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2021-07-31-accounts

Company number 07907370 Charity number 1147048

Reading Repertory Theatre

(Limited by Guarantee)

Report and Financial Statements

for the year ended 31 July 2021

Breckman & Company Ltd Chartered Certified Accountants 49 South Molton Street London W1K 5LH

Reading Repertory Theatre

(Limited by Guarantee)

Contents

Page
Reference and Administrative Details 1
Trustees' Report 2 - 13
Independent Examiner's Report 14
Statement of Financial Activities (including Income and Expenditure Account) 15 - 19
Balance Sheet 20
Cash Flow Statement 21
Notes to the Financial Statements 22 - 30

Reading Repertory Theatre

(Limited by Guarantee)

Reference and Administrative Details

Constitution

The company is a private company limited by guarantee registered in EW - England and Wales, company number 07907370, incorporated under the Companies Act and its governing document is its Memorandum and Articles of Association. The company is a registered charity, number 1147048.

Directors and trustees

The directors of the charitable company ("the charity") are its trustees for the purpose of charity law and throughout this report are collectively referred to as the trustees.

As set out in the Articles of Association the trustees are appointed by members of Reading Repertory Theatre at our Annual General Meeting (AGM) or by postal vote.

Policies and procedures adopted for the induction and training of trustees are ongoing and incorporated indirectly into the regular trustees meetings.

The trustees throughout the year and since the year end, were :

Alan Stacey - Chair Suzanne Stallard Hall - Vice Chair Piers Elliot Jonathan Holley Paul Newman Alexandra Dewis Natasha Ratter

Secretary

Yolande Box

Chief executive/day to day management

Paul Stacey and Nick Thompson

Independent examiners

Breckman & Company Ltd, Chartered Certified Accountants, 49 South Molton Street, London W1K 5LH.

Bankers

Barclays Bank plc, 90-93 Broad Street, Reading RG1 2AP.

Registered office and operation address

Reading Rep Theatre, Kings Road, Reading RG1 4LY.

Correspondence address

Reading Rep Theatre, Reading College, Kings Road, Reading RG1 4HJ.

1

Reading Repertory Theatre

(Limited by Guarantee)

Trustees’ report

The trustees present their annual report together with the financial statements of the charity for the year ended 31 July 2021 which are also prepared to meet the requirements for a directors' report and accounts for Companies Act purposes.

The reference and administrative details set out on page 1 forms part of this report. The financial statements comply with Charities Act 2011, the Companies Act 2006, the Memorandum and Articles of Association and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).

Principal activity

Reading Rep Theatre exists to ensure that everyone in Reading, and especially those with least opportunity, can access high quality theatre and culture.

Structure, governance and management

Organisational structure

The company is run and managed on a day-to-day basis by the Artistic Director and Joint CEO and the Executive Director and Joint CEO.

Decisions are made on a day-to-day management basis through management meetings held by the employees. All major decisions are confirmed quarterly through the Board of Trustees.

In the event of the departure of a trustee, a skills audit of the remaining trustees is taken. The result of this audit will determine whether further recruitment is necessary. When a need has been identified to recruit trustees, the Artistic Director, Executive Director and Vice-Chair will manage the process. Responsibility for recruiting trustees will not be delegated to other employees, although employees may be given specific administrative tasks relating to this recruitment. Trustee training and development is undertaken at the discretion of the Chair, based on the requirements of the company at any given time.

The company has a trustee induction pack to facilitate the recruitment and development process.

Related charities

There are no legally related charities. The company is working with different funding bodies and organisations all concerned with promoting the arts and education. Decisions taken by the company are autonomous of these organisations.

Major risks

The Trustees have conducted a risk analysis to identify the major risks to which the company is exposed. Systems have been put in place to mitigate these risks whereby the risks are reviewed quarterly via the company’s risk register.

Objectives and activities for the public benefit

In shaping our objectives for the year and planning our activities, the trustees have considered the Charity Commission's guidance on public benefit, including the guidance 'public benefit : running a charity’ (PB2).

2

Reading Repertory Theatre

(Limited by Guarantee)

Trustees’ report

Reading Rep exists to enhance civic pride and put Reading on the national cultural map.

Reading's resident professional theatre combines high-class productions with ground-breaking education and community engagement to help transform Reading and the surrounding area's cultural landscape.

Reading Rep:

Produces diverse new voices on the stage. Working with new directors, new playwrights and new practitioners, we present plays from classics to new writing, revivals to musicals; producing outstanding productions of world class plays for the widest possible audience.

Nurtures diverse new voices in the classroom. Through our Creative Learning programmes we train the next generation of theatre makers: transforming arts education in the UK by placing enterprise, experience and employability at its centre.

Reaches diverse new voices in the community. Through our ENGAGE programme we work alongside the most disadvantaged and marginalised communities in Reading to promote inclusion and accessibility in the arts.

