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← The Albany Theatre Trust

2025-03-31-accounts

Registered Charity No. 1151595 Registered Company No. 07929154

THE ALBANY THEATRE TRUST (A COMPANY LIMITED BY GUARANTEE)

FINANCIAL STATEMENTS

for the year ended 31 March 2025

THE ALBANY THEATRE TRUST (A COMPANY LIMITED BY GUARANTEE)

INDEX TO THE FINANCIAL STATEMENTS for the year ended 31 March 2025

Page
Charity Reference and Administrative Details 1
Trustees’ Annual Report (Including Director’s Report and Strategic Report) 2
Independent Examiner’s report 7
Statement of Financial Activities (Including Income and Expenditure Account) 8
Balance Sheet 9
Statement of Cash Flows 11
Notes to the Financial Statements 12

THE ALBANY THEATRE TRUST (A COMPANY LIMITED BY GUARANTEE)

REFERENCE AND ADMINISTRATIVE DETAILS

Registered Company number: 07929154 (England and Wales)
Charity number: 1151595
Directors / Trustees D.N. Meredith (Chairman)
A. Hardy
L.P. Moore
A.C. Benfield
A.J. Roberts
S. C Jordan
Z. Sultana (resigned 9 May 2024)
T. Owatemi (resigned 27 September 2024)
C. Amoakoh (resigned 17 October 2024)
C.D. Thomas
S.J.A Donaldson (appointed 20 October 2025)
Chief Executive Officer: K. Shaw (resigned April 2025)
A. Pollock (appointed acting CEO on 01 May
2025)
Registered office The Albany Theatre
Albany Road
Coventry
CV5 6JQ
Accountant Prime Accountants
5 Argosy Court, Scimitar Way
Whitley Business Park
Coventry
CV3 4GA
Solicitor Wright Hassall LLP
Olympus Avenue
Leamington Spa
Warwickshire
CV34 6BF
Bankers The Co-operative Bank Front
P.O. Box 101
Balloon Street
Manchester
M60 4EP
Independent Examiner Dafferns Audit Limited
One Eastwood
Binley Business Park
Harry Weston Road
Coventry
CV3 2UB

Page 1

THE ALBANY THEATRE TRUST (A COMPANY LIMITED BY GUARANTEE) REPORT OF THE DIRECTORS AND TRUSTEES’ ANNUAL REPORT for the year ended 31 March 2025

The Trustees, who are directors under company law, present their report with the financial statements of the company for the year ended 31 March 2025. The directors have adopted the provisions of the Statement of Recommended Practice (SORP) “Accounting and Reporting by Charities (FRS102) in preparing the annual report and consolidated financial statements of the charity.

LATE FILING IN 2024-25

The 2024 - 2025 Annual Report was filed late to both Companies House and the Charities Commission for the reasons explained in that report.

In brief, towards the end of 2023, just after (the principal funder) Coventry City Council had released the final grant instalment, satisfied that the development project undertaken over the previous two years was fully funded, the lead building contractor lodged a claim for an additional £360k in relation to additional project costs.

Independent legal advice concluded there was no substantiation or justification for the vast majority of the claim but ultimately, whilst the claim was not pursued, the threat caused the Trust significant harm. The cost of preparing for a potential claim in the financial years 23-24 and 24-25 exceeded £50,000 and its impact was paralysing: for almost two years, the Trust could not seek additional funding, or even accept it when offered, because of the threat of insolvency. The route out of this difficult situation is mapped out below.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing document

The organisation is a company limited by guarantee incorporated on 30 January 2012 and governed by its Memorandum and Articles of Association, Code of Governance and Code of Conduct. The company became a registered Charity on 11 April 2013 and adopted new Articles in June 2016.

The Directors of the company are also the Charity Trustees for the purpose of Charity Law. Under the requirements of the Memorandum and Articles of Association one-third of the Directors must retire and offer themselves for re-election at the Annual General Meeting.

