORT AND FINANCIAL sfATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 BUSINESS ADVISORS & AtCOVP17411TS 10 Bridge Street Christchurch Dorset BH23 IEF
THE REGENT ICHR15TCHURCH) UMrrED CONTENTS Pa8e Company information Trustees, report Statement of trustees, responsibilities io Independent auditor'5 report 11-14 Statement of financial attivities 15-16 Balance sheet 17-18 Statement of cash flows 19 Notes to the financial statements 20-40
THE REGENf ICHRlSfcHURCH) LIMITED LEGALAND ADMINlSfRATIVE INFORMATION Trustees Mr M Goldsmith Mr C Knighton G L Smith Mr D M Slade Ms V R Phillips (Appointed 19 April 2023} (Appointed 16 August 2023} (Appointed 6 April 20241 {Appointed 6 April 20241 (Appointed 20 November 20241 {Appointed 6 April 20241 MrDWEve Mr I P Carter Ms S Wilkinson Mr C Humphries Secretary Mr C Humphries Charity number 1089084 Company number 03941287 Reglstered office 51 High Street Christchurch Dorset England BH23 IAS Auditor TC Group 10 Bridge Street Christchurch Dorset BH23 IEF
THE REGENf {CHRisfcHURCH) LIMITED TRUSTEES, REPORT {INCLUDING DIREcfoRS' REPORT) FOR THE YEAR ENDED 31 MARCH 2024 The trustees present their annual report and financial statements for the year ended 31 March 2024. The financial statements have been prepared in accordance with the accounting policies sÈt out in note I to the financial statements and comply with the charity's deed of trust and Memorandum and Articles of A550ciation, 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 IFRS 1021" las amended for accounting periods commencing from l January 20161 Objertlves and actlvltles The objects of the charity, as set out in its Memorandum of A550ciation. are: To entertain and educate our patrons. through the promotion of the arts. in particular but not exclusively, bv the provision of film and theatre presentations at public performances. Principal activities include 3 diverse programme of live performances involving community presentations and high-quality touring events, together with a wide-ranging film and satellite programme. Additionally, 35mm film projection equipment continues to be used which allows traditional film to be screened, providing a premium specialised experience. The Board will continue to offer cinematic and theatrical entertainment in the traditional form, with new content widening the boundaries to include specialized and targeted family entertainment representing particularly good value. A Board objective is to enhance diversity of pro8ramming, therefore providin8 BCP residents and beyond, high quality arts events, such as opera and drama live broadcasts from internationally acclaimed companies at one end of the spectrum contrasted with traditional children'5 cinema club and silver cinema for a more mature audience at much reduced admission charges at the other end of the spertrum. Live entertainment featuring the cream of amateur groups from the local area and the best touring shows provide programme balance. The charity continues to pursue its objerts vigorously. To meet its financial challenges over the past year, with declining audiences, weak cinema output and market uncertainty closin8 venues across the UK, the Trustees remain committed to the following overall aim to ensure the Regent's future viability. This has been underpinned by careful stewardship of resources,. judiciou5 adjustments to pricing- varying the balance of provision between cinema, theatre, music and comedy to stimulate increased demand. continuing refurbishment and technical investment in the venue. and modernisation of cinematic and theatrical technology to keep pace with rapid changes, all designed to offer the very best presentation and customer experience. The Board's principal aim continues to be to develop and reinforce the Regent as a quality venue of choice in *he wider BCP conurbation, and a cultural hub for Christchurch and the wider environs.
THE REGENT ICHRisfcHURCHI LIMITED TRUSTEE5' REPORT {INCLUDING DIREcfoRS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Our Mission Statement is designed to simplify and focus our ambition5 and reflect the future.. l. To provide a professionally run venue for the performance of theatre, music, and film. 2. To act as the cultural centre for Christchurch and the surrounding areas. 3. To ensure that visitors to the Regent enjoy the very best customer experience. 4. To encourage and maintain the opportunity for volunteers to support the arts. 5. To develop public access to the performing arts by an appropriate marketing strategy. 6. To enable the development and expansion of the venue by fund-raising and grant applications. A continuing business objective for the Board has been to improve the regulatory upholding of the Regent. including investment in staff and volunteer training to ensure that patrons receive the very best experience. The following activities form part of the everyday norm at the Regent. Trustee Board meetings are held monthly, with the Finance and Working Party Committees meeting regularly. Informal and formal meetings are held between the Board and senior management on a weekly basis. Modernising the IT infrastructure and software programmes to offer efficiency improvements and 3 greater knowledge of patron requirements and their locations. Ensuring good internal communication between Board, volunteers, and staff, through electronic communications and physical meetings. Working with the Volunteers to continuously improve procedures, training and documentation for all aspects of public health and safety in the Regent's operating hours. To ensure that the newly restored and refurbished venue is maintained, cleaned and operated to the highest standards. Significant activities The Board seek to provide high quality entertainment for the wider BCP conurbation, by bringing arts events, such as opera and drama live broadcasts from internation311y acclaimed companies a5 part of the programme of screen presentation. Additionally, the latest releases and offerings from the more esoteric and classic film catalogues are being developed. A high-quality mix of live entertainment such as amateur dramatics, music, comedy, and speech which traditionally enjoys favourable support. Cinema has continued to struggled to generate quality output and significant audiences post-covid, not helped by the Hollywood writers, strike, but films like Wonka, The Great Escaper, One Life, Barbie and Oppenheimer provided much needed surges in audience from Ottober onwards. This year we hosted Dirt in the Gate movies, Grindfe5t13 day 35mm Film Festival) in September, overall, there were 24 performances of 35mm presented at the Regent in the period. The Christmas Spectacular 2023 was the highest attended theatre show ever at the Re8ent, selling 5,910 tickets. To help meet the needs of local arts, drama, music and other community groups, the Studio at the back of the theatre has been fully refurbished and is ready for hire. New digital screens have been installed at the front of the building to attract more attention to the theatre and help increase passing business. Strategic advertising and marketing ha5 been utilized to best inform new and existing patrons about the content being offered at the Regent.