RR is a disabled led company and we exist to ensure that everyone in Reading, especially those with least opportunity, can access theatre.

VISION

To enhance civic pride and put Reading on the national cultural map.

MISSION

To transform lives through theatre.

VALUES

R elevance E xcellence A mbition D ynamism I nclusive N etworked G reen

Personnel:

Paul Stacey: Artistic Director and Joint CEO Full time
Nick Thompson: Executive Director and Joint CEO Full time
Christie O’Carroll: Associate Director and Director of Engage Full time
Sandra Larkins: Finance Officer Part time
Megan Turnell Head of Development Full time

Staff for productions and education workshops - Freelance

3

Reading Repertory Theatre

(Limited by Guarantee)

Trustees’ report

ACHIEVEMENTS TO DATE

2020/21 has been rewarding but incredibly challenging, given the impact of Covid-19. The primary focus of Reading Rep throughout this period was realising its ongoing capital campaign, while continuing its awardwinning ENGAGE programme. This has involved using new delivery methods- online/ digital and remote - and building new partnerships. The year has made us a more robust, inclusive, relevant and dynamic organisation.

Despite the monumental challenges that this year has brought, we have delivered 640 hours of community engagement activity. We have completed and reinvented numerous major projects, outlined below, as well as completing construction of a new state-of-the-art theatre and community hub for Reading.

We are very proud to say, Reading now has its first professional producing theatre and cultural hub.

PROJECTS

We successfully delivered a number of projects in the community throughout the pandemic, while converting the theatre. Projects included:

‘Twas the Night Before Christmas

This was intended as a large-scale promenade performance in Forbury Gardens. This would have included all 56 Performing Arts students from Reading College, and 5 professional actors. We were creating performances inspired by ‘Twas The Night Before Christmas . However, due to Covid restrictions, which prevented us from providing live performance, we reinvented the project as a sound installation. This gave the students an opportunity to work with a Director and Sound Designer, and was the only live event in Reading this Christmas.

National Theatre Connections

We also worked with Reading College/Activate Learning to embed National Theatre Connections into the curriculum for Level 2 Performing Arts students. The students performed Miriam Battye’s Find A Partner at Reading Studio and then transferred it to Wiltshire Creative. This was the first performance at Wiltshire Creative since the first lockdown in March 2020.

Youth Theatre

We continued to deliver all our youth theatre online, including our specialist youth theatre for neurodiverse young people. We reached over 60 young people who participate regularly. We provide all these sessions at no costs to the participants.

We are thrilled to report that the numbers steadily increased - widening participants’ social circles. They were able to continue friendships using safe online platforms and this happened across all our youth theatre groups.

Two in-person and one digital holiday session were delivered in partnership with Brookfields SEN School, The Avenue SEN Schools and Brighter Futures for Children. 57 young people attended, and we trained and employed 3 neurodiverse young people as workshop assistants. The summer sessions were the first time many were able to interact in-person with their peers since March. 18 participants achieved Arts Award qualifications, accredited by Trinity College London.

4

Reading Repertory Theatre

(Limited by Guarantee)

Trustees’ report

Adults

In March 2021 we began an 8 week project in partnership with Alana House and Rahab, which was funded by Reading Borough Council’s Cultural Commissioning programme called ‘ImproVoice’. Alana House is a charity which supports and empowers vulnerable women and Rahab offers support to sex workers. These sessions use drama as a tool to help participants improve skills that they have identified that they wish to work on. The first group was scheduled to begin in December 2020, then was delayed until March due to lockdown. We worked with 6 women over 8 weeks. The second group ran from April – June and we worked with another 6 women over this period.

Arts Award

We continued with our Arts Award delivery through offering Gold Awards as well as mentoring other arts organisations in the South East to embed Arts Award in their practice. We continue to sit on Reading’s Cultural Education Partnership.

Freelancers

Despite an uncertain situation, facing multiple restrictions and last minute lockdowns, we were able to honour all freelance contracts. In total we employed 35 freelancers , including 3 neurodiverse workshop assistants supporting our specialist youth theatres, giving them their first paid work in theatre. This feels like a particular achievement at a time when the invaluable freelance workers in the sector required support and investment.

CAPITAL PROJECT

Reading’s First Producing Theatre

This year we completed the construction phase of our major capital project to open a new arts hub in and for Reading: the town’s only year-round producing theatre and the only such cultural institution locally. We converted a beautiful Salvation Army Hall (built in 1927) into a theatre that seats 170 people. The space includes backstage areas (changing room/green room etc) as well as a community, education and learning centre.

While our 60-seat venue has served to establish the company on a regional level, and allowed us to secure a strong financial footing on which to build, this project will establish RR as a leading regional theatre and cultural hub with a national reputation, and secure the company’s artistic and financial capacity for years to come.

