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← Creation Theatre Ltd

2024-01-31-accounts

Company number: 06135973 Charity number: 1119379

Creation Theatre Ltd

Accounts

for the period ended 31st January 2024

Wenn Townsend

Chartered Accountants

Oxford

Creation Theatre Ltd

Contents

Trustees’ Annual Report 1 - 4
Chairperson’s Report 5
Independent Examiner’s Report to the Members 6
Statement of Financial Activities 7
Balance Sheet 8
Statement of Cash Flows 9
Notes to the Accounts 10 - 17

Creation Theatre Ltd

Trustees’ Annual Report for the period ended 31st January 2024

The trustees, who are also directors for the purposes of company law, present their report and the financial statements of the charity for the period ended 31st January 2024.

Reference and Administrative Details

Registered charity name Creation Theatre Ltd Charity registration number 1119379 Company registration number 06135973 Registered office Wenn Townsend 30 St Giles' Oxford OX1 3LE Principle address Wenn Townsend 30 St Giles’ Oxford OX1 3LE

The Trustees

The trustees who served the charity during the period were as follows:

Cllr M Clarkson Mr J Bufford (Hon. Secretary) The Rt. Revd. C Fletcher OBE, Mr Z Verjee Mr P Talbot Mr C Tomlinson (Treasurer) Ms J Iball, (Chair) Ms R Watson

All are made aware of any new requirements requested by the Charity Commission and Company Law.

Secretary Mr James Bufford Chief Executive Officer Mrs Lucy Askew (resigned 30 April 2023) Dr Helen Eastman (appointed 11 May 2023) Independent Examiner Lee Baker FCA Wenn Townsend Chartered Accountants and Statutory Auditor 30 St Giles Oxford OX1 3LE

Creation Theatre Ltd

Trustees’ Annual Report (continued) for the period ended 31st January 2024

Structure, Governance and Management

The Creation Theatre Ltd (Creation Theatre Company) is governed by the Memorandum and Articles of Association dated March 5th 2007. In the same year it became a registered charity. The liability of members in the event of winding up is limited by guarantee to an amount not exceeding £1 per member.

All trustees are aware of their legal obligations under charity and company law, the Charity Commission guidance on Public Benefit and have received the Articles and Memorandum of Association. They keep the financial performance of the charity under constant review. They review the Risk Management document on a regular basis. The trustees take seriously the Charity Commission's guidance on Public Benefit and believe the activities of the charitable company are in line with that guidance.

The trustees meet regularly and are actively looking for new members to enhance the range of supportive skills available to the staff team. They commit to Nolan's seven principles of public life: accountability, selflessness, integrity, objectivity, openness, honesty and leadership.

During the year, the day to day management of the company was delegated to Lucy Askew, the Chief Executive, to the general manager Charlie Morley, and to the CEO and Artsistic Director Dr Helen Eastman

The Trustees consider the Board of Trustees, the Chief Executive and General Manager as comprising the key management personnel of the charity in charge of directing and controlling the charity and running and operating the charity on a day to day basis. All Trustees give of their time freely and no Trustee remuneration was paid in the year. The pay of the Chief Executive and General Manager is reviewed annually and is normally increased in accordance with average earnings. The remuneration is reviewed to ensure that it is fair and not out of line with similar roles.

On 8th April 2023, the charity’s name was changed from Oxford Shakespeare Ensemble to Creation Theatre Ltd. This had been the charity’s trading name for some time.

Objectives and Activities

To advance education for the public benefit by the promotion of the arts, in particular but not exclusively, the art of drama. Risk Management and Equal Opportunities Policies are regularly reviewed by the management team and trustees.

Attracting and Retaining Talent

We remain committed to our Rep Company and the opportunity this gives us to provide job security to actors

Artistic Values

The performance of excellent theatre, chiefly but not solely Shakespeare, in site-specific and unusual locations and online, in which we aim to unlock artistic potential and allow for immediacy and connection with our audiences.

Since their inception, our digital shows have attracted significant interest from theatre critics and academics. Digital productions regularly feature in online journal articles and academic papers and we are aware of three published books that feature Creation’s digital shows.

Feedback via regular surveys to our audience, the close monitoring of social media, and an engaged Extras programme ensure a close relationship between the work we produce and its reception by the audience.

