Company re8istration numlKr: 04838508 Charity registration number.. 1099868 The Quay Theatre at Sudbury (A company limited by 8uaranter) At)nvai Retx)rt and Financial Siatements for the Year Ended 30 Apiil 2025 IAmbert Chapman LLP 3 Warners Mill Silks Way Braintree Essex CM7 3G8
The Quvdy Theatre 4t Sudbury Contents Rcfcrence and Administrative Details TNstees' Report 2to5 Ststernent of Trustees, R¢sFN)nsibilitie5 Independent Examtnevs Report 7t08 Statement of Financial Activitie5 Ban¢¢ Sheet Ioto 11 Not¢s to th¢ Financial Statements 12to26
The Quay Theatre at Sudbury Reference and Administrative Detai Trysteei EJCole P W Press J Blat¢h A R Willson M Barratt JASmith R G Vitley J Blah Seeret8ry Charity Registration Numb¢r 1099868 Compgny RegAstr8tion Nwmber 04838508 The charity is inCorted Én England and Wales. Quay Lane Sudbury Suffolk COIO 2AN R¢gi$tered Offjee IDd¢pelldeDt EAatyiDer Mark Pearson FCA Lambert Chapman LLP 3 Wamers Mill Silk5 Way Braitjtree Essex CM7 3GB Page I
The Quay Theatre at Sudbury Trusteesl Report The trustee5. who are direetors for the purwses of Company law. present the annual report tO8ether with the firn¢t81 statements of the charitabl¢ company for the year ended 30 April 2025. Objectives *nd 4ctivities Objects ond4Tinf The Th¢atTe is a Company Limited by Guarantee and is gov¢med by the Memorandum and Articles of Association upon its incotyoration on 19 July 2003 and 15 a Ghanty. re815teTed with the Chariry Commission and its aims and objectives ar¢ set out in its Memorandum and Articles of Association. The charity is a rurnl theatre and arts c¢ntre locatcd in a Grade 2 List¢d building in Sudbury, Suffolk. Th¢ Quay Th¢atr¢ provides seryi¢¢s to Sudbury and the surrounding aw with a mixed programme of aEnat¢ur ond professional drama. musi¢, comedy and film. It also offers ILYe 5treamin8 of National Th¢8tre. Royal Opera House and other shows that our lo1 audienc¢ may not normally have the opportuniry to experien¢¢. It 8150 provides a base for youth 8roups, 8 5umTner stage school and a rK)mmunity venue ed by lo¢al group5 and ressdents. Pmblic benefit The Trustees have r¢ferred to the guidance contained in the Charity Commission's g¢nerdl guidance on publi¢ benefit when revi¢win8 our aims ond objectives and in planning oui future activities. Thc trustee5 confinn that they have ¢¢)mplied wÈth the requirements of se¢tion 17 of the ChaTiti¢s Act 2011 to have due regard to the public benefit guidance published by the Charity Commission for England and Wales. Use olv011ee The theatre has the advants8e of havin8 a group of around 30 volunteers who contribute by monntng the Box Offic 88rdening. on the bar and front of house, thereby easing OT¥J enhaD¢ing the experience of visi¢or5 and ¢4LStomers. By making them welcom¢ on visits ensuring theÈT ¢omfort and safety. they interact with the community to provide an essentia] servi¢¢ to the theatre and gei theÉr own job satisfaction for their efforts. Th¢ Charity also offers free troinin8 to volunteers on subjects such as First Aid and Saf¢guardin8. AebievemeDts 4nd performance In the year. the theatre hosted 220 perfom)ances (125 different shows), Selling a totsl of 14,478 seats Audience nwnbers were dightly down on the previous year. mainly due to our cornmitm¢nt to providin8 a diveF5e ran8¢ of acts which has. during th¢ year. seen dram4 rnusiq comedy. perfonnances for Children, history tslks, str¢amed ballet and opern ond personal appearances. A5 well as professional acts. these perfomian¢es have in¢luded prLKluctions by the gudbury omateur dramatic and musical so¢ieij¢$, school& the there'S own young people's drama clas5¢s (Comets and Nova$) and other arnattr groups. The thtre is also used by many local Clubs in¢ludin8 rhess, playreading and geveral U3A group5. The Trustees would like to thank our mcmb¢rs of staff and volunteers for their hard work agwn over the last year when many changes have Oc¢u¢d. Their profes5ionali$m reflects on the theatre itself for whi¢h we receive frequent positiv¢ cornments from visiting perfomius and wdiences alik¢. Page 2
The Quay Therdtre at Sudbury Trustees, Report FinAnel#l review Th¢ Trnstees discuss the financial perfomwe at Board rneding. Ehlring the year, the the4tre changed the accounting softwar¢ that had been used and the n¢w Financ¢ Manager has ensured that the whole system fvnctiOll5 well and can produce multiple r¢p(xts for the Board. As can be seen from the accounts, the ¢harity makes an annual loss from the theatre operations (in mmon with just about 1 regional theatres) bu¢ is able to ¢xist on overdraft facilitie5 if required. During the year, the theatrc r¢¢¢ived gt*nt fundin8 from Suffolk Cotmty Council. B8bergh District Coun¢il and Sudbury Town Council. a5 w¢ll as other smaller amounts from individuals. Pollry on reserva Whilst the Trustees aim would like