The project faced great adversity due to sinkholes on site, and the coronavirus pandemic. Strong project and financial management allowed us to overcome these challenges. Completion of this phase is an enormous achievement at a treacherous time. It has an opening scheduled for Autumn 2021.

The auditorium is fully accessible, including dedicated wheelchair spaces and an induction loop. It will make a perfect home not just for Reading Rep’s diverse new programme, but also for visiting companies, our youth theatres, and disadvantaged groups we work with through ENGAGE. The theatre is also home to backstage dressing rooms and a green room, a welcoming bar and box office, and a large, bright learning space.

5

Reading Repertory Theatre

(Limited by Guarantee)

Trustees’ report

We are particularly proud that this project catalysed the organisation's desire to place sustainability at the heart of our activities and operations. The building itself was designed and built with sustainability and environmental impact as a central tenet of all decision making:

This has inspired the organisation to update and review our sustainability policies and practises and put in place an action plan to ensure that we do better year on year. We have started working with Julie's Bicycle to measure our impact as well as becoming active members of Reading’s Climate Action Network and Reading’s Climate Change Partnership . We intend to put sustainability at the heart of all our decision making.

This project’s successful completion means that we are able to be a more reactive and dynamic agent within the Reading and South East cultural scene. It allows us to realise our goal of bringing together the diverse cultural communities within Reading to help the town take its place within a creative and cultural country.

This project has enabled us to completely overhaul the way we think about and approach the different strands of work - previously, our professional work was conducted completely separately from our outreach, which in turn was separate from our education work. This was by necessity - each element of our work had to take place in different spaces, and according to many partner organisation schedules. Now, each production is the subject of a large-scale participation project, with outreach and education work tied in to and informing our productions, all managed from the hub which is Reading Rep Theatre. This new approach and future plans are outlined below.

FUTURE PLANS

REBORN

A new Season of Work & Participation

Over the course of the next 24 months Reading Rep Theatre will produce 10 professional productions: five per year. Each production will be accompanied by an expansive education and outreach programme, or Participatory Project as part of REBORN. These Projects will ensure that everyone in Reading - no matter their background - has the opportunity to access our work.

Through REBORN over the course of the next 24 months we will deliver: 1000 hours of free workshops per year, reaching 10,000 people, collaborating with 50 other organisations:

6

Reading Repertory Theatre

(Limited by Guarantee)

Trustees’ report

Groups are offered free workshops, free tickets, work experience and performance opportunities. Reading Rep is committed to giving away 10% of all its tickets for free.

This will culminate in an ENGAGE: REBORN festival in 24 months’ time that will bring these organisations together for the first time, celebrating Reading’s rebirth from the pandemic and Reading Rep’s 10 year anniversary.

Reading Rep will deliver this project in partnership with Reading Borough Council, Reading Libraries, Reading College, Activate Learning, the National Lottery Community Fund and the University of Reading. These are major strategic partners without whom we would not be able to deliver our programmes, and all of whom are invested in our long term executive strategy.

Reading Rep has announced the following projects in 2021/22 as part of the REBORN Season.

Reading Rep REBORN OPENING GALA : Wednesday 15 September

Reading Rep will open its doors for an opening night gala celebrating Reading and its cultural future.

The evening will include performances from Reading Rep’s Associate Companies – A Girl Called Stephen Artistic Director Annie Kershaw directs the The Lion , written and performed by Camille Ucan ; Exit Pursued by Panda Artistic Director Adrian Tang performs his monologue untitled , directed by Anthony Lau ; and Make/Sense perform.

WORLD PREMIÈRE

DORIAN

Written by Phoebe Eclair-Powell and Owen Horsley, Directed by Owen Horsley

Adapted from The Picture of Dorian Gray by Oscar Wilde

This production explores the events that brought Wilde to Reading Gaol.

This production will be accompanied by participation project Made in Reading that explores Reading’s LGBTQIA+ history and Wilde’s imprisonment in Reading Gaol.

WORLD PREMIÈRE

A CHRISTMAS CAROL

Adapted by Beth Flintoff, Directed by Paul Stacey

7

Reading Repertory Theatre

(Limited by Guarantee)

Trustees’ report

Reading Rep Theatre presents the classic Christmas tale, as it finds its perfect home on the streets of Reading. A world première by Beth Flintoff. A festive and magical production suitable for the whole family.

This production will be accompanied by a participation project called Dear Mr Scrooge , in which six primary schools throughout Reading will stage their own response to A Christmas Carol .

WORLD PREMIÈRE

JEKYLL & HYDE

Written by Gary McNair, Directed by Paul Stacey ; Video Design by Duncan McLean

Based on The Strange Case of Dr Jekyll and Mr Hyde by Robert Louis Stevenson

In a adaptation by fellow Scot Gary McNair, Robert Louis Stevenson’s Jekyll & Hyde delves into the darkness of the human psyche, and what happens when a curious mind is left to its own devices.

This production will be accompanied by a participation project called Stranger than Fiction that explores the real man behind the legend, in partnership with numerous community groups throughout Reading.