THE REGEKf (CHRISTCHURCH) LIMITED TRUSTEES, REPORT {INCLUDING DIREcfoRS' REPORT} (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Publlc beneflt The Regent relies on ticket sales, building hire, bar, and coffee bar sales income to cover its operating costs. In setting the level of fees, charges and commission5, the Trustees have had regard to Charity Commission guidance on public benefit, maintaining the financial viability of the company. and improving the accessibility of the theatre and its services. Concessionary prices for the elderly are applied to almost every event, the exception5 being only those events when the price-setting 15 Outside our control and is applied by a promoter or organiser. A children's cinema club is operated most weekends for all the family as vastly reduced admission prices. Film presentations Specifically for more mature patron5 are offered with free refreshments at reduced prices. Charity screenings of two films in April and May for the Mayors charity- the Macmillan Trust - raised a total of £4,210, and thanks go to all audience 5UPPQrters. Over this period, we have regular public tours to the behlnds the scenes workings of the Regent, and the museum where the history of the Regent is illustrated. Improvements and upgrades were made to the stair lift access into the Foyer enabling less able guests to gain access to the building. Volunteers Volunteer5 are crucial and central to the continuing viability of the charity. Volunteers undertake duties In box office, front of house service, projection team, the information centre and the ancillary catering activities. Currently there are around 150 volunteers recorded on the re8lSter. Essentially: l. This level of involvement generates a sense of community ownership of the charity and increases the charity's profile in the area. 2. The costs of replacing volunteer sessions with paid staff at the national minimum wage would amount to additional operating costs of around £270,000. A¢hlevements and performance Charltable actlvltSes Over the last decade, the Regent had been growing year-on-year, with 2019120 being the best year of operation since inception. The Covid pandemic posed a major challenge which was helped significantly by the very welcome BFI grants at the time. 2022-23 saw significantly reduced admissions leading to monthly operating losses. Although 2023-24 did see a significant improvement in admissions over time, it also brought a five-fold increase in energy costs for the theatre. significant Board and management actions, including new energy contracts, a rebalancing of provision and more diverse offerin8s saw the situation improve towards the end of 2023-24. The Board considers the final result to be a sm311 but manageable loss given the massive rise in energy costs, but Board and management attion will continue to be necessary in 2024-25 to further miti8ate this risk. The Regent reviews its feedback from customers by accessing the attendance of performances. by speaking with patrons after an event, by email and by online review5 such a5 Google, Facebook. and Trip Advisor.
THE REGEMf ICHRISTCHURCH) LIMITED TRusfEES' REPORT (INCLUDING DIRECTORS, REPORn ICONTINUED) FOR ThE YEAR ENDED 31 MARCH 2024 Fundraislng actlvltles The charity raises up to £2 per ticket sale towards the development fund. All fundraising is undertaken in accordance with The Code of Fundraising Prartice including dealing With any complaints. No complaints were received in the year ended 31 March 2024. Flnanclal revlew Flnancial position - Charltable Income and expendlture Income from the cinema and theatrical promotions continued to be challenging in 2023-24. but the Board and management worked to regularly review the balance of provision between cinema, live cast5, music. comedy, theatre to maximise audiences and revenue. Energy costs relating to gas and electricity supply had increased by 500% from January 2023 when our previous supply contracts were concluded. A new two-year fixed price energy supply contract was si8ned In Ortober 2023, which has reduced supply prices to reflect an approximate 100% increase from the pre-january 2023 price. Variable charitable expenditure in the year has followed the same trend as the charitable income whereas semi variable costs have been reduced where possible. The Trust operates 3 Development Fund, where up-to £2 per ticket sold is utilised for the ongoing improvement and maintenance of the Regent. Durin8 this financial year. expenditure has a8ain been allocated to improvements to the stage and technical equipment. including improvements to the lighting truss- new digital screens at the front of the building,. the design, produrtion and installation of new house tabs,. creation of a new secure technical store. and a f ull refurbishment of the Studio, expandin8 provision to support local arts, drama, film and music groups. The notional donation from 8CP Council increased from £69.664 in the prior year to £113,849. The Board is aware of a potenti31 issue relating to the company's VAT reclaims, which could be of benefit to the Regent, and will be consult with specialists over the next few months to clarify the situation. External fundln8 The trustees are grateful for the continuing support of the Local Authority IBCPI in terms of assistance toward5 rent and building maintenance. A 25-year lease is now in operation, which will provide long term stability to the Company, and provide confidence when capital sums are being expended on refurbishment and enhancement works. Reserves policy At the end of the year unrestricted free reserves amounted to £579,908 12023 £568.4121, unrestricted designated reserves amounts to £ICQ,00012023 £I00,CM) and restricted reserves amounted to £206,615 12023 - £179,495). The board is committed to maintaining a reserve holding of £IOO,000 at all times as a contin8ency fund. The total development fund showed an increase of £36.308 in the year, with the final balance as at the year end being £206.283. The Re8ent Development fund is held for projects to improve the Regent and secure it for the future. The current reserves are considered to be sufficient for the Regent to continue in operation.