to hold re5ervrs to cover a period of operatÉn8 costs this has not been p)ssibl¢. Taking inio actoullt the level of funds that are tt¢d up in fixed assets or advance iid(et sales, the Charity ¢urrently ha5 newiv¢ available funds of £106,632. As at the Balance Shert date, the fLnan¢ial seMents are repx)rting unrestricted funds of £268,383 and restricted fi(L8 of £10,083. The TSte¢S will be WOTking hard to ¢nsure that the Charity incre4ses ih¢ amount of income that it makes from unrestricÈed sources to improve the amount of available re5¢rves in futu]r periods. Going eoncern The financial statements have been prepared on a. going con¢ern' basis. The Trustee5 h&v¢ assessed whether the use of 'goin8 concern, is appropriate i.e. wh¢ther there are any material uncertainties related to ¢Yents or conditiot]s that may cast significant doubt on the ability of the ¢harity to ¢ontinue as a going concern. The Trustees Consider thai the value of the building itself is mor¢ th#n sutTicient to cover all liabilities. During the year, there have been further c05t-savings which are starting to show through and the staff and Trustees are Constantly looking at Wdys to b¢ more efficient but at low¢r costs. The Trustets w¢ also working hard tts ensure th81 th¢ Charity increase5 the amount of income that it makes from 8rants to improve the available reserves in future periods. Trustees offJeer5 The tTUStres and offi¢ers seTYing during the year and since the year end as follows.. Page 3
The Quay Theatr¢ at Sudbury Trustees, Report Tru5tees.' EJCole P W Pre5S P M Keogh {reSi¢d l May 2025) J Blatch A R Willson M Barratt T Smith (resigned 27 May 2024) J A Smith lappoin*d 8 OctobEr 2025} R G Viney (apwinted 8 October 2025) S¢cretsry: Blatch Stru¢turfy governance 4nd m8nagem¢nt The Theatre is a Limited Company by Gu8ratrtte and 15 8ov¢med by the M¢moranduEn and Articles of Association upon its irt¢orporation on 19 July 2(M)3. Recrnllmenl anduppolnlment f>Airusleex The Arti¢lcs of Association states that there shall a Board with a minimum of 3 Directors (who Are entitled 'Trustee5') who will 8oYem the affairs of the ¢harity. These Trusttts ar¢ unpaid volunteers and at>y per th¢ r4uisite skills may be¢ome a Trustee. Having Shown an interesL prospective new Trustees are interviewrd by at least 2 members of the Board to assess their suitsbiltty and 5ks11s. They are then invifyl to attcnd 3 Board meetings, after which they make fornhal application to be a Trustee and this 15 then voted on by a simple majority of the Trustees present and votin8. Orgahls4Flionulstrtsethre The Quay Theatre is under the control of the Board who meet approximately 5ix-weekly tts receive rq>orts curr¢nl p¢rforniance and to deal with matt¢rs affecting th¢ governance of the theatr¢ and its fa¢ilitie5. Dunn8 the y¢&r, the Board of Trwstees delegated the [llargement of thr operation5 to a Management Team consisting of the Theatre Manager. H¢ad of Production and Finance MatLa8rr who are all employed on hourly contracts. In addition to these persons. the theatre ha5 a fiyther three part-time staff and a contlngent of volunte¢rs. Page 4
The Quydy Theatre at Sudbury Trustees, Report Majorrlsks ¢Tndnwn•7gemehi ofihose Considerali£Ju ofriskg The TnJ5tees rncet approximately six.weekly to discuss all i&%ues and take action5 &c¢ordin8ly and are fully aware of the fad that havin8 only 124 seats blrt needing io fvnuion in the saffte way as do laT8er venues, making a profit froTn tickets and bar sal¢s do¢s not always cover ¢osts. Audaence numbers liave remained good with many perfomunces (mainly musidtribute bands) haying at or near full hous¢s. Bar receipts have been go(NJ throughout th¢ year. Whilst there are some g¢nr¢s that do not ath¢t1orge numbers, th¢ Trustees are 8watt th* the theatre's off¢rin8S should span a good ran8e of perfomianees, not jyst aim at having fihll houses, so that they give optx)rtuntties for entettsLnment to the wtder community. However. th¢ Tru5tee5 are also ¢on5cious that the has to be a balance when rnaking these choices and $0 progrdmming is done with both considerdtions mind. One major 'custom¢r' is Sudbury Dramati¢ So¢iety who guanntee 30 days hire o y¢8r and who pay as a 'dry hire, i.e. the theatrr rec¢ives a set Sum how¢v¢r many there are in the audience. There have been Yarious issues between us and the Board look¢d into what tnight happen financially. should the agreement break down and are satisfied that th¢r¢ could be suffjcient a¢ts to fill those day5 artd if the theatre produced theÈr own pgnto, it would mak¢ far more than currently. As the finances show that there alr no rryeS and that th¢ charity is makin8 an atmua] operniin8 Ios5. thc need for makÉn8 applications for grants is Vltal and the trusttts hav¢ recently had a new trustee join the Board vhLO has in-depth experien¢e of Strategy and bids for 8fdllt5. as have ttvo other volunte¢rs. The Trustee5 have identified various requirements, both for revenue and capital proje¢ts, and these are being pursued by a small t¢am consistin8 of the above. Programmin8 for each season had been undertaken by the then Int¢rim Executive Director but a5 this arr8n8ernent ended in November 2024 and the Board have contracted with an external person who has vast experience Èn the theatre. The cost of this is unlikely to be any fflore than that which would have been rhorged by the fomi¢r Inl¢aim Exccutive Director. The anrtual report w&s appmed by the ttustees of the charity on..... .. .. . its behalf by: .. and s18Td on A R Willson Trusie¢ M Barratt Tntstee Page 5
