Company reelstration number: 07963026 Charity registration number: 1148489 THE MONTGOMERY THEATRE AND ARTS CENTRE LIMITED (A cornpany limited by guarantee) ANNUAL REPORT PERIOO ENDED 31 MARCH 2025
THE MONTGOMERY THEATRE AND ART5 CENTRE UMITED ANNUAL REPORT PERIOD ENDED 31 MARCH 2025 CONTENTS Page Directors. Report and Slralegic Report Staiement of Trustee5' Re5pon5ibiliues Independent Auditors. Report AccoLtnting Polities io Statement of Financial Activities (including Income and Expendilure Account) 12 Bèlance Sheet 13 Siaiement of Cash Flows 14 Note5 to the Financial Staiements 15-24
THE MONTGOMERY THEATRE AND ARTS CENTRE LIMITED DIREcfoRS' REPORT FOR THE PERIOD ENDING 31 MARCH 2025 The Trustees and Directors of the charitable company present their reporl alon8 With the financial statements of the charity for the period ending 31 March 2025. The financial Statements have been prepared in accordance with the accounting policies set out on page 10 of the financial statements and comply with the charity's Memoiandum and Article5 and appl¢cable law. Thè tivstees b.ave adopted the provisions ol the Statement ol Retommertdèd Practice ISORPI "Accounling and Repoiting by Charities" IFRS 1021 in preparing the annual ieport and financial Statements of the charitv. Legal and administrat details Official name of charitw. Charity reglstration number.. The Montgomery Theatre and Arts Cenire Limiied 1148489 Company re8isiratlon number- 07963026 Re815tered Office- 55 Norfolk Street Sheffield SI IDA Directors and Trustees.. Mr James Gamett Mr John Hudson Mr Neil Macoonald OBE Ms Sarah Mashford Mrjohrt Pickering Chief Executive.. Tom Bird Banker5: The Cowerative Bank l Balloon Streel Manchester M4 4BE CCiA Fund Managers One Angel Lanè London EC4R 3AB Audltors: Hawsons Charteied Accovntants Statutory Audilor Pegasus House 4633 Glossop Road Sheffield SIO 2QD
THE MONTGOMERY THEATRE AND ARTS CENTRE LIMITED DIREcfoRS' REPORT FOR ThE PERIOD ENDING 31 MARCH 2025 Icontinyedl Strutture. Go¥ernance and Managernenl Governing document The Montgomery Theaire and Arts Centre Limited is a company limited by Buarantee governed by its Memorandum and Articles of A550ciation dated 3 January 2025. It is register as a thaiity with the Charily Cornrnission. Sheffield Theatres Trust is the sole member of the Of8ani5ation and it has S truslee5. Objects The primary Obj15 of the charity specified in the Mernorandum and Articles of Association are to establish and maintain a creative and performing arts centre foF the benefii of all. OrganlsatSon The board of tfustees. which must have fewer than 3 member5. administers charity- The ljoard meets Iwi¢e 3 year and there are sub-commiltees covering finance and audit. human resour and trustee nominations which meet more regularly. A Chief Executive is appointed by the trustees to manage the day to day operations of the charity. To facilitate dfe¢tive operations. the Chief Executive has delegated authorily. wiihin terms of dde8ation apkyoved by the trustees. for operational matiers in¢ludin8 finance, employment and 3riistic pèrformance rdaied artivity. Appointment of irustees The Ifustees are nominated by Sheffield Theatres Trust. Trustee Inductlon and trainin£ New trustees are rnvited to ihe r4istered office of The Monigomery Theatre and Afts Centre Limited to meet with the Senior Management Tèam to brbef them on thar Iwl obligatK)ns undei charity and company law, the contènt of the Memorandum and Articles of Association. thè commriiee and decision.making processes. Ihe business plan and iecent financial performahcè ol the charity- Publlc benefit The board of trustèes have complied with ihe duty in section 4 of the Charilies Acl 2W6 to have due regard to public benefit 8uidancÈ published by the Commission. The charity seeks to maximise attendance and partitipation in its a¢liwt to ensure that audiencès are drawn from every socio e(onomic groups and aBe ranges. It doe5 thts by athertisirE to the public through the media. print. Social network and reaching out to the local community. Risk management The Trtsstees are committed to the identifKation and management of the rna( Sir3140 business and operational risk5 which the f haiity faces. A multi.funaion ieam of manageis wiihin the organisation is tasked with communicating with all levels of the orBanisation to identify risk and regularly update a detailed risk register identi"n8 likelihood and impact together with actions necessary to rniligate the risk. The princip31 risk relaies to the w5t of maintaining a hrstorK ¥tUE, and generating funds to ensure a consistent pro8ramme of attlvities, accessible to all. The trustees and Senior management tèam are fulty aware ol these risks and monitC+r them regularly. fielatéd partles The Montgomery Theat and Arts Centre Limited. City of Sheffield Theaire Trust. Sheffield Theatres Crucible Trust, Shellield Crucible Produaions Ltd and Offstsge Ltd are all svbsidiarie5 of sheffld Theaires Trust.