THE REGENf {CHRisfcHURCH) UMITED TRUSTEES, REpoKf (INCLUDING DIREcfoRS' REPORT) ICONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Financial and rlsk rnanagement objectives and policies The charity has a comprehensive risk management strategy, comprising: al Fire Risk Assessment reviewed continually. with fire evacuation reviews and practices carried out regularlv. bl Health and Safety and Operational Risk Assessment reviewed continually. cl Financial, viability and compliance Risk Assessment. reviewed continuallv. dl Insurance cover is reviewed annually el Energy cost and supplier management reviewed annually Each of these identifies and classifies levels of risk and sets out actions and strategies to reduce risk andlor minimi5e impact. Major factors identified in each area, include: al Ensuring a continuing awareness of effective evacuation procedures in the event of fire, whith have been addressed through further revision of procedures and new mandatory training programmes for staff and volunteers. We continue to operate Fire Service operational procedures negotiated with the Fire Authority to secure the responsive service we need to have in place. bl Health and Safety policies and procedures have been drawn up with the part-time services of a Health and Safety professional, who works with the charity on an ongoing basis. BCP Council also provide quarterly health and safety inspettions as part of their agreement. The stage can be a hazardous area, for which detailed working procedures have been drawn up, and implemented. Regulatory approval through annual inspection ensures compliance and risk minimization. Other hazards for the public and staff are identified. and remedial or preventative artion is bein8 undertaken on an on80ing basis. cl Increasing competition in the area is a continuing challenge. Our actions to minimise this risk are to reinforce and check barring clauses with artists. managements, regularly review programmes of local venues against our own, and to be constantly innovative and vigilant in pro8ramming to attempt to remain ahead of the competition by introducing additional programme material to widen audience appeal. dl The continuation of digital cinema has revolutionised the ability to present a 8reatly increased range of feature films and show relays. which has been met with enthusiastic audience response and increased attendances. An additional benefit is the ability to run cinema and stage shows 'back-to-back' and therefore increase the numbers of events offered. The widening of the cinematic offerin8 through classic and esoteric screenings is being introduced to attract a wider and younger audience. el As reported elsewhere, a new two-year fixed price energy supply contrart was signed In October 2023, which has reduced supply prices to reflect an approximate IIMYA increase from the pre-january 2023 price.
THE REGENT (CHRisfcHURCH) LIMITED TRUSTEES, REPORT (INCLUDING DIRECTORS. REPORn (coNriNUED) FOR THE YEAR ENDED 31 MARCH 2024 Future plans The Trustees will continue to work with the Manager and staff team on new initiatives. The following actions will, it is hoped. contribute to a continuing improvement in the financial position in 2024-25: a. Stabilise costs and ensure best value for money. whilst maintaining the highest level of service. b. Continue to improve the Box Office / Information Centre and its integration with the Regent operation c. Maintain and further improve the building to maximise patron comfort and enhance the herita8e asset. d. Upgrade and future proof cinema sound system e. Upgrade and future proof theatre lightin8 f. Revisit stage tabs project to rectify lining glimpses to audiences. 8. Foyer restoration and refurbishment to reflect our art deco herita8e The current reserves are considered to be sufficient for the Regent to continue in operation and the Trustees will continue to monitor all activities very closely to ensure that prompt action is taken, if necessary. The 25-year lease now in operation. underpins the commercial future of the Regent and ensure long term stability. In summary, the Board of Directors has tried to minimise risk when the business by optimi5ing cost in all areas. Volunteer staff will be utilized alongside paid members of the team to keep the cost base to the minimum. Continual campaigns are operated to encourage patrons back to the Regent and make it their entertainment venue of choice.
THE REGEpif ICHRISTCHURCHI LIMITED TRusfEES' REpoKf (INCLUDING DIREcfoRS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Strurture, governance and management The trustees, who are also the directors for the purpose of company law, and who serrfed durin8 the year and up to the date of si8nature of the financial statements were: MrCCRoot Mr L P Del-Nevo Mr P V Stevens Mr M Goldsmith Mr G Trinder Mr C Knighton Mrs S Bungev G L Smith Mr D M Slade Ms V R Phillips MrDWEve Mr I P Carter Ms S Wilkinson Mr C Humphries (Resigned 5 April 20241 (Resigned 5 April 20241 (Resigned 5 April 20241 (Resigned 6 April 2024) {Resi8ned l October 20231 (Appointed 19 April 20231 (Appointed 16 August 20231 (Appointed 6 April 20241 (Appointed 6 April 20241 (Appointed 20 November 20241 (Appointed 6 April 20241 Governlng document The charity is controlled by its governing document. a deed of trust, and constitutes a limited company. limited by guarantee, as defined by the Companies Act 2Crf)6. The charity Is constituted as a charitable company limited by guarantee, governed by Memorandum and Articles of Association. The Articles provide for: Not less than Sim and not more than eleven Directors. alway5 provided that not more than 19% of the Board of Directors shall be local authority associated persons, elected by and from the membership at the Annual General Meeting. The Board of Directors may at any time co-opt other members of the company to fill casual vacancies occurring in the Board of Directors between Annual General Meetin8s. Not more than two persons. who are members of the company. may be co-opted by the Dirertors. At each Annual General Meeting. all co-opted Directors shall retire from office. All retiring Directors, whether elected or co-opted, shall be eligible for re-elertion provided they have not served for a continuous period of five years without a break of at least one year. All members of the Board of Directors are company Directors and charity Trustees within the meaning of the Companies Act and charity law. Under no circumstances can an employee of the company serve on the Board of Directors.