The Quay Theatre at Sudbury ststement of Trustees, Responsibilities The trustees (who are also the dire¢tOES of The Quay Theatre at Sudbury for the purposes of comwdny lawl are responsible for preparing the trustee5' report and the financial Statements in ac¢ordance with applicable law and United Kingdom Accounting Stat]dards (United Kingdom Generdlly A¢¢epted Accounting Practice), in¢luding FRS 102 "Th¢ Financial Reporting Standard applicable in the UK and R¢publi¢ of Ireland" CoTnpany law requires the tn]stees to prepare financial statements for each ftnancial year. Under company law the tn]stee$ MU not approve the financial statements unless they are 5atrsfied that they give a true and fair view of the stale of affairs of the ¢haritable company and of the incoming resour¢e5 and application of resour¢ES. including ils inctsme and expenditur< of the charitabl¢ company for that period. In preparing these financial 5taternents. the tru5t¢es are required to.. select suitsble accounting poli¢ies and apply them wisi5t¢ntly' observe the m¢thods and principl¢s in the Chtirities SORP; make jvdgettlents and estimates that are reasonable and pNdent" state whether applicable accounting standards. comprising FRS 102 have been followed, subject to any maierial departures disclosed and explained in the financial $tatements- and prepare the flnancial statements on the going conc¢m basis ullless it is inappropriate to presume that the ¢haritsbl¢ company will continue in busint&s. The tru$tees are responsible for keeping proper aon11ng records that Can disclose with reasonable a¢Guracy at any tiiiie the fLnancial position of the ¢haritable company and ¢nable them to ensure ihat the finaJJcial statem¢nts romply with the Coinpanies Act 2006. They are a150 responsible for Safeguarding the assets of the charÈrable company and hence for taking rwonable 5teP5 for th¢ prevention and detection of fraud and other irr¢gularities. The trusteES are responsible for the mainten4n¢e and integrity of the corporate and fjnancial infomation included on the charitable company's website. Legislation goyerning the preparttion and dissemination of financial statemetjts may differ from legislation in other jurisdictions. Approved by th4tnistees of ih¢ charity on ............ A R Willson Trustee M Barratt Trustee Page 6
The Quay Theatre at Sudbury Independent Examiner's ReEM)rt to the trustees of The Quay Theatre at Sudbury ('the Company,) I reportto the charity trusttt5 on my examination of the accounts of the Cconpany for the year eIed 30 April 2025. Re$p)nslbllitae5 8nd b*si$ of report As the charity's thjstres of th¢ Company (and also tts dire¢tors for the purposes of ¢0MnY law) you are r¢sp)nsible for the preparation of the accounts in a¢cordance with the requirements of the CompanTeS A¢t 2006 ('the 2006 Act,). Havin8 satisfied myself that the accowits of the Company are noi required to be oudited under Part 16 of th¢ 2006 Act and are eligible for independent ¢xamination. I report in respECt of my examination of your charity's ac¢ounts as carried out under section 145 tsf the Charities A¢t 2011 {'the 2011 Act.). In Carrying out my examination I have foll(Trwed the Dir¢ctions givth by the Charity commi10n under section 145(SMb) of the 2011 Act. IDdepeDdent ¢xomiTrer's 8tatemernt- matter of coDcern ideDtlfied Since the Company's gros5 income ¢x¢e¢ded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 A¢t. I confirni thai l om qualifled to undertake the examination b¢cause l am a member of Institute of Chartered A¢countants in England and Wales IICAEW), whidi 15 one of th¢ listed bodies. I have completed my examinatton. I have identified matter5 of concern that need to be reported on as follows: Altknu8h the financial stat¢ments show that the Charity has LMStricted funds amounting to £268,383, it is noted that the majority of the funds are tid up in fixed assets so there are no 'available' unrestricted reserv¢$ at the balance sheet date. The Charity is ¢ontinuin8 to implrtnent cost saving measure, at]d increase sale8 which h85 been efftctivc in the current year. I ¢onfirni that no other mattm havr come to