WORLD PREMIÈRE

ALBY THE PENGUIN SAVES THE WORLD

Written and directed by Helen Eastman

Following the sold-out run of Alby The Penguin Saves Christmas , Alby returns in Alby the Penguin Saves the World – a magical and meaningful adventure, for kids aged 3-6. This production takes a fun and educational look at the Climate Emergency.

This production will be accompanied by a participation project called Alby The Penguin Goes to the Library that aims to provide thousands of early years children with their first experience of theatre in partnership with Reading Libraries.

A MIDSUMMER NIGHT’S DREAM

Written by William Shakespeare

Directed by Paul Stacey and Christie O’Carroll

Though she be but little, she is fierce!

Reading Rep Theatre proudly presents Shakespeare’s seminal work, oozing moxie and charm in equal measure.Fairies and creatures of the spring dance a finely tuned dalliance that all goes wrong when two young couples are added to their meddling schemes in A Midsummer Night’s Dream .

This production will be accompanied by a participation project called Dare to Dream that makes Shakespeare’s language accessible to primary and secondary schools throughout Reading.

8

Reading Repertory Theatre

(Limited by Guarantee)

Trustees’ report

FINANCIAL AND EXECUTIVE REVIEW

Building a robust and dynamic organisation for the future

This year Reading Rep has not only built a new theatre, but also planned and implemented a new organisational structure. This has been done to ensure we can maximise our impact and reach in this new era for the organisation.

Board

As Reading Rep Theatre continues to grow and thrive, this evolution needs to be reflected in the Board of Trustees and Senior Management Team. With a new venue, higher turnover, increased stakeholder engagement and longer-term strategic planning, Reading Rep is transitioning to a pivotal point in its development and after discussions with the risk committee, the Vice/Chair and CEOs it has become apparent that the Board needs to be larger, more robust, and crucially more diverse.

A significant part of Reading Rep’s mission is to ensure that communities with the least opportunity can access our work and this ethos should be represented from the top down, including the board. It is therefore essential that the diversity of the board, at a minimum, matches that of Reading’s demographic. Reading Rep conducted an independent and comprehensive board audit. The following recommendations resulted:

Recruit 2 young ethnically diverse individuals with a combination of the following skills in the next 6 months:

Ideally these new roles could take on an area of sub-responsibility (e.g. Diversity Champion, Children and Young People Champion).

We are in the process of creating a list of potential candidates and initialising a recruitment process.

Executive

This year Nick Thompson was formally appointed as Joint CEO alongside his role as Executive Director.

His work has been focussed on preparing the organisation for the future: conducting a rigorous assessment of the organisation as it stands and implementing new structures and systems where required. Key areas are outlined in more detail below.

Staffing

The board of trustees approved a new staffing structure, appropriate for the scale and ambition of the organisation in the future.

Please see below for the RRT organogram.

9

Reading Repertory Theatre

(Limited by Guarantee)

Trustees’ report

Staff pay/remuneration is reviewed on a yearly basis by the board of Trustees through a benchmarking process against similar arts organisations.

RRT has undergone a full review of it’s HR function and implemented the following:

All of Reading Rep's policies and procedures are now in place. We have achieved a Safe and Sound qualification that recognises good governance in small charities. Since its establishment in 2012, Reading Rep has consistently demonstrated strong financial growth year on year.

This has been sustained by successfully pursuing a diverse income portfolio of trusts, foundations, statutory and Arts Council England (ACE) funding, alongside box office and schools/youth theatre work. The new theatre will significantly enhance Reading Rep's long-term sustainability by increasing earned income from the box office, bar, youth/education programmes and hires.

Risks are mitigated through a system of checks and balances as set out in our financial procedures, specifically sections Fraud Risk Management, Financial Transaction Cards, and Authority to Make Payments. In addition, in-house accounting is completed on a weekly basis using Xero accounting software, to ensure that understanding of cash flow and status of current budgets is up to date and accurate for all necessary staff and trustees.

10

Reading Repertory Theatre

(Limited by Guarantee)

Trustees’ report

Reserves policy

It is the Trustees' intention to maintain general reserves to a figure that represents three months' operating expenditure. This year, our turnover was £692,527. We estimate 3 months operating costs to be circa £85,000. Our restricted and unrestricted reserves now stand at £709,902, £260,058 of which is unrestricted.

DEPARTMENT REVIEWS

Marketing, Press and Communications

We appointed a marketing consultancy: Jan Baister Consultancy. We worked with them to build the necessary procedures/policies and marketing function required for the incoming Head of Marketing.

In addition RRT has developed and launched a new website with a state of the art CRM integration (Spektrix). This ensures RRT can not only securely and professionally sell tickets to its productions, but also collect compliant data.