Creation Theatre Ltd

Trustees’ Annual Report (continued) for the period ended 31st January 2024

Public Benefit and Charitable Giving

We are focussing our efforts on both live performances and our education programme. Nearly 8,500 people saw our 2023 Christmas show, A Christmas Carol, and we also had a successful summer run of Much Ado About Nothing. We produced two online projects this year to promote our digital theatre reputation and we have also participated in some joint projects with The Oxford Story Museum, Oxford, Royal Holloway, and Exeter Universities. We took one play, The Alchemist, on tour to London.

We are running weekly and holiday drama courses for young people in Oxfordshire, as well as continuing our online drama courses for young people elsewhere in the UK.

Working with other local charities and voluntary organisations we have given free tickets and workshop places to young carers, Ukrainian refugees, SEN schools and projects engaging with children in deprived areas of the city. To increase access to vulnerable and financially strained groups we continued to offer concessionary tickets available for over 60s, jobseekers and disabled people and their carers. For workshops and Drama Club a bursary programme is in place. For all shows ticket pricing is carefully structured to ensure that an allocation of affordable tickets is available.

Financial Review

Despite a further deficit we are seeing very encouraging signs about the appetite for our work, both amongst our traditional audiences and from new visitors to our shows.The new Rep Company model is supported in large part by the Theatre Tax Relief scheme. These funds are received after the end of the financial year, explaining the difference in cash in the bank from the previous accounts. Principal risks and uncertainties

The charity maintains a comprehensive risk register and takes steps to minimise risk. Currently the principal risks have been identified as:

Reserves policy

Free reserves at 31st January 2024 stood at £74,108 (2023: £86,680). Free reserves are those unrestricted funds not invested in tangible fixed assets or investments used by the charity or shared with restricted funds, designated for specific purposes or otherwise committed. The trustees reviewed our reserves policy this year taking into consideration levels held by comparative producing companies.

Our reserves policy remains as follows: £75k as a minimum and the level where additional board meetings and contingency plans are drawn up, £100k as the prudent level we hope to maintain whilst conditions remain challenging and £150k as our long term target.

Creation Theatre Ltd

Trustees’ Annual Report (continued) for the period ended 31st January 2024

Responsibilities of the Trustees

The trustees (who are also the directors of Creation Theatre Ltd for the purposes of company law) are responsible for preparing the Trustees Annual 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 charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing these financial statements, the trustees are required to:

The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. The trustees are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

In so far as the trustees are aware:

Signed by order of the trustees:-

Carl Tomlinson Director/Trustee

18 March 2024

Creation Theatre Ltd

Independent Examiner's Report to the Trustees of Creation Theatre Ltd

I report to the charity trustees on my examination of the accounts of the company for the period ended 31st January 2024.

Responsibilities and basis of report

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

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

Independent examiner's statement

Since the company’s gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of the Institute of Chartered Accountants in England and Wales, which is one of the listed bodies.

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

  1. accounting records were not kept in respect of the company as required by section 386 of the 2006 Act; or

  2. the accounts do not accord with those records; or

  3. the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a ‘true and fair view’ which is not a matter considered as part of an independent examination; or

  4. the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).

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

Lee Baker FCA Wenn Townsend Chartered Accountants 30 St Giles Oxford OX1 3LE

14th March 2024

Creation Theatre Ltd

Statement of Financial Activities for the period ended 31st January 2024

Note Total Total
Unrestricted Restricted funds Unrestricted Restricted funds
funds funds 2024 funds funds 2023
£ £ £ £ £ £
Incoming resources
Incoming resources from generating funds:
Voluntary income 3 68,199 - 68,199 85,335 - 85,335
Activities for generating funds 4 13,337 -
13,337		 - - -
Investment income 5 17
-		 17 42
 - 42
Incoming resources from charitable activities 6 375,463 - 375,463 273,591 - 273,591
Total incoming resources 457,016 - 457,016 358,968 - 358,968
Resources expended
Costs of generating funds:
Costs of generating voluntary income 7 13,114 - 13,114 14,018 - 14,018
Costs of activities for generating funds 8 19,818 - 19,818 14,792 - 14,792
Charitable activities 9 506,524 - 506,524 436,479 - 436,479
Total resources expended 539,456 - 539,456 465,289 - 465,289
Net income before tax (82,440) - (82,440) (106,321) - (106,321)
Tax credit receivable 10 69,868 - 69,868 66,843 - 66,843
Net income/(expenditure) (12,572) - (12,572) (39,478) - (39,478)
Net movement of funds in year (12,572)
-		 (12,572) (39,478) - (39,478)
Total funds brought forward 86,680 - 86,680 126,158 - 126,158
Total funds carried forward 19 74,108 - 74,108 86,680 - 86,680