my attention in connection with thc eXam[rtion giving me re&qonable use to believe that in any material respect: accounting re¢ords were not kept Iti respect of The Quay TheAtre Sudbury 8s required by section 386 Of the 2006 A¢L' or 2. the accounts do rjot accord with those record5. or 3. the account$ do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the a¢¢ounts give a 'true and fair view, whieh is not a matter considered as part of an indcpendent examination: or 4. the accounts have noi ken prepared in accordance with the methods and pnnctples of the Ststement of Recommended Practice for cOUntIng and reporting by charitie5 lapplicable to charities preparin8 their accounts in a¢¢ordance with th¢ Fioan¢ial ReFd)rtin8 Standard applicable in the UK and Republic of Ireland (FRS 102)]. l ¢onfimL that there ar¢ no other matters to Mthich your attention should bE drawn to enable a ptoper understanding of the accounts to be rhed. Page 7
The Quay Theatre at Sudbury Independent EJaminer's Rert to the trustees of The QUAY Theatre #t Sudbury ('the Company,) ,k PLthGon Mark Pearson FCA Lambert Chapman LLP 3 Warners Mill Silks Way Brdintree Essex CM7 3GB Pa8e 8
The Quay Theatre at Sudbury Statement of Financial Activiti for the Year Ended 30 April 2025 (Including Income and Expenditure Aeeount and Statement of Total Recognised Gains and Losses) Unrostrlcted fund5 R•strit¢¢d Total 2025 Totsl 2024 JYt)t* Income and Endowmellts frnm: Donattons and legacies Charitable octivities (Xh¢r tradir]g activities Jrtve5ttnent income Other income 48.824 60,988 277.540 6,990 55.814 60.988 277,540 37.614 43.641 253,252 181 4.688 2,039 2,039 Total income 389.392 6,990 396.382 339.376 Expenditure ON: Raising fvnds Ch8ritsbl¢ activities (248.017) (148.533) {248,017) (149.114) (226.935) (173,598) (581) Total exp¢nditure 1396,550 5811 (397.131) {400,533) Net (expenditureyÈncome Transfer5 behveen fund5 (7.158) 3.896 6.409 (3,8961 (749) (61.157) N¢t movement in {3,262) 2.513 (749) (61.157) Rec•Deili8tion of funds Total fijnds brought forward 271.645 7,570 279,215 340.372 Total Carried forward 23 268.383 10,083 278.466 279.215 All of the charity's activities derive from etsntinuing operations during the above Iwo periods. The hjnds br¢akdown for 2024 1$ shown in note 23. The notes OEi pa8e$ 12 to 26 fomi an int¢gral of these financial statements. Page 9
The Quay Theglre at Sudbury (Registration number 04838508) Balance Sheet as at 30 April 2025 2025 2024 Note ixed Assets Intangible assets Tangible assets 1.971 372.215 2,256 377.257 17 374.186 -379.513 Cwrrent Stocks D¢btors Cash ai bank aj in hand 18 12IM 13,295 3,053 4,319 10,750 28,265 17.552 43.334 Creditors: Amounts fglllne dtht witbiD OB¢ y¢8r et Current liAbilities 20 (97272 {124.926 179,720 (81,592 TotAI assets less ¢urreMt1S#bilities 294.466 297.921 Creditors: Amounts falling de sfter than one ye8r Net *Mets 21 16,000 18,706 278,466 279,215 Funds of tbe chgtlty: Restricted income fud$ Restricted funds 23 10.083 7.570 Unrestricted Socome Utvestri¢ied fimds 268,383 271.645 Total funds 23 278,466 279.215 For the finanGia] year ending 30 April 2025 the ¢harity was entitleAJ to exemption from audit under section 477 of the Companies Act 2(K)6 relating to small companie5. DiTeCtors' responsibilities.. The members have not required the tharity to obtwn an audit of its accow)ts for the year in qu¢s¢ion in accordance with sedion 476; and The directors ?¢knowledge their responsibilities for complying with the requÈrements of the Act with re5pe¢t to arKountin8 records al the pr¢paraiion of accounts. The notes on page5 12 to 26 fomi an integral part of these fitwicial Statements. Page 10
The Quay Theatre at Sudbury (ReEiStr2tion number: 04838508) Balanee Sheet as at 30 April 2025 The fJnan¢ial statcments on pag¢$ 9 to 26 were approved by the trustees. and authorised for issue on l(•ff . and 5i8ned on their behalf by: A R Willson Trustee M Barrntt Trustee The notes on pages 12 to 26 fornj an int¢grnl part of the5¢ finan¢ial statements. Pag¢ll
The Quay Theatre at Sudbury Notes to the Financial Statements for the Year Ended 30 April 2025 I Charity status Th¢ ¢harity is limited by 8uarantee, incorporated in England and Wale5. and cons¢qu¢ntly does not have share capital. Each of the trustees is liable to Contribute an amount not exceeding £1 t0rdS the assets of the charity in the event of liquidation. Th¢ address of its r¢gi$ter¢d oiflce is.. Quay LAne Sudbury Suffolk COIO 2AN 2 AccouDtillg politi Summary of $ignific8n¢ ceouDtiDg polieie$ key CCOUDting estim¥t The principal accounting poliri¢s applied in the preparation of these financia] statements are set out below. Thes¢ policies have been consistently applied to all the years presente(L unless otherwise stat&l. Statement of tompliance The financial Statements have b¢en prepared in accordanc¢ with