RRT continued working with Kate Morley PR over the last year. This has resulted in a massive increase in press coverage as the capital project drew to an end. We received coverage from National, Regional and Industry specific publications. This coverage focussed predominantly on the unique journey RRT has been on over the last 8 years, establishing itself as Readings premiere regional producing theatre.

Development

We worked alongside a fundraising consultant to:

We remain extremely grateful to have received support from a range of trusts, foundations, and other sources during this year. Support through the ACE/DCMS Cultural Recovery Fund and Reading Borough Council’s Additional Restrictions grants afforded us organisational stability through which we were able to both complete the capital project - further supported this year by The Syder Foundation, David Brownlow Charitable Trust, Bernard Sunley Charitable Trust, and the Edward Gostling Foundation - and continue to deliver ENGAGE activities with the support of the National Lottery Community Fund, Berkshire Community Foundation, Brighter Futures for Children, and RBC’s Cultural Commissioning programme.

11

Reading Repertory Theatre

(Limited by Guarantee)

Trustees’ report

Building Operations

We have worked with a series of consultants to implement an effective, sustainable and robust building management system. This has been conducted in consultation with our landlord, Activate Learning, who share in some operational responsibilities. Specifically we have implemented the following unique, sustainable and cost effective methods of working:

Theatre Production

We have worked with leading technical theatre consultant Drama By Design to ensure the theatre is well prepared to make high quality work in-house. This has involved:

Health and Safety

We have worked with Health and Safety consultant JYCI to review and implement a new Health and Safety Management System (HSMS). The intention of this HSMS is to provide a framework for managing health and safety risks and opportunities. The aim and intended outcomes of the HSMS are to prevent work-related injury and ill health to workers, and to provide a safe and healthy workplace.

The new theatre and associated changes in operational complexity of the organisation required a root-tobranch review of how we manage operational risk.

We have now formally introduced this new system and will continue to monitor its success over the next year before signing off the system with our consultant.

Sustainability

Reading Rep Theatre has this year undergone a process of identifying and addressing the need to work collectively with the arts and cultural sector to address the Climate Emergency. As such we have:

12

Reading Repertory Theatre

(Limited by Guarantee)

Trustees’ report

Inclusivity

Reading Rep Theatre has this year undergone a process of identifying and addressing the need to ensure the work we do, and the people we work with, represents the communities that we serve. We have:

Small company exemptions

This report is prepared in accordance with the provisions of the Companies Act 2006 relating to small companies.

This report was approved by the Board of Trustees on 15 March 2022 and signed on its behalf by

Alan Stacey – Chair Trustee

13

Independent Examiner's Report to the Trustees of Reading Repertory Theatre

I report on the accounts of the company for the year ended 31 July 2021, which are set out on pages 15 to 30.

Respective responsibilities of trustees and examiner

The trustees (who are also the directors of the company for the purposes of company law) are responsible for the preparation of the accounts. The trustees consider that an audit is not required for this year under section 144(2) of the Charities Act 2011 (the 2011 Act) and that an independent examination is needed.

Having satisfied myself that the charity is not subject to an audit under company law and is eligible for independent examination, it is my responsibility to:

ꞏ examine the accounts under section 145 of the 2011 Act;

ꞏ follow the procedures laid down in the general Directions given by the Charity Commission (under section 145(5)(b) of the 2011 Act; and

ꞏ state whether particular matters have come to my attention.

Basis of independent examiner's report

My examination was carried out in accordance with general Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently no opinion is given as to whether the accounts present a "true and fair view" and the report is limited to those matters set out in the statement below.

Independent examiner's statement

In connection with my examination, no matter has come to my attention:

  1. which gives me reasonable cause to believe that in, any material respect, the requirements: ꞏ to keep accounting records in accordance with section 386 of the Companies Act 2006; and

ꞏ to prepare accounts which accord with the accounting records, comply with the accounting requirements of section 396 of the Companies Act 2006 and with the methods and principles of the Statement of Recommended Practice: Accounting and Reporting by Charities

have not been met; or

  1. to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.

Richard Nelson FCCA Breckman & Company Ltd Chartered Certified Accountants

49 South Molton Street London W1K 5LH

15 March 2022

14

Reading Repertory Theatre

(Limited by Guarantee)

Statement of Financial Activities (including Income and Expenditure Account) for the year ended 31 July 2021

Unrestricted
Restricted
funds
funds
Notes
£
£
Income and endowments from:
2
Donations and legacies - page 16
527,099
1,500
Charitable activities
Theatre - pages 16 - 17
59,858
97,000
Other - Theatre Tax Relief
7,070
-
Total
594,027
98,500
Expenditure on:
Charitable activities:
Theatre - page 18
498,514
-
Total
498,514
-
Net income / (expenditure)
3
95,513
98,500
Transfers between funds
13, 14
56,231
)
(56,231
Net movement in funds:
151,744
42,269
Reconciliation of funds:
Total funds brought forward
108,314
407,575
Total funds carried forward
13, 14
260,058
449,844		 2021
Unrestricted
Restricted
Total
funds
funds
£
£
£
528,599
242,932
22,200
156,858
68,196
355,900
7,070
15,111
-
692,527
326,239
378,100
498,514
269,729
-
498,514
269,729
-
194,013
56,510
378,100
-
-
-
194,013
56,510
378,100
515,889
51,804
29,475
709,902
108,314
407,575		 2020
Total
£
265,132
424,096
15,111
704,339
269,729
269,729
434,610
-
434,610
81,279
515,889

The notes on pages 22 to 30 form an integral part of these financial statements.

