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2023-07-31-accounts

DocuSign Envelope ID: 75B1E49C-AA5A-4194-95B7-40978564DF36

Company number 07907370 Charity number 1147048

Reading Repertory Theatre

(Limited by Guarantee)

Report and Financial Statements

for the year ended 31 July 2023

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

DocuSign Envelope ID: 75B1E49C-AA5A-4194-95B7-40978564DF36

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
Balance Sheet 16
Cash Flow Statement 17
Notes to the Financial Statements 18 - 29

DocuSign Envelope ID: 75B1E49C-AA5A-4194-95B7-40978564DF36

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 during the year and since the year end, were :

Piers Elliot resigned 9 April 2024 Judith Foss Aidan Grounds - Chair Jonathan Holley Nicola Jones appointed 28 April 2023 Paul Newman Donna Pentelow appointed 28 April 2023, resigned 13 February 2024 Tariq Sayyid Rifaat Alan Stacey Suzanne Stallard Hall - Vice Chair

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.

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DocuSign Envelope ID: 75B1E49C-AA5A-4194-95B7-40978564DF36

Reading Repertory Theatre

(Limited by Guarantee)

Trustees’ Report

The trustees present their report together with the financial statements for the year from 1 August 2022 to 31 July 2023.

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 is a professional, disabled-led, building-based, producing theatre and we exist to ensure that everyone in Reading, especially those with least opportunity, can access theatre. Our mission is to strengthen the communities we serve by making work with, by and for Reading.

Structure, Governance and Management

Organisational structure

The company is run and managed on a day-to-day basis by the Founding 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.

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 independent 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 and 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)'.

VISION

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

MISSION

To transform lives through theatre.

Key Personnel:

Paul Stacey: Founding Artistic Director and Joint CEO Full time Nick Thompson: Executive Director and Joint CEO Full time

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DocuSign Envelope ID: 75B1E49C-AA5A-4194-95B7-40978564DF36

Reading Repertory Theatre

(Limited by Guarantee)

Trustees’ Report

KEY ACHIEVEMENTS

“Reading Rep is rapidly becoming an essential part of the arts scene in Reading for lots of really good reasons. I look forward to helping with reinforcing this theatre’s inspiring work in the local community and to supporting its future endeavours.”

HRH The Duke of Edinburgh

Patron of Reading Rep Theatre

This year has been another record-breaking period for Reading Rep. We worked with more participants than ever before while also welcoming a record number of people to our professional productions. We named this season of work Reading Rep:10 to celebrate the 10th anniversary year of Reading Rep Theatre. Building on the success of the previous year, the first in our new home, we have produced more work with greater reach and greater ambition. This ambition was rewarded by welcoming HRH The Prince of Wales as our Royal Patron as well as securing a major transfer for the first production in our season: Jekyll and Hyde.

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DocuSign Envelope ID: 75B1E49C-AA5A-4194-95B7-40978564DF36

Reading Repertory Theatre

(Limited by Guarantee)

Trustees’ Report

Perhaps the achievement that we are most proud of is our continued growth and impact. We are seeing growth across the organisation, from audience through engagement, from turnover and artistic reach and significance. More broadly the industry is facing massive uncertainty and decline due to both the fallout of Covid-19 and the impact of rising costs, changing audience behaviours and staffing expectations. We have stayed reactive, fleet of foot and aware of this changing and challenging environment in all areas of the business.

PRODUCTIONS ON STAGE

We titled this season of work Reading Rep:10 to celebrate a decade of producing work in Reading.

Reading Rep’s 22/23 season was a mixture of bold new work, reimagined classics and family favourites. We grew our audience by 62% compared to our 21/22 season, well exceeding our target of 25%, and 42% of our audience returned in 22/23 after watching a production in 21/22.

We opened with the critically acclaimed production Jekyll and Hyde . A World Premiere adaptation, written by Gary McNair based on The Strange Case of Dr Jekyll and Mr Hyde by Robert Louis Stevenson. This one-woman show was performed by Olivier Award nominated Audrey Brisson.

★★★★ “Playwright Gary McNair turns the gothic novel into a brilliantly bewitching show” The Guardian

★★★★ “Audrey Brisson is spine-shivering in one-woman show” The Times

A Christmas Carol triumphantly returned to our stage. Written by Beth Flintoff and Directed by Paul Stacey and Chris Cuming. Our Christmas audience grew by over 2,000 individuals making Christmas at Reading Rep a new festive tradition and doubling the audience who saw it in 2022.

