2024-03-31-accounts - Romsey Amateur Operatic And Dramatic Society (Raods)

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REGISTERED CHARITABLE INCORPORATED ORGANISATION NUMBER: CE003816 (England and Wales) REGISTERED CHARITY NUMBER: 1161097

Romsey Amateur Operatic and Dramatic Society (RAODS)

Report of the Trustees and Unaudited Financial Statements for the Year Ended 31 March 2024

Romsey Amateur Operatic and Dramatic Society (RAODS)

Contents of the Financial Statements for the Year Ended 31 March 2024

	Page
Reference and Administrative Details	1
Report of the Trustees	2 to 3
Independent Examiner's Report	4
Statement of Financial Activities	5
Balance Sheet	6
Notes to the Financial Statements	7 to 12
Detailed Statement of Financial Activities	13

Romsey Amateur Operatic and Dramatic Society (RAODS)

REFERENCE AND ADMINISTRATIVE DETAILS

Registered CIO number

CE003816 (England and Wales)

Registered Charity number 1161097

Registered office

The Plaza Theatre Winchester Road Romsey SO51 8JA

Independent Examiner

Duncan Rogers MAAT Accounting Hut 4 Latimer Street Romsey Hampshire SO51 8DG

Banks

TSB Bank 6 Market Place Romsey SO51 8YS

Co-operative Bank PLC Business Direct P O Box 250, Skelmersdale, WN8, 6WT

Page 1

Romsey Amateur Operatic and Dramatic Society (RAODS)

REPORT OF THE TRUSTEES for the Year Ended 31 March 2024

The trustees, present their report with the financial statements of the charity for the Year to 31[st] March 2024. The accounts have been prepared in accordance with accounting policies set out in the notes to the accounts and comply with the requirements of the Charities Act 2011 and 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 (FRS 102) (effective 1 January 2019).

ACHIEVEMENTS AND PERFORMANCE

The investment in increased marketing that has taken place over the last 24 months – coupled with a popular programme of RAODS shows and non-RAODS shows – has seen a period of very high tickets sales in this financial year, including several sellout performances. Consequently the higher spend on marketing will continue, with particular focus on distributing a large number of our multi-month programme leaflets to selected post code areas via Royal Mail, at the time that the leaflet includes our annual pantomime.

We faced an unplanned cost of just over £50,000 in this financial year, as rust on supporting bars beneath the surface of the theatre’s fascia was causing rendering to split off and fall. The timing was problematic given the stage house rebuild planned for less than a year later. But a combination of an additional £25,000 grant – and our very high ticket sales – have ensured that we can still go ahead with the stage house rebuild.

Welcome news received during the course of this year was confirmation that we will be welcomed back to perform at the Minack Theatre in Cornwall. The timing of that performance – September 2025 – will provide welcome additional income, as we anticipate paying off the £200,000 loan required for the stage house rebuild in approximately five years. And finally, other news in the year was that the professional career of one of our past members – Joe Slight – continues to flourish, with his taking one of the lead roles in the touring professional production of Blood Brothers .

OBJECTIVES

As set out in the Constitution of the CIO:

The object of RAODS is to educate the public in the dramatic and operatic arts, to further the development of public appreciation and taste in the said arts and to assist and further such charitable institutions and charitable purposes as the Committee shall from time to time determine.

(To this end, it was agreed that each year’s pantomime will support one or more local charities, starting in January 2025).

PUBLIC BENEFIT

The Trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake.

STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document

RAOD’s governing document comprises the Constitution and Directives of the Society, which has been established as a Charitable Incorporated Organisation (CIO).

Trustees

Trustees are elected annually at the AGM. There are between 9 and 14 trustees at any one time. After serving for 5 years in one or more roles an individual must stand down but is eligible for re-election after 1 year.

Trustees who served during the year are:

NAME	ROLE	DATE APPOINTED
Neil Alan Gwynne	Chair	22/9/2021
Russell Mark Theron	Vice Chair	22/9/2021
Martin Vines	Treasurer	20/9/2023
Jane Russell	Secretary	22/9/2021
Paul Sheppard Green	Artistic director	22/9/2021
Bryan Bolton	Business manager	22/9/2021

continued...

