Charity registration number 1136359 (England and Wales) Company registratlon ffiumber 07240416 THE MONMOUTH SAVOY TRUST ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024
THE MONMOUTH SAVOY TRUST LEGAL AND ADMINISTRATIVE INFORMATION Trustees Mr K P M Davies Ms P Dodd Ms J Harvey Ms R Marks Mr G E McGruer Mrs R Sinfield Mrs B P Spence Charlty number (En9land and Wales) 1136359 Company numb•r 07240416 Registered oftlco Savoy Theatre Church Street Monmouth Monmoulhshire United Kingdom NP25 3BU Indepondent examiner BK Plus Limited 6 Manor Park Business Centre Mackenzie Way Cheltenham Gloucestershire England GL519TX
THE MONMOUTH SAVOY TRUST CONTENTS Page Truslees, report Independent examiner's report Stat8menl of finanaal activities statement of financial position Note5 to the financial statements 6-12
THE MONMOUTH SAVOY TRUST TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) FOR THE YEAR EIVDED 30 SEPTEMBER 2024 The trustees present their annual report and financial statements for the year ended 30 September 2024. The financial slatemenls have been prepared in accordance with the accounting policies set oul in nole 1 to the financial slatemenls and comply with the charity's governing document. the Companies Act 2006, FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Charities SORP "Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 102>" Objectlves and actlvltles The Trust's objectives are to manage and maintain the Savoy Theatre ("The Savov,) for the benefit of the town, its inhabitants and the wider community. This will be achieved by effective day to day management and by making sure that the programming of the building is as inclusive as possible. Slgniflcant actlvltles Cinema - the building is for the most part a cinema, showing a selection of new films geared largdy to the Monmouth audience demographic. The Savoy also shows Event Cinema, including streams from West End musicals and worldwide concerts. Cinema audiences have not returned to pr8 Covid levels largely as result of streaming alternatives and variable quality films. The Savoy supports a number of live events with community participation including music, comedy arKI theatre. The Savoy continues to attract Some of the biggest names in popular entertainment. The profitability of these events continue to cross subsidise the less commercial and more community based programme of events.The number of live events is growing materially in order lo counteract the less well performing cinema. Schools are continuing to use the building, with tours and talks a regular feature as well as film showings. This has been generously supported with funding Monmouth Town Council with an initiative lo provide free cinema lickels lo children aged between 5 and 11 years of age. The building is let out to community groups as often as possible. Local amateur groups are welcome and links with Off Centre Theatre and Monmouth Music Theatre remain slrong. Licensed as a venue for civil ceremonies. Public beneflt It remains clear from the support the Savoy has received during the year Ihat il continues lo play a vital role in the community providing huge public benefit. Achlevemènts and performance Golng Concern and the impact of the COVID-19 pandemlc The Covid-19 pandemic has lett a legacy of generally smaller cinema audiences. This coupled wilh Ihe fact that some releases go straight lo streaming has meant that we are not seeing the amount of releases enjoyed historically. We have begun to be approached by film and TV companies for hire purposes for filming. During the year the Trust received grants totalling £7,500 from Monmouth Town Council (MTC) to meet the cost of free cinema tickets for the 5-11 age range al schools within the MTC area. The trustees continue to recognise the amazing generoslty of all Ihose who gave donah'ons in one fom) or another. The trustees continuously monitor the financial position including projecting ahead on a rolling twelve month basis identifying the working capital needs of the Trust while conts'nuing to mainlain and improve the facilitie*S. Flnancial review Reserves poli¢y This is the thirteenth year of operating. The Iruslees are aware of best practice lo keep at least three months running costs in reserve. This equates to about £25,000 per month. This amount and some contingency is still secure in the Monmouthshire Building Society deposit account.