★★★★ “Within the cosy settings of Reading Rep Theatre, this production chimes with the spirit of Christmas” BroadwayWorldUK

“It sews together the best of Dickens’ original narrative while stirring in a hearty helping of local humour, owing to its new setting.” Reading Chronicle

Continuing our commitment to reinvent classics in innovative and modern ways, Hedda Gabler started 2023 with a bang. A Co-Production with one of our Associate Companies, A Girl Called Stephen, the show was adapted by Harriet Madeley, directed by Annie Kershaw, and starred Anna Popplewell as the title character.

★★★★★ “A thrillingly inventive show, with strong and engaging performances from every cast member” The Spy in the Stalls

★★★★★ “Harriet Madeley's biting, tense and funny script staying true to Ibsen's spirit” BroadwayWorldUK

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DocuSign Envelope ID: 75B1E49C-AA5A-4194-95B7-40978564DF36

Reading Repertory Theatre

(Limited by Guarantee)

Trustees’ Report

Extending our family offering, Chris Cuming directed and adapted the J.M. Barrie classic Peter Pan . This production included a new rep company, made up of six local, young performers. For many of them, this was their first professional experience on stage.

“When live theatre is this good, a movie just can’t match it” Family Blog Critic

“It is the perfect springtime treat and a good introduction to theatre for younger audiences.” Reading Review Today

Rounding off our season The Rumble Under the Rug, written and directed by Helen Eastman, focused on bringing early years theatre into 23 schools, libraries, and community hubs in Reading. This production reached over 700 children under 6, and, for many of whom, this was their first experience of theatre.

“We just wanted to say a huge thank you for the wonderful show last week. The children enjoyed it immensely, the storytelling was engaging and highly interactive” Local nursery on the tour of The Rumble Under the Rug.

Reading Rep continues to grow in national reputation as one of the leading producing venues in the UK through our track record of producing bold and experimental work, reinventing classics and championing new writing.

Following the success of its world premiere in 2022, the company’s production of Jekyll and Hyde by Gary McNair will transfer to the Theatre Royal Lyceum continuing the theatre’s mission of putting Reading firmly on the national cultural map.

EDUCATION AND OUTREACH

Over the past year, fuelled by an unwavering commitment to uplift vulnerable communities, ENGAGE has undergone an important evolution. Shifting its approach from singular productions to a dynamic, multifaceted project delivery, ENGAGE has emerged as a powerhouse of adaptability. This strategic enhancement allows us to respond with lightning speed to the unique needs of our invaluable partners.

At the heart of ENGAGE's mission is a dedication to empowering individuals of all ages through the embodiment of Lifelong Learning. ENGAGE passionately advocates for inclusivity, passionately tearing down barriers that hinder access to the arts. Our focus remains on marginalised communities, as we tirelessly work to demolish obstacles, elevate aspirations, and unveil boundless creative horizons for everyone.

In the last year Reading Rep developed several new initiatives, including:

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DocuSign Envelope ID: 75B1E49C-AA5A-4194-95B7-40978564DF36

Reading Repertory Theatre

(Limited by Guarantee)

Trustees’ Report

We also greatly expanded our work with young people, further developing our mission of providing lifelong engagement with the arts:

Early Years

We are very proud of our year-round offer for this traditionally underserved age group. Our close partnership with Reading Libraries and Reading Borough Council allowed us to deliver Rhyme Time and Christmas Carol craft sessions in all seven Libraries venues throughout the Autumn & Spring Terms to a large number of preschoolers with many returning week after week. This work introduced young children and families to Reading Rep’s work in a familiar, low-pressure environment, enhancing their creativity and beginning a lifelong interest in arts and culture.

Our tour of Rumble Under the Rug (above) was a great success, introducing over 700 young people to theatre for the first time both in our own venue and in the community. We also increased public awareness of work with Early Years by bringing Rumble to the Reading Children’s Festival.

Primary Schools

We worked with over 600 children from 21 local primary schools, focusing particularly on the Whitley Excellence Cluster schools which allowed us to improve literacy, engagement with arts, and the confidence of over 300 children in an area in the 90th percentile of the index of multiple deprivation. Our workshops enhanced the existing school curriculum, instilling transferable creative skills and encouraging lifelong involvement in the arts. The WEC primary schools received over 100 free hours of workshops and more than 300 free tickets to A Christmas Carol and Peter Pan .

We also took part in the Whitley Carnival, working with 30 New Christ Church Primary School pupils to create a moving choreographic piece that formed part of the street carnival. This was linked to our production of Peter Pan .