Page 3

Sandra Kerrell	FoH manager	20/9/2023
Carlton Douglas	Technical manager	28/9/2022
Barry Young	Estates manager	28/9/2022
Caroline Egg	Trustee	22/9/2021
Kerry Lilly	Trustee	20/9/2023
Lynette Butcher	Trustee	22/9/2021
Alan Rimmer	Trustee	21/9/2018	Resigned 20/9/2023
Clair Backhurst	Trustee	20/9/2019	Resigned 20/9/2023
Chris Moses	Trustee	26/9/2018	Resigned 20/9/2023

Key management remuneration

No members of the key management personnel were paid remuneration during the year.

FINANCIAL REVIEW

This financial year has seen RAODS gross income break the £300,000 barrier for the first ever time, and by some considerable distance. What is more, one of our members has recently retired as Head of Finance for a worldrenowned professional theatre company, and has therefore identified substantial savings that we can make on our future operational surpluses via claiming Theatre Tax Relief. So despite the fact that we will have a £200,000 loan to repay (following the stage house rebuild) the future looks very secure. Our gross, unrestricted, income in the reported financial year was £345,638 as compared with £244,396 during the 11 months to 31 March 2023.

Reserves

The trustees consider unrestricted funds should be sufficient to cover at least 3 months expenditure (excluding show expenses). Unrestricted general fund reserves on 31st March 2024 were £363,755 which is comfortably above the minimum level set, which allows the charity to invest in the ongoing refurbishment of the building.

Future Plans

The Stage House build work is scheduled for the summer of 2024. The costs are targeted for no more than £775,000 – assuming no additional extra work arises when the work begins. A grant of £300,000 has been agreed with Test Valley Borough Council from the Community Infrastructure Levy (CIL) to assist with the costs, as has a further grant of £25,000 from the Community Asset Fund (in recognition of the unplanned costs faced in this financial year re the repair and painting work on the theatre fascia). It is anticipated that a loan of £200,000 will be needed to cover costs that cannot be covered by reserves.

Approved by order of the board of trustees on ............................................. and signed on its behalf by:

........................................................................ Neil Gwynne - Chair

continued...

Page 3

Independent examiner's report to the trustees of Romsey Amateur Operatic and Dramatic Society Charitable Incorporated Organisation (RAODS) ('the CIO')

I report to the charity trustees on my examination of the accounts of the CIO for the year ended 31 March 2024.

Responsibilities and basis of report

As the charity's trustees of the CIO you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011

I report in respect of my examination of the CIO'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

The CIO’s gross income exceeded £250,000 and I am qualified to undertake the examination by being a qualified member of the Association of Accounting Technicians.

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

the accounting records were not kept in accordance with section 130 of the Charities Act; or
the accounts do not accord with those records; or
the accounts did 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.

Duncan Rogers MAAT Accounting Hut Romsey Hampshire SO51 8DG

Date: .............................................

Page 4

Romsey Amateur Operatic and Dramatic Society (RAODS)

Statement of Financial Activities for the Year Ended 31 March 2024

Notes INCOME AND ENDOWMENTS FROM Donations and legacies 2 Charitable activities Internal shows and Programme sales External services - Outside bookings External services - Facility, equipment & costume hire Bar and Kiosk Membership Fees Other trading activities –Car parking Income Other income Total EXPENDITURE ON Charitable activities 6 Fundraising costs Other expenditure NET INCOME3 Transfer of funds NET INCOME RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD	Unrestricted funds £ 4,057 121,625 132,193 1,875 64,158 5,665 12,000 4,065 345,638 293,837 54 650 294,541 51,097 - 51,097 1,126,724 1,177,821	Restricted fund £ 28,248 - - - - - - - 28,248 - - 28,248 28,248 - - - - -	Year to 31 Mar 2024 Total funds £ 32,305 121,625 132,193 1,875 64,158 5,665 12,000 4,065 373,886 293,837 54 28,898 322,789 51,097 - 51,097 1,126,724 1,177,821	11 months 31 Mar 2023 Total funds £ 6,343 103,259 78,560 1,832 41,620 4,386 10,862 2,534
				249,396 170,953 - -
				170,953
				78,443 -
				78,443 1,048,281
				1,126,724