THE REGENT (CHRisfcHURCH) LIMITED TRUSTEES, REPORT (INCLUDING DIREcfoRS' REPORll (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 The Board resolved to undertake a general review of the constrtution of the Regent to ensure that any relevant changes in the law since it was constructed are considered, and the business was operating as efficiently as possible and in accordance with modern prattices. The Board of Trustees considers and approves all policies adopted by the charity. including risk assessments. mission statement, aims and objettives of the organisation. the annual budget. and the charity's strategies. It also considers any major new initiative involving risk capital. Organi5ational strurture The charity currently has no trading subsidiaries. Decision maklng The day-to-day management and operation of the Regent, within the policies appfoved by the Trustees and including programmin8, minor initiatives, marketing, staffing and administration. are delegated to the general manager. Induction and tralning of newtrustees Trustee appointment. induction and training includes a comprehensive system of detailed interview, regulatory checks, induction and necessary training. Particular reference is made to the skill sets, diversity and relevance of back8round and experience, and cultural fit of the indrvidual with the Charity. to support and enhance the current board of Trustees with its duties. Key management remuneration Setting pay and remuneration for The Regent's personnel is determined by the Board. which has regard to the responsibilities of the role and the market conditions against which comparisons are made to ensure the correct skill set is readily available in all operating areas of the charity. Wider network The charity continues to enjoy a very good working relationship and support from BCP Council and Christchurch Town Council. Events since the end of the year Information relating to events since the end of the year is given in the notes to the financial statements. Auditor In accordance with the company's articles, 3 resolution proposing that TC Group be reappointed as auditor of the company will be put at a General Meeting. The trustees, report was approved by the Board of Trustees. Mr M Goldsmith Chairma and Trustee Dated..
THE REGENT (CHRisfcHURCH) LIMITED STATEMENT OF TRusfEES' RESPONSIBILrriES FOR THE YEAR ENDED 31 MARCH 2024 The trustees, who are also the directors of The Regent {Christchurchl Limited for the purpose of company law. are responsible for preparing the Trustees, Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Company Law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources. including the income and expenditure. of the charitable company for that year. In preparing these financial statements. the trustees are required to: select suitable accounting policies and then apply them consistentlv; observe the methods and principles in the Charities SORP- make judgements and estimates that are reasonable and prudent: state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements- and prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation. The trustees are responsible for keeping adequate accounting records that disclose with reasonable accurary at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detertion of fraud and other irregularities. 10-
THE REGENf ICHRisfcHURCHI LIMITED INDEPENDENT AUDrroR'S REPORT TO THE TRusfEES OF THE REGENT (CHRISTCHURCH) LIMITED Oplnlon We have audited the financial ststements of The Regent Ichristchurchl Limited (the 'charity'l for the year ended 31 March 2024 which comprise the statement of financial activities, the balance sheet, the statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Finonciol Reporting Standord opplicoble in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion, the financial statements.. give 3 true and fair view of the state of the charitable company's affairs as at 31 March 2024 and of its incoming resources and application of resources, for the year then ended; have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice,. nd have been prepared in accordance with the requirements of the Companies Act 2006. Basls for oplnlon We conducted our audit in accordance with International Stsndards on Auditing IUKI {ISAs IUKI) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilitie5 for the oudit of the financiol statement5 section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financi31 statements in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Concluslons relatlng to zolng concern We have nothing to report in respert of the followin8 matters in relation to which the ISAS IUK) require us to report to you where: the trustees, use of the going concern basis of accountin8 in the preparation of the financial statements is not appropriate,. or the trustees have not disclosed in the financial statements any identified material uncertainties that may cast Slgnificant doubt about the charity's ability to continue to adopt the going concern basis of accountin8 for a period of at least twelve months from the date when the financial statements are authorised for issue. Other Informatlon The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The trustees are responsible for the other inft)rmation contained within the annual report. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit. or otherwise appeèrs to be materially misstated. If we identify such material inconsistencies or apparent material mi55tatements. we are required to determine whether this gives rise to a material misstatement in the financial statement5 themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this re8ard. 11