Secondary Schools

We were proud to be a National Theatre Connections host organisation this year. Connections is a programme designed to bring together new writers with the theatre-makers of the future, and we delivered our first Connections Festival - a full week of activities around the performances of participating secondary school groups from Berkshire, Oxfordshire, Hampshire and beyond. We welcomed 5 secondary schools to Reading Rep for half day workshops with Frantic Assembly’s Steve Kirkham, Theatre Designer Amy Watts, and Lighting Designer and Technician Elese Palmer. Secondary school is a crucial time for young creative minds, as they begin to explore forms of creativity and develop their own voices. Our connections with local Secondary Schools help us nurture local talent, raise aspirations and open new cultural horizons for young people, particularly those who may believe that theatre and the arts are not accessible to them.

Further Education

Once again we delivered over 400 hours of Performing Arts lessons to 90 Activate Learning Students at Reading College, enhancing their studies with professional insights and masterclasses. This culminated in RR hosting the production week for these students’ end of year project, a production of Rock of Ages. This experience provided students with their first experience of making work in a fully functioning professional theatre, working with our technicians and staff, and learning the vital lesser-seen elements that make for a successful production, including ticketing, health and safety, and the audience experience. These students were also given free tickets to each of our productions across the season, alongside 30 students from the Guildford College Performing Arts course who attended A Christmas Carol for free, who also took part in a workshop on creating character. Students from Reading and Guildford also came together to attend workshops on technical theatre and an artist spotlight with Frantic Assembly.

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DocuSign Envelope ID: 75B1E49C-AA5A-4194-95B7-40978564DF36

Reading Repertory Theatre

(Limited by Guarantee)

Trustees’ Report

We continued our mission of increasing accessibility of our work, welcoming over 60 students from the Learners with Learning Disabilities and Difficulties (LLDD) Department of Reading College to see A Christmas Carol in a special relaxed performance, also as part of our Free Tickets initiative.

Higher Education

Our relationship with the University of Reading continues to go from strength to strength. We worked across a wide range of projects with students and staff from the Film, Theatre, and Television department (FTT), all focused on bridging the gap between HE and working in the industry:

Community Groups

Reading Rep’s work with community groups increased feelings of confidence, creativity, self-esteem and effective communication among some of Reading’s most vulnerable communities. We ran regular workshops with the community groups Bounce Back for Kids, Compass Recovery College, Alana House and Turtle Song. All participants received free tickets across our productions alongside the participatory workshops, with over 50 hours of workshops delivered to more than 60 people from disadvantaged communities, including:

Youth Theatre, Young Company and Summer School

Our youth offering went from strength to strength this year, increasing in size and scale and connecting for the first time with our professional programme. In April’s production of Peter Pan, a professional cast of 6 were joined by 6 community cast members, many of whom were current or former members of our youth theatre and young company, gaining their first credit.

End of term performances were held as curtain-raisers before special performances of A Christmas Carol and Peter Pan, with audiences for these shows then staying on and watching the production afterwards. In summer, our end of year Youth Theatre performance of School of Rock and Young Company’s self-written and directed version of Antigone were performed to sold out audiences.

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DocuSign Envelope ID: 75B1E49C-AA5A-4194-95B7-40978564DF36

Reading Repertory Theatre

(Limited by Guarantee)

Trustees’ Report

We held our first Musical Theatre Summer School which sold out with 35 places filled. Artists Lizzie Bea (Hairspray, Heathers, Sister Act) and Josh Barnett (Newsies, Cruel Intentions) joined the core team of Amy Ambrose and Patrick Stockbridge to create a musical theatre showcase performed at the end of the week.

All our Youth Theatre & Young Company members are included in our Free Tickets initiative.

Access Performances

We held one Access performance for every production and two for A Christmas Carol. Peter Pan saw our first BSL interpreted performance, which was a great success and received excellent feedback from deaf audiences.

We began relationships with multiple partner organisations to help shape our future access offer and ensure it reaches the audiences who need it most, and began programming with access performance opportunities specifically in mind.

Equality, Diversity and Inclusion

Reading Rep is committed to being an inclusive and diverse organisation: representative of the community around us and a cultural home to all. We want everyone who works for or visits us to feel welcome and respected. And we want the imaginative work we present on stage to speak to the world we live in and the people of the region which we serve. Reading Rep is a disabled-led, building-based charity. We exist to ensure that everyone, regardless of background, has access to high quality culture. As such, Equality, Diversity and Inclusion are central to all areas of our organisation and output. We are extremely proud of the work we have undertaken this year to ensure access for all to high quality culture.

People

People are at the heart of what we do. With a growing staff team, more productions and outreach work and a greater reach into the south-east, it is our duty to ensure that Reading Rep is leading the way.