The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derives from continuing activities.

15

Reading Repertory Theatre

(Limited by Guarantee)

Year ended 31 July
Income from donations and legacies
Grants
COVID-19 emergency funding
ACE Culture Recovery Fund
169,000
Reading Borough Council
25,000
ACE - Organisational Development
The Backstage Trust
National Lottery Community Fund
Postcode Community Trust
Donations
Donations (unrestricted)
Property maintenance services in-kind
Legal services in-kind
IT services in-kind
Architectural services in-kind
Technical consultancy/equipment in-kind
Storage in-kind
Donations (restricted)
Income from charitable activities
Theatre
Theatre income
Tickets
Fees
Bar sales
Guarantees/co-production income
Workshops
Other income		 2021
2021
£
194,000
3,500
-
66,000
-
263,500
24,131
96,560
89,544
18,500
8,000
20,000
6,864
1,500
528,599
-
57,300
-
-
550
2,008
59,858		 -
-		 2020
£
-
31,500
40,000
42,500
19,832
133,832
8,600
100,500
-
-
-
-
-
22,200
265,132
3,992
37,071
92
19,900
1,610
5,531
68,196

16

Reading Repertory Theatre

(Limited by Guarantee)

Project specific funding
Grants/donations
ACE - Capital Project
Activate Learning
Bernard Sunley Foundation
Christina Smith Foundation
David Brownlow Charitable Foundation
Edward Gostlin Foundation
RG Spaces
The Earley Charity
The Linbury Trust
The Mossawi Foundation
The Syder Foundation		 2021
£
-
50,000
5,000
-
10,000
7,000
-
-
-
-
25,000
97,000		 2020
£
70,900
-
20,000
40,000
-
-
10,000
50,000
20,000
120,000
25,000
355,900

17

Reading Repertory Theatre

(Limited by Guarantee)

Year ended 31 July 2021

Expenditure on charitable activities
Theatre
Production/project costs
Production costs
Fees: cast/creatives/education/outreach
Bar
Amortisation of short leasehold
Depreciation of bar/theatre equipment
Support costs - page 19
Governance costs - page 19		 2021
£
9,637
23,471
77
62,162
12,518
107,865
379,109
11,540
498,514		 2020
£
12,444
135,821
-
-
-
148,265
114,358
7,106
269,729

18

Reading Repertory Theatre

(Limited by Guarantee)

Year ended 31 July 2021

Support and governance costs
Support costs
Office overheads
Rent/services in-kind
Light/heat
Insurance
IT/equipment
Cleaning
Depreciation of office/computer equipment
Administration costs
Salaries/salaries-in-kind
Fees
Social security costs
Staff pension costs
Staff training
Staff welfare
Staff recruitment
Travel/transport
Entertaining
Printing/postage/stationery
Advertising
Subscriptions/licences
Sundries
Professional/financial
Consultancy fees
Legal/professional in-kind
Bank charges
Governance costs
Accountancy/consultancy
Bookkeeping
Trustee expenses		 2021
£
34,764
20,000
4,133
59,541
6,160
563
36,928
66,022
10
1,764
519
79
1,350
17
-
241
23,912
-
1,668
23,333
97,909
196
6,450
4,668
422		 £
125,161
132,510
121,438
379,109
11,540
390,649		 2020
£
70,500
-
689
2,236
-
325
840
-
-
-
195
-
-
401
204
-
4,984
111
776
3,000
30,000
97
4,158
2,586
362		 £
73,750
7,511
33,097
114,358
7,106
121,464

19

Reading Repertory Theatre

(Limited by Guarantee)

Balance Sheet 31 July 2021

Notes
Fixed assets
Tangible assets
8
Current assets
Debtors
9
Cash at bank and in hand
Liabilities:
Creditors: amounts falling
due within one year
10
Net current assets
Total assets less current
liabilities
The funds of the charity:
Unrestricted funds
13
Restricted funds
14
Total charity funds		 2021
£
72,040
178,952
250,992
)
(77,069		 £
535,979
173,923
709,902
260,058
449,844
709,902		 2020
£
69,507
317,241
386,748
)
(83,935		 £
213,076
302,813
515,889
108,314
407,575
515,889

For the year ending 31 July 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

These financial statements have been prepared in accordance with the provisions of the Companies Act 2006 applicable to companies subject to the small companies regime.