THE REGENT (CHRISTCHURCH) LIMITED INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRusfEES OF THE REGENT ICHRlSfcHURCH) LIMITED Matters on which are requlred to report by exception We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reportsl Regulations 2008 require us to report to you if, in our opinion: the information given in the financial statements is inconsistent in any material respect with the trustee5' report,. or sufficient accounting records have not been kept,. or the financial statements are not in agreement with the accounting record5,' or we have not received all the information and explanations we require for our audit. Responsibllltles of trustees As explained more fully in the statement of trustees, responsibilities, the trustees. who are also the direttors of the charity for the purpose of company law, are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the charity's ability to continue as a going concern, disclosing, as applicable. matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so. Auditor's responsibilities for the audlt of the flnanclal statements We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder. Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAS IUKI will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate. they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. A further description of our responsibilities is available on the Financial Reporting Council's website at: https-// www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report. 12-
THE REGENT (CHRisfcHURCH> LIMITED INDEPENDENT AUDrroR'S REpoKr (coMriNUED) TO THE TRusfEES OF THE REGENT ICHRisfcHURCH) LIMITED Extent to whlch the audit was consldered capable of detectln8 Irregularities, Includlng fraud The objectives of our audit. in respect to fraud, are: to identify and assess the risks of material mi55tatement of the financial statements due to fraud- to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud. through designing and implementing appropriate responses: and to respond appropriately to fraud or suspected fraud identified during the audit. However. the primary responsibility for the prevention and detection of fraud rests with both those charged with Bovernance of the entity and its management. Our approach was as foll0v.. We identified areas of laws and regulations that could reasonably be expetted to have a material effect on the financial statements from our general commercial and sector experience. and through discussion with the trustees and other management las required by auditing standards), and discussed with the trustees and other management the policies and procedures regarding compliance with la4¥s and regulations,. We considered the legal and regulatory frameworks dirertly applicable to the financial statements reporting framework IFRS 102 and the Companies Act 20061 and the relevant tax compliance regulations in the UK.. We considered the legal and regulatory principles in the Charity SORP We considered the nature of the industry. the control environment and business performance, including the kev driver5 for management'5 remuneration,. We communicated identified laws and regulations throughout our team and remained alert to any indications of non-compliance throughout the audit. These include Health and Safety. employment law, building insurante, public liability insurance and licencing. The Trustees use an external firm for Health and Safety and employment law, as they believe this will ensure up to date knowledge and systems are used. We considered and reviewed the procedures and controls that the company has established to address risks identified, or that otherwise prevent, deter and detect fraud- and how senior management monitors those programmes and controls. These include the review of authorisation limits for bank transactions. authorisation for BACS payment and the review of the computerised booking system. Based on this understanding we designed our audit procedures to identify non.compliance with such laws and regulations. These include Health and Safety, Employment Law and Licencing. Where the risk was considered to be higher. we performed audit procedures to address each identified fraud risk. These procedures included: testing manual journals- reviewing the financial statement disclosures and testing to supporting documentation; performing analytical procedures,. and enquiring of management, and were designed to provide reasonable assurance that the financial statements were free from fraud or error. Owing to the inherent limitations of an audit. there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations lirregularitiesl is from the events and transartions refiected in the financial statements, the less likelv the inherently limited procedures required by auditing standards would identify it. The risk is also greater regarding irregularities occurring due to fraud rather than error. as fraud involves intentional concealment. forgery. collusion, omi55ion or misrepresentation. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations. 13-
THE REGENT ICHRISTCHURCH) LIMITED INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF THE REGENT (CHRISTCHURCHI LIMITED Use of our report This report is made solely to the company's members. as a body, in accordance with section 391 of the Companies Act 2014. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company'5 members as a body, for our audit work, for this report, or for the opinions we have formed. Dean Pullen FCCA (Senlor Statutory AudStor) for and on behalf of TC Group Statutory Audltor Office: Christchurch Date..... TC Group is eligible for appointment as auditor of the charity by virtue of its eli8ibility for appointment as auditor of a company under of section 1212 of the Companies Act 2006 14-
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THE REGENT (CHRISTCHURCHI LIMITED BALANCE SHEET AS AT31 MARCH 2024 2024 2023 Notes Flxed assets Tangible assets Current assets Stocks Debtors Cash at bank and in hand 15 364,353 378,849 16 4,120 23,487 900.292 5,722 4.391 777,038 17 927,899 787.151 Creditors: amounts falllng due wlthln one year 18 {405,729) (318,0931 Net current assets 522.170 469,058 Totsl assets less current Ilabllltles 886.523 847,907 17-
THE REGEKf (CHRISTCHURCH) LIMITED BALANCE SHEEr (coKriNUED) AS AT31 MARCH 2024 2024 2023 Notes Income funds Restricted funds Unrestricted funds - designated Unrestritted funds- general 21 206.615 100,000 579,908 179,495 100,000 568,412 22 886.523 847,907 The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Art 21)06, for the year ended 31 March 2024. although an audit has been carried out under section 144 of the Charities Act 2011. The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 21)06 with respett to accounting records and the preparation of financial statements. These financial statements have been prepared in accordance with the provisions applicable to companies subjert to the small companies regime. The financial statements were approved by the Trustees on .. Mr M Goldsmith Trustee Company Reglstratlon No. 03941287 18-