The Charity is administered by the Directors, who meet regularly to review the management of the Trust.

The last AGM (covering the period 2022-23) was held on May 9th, 2024. Because of the situation described above, it was not possible to hold an AGM in 2025, however one is planned for early 2026 to deal with the accounts, cover the developments of the last two years, and discuss future plans (again, as described below).

Recruitment and appointment of directors

Taiwo Owatemi MP and Christabel Amoakoh retired from the Board in October 2024 after almost four and three years’ service respectively; their contributions to the development of the Trust are gratefully acknowledged. There have been no other Board changes during the period.

The Trustees have continually reviewed the major risks to which the Charity is exposed, in particular the risk of insolvency during the period, and have reviewed and improved established systems and procedures to manage those risks. As a Charity, the Trust is best placed to achieve its ambitions and aims through effective governance, having the right leadership structures. The Trust maintains its belief that good governance enables and supports compliance with relevant legislation and regulation, and it promotes attitudes and a culture where everything works towards fulfilling the Charity’s vision.

Page 2

THE ALBANY THEATRE TRUST (A COMPANY LIMITED BY GUARANTEE) REPORT OF THE DIRECTORS AND TRUSTEES’ ANNUAL REPORT for the year ended 31 March 2025

Trustees have been recruited through direct approach and recommendation, and this has worked well for The Albany. Strong commitment has brought stability and continuity, which is invaluable and essential whilst The Albany continues on the road to long-term sustainability. On appointment, Trustees follow a structured induction programme. The intensity of the governance requirement during this period of challenge, rapid change and development means that each Trustee is closely involved in decision-making, and each develops the required key skills of governance more quickly than in other contexts. The commitment and dedication of our volunteer Trustees is outstanding, in particular the contributions made by our designated Lead Trustees. Long-serving Trustees Clive Benfield and Laurence Moore were recognised for their volunteering work amongst just 50 selected across the region in celebration of the 50 year anniversary of the creation of the West Midlands County and the West Midlands Lieutenancy.

The Board met fourteen times during the period.

All Trustees give their time voluntarily and receive no benefits from the Charity.

OBJECTIVES AND ACTIVITIES

The Albany Theatre Trust’s Charitable Purposes under the Charities Act 2011 are to promote, maintain, improve and advance education by the encouragement of the arts including, without limitation, the arts of drama, mime, dance, singing and music.

The Trust’s Vision, Mission, Aims, Objectives and Values continue to underpin our approach and decision-making.

Our Vision - to promote well-being through Arts for Life

The Arts are good for you. Engagement in arts activity (as participant or spectator) is proven to be beneficial for personal health and wellbeing, social cohesion and community development.

Our Mission - Engage Inspire Create

We focus on high quality arts activities that touch the lives of as many people as possible, of all ages and backgrounds.

Our Five Aims - in making a difference, we aim:

Our Ten Objectives :

Page 3

THE ALBANY THEATRE TRUST (A COMPANY LIMITED BY GUARANTEE) REPORT OF THE DIRECTORS AND TRUSTEES’ ANNUAL REPORT for the year ended 31 March 2025

OBJECTIVES AND ACTIVITIES (continued…)

Our Five Values - these have been developed by our staff and volunteers to reflect what is important to us and the culture we want to nurture. They are Excellence – Engagement - Creativity - Learning – Integrity:

The Albany's Vision, Mission, Aims, Objectives and Values are designed to further the Trust’s charitable purposes. Our continuous review of our Strategic Plan helps us maintain a strong focus on agreed priorities, informed by rigorous financial planning.

ACHIEVEMENTS, PERFORMANCE AND FINANCIAL REVIEW

Achievements and Performance

Our programme of events continues to develop: our Christmas show, a version of Alice in Wonderland, was inventive and well-performed. Sales were lower than hoped; it is important to identify and promote the Christmas title much sooner in the year and will announce our 2026 show before the end of the run of “Beauty and the Beast”.