THE MONTGOMERY THEATRE AND ARTS CENTRE LIMITED OIRECTORS. REPORT FOR THE PERIOD ENDING 31 MARCH 2025 Icontinuedl Objectlves and adNitie5 The main objectives for the period are to esiablish maintain a creaiTrve and performinE ails centre foi the benefit of all. The strategies employed to achLwe the charity's objeclives are lo: offer opportunitles lora broad range of people io get involved in aris acEiVity exploring their own creative powers,. provide facilitie5 for amateur an(J professional artists io develop. Groups in the City are giverb discounted rates for hire of spate and access to professional advice- concentrate on invofving young people in the arts lo help encourage a culture in whrch different age ranges play a complimentary part," celebrate the dlverslty of cultures in our society by pro8rammin8 preseniations by. and with. artists oldiffÈrent Cultural backgrounds.. present a broad range of arts work. Strateglc Repwt The Trustees present their Strate8K Report lor the period ended 31 March 2025. hlevements and Performance The Montgomery theatre c105ed in July 2023 to undergo an ambitious rede4elopment project to enable fvll aeSS to the theatre for audience members and participants regardless of disability or mobility issues. Unforeseen construction related i55ve5 delayed the reopening of the theatre an(1 a15Q ifflpacted the capital budget. These issues 51emmed from unforeseen problems in converting part5 of the burlding. whose orrginal labtic date5 back over I years. and dealing with aspects of subsequent alterations and modification5 that are no longer fit for purpose Tn public bulldings. A prime example is the extensive use of asbèstC*S in constfuclion in the last centufy and the need to upgrade fire safety measurès such as fire resisiant door5 throughout the buildbn8. The Monl8ornery iheatre reopened io ihe public in October 2024. We are grateful for the support received from the funders of the Captt31 project.. Youth Investment Fund. Sheffield City Council. Fulure High Steets Fund, Clothworkers, Foundation, Garfield We51on Foundation, The Architectural Heritage Fund and Eversheds Sutherland. We are aly) grateful for the suppori ffom Yovth Investmeni Fund and Sheffield City Council ioward5 the unexpected addilional Costs. The period ha5 seen the charity join the Sheffield Theat5 group on 3. January 2025. and as such all functions of pro8rammin8 and contenl generation for the charity are run by Ihe ST team. The Sheffidd Theatres Arii5tic Dirertor IEliiabeth Newman) and CEO (Tom 8irdl met with representatives from 311 the communTrty theatre companies thal use the Montgomeiy on a regular basis and established that the Montgomery woukl coniinue to be a home for their work Into the future. Pro8Tamrning has a)lltinued to take place al(Jngyde ongoing re(levelopmenl work5 We are delighted that a number of participation sessK)n4 have returnèd to the buildin& svth as SBC'S Youth Theatre of Sancluary. Sheffield Theatres is overjoyed to have inauguraied a targeted Youth Theat of its own1STYn ihat is free to V5e and developed for participants who may have limited a(5 lo the ait5. Future Plans Sheffield Theatres has developed a vision for ihe Montyomery as a beacon ol creatfve participation for everyone from South Yorkshire, no matter their age or background. It will honour the legacy ol James Montgomery by insistinB that everyone has the right to enjoy the benefits of a creative life. We will continue to invest in programmes to populate the building wrlh 3 wrde range of artistic activities. as well as contlnuln8 tg invest in the fabric of the bvilding and oflering it as a home for cilywide events such as Do¢Fest, Crossed Wires and Migratiorh Matters. Flnanci31 revlew The financial perform6n¢È in 2024125 is a surplus of unrestricte(I lund50f £69,57012023.' surplus £12.6141.
THE MONTGOMERY THEATRE AND ARTS CENTRE LIMITED DIRECTORS, REPORT FOR THE PERIOD ENDING 31 MARCH 2025 (continued) Investment powers and pollcy Under the Mernorandum and Articles of Association, the charily has the power to invest in any way the trustees wish. Reserves policy The company 15 part of the Sheffield Theatres Trust group and its reserves are taken into attount as part of thè Broup'5 reserves policy. The Montgomèry theatre is a 420 seat5 theatre, Iwilt in 1886 and requiring a high level of upkeep. Certain reserves h3ve been desi8n3ted for future unforeseen major repairs as set out in not* 10. Directors The directors. who are also trustees of the charity. during the period and to the dale Of this report were as lollows.. Nominated by Sheffield Thèaires Trust since 3 January 2025 Mr Smart Banda Iresigned 12 September 20241 Ms Linda 81oomfidd (resigned 24 March 20241 Mr David Campbell (resigned 3 January 20251 Mr James Garnett13ppointed 3 January 20251 Mr John Hudson Mr Glyn Jones (rèsigned 3 January 20251 Dame Julie Ann Kenny DBE DL (appointed 3 January 2025,. deceased 21 February 20251 Mr Nerl MacDonald OBE lappoinled 3 January 20251 Ms Sarah Mashford Mr John Pickering (appointed 3 January 20251