The notes on pages 10 to 17 form part of these financial statements

Creation Theatre Ltd

Balance Sheet 31st January 2024

Fixed Assets
Tangible assets
15
Current Assets
Debtors
16
Cash at bank and in hand
Creditors: amounts falling due
within one year
17
Net Current Assets
Total assets less current liabilities
Creditors: amounts falling due
after more than one year
18
Net assets
Funds
Unrestricted funds
19
Total funds		 2024
2023
£
£
£
£
3,724
4,469
95,983
104,360
29,272
41,975
_
_
125,255
146,335
(54,871)
(63,182)
_
_
70,384
83,153
_
_
74,108
87,622
-
(942)
_
_
74,108
86,680
═════
═════
74,108
86,680
_
_
74,108
86,680
═════
═════		 2024
2023
£
£
£
£
3,724
4,469
95,983
104,360
29,272
41,975
_
_
125,255
146,335
(54,871)
(63,182)
_
_
70,384
83,153
_
_
74,108
87,622
-
(942)
_
_
74,108
86,680
═════
═════
74,108
86,680
_
_
74,108
86,680
═════
═════		 2024
2023
£
£
£
£
3,724
4,469
95,983
104,360
29,272
41,975
_
_
125,255
146,335
(54,871)
(63,182)
_
_
70,384
83,153
_
_
74,108
87,622
-
(942)
_
_
74,108
86,680
═════
═════
74,108
86,680
_
_
74,108
86,680
═════
═════
______ ______
83,153
87,622
(942)
86,680
86,680
86,680
_
_
═════
_
═════

These financial statements were approved by the trustees on ………………………. 2024 and signed on their behalf by:

……………………………..

Ms J Iball Director/Trustee

Company registration number: 06135973

The notes on pages 10 to 17 form part of these financial statements

Creation Theatre Ltd

Statement of Cash Flows for the period ended 31st January 2024

Reconciliation of increase in funds to net cash flow from operating activities

2024 2023 £ £

Increase/(decrease) in funds (12,572) (39,478) Depreciation charge 745 730 (Increase) in debtors 8,377 (31,692) Increase/(decrease) in creditors (8,311) 11,592 Interest received (17) (42) ─────── ─────── Net cash flow from operating activities (11,778) (58,890) ═══════ ═══════

Cash flow statement

Net cash flow from operating activities (11,778) (58,890) ─────── ─────── Cash flows from investing activities Interest received 17 42 ─────── ─────── Cash provided by investing activities 17 42 ─────── ─────── Cash flows from financing activities Repayment of borrowing (942) (1,250) ─────── ─────── Cash used in financing activities (942) (1,250) ─────── ─────── Increase/(decrease) in cash (12,703) (60,098) ═══════ ═══════ Movement in cash (12,703) (60,098) Net cash at 1st April 2023 41,975 102,073 ─────── ─────── Net cash at 31st January 2024 29,272 41,975 ═══════ ═══════

Creation Theatre Ltd

Notes to the Accounts

for the period ended 31st January 2024

1. Accounting Policies

Basis of accounting

The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1st January 2015) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006. Creation Theatre Ltd meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy notes.

The Trustees consider that there are no material uncertainties about the charity’s ability to continue as a going concern.

With thanks to support from our audiences and The Arts Council, the Trustees are satisfied that the charity has sufficient reserves to continue to operate as a going concern. We have considered the performance of our online productions, the popularity of our online education programme and the funding available to us in reaching this conclusion.

Incoming resources

Voluntary income including donations, gifts and legacies and grants that provide core funding or are of a general nature are recognised where there is entitlement, certainty of receipt and the amount can be measured with sufficient reliability. Such income is only deferred when the donor specifies that the grant or donation must only be used in future accounting periods, or the donor has imposed conditions which must be met before the charity has unconditional entitlement.

Membership income is recognised evenly over the period of membership. As such, a proportion of each membership relating to future financial periods is deferred accordingly.

Investment income is recognised on a receivable basis.

Income from charitable activities include income received under contract or where entitlement to grant funding is subject to specific performance conditions is recognised as earned (as the related goods and services are provided). Grant income included in this category provides funding to support performance activities and is recognised where there is entitlement, certainty of receipt and the amount can be measured with sufficient reliability. Income is deferred when admission fees or performance related grants are received in advance of the performances or events to which they relate.