THE MONMOUTH SAVOY TRUST TRUSTEES, REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2024 Future plans This is the thirteenth year of operating. The IfUSt8es are aware of best practice lo keep at 18ast thr88 months running costs in reserve. This equales to about £25.000 per month. This amount and some contingency is still secure In the Monmoulhshire Building Society deposil account. Structure, governance and management Governlng document The charity Is controlled by its Memorandum and Artlcles ofAssoclation dated 30 April 2010. The chailty is cnStItUted as a company limited by guarantee and therefore has no share capltal. In lh8 event of Ihe company being wound up, and the liabilities and winding up expense being in excess of assels. the liability of each m8mbar is limited lo £1. Organlsallonal Structure The current full time employees ar8 Chrls Ryde {Dlrector}. Mike Harrold and Kerl Russell. Clare Webb Is on a 25 hour per week contract and Mark Read has a perrnanenl freelance position as lechnical manager. Inductlon and tralnlng of now truste88 The trust currenlly has seven trustees. All newly appointed Irustees receive trainlng in their roles and r8sponsibllilies. Rlsk management Flnanclal rlsk The day to day acllvitles of the Trust are monitored closely with lh8 production of regular management acLounts, so that the Trustees can be satlsfied that the Trust Gan meet its financial obllgallons. ststement of Trustees, responslbllltl•s The trustees, who are also the directors of The Monmouth Savoy Trusl for Ihe purpose of company law, are responsible for preparing the Trustees. Report and the financial stalem8nts in accordanc8 with applicable law 8nd Unlted Klngdom Accounllng Standards (United Klngdi>rn Generally Accepted Accountlng Praclicel. Company law requlres the trustees to prepare financial siatemenls for each financlal year whlch glve a true and falr vlew of the state of affairs of the charlty and of the Incoming resources and app5ic81ion of r8sources, including the Income and expendlture. of the charitable Company for thal year, In preparing these financial statements, the Irustees are required to= select suilable accounting policles and then apply them consistently. observe the mathods 8nd principles in the Charitles SORP; make judgements and estimates that are reasonable and prudent. and prepare the flnanclal statements on the going concern basis unless It is Inapproprfate to presume that the charlty will continue in operation. The trustees are responslble for keeping adequate accounting records that disclose with reasonable 8ccuracy at any tim8 Ihe financial position of the charity and enable Ihem lo ensure that the financial slalements comply with Ihe Companies Act 2006. They are also responsible for safeguarding the assets of the charlty and hence for taklng reesonable steps for the prevention and detection of fraud and other irregulariti&s. The truste6s' report was approved by the Board of Trustees. EMCG Trustee
THE MONMOUTH SAVOY TRUST INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE MONMOUTH SAVOY TRUST I report to the Iruslees on my examination ol the financial statements of The Monmouth Savoy Trust (the charity) for the year ended 30 September 2024. Responsibilltles and basis of report As the Iruslees of the charity (and also its directors for the purposes of company lawl, you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006. Having satisfied myself that the financial statements of the charity are not required to be audited under Part 16 01 the Companies Act 2006 and are eligible for independent examination, I report in respecl of my examination of the charity's financial statements carried out under section 145 of the Charities Act 2011. In carrying OLtt my examination I have followed the Directions given by the Charity Commission under section 145{5)(b) of the Charities Act 2011. Indapondent examiner's statement Since the charity's gross income exceeded £250,000, the independent exaTniner must be a member of a body listed In section 145 of the Charities Act 2011. 1 confirm that l am qualified to undertake the examinatiDn because l am a member of the Inslilute of Chartered Accountants in England and Wales, which is one ofthe listed bodles. I have completed my examination. I confirm thal no matters have come to my attention in connection with the examination giving me cause lo believe that in any material respect. accounting records were not kept in respect of the charity as required by secllon 386 of the Companies Act 2006. the financial statements do not accord with those records., or the financial statements do not comply with the accounting requirements of section 396 of the Companles Act 2006 other than any requirement that the financial stalements give a true and fair view, which is not a matter considered as part of an independent examination., or the financial statements have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice lor accounting and reporting by charities applicable lo charities preparing Iheir financial stalemenls 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 lo enable a proper understanding of the financial slalemenls to be reached. Roger Downes BK Plus Limited 6 Manor Park Business Cenlre Mackenzie Way Chellenham Gloucestershire GL519TX England Date..