THE MONTGOMERY THEATRE AND ARTS CENTRE LIMITEO DIRECTORS. REPORT FOR THE PERIOD ENDING 31 MARCH 2025 (continued) Constitution The company a company Iirnited by guarantee and nol hawng a share capital. Eath member gives a guarantee to contribute a Sum not exceedin8 £1 to the company should it be wound up. At 31 March 2025 there were S members. Statement of Trustees. Responsibilities The tru51ees (who are also directors of The Montgomery Thealre and Arts Centre Limited for the purposes ol company lawl are responsible for preparin8 the Trustees. Annual Report IincludinB the Strategrc Report) and the financial statements in accordarbce with applirable law and United King(Jom Accounting Standards (united Xingdom Generally Accepted Accounting Practice). Company law requires the trustees to prepare financial 513lemen15 for each financial year. Under company law the trustees must not approve the financial statements unless they are satisfied that they give a true and fair view ol ihe state of affairs of the eharilable company and of ihe incornin8 resource5 and application of resources. including the income and expenditure, of the charirable company for that period. In preparin8 these financial statements. the trust afe rÈquired to.. select suitable accouniing poli¢ies and then apply thern ¢onsisientty- observe the methods and principles in the Charitie5 SORP 2019 IFRS 1021- make judgements and estimates that are reasonable and prudenl.. state whether applicable UK Accounting Standards have been followed.. prepare the financial sratements on the going concern basis unlèss il is inappropriate to presurne that the charitable company will continue in operation. The trustees are responsible for keeping adequate accounting recd$ Ihat disdose with reasonable accurary at any time the financial position of the charitable company and enable them to ensure that the financial siatements comply with the Cc>mpanies Act 2006. Thèy are also responsible for safeguarding ihe èssets of the charilable company and hence for taking reasonable step5 for the prevention and detection of fraud and other irregvlarities. Statement of dlsdosure of Informatlon to audltors In so far as Ihe trustees are aware". Ihere is no relevont audit information of which the charitable company's auditors are vnaware- and the trustees have taken all steps that they ought io have iaken to make themselvès awarÈ of any relevant audit inform4tlgn and to establish that the auditor 15 aware olthat information In appro¥lng the Tn45tees' Annual Report. we also approve the Strateglc Report Induded thereln, In our capadty as company dlrettors. Si8ned tsn bèhalf of the board Mr Neil MacDonald OBE The Montgomery Theatre and Arts Centre IAmlted
THE MONTGOMERY THEATRE AND ARTS CENTRE LIMITED INDEPENOENT AUDITORS, REPORT TO THE TRUSTEES OF THE MONTGOMERY THEATRE AND ARTS CENTRE LIMITED Oplnion We have audited the financial statements of The Monigomery Thè3tre and Arts Centre Limiied Ithe 'charitable tompany'l for the period ended 31 March 2025 which comprise the statement of financial activitie5 lincorporèting ihe income and expenditure accounil, the balance sheet, Ihe statemeni of cash flows and notes to the financial statemenls, including a summary of significani accouniing polities. The financial reporting framework that has bèen applied in their preparation is applicable law and United Kingdom Accounting Standards. inclvding Financial ftepoiting Standard 102 The Firtancl Reporting Stondord applicuble In the UK ond Republic of Irelond (united Kivbgdom Generally Accepted Accounting Practice). In our opinion the financial siatements.. give a true and fair view of the state of the Charitab compan(s affairs as at 31 March 2025 and ol its intoming resources and application of resource5. including it5 itKome and expendsture. for ihe period then ended,. have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practitè- and have been prepared in accordance with the requirements of the Companies 20D6. Basis for opinion We conducted our audit in accordance with International Standard5 on AuditinÉ IUKI 11SAs IUKII and applicable law. Our re5pon5ibilities under those 5tandard$ are furiher described in the Auditorfs iespon5ibilities for the audit of the financial statements section of our report. We arè independent of the charitable tompany in accordance with the eihlcal requicements that are relevant to our audit of the financial staiemèn15 In the UK. includin8 the FRC'S Ethical Standard. and we have fulfilled our other ethical responsibilities in accordance with these reouirernents. We believe that the audit e¥idence we have obtained is sufficient arml appropriaie to provide a basls for our opinion. conclus1% relating to going concern In auditing the finarbcial statements. we have concluded thai the trusiees. use of the goin8 concern basis of accountin8 in the preparatim of the fInancal statements is appropriate. Based on the work we have performed. we have noi ideniified any material ullcertainties relatrn8 lo events or conditions that, Individually Of collectively. may cast %nificant doLtbt on ihe charitable company's abj.lity to continue as a going concèrn for per40d ol at least twelve months from when the financial siatements are autho¥i5ed for I55ue. Our responsib5lilies and the responsibilities of ihe tru51ees wih respect tQ8oin8 concern are described in the relevant seciions of ihis report. Other 5nformation The oiher information comprises the information indu(led in the trustee5' annual report, other than the financial statements and our auditor'5 repori ihèreon. The irustees are responsible lor the other snformation contained wiihln the annu31 report. Our opinion on the financial 5tatemenis does noi covei the other informaiion and. except to the extènt othenwi5e explicitly Slated in our report, we do nol express any form of assurance tondusion thereon. Our responsibility is to read the other information and. in doing so. considèr whether the othèr fOrMatIon is materially Inconsisient wih the financi31 statement5 or our knowledge obtained in the course of the audit or otherwise appear5 10 be marerialty rTbi55tated. If we identtfy such material inconsistencies or apparent rnaterial mi5Slatements. we are required to determine whether this gives rise to a material misstatemenl in ihe fin3n¢ial statements themselves. If. based on the work we have performed. we condude that there is a maierial misstatement of this other inlom13tion. we are required to report thai fact. We have nothing to report in this regard.
