**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:
- the Artistic Director [currently a joint appointment]
- the Customer Services Director
- the Estates Director
- the Finance Director
- the Marketing Director
- the Safeguarding Director
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:
- Executive Directors’ Committee
- Planning and Operations
- Safeguarding
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:
- Joint Artistic Directors: E Bright and MAP Tolchard, appointed 12 November 2023 [joint interim cover prior to that
- date]
- Customer Services Director: M Rumsey, appointed 3 March 2024 [previously vacant]
- Estates Director: P Kettle, appointed 3 May 2020
- Finance Director: RP Grain FCA, appointed 3 May 2020
- Marketing Director: W Kay, appointed 12 November 2023 [previously vacant]
- Safeguarding Director: vacant, interim cover by D Hibberd from 2 April 2022
## 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
- To enhance the experience of our members.
- To give visitors a theatrical experience to remember through their whole theatre journey, from ticket purchase and what our theatre has to offer, to how they experience shows.
- To captivate and capture the imagination of the audience with quality live shows that are diverse and highly engaging.
## Values
- Professional
- Enthralling
- Warm and welcoming
- Captivating
- Involving
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
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles in the Charity SORP;
- make judgements and estimates that are reasonable and prudent;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business.
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:
- accounting records were not kept in accordance with section 386 of the 2006 Act; or
- the accounts do not accord with those records; or
• 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
- the accounts have not been prepared in accordance with the Charities SORP (FRS 102).
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
- (a) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and
- (b) preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company.
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