THE REGEr ICHRisfcHURCH) LIMITED srATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2024 2024 2023 Notes Cash flows from operatin8 artivitie5 Cash generated from operations 28 212,365 277,519 Investin8 artivities Purchase of tsngible fixed assets (89,111) {124,9441 Net cash used in invertlng artivities 189.1111 (124.9441 Net cash used in financin8 artivities Net increase In cash and cash equiyalents 123.254 152,575 Cash and cash equivalents at beginning of year 777.038 624,463 Cash and cash equlvalents at end of year 900,292 777,038 19-
THE REGENT (CHRisfcHURCH) LIMITED NOTES TO THE FINANCIAL STATEMEMrs FOR THE YEAR ENDED 31 MARCH 2024 Accountlng pollcles Charlty Information The Regent {Christchurchl Limited is a private company limited by guarantee incorporated in England and Wales. The registered office is 51 Hi8h Street, Christchurch, Dorset, BH23 IAS, England. 1.1 Accounting convention The financial statements have been prepared in accordance with the charity's governing document, the Companie5 Art 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 IFRS 1021" las amended for accounting period5 commencing from l January 20161. The charity is a Public Benefit Entity as defined by FRS 102. 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, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below. 1.2 Goln8 concern At the time of approving the financièl 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 golng concern basis of accounting in preparing the financial statements. 1.3 Charltable 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 Incomln8 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. Cash donations are reco8nised on receipt. Other donations are reco8nised once the charity has been notified of the donation. unle55 performance conditions require deferral of the amount. Income for donated services is included at a valuation of the costs borne by the donor where such cost is quantifiable and measured reliably. Income f rom grants are recognised when there is evidence of entitlement to the gift, receipt is probable and its value can be measured reliably. -20-
THE REGENT (CHRISTCHURCH) UMITED NOTES TO THE FINANCIAL STATEMENrs (coKriNUED) FOR THE YEAR ENDED 31 MARCH 2024 Accounting policies (Continued) Income from show admission fees is included in the period in which the charity is entitled to the receipt. Income received during the period for shows taking place after the year end is included in creditors as deferred income and is subsequently released to the Statement of Financial Activities in the relevant period. Other trading activities income is raised by the s31e of goods and services undertaken by the Christchurch Information Centre ICICI. 1.5 Resources expended Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefit will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources. Costs of generating funds comprise those costs relating to fundraising and include costs of operating the Christchurch Information Centre. Charitable activity costs comprises those costs incurred by the charity in the delivery of its charitable objectives. It includes both costs that can be allocated dirertly to such attivities and those costs of an indirett nature necessary to support them. Governance costs include those costs associated with meeting the constitutional and statutory requirements of the charity and include the audit fee and costs linked to the strategic management of the charity. These costs are included within support costs. 1.6 Tangible fixed assets Tangible fixed assets are initially measured at C05t and subsequently measured at cost or valuation, net of depreciation and any impairment losses. Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases.. Fixtures and fittings Studio facility Improvements to property 25% on reducing balance 5% on cost 25% on reducing balance 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 activitie5. 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 Ioss lif any). 21
THE REGEKf (CHRisfcHURCH) LIMITED NOTES TO THE FINANCIAL STATEMENrs IcoNriNUED) FOR THE YEAR ENDED 31 MARCH 2024 Accountin8 pollcle5 (Continued) 1.8 Stocks Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. Net realisable value is the estimated selling price less all estimated costs of completion and costs to be incurred in marketing, selling and distribution. 1.9 Cash and cash equlvalents Cash and cash equivalents include cash in hand, deposits held at call with banks. other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities. 1.10 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 the is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. 805icfinonclol 055ets Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transattion 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. 805icfinonclol liobilities 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 effertive 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 liabilitie5 if payment is due within one vear 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. 22-
THE REGENT ICHRISTCHURCH) LIMITED NOTES TO THE FINANCIAL sfATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Accountlng pollcles (Contlnued) 1.11 Employee beneflts The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received. Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits. 1.12 Retlrement beneflts Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due. 1.13 Leases Rentals payable under operating leases, Including any lease incentives received, are charEed as an expense on a straight line basis over the term of the relevant lease. 1.14 Llmlted by guarantee The charity in limited by guarantee and therefore has no share capital. The liability of the members is limited to £1. -23-