THE MONTGOMERY THEATRE AND ARTS CENTRE LIMITED INDEPENDENT AUDITORS, REPORT TO THE TRUSTEESOF THE MONTGOMERYTHEATRE AND ARTS CENTRE LIMITED (continued) Oplnions on other matters prexribed by the CompanSes Act 2006 In our opinion, based on Ihe work vndertaken in the course ol the audit.. the information given in the trustees. report lincorporating the straiegic report and the directors. ieportl for the finanoal period for which the financial stalements are prepared is ¢onslStent with the financial statements: and the strategic report and the directOf5' report have been prepared in accordance with applicable legal requirements. Maiters on which we are required to report by exceptlon In the light ol our knowledge and understanding of the charitable company and its environment obiaine(l in the course of the audit, we have not identified material mi5Statements in the strategic report and the dire¢rors' report. We have nothing to report in respect of the following malters in relation to which the Companies Act 2006 requires us to report io you il. lrt our opinion.. adequate accounting records have not been kepl. or returns adequate for our audit have not been receive¢J from branche5 not visited by us: or the financial statemertts are not in agreement with the accounting records and returns,. or certain disclosures of directors. remuneralion specified by law are noi made,. or we have nol received all the infwmaiiL)n anil explanations we require for our audit. Responslbilities of trustees As explained more lully in the trusteès. responsibilities statement set oui on page 5. Ihe trv5Eee5 Iwho are also the direciors of the charitable company for the purp05es of company lawl afe responsible for the weparation of the financial 5tatemenls and for being $3tisfied that they give a true and fair view. and fgT such internal control as the trusiees determine 15 necessary to enable the preparation of finanoal statements that are free from material misstatement. whether due to fraud or error. In preparing the financial 5taternents. the trustee5 are responsible for assessing the Charitable company's ability to continue as a 80ing eoncèrn, disdosin8, as applicable, matters related to going concern and usin8 the going concem basis of accounting vnless the Iru5tee5 either intend to liquidate the charitablè company or to ase opeiations. or have no realistic alternative Iwt to do so.
THE MONTGOMERY THEATRE AND ARTS CENTRE UMITEO INDEPENDENT AUDITORS. REPORT TO THE TRUSTEES OF ThE MONTGOMERY THEATRE AND ARTS CENTRE LIMITED (continued) Audlto¢s responslbillties for the audit of the financlal statemènts Our obje¢tives are io obiain reasonable assurance about whether thefinancial siatements as a whole are free from rnateri31 ffl15St3tement. whether due to fraud or error. and to issue an audilor's report t1 include5 our opinion. Reasonable èssurance is a hiBh level ol assurance. bvf is not a 8yarantee that an audit wnducted In accordance with ISAS IUKI will always detect a material misstatement when it exisls. Misstaiemenis can arise from fraud or error and are considered rnaterial if. individually or In thè aggregate. they could reasonably be expecte(I to influence ihe economic decisions of users taken on the basis of thest financial Statements. The exrent io which our procedures are capable ol delectinB Irregularities. Induding fraud is detailed below: The chaiirable company is subiert to13ws and regulations that dirtctly and indirectty affect the financial statements. 83sed on our undersiandin6 of the charity and the environmeni il operate5 wiihin. we determined that thè laws and fe8ulations which were most significant included FRS 102 and the Companies Att 2LI)6. We Consided the extent to which non.compliance wilh these laws and regulations mi8hi have a marerial effect on the financial statemènts, induding how fraud might occur. We evaluated managÈment'5 incentives and opportvnilies for frauduleni manipulation of the financtal ststements lincluding the risk of override ol controls). and dèterminèd ihat the principal risks were related io the posting of inappropriate journal entries to impiove the charitvs result for the period. and managernent bias in key accounting estimates. Audit procedures performed by the engagement tearn induded-. Discussions with managemeni and those responsilAe for legal Complian procedures within the charitable company lo obtain an understandin8 of the le831 and regulato¥y framewofk applicable io the charity and how the charity complies with that framework. induding consideration of known or Suspected instancès of non<0mplian with laws and fegulations and frauLI.- Reviewin8 minutes of Trustee meettngs- Identlfyin8 and assessing thè desiEn effettiveness ol controls that management has in place io prevent and detect fraud and non-compliance wilh law5 and regulations. Challen8lng assumptions and judgemenis made by management in their swdnifi¢ant accounting estimates. Identifytng and testing journal entries, in particular any journal entries posted with unusual ac¢ount combinations or posted by senkjr managèrnent. A lurther description of our responsibilities is available on the Financial Reporiin8 Covncil's web51te at www.frc.or8.uVauditors/audit-assUfan/aud1tOr-s-re5pQnsibIlitI&s-for-the-aud11-Q[-1he-fIldeS£rlptio-Of-lhe-audIt0rfs- responsibilities-for. This description form5 Part of our audilorfs report.
THE MONTGOMERY THEATRE AND ARTS CENTRE LIMITED INDEPENDENT AUDITORS, REPORT TO THE TRUSTEES OF THE MONTGOMER Y THEATRE AND ARTS CENTRE LIMITED Icontinuedl Use of oui report This report As made solely to ihe charitable company's members. as a body. in accordance with Chapter 3 of Part 16 ¢f the Compan$ Aci 2006. Oui 3udit work has been undertaken so ihat we mi8ht state to Ihe charitable company'5 members those matters we are required to state to them in an audttor's report and fw no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibiliiy to anyone other than the charitable company and the chariiable company's embws as a body. for our audit work, for thi5 report. or for ihe opinions we have formed. Simon Bladen. Senior Statutory Auditor For and on behalf of Hawsons Chartered A¢countartts. Statutory Auditors Pegasus House 463a Glossop Road Sheffield 510 2QD Date..