The notes on pages 7 to 12 form part of these financial statements

Page 5

Romsey Amateur Operatic and Dramatic Society (RAODS)

Balance Sheet 31 March 2024

Notes FIXED ASSETS Tangible assets 8 CURRENT ASSETS Stocks 9 Prepayments and accrued income Cash at bank and in hand CREDITORS Amounts falling due within one year 10 NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES NET ASSETS FUNDS 11 Unrestricted Funds General Fund Capital Reserve Fund TOTAL FUNDS	Unrestricted funds £ 814,066 1,075 21,767 356,130 378,972 (15,217) 363,755 1,177,821 1,177,821	Restricted fund £ - - - - - - - - -	31.3.24 Total funds £ 814,066 1,075 21,767 356,130 378,972 (15,217) 363,755 1,177,821 1,177,821 363,755 814,066 1,177,821	31.3.23 Total funds £ 823,929 1,651 9,668 302,751 314,070 (11,275) 302,795 1,126,724 1,126,724 302,795 823,929 1,126,724

The financial statements were approved by the Board of Trustees and authorised for issue on ............................................. and were signed on its behalf by:

The notes on pages 7 to 12 form part of these financial statements

............................................. Neil Gwynne - Chair

Page 6

Romsey Amateur Operatic and Dramatic Society (RAODS)

Notes to the Financial Statements for the Year Ended 31 March 2024

1. ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements of the CIO, 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 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011 The financial statements have been prepared under the historical cost convention and on a going concern basis. There are no material uncertainties about the CIO’s ability to continue.

Income

All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received, and the amount can be measured reliably.

Expenditure

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. 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 and depreciation

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

Fixed assets are stated at cost or valuation less depreciation. depreciation is provided at rates calculated to write off the cost or valuation less estimated residual value of each asset over its expected useful life as follows:

Plaza building and improvements 1% straight line Stage and lighting 15% straight line Plant and equipment 25% straight line

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.

Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.

continued...

Page 7

Romsey Amateur Operatic and Dramatic Society (RAODS)

Notes to the Financial Statements - continued for the Year Ended 31 March 2024

DONATIONS AND LEGACIES Gifts and donations Legacies Grants	£ Unrestricted 4,057 - - 4,057	£ Restricted - - 28,248 28,248	Year to 11 months 31 Mar to 31 Mar 2024 2023 £ £ 4,057 1,343 - - 28,248 5,000 32,305 6,343	Year to 11 months 31 Mar to 31 Mar 2024 2023 £ £ 4,057 1,343 - - 28,248 5,000 32,305 6,343
				6,343

2. DONATIONS AND LEGACIES

A grant of £28,248 was received from the Test Valley Borough Council for first instalment on building works.

3. NET INCOME/(EXPENDITURE)

Net income/(expenditure) is stated after charging/(crediting):

	2024	2023
	£	£
Depreciation - owned assets	9,863	9,168
Savings Interest	(3,375)	(1,280)

4. TRUSTEES' REMUNERATION AND BENEFITS

No member of the management committee nor any person connected with them, has received or is due to receive any remuneration from the charity's funds.

Trustees' expenses

During the year Trustees did not receive any expenses for acting as a Trustee, only reimbursement of costs incurred on behalf of the charity.

5. RELATED PARTY DISCLOSURES

During the year purchases of £1,175 (2023:£10,729) were made from BHM Electrical Services Ltd, in which Mr B Young, a trustee, has a business interest, for work undertaken in the normal course of business . There were no outstanding invoices at the year end.

Purchases of £400 (2023:£864) were made from Chris Moses Productions, in which Mr C Moses, a trustee until September 2023, has a business interest, for work undertaken whilst he was a trustee, in the normal course of business. There were no outstanding invoices at the year end.

continued...

Page 8

Romsey Amateur Operatic and Dramatic Society (RAODS)

Notes to the Financial Statements - continued for the Year Ended 31 March 2024

6. CHARITABLE ACTIVITIES

Direct costs are allocated to the relevant Charitable activity. Support costs are allocated across Charitable activities in proportion to the income received.