THE REGENf ICHRisfcHURCH) LIMITED NOTES TO THE FINANCIAL sfATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Crltical 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 b3sed on historical experience and other fattors 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 affetts both current and future periods. The key assumptions and other sources of estimation uncertainty that have significant risk of causing material adjustment to the carrying amount of assets and liabilities within the next financial year are as follows.. The annual depreciation charge is considered with reference to the estimated useful economic lives and residual value of the assets. The useful economic lives and residual values are re-assessed annually. The trustees assess the closing debtor balances for recoverability and those not considered probable of recovery are provided for. For the current year, the trustees have assessed the balances outstanding and consider no provision to be required a8ainst these. Accruals for goods or services not yet invoiced are estimated based on historic activity with the supplier or quotations received ahead of invoicing. Prepayments are based on actual invoices received and costs allocated across the relevant accounting period on a straight line basis of the time period in which the service relates to. There were no other key sources of estimation uncertainty. -24-
THE REGEpif {CHRisfcHURCH) LIMITED NOTES TO THE FINANCIAL sfATEMENrs {coNriNUED) FOR THE YEAR ENDED 31 MARCH 2024 Donations and legacles Unrestrirted Restrirted funds funds general 2024 Totsl Total 2024 2024 2023 Donations Donated Services Government grants 4,699 114,529 124.849 129,548 114,529 116.280 70.314 127.108 119,228 124.849 244,077 313,702 For the year ended 31 March 2023 76,451 237.251 313,702 Donated goods and services Bournemouth, Christchurch and Poole Council meets certain costs in support of the company as part of their requirement to assist arts and culture in the borough. Under the requirement of FRS102, the trustees are of the opinion that the quantifiable costs and loss of income of the Council should be included within these financial statements and that the amounts should be recognised as a donated services. This donation also includes cost5 relating to the Christchurch Information Centre ICICI. -25-
THE REGENT (CHRisfcHURCH) LIMITED NOTES TO THE FINANCIAL STATEMENrs (coNriNUED) FOR THE YEAR ENDED 31 MARCH 2024 Income from other tradln8 activlties Unrestricted Unrestrlrted funds funds 2024 2023 Rental income Christchurch Information Centre 3,466 4,093 31,108 8,061 Other trading activities 7,559 39,169 Ralsln8 funds Unrestrlrted funds general 2024 Total 2023 Raising funds Staff costs Christchurch Information Centre 3,887 3,891 1.991 Raising funds 3.887 5,882 3.887 5,882 -27-
THE REGENT (CHRISTCHURCH) LIMITED NOTES TO THE FINANCIAL STATEMEKfs (colNUED> FOR THE YEAR ENDED 31 MARCH 2024 7. Charltable artlvltles Charitable Charltable expenditure expenditure 2024 2023 Staff costs Depreciation and impairment Rates and water 287,272 ICD.299 4,637 20,240 69,350 3,899 60,999 274,476 95,159 4,296 20.909 66,800 4.816 53,109 Insurance Light and heat Telephone Advertising E 11 Repairs and maintenance Subscriptions Other office costs Theatrical production costs Cinema production costs Café and bar costs Rent Bank, credit card and internet 174.203 3.289 18,239 438,245 196,211 76.707 35,500 21,586 130,696 2,163 22,869 432,353 122,960 76,550 35.500 18,657 1,510,676 1,361.313 Share of support costs (see note 8) 18,934 19,976 1,529,610 1,381.289 Analysls by fund Unrestrirted funds - general Restricted funds 1,529,384 1.253,955 226 127,334 1.529.610 1,381,289 For the year ended 31 March 2023 Unrestricted funds- general Restricted funds 1,253.955 127.334 1.381,289 -28-
THE REGENT (CHRlSfcHURCH) LIMrrED NOTESTO THE FINANCIAL sfATEMEKfs {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Support costs Support Governance costs 2024 2023 Overhead - Notional donation from BCP Overhead - Staff training and appointment Overhead - notional donation for payroll services 1.810 2,468 1,810 2.468 1.810 4.538 680 650 Governance costs - wages Governance costs- auditors remuneration Governance costs - board expenses Governance costs- other professional fees 3.887 8.397 1,317 375 3.887 8.397 1,317 375 3.891 6,832 1,988 267 4,958 13.976 18.934 19,976 Net movement in funds 2024 2023 The net movement in funds is stated after chargin81{crediting}: Depreciation of owned tangible fixed assets Loss on disposal of tangible fixed assets 100.299 3,309 95,159 10 Trustees None of the trustees {or any persons connected with them) received any remuneration during the year, but two of them were reimbursed a total of £1.186 for computer expenses. leaving 8ifts for board members and adhoc repairs. One of the Trustees also hired the venue for an event at market rate cost of £753. 11 Employees The average monthly number of employees during the year was: 2024 Number 2023 Number Operational staff Financial and administration staff Other staff Total 12 12 -29-
THE REGEKf (CHRisfcHURCHI LIMITED NOTES TO THE FINANCIAL sfATEMENTS {copifiNUED) FOR THE YEAR ENDED 31 MARCH 2024 11 Employee$ (Contlnued) Employment costs 2024 2023 Wages and salaries Social security costs Other pension costs 265,563 16,269 250,670 18,332 5.474 287.272 274,476 In addition to the wages costs reco8nised above there are also wages costs of: a) £3,88712023 - £3,891) recognised as cost of raisin8 funds. This represents IO% of key management wage5 costs (gross pay and national insurance). bl £3.88712023- £3,891) recognised as support cost - governance. This represents IO% of key management wages costs (gross pay and national insurance). Total remuneration paid to key management personnel during the year was £35,52512023- £35,OC(JI. In addition to the Charity's paid employees. the charity is also heavily reliant on volunteer staff for most aspects of the operation of the Regent Centre. The trustees estimate that an extra 10 full time equivalent staff would be required to cover aspects of the operation covered by volunteer5. There were no employees whose annual remuneration was more than £60,OCK). 12 Other Unrestrlcttd funds Total 2024 general 2023 Net1055 on disposal of tsngible fixed assets 3.309 13 Taxatlon The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.