We hosted the BBC who used The Albany as the setting for an episode of the popular TV series, “Father Brown” and also hosted the premiere of a new play, “The Bear that went to war” by celebrated local writer, Alan Pollock, which featured on BBC Midlands Today. An astonishing coincidence occurred when it became known that (our producer) Julia McCaughley’s new husband’s grandfather was one of the group of Polish soldiers that adopted the bear during the second world war.

Coventry Music Service has moved many sessions to The Albany, but there is more to be done to exploit the new spaces now at our disposal.

The Albany Youth Theatre continues to grow, and our Creative Engagement offer is becoming established and reaching more groups across the city.

The highlight of the year was the Gala celebration of the completed new spaces in October 2024, opened formally by the Lord Mayor, Councillor Mal Mutton, whose husband, the late Councillor John Mutton, was instrumental in securing the funding for the development works and without whose support The Albany would not have survived.

In June, we welcomed the Board of the Theatre’s Trust who held an “out of town” board meeting in our new studio and enjoyed warm hospitality and an exciting tour of our new facilities.

GOING CONCERN

With the resolution of the contractor dispute and the financial and other support now in place, as detailed below, the Trustees are confident that, based on assumptions at the time of signing this report, the Charity has sufficient funds to be a going concern for at least 12 months from the approval of these accounts and beyond.

Accordingly, the financial statements have been prepared on a going concern basis.

Page 4

THE ALBANY THEATRE TRUST (A COMPANY LIMITED BY GUARANTEE) REPORT OF THE DIRECTORS AND TRUSTEES’ ANNUAL REPORT for the year ended 31 March 2025

FINANCIAL REVIEW

As well as the additional costs incurred fighting the unsubstantiated claim against the Trust, which made it impossible to raise external funds, we also incurred the expense of replacing the roof of the fly tower in January 2025.

The resulting financial position is set out below.

RESERVES POLICY

The Trustees have adopted the following reserves policy. They will aim to ensure that, at all times, the level of reserves is appropriate to the level of the Charity’s activities.

The Trustees will review annually the nature of the income and expenditure streams, the need to match variable income with fixed commitments, and the nature of the reserves in order to decide on the level of reserves required for the Charity to be managed efficiently and to enable future services to remain uninterrupted.

Further reserves can be achieved through fundraising, one off grants and donations.

Use of reserves

Reserves are used to:

Level/form of reserves

Trustees decide the level of reserves required. The current aim of the Trust is to hold reserves approximating to 6 months operating expenses, the primary objective is to rebuild reserves to this figure, which will be kept under review.

Free reserves, in the form of net current liabilities at the year end, amounted to £(49,568) (2024: £64,219).

Decisions on the use of reserves will be made by the Board.

FUNDRAISING REGULATOR STATEMENT OF COMPLIANCE

The Albany Theatre does not contract with a third party to undertake any fundraising on its behalf. Hence, we have received no fundraising complaints during the year.

DEVELOPMENTS SINCE APRIL 2025

Kevin Shaw, CEO and Artistic Director since 2020, left the business in July 2025. Trustees thank Kevin to his contribution and wish him every success in the new ventures he is planning. Alan Pollock, mentioned above, has taken on the role of Theatre Director.

For the Albany Theatre to achieve what it has and to reach its current position over the last 15 years is a remarkable achievement, and the new spaces have been created to enable it to generate the revenue it needs to build on its solid foundation. However, as with many arts organisations following COVID, the landscape has changed and everywhere is finding it is harder to attract audiences and engage participation. Coventry City Council, although very supportive of the Albany, is not in a position to provide the level of revenue funding support the Trust needs to achieve all of its ambitions. However, the Trust has negotiated support over the next three years to help repair the finances, and critically, the Trust has been exploring opportunities to work in partnership with other organisations in the city, developing a “One Coventry” approach, in particular working with Warwick Arts Centre and CV Life.