This year we recruited nine staff at a variety of levels across the organisation. Alongside this, we have rolled out an organisation-wide training programme to ensure we have the requisite skills within the organisation to maintain a happy and healthy workforce. This includes: introducing a second Level 3 Safeguarding Officer, 1 and 3 day First Aid training, Mental Health First Aid awareness and other more specialist training courses.

We worked with over 250 freelance professionals across the year. The last three years have been extremely challenging for the freelance sector, so it feels like a considerable achievement to have been able to offer more freelance contracts than ever before. We ensure we offer fair, industry standard pay rates across the organisation and also look to invest in additional training or career development for freelance staff that work with us regularly.

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DocuSign Envelope ID: 75B1E49C-AA5A-4194-95B7-40978564DF36

Reading Repertory Theatre

(Limited by Guarantee)

Trustees’ Report

Audiences

Reading Rep continues its programming of accessible performances and is committed to growing its knowledge and delivery of access led performances. We are proud that we introduced our first BSL interpreted performance with Peter Pan and that every performance in our 2022/23 season included a relaxed and reduced capacity performance.

Our website has benefited from a new web page highlighting how audiences with additional needs can interact with the venue and performances, additionally, our social media has become more accessible with the addition of ALT text on all images.

We continued to give away 10% of our tickets to those who would otherwise be unable to access our work. This programme has proven to be extremely successful with a growing demand from our partners. We are exploring new ways to ensure that we can reach further into the community, ensuring that price is never a barrier to accessing our work.

We have also improved our data capture to ensure we can better understand our audiences and participants. This year we launched an audience survey with Audience Finder. We discovered that:

Sustainability

Reading Rep Theatre is committed to climate justice and reducing the impact our theatre has on the climate emergency. We understand that decisive action is needed to prevent further erosion of our planet’s natural resources and to minimise climate change. We aspire to be at the forefront of sustainable practice among organisations in Reading and to set trends for new and innovative ways of limiting our environmental impact in recognition of the climate emergency.

This year we have:

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DocuSign Envelope ID: 75B1E49C-AA5A-4194-95B7-40978564DF36

Reading Repertory Theatre

(Limited by Guarantee)

Trustees’ Report

FUTURE PLANS

On Stage and In the Community:

Celebrating 10 years of ENGAGE: Reading Rep’s Education and Outreach department with ENGAGE:10

The next season of work, both on stage and in the community, will be our most ambitious yet.

This year we celebrate 10 years of RR’s award-winning ENGAGE programme of theatre outreach and education work with a landmark project. ENGAGE:10 is a year-long programme of skills development workshops, projects, and performances, reframing ENGAGE as a catalyst for lifelong creative enjoyment and development.

We will work with: Early Years children, Primary Schools, Secondary Schools, SEN Young People, RR’s Youth Theatre and Young Company, Young Adults in a Community Production, Further Education, Higher Education, 3 developing Associate Companies, and Adult Community Groups. We will not only provide creative opportunities to these groups, but also use enhanced feedback and project development procedures to ensure that participants take an active role in developing activities.

The ambition of this season reflects how far Reading Rep has travelled in its evolution, whilst remaining rooted to its home. Reading Rep’s vision is to enhance pride in Reading by putting the town on the national cultural map. This year, we will be able to celebrate with all those who have joined us on our journey so far, and welcome many new participants to the fold.

Productions

Reading Rep continues to grow in national reputation as one of the leading producing venues in the UK through its track record of producing bold and experimental work, reinventing classics and championing new writing. Our third season is no exception.

The productions are set to include:

Shakespeare’s R&J : Adapted by Joe Calarco, this is a queer modern retelling of Romeo and Juliet. Perceptions and understanding are turned upside-down as the fun of play-acting turns serious, and the words and meanings of Shakespeare’s text begin to hit home. What begins as a rebellious laugh soon turns into something more violent.

Potted Panto: Written by Daniel Clarkson, Jefferson Turner and Richard Hurst, this is the first of our festive offerings. It is a madcap ride through the biggest and best Pantos as a dastardly duo perform 7 pantomimes in just 70 minutes in this laugh-out-loud family production.

It's A Wonderful Life: Adapted by Mary Elliott Nelson, this show brings Bedford Falls to Reading Rep in the second Christmas production of the season. When down-on-his-luck banker George Bailey wishes he had never been born, a guardian angel comes to show what would happen to his beloved town and family if that was the case; maybe it would be a little less wonderful after all… Both Christmas shows will be performed by the same 4 actors in repertory.

The Rumble Under the Rug: Returning to Reading Rep after its successful tour in 2023, this interactive workshop for early years asks children to discover just who is hiding under the rug, and how they can make the visitor welcome in our world. Written by Helen Eastman (Alby the Penguin Saves The World and Alby The Penguin Saves Christmas) .