Fund accounting

Unrestricted funds consist of a general fund which the Trustees may use, for the furtherance of the objects of the Charity, at their discretion. Designated funds are unrestricted funds which have been allocated for future expenditure for a specific purpose by the Trustees. Restricted funds are subject to specific conditions imposed by the donor or by the terms of an appeal, these conditions being legally binding upon the Trustees.

Expenditure

Expenditure is recognised when a liability is incurred. Contractual arrangements and performance related grants are recognised as goods or services are supplied. Other grant payments are recognised when a constructive obligation arises that result in the payment being unavoidable.

Costs of generating funds are those costs incurred in attracting voluntary income, and those incurred in trading activities that raise funds. Charitable activities include expenditure associated with staging of stage productions and educational programmes and include both the direct costs and support costs relating to these activities. Governance costs include those costs incurred in the governance of the charity and its assets and are primarily associated with constitutional and statutory requirements.

Creation Theatre Ltd

Notes to the Accounts (continued) for the period ended 31st January 2024

1. Accounting policies (continued)

Fixed assets and depreciation

All fixed assets are initially recorded at cost. Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:

Equipment - 20% reducing balance

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Operating lease agreements

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profits on a straight line basis over the period of the lease.

Irrecoverable VAT

All resources expended are classified under activity headings that aggregate all costs related to the category. Irrecoverable VAT is charged against this category of resources expended for which it was incurred.

Debtors

Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

Cash at bank and in hand

Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

Creditors and provisions

Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

2. Legal status of the charity

The charity is a company limited by guarantee and has no share capital. The liability of each member in the event of winding up is limited to £1.

3. Voluntary income

Donations
22,199 22,199
Sponsorship
500
500
Grants -
General
45,500
-
Government grants receivable
_
_
68,199 68,199 85,335
═════
═════		 Total
Total
Unrestricted
funds
funds
funds
2024
2023
£
£
£
20,149
2,000
45,500 48,084
-
-
15,102
_
═════

Creation Theatre Ltd

Notes to the Accounts (continued) for the period ended 31st January 2024

4.
Activities for raising funds
FOH
13,337 13,337 -
5.
Investment income
Bank interest receivable
17
═════
═════
6.
Income from charitable activities
Show income - non-educational
Education income
67,821 67,821
Friends scheme
4,752
4,752
_
_
375,463
273,591		 Total
Total
Unrestricted
funds
funds
funds
2024
2023
£
£
£
═════
═════
═════
Total
Total
Unrestricted
funds
funds
funds
2024
2023
£
£
£
17
42
═════
Total
Total
Unrestricted
funds
funds
funds
2024
2023
£
£
£
302,890
302,890
190,276
75,965
7,350
_
375,463
═════
═════
═════

During the year, Friends scheme memberships were recognised at the point of receipt with no deferral of amounts relating to future years.

7.
Costs of raising voluntary income
Support costs (see note 11)
_
13,114
13,114 14,018		 13,114
_		 Total
Total
Unrestricted
funds
funds
funds
2024
2023
£
£
£
13,114 14,018
_

═════ ═════ ═════

Creation Theatre Ltd

Notes to the Accounts (continued) for the period ended 31st January 2024

8. Costs of activities for raising funds

Front of House - other
Fundraising costs
592
Support costs (see note 11)
_
19,818 19,818
Costs of charitable activities
Wages and salaries – production
Education – workshop leaders
Education costs
13,167
Production costs
78,750
Marketing and advertising
Credit card charges
Support costs (see note 11)
_
506,524		 Total
Total
Unrestricted
funds
funds
funds
2024
2023
£
£
£
6,112
6,112
241
592
533
13,114 13,114 14,018
_
_
14,792
═════
═════
═════
Total
Total
Unrestricted
funds
funds
funds
2024
2023
£
£
£
243,074
243,074
163,685
17,303 17,303 17,319
13,167 21,814
78,750 77,741
30,155 30,155 32,739
19,174 19,174 11,035
104,901
104,901
112,146
_
_
506,524
436,479
═════
═════
═════

9. Costs of charitable activities

10. Income tax

During the year the charity received theatre tax relief as follows:

2024
£
Theatre tax relief receivable		 69,868 66,843
_
69,868
═════		 2023
£
_
66,843