THE MONTGOMERY THEATRE AND ARTS CENTRE LIMITED ACCOUNTING POLiaES The following accounting rM)liciÈs have been used con51Stently in dealin8 with items which are considered material to Lho charitable ¢ompan¢s affairs. Statutory Informatlon The Montgomery Theatre and Arts Centre Limiied is a charity INO. 11484891 and a company limited by guarantee INO 079630261 domioled in England and Walès. The registered office is è155 Norfolk Street. Sheffield, Sl IDi Ac(ountlng Convention The charity constituies a public bÈnÈfit entity as defined by FRS 102. The financial statement5 have been prepared in aC¢Ofdance with Accountin8 and Reportin8 by Charities.. Statement of Recommend Practice applitable to charities preparing their accounts In accordance with the Finanual Reporting Standard applicable in the UK and Republic of Ireland issued in Octobèt 2019. the Financial Reporting Standard appli¢able in the United Kingdom and Republic of Ireland IFRS 102), the Companies Act 2006 and iJK Genérally Accepted Practice. The presentation curTency is Un4ted Kingdom povnds sterlin& whKh is the furi¢tiortal currency of the charity. Thè financial statements have been prepared on a going Concern basis vA)ith assumes that the company will continue in operational existence for the foieseeable future. Incomlne Resources from Generattd Funds Voluntary income primarily represents grants rec¥able. Revenue grants are recognised at fair value when the company has eniitlement after any performance conditions have been met. it 15 probable that the income will be received and :.he amount can be rneasured Teliably. Grants to finance capital expendilure are credited to restrrcted funds using the same cnieria as ievenue grants. IncomlnB resources from chariiable activits primarily reprèsent tickei sales and rdated fees for performances conducted in the perhjd. Any tickers sold in ad&fan are included cash and deferred income. Charltablè Actlvities Charitable actNities incltsde expendlture a5s0oaied with the staging of shows and Inde boih the direct costs and support costs relating to these aciivities. Other Costs Governancè costs include those incurred Fn the 8ovwnance ol thè charity and Its assets and are primarily associated with corbstitutional and statutory requirements. Tanglble Assets Tangible asseis lor use by the charity are capitalised if they can be used for more than one year and tost over £1.500. Théy arp valued ai cost. No depreciation Is provided in the year of acquisrtFon, or in ihe case ol capital works, until the year following tomplerion. The Capital project 15 accounted for at cost (basèd on the value ol the architect's certificates and other direct costs incurred in the yearl. The capit31 project has now been completed and transferred to land and buildin85 and equipment. Freehold pioperty- This in¢lude5 the histor cost of the buildin& and 5ubsequenl capital improvemenis. These are deprècialed in equal annual instalments over their estimated vselLtI lives which range from 20 to 40 years. Equipment - Thesè are depreciated in equal annual instalments over thr estimaled useful lives which ranÉe5 from 3 to 10 vear5. Leases Rentals payable under opefaiing lease5 are char8ed in the Statement of Financial Aciivities in the year in which they are incurred. 10
THE MONTGOMERY THEATRE AND ARTS CENTRE LIMITED ACCOUNTING POLICIES Icontinuedl Reserves Restrlcted Funds- Amounts received to finance capital expenditure or where a dO[r 5pecifie5 the precise purpose for which the amounts donated musi be used are credited to Resiricied Funds. Depreciation on ihe assets financed by the Re51ricted Funds is charged direcily to the Restricted Fund in the Slatement of Finanoal Activitie5. Designated Funds Arnounts that have been specified by Trustees lo be used for a particular purptsse are credited to Designated Funds. This includes 3 fund lor unforeseen major building repairs. Unrestrlcted Funds- These are reserves not desBnated or restricted for a speaal purpose. These are available at the discretion of the Trustees lor such purposes as the Theatre may require_ The Trustees. aim is to maintain sufficient unrestricted re5erve5 to safeguard the financial viability of ihe Company. Goins roncern After due consideration of all relevani factors the company's Iome and cash flow forecasts and projections indicate that the company should be able to continue to operate for the foreseeable future. The Trustees therefore have a reasonabfe eXpeCtatn that the company ha5 adequale resources to continue in operational existence for the foreseeable future. Accordingly. they continue io adopl the Boing concern basis in preparing the financial statements.