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DocuSign Envelope ID: 75B1E49C-AA5A-4194-95B7-40978564DF36

Reading Repertory Theatre

(Limited by Guarantee)

Trustees’ Report

Following the success of its world premiere in 2022, the company’s production of Jekyll and Hyde by Gary McNair will transfer to the Theatre Royal Lyceum before embarking on a national tour continuing the theatre’s mission of putting Reading firmly on the national cultural map.

Education and Outreach: ENGAGE10

This year marks the 10-year anniversary of our flagship and award winning ENGAGE programme. ENGAGE:10 will see Reading Rep rebrand, relaunch, and celebrate 10 years of exceptional education and outreach programmes.

ENGAGE:10 is a year-long programme of skills development workshops, projects, and performances, which will ensure that everyone in Reading - particularly those from disadvantaged backgrounds and communities - can access our work throughout their lives. We will work with 10 different groups throughout the year:

This will culminate in our very first community production , which will give a highly diverse group of people their first opportunity to perform on a professional stage. Across these programmes we expect to reach 30,000 people, 95% of whom are based in Berkshire. We will promote wellbeing, improve mental health, and ultimately develop community cohesion amongst areas of Reading society which are most vulnerable and least engaged with the arts.

Ultimately this year marks our most ambitious to date. Both our productions and education and outreach work will have the greatest reach and the biggest impact in Reading Rep Theatre’s history.

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DocuSign Envelope ID: 75B1E49C-AA5A-4194-95B7-40978564DF36

Reading Repertory Theatre

(Limited by Guarantee)

Trustees’ Report

Reserves Policy

The Trustees’ policy is to maintain Operating Reserves that represent five months’ operating expenditure plus £15k for production closing costs, plus reserves for replacement of obsolete fixed assets and a Crisis Response Fund.

The reserves balance on 31 July 2023 is £754,216, of which £377,146 is restricted. After taking account of fixed assets, the balance of £319,100 within general funds is designated to:

Operational Reserves £255,830:

On 1 August 2022 this was budgeted to be £255,830. This is a dynamic fund that will need to increase as core costs increase year on year.

Maintenance and obsolescence fund for fixed assets £20,000: To replace hardware or equipment no longer fit for purpose.

Crisis Response Fund: £43,270:

This fund is to provide critical support during unforeseen disruptions that could impact our theatre's operations, but without the need for winding up. This includes natural disasters, pandemics and building emergencies.

Restricted Funds

Funds received in the year for specific purposes came to £84,100. These are recorded as Restricted Funds and are identified separately in the financial accounts.

Risk Management

The Trustees review the Company’s risk register at each quarterly board meeting and update it as appropriate. The risk register covers areas such as income generation, staff retention, attracting and maintaining audiences, premises issues and more. The risk register allows the Trustees to evaluate the risks on a regular basis and take effective action when necessary.

Financial risks are minimised by the controls in place at operational and board level. These include Fraud Risk Management, Purchasing and Expenses Procedures, etc.

Budgets are set by the joint Chief Executives and approved by the board who also receive quarterly management accounts. Our in-house accounting is based on Xero accounting software and kept up to date on a weekly basis.

Our accountants are Breckman & Company Ltd, the recognised leading chartered certified accountancy firm in the specialised field of accountancy for theatrical organisations of all types and sizes.

Fundraising

Despite a challenging national funding environment for producing theatres, Reading Rep’s fundraising activity remained strong this year, securing grants from major sources including Garfield Weston Foundation and Foyle Foundation, continuing our multi-year relationships with major supporters of our capital campaign, and developing our new income streams.

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DocuSign Envelope ID: 75B1E49C-AA5A-4194-95B7-40978564DF36

Reading Repertory Theatre

(Limited by Guarantee)

Trustees’ Report

Founding Corporate Partners EY and Henderson and Jones joined us to launch our Corporate Partnership scheme in October 2022. To have secured a national and an international partner as corporate supporters was a huge step towards a more diverse income portfolio, and we continue to enjoy good relationships with them and the business community in Reading.

Reading Rep Theatre is in full compliance with the rules and guidelines as prescribed by The Charities Act 2016 and Charities SORP, and abides by the Code of Fundraising Practice as set out by the Fundraising Regulator, of which we are a member. We received no complaints regarding our fundraising activities during the period.

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 18 April 2024 and signed on its behalf by

Aidan Grounds - Chair Trustee

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DocuSign Envelope ID: 75B1E49C-AA5A-4194-95B7-40978564DF36

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 2023, which are set out on pages 15 to 29.

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. The charity's gross income exceeded £250,000 and I am qualified to undertake the examination by being a qualified member of The Association of Chartered Certified Accountants.

