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← Rugby Theatre

2024-01-31-accounts

REGISTERED COMPANY NUMBER: 08363016 (England and Wales) REGISTERED CHARITY NUMBER: 1154359

Report of the Trustees and Unaudited Financial Statements for the Year Ended 31 January 2024 for Rugby Theatre

Cottons Accountants LLP Chestnut Field House Chestnut Field Rugby Warwickshire CV21 2PD

Rugby Theatre

Contents of the Financial Statements For The Year Ended 31 January 2024

Page
Report of the Trustees 1 to 5
Independent Examiner's Report 6
Statement of Financial Activities 7
Balance Sheet 8 to 9
Notes to the Financial Statements 10 to 13

Rugby Theatre

Report of the Trustees For The Year Ended 31 January 2024

The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 January 2024. The trustees have adopted the provisions of 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 (FRS102 1A) (effective 1 January 2019).

REFERENCE AND ADMINISTRATIVE DETAILS Registered Company number 08363016 (England and Wales)

Registered Charity number 1154359

Registered office

Henry Street Rugby Warwickshire CV21 2QA

Trustees

E L Bright M J P Craddock R P Grain FCA D Hibberd [Chair] W Kay Appointed 12 November 2023 P Kettle P A Leonard M Rumsey Appointed 9 July 2023 D F Ratcliffe M A P Tolchard

Company Secretary R P Grain

Independent examiner

Mark Palmer FCA Cottons Accountants LLP Chestnut Field House Chestnut Field Rugby Warwickshire CV21 2PD

Solicitors

Brethertons Montague House 2 Clifton Road Rugby CV21 3PX

Bankers

Lloyds Bank plc 14 Church Street Rugby CV21 3PL

1

Rugby Theatre

Report of the Trustees For The Year Ended 31 January 2024

STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document

The Organisation is a Charitable Company limited by guarantee, incorporated 16 January 2013 and registered as a charity on 28 October 2013. The Company was established under a Memorandum of Association which established the objects and powers of the Charitable Company and is governed by its Articles of Association.

Organisational structure

The ultimate governing body of the Theatre is the Board of Trustees.

The Board comprises up to four trustees elected by the membership, up to six executive trustees which are appointees to Theatre Director posts and up to a further six trustees will be co-opted to complement the skillset of the Board of Trustees. The six executive trustees, which are all volunteer roles, are:

New trustees undergo an induction process where they are given a briefing on their legal obligations under charity and company law, the content of the Memorandum and Articles of Association, the committee and decision-making process, the business plan and recent financial performance of the charity. New trustees are given opportunities to meet other trustees prior to their attendance at the first applicable board meeting and also meet with key members of the Director team.

There are three sub-committees of the Board, being:

The Executive Directors’ Committee has been established to oversee the detailed management of the theatre, freeing up the Trustee Board to focus on the strategy of the charity. The previous Finance and Estates Committee has been subsumed into this committee.

Planning and Operations sub-committee has responsibility for the theatre programme and includes representation from the theatre’s group leaders. This is a large committee essential to ensure that members have a voice in what is primarily a membership organisation.

Safeguarding continues to manage the theatre’s responsibilities to the young and vulnerable members of the theatre.

EL Bright, D Hibberd, M Rumsey and MAP Tolchard were initially elected as trustees by the membership but have subsequently been appointed to Executive Director roles.

The Executive Director appointees are:

The co-opted trustees are M J P Craddock, P A Leonard and D F Radcliffe.

Risk management

The trustees have a duty to identify and review the risks to which the charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error.

A risk register is maintained and reviewed regularly to ensure that systems are in place to mitigate exposure.

2

Rugby Theatre

Report of the Trustees For The Year Ended 31 January 2024

OBJECTIVES AND ACTIVITIES

Objectives and aims

The objects of the Theatre (as declared in the Theatre's Memorandum and Articles of Association) are to study Operatic, Dramatic and other works and to give performances of such works for educational purposes and for the promotion of dramatic art.

Mission

To be the best we can be.

Vision

Values

The charity gives careful consideration to the Charity Commission's general guidance on public benefit when setting objectives and planning activities.

Achievement and Performance

The Theatre's activities focus on the provision of a regular theatre experience for the people of Rugby and its surrounding areas.