THE MONTGOMERY THEATRE AND ART5 CENTRE LIMITED STATEMENT OF FINANaAL AcfiviTIES (INCLUDING INCOME AND EXPENDITURE ACCOUNT) PERIOD ENDED 31 MARCH 2025 Period Ended 31 Marth 2025 Total Year Ended 31 December 2023 Total Unrestrlcted Restrirted Funds Notes Funds Incoming resources IncominB resources from generated funds= Donaiion5 and le8acies lexcludin8 the capital projectl DOn(ilnS and lÈgacies- capital project Other tradinB activities Inveslfnent income 279.651 279,651 13,160 1.297.032 1.297,032 757,228 44.917 2.374 44,917 2,374 62,089 1.581 2,000 Other source5 Incomine resour5 from charitable activilies 71.611 201.731 273.342 201.119 Total incomlng resour$ 398.553 1.498.763 1.897,316 1.037.177 Resources expended Raising funds Charitable aCtltIeS Other trading activities Other costs 2,450 244,146 13,506 3.960 312.220 367 150.291 462,511 367 8.190 320.777 8.190 Total resources expended 150,291 471.068 264.062 Nèt incomlng resources before transfers 77.776 1.348.472 1.426.248 773,IlS Transfers between funds I8.21) 8.206 Net movement In Fund5 69.570 1.356.678 1,426.248 773.115 Fund balances broughi forward ai i Januarv Fund balance5 carrled forward at 31 Marth 2025131 December 2023 350.429 769.435 1,119.864 346,749 419.999 126.113 2,S46,112 1,119.864 There are no recognised gains and1955es other than the results for the period set oui abe. There is no difference between the amounts stated above ar their historical cosi equivalenis. There were no discontinued operètions. 12
THE MONTGOMERY THEATRE AND ARTS CENTRE IIMITED COMPANY REGISTRATION NUMBER: 07963026 BALANCE SHEET AS AT 31 MARCH 2025 31 March 202S 31 December 2023 Notes FIXEDASSETS Tangible Assets 12 2,265,666 837,329 CURRENT ASSETS Debt5 13 170.753 40,033 353,502 564,288 18,067 37,659 385,388 441,114 Investments Cash at bank and in hand 14 CREDITORS Amounts falling due wthin one year 15 1283.8421 1158.5791 NET CURRENT ASSErs 280.446 282,535 NET ASSETS 2,546.112 1,119 RESERVES io Restrlcted funds Designated fund General Fund 2.126,113 250.¢ 169.999 769.435 350.429 1.119.864 2,546,112 These financial statements were approved and authofised for issue by the boaid of directors on signed on its behalf by.. -and Mr Neil MacDonald OBE- Dire¢tor
THE MONTGOMERY THEATRE AND ARTS CENTRE LIMITED STATEMENT OF CASH FLOWS PERIOD ENDED 31 MARCH 2025 Perlod Ended 31 March 2025 Year Ended 31 Detember 2023 Notes Cash flow from oper*ing activities 1.40S.800 861.451 Cash flow from Inve1£ adivitièl Capital expenditure Bank interest received {1,437.6861 2,374 11,435.3121 1672,6201 1.581 1671.0391 Net cash flow from Invest1 actmtles Net Idecreaselllncre35e in cash and Cash èquNalents 129.5121 190,412 Cash and cash equlvalents at l January 423,047 232.635 Cash and cash equtvalents at 31 March 2025131 tjecember 2023 393.535 423.047 Cash and cash equivalents consists of.. Cash at bank and In hantl 393.535 423,047 14
THE MONTGOMERY THEATRE AND ARTS CENTRE LIMITED NOTES ON ACCOUNTS PERIOD ENDED 31 MARCH 2025 la INCOME FROM DONATIONS AND LEGACIES IEXCLUDING THE CAPITAL PROJECTI Perlod Ended 31 March 2025 Year Ended 31 December 2023 Unrestricted Oonations & Gifts 513 1,169 9.792 2.199 Evershed5 Suthefland lin.kindl Grants 24.039 5,099 250,OOf) Sheffield Theatres Trust Total unrestrict 279,651 13,160 Ib INCOME FROM DONATIONS AND LEGACIES- CAPITAL PROJEcr Period Ended 31 March 2025 Year Ended 31 December 2023 Re5trirted Eversheds Sutherland lin-kindl Youth Investment Fund 17.690 1.090,994 15,848 I.000 72.500 33,381 134,920 479,152 Future High Streets Fund Shèllièld City Council Clothworkers, Foundation Garfield Weston Foundation 75,000 34,775 757,228 The Architectural Heritage Fund Total restricted 1,297.032 Ic INCOME FROM OTHER TRADING AcnvmE5 Perlod Ended 31 Marth 2025 Year Ended 31 Oecember 2023 Unrestricted Rent5 44.917 34,250 27,839 62,089 Theatie Bar 44,917 Id INCOME FROM OTHER SOURCES Perlod Ended 31 Marth Year Ended 31 December 202a Z025 Restricted Student Placemen15 15
THE MONTGOMERY THEATRE AND ART5 CENTRE LIMITED NOTES ON ACCOUNTS {continued) PERIOD ENDING 31 MARCH 2025 2 INCOME FROM CHARABLE AcnviTIES Period Ended 31 March 2025 Year Ended 31 Decèmber 2023 Unrestricted Tickpt and related sales 71.611 89.241 Restiirted Grant5 towards proje¢ts/activities Ticket and related sales 198.320 3,411 201.731 110,655 1,223 111,878 Total restrScted Ttstal 269,931 201,119 3 STAFF PARTICULAR5 Period Ended 31 March 2025 Year Ended 31 December 2023 stall costs linclud*n8 rechar8esl comprised= Wages and salarie5 Social security costs Pension costs 159,563 4.641 2.144 166.348 122,726 2.972 1.887 127,585 NO Staff received annual emoluments in exce55 of £60.