A¢countin8 and Reporting by Charities: Ststemeni of Recommended Pta¢tice (applicable io Charities preparing iheir aceounts in accordan¢£ with the Financial Rewrting Stsndard applicable in the UK and Republic of Ireland (FRS 102)) (issued in October 2019} - Icharities SORP IFRS 102)). the Finan¢ial Reportin8 Standard Applioble in the UK and R¢public of Ireland (FRS 102) and the Companies Act 2006. Bgsis of prep4rnti0 The Quay Theatre at Sudbury me¢ts the definition of a public benefit entity under FRS 102. A5S¢t5 and liabilities are inittally reco8nised at historical cost or transaction value unless (therwise stated in the 1¢yant accounting P(Flicy notes. G¢>ing coneern The financial steMents have be¢n preparcd on a 8oin8 eon¢¢m basis. The tnLSt¢es assess whether the use of going concern is appropriate i.e. whether the are any material UEJ¢ertainties related to events or condiiions that may e&st significant doubt on the ability of the charity io ¢ontinue as a going ¢onttm. The trustees make this as8essm¢ni in respect of a period of one ye4r from the dat¢ of approY81 of the finan¢ial Statements ond are happy that th¢y have sufficient assets to continue trdding. Judg¢m¢Jbts Apt from those judgements involving cstimations, the management team hav¢ not madt any jud8ements in the PeSS of applying the entity's a¢¢ounting policies that have a 5i8nificant effe¢t on the amourts recognis¢d ir] the accounts. Page 12
The Qurdy Theatre at Sudbury Notes to the Financial Statements for the Year Ended 30 April 2025 Key s(trur¢es of estimation uneert#inty There are no key as5umption$ coRcert]ing the fuittre or key sOUe$ of estimation uncertainty at the porting date that have a significant risk of ¢ausin8 a matertal adjusttnetrt to th¢ ¢arrying Atnounts of assets and liabilities within the next reportiiig period. Ineome ed0mellts All income is recogrtised once th¢ chlty has entÉtlem¢nt to the income, it 1$ probable that the income will be re¢¢ived and the amoutlt of the in¢ome receivable can be measured reliably. Donts#ons dndleg4eia Donations are recogtlised when th¢ charity ha5 been notified in writin8 of knth the amount 8t settlement date. tn the event that a donation is subject to conditions thal ie4uire a level of perf0mnCe by the chortty before the charity is entitl to the funds, the it]come is def¢ed and not recognIs until e2th¢r those conditions ar¢ fully mel or the fulfjlment of those conditions 1$ wholly within th¢ control of the charity and it 15 probable that these conditions will be fijlfilled in th¢ reporting peTiOd. Graftts receiwible GTants are rccogniKd when the charity has an entitlement to the fijnds and any conditions link&1 to the grants have bcen met. Whtte performance wndrtions are attached to the 8fdnt and are yet to be meL The incon]e is recognisd as a liability and in¢luded on the balanc¢ sheet as deferred income to be released. her 4ckirfdeJ Income is also Teceived from fund raising events such as entejtsinment events 8Dd bar sa]es and this is recognised as eamed. Iwveslmehi income Divid¢nds are recognised once the divid¢nd has been de¢lared and notification has be¢n reeeived of the dividend due. Chon'koble ac¢lvliies Income from ¢haritsble activities incI]eS rent received from th¢ letting of non investment property tn fithrance of th¢ charitable purpose. Expendlture l eXnditUre Is 0goISed once th¢re is a legal or ¢onstructiYe obligation to that expenditur¢ it is probable settlement is required ad the amount can be mwured reliably. All Costs are allocated to the applicable expendit heading that aggregate similar costs to that ¢ategory. These are ¢osts ineurred in attracting Yoluntary income and thos¢ inGurred in trading a¢tivitie5 that raise fijnds. Ch4rlthble udivilies Charitable expenditure comprises those ¢osts incurred by the charity in th¢ delivery of tts acliviti¢s and Servi for its nefictaries. It include5 both Losts that ean be allocatcd directly to such activities and those costs of an tndirect nature n¢c¢ssary to support them. Page 13
The Quay Theatre at Sudbury Notes to the Finallcial St#tements for the Year Ended 30 April 2025 Goyernance eo$ts These include the costs attributable to the charity'$ ¢ompliance with ¢onstitutionaJ and ststutory requirements, in¢ludin8 indep¢ndeni examination fees and other legal aTh] professional ¢xpen5eS. Gov¢rnmeNt grDts Govcmm¢ot graiits are recognised based on the ocerual model and are me4sured at th¢ fair value of the asset r¢ceiv¢d or receivable. Grant5 are ¢IifIed as relating either to revenue or to assets. Grnnts ielatin8 to revenu¢ are reco8tJis£d in income over the period whiGh the related ¢osts are recognised. Grants relating to assets are recognised over th¢ expect¢d useful life of th¢ a5seL Whcre part of a 8rant relating to a55et is deferred. it IS Tecognised as deferyed income. Taxatio Th¢ tharity is con$idered