The accounts were approved by the Board of Trustees on 15 March 2022 and signed on its behalf by

Alan Stacey - Chair Trustee

The notes on pages 22 to 30 form an integral part of these financial statements.

20

Reading Repertory Theatre

(Limited by Guarantee)

Cash Flow Statement for the year ended 31 July 2021

Notes
Cash flows from operating activities
19
Cash flows from investing activities:
Purchase of property, plant and equipment
Net cash provided by investment activities
Change in cash at bank and in hand in the reporting period
Cash at bank and in hand at the beginning of the reporting
period
Cash at bank and in hand at the end of the reporting
period		 2021
£
259,857
)
(398,146
)
(398,146
)
(138,289
317,241
178,952		 2020
£
469,600
)
(197,058
)
(197,058
272,542
44,699
317,241

21

Reading Repertory Theatre

(Limited by Guarantee)

Notes to the Financial Statements for the year ended 31 July 2021

1. Accounting policies

1.1. Basis of preparing the financial statements

The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice (issued October 2019) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019) - (Charities SORP (FRS 102)), and the Companies Act 2006.

The charity 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.

1.2. Incoming resources

All incoming resources are included in the Statement of Financial Activities when:

- Donations and legacies

Grants/donations are recognised in incoming resources in the year in which they are receivable, except as follows:

22

Reading Repertory Theatre

(Limited by Guarantee)

Notes to the Financial Statements for the year ended 31 July 2021

- Charitable activities

Theatre income - income from box office, performance fees and sundry other theatrical income is included in incoming resources in the period in which the relevant show takes place.

Project specific funding - when donors specify that donations and grants are for particular restricted purposes, which do not amount to pre-conditions regarding entitlement, this income is included in incoming resources of restricted funds when receivable.

- Donated services and facilities

Donated services or facilities are recognised as income when the charity has control over the item, any conditions associated with the donated item have been met, the receipt of economic benefit from the use by the charity of the item is probable and that economic benefit can be measured reliably. On receipt, donated services and facilities are recognised on the basis of the value of the gift to the charity which is the amount the charity would have been willing to pay to obtain services or facilities of equivalent economic benefit on the open market; a corresponding amount is then recognised in expenditure in the period of receipt.

- Investment income

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the Bank.

1.3. Expenditure

All expenditure is included on an accruals basis inclusive of any VAT which cannot be recovered and is recognised when:

- Charitable activities

Theatre production/project costs - costs incurred in production and running of productions in the year.

- Support costs

The administrative and overhead costs associated with running the office from which the company operates as well as governance costs. Support costs are wholly attributable to theatre production costs.

- Governance costs

Costs associated with the constitutional and statutory requirements of the charity.

23

Reading Repertory Theatre

(Limited by Guarantee)

Notes to the Financial Statements for the year ended 31 July 2021

1.4. Fund accounting

Funds held by the charity are either:

Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.

1.5. Tangible fixed assets and depreciation

Individual fixed assets costing £500 or more are capitalised at cost.

Depreciation is provided at annual rates calculated to write off the cost less residual value of each asset over its expected useful life, as follows:

1.6. Debtors

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

1.7. Cash at bank and in hand

Cash at bank and 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.

1.8. 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.

1.9. Financial Instruments

The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value, and subsequently measured at their settlement value.

1.10. Pensions

The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised as expenditure when due.

24

Reading Repertory Theatre

(Limited by Guarantee)

Notes to the Financial Statements for the year ended 31 July 2021

1.11. Significant Accounting Estimates and Judgements

In determining the carrying amounts of certain assets and liabilities, the charity makes assumptions of the effects of uncertain future events on those assets and liabilities at the balance sheet date. The charity's estimates and assumptions are based on historical experience and expectation of future events and are reviewed annually.

2. Incoming resources

The total theatrical income for the year has been derived from the principal activity. The proportion of theatrical income derived from outside the UK amounted to nil% (2020 - nil%).

3. Net income for the year is 2021 2020
stated after charging: £ £
Depreciation of tangible fixed assets 75,243 325
Independent Examiner's remuneration
- independent examination 4,600 2,500
- other services 1,850 1,658

4. Trustees' emoluments and reimbursed expenses

The trustees received no remuneration during the year (2020 - £nil).

The aggregated amount reimbursed to trustees during the year was £nil (2020 - £nil).

Natasha Ratter was paid development consultancy fees of £1,750 in the year.

25

Reading Repertory Theatre

(Limited by Guarantee)

Notes to the Financial Statements for the year ended 31 July 2021

5.
Staff costs and numbers
Staff costs
Salaries and wages
Social security costs
Pension costs		 2021
£
36,927
10
1,764
38,701		 2020
£
52,878
-
-
52,878

No employee earned £60,000 or more during the year (2020 - nil).