In recent years prior to the Covid-19 pandemic, the Theatre has presented a core programme of ten shows each year - a total of 80 performances attracting an audience of over 12,000 people. This programme is supported by music hall, studio productions, poetry readings and film screenings.

The Theatre re-opened on 5 March 2022 but has, like many voluntary organisations, suffered from reduced volunteer members in the post-pandemic period. The programme continues therefore to be limited to six or seven shows each year. The Theatre was delighted to be able to secure rights to School of Rock for performance in June 2023. This presented a number of challenges but proved to be a highly successful production for all concerned.

In 2023, the summer Youth Project was able to be staged for the first time since 2019. The production of Grease attracted a healthy number of students.

The reduced programme delivered 62 performances attracting over 13,500 people.

Membership of the Theatre provides opportunities to participate in all aspects of theatre; acting, backstage support, front of house and maintenance to name a few. The Theatre continues to train and develop members in a variety of skills and has been particularly successful in training new show directors.

3

Rugby Theatre

Report of the Trustees For The Year Ended 31 January 2024

FINANCIAL REVIEW

This has been another challenging year, principally due to limited volunteer resources which remain around one third lower than pre-pandemic levels of support, like many organisations which rely on volunteers.

That said, the theatre’s member volunteers rose to the challenges of delivering an ambitious programme which comprised two plays and three musicals and a pantomime. School of Rock and Cinderella each ran for 14 performances, an enormous commitment from a volunteer run organisation. In addition, the choice of Grease for the summer Youth Project proved very popular with the students and delivered full houses for every performance.

Film revenue continued to fall short of target due to the continued impact of the pandemic on the film production industry and the strike by film industry creatives.

The investment in the enhanced bar facilities has continued to deliver improved revenue and contribution.

Overall, the theatre has experienced a very successful year, in terms of audiences and financial out-turn.

Reserves policy

The trustees consider that the charity should maintain sufficient reserves to ensure that the charity is able to maintain the level of services to the members and the public for the foreseeable future.

Unrestricted Funds:

Rugby Theatre operates a rolling 12-month programme of activities. To support this Rugby Theatre maintains unrestricted funds at least equal to the annual running costs of the theatre which are currently c£95,000. These unrestricted funds are therefore held to mitigate any unforeseen events that could prevent the Theatre from staging shows and therefore not generate income. At 31 January 2024, unrestricted funds are c£177,000.

Designated Funds:

The Infrastructure Project Fund holds designated funds from legacies received from past active members. The legacies were received without restriction but the trustees designated the funds in accordance with the donors’ wishes to support major infrastructure projects in the theatre.

The Cyclical Maintenance Fund holds designated funds set aside to fund major cyclical repairs. The fund was established in 2019 and is funded at £20,000 per annum. The purpose of the fund is to support the higher maintenance costs associated with operating from older buildings. At 31 January 2024, the Cyclical Maintenance Funds stands at £100,906.

Investment policy

The trustees have a cautious approach to investment. Monies are held on deposit with UK banks together with a modest investment in an income bond.

4

Rugby Theatre

Report of the Trustees For The Year Ended 31 January 2024

STATEMENT OF TRUSTEES RESPONSIBILITIES

The trustees (who are also the directors of Rugby Theatre for the purposes of company law) are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing those financial statements, the trustees are required to

The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Approved by order of the board of trustees on 8 May 2024 and signed on its behalf by:

D Hibberd - Trustee

5

Independent Examiner's Report to the Trustees of Rugby Theatre

Independent Examiner's Report to the trustees of Rugby Theatre

I report to the charity trustees on my examination of the accounts of Rugby Theatre for the year ended 31 January 2024 which comprise the Statement of Financial Activities, the Summary Income and Expenditure Account, the Balance Sheet and the related notes.

Responsibilities and basis of report

As the trustees of the charity (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 charity 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 charity'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 I have completed my examination.

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

• the accounts do not comply with the accounting requirements under section 396 of the 2006 Act 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; or

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.