═════

Creation Theatre Ltd

Notes to the Accounts (continued) for the period ended 31st January 2024

11. Support costs

Support costs
Costs of
Costs of activities
generating for
voluntary generating Charitable Total Total
income funds activities 2024 2023
£ £ £ £ £
Wages and salaries - support 10,292 10,292 82,335 102,919 102,741
Other staff costs 94 94 748 936 660
Premises costs 774 774 6,196 7,744 6,473
Printing, postage and stationery 166 166 1,338 1,670 1,054
Other administration costs 405 405 3,235 4,045 6,228
Legal and professional fees 570 570 4,563 5,703 8,997
Audit and accountancy fees 720 720 5,760 7,200 12,600
Interest payable 6 6 44 56 - Bank charges 11 11
86
108		 698
Depreciation 75 75 595 745 731
13,113 13,113 104,900 131,126
140,182

12. Governance costs (included within support costs)

Audit / independent examiner fees
13.
Net income for the year
This is stated after charging:
Depreciation
745
1,162
Auditors’ / independent examiner’s remuneration -
-		 Total
Total
Unrestricted
funds
funds
funds
2024
2023
£
£
£
1,500
1,500
4,200
═════
═════
═════
2024
2023
£
£
audit / independent exam
1,500
4,200
other
5,700
8,400
_
_
7,945
13,762
═════
═════

Creation Theatre Ltd

Notes to the Accounts (continued) for the period ended 31st January 2024

14. Staff costs and emoluments

Total staff costs were as follows:

2024
£
Wages and salaries
306,590
248,846
Social security costs net of employer rebate & SMP
9,802
9,862
Pension costs
5,495
3,038		 2023
£
_
_
321,887
261,746
═════
═════

The above wages and salaries figures include payments made to freelance self-employed actors, stage managers, stage directors and stage designers.

Particulars of employees:

The average number of employees during the year, calculated on the basis of full-time equivalents, was as follows:-

2024 2023
No. No.
Number of staff 11
9
═════ ═════

No employee of the Charity received remuneration of more than £60,000 during this period.

Key management personnel received total remuneration of £47,446 (2023: £64,620).

15. Tangible fixed assets

Cost
At 1st April 2023
At 31st January 2024
Depreciation
At 1st April 2023
Charge for the year
At 31st January 2024
Net book value
At 31st January 2024
At 31st March 2023		 Equipment
£
20,609
_
20,609
═════
16,140
745
_
16,885
═════
3,724
═════
4,469

Creation Theatre Ltd 15-

Creation Theatre Ltd

Notes to the Accounts (continued) for the period ended 31st January 2024

16. Debtors

2024 2023 £ £

Other debtors 6,500 15,327 Prepayments 19,613 22,287 Theatre Tax Relief claim 69,870 66,746 _ _ 95,983 104,360 ═════ ═════

17. Creditors: amounts falling due within one year

2024 2023 £ £

Trade creditors 34,081 25,201 Accruals and deferred income 20,790 37,967 Other creditors - 15 _ _ 54,871 63,183 ═════ ═════

The deferred income included in accruals above amounts to £15,165 (2023: £30,567). £30,567 of deferred income brought forward was released in the year.

18. Creditors: amounts falling due after more than one year

2024 2023 £ £ Other long-term loans - 942 ═════ ═════

Other long-term loans consist of money owed to Oxfordshire County Council and Oxford City Council. The loans are unsecured and are to be repaid by 30th September 2026.

Creation Theatre Ltd

Notes to the Accounts (continued) for the period ended 31st January 2024

19. Funds – 2024

Balance at Balance at
1st April Incoming Outgoing Tax 31st March
2023 resources resources credit Transfers 2024
£ £ £ £ £ £
General funds 86,680 457,016 (539,456)
69,868 -		 74,108

Funds – 2023

Balance at Balance at
1st April Incoming Outgoing Tax 31st March
2022 resources resources credit Transfers 2023
£ £ £ £ £ £
General funds 126,158 358,968 (465,289) 66,843 - 86,680

The Innovate restricted fund relates to funding received from Innovate UK to develop new digital stage practices.

The Arts Council restricted fund relates to Cultural Recovery Funding received from Arts Council England. Included within this fund is income received for the purpose of reserves reinflation. This income has therefore been recognised in restricted income, and a funds transfer has been made from restricted to unrestricted funds to reinflate the Charity’s free reserves.

20. Related party transactions

The Trustees received no remuneration during the year.

The trustees/directors have not been reimbursed for expenses.