The key management personnel of the charity comprise of the Trustees and the Senior Management Team. The total employee benefits and fees of the key management personnel of the charity were £63,658 (2020 - £64,790).

Staff numbers

The average numbers of employees (including casual and part time staff) during the year was made up as follows:


Production
Administration		 2021
Number

-
5
5		 2020
Number
2
1
3

In the year fees of £16,962 (2020 - £52,038) were paid to Activate Learning in relation to salaries for the Artistic and Associate Directors.

6. Pension costs

The company operates a defined contribution pension scheme in respect of its employees. The scheme and its assets are held by independent managers. The pension charge represents contributions due from the company and amounted to £1,764 (2020 - £nil).

7. Corporation Taxation

The charity is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or section 252 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects.

26

Reading Repertory Theatre

(Limited by Guarantee)

Notes to the Financial Statements for the year ended 31 July 2021

8.
Fixed assets - tangible assets
Short
Office/
Bar/
leasehold
computer
theatre
property
equipment
equipment
£
£
£
Cost
1 August 2020
212,427
974
-
Additions
347,125
951
50,070
31 July 2021
559,552
1,925
50,070
Depreciation
1 August 2020
-
325
-
Charge for year
62,162
563
12,518
31 July 2021
62,162
888
12,518
Net book values
31 July 2021
497,390
1,037
37,552
31 July 2020
212,427
649
-		 Total
£
213,401
398,146
611,547
325
75,243
75,568
535,979
213,076

Short lease hold property - these are costs incurred in the new theatre project. Amortisation of the costs will be over the remaining life of the lease on completion of the theatre.

9.
Debtors
Trade debtors
Other debtors
Prepayments
10.
Creditors: amounts falling due
within one year
Trade creditors
Other taxation/social security
Other creditors
Accruals
Deferred income (note 11)		 2021
£
1,890
59,150
11,000
72,040
2021
£
16,931
2,096
977
29,498
27,567
77,069		 2020
£
3,000
66,507
-
69,507
2020
£
81,429
6
-
2,500
-
83,935

27

Reading Repertory Theatre

(Limited by Guarantee)

Notes to the Financial Statements for the year ended 31 July 2021

11. Deferred income

£

Balance at 1st August 2020
Amount deferred in the year
Balance at 31st July 2021
Deferred income relates to grant and box office income received in advance.		 -
27,567
27,567

12. Limited by guarantee

The private company is limited by guarantee, registered in EW - England & Wales, and does not have a share capital. Each member gives a guarantee to contribute a sum, not exceeding £10, to the company should it be wound up. At 31 July 2021 there were 7 members.

13. Unrestricted funds Brought Incoming Outgoing Transfers Carried
forward resources resources forward
£ £ £ £ £
General fund 108,314 594,027 )
(498,514		 56,231 260,058
14. Restricted funds Brought Incoming Outgoing Transfers Carried
forward resources resources forward
£ £ £ £ £
Fixed assets - Capital project
407,575
98,500		 - )
(56,231		 449,844
407,575
98,500		 - )
(56,231		 449,844

Fixed assets

This fund consists of grants/donations received specifically for the purchase of fixed assets. The funds are transferred to the general fund over the expected useful life of the assets.

The balance at 31 July 2021 is attributable to: £ Capital project 449,844

Capital project

28

Reading Repertory Theatre

(Limited by Guarantee)

Notes to the Financial Statements for the year ended 31 July 2021

15. Analysis of net assets between funds

General
Restricted
funds
funds
£
£
Fund balances at 31 July 2021
are represented by:
Tangible fixed assets
86,135
449,844
Net current assets
173,923
-
260,058
449,844		 Total
£
535,979
173,923
709,902

16. Related party transactions

Trustee Paul Newman is an Executive Director at Activate Learning. During the year there was fee and grant income received of £110,000 from Activate Learning.

£16,962 was paid to Activate Learning in the year in relation to the salaries of the Artistic and Associate Directors.

17. Gross Cash Flows

2021 2020
£ £
Capital expenditure
Payments to acquire tangible assets )
(398,146		 )
(197,058

18. Analysis of changes in net funds

Opening
balance
£
Cash at bank and in hand
317,241
Net funds
317,241		 Cash
Closing
flows
balance
£
£
)
(138,289
178,952
)
(138,289
178,952		 Cash
Closing
flows
balance
£
£
)
(138,289
178,952
)
(138,289
178,952
178,952

29

Reading Repertory Theatre

(Limited by Guarantee)

Notes to the Financial Statements for the year ended 31 July 2021

19. Reconciliation of net income to net cashflow from operating activities

Net income for the reporting period
(as per the statement of financial
activities)
Depreciation
(Increase) in debtors
(Decrease)/increase in creditors
Net cash inflow from operating activities		 2021
£
194,013
75,243
)
(2,533
)
(6,866
259,857		 2020
£
434,610
325
)
(46,628
81,293
469,600

30