Income Expenditure External share of ticket sales costs directly allocated support costs: Insurance L&H phone administration & publicity general expenses backstage, maintenance & workshop cleaning bank charges credit card charges licences & subscriptions bookkeeping & accountancy Legal and professional depreciation Surplus for the period from charitable activities	internal shows & programmes outside bookings costume & equipment hire bar & kiosk membership Year to 31 Mar 2024 total 11 months to 31 Mar 2023 total 121,625 132,193 1,875 64,158 5,665 325,516 229,657 - 85,252 - - - 85,252 54,977 25,028 - - 31,394 - 56,422 33,076 3,598 1,388 55 1,898 168 7,107 7,098 7,745 2,989 119 4,085 361 15,299 9,145 191 73 3 100 9 376 685 7,126 2,750 110 3,759 331 14,076 14,628 719 278 11 380 34 1,422 1,015 37,028 14,292 571 19,533 1,724 73,148 20,527 4,447 1,717 69 2,346 207 8,786 6.928 32 13 1 18 2 66 71 435 168 7 229 20 859757 7,781 3,003 120 4,105 362 15,371 8,368 2,491 961 38 1,314 116 4,920 4,510 440 170 7 232 21 870 0 4,993 1,927 76 2,634 233 9,863 9,168
	102,054 114,981 1,187 72,027 3,588 293,837 170,953
	19,571 17,212 688 -7,869 2,077 31,679 58,704

Income
Expenditure
External share of ticket sales
costs directly allocated
support costs:
Insurance
L&H
phone
administration &
publicity
general expenses
backstage, maintenance
& workshop
cleaning
bank charges
credit card charges
licences & subscriptions
bookkeeping &
accountancy
Legal and professional
depreciation
Surplus for the period
from charitable activities

internal shows &
programmes
outside bookings
costume &
equipment hire
bar & kiosk
membership
Year
to 31
Mar
2024
total
11
months
to 31
Mar
2023
total
121,625
132,193
1,875
64,158
5,665
325,516
229,657
-
85,252
-
-
-
85,252
54,977
25,028
-
-
31,394
-
56,422
33,076
3,598
1,388
55
1,898
168
7,107
7,098
7,745
2,989
119
4,085
361
15,299
9,145
191
73
3
100
9
376
685
7,126
2,750
110
3,759
331
14,076
14,628
719
278
11
380
34
1,422
1,015
37,028
14,292
571
19,533
1,724
73,148
20,527
4,447
1,717
69
2,346
207
8,786
6.928
32
13
1
18
2
66
71
435
168
7
229
20
859757
7,781
3,003
120
4,105
362
15,371
8,368
2,491
961
38
1,314
116
4,920
4,510
440
170
7
232
21
870
0
4,993
1,927
76
2,634
233
9,863
9,168

102,054
114,981
1,187
72,027
3,588
293,837
170,953

19,571
17,212
688
-7,869
2,077
31,679
58,704

continued...

Page 9

Romsey Amateur Operatic and Dramatic Society (RAODS)

Notes to the Financial Statements - continued for the Year Ended 31 March 2024

7. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES

Unrestricted
funds
£
INCOME AND ENDOWMENTS FROM
Donations and legacies
1,343
Charitable activities
Internal shows and programme sales
103,259
External services-outside bookings
External services - Facility, equipment &
costume hire
78,560
1,832
Bar and Kiosk
Membership fees
41,620
4,386
Other trading activities
10,862
Other income
2,534
Total
244,396
EXPENDITURE ON Charitable activities
Internal shows
67,246
External shows-outside bookings
External services - Facility, equipment &
costume hire
66,169
869
Bar and Kiosk
34,588
Subscriptions
2,081
Total
170,593
NET INCOME
73,443
Transfer of funds
5,000
RECONCILIATION OF FUNDS
Total funds brought forward
1,048,281
TOTAL FUNDS CARRIED FORWARD
1,126,724

Restricted
Total
fund
funds
£
£
5,000
6,343
-
103,259
-
78,560
1,832
-
-
-
41,620
4,386
-
10,862
-
2,534
5,000
249,396
-
67,246
-
66,169
869
-
34,588
-
2,081
-
170,593
5,000
78,443
(5,000)
-
-
1,048,281
-
1,126,724

continued...