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

18 April 2024

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DocuSign Envelope ID: 75B1E49C-AA5A-4194-95B7-40978564DF36

Reading Repertory Theatre

(Limited by Guarantee)

Statement of Financial Activities (including Income and Expenditure Account) for the year ended 31 July 2023

Unrestricted
Restricted
funds
funds
Notes
£
£
Income and endowments from:
2
Donations and legacies
3
496,942
-
Charitable activities:
Theatre
4
280,598
84,100
Investments
84
-
Other - Theatre Tax Relief
5
118,227
-
Total
895,851
84,100
Expenditure on:
Charitable activities:
Theatre
6
883,679
66,600
Total
883,679
66,600
Net income / (expenditure)
7
12,172
17,500
Transfers between funds
18, 19
53,199
)
(53,199
Net movement in funds
65,371
)
(35,699
Reconciliation of funds:
Total funds brought forward
311,699
412,845
Total funds carried forward
18, 19
377,070
377,146		 2023
Unrestricted
Restricted
Total
funds
funds
£
£
£
496,942
573,504
-
364,698
129,356
68,575
84
-
-
118,227
83,823
-
979,951
786,683
68,575
950,279
788,241
52,375
950,279
788,241
52,375
29,672
)
(1,558
16,200
-
53,199
)
(53,199
29,672
51,641
)
(36,999
724,544
260,058
449,844
754,216
311,699
412,845		 2022
Total
£
573,504
197,931
-
83,823
855,258
840,616
840,616
14,642
-
14,642
709,902
724,544

The notes on pages 18 to 29 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.

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DocuSign Envelope ID: 75B1E49C-AA5A-4194-95B7-40978564DF36

Reading Repertory Theatre

(Limited by Guarantee)

Balance Sheet 31 July 2023

2023 2022
Notes £ £ £ £
Fixed assets
Tangible assets 12 417,616 487,594
Current assets
Stocks 13 1,570 1,339
Debtors 14 161,808 114,403
Cash at bank and in hand 263,705 187,030
427,083 302,772
Liabilities:
Creditors: amounts falling
due within one year 15 )
(90,483		 )
(65,822
Net current assets 336,600 236,950
Total assets less current
liabilities 754,216 724,544
The funds of the charity:
Unrestricted funds 18 377,070 311,699
Restricted funds 19 377,146 412,845
Total charity funds 754,216 724,544

For the year ending 31 July 2023 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 18 April 2024 and signed on its behalf by

Aidan Grounds - Chair Trustee

The notes on pages 18 to 29 form an integral part of these financial statements.

16

DocuSign Envelope ID: 75B1E49C-AA5A-4194-95B7-40978564DF36

Reading Repertory Theatre

(Limited by Guarantee)

Cash Flow Statement for the year ended 31 July 2023

Notes
Cash flows from operating activities
25
Cash flows from investing activities:
23
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		 2023
£
76,591
-
84
76,675
187,030
263,705		 2022
£
28,607
)
(20,529
)
(20,529
8,078
178,952
187,030

17

DocuSign Envelope ID: 75B1E49C-AA5A-4194-95B7-40978564DF36

Reading Repertory Theatre

(Limited by Guarantee)

Notes to the Financial Statements for the year ended 31 July 2023

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:

- 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.

18

DocuSign Envelope ID: 75B1E49C-AA5A-4194-95B7-40978564DF36

Reading Repertory Theatre

(Limited by Guarantee)

Notes to the Financial Statements for the year ended 31 July 2023

- 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.

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. Stock

Stock is included at the lower of cost or net realisable value. Donated items of stock are recognised on receipt at fair value which is the amount the charity would have been willing to pay for the items on the open market

19

DocuSign Envelope ID: 75B1E49C-AA5A-4194-95B7-40978564DF36

Reading Repertory Theatre

(Limited by Guarantee)

Notes to the Financial Statements for the year ended 31 July 2023

1.7. 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.

1.8. 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.

1.9. 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.

1.10. Pensions

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

1.11. 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.

1.12. 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 incoming resources for the year have been derived from the principal activity undertaken wholly in the UK.