to pass the tests set oul in Parngraph I Schedule 6 of the Finance A¢t 2010 and therefore il meets the defjtjition of a charttable company for UK corporation tsx purp(>se5. AordinglY. the charity 15 Potentially exempt from tsxation in Tpect of income or capital gains received within categories covered by Chapter 3 Part I l of the Corporation TAX Act 2010 or Scction 256 of the T&Nation of Chargeable Gains Act 1992. to the extent that such income or gains are applied ¢x¢lusively to ¢haritsble purposes. Intngibl¢ a#5ets Intangible assets are stated in the Balance Sheet at cost less a¢tsJmulated amortisation and impaimw]L They are amortiscd on a straight line basis ovpA their estimat¢d useful lives. T8ngibl¢ fixed As8ets Individual fjxed assets costtng £100 or more are initially recorded at ¢05t. less any subsequent accuMuled depreciation and subs¢quent accumulated impairment lossts. Amortts#¢io Amortisation is provided on inthn8ible fix¢d assets so as to writr off the cos( less any e5timat¢d residual valu¢ over thetr expected use1 eeollomic lif¢ as follows.. Asset cl4ss Other inwiwble asset Amorti58tton method rgtt IOYO Strai8ht line D¢preclAtjOn and *mortis#tioD Depreciation is provided on tangible fixed aSts 50 as to WTite off the cost or valuation. less any estirnated residual value. over their expethd u5efi]l ¢¢ollomic life as follows.. Asset cl8SS Equipment Ftxtures and fittings Freehold property D¢preciatioD method rate 200/0 reducing balan¢e 200h redu¢ing balance No depreciation Charg S¢ock Sto¢k is valued at the lower of cost and estimated selling pri¢¢ l¢ss costs to compl¢te and sell, after due regard for obsolete and Slow rnovin8 Stocks. C05t 15 detemiined u5in8 the firsi-in. first-¢)ut (FtFO). Page 14
The Quay Theatre at Sudbury Notes to the Financial Statements for the Year Ended 30 April 2025 Trade debtors Trade deb¢ors are amounts due from customrr5 for merchandise sold or sice$ perfomied in the orditwy wutse of business. Trade debtors are reeogni$ed initially at the transaction price. They are subsequently me&sured at amortised cost usir]g the effectivc interest mctho(L less provision for impairnient. A provision for the impairment of trade 4Jebtors is established when there is objecttve evid¢nce that th¢ charity will not bc able to wllect all amounts due ac¢ording to the original terms of the receivables. C45h aDd equivalents Cash and cash e4uivJlents comprise ¢osh on hand and oll deposits. Trade ereditors Trade creditors are obligations to pay for goods or s¢rvi¢es that have been acqtsired in the orditjary course of business from suppliers. Accounts payable are classified as ¢UTrent liabilities If the ¢harity does not have an unconditional right. at the end of the reporting period, to defer s¢ttl¢menl of th¢ creditor for least twelv¢ months after the reportiog date. If there is an unconditiona] right to def¢r %ttlement for at t ttvelve months after the r¢p)rting date, they are presented 85 non-¢utTent liabilities. Trade CFedttors are re¢ognised initially it th¢ tsansaction price and 5ubsequ¢ntly measured at amortised cost wsin8 the effective interest method. Fund Strueture Unre5tri¢ted income funds g¢ncral fijnds that are available for use at the tnjstees discretion in furtherance of the objeciives of the Charity. Desi8llOted income fi]nds are those which hav¢ been sp¢¢ifi¢ally designed by the Trnstee5 for a particul3r PUTpose, as detailed fiher in Note 23. Restri¢ted ineome funds are those donated for use in a particular area or for specific purpos¢& the use of whith is restricted io that area or purpose. These are also dctailed fijrther in Not¢ 23. F¢s1Ott8 and other PDJ¢ retirejnent obligation$ The charity opetates a defin¢d contribution pension scheme whtch is a pension plan under which fixed ntribUtiOnS are paid into a pension fimd and the ¢harity has no legal or constructive obligation to pay further contributions even tf the Jnd does not hold suffici¢nt a55ets to pay all employees the benefits relatjDg to employe¢ service in the current and prior periods. Page 15
The Quay Theatre Ydt Sudbury Notes to the FillaAbeial St&tements for the Yur Ended 30 April 2025 3 Incotne frnm donatioDs aud legacie5 UDrestrieted fuDds Geieral Restrieted funds Totsl 2025 Totsl 21124 Donations and legacies. Appeals & Donations Donations- General Grants, including capitsl 8r8nts. GraTrts 2.000 2,000 20.544 20,544 5.614 28280 4,990 33,270 32,¢N)O 48,824 6,990 55,814 37,614 4 Incom¢ from ebarltsble 8etlvltle5 Unrestrict1 fnds CeD¢rnl Restrieted funds Total 2025 Totsl 2024 Rents Received Auditorium Costume Department Geoff Kisby R(M)m Jetty Quay Theatre Hire 35.520 5,400 546 18.488 1.034 35,520 5,400 546 18.488 1.034 22,535 5,400 440 13.491 1.775 60,988 60,988 43,641 S Ineome from otbeT tr•d5g A£tiviti¢$ Unre5tri¢ted fvnd5 GenerAI Restrieted fuDd5 TotAI funds Tolal 2024 Trading income. Bar Sales Kiosk Sales Entertainment Events Education Events- Swnmer Schools Educational Events- Workshops 77,813 25 191,461 5,915 2J26 77,813 25 85,078 246 157,991 191.461 5,915 2.326 9.937 277.540 277,540 253,252 Pag¢ 16