(. The average number of employèÈ5 UP to 31 Dmber 2024 was 1212023= 121. A5 of 3 January 2025. the company joined the Shellield Theaires group. All staff have contrarts of emptyment with Shelfield Theatres Trust and are rechar8ed by that company io The Mont8omery Theatre and Arts Centre timited. For th period to 31 March 2025, total staff fecharges were £35.118. No remuneration or expenses were paid durin8 the period to the 10 dirertors of the company12023= 1 trustee received £44 for travel c951$1. One trustee. Lrnda Bloomfidd, Tesigned frtsm the board to cover thè rok of intetim Chief Executive. For this Ri¥elnCo Creative Limited received consultanty fees of £20.758 during thè period. The key management personnd of the charity up to 31 Oetember 2024 comprised the trustees. Managing Director. Venue Manager and General Manager. The total employee benefits gf key management peisonnel of the tharity were £72.76612023'. EIS8.2301. Rernuneration of key m3na8ement personnel from 3 January 2025 Is disclosed In Sheffield Theatres Trust. 16
THE MONTGOMERYTHEATRE AND ARTS CENTRE LIMITED NOTES ON ACCOUNTS Icontinuedl PERIOD ENDING 31 MARCH 2025 4 NET INCOMINGI{OUTGOINGI RESOURCES Per5od Ended 31 Marc 202S Year Ended 31 December 2023 lal Thi5 15 stated afier char8in811creditingl.. Audiiors remuneration as auditors 8.190 9,349 12.3741 3,960 6,503 11.5811 Depreciation Bank interes1 receivable S RECONCILIATION OF NET If4COME TO NET CASH FLOW FROM OPERATING AcfiviTIES Period Ended 31 March 2025 Year Ended 31 December 2023 Net income 1,426,248 12.3741 9.349 1152.6861 125.263 1.405.800 773.115 11,5811 6,503 4.066 79,348 861.451 Bank interest receivable Depreciation Ilncrea5elldecrease in debtors Increase in creditors Net cash Inflow from operating activrtres 6 RESOURCES EXPENDED ON RAISING FUNDS Perlod Ended 31 March 2025 Year Ended 31 December 2023 FundraisinB consultantv 2,450 17
THE MONTGOMERY THEATRE AND ARTS CEt4TRE LIMITED NOTES ON ACCOUNTS {continuedl PERIOD ENDING 31 MARCH 2025 7 COST OF CHARIYABLE AcnvmES Period Ended 31 March 2025 Year Ended 31 December 2023 Performance Costs Programmed evenls Indirecr production consumables Projects 198 1,260 38,195 39.455 290 21,052 21.540 E5tabllshmènt Costs Rent. raies and insurance 45.180 1.470 24.807 3.060 18,517 13,178 59.562 31,767 51.8S8 130.275 Repairs and renewals Selling Costs Publicity and advertising Box oflice computer systems Miscellaneous sellin8 Costs Ciedit card commission 984 1.052 4,107 6,54S 547 7,191 1S,267 2,524 7,683 The company initially identifies the CD5ts of its suppoft fun¢iions whith relatesolely to the overall objective of producln8 varieil range ol performancès. Governance costs are ideniified separately and are included in other cosis as detailed in note 9. 18
THE MONTGOMERY THEATRE AND ARTS CENTRE IIMITED NOTES ON ACCOUNTS Icontlnued) PERIOD ENDING 31 MARCH 2025 7 COST OF CHARITABLE ACTIVITIES l¢ontinuedl Period Ended 31 Marth 2025 Year Ended 31 December 2023 Support Costs Staffing Costs Staffin8 Costs capitalised a5 parl of capital project Training. recruitment and other costs Depreciation Telephonè. postage. statlonery and phoiocopying IT rnainlenance and periphera15 Travel and entertaining Professional charges Licente5 and subscription5 Miscellaneous 205,467 129,S26 17,8471 6,707 6.503 3.167 1,222 9.349 6.928 2.361 49,679 1.996 332 17,161 44 277.514 155.361 Tolal costs of Charitale activities 462.511 244,146 8 EXpENDVRE ON OTHER TRADIIIG AcfiviTIES Perlod Ended 31 Marth 2025 Year Ended 31 Decembèr 2023 Catering Bad debts 367 16.506 13.OCNJI 13,506 367 9 OTHER COSTS Period Ended 31 March Z025 Year Ended 31 Decembèr 2023 Auditors, remuneralion . governance costs 8,190 3,960 19
THE MONTGOMERY THEATRE AND ARTS CENTRE LIMITED NOTE5 ON ACCOUNTS {continued) PERIOD ENDED 31 MARCH 2025 10 RESERVES At l January 2023 Incoming Resources Outgoing Resources At31 December 2023 Translers RESTRICTED 5heflield Cily Misyon Fund Godly Play Fiiends of ihe MontBomerv HAF Capital Cost5 Monty Maker's Club Million Monty Makers Moniy on the Move Universal Youth Work Youth Theatre of Santtuary YIF Revenue Grant 873 18731 14001 12,1571 400 2.157 953 4.551 19531 14,5511 15.1001 123 26.795 14,683 121.6951 I14,8) 19,400 19.400 12.41(KJl 14.0901 {55.2601 2.157 166,6611 19.3501 759,385 769,435 Capital Redevelopment Fund Total Re5trlcted Fund5 757.228 871.106 8.934 143.9441 UNRESTRICTED General 337.815 337.815 166.071 166.071 1220.1181 1220.1181 66,661 66.661 350,429 350,429 Total Unrestrirted Funds Total Funds 346,749 1.037.177 1264A62) 1,119.864
