Charily Registration No. 1161430 Company Registration Nc*. 1643977 (England and Wales) CRITERION THEATRE LIMITED ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
CRITERION THEATRE LIMITED LEGAL AND ADMINISTRATIVE INFORMATION Trustea8 J Elves A Greene K B Sowerby C Firth Simon Sharpe Emma Padfiedl Georgia Kelly Secretary S Sharpe Charlty number 1161430 Company number 1643977 Regl8lered offlce Berkeley Road Soulh Earlsdon Coventry West Midlands United Kingdom CV5 6EF Independent examiner John Plumb
CRITERION THEATRE LIMITED CONTENTS Page Trustees, report Independent examln8rf8 report Statement of flnanclal aciivilies 10 Balance sheet 11 Notes to the financial statements 12-19
CRITERION THEATRE LIMITED TRUSTEES, REPORT (INCLUDING DIRECTORS, REPORT) FOR THE YEAR ENDED 31 DECEMBER 2024 Report of Ihe Tru8tee8 Introduction The Trustees who are also directors of the charity for the purposes of the Companies Acl 2006, are pleased to pr8s8nt their report with the financial statements of tho charity for the year end8d 31 December 2024. The trustees have adopted th8 provisions of Accounting and Fleporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard for Smaller Entities {the FRSSE) (effective 1 January 2015). The financial statements comply with the Charities Act 1993. the Memorandum and Articles of Association and Ihe Statement of Recommended Practic8-Accounling and Reporting by Charities (SORP 2005). Reference and Admlni81ralive Deta118 Registered Charity Nam8.' Crit8rfon Theatre Limited Registered Charlty Number: 1161430 Aegist8red Company Number: 01643977 Address of principal offlce.. Criterion Theatre, Berkaley Road South, Coventry, CV5 6EF Dlr•ctor8 and Tru8t••8 The names of Trustees who have seNed during the reporting period are as follows.. Jonalhon Elves Anne-marie Gr88ne Simon Sharpe Barbara Sowerby Georgia Kelly E Padfield Chris Flrth Company Secretary E Padfield Independent examinor John Plumb, Accountant Approved by order of the board of truslees on . by: 1617.1.25.................. and signed on ils behalf J Elves Twstee
CRITERION THEATRE LIMITED TRUSTEES, REPORT (INCLUDING DIRECTORS, REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Chalr's report The Crit8ri0n Theatre is 'The Little Theatre with Big Ambitions,. We own our Iheatre bullding and have been producing theatrical 8nt8rtainm8nt of th8 highest quality for over sixty years. We are totally rellant on volunteers for all our activities both on and off stage. Our vision is to be the b8St amateur th8atr8 company in the W8St Midlands, producing 8xemplary theatrical experiences and developing thealr8 artists, thus fulfilling our charitable objectives of promoting th8alre and the dramatic arts in Coventry, Warwickshlre, and the West Midlands. 2024 has been a very successful and innovative year and we have staged six main house productions and one sludio productlon to strong audience numbers. Wa have kept ihe Company and wider membership community connected with regular online play readings and social events. Our Children's drama classas have gone from Sirength to strength with very healthy numbers. We have made some measurable progress on our ambitious Equality. Diversity. and Inclusion Aclion Plan, and our Redevelopment Plan. We have ended the year In a solid financial positlon and look foDNard Opiimistlcally to the future. Jon Elves, Chair
CRITERION THEATRE LIMITED TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Our Objective8 The charitable objectives of Th8 Criterion Theatre Limited are: 1. To educate Ihg public in the dramatic and operatic arts 2. To further the developmenl of publlc appTeclatlon and taste In the sald arts. We achieve these oblecllves through the following means: An annual programme of in-house productions: Productions are openly presented to the public. This is s8lect8d carefully to present a wlde variety of dramatic genr8s and the use of work by both classic playwrights and the most up to date writers, This ensures the widest public, educative, and developmental potential of the programm8. This vari8d programme also offers educallve opportunities to the cast and crew in developing their on- and off-stage skills and competencies. b) Volunteering opportunlties: The Theatre runs $018ly on the basis of volunleer aclivity. There are opportunlties for the publlc lo be involved. by joining as members, in all aspects of Theatre activlty. This involves the core activily of productions (cast and crawl, but also support functions18.g., running the bar, box offlce, front of hou8e. haallh