Page 5

THE ALBANY THEATRE TRUST (A COMPANY LIMITED BY GUARANTEE) REPORT OF THE DIRECTORS AND TRUSTEES’ ANNUAL REPORT for the year ended 31 March 2025

We are working with the latter to review all our systems and processes, scrutinise revenue sources and expenses, and identify synergies and ways in which we might establish mutually supportive practices. All the signs are that this is a sensible and productive way forward and that it will help secure the long term future of the Albany.

ON BEHALF OF THE BOARD:

| DavidSignedE98F86552EEEE606 by: Vocredith D.N. Meredith – DIRECTOR

Dated: 18/12/2025

Page 6

THE ALBANY THEATRE TRUST (A COMPANY LIMITED BY GUARANTEE)

INDEPENDENT EXAMINER’S REPORT TO THE MEMBERS AND TRUSTEES OF THE ALBANY THEATRE TRUST (A COMPANY LIMITED BY GUARANTEE)

Independent Examiner's Report to the Trustees of Albany Theatre Trust

I report to the charity trustees on my examination of the accounts of the charitable company for the year ended 31 March 2025 which are set out on pages 8 to 22.

Responsibilities and basis of report

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

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

Independent examiner's statement

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

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

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

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

  3. the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a ‘true and fair view’ which is not a matter considered as part of an independent examination.

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

Signed:

(¢ SignedA67537456B25CD93 by: Geoffrey Cox BA FCA For and on behalf of Dafferns Audit Limited Chartered Accountants Statutory Auditor One Eastwood Harry Weston Road Binley Business Park Coventry 18/12/2025 CV3 2UB Date: ………………………

Page 7

THE ALBANY THEATRE TRUST (A COMPANY LIMITED BY GUARANTEE)

STATEMENT OF FINANCIAL ACTIVITIES (INCLUDING INCOME AND EXPENDITURE ACCOUNT) for the year ended 31 March 2025

INCOME FROM:
Donations and legacies:
Grants
Donations
Charitable Activities:
Operation of theatre
Other trading activities
Other income
Investment income:
Interest
Total Income
EXPENDITURE ON:
Charitable activities:
Operation of theatre
Grants Paid
Other:
Governance Costs
Total Expenditure
Net income / Net
movement in funds
Reconciliation of funds:
Total funds brought
forward
Total funds carried
forward		 Notes
2
3
4
5
6
18		 Unrestricted
Fund
£
50,000
8,968
715,056
3,388
1,830
779,242
862,266
-
47,366
909,632
(130,390)
523,928
393,538		 Restricted
Fund
£
70,000
-
-
-
-
70,000
-
80,300
-
80,300
(10,300)
3,018,470
3,008,170		 2025
Total
£
120,000
8,968
715,056
3,388
1,830
849,242
862,266
80,300
47,366
989,932
(140,690)
3,542,398
3,401,708		 2024
Total
£
2,223,456
6,980
523,386
5,456
2,892
2,762,170
789,799
2,756
11,104
803,659
1,958,511
1,583,887
3,542,398

All income and expenditure derive from continuing activities The statement of financial activities includes all gains and losses recognised during the period.

The notes on pages 12 to 21 form part of these financial statements

Page 8

THE ALBANY THEATRE TRUST (A COMPANY LIMITED BY GUARANTEE)

Registered No. 07929154

BALANCE SHEET at 31 March 2025

FIXED ASSETS
Tangible Assets
Investment
CURRENT ASSETS
Stock
Debtors
Cash at bank and in hand
LIABILITIES
Creditors falling due within one year
NET CURRENT ASSETS
TOTAL ASSETS LESS CURRENT
LIABILITIES
CREDITORS
Amounts falling due after more than
one year
NET ASSETS
FUNDS OF THE CHARITY
Unrestricted income fund
Restricted funds
TOTAL CHARITY FUNDS		 Notes
9
10
11
12
13
13
18		 2025
£
£
3,749,383
100
3,749,483
5,565
46,310
142,217
194,092
(343,696)
(149,604)
3,599,879
(198,171)
3,401,708
393,538
3,008,170
3,401,708		 2024
£
£
3,524,688
100
3,524,788
6,518
168,938
369,852
545,308
(304,753)		 2024
£
£
3,524,688
100
3,524,788
6,518
168,938
369,852
545,308
(304,753)
3,524,788
194,092
(343,696)		 545,308
(304,753)
393,538
3,008,170		 523,928
3,018,470		 240,555
3,765,343
(222,945)
3,542,398
3,542,398

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies’ regime.