Mark Palmer FCA Cottons Accountants LLP Chestnut Field House Chestnut Field Rugby Warwickshire CV21 2PD

13 May 2024

6

Rugby Theatre

Statement of Financial Activities For The Year Ended 31 January 2024

Year ended Year ended
31/1/24 31/1/23
Designated Total funds Total funds
General fund funds
Notes £ £ £ £
INCOMING RESOURCES
Incoming resources from generated funds
Voluntary income 4,977 - 4,977 93
Investment income 2 652 - 652 104
Incoming resources from charitable activities
Operation of theatre 308,956 - 308,956 193,122
Other incoming resources - - - -
Total incoming resources 314,585 - 314,585 193,319
RESOURCES EXPENDED
Charitable activities
Operation of theatre 266,676 - 266,676 176,370
Governance costs 1,371 - 1,371 2,074
Total resources expended 268,047 - 268,047 178,444
NET (OUTGOING) / INCOMING 46,538 - 46,538 14,875
RESOURCES
Transfers to/(from) Designated Funds (20,000) 20,000 - -
NET MOVEMENT IN FUNDS 26,538 20,000 46,538 14,875
RECONCILIATION OF FUNDS
Total funds brought forward 1,081,641 222,545 1,304,186 1,289,311
TOTAL FUNDS CARRIED FORWARD 1,108,179 242,545 1,350,724 1,304,186

7

Rugby Theatre

Balance Sheet

At 31 January 2024

General fund
Notes
£
FIXED ASSETS
Tangible assets
5
914,895
CURRENT ASSETS
Stocks
4,544
Debtors
6
6,342
Investments
7
10,000
Cash at bank
198,318
219,204
CREDITORS
Amounts falling due within one year
8
(25,920)
NET CURRENT ASSETS
193,284
TOTAL ASSETS LESS CURRENT
LIABILITIES
1,108,179
CREDITORS
Amounts falling due after more than one year
9
-
NET ASSETS
1,108,179
FUNDS
12
Unrestricted funds
TOTAL FUNDS		 Designated
fund
£
-
-
-
-
242,545
242,545
-
242,545
242,545
-
242,545		 31/1/24
Total funds
£
914,895
4,544
6,342
10,000
440,863
461,749
(25,920)
425,829
1,350,724
-
1,350,724
1,350,724
1,350,724		 31/1/23
Total funds
£
958,216
3,686
11,762
10,000
355,411
380,859
(32,336)
348,523
1,306.739
(2,553)
1,304,186
1,304,186
1,304,186

8

Rugby Theatre

Balance Sheet - continued At 31 January 2024

The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2024.

The members have not required the charitable company to obtain an audit of its financial statements for the year ended 31 January 2024 in accordance with Section 476 of the Companies Act 2006.

The trustees acknowledge their responsibilities for

These financial statements have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small charitable companies.

The financial statements were approved by the Board of Trustees on 8 May 2024 and were signed on its behalf by:

D Hibberd - Trustee

R P Grain - Trustee

9

Rugby Theatre

Notes to the Financial Statements For The Year Ended 31 January 2024

1. ACCOUNTING POLICIES

Accounting convention

The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) '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) (effective 1 January 2015)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Incoming resources

All incoming resources are included on the Statement of Financial Activities when the charity is legally entitled to the income and the amount can be quantified with reasonable accuracy.

Income generated from show performances including refreshments income is accounted for on the accruals basis.

Grants and donations are accounted for in the period to which they relate.

Resources expended

Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Land and buildings - 2% and 5% on cost
Fixtures and Fittings etc - 20% on reducing balance and 10% on cost

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation

The charity is exempt from corporation tax on its charitable activities.

Fund accounting

Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.

Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.

VAT

The theatre is registered for VAT and is subject to the partial exemption rules. It is therefore able to recover a proportion of the input tax incurred. The irrecoverable VAT is included in the accounts as an expense.

2. INVESTMENT INCOME

Year ended Year ended
31/1/24 31/1/23
£ £
Investment income 323 104
Miscellaneous income 329 -
652 14

10

Rugby Theatre

Notes to the Financial Statements - continued For The Year Ended 31 January 2024

3. NET INCOMING/(OUTGOING) RESOURCES

Net resources are stated after charging/(crediting):

Year ended Year ended
31/1/24 31/1/23
£ £
Depreciation - owned assets 46,245 50,166
Independent examination 1,371 1,735
Other services - -

4. TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits or the year ended 31 January 2024 nor for the year ended 31 January 2023

Trustees' expenses

There were no trustees' expenses paid for the year ended 31 January 2024 nor for the year ended 31 January 2023.