THE MONMOUTH SAVOY TRUST STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR EJVDED 30 SEPTEMBER 2024 Unrestrict Restricted Total Unrestrict Restrlcted Total funds 2024 funds 2024 funds 2023 funds 2023 2024 2023 Notes Income from: Donations and legacies Charitable activities Other trading activities Investments 8,405 372.791 98,664 2,349 8,405 387,791 98,664 2,349 8,526 326,487 90,664 659 8,528 333,987 90,664 659 15,000 7,500 Total Income 482,209 15,000 497,209 426,336 7,500 433,836 Expendlturo on: Raising funds Charitable activities 37,477 472,308 37.477 496,270 33,284 400,679 33,284 423,879 23,962 23,200 Total expendltur• 509,785 23,962 533,747 433,963 23,200 457,163 Nat expenditure and movement In funds (27,576) (8,962) (38,538) (7,627) (15,700> (23,3271 Re¢onclllation of funds: Fund balances at 1 October 2023 139,069 74.100 213,169 146,696 89,800 236,496 Fund balances at 30 September 2024 111,493 65,138 176,631 139,089 74,100 213,169
THE MONMOUTH SAVOY TRUST STATEMENT OF FINANCIAL POSITION AS A T 30 SEPTEMBER 2024 2024 2023 Not•s Flxed assets Tangible asset8 11 34,353 62,285 Current assets Debtors Cash at bank and in hand 12 7,489 262,296 6,194 280,778 269,785 286,972 Credltors: amounts falllng due wlthln one year 13 (127,507) (136,088) Net current ••sels 142,278 150,884 Total ass•ts less eurr•nt Ilabllltl•s 176,631 213,169 The funds of tho charlty Restricted income funds Unrestricted fund8 14 15 85,138 111,493 74,100 139,069 176,631 213,169 The company is entitled lo the exemption from the audit requirement contained in section 477 of lh8 Companies Act 20GE, for the year ended 30 September 2024. The directors acknowledge their re8pon8ibilities for complying with the requirements of the Companles Act 2006 with respect to accounting records and the preparation of finanrial stalements. The members have not fequired the company to oblain an audit of its financtal sialemenls for the year in question in accordance with section 476. These financial slatemenls have been prepared in accordance with the provision8 appllcable to companies sublect to the small companies regime. The financ4al statements were approvBd by the trustees on . rGEM Trustee er Company registration number 07240416 (England and Wales)
THE MONMOUTH SAVOY TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR EIVDED 30 SEPTEMBER 2024 A¢¢ountlng policies Charlty Informatlon The Monmouth Savoy Trust is a private company limited by guarantee incorporated in England and Wales. The registered office is Savoy Theatre, Church Street, Monmouth, Monmouthshire, NP25 3BU, United Kingdom. 1.1 Accounting conventlon The financial statements have been prepared in accordance with the charity's governing document, the Companies Act 2006, FRS 102 "The Financial Reporting Standard applicable in the UK and Republic ol Ireland" and the Chaiilies SORP "Accounting and Reporting by Charities. Statement of Recommended Practice applicable lo charities preparing their accounts in accordance wilh the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" The charity is a Public 8enefit 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 convenlion. The principal accounting policies adopted are sel out below. 1.2 Charltablo funds Unrestricted funds can be used in accordance with the charitable objectives al the discretion of the trustees. Restricted funds can only be used for particular restricted purposes within Ihe objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes. Further explanation of the nature and purpose of each fund is included in the notes to the financial stalemenls. 1.3 Income All income is recognised in the Slalemenl of Financial Activities once the charity has enlillem8nt lo the fund5, it is probable that the income will be received and the amount can be measured reliably. 1.4 Expendlture Liabilities are recognised as expendilure as soon as there is a legal or constructive obligation commilling the charity lo that expenditure, it is probable that a Iransfer of economic benefils will be required in selllemenl and the amount of the obligation can be measured reliably. Expenditure is accounled for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Vvhere c051s eannot be directly allribuled to particular headings they have been allocaled to activities on a basis consistenl with the use of resources. 1.5 Tanglble tixed assets Tangible fixed assets are initially measured at C05t and subsequently measured al cosl or valualion, net of depreciation and any impairmenl losses. Depreciation is recognised so as to write off the cost or valuation of assets less their residual value5 over their useful lives on the following bases.. Leasehold improvements Plant and equipment over 6 years 25Vo on cost The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and Ihe carrying value of the asset, and is recognised in the statement of financial aclivilies.
THE MONMOUTH SAVOY TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2024 Accounting policies (Contlnugd) 1.6 Leases Rentals paid under operating leases are charged to the Statement of Financial Activities on a straight line basis over the period of the lease. Income from donations and legaci•s Unr•5trlct•d funds 2024 Unrestrlctèd funds 2023 Donations Gift aid 6,841 1,564 7,840 666 8,405 8,526 Income from charltablo activlties Unr•8trlcted ReAtrlcted funds funds 2024 Total Unre5trfcted R•gtrlct•d funds funds 2023 2023 Total 2024 2024 2023 Cinema sales Theatre hire Theatre sales Grants 70,284 30,214 272,293 70,284 30,214 272,293 15,000 74,931 23,533 228,023 74,931 23,533 228.023 7,500 15,000 7,500 372.791 15,000 387,791 326.487 7.500 333,987 Giants analysls 2024 2023 Monmouth Town Council 15,000 7,500
THE MONMOUTH SAVOY TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2024 Income from other trading actlvltles Unrestrlctgd Unr•st¥lct•d funds funds 2024 2023 Sales of purchased goods Bar sales Other income Advertising income 44,427 47,673 3,348 3,216 38,509 45,589 2,078 4,488 other trading activities 98,664 90,664 Income from investments Unroslylcted Unrestrlcted fund8 2024 funds 2023 Interest receivable 2,349 659 Expendlture on raising funds Unr•strlcted Unrestrlctgd funds funds 2024 2023 Fundralslng and publiclty Purchases Bar purch8ses 8,851 28,826 8.811 24,473 37,477 33,284
THE MONMOUTH SAVOY TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2024 Expendlture on charltable activities Heading
a¢982
2024 Heading
ac982
2023 Direct costs staff training Bookkeeping and administration costs Irrecoverable VAT Accountancy Depreciation and impairment Staff costs Hlre of planl and machinery Rent Rates and water Insurance Light and heal Advertising Sundries Theatre artists Cinema production costs Repairs and mainlenance Telephone Printing, postage and stationery Licences Credit card charges 160 790 25,415 1,675 28,117 91,179 678 20,000 4,010 6,196 9,112 7,993 891 142,162 57,674 13,375 2,503 979 3,218 7,752 640 35,168 1,630 28,122 105,476 724 20,000 3,479 6,924 15,089 8,788 570 174,800 58,875 17,583 3,630 750 3,386 10,636 496,270 423,879 Analysis by fund Unrestricted funds Reslricled funds 472,308 23,962 400,679 23,200 496,270 423,879 Trustees None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year. Trustees. expenses One trustee was reimbursed £183 (2023.. £261) in the year.