For the year ending 31 March 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the charitable company to obtain an audit of its financial statements for the year ended 31 March 2025 in accordance with Section 476 of the Companies Act 2006.

The trustees acknowledge their responsibilities for

Page 9

THE ALBANY THEATRE TRUST (A COMPANY LIMITED BY GUARANTEE)

Registered No. 07929154

BALANCE SHEET at 31 March 2025

The financial statements were approved and authorised for issue by the Board of Trustees on 18/12/2025

ON BEHALF OF THE BOARD:

D.N. Meredith - DIRECTOR

The notes on pages 12 to 21 form part of these financial statements

Page 10

THE ALBANY THEATRE TRUST (A COMPANY LIMITED BY GUARANTEE)

STATEMENT OF CASH FLOWS for the year ended 31 March 2025

Net cash flow from operating activities
Cash flow from investing activities
Payments to acquire tangible fixed assets
Net cash flow from investing activities
Cash flow from financing activities
New loan obtained
Net cash flow from financing activities
Net increase/(decrease) in cash and cash equivalents
Cash and cash equivalents at 31 March 2024
Cash and cash equivalents at 31 March 2025
Cash and cash equivalents consists of:
Cash at bank and in hand
Cash and cash equivalents at 31 March 2025		 Notes
19

Page 11

THE ALBANY THEATRE TRUST (A COMPANY LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 March 2025

1. ACCOUNTING POLICIES

The following accounting policies have been used consistently in dealing with items which are considered material in relation to the Charity's accounts.

.

General information and basis of preparation

The Albany Theatre Trust is an incorporated charity in England. In the event of the charity being wound up, the liability in respect of the guarantee is limited to £10 per member of the charity. The address of the registered office is given in the charity information on page 1 of these financial statements. The nature of the charity’s operations and principal activities are to promote, maintain, improve and advance education by the encouragement of the arts including, without limitation, the arts of drama, mime, dance, singing and music.

The charity constitutes a public benefit entity as defined by FRS 102. The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) published in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Charities Act 2011, the Companies Act 2006 and UK Generally Accepted Practice.

The financial statements are prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value. The financial statements are presented in pound sterling which is the functional currency of the charity and are rounded to the nearest £1.

The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

Income recognition

All incoming resources are included in the Statement of Financial Activities (SoFA) when the charity is legally entitled to the income after any performance conditions have been met, the amount can be measured reliably and it is probable that the income will be received.

For donations to be recognised the charity will have been notified of the amounts and the settlement date in writing. If there are conditions attached to the donation and this requires a level of performance before entitlement can be obtained then income is deferred until those conditions are fully met or the fulfilment of those conditions is within the control of the charity and it is probable that they will be fulfilled.

No amount is included in the financial statements for volunteer time in line with the SORP (FRS 102). Further detail is given in the Trustees’ Annual Report.

Income from trading activities includes income earned from fundraising events and trading activities to raise funds for the charity. Income is received in exchange for supplying goods and services in order to raise funds and is recognised when entitlement has occurred. Where income is received in advance of a performance or other specified service it is deferred until the charity is entitled to that income.

Page 12

THE ALBANY THEATRE TRUST (A COMPANY LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 March 2025

1. ACCOUNTING POLICIES ( CONTINUED )

Expenditure recognition

All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Expenditure is recognised where there is a legal or constructive obligation to make payments to third parties, it is probable that the settlement will be required and the amount of the obligation can be measured reliably. It is categorised under the following headings:

Irrecoverable VAT is charged as an expense against the activity for which expenditure arose.