20

DocuSign Envelope ID: 75B1E49C-AA5A-4194-95B7-40978564DF36

Reading Repertory Theatre

(Limited by Guarantee)

Notes to the Financial Statements for the year ended 31 July 2023

3.
Income from donations and legacies
Donations
Donations/Gift Aid
Corporate membership scheme
Support in kind
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
Advertising services in-kind
Room hire/salaries in kind
Grants
Arts Council England
Activate learning
Artswork
Backstage Trust
Christina Smith Foundation
The Earley Charity
Edward Gostling Foundation
The Foyle Foundation
Garfield Weston Foundation
The Linbury Trust
The Mosawi Foundation
National Lottery Community Fund
Reading Borough Council
Other trusts and foundations		 2023
£
12,179
15,300
104,694
-
953
10,516
-
7,800
-
20,000
-
-
-
50,000
20,000
-
10,000
35,000
25,000
50,000
50,000
45,000
25,000
15,500		 £
27,479
143,963
325,500
496,942		 2022
£
10,223
-
96,560
2,000
3,620
8,000
968
7,800
10,200
5,000
59,000
30,500
500
50,000
20,000
24,000
-
-
-
50,000
50,000
53,500
91,633
-		 £
10,223
134,148
429,133
573,504

21

DocuSign Envelope ID: 75B1E49C-AA5A-4194-95B7-40978564DF36

Reading Repertory Theatre

(Limited by Guarantee)

Notes to the Financial Statements for the year ended 31 July 2023

4.
Income from charitable activities
Theatre income
Box office
Fees
Bar sales
Workshops
Other income
Project specific funding
Grants/donations
Donations
Arts Council England
Bailey Thomas Charitable Fund
Berkshire Community Foundation
National Theatre Connections
Other trusts and foundations
5.
Other income
Theatre tax relief (TTR)		 2023
£
153,094
90,682
35,170
125
1,527
280,598
-
60,000
10,000
7,500
6,600
-
84,100
364,698
2023
£
118,227		 2022
£
92,144
5,109
22,029
4,243
5,831
129,356
200
37,500
-
10,000
7,375
13,500
68,575
197,931
2022
£
83,823

22

DocuSign Envelope ID: 75B1E49C-AA5A-4194-95B7-40978564DF36

Reading Repertory Theatre

(Limited by Guarantee)

Notes to the Financial Statements for the year ended 31 July 2023

6.
Expenditure on charitable activities
Theatre
Production/project costs
Opening stock
Closing stock
Production costs
Fees: cast/creatives/education/outreach
Bar
Workshop expenses
Repairs to equipment
Amortisation of short leasehold
Depreciation of bar/theatre equipment
Support costs - see below
Governance costs - see below
Support and governance costs
Support costs
Office overheads
Depreciation of fixed assets
Staff costs
Other staff costs and fees (including support in kind)
Administration costs
Professional and finance
Total support costs
Governance costs
Accountancy/consultancy
Bookkeeping
Board expenses
Total governance costs		 2023
£
1,339
)
(1,570
106,436
123,408
13,236
2,050
-
53,199
16,379
314,477
610,575
25,227
950,279
2023
£
138,495
400
316,553
44,463
102,774
7,890
610,575
4,000
21,207
20
25,227		 2022
£
-
)
(1,339
104,699
70,820
9,026
9,970
14,141
53,199
15,315
275,831
549,694
15,091
840,616
2022
£
122,536
400
270,709
40,207
104,137
11,705
549,694
6,250
8,841
-
15,091

23

DocuSign Envelope ID: 75B1E49C-AA5A-4194-95B7-40978564DF36

Reading Repertory Theatre

(Limited by Guarantee)

Notes to the Financial Statements for the year ended 31 July 2023

7. Net income / (expenditure) for the year is 2023 2022
stated after charging: £ £
Depreciation of tangible fixed assets 69,978 68,914
Independent Examiner's remuneration
- independent examination 3,600 3,600
- other services 1,000 2,650

8. Trustees' emoluments and reimbursed expenses

The trustees received no remuneration during the year (2022 - £nil).

The aggregated amount reimbursed to trustees during the year was £nil (2022 - £nil).

9.
Staff costs and numbers
Staff costs
Salaries and wages
Social security costs
Pension costs		 2023
£
285,748
19,773
11,032
316,553		 2022
£
246,878
13,993
9,838
270,709

No employee earned £60,000 or more during the year (2022 - 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 £92,015 (2022 - £81,988).

Staff numbers

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

up as follows:
2023 2022
Number Number
Administration 10 9

24

DocuSign Envelope ID: 75B1E49C-AA5A-4194-95B7-40978564DF36

Reading Repertory Theatre

(Limited by Guarantee)

Notes to the Financial Statements for the year ended 31 July 2023

10. 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 £11,032 (2022 - £9,838).

11. 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.

12.
Fixed assets - tangible assets
Short
Office/
Bar/
leasehold
computer
theatre
property
equipment
equipment
£
£
£
Cost
1 August 2022 /
31 July 2023
563,118
1,925
67,033
Depreciation
1 August 2022
115,361
1,288
27,833
Charge for year
53,199
400
16,379
31 July 2023
168,560
1,688
44,212
Net book values
31 July 2023
394,558
237
22,821
31 July 2022
447,757
637
39,200		 Total
£
632,076
144,482
69,978
214,460
417,616
487,594

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.