5. TANGIBLE FIXED ASSETS

Freehold
property
Fixtures and
fittings
£
£
COST
At 1 February 2023
991,529
472,771
Additions
-
2,924
Disposals
-
-
At 31 January 2024
991,529
475,695
DEPRECIATION
At 1 February 2023
146,467
359,617
Charge for year
26,926
19,319
Disposals
-
-
At 31 January 2024
173,393
378,936
NET BOOK VALUE
At 31 January 2024
818,136
96,759
At 31 January 2023
845,062
113,154
DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31/1/24
£
Other debtors
6,342		 Totals
£
1,464,300
2,924
-
1,467,224		 Totals
£
1,464,300
2,924
-
1,467,224
506,084
46,245
-
552,329
914,895
958,216
31/1/23
£
11,762

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

11

Rugby Theatre

Notes to the Financial Statements - continued For The Year Ended 31 January 2024

7. CURRENT ASSET INVESTMENTS

Unlisted investments
8.
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Bank loans and overdrafts
Trade creditors
Taxation and social security
Other creditors
9.
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
Bank loans
Other creditors
10.
SECURED DEBTS
The following secured debts are included within creditors:
Bank loans		 31/1/24
£
10,000
31/1/24
£
1,814
12,744
1,729
9,633
25,920
31/1/24
£
-
-
-
31/1/24
£
1,814		 31/1/23
£
10,000
31/1/23
£
9,850
10,358
-
12,128
32,336
31/1/23
£
2,553
-
2,553
31/1/23
£
12,403

The bank loan is repayable over 10 years commencing in March 2014. Interest is charged at 3.79% above the base rate. The loan is secured by a legal mortgage on the property at 2 Henry Street, Rugby.

12

Rugby Theatre

Notes to the Financial Statements - continued For The Year Ended 31 January 2024

11. ANALYSIS OF NET ASSETS BETWEEN FUNDS

General fund
£
Fixed assets
914,895
Current assets
219,204
Current liabilities
(25,920)
Long term liabilities
-
1,108,179		 31/1/24
31/1/23
Designated
funds
Total funds
Total funds
£
£
£
-
914,895
958,216
242,545
461,749
380,859
-
(25,950)
(32,336)
-
-
(2,553)
242,545
1,350,724
1,304,186

12. MOVEMENT IN FUNDS

Unrestricted funds
General fund
Designated funds
Infrastructure Projects Fund
Cyclical Maintenance Fund
Total Designated funds
TOTAL FUNDS		 At 1/2/23
Net movement
in funds
£
£
1,081,641
26,538
141,639
-
80,906
20,000
222,545
20,000
1,304,186
46,538		 At 31/1/23
£
1,108,179
141,639
100,906
242,545		 At 31/1/23
£
1,108,179
141,639
100,906
242,545
242,545
1,350,724

Net movement on funds, included in the above are as follows:

Unrestricted funds
General fund
Designated funds		 Incoming
resources
Resources
expended
Transfers
Movement in
funds
£
£
£
£
314,585
(268,047)
(20,000)
26,538
-
-
20,000
20,000)
314,3585
(268,047)
-
46,538		 Incoming
resources
Resources
expended
Transfers
Movement in
funds
£
£
£
£
314,585
(268,047)
(20,000)
26,538
-
-
20,000
20,000)
314,3585
(268,047)
-
46,538
46,538

Designated Funds

The Infrastructure Projects fund was established in 2014 with the legacy received from Michael Dawes Hill who was, for many years, the theatre's Chief Electrician and Head of Lighting Group. Subsequently, designations have been made in respect of the legacy from Richard [Dick] Walsingham who, for many years, contributed hugely to lighting, sound and special effects and from Paul Gibbs, a life-long member of the theatre, who was active in many aspects of theatre life.

The Cyclical Maintenance fund was established in 2019 to provide for major cyclical repairs. Currently, £20,000 per annum will be transferred to the fund.

13. ULTIMATE CONTROLLING PARTY

The company is controlled by the Board of Trustees.

14. COMPANY LIMITED BY GUARANTEE

The company is limited by guarantee and therefore has no share capital. The liability of each member in the event of wind up is limited to £10.

13