Tangible fixed assets

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.

Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost, less estimated residual value, of each asset on a systematic basis over its expected useful life as follows:

Leasehold Improvements over the term of the lease Equipment 3 years Fixtures & fittings 5 to 10 years

Stocks

Bar and food stocks are included at the lower of cost and net realisable value

Financial instruments

Basic financial instruments in debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in expenditure.

Funds

Unrestricted funds are available for use at the discretion of the trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes.

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the charity for particular purposes. The cost of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.

Tax

The charity is an exempt charity within the meaning of schedule 3 of the Charities Act 2011 and is considered to pass the tests set out in Paragraph 1 Schedule 6 Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes.

Going concern

The financial statements have been prepared on a going concern basis as the trustees believe that no material uncertainties exist. The trustees have considered the level of funds held and the expected level of income and expenditure for 12 months from authorising these financial statements. The budgeted income and expenditure is sufficient with the level of reserves for the charity to be able to continue as a going concern.

Page 13

THE ALBANY THEATRE TRUST (A COMPANY LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 March 2025

1. ACCOUNTING POLICIES ( CONTINUED

Investments

Investments in subsidiary undertakings are recognised at cost.

2. GRANTS RECEIVED

Coventry City Council
Arts Council Grant Income
Social Investment Business
The 29th of May 1961 Charity
Heart of England		 2025
£
20,000
50,000
-
50,000
-
120,000		 2024
£
2,035,956
-
37,500
50,000
100,000
2,223,456

£70,000 of grants received in the year ended 31 March 2025 are attributed to restricted funds.

3. THEATRE INCOME

Theatre hire
Bar income
Tuck shop sales
Box office ticket charge
Box office charges
Ticket levy		 2025
£
351,116
177,469
11,748
23,215
67,817
83,691
715,056		 2024
£
202,343
121,083
19,151
20,119
58,302
51,164
472,162

2025 theatre income is all attributed to unrestricted funds.

4. OTHER INCOME

Other income
Outreach income
Sponsorship income
Maintenance Income		 2025
£
855
-
1,325
1,208
3,388		 2024
£
1,440
2,906
1,110
-
5,456

2025 theatre income is all attributed to unrestricted funds.

Page 14

THE ALBANY THEATRE TRUST (A COMPANY LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 March 2025

5. OPERATION OF THEATRE

Bar purchases
Tuck shop purchases
Direct show costs
Operating expenses:
Establishment
Consultancy and staff costs
Marketing and website
Communication and IT
Technical
Electrical repairs and maintenance
Building work and security
PPL Licence
Professional fees
Sundries
Depreciation
Bad debt
Bank charges
Box office costs
Project manager fees
Outreach costs		 2025
£
55,496
17,769
6,549
238,269
364,346
47,169
13,530
236
11,682
30,155
-
11,298
557
24,932
-
12,248
28,020
-
10
862,266		 2024
£
47,672
16,397
5,798
229,939
341,069
50,150
13,329
990
12,913
3,662
755
10,563
2,227
21,848
998
3,306
25,342
2,600
241
789,799

2025 expenditure is all attributed to unrestricted funds.

6. GOVERNANCE COSTS

Accountancy and examination fees
Professional fees		 2025
£
7,945
39,421
47,366		 2024
£
7,200
3,904
11,104

2025 governance costs is all attributed to unrestricted funds.

The independent examiner’s remuneration amounts to an independent examiner’s fee of £4,830 (2024: Audit fee £4,600) and fees for other services of £3,115 (2024: £2,600).

7. DIRECTORS / TRUSTEES REMUNERATION

During the year no director/trustee received remuneration (2024: £nil)

No payment of expenses has been made to Trustees in the current or preceding year.