THE MONTGOMERY THEATRE AND ARTS CENTRE LIMITED NOTES ON ACCOUNTS {¢ontinuedl PERIOD ENDED 31 MARCH 2025 10 RESERVES Icontinuedl At l January 2024 Incoming Resoyrce5 Outgolng Resources Tran5fer5 At 31 March 2025 RESTRICTED Universal Youth Work 19.4(Kl 19.3501 759.385 lio.(KK>l 179.3091 117.6901 127.C(191 116.2831 9,400 YIF Revenue Grant 136.774 1.297,032 148.1151 63.104 13.6(X)I 13.1831 Capital Redevelopment Fund ACE PG3 2,101.831 Award5 for All Cultural Pipeline Heritage Compass Poetry Comm155ion Total Restrs¢ted Funds 19.466 7.887 4,995 7.887 4,995 2,000 2,126,113 769N35 1.498.763 11503911 8.206 UNRÉsfRicfED Designated rnajor repair5 General 250.CrfXJ 1258.2061 18,2061 250,000 169,999 419.999 350.429 350A29 398.553 398553 1320,7771 1338,467) Total UnrestTi¢ted Funds Total Funds I,11964 IW7.316 1471.068) 2.546.112 The Universal Youth Work grant is fynding towards youth Servi The YIF revenue grant wa5 re(Ved alongside lunding towards ihe capi1 project, to cover loss of income and ongoing personnel costs. The capital redevelopment fund is the balance ol funds reCed to finance the re(levelopment work on The Montgomery Theatre now capitali5ed. The ACE PG3 revenue grant wa5 funding lowards variov5 project costs including family friendly productions. and work wilh voung people. The Awards (01 All fevenue Brant was fund5n8 lowards Various project costs induding family friendly productions. and work with young people The Cultufal Pipeline revenue grant B funding toward5 Iraining The Herita8e Compass revenue Brant is funding towards a fundraisinÈ event/&ala following the capital redevelopmenf prolecr The Poetry Commissiors revenue grant is funding towards a poetry mural project- The dèsignated fund for major repairs and renewals 15 a fund for unplanned mapr repairs. investment into new equipment or the refurbishment of the thealre. 21
THE MONTGOMERY THÉATRE AND ART5 CENTRE LIMITED NOTES ON ACCOUNTS (continued) PERIOD ENDED 31 MARCH 2025 11 ANALYSIS OF NET ASSET5 BETWEEN FUNDS Unfè5tricied Funds 31 Cjecernber 2023 Restrlcted Funds 31 Oecember 2023 Total 310ecember 2023 T3n8ible fixed assets Current assets 167,129 196.925 113,6251 350,429 670.2 244.189 1144.9541 769.435 837.329 441,114 1158.5791 1.119,864 Current liabilities Vnrestrtrted Funds 31 March 2025 Restricted Funds 31 March 2025 Total 31 March 2025 Tan8Sble fixed a55ets Current assets 163.835 540,OC 1283.8421 419.999 2,101,831 24,282 2.265.666 564,288 1283,8421 2,546.112 Current liabilitTres 2,126.113
THE MONTGOMERY THEATRE AND ARTS CENTRE LIMITED NOTES ON ACCOUNTS {continued) PERIOD ENDED 31 MARCH 2025 12 FIXED ASSETS TANGIBLE land and Buildin8$ Freehold Equipment Capital Prolect Total Cost At l January 2024 Additions 156.207 24.275 670.2LK) 1.431.631 850.682 1,437,686 6.055 Disposals Transfers 2,099.149 2,255.356 2,682 33.012 12.101.831) At 31 Marth 2025 2.288.368 reciation At I lanuacy 2024 Charge for the period Disposals At 31 March 2025 13,353 9.349 13,353 9.349 22.702 22,702 Net Book V3lue At 31 March 2025 2.255.356 10.310 2,265,666 At l January 2024 156.207 10,922 670,2 837.329 13 DEBTORS- DUE WITHIN ONE YEAR 31 March 2025 31 December 2023 Trade debtors 7.608 163.145 170,753 2,505 15,562 18,067 Prepayments and accrued income 14 CASH AT8ANK AND IN HAND 31 March 2025 31 December 2023 Cash al bank and in han 393,535 423,047 23
THE MONTGOMERY THEATRE AND ARTS CENTRE UMITED NOTES ON ACCOUNTS {continued) PERIOD ENDED 31 MARCH 2025 15 CREDITOR5- OUE WITHIN ONE YEAR 31 Marth 2025 310ecember 2021 Trade creditors Other credit5 Amounts owed tts fdlow subsidiaries Amounr owed to parent company Accruals and deferred income 74,578 142.440 2,844 215 10,402 198,647 283.842 13,295 158.579 16 TAXATION The company is a registered tharity and as such is not normally liable to Corporation ta 17 ULTIMATE CONTROLLING PARTY The ultimate controlling party 15 Sheffield Thèètres Trust. a registered ch3ritv. IB TRAN5ACTION5 WITH RELATED PARTIE5 In accordance with FRS 102 paraBraph 33.IA the company ha5 taken advantsge of the exemption from disclosing transactions with 115 parènt company and its fellow wholly owned sub5idi3ry rompanies. No remunpration or expenses were paid durin8 the penod to any trustees of the company12023. 1 trusiee receivèd £44 ftrr travel cost51- Rivelinco Creative Limited was paid £20.758 in the period. This was the recharge of Linda 81oomfield who Stepped in as interim Chief Executive when Sarah Sharp regned on 7 June 2024. A donation in kind totalling £41,72912023.' £43.1731 has been induded in relation to le8al advice provided by Eversheds. Sutherland Inteination31 LLP_ Sarah Mashlord. trustee, is a partner of t5 firm and part of the donation in kind is in relation lo her time. Siand and be Counted Theatre Ltd158CI. an organisaiK)n specialising in creative arts lor those seeking sanctuary. partnered wilh the Mgntgomery for various proiecis during Ihe period. Smari Banda. a trustee of the Monlgomery, was also the Digital Director for SBC. £22,55012023.' £11,414) was paid to $8C for th work. at markei value. Smari Banda did not benefit personally from these transactions. 24