The Quay Theatre at Sudbury Notu to the Finaneigl Statements for the Ye¥dr Ended 30 April 2025 6 Investment incom¢ Unr¢strleted funds Gener•1 Re8trieted funds Tot*1 2024 2025 Interest receivable and similar incorn¢,' Interest receivable on bank deposits 7 Other incom¢ Unre5trict¢d funds G¢nernl Re5trf¢ted funds Total 2025 Totsl 2024 Other income 2,039 2,039 4,688 Page 17
The Quay Theatre at Sudbury Notes to the Finanei&l Statements for the Year Ended 30 April 2025 8 Expenditure ort r15ing funds g) Costs of generAting doDations athd legaties Unrtstrieted Restritted Total 21125 TotAI 2024 Gener41 Fundrnising ¢osts 1,940 1.940 1,661 b) Co$ts of tradiDg aetivitie$ UDrestricted funds Genernl Rutrieted funds Toll 2025 TDtsI 21124 Entertainment events expenses Education events - workshops Bar Expenses Costs of generating incom¢- Ctnema Proje¢tion Costs Education Events- S/Schools Box office Bar wages and salaries Stagin8 events Other trading activttres Technician wage5 and salaries 121.105 121,105 103,602 .634 40.326 33,652 33.652 4,939 3,124 7,060 23,141 8,812 4.939 3.124 7.060 23,141 8,812 4,497 2,783 6,933 23,046 8.561 511 33,381 44,244 44.244 246.077 246,077 225.274 Pag¢ 18
The Quay Theatre at Sudbury Notes to the Financial Statements for the Year Ended 30 April 2025 9 Expenditure on tharitsble activities UnTestrlded funds Gener*1 Re5trirted Totsl 21)24 2025 Note Depreciation of tangible fixed assets Amortisation of intsngible fixed assets Stsff costs Governance costs Prin( postage and Sl0A¢ry Publicity costs Credit card ¢har8es Rates and water LighL heat and pow¢r Insurance Repairs and maintenan¢¢ Computer software and maintenance Sundry expenses Cleaning Loan interest Bank charges Staff trdining Telephone Consulting Travellin 6,587 6,587 8.1?9 285 62.654 1,687 3,292 2,757 9.619 2,787 14.094 8,215 6.723 285 62.791 1.687 3,292 2.757 9,619 1787 14.094 8.215 7,167 285 60,937 8.881 3,215 5,030 .352 2.998 15,033 5,665 14,121 137 io 444 2.950 849 7.369 739 2,950 849 7,369 739 1,085 429 2,462 13.950 3,128 675 6,591 502 1.344 233 2,419 25,909 151 1,085 429 2.462 13,9SO 148,533 581 149,114 173,598 Page 19
The Quay Theatre at Sudbury Notes to the Fillancial St8tement$ for the Year Ended 30 April 2025 10 AThalysis of governance artd 511PPOrt costs GoverM#thee costs Unrestrlcted funds Geoernl Totsl 2025 Tot&1 2024 llldependent exarniner fees Examination of the financial statements Legal fets AcClntanCY fees 405 350 932 405 350 932 1.895 2.862 4,124 1,687 1.687 8,881 The accountancy a¢cru81 was Si8nifieantly ht8heT in the prevyous yS aC)unts than the invoiced amounL thercfore the value above is reduced by the ov¢r- ac¢wed amounL 11 Net Rneomlngloutgolng resource5 Net outgoin8 resources for the year include.. 2025 21)24 Other non-audit services Depreciation of fixed assets Amortisation of intan8ible ass¢ts .337 6,872 285 6,019 8.414 285 12 Trn$t¢es remunerntion exptnsts During the year the ¢harity tnade the following trOtionS with trustees.. TD LAgdeD T D Lagden received fee5 of £Nil (2024.. £19.665) during the year to a company ntrOlled by hinL T Lagden ceased to be a bwstee on 14 Febn]ary 2024. NotJ¢ of the other trustee5 have ¢lY•1 any reimbursed expenses or any other benefits from the charity during the year. P88e 20
The Quay Theatre at Sudbury Notes to the Finan¢i&l Statements for the Yegr Ended 30 April 2025 13 Staff eoyts The a88Tegate payroll costs w¢re as follows.. 2025 2024 Staff eoyts during tbe year were: Wages and salaries So¢ial 5¢¢urity cost$ Pension costs 126,933 1,439 1.8¢M 115,546 1.818 130.176 117.364 The monthly averdge number of persons (in¢luding senior manag¢ment I leadership team) employed by the charity during the year w8s as folltsws-. 2025 No 2024 Aver88e number of employees 12 13 No employee received emoluments ofmre than £60.000 during the year. The ttstal employ¢¢ benefits of the key management personnel ofthe clwity re £56.061 (2024- £35.010). 14 IndepeDdut exa1niDes remuneration 2025 2024 Examin&tion of the financial statemrnts 405 1,895 15 T#xAtlon The charity is a registered charity and is therefor¢ Fthntially exempt from tsxation on the b8sis that any surplu5 ported is used for charttable purp)se5. Page 21