Page 15

THE ALBANY THEATRE TRUST (A COMPANY LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 March 2025

8. STAFF COSTS

Wages and Salaries
National Insurance Contributions
Pension Contributions
Average number of staff
Full Time Equivalent		 2025
£
326,639
25,396
5,489
357,524
19
12		 2024
£
308,121
18,501
5,787
332,409
17
12

No employee received remuneration of £60,000 or more.

The charity considers its key management personnel to be the Chief Executive Officer, Technical Manager and the Marketing Manager. The total amount of employee benefits (including employers NI) received by key management personnel is £101,300 (2024: £102,564). A great amount of time, the value of which it is impossible to reflect in these financial statements, is donated by many volunteers from around Coventry.

9. FIXED ASSETS

Cost
Brought forward
Additions
Disposals
Carried forward
Depreciation
Brought forward
Charge for the year
Disposals
Carried forward
Net Book Value
31 March 2025
31 March 2024		 Leasehold
Property
Improvements
£
3,618,014
249,627
-
3,867,641
118,462
19,606
-
138,068
3,729,573
3,499,552		 Fixtures & Fittings
£
130,343
-
-
130,343
105,207
5,326
-
110,533
19,810
25,136		 Total
£
3,748,357
249,627
3,997,984
223,669
24,932
-
248,601
3,749,383
3,524,688

Page 16

THE ALBANY THEATRE TRUST (A COMPANY LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 March 2025

10. INVESTMENT IN SUBSIDIARY

The Albany Theatre Trust owns 100% of the ordinary share capital of Albany Productions Limited (Registered No. 12288801) a company incorporated on 29 October 2019. The value of the investment is £100.

Results of active company

Year ended 31 March 2025
Turnover
£
Albany Productions Limited
137,310
═════
Summary of balance sheet
Debtors &
Year ended 31 March 2025
Cash
£
Albany Productions Limited
1,197
═════		 Gross
Profit
£
8,921
═════
Due to
Charity
£
(2,848)
═════		 Admin
Exps
£
8,517
═════
Other
Creditors
£
(2,098)
═════		 Operating
Profit
£
404
═════
Net
Liabilities
£
(3,749)
═════

11. STOCK

Bar and food stock 2025
£
5,565
5,565		 2024
£
6,518
6,518

12. DEBTORS

Trade debtors
Prepayments and accrued income
Amounts due from subsidiary undertakings
Other debtors		 2025
£
5,527
37,935
2,848
-
46,310		 2024
£
31,471
136,682
785
-
168,938

Page 17

THE ALBANY THEATRE TRUST (A COMPANY LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 March 2025

13. CREDITORS: Falling Due Within One Year

Trade creditors
Other creditors
Social Investment Business loan
Accruals and deferred income
Other taxation and social security
Analysis of movements in deferred income
At 01 April 2024
Income released in the year
Income deferred in the year
Deferred income represents show income received in advance
from the year end.
Amounts Falling Due After More Than One Year
Other creditors
Social Investment Business loan
An analysis of the maturity of loans is given below:
Amounts falling due between one and two years:
Social Investment Business loan
Amounts falling due between two and five years:
Social Investment Business loan
Amounts falling due in more than five years:
Social Investment Business loan

Page 18

THE ALBANY THEATRE TRUST (A COMPANY LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 March 2025

13. CREDITORS (CONTINUED)

The Social Investment Business Loan is repayable over a period of 6 years, from 10 January 2023. This loan is unsecured and the interest rate is set at a fixed rate of 7.5% for the duration of the loan. The aggregate secured liabilities at 31 March 2025, were £110,861 (2024: £112,500).

14. CAPITAL COMMITMENT

At the year ended 31 March 2025 the charity had capital commitments amounting to £19,263 (2024: £172,225) in respect of improvements to leasehold property.

15. ULTIMATE CONTROLLING PARTY

The charity is under the control of its Board of directors/trustees.

16. RELATED PARTY TRANSACTIONS

There were no related party transactions for the year ended 31 March 2025.