Page 10

Romsey Amateur Operatic and Dramatic Society (RAODS)

Notes to the Financial Statements - continued for the Year Ended 31 March 2024

8. TANGIBLE FIXED ASSETS

Plaza building & improvements £ COST At 1 April 2023 858,261 Additions - At 31 March 2024 858,261 DEPRECIATION At 1 April 2023 37,863 Charge for year 8,580 At 31 March 2024 46,443 NET BOOK VALUE At 31 March 2024 811,818 At 31 March 2023 820,398 9. STOCKS Stocks 10. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Accruals and deferred income	Stage & lighting £ 20,848 - 20,848 17,317 1,283 18,600 2,248 3,531	Plant & equipment £ 7,326 - 7,326 7,326 - 7,326 - - 2024 £ 1,075 2024 £ 15,217 15,217	Totals £ 886,435 - 886,435 62,506 9,863 72,369 814,066 823,929 2023 £ 1,651 2023 £ 11,275 11,275

continued...

Page 11

Romsey Amateur Operatic and Dramatic Society (RAODS)

Notes to the Financial Statements - continued for the Year Ended 31 March 2024

11. MOVEMENT IN FUNDS

At 1.4.23 £ Unrestricted funds General fund 302,795 Capital reserve fund 823,929 TOTAL FUNDS 1,126,724	Net movement in funds £ 60,960 (9,863) 51,097	Transfers between At funds 31.3.24 £ £ - 363,755 - 814,066 - 1,177,821

The Capital Reserve fund represents the book value of the tangible fixed assets less any unpaid invoices related to those assets at the year end.

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

Unrestricted funds General fund Capital reserve fund TOTAL FUNDS	Incoming resources £ 373,886 - 373,886	Resources Movement expended in funds £ £ (312,926) 60,960 (9,863) (9,863) (322,789) 51,097

Comparatives for movement in funds

At 1.5.22 £ Unrestricted funds General fund 229,453 Capital reserve fund 818,828 TOTAL FUNDS 1,048,281	Net movement in funds £ 87,611 (9,168) 78,443	Transfers between At funds 31.3.23 £ £ (14,269) 302,795 14,269 823,929 - 1,126,724

Comparative net movement in funds, included in the above are as follows:

	Incoming	Resources	Movement
	resources	expended	in funds
	£	£	£
Unrestricted funds
General fund	249,396	(161,785)	87,611
Capital reserve fund	-	(9,168)	(9,168)
TOTAL FUNDS	249,396	(170,953)	78,443

Page 12

Romsey Amateur Operatic and Dramatic Society (RAODS)

Detailed Statement of Financial Activities for the Year Ended 31 March 2024 INCOME AND ENDOWMENTS Donations and legacies Donations Grant Other trading activities Car parking income Charitable activities Internal shows and Programme Sales External services - Outside bookings External services - Facility, equipment & costume hire Bar and Kiosk Membership fees Other income Interest received Miscellaneous income Insurance claim Training Income Total incoming resources EXPENDITURE Charitable activities Direct costs Insurance Light and heat Telephone Administration, advertising and publicity General expenses Backstage, maintenance and workshop expenses Grant building work Cleaning Bank charges Credit card charges Licenses and subscriptions Bookkeeping and accountancy Legal and Professional fees Fundraising costs Training Depreciation of tangible fixed assets Total resources expended Net income		Year to 11 months 31 Mar to 31 Mar 2024 2023 £ £ 4,057 1,343 28,248 5,000 32,305 6,343 12,000 10,862 121,625 103,259 132,193 78,560 1,875 1,832 64,158 5,665 41,620 4,386 325,516 229,657 3,375 1,280 40 400 - 854 650 - 4,065 2,534 373,886 249,396 141,674 88,053 7,107 7,098 15,299 9,145 376 685 14,076 14,628 1,422 1,015 73,148 20,527 28,248 - 8,786 6,928 66 71 859 757 15,371 8,368 4,920 4,510 870 - 54 - 650 - 9,863 9,168 322,789 170,953 51,097 78,443

This page does not form part of the statutory financial statements

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