The Quay Theatr¢ gt Sudbury Notes to the Fill&nci21 Statements for th¢ Year Ended 30 April 2025 16 Intsngible fixed #ssets Other intsngible asset Tot*1 Cost At l May 2024 2.850 2.850 At 30 April 2025 2,850 Amortis#tion At l May 2024 Charge for the year 594 285 S94 285 At 30 April 2025 879 879 Net book value At 30 April 2025 1,971 1.971 At 30April 2024 1256 2,256 17 Txngibk fixed assets Freehold Property Flxtures fittings EquipwoDt Total Cost At l May 2024 Addiiions 350,000 36,304 1.545 91.535 477,839 1.545 At 30 April 2025 350.000 37.849 91.535 479,384 DepreciAtioll At l May 2024 Charge for th¢ ye4r At 30 April 2025 20.027 4,391 80.555 2.196 100,582 6.587 24.418 82.751 107.169 Net bk value At 30 April 2025 350,(K)O 13,431 8,784 372.215 At 30 April 2024 350.000 16,277 10,980 377,257 18 Stock 2025 21124 Stocks 1,204 4.319 Page 22
The Quydy Theatr¢ at Sudbury Notes to the Financial Statements for the Yerdr Ended 30 April 2025 19 Debtors 21125 2024 Trade debtors VAT re¢overable Other debtors 12,543 5.091 1.984 3,675 752 10,750 20 Creditors: Amounts falling due wlthith olle yellr 2025 2024 Bank overdrafts Trdd¢ ¢r¢ditor5 Other loans Other taxation and social security Other creditors AccnJal$ 24.347 7.833 3,120 6.716 3,172 52,084 29.780 3.192 ,715 12,319 77,920 97.272 124,926 21 Cr¢ditor5: f8lling due wfter one yur 2025 2024 Other loans Trustees Current aOUnts 11,000 5,000 13.706 5,000 16,000 18,706 22 PensioD and other sehem Defjlled contriblltion pension Schem¢ The charity operates a defined cotjtribution pension s¢heme. The pension cost charge for the year repre5eTrts ¢ontributions payable by the d)arity lo the scheme and amounted to £1,804 {2024- £1.818). Page 23
The Quay Theatre at Sudbury Notes to the Financial Statements for the Year Ended 30 April 2025 23 Funds BAlatyce at 30 April 2025 B8IAnce at i M*y 2024 Jllcorning resourees Resources expended Trnnsfers Utsrestritted fund$ Gemernl Unrestricted Funds Property Revaluation 194,142 74,703 389,392 (396.550) 3,896 190.880 74,703 268.845 389.392 (396,550) 3,896 265.583 Deslgn¢vled tksignated fijnd for patio 2.800 2,800 Totsl unrestrlcted funds 271,645 389,392 (396.550) 3,896 268,383 Restricted Foyer Door5 Tudwick 5,375 2,195 5,375 2,195 513 2,000 Jety paIr fund Bar Shutters 4,990 2,000 {581} (3.896} Tot&1 restrieted funds 7,570 6.990 (581 (3,896) 10.083 Totsl fund$ 279,215 396,382 397,131 278.466 P28e 24
The Quay Theatre at Sudbury Notes to the Finanri81 Statements for the Year Ended 30 April 2025 Bglance At I May 2023 lttcoming resources Re80urces txp¢nded Balance al 30 April 2024 Ullre$tricted funds Genernl Unrestricted Fun(L8 Propety Revaluation 247.287 74,703 335,376 (388,521) 194,142 74,703 321.990 335,376 {388,521) 268.845 Designtued D¢signated fund for patio Total uTrre5tri¢ted fndS 2,800 2.800 324.790 335,376 (388.521) 271.645 Re$trtcttd Foyer Doors Babergh Thstrict CouYKil (Duty Manager) Tudwick 4.000 9,387 2,195 4,000 (2.625} (9,387) 5,375 2,195 Total restrleted fynds 15,582 4,000 12.012) 7,570 Total funds 340,372 339,376 400,5331 279.215 The specific purposes for which th¢ fimds are to be applied ore as follows: Restri¢ted fund ba]ance5 are held as follow5: Foyer Doors - In previou5 yeaJE grants from the Lord Be15ted Fund (£2.000). S Waddilove (£2.000), Alfred Williams (£2,000) and Iving Mem(>rial (£2,0(K)J were awarded to fund the repairs/r¢JOVatJOJts to the foyer doors. Thi5 money will be spen¢ in firture periods. Tudwick- A grant of £2.195 was awarded in previous years to provide 8 drama group of pcopl¢ with l¢amin8 di5abiltties. Jetty repair fimd - A Grant of £4.990 wa$ awarded by Babergh Council to rnake repaiJ3 to the Jety. M05t of the rcpairs have now been completed. 2nd tile rernaining monies will b¢ Spent in fijture years as required. Bar Shutters - £2,000 was do¢Jat¢d from The Lord Be15ted Charitsble Trust for the Bar Shutters. This rnoney will be spent in futhre periods. Destgnated Funds". The Trustee5 hav¢ decided to designate £2.8(11) in order for work to b¢ widertaken on the patio area at the Theatre. Page 25
The Quay Theatre ¥dt Sudbvry Notes to tbe Financial Ststements for the Year Ended 30 April 2025 24 An•tysls of net assets behveen f4nd$ Tothl fulld$ at 3(1 Apiil 2025 Unrestricted funds GettÈr81 DuigDated Restricted fuDd$ Intangible fixed ass¢ts Tan8ibl¢ fixed assets Curr¢nt assets CuJr¢nt liabilities Creditors ovcr l y Total n¢t assets 1.971 372,215 14.752 (107,355) 16.000) 1,971 372.215 17,552 {97,272) 16,01)0 2.800 10.083 265,583 2,800 10.083 278,466 During the year the ¢harity re¢eived restri¢ted fimds which have yet to be spent. These are depositeij within the ComllY bank a¢¢ount which is oveTdrawn as at the year end and is r¢fle¢ted in the overall Gurrent liabilities abov¢. Total fund$ at 30 April 21124 Unrestrfeted fuDd8 General Design#ted R&strl¢ted fuThds Jntangible fixed assets Tangible fixed assets Current assets Current liabilities Credilors over l ye&r Tot net assets 2.256 377,257 32.9&1 (124.926) 18,706 2,256 377,257 43,334 {124,926) 18.706) 1800 7,570 268,845 2.800 7,570 279,215 25 Related prty trnsactions MsEJCole Ms E J Cole (Trust¢e) provided a loan to the Charity of £5,000 in 8 prior period. At the baian¢e sheet date the amount due to Ms E J Cole was £5.000 (2024- £5,000). Pa8e 26