17. ANALYSIS OF NET ASSETS BETWEEN FUNDS

Unrestricted
Income Fund
Restricted
Funds		 Fixed Assets
£
550,190
3,199,293
3,749,483		 Net
Current
Assets
£
(49,568)
(100,036)
(149,604)		 Long-term
Liabilities
£
(107,084)
(91,087)
(198,171)		 Total
£
393,538
3,008,170
3,401,708

Unrestricted funds are available for use at the discretion of the trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes.

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the charity for particular purposes. The cost of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.

Page 19

THE ALBANY THEATRE TRUST (A COMPANY LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 March 2025

18. FUND RECONCILIATION – RESTRICTED FUNDS

Extracare workshop
Spon Spun Festival Fund
Whistle in the Dark Fund
Playing with the Bard Fund
Go and see grant
Coventry City Council
capital grant
Social Investment
Business
Heart of England
Community Foundation
Arts Council England
Grant		 Balance at
1 April
2024
£
4
214
465
139
100
2,882,804
37,500
97,244
3,018,470		 Income
£
£
-
-
-
-
-
20,000
-
-
50,000
70,000		 Expenditure
£
-
-
-
-
-
-
-
(79,333)
(967)
(80,300)		 Balance at
31 March
2025
£
4
214
465
139
100
2,902,804
37,500
17,911
49,033
3,008,170

Extracare workshop is a grant received to fund workshops for older people.

The Spon Spun Festival Fund relates to a grant received from Arts Council England and others towards the costs of the festival held in May 2016.

The Whistle in the Dark fund is a rarely performed classic play particularly relevant to the Irish Community in Coventry and was a reading timed around the anniversary of the uprising in Ireland.

Playing with the Bard was the Albany commemoration of Shakespeare’s 400[th] anniversary of his birth for local schools. About 300 young people attended and approximately 100 young people on the stage.

Go and see grant received to fund an information visit to London art spaces.

Coventry City Council grant received to fund capital improvements to the theatre.

The Trust was awarded a grant of £2.908m in April 2021 to develop new facilities that will generate sufficient additional revenue to achieve financial sustainability. In between the award of the grant, the procurement of the necessary contractors and the start of work (which was further delayed by over 6 months as the project waited for Western Power to relocate the existing power supplies) the project cost increased to almost £3.8m. A rigorous process of value engineering, through which a number of items were moved “below the line” for completion when future funds might allow, reduced the budget shortfall, which has been covered by fundraising and long-term loans.

Social Investment Business grant received to fund capital improvements to the theatre.

Heart of England Community Foundation grant received to fund capital improvements to the theatre, in particular to enhance accessibility and provide the necessary facilities to provide catering and café services on site.

Page 20

THE ALBANY THEATRE TRUST (A COMPANY LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 March 2025

18. FUND RECONCILIATION – RESTRICTED FUNDS (CONTINUED)

The Arts Council England grant was received towards the costs of the project Engage, Inspire Create 3.

19. RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITES

Cash flow from operating activities
Net income/(expenditure) for period
Depreciation of tangible fixed assets
Decrease/(increase) in stocks
Decrease/(increase) in debtors
(Decrease)/increase in creditors
Net cash flow from operating activities
Analysis of changes in net debt
2024
£
Cash and cash equivalents
369,852		 2025
£
(140,690)
24,932
953
122,628
15,808
23,631
Cashflow
£
(227,635)		 2024
£
1,958,511
21,847
(1,473)
(130,059)
(105,598)
1,743,228
2025
£
142,217

20. OPERATING LEASES

Total future minimum lease payments under non-cancellable operating leases are as follows:

No later than one year
Later than one and not later than five years
Later than five years

Operating lease expenditure recognised in the year £95,000 (2024: £93,716).

21. PENSIONS AND OTHER POST-RETIREMENT BENEFITS

Defined contribution pension plans

The charity operates a defined contribution pension plan for its employees through the Government’s NEST scheme. The amount recognised as an expense in the period was £5,489 (2024: £5,787).

The defined contribution liability is allocated to unrestricted funds.

Page 21