THE MONMOUTH SAVOY TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR EAIDED 30 SEPTEMBER 2024 Employees The average monthly number of employees during the year was: 2024 Number 2023 Number Theatre slaff There were no employees whose annual remuneration was more than £60,000. 10 Taxatlon As a recognised charily, The Monmouth Savoy Trust is exempt from Corporation Tax so far as it relates to its charitable objects. It is not, however, exempt from VAT, and irrecoverable VAT is included as a separate item of expense in the financial statements. 11 TangSble fixed assets Leasehold Plant and Improvom•nt oqulpmont Total Cost At 1 October 2023 108,645 46,122 154,767 At 30 September 2024 108,645 46,122 154,767 Doprociation and impalrment At 1 October 2023 Depreciation charged in the year 71,881 18,372 20,601 9,560 92,482 27,932 AI 30 September 2024 90,253 30,181 120,414 Carrying amount At 30 September 2024 18,392 15,981 34,353 At 30 September 2023 36,764 25,521 62,285 The costs of the refurbishment of the toilet block that were incurred in the year lo 30 September 2019 are being amortised with effect from 1 October 2019 over the mainIng period of the current lease. The costs of the slgnificant renewal of the stage lighting that were incurred in Ihe year lo 30 September 2020 are being amortised with effect from 1 October 2020 over the remaining peiiod of the Cltrrenl lease. 10-
THE MONMOUTH SAVOY TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2024 12 Debtors 2024 2023 Amounts falling due within one year: Trade debtors Prepayments and accrued income (237) 7,726 75 6,119 7,489 6,194 13 Credltors: amounts falling due within one year 2024 2023 Other taxation and social security Trade creditors Accruals and deferred income 5,598 8.4e8 113,441 6.358 10,320 119,410 127,507 136,088 14 Restrlctad funds The restricted funds of the charity comprise the unexpended balances of donations and grants held on Irusl subject to specific conditions by donors as lo how they may be used. At1 October 2023 Incoming Resources At30 resources expended September 2024 Toilet refurbishment Theatre electrics Monmouth Town Council free cinema seats 40,817 5,229 28,054 {17,352) (1,808) (4,802> 23,465 3,421 38,252 15,000 74,100 15,000 (23,962) 65,138 Previou5 year: At1 October 2022 Incoming Re50urGe5 At30 resources expended September 2023 Toilet refurbishment Theatre electrics Monmouth Town Council free Ginema seats 58,169 7.031 24,600 (17,352) {1,802) {4,046) 40,817 5,229 28,054 7.500 89,800 7.500 {23,200) 74,100 11
THE MONMOUTH SAVOY TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2024 14 Restrl¢t•d funds (Contlnued) Purpose of Restricted Funds Tollet refurb15hment The purpose of the restricted fund is to build a new toilet block extension on the side of the theatre to accommodate new ladies and disabled facilities on the ground floor and to refurbish the current male facilities. The building costs have been capilalised.. deprecation will be charged against this fund over the remainder of the period of the current lease. Theatre electrlcs The purpose of the restricted fund is to renew the stage lighting. The majority of the costs of the work have been capitalised,. deprecation will be charged against this fund over the remainder of the period of Ihe current lease. Monmouth Town Council for Iroo cinema seats One free seal per month to any film for three years for Monmouth primary school puplls. 15 Unrestrlct•d funds The unrestricted funds of the charity comprise the unexpended balances of donalions 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. At1 October 2023 Incoming Resources At30 resources expended Septomber 2024 General funds 139,069 482,209 (509,785) 111,493 Previous year: At1 Incoming Resources At30 October resource5 expended September 2022 2023 General funds 146,696 426,336 I433,3} 139,069 16 Related party transactlons There were no disclosable related party transactions during the year (2023 - none). 12-