THE REGENT (CHRISTCHURCH) LIMrrED NOTES TO THÉ FINANCIAL STATEME15 (coNfiNUED) FOR THE YEAR ENDED 31 MARCH 2024 14 Government grants Government grants and support are recognised under the accruals basis and recognised in the period to which the income relates. 15 Tangible fixed assets Flxtyres and StwJlofa(ilitylrnpmwments to ffittin85 property Total Cost At l April 2023 Additions Disposals 742,979 51.024 149.137} 181,039 508,510 1,432,528 38.087 89,111 149,137) At 31 March 2024 744.866 181.039 546,597 1.472.502 Depreciation and Impairment At l April 2023 Depreciation charged in the year Eliminated in respect of disposals 540,381 58,614 {45.8281 181,039 332.258 1,053.678 41,685 100,299 145,8281 At 31 March 2024 553.167 181.039 373.943 1,108,149 Carrying amount At 31 March 2024 191,699 172,654 364.353 At 31 March 2023 202.597 176.252 378,849 All equipment and fittings are owned by charity and used in connection with its objectives. The use of any of these assets by the charity for the administration of the charity is minimal. As detailed in note 20. the Regent Centre and Studio facility are owned by BCP {Bournemouth, Christchurch and Poole Council) and occupied by the charity- Assets stated as Studio facility and Improvements to property represent the expenditure incurred by the charity to allow the property to serve the charitable objectives. 16 Stocks 2024 2023 Cafe, bar and CIC stock 4,120 5,722 31
THE REGENT (CHRisfcHURCH} LIMITED NOTE5 TO THE FINANCIAL STATEMENfs (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 17 Debtors 2024 2023 Amount5 fallin8 due within one year: Trade debtors Other debtors Prepayment5 and accrued income 1,362 585 22.125 3,806 23,487 4,391 18 Credltors: amounts fallln8 due wlthln one year 2024 2023 Notes Other taxation and social security Deferred income Trade creditors Other creditors Accruals 30,585 227.625 49,158 59,378 38,983 5,393 154,648 44,201 62,008 51,843 19 405,729 318,093 19 Deferred Income 2024 2023 Other deferred income 227,625 154,648 2024 2023 Deferred income is included within: Current liabilities 227.62S 154,648 Deferred income represents ticket sales in advance. 20 Retlrement benefit Schemes 2024 2023 Defined contribution schemes Charge to profit or loss in respect of defined contribution schemes 5,440 5.474 -32-
THE REGENT ICHRISTCHURCH) LIMITED NOTES TO THE FINANCIAL sfATEMENfs {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 20 Retlrement beneflt schemes {Contlnued) The charity operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the charity in an independently administered fund. -33-
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THE REGENT ICHRisfcHURCH) LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUEDI FOR THE YEAR ENDED 31 MARCH 2024 22 Unrestrlrted funds- deslgnated These are unrestrirted funds which are material to the charity's artivities. At l Aprll 2023 Trnnsfer5 At 31 March 2024 loo,000 Ico,000 Prevlous year: At l Aprll 2022 Transfers At 31 March 2023 Projerts fund 100,000 100,O¢)O Last year the trustees designated £IOO.000 of general funds to its own fund. This represents the designated contingency fund. 23 Unrestrlcted 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 l Aprll 2023 Incomln8 resources Resource$ expended Transfers At 31 March 2024 General fund5 568,412 1,450.573 11,536,580) 97,503 579,908 Prevlous year: At l Aprll 2022 Incomln8 resources Resources expended Transfers At 31 March 2023 General funds 571,288 1,245,947 11,259,837) 11,014 568,412 -36-
THE REGEMf ICHRisfcHURCH) UMITED NOTES TO THE FINANCIAL 5fATEMEKfs {CONnNUED) FOR THE YEAR ENDED 31 MARCH 2024 24 Analysls of net assets betvften fund$ Unrestrirted Unrestricted Restrirted funds funds funds zeneral deslgnated 2024 2024 Total 2024 2024 At 31 March 2024: Tangible assets Current assets/(liabilitiesl 363,976 215,932 377 206.238 364,353 522,170 100.CK)O 579,908 100,1 206.615 886,523 Unrestrfcted Unrestrfrted Restrirted funds funds funds general designated 2023 2023 Totsl 2023 2023 At 31 March 2023: Tangible assets Current assets/lliabilitie5) 378.341 190,071 508 178,987 378,849 469,058 100,(K)O 568.412 100,LK)O 179,495 847,907 -37-
THE REGENT ICHRisfcHURCH) LIMITED NOTES TO THE FINANCIAL sfATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 2S Operatlng lease commltments 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.. 2024 2023 Within one year Between two and five year5 3,321 4,908 3,710 8,230 8,229 11,940 26 Related party transactlons Durin8 the year payroll services were provided by Andrews & Co ICBA Accountax Limited), of which Mr C Root is a dirertor. These services are provided at nil cost but a notional cost value of £680 is recognised for the service provided. -38-
THE REGENT (CHRisfcHURCH) LIMrrED NOTES TO THE FINANCIAL STATEMEpirs (coKriNUED) FOR THE YEAR ENDED 31 MARCH 2024 27 Agreement wlth BCP (Bournemouth, Chrfrtchurch and Poole Coundl) On 17 July 2020, a new agreement was entered into between Bournemouth, Christchurch and Poole Council IBCPI and The Regent (Christchurch) Limited. Under this agreement the Company occupied the premises known as the Regent Centre free of charge for use as an arts and cultural centre and public building. Under the agreement the companv". l. Is responsible for the general running costs of the building excludin8 those which are the responsibility of the BCP 2. Is obliged to pay VAT on the notional rent chargeable by 8CP. 3. Is obliged to pay annual lease rent of £3,575. 4. States that the notional rent (exclusive of VATI is: £35.500 for years 1- 5 £72.108 for years 6- 10 £83.595 for years 11- IS £96,916 for years 16- 25 For the avoldance of doubt the above sums include the lease rent of £3.575. Under the agreement BCP: l. Is responsible for the maintenance of the property and its fixtures and fittings and for the Insurance of the buildin8 and those fixtures and fittings which are owned by 8CP. -39-
THE REGENT (CHR15fcHURCH) UMITED NOTES TO THE FINANCIAL STATEMEpirs {coKnNUED) FOR THE YEAR ENDED 31 MARCH 2024 28 Cash genernted from operatlons 2024 2023 Surplus for the year 38.616 96,027 Adjustments for: Loss on disposal of tangible fixed assets Depreciation and impairment of tangible fixed assets 3.309 100,299 95.159 Movements in working capital- Decrease in stocks (Increaselldecrease in debtors Increaselldecrease} in creditors Increase in deferred income 1.602 119,096) 14,659 72,977 2,182 67,239 (9,5261 26.438 Cash generated from operatlons 212.366 277.519