13. Stocks 2023 2022
£ £
Stocks 1,570 1,339

25

DocuSign Envelope ID: 75B1E49C-AA5A-4194-95B7-40978564DF36

Reading Repertory Theatre

(Limited by Guarantee)

Notes to the Financial Statements for the year ended 31 July 2023

14.
Debtors
Trade debtors
Other debtors
Prepayments and accrued income
15.
Creditors: amounts falling due
within one year
Trade creditors
Other taxation/social security
Other creditors
Accruals
Deferred income (note 16)
16.
Deferred income
Balance at 1 August 2022
Amount released to incoming resources
Amount deferred in the year
Balance at 31 July 2023		 2023
£
4,090
2,406
155,312
161,808
2023
£
4,762
-
2,911
22,204
60,606
90,483		 2022
£
4,378
365
109,660
114,403
2022
£
777
2,322
4,187
29,477
29,059
65,822
£
29,059
)
(29,059
60,606
60,606

Deferred income relates to unrestricted grant and box office income received in advance.

17. 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 2023 there were 10 members.

26

DocuSign Envelope ID: 75B1E49C-AA5A-4194-95B7-40978564DF36

Reading Repertory Theatre

(Limited by Guarantee)

Notes to the Financial Statements for the year ended 31 July 2023

18. Unrestricted funds Brought Brought Incoming Outgoing Transfers Carried
forward resources resources forward
£ £ £ £ £
General fund 311,699 895,851 )
(883,679		 53,199 377,070
19. Restricted funds Brought Incoming Outgoing Transfers Carried
forward resources resources forward
£ £ £ £ £
Fixed assets - Capital project 412,845 - - )
(53,199		 359,646
Peter Pan - 30,000 )
(30,000		 - -
Shakespeare in Schools - 7,500 - - 7,500
Youth Theatre programme - 10,000 - - 10,000
A Christmas Carol - 30,000 (30,000 ) - -
National Theatre Connections - 6,600 )
(6,600		 - -
- 84,100 )
(66,600		 )
(53,199		 377,146

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 2023 is attributable to: £ Capital project 359,646

Peter Pan

Grants received for the production of Peter Pan.

Shakespeare in Schools

Funds received for the Shakespeare School Tour in autumn 2023.

Youth Theatre programme

A year-long programme of Youth Theatre activities for disadvantaged young people with learning difficulties.

A Christmas Carol

Grants received for the production of A Christmas Carol.

National Theatre Connections

Funds received to support the National Theatre Connections project.

27

DocuSign Envelope ID: 75B1E49C-AA5A-4194-95B7-40978564DF36

Reading Repertory Theatre

(Limited by Guarantee)

Notes to the Financial Statements for the year ended 31 July 2023

20.
Analysis of net assets between funds
General
Restricted
funds
funds
£
£
Fund balances at 31 July 2023
are represented by:
Tangible fixed assets
57,970
359,646
Net current assets
319,100
17,500
377,070
377,146		 Total
£
417,616
336,600
754,216

22. Related party transactions

Trustee Paul Newman is an Executive Director at Activate Learning. During the year there was fee and grant income received of £30,000 (2022 - £110,000) from Activate Learning.

£5,758 (2022 - £16,962) was paid to Activate Learning in the year in relation to the salary of the Artistic and Associate Directors.

23.
Gross Cash Flows
Returns on investments and servicing of finance
Interest received
Capital expenditure
Payments to acquire tangible assets
24.
Analysis of changes in net funds
Opening
balance
£
Cash at bank and in hand
187,030
Net funds
187,030		 2023
2022
£
£
84
-
-
)
(20,529
Cash
Closing
flows
balance
£
£
76,675
263,705
76,675
263,705		 2022
£
-
)
(20,529
263,705

28

DocuSign Envelope ID: 75B1E49C-AA5A-4194-95B7-40978564DF36

Reading Repertory Theatre

(Limited by Guarantee)

Notes to the Financial Statements for the year ended 31 July 2023

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

Net income for the reporting period
(as per the statement of financial
activities)
Depreciation
Dividends, interest and rents from investments
(Increase) in stocks
(Increase) in debtors
(Decrease)/increase in creditors
Net cash inflow from operating activities		 2023
£
29,672
69,978
)
(84
)
(231
)
(47,405
24,661
76,591		 2022
£
14,642
68,914
-
)
(1,339
)
(42,363
)
(11,247
28,607

29