and safety, cleanin9, events team 8tc.). This has educalive value in allowing people to be involved In how a theatr8 works, increasing appreCIaOn for dramatic arts. clchlldren's drama classas from school years 3 to 11 (aged 7 to 16),, Open lo the publlc. Workshops iaaching a range of drama skills. A showcas8 of their learning over the year is presented towards the end of tha summér tarm. There are opportunities for drama class students to participate in relevant In-house productlons. Cor8 8ducative value for children in educaling them about drama, plays, acling and developing appreciation for dramatic arts into their lives. d) Training opportunities in the dramalic arts.. The Theatre hosts regular New M8mbers Nights when the publlc can come along and find out about what actlvities Ihe Theatre is engaged in. Individuals are encouraged lo become members of the Theatre to get involved in all on stage and off-slage aspects of production regard18ss of lev81s of previous experience. Re18vant in-house training is offered. Involvement in Ihe local Coventry community: This includes providing a free of charge one-off meeting venue for local groups. The Theatre is also involved in the annual Earlsdon community f8stival. Established conneclions with the Coventry Resource Centre for the Blind have been continued. This facilitates the Theatre's community involvement and expands the public reach of the dramalic activities undertaken by the Theatre, thus contributing to achieving its charitable objectives. f) A venue for external Iheatre companies and other artistic events (e.g., travelling theatre companies. Independent film- makers, musicians, dance troupes).. This provides educative value in expanding the exposure of tha public to a variety of dramatic and artistic endeavours. g) The running of a licensed bar, open Iwo evenings a week and during all productions and events. This trading activity is deemed to be s8condary and only in furtheran of our Charitable objectiV8S. In shaping our objectives for the year and planning our activities. the Trustees have consid8red the Charity Commission's guide on publlc benefit, including the guidance on fee charglng. The charity relies on ticket and r8fr8shm8nt sales and membership subscriptions to COV8r its operaling costs. In setting the level of charges and concessions, the Truslees give careful consideration to th8 accessibility of Ihe events it programmes for those on low incomes.
CRITERION THEATRE LIMITED TRUSTEES, REPORT (INCLUDING DIRECTORS, REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Our Achlevement8 and Performance Our Season of Production8 We engage in adventurous and challenging programming, s818Cting plays across the variety of genres, which stretch actors and technical teams, are relevant to contemporary society. and enjoyable to audiences. The artistic team endeavours to have Ihe most up to dale information about new releases, and w8 ar8 Often the first theatre in the region to gain amateur rights to shows. Thls means Ihal we provide considerable artistic and educatlve value to our audiences, the public. Without the Criterion Theatre, the public would not have had access to these dramatic pieces of work. Between January 141 and December 31 2024, w8 pres8nt8d 6 main house productions and 1 studio production. It was an extremely succassful year with a full programme to capacity auditorium. The programme included a youth studio production of the hard-hitting drama 'The Trlals,. Maln house shows Included comedy in 'DIIty Great Love Slory,, powerful classics '1984, and 'The Homecoming,, a one man show 'Every Brillianl Thing. and finally an Innovatlve female-led verslon of Dickens A Christmas Carol,. 2024 saw us run our Springboard F8Stival for Ihe second year, comprising an eight-day-long Celebration of performing arts, bringing together professlonals and amateurs. In-house company plays and community collaborations ran alongside external artists, musiclans and Ihaatre companies: poetry workshops and art exhibitions. There wera 40 performances Involving over 60 performers, with the breadth of subject matter reinforcing our overall misslon around divarslty and incluslon. It has now become a firm part of our season. SPRINGEIOARL) FESTIVAL GREAT £Q:VE STOR:, IALS bA•rA POITf 1*1 1984 Monitoring against our EDI mission continues, evidenced in programming choices and increased diversity of casts. Overall aUdIen figures averaged 74°A across the core productions in 2024 (not including the Festival), which is back to pre- pandemic levels.
CRITERION THEATRE LIMITED TRUSTEES, REPORT (INCLUDING DIRECTORS, REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Our Educallonal Activities As part of fulfilling our charitable objectives to educat8 and promote appreciation of the dramatic arts, we engage in a programme of educatt'onal activities. Drama Cla8se8 Part of our vision involves inspiring the next generation of actors and theatre audiences. and the Crlterion Theatre provldes a valuable education in the dramatic arts. and appreciation of theatre for young people wlthln Ihe local area. Over the reporting period our drama classes have gone from strength to strength wilh large numbers attending. These classes teach a range of theatrical skills to children and young people. These are open to the public. They involve volunteer lutors drawn from the acting Company, and while there are those that r8gularly18ad the classes, tutors are also drawn on to deliver specialist S8sslons such as on mlme, stage fighting and voic8 coaching. We run two drama classes on Salurday mornings in school t8rm times, split by school year age (Class 1: Year 4 to 6; and Class 2: Year 7-13). Parents, carers, and family are invited lo come and share In the drama class learnlng at various opportunities through the year. Play Readlng8 Every production in the saason ha$ an initial reading before the audition and casting process starts which 18 open to the public. This Is an opportunity for people to hear a play read aloud. participate In taking parts and gain a greater understanding of a particular play. This provides educalive value and the appreciation of dramatic arts to Ihe public.11 also helps to encourage people to come along and get more involved in producllons. either on stage by auditioning or in the multitude of backstage and other support roles. In addition, the play reading group has organised regular online play readings which have Conlrlbuted lo keeplng the Company connected and engaged in artistic activities and are useful activities guiding forthcoming seasons. Our Community Actlvltle8 We are passionate about Coventry and our plac8 in th8 local community. While we are limited by our busy production schedule and the space restrictions of our building, we do our b88t to accommodate and support artistic and dramatic aclivities taklng place in the local communlty whenever possible. We provide a free of charge, resourced space for people within the local community to produce and promole works of cultural value such as local morris danc8 troupes, role playing society, and Earlsdon Wl. In the lead up to the Sprlngboard Festival Ihere has been a regular poetry. and n8w writing group meeting once a month. We hav8 also provided a venue for the book launch from the Coventry Resource Centre for the Blind. In addition. we provid8 a r8sourced venue for national and international th8atr8 companies and olher artistic organisations to perform (e.g.. travelling theatre companies, independent film-makers, musicians, dance troup8s). This year has seen us host local group producing 'City of Burning Spires: A Rock Opera,. PUSH rock band, an 'Piskie' by BoonDog Theatre.
CRITERION THEATRE LIMITED TRUSTEES, REPORT (INCLUDING DIRECTORS, REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Equality Diversity and Inclusion The Criterion Theatre is committed to a cor8 aspiration to be a demonstrable plac8 of opportunity for all with div8rse and brilliant plays on stage and Incluslve company and membarship. The EDI Working Group provides direclion, support and guidance to the Board and all volunteers, on EDI issues and we have set atK)ut implementing and reporting on our annual EDI Action Plan. Every play announced has an EDI Assessment on our website, indicating coverage of diversity issues and any specific casting requirements (genderlgender identity, racelethnicity, disability, age, sexual orientation) that mighl be diff8r8nt to our usual policy of neutral and open casting. The cholce of plays is now also partly guided by diverslty Critaria, with soft targ8ts to ensure that there is representation of dlver8e stories. female playwrights and that al least one play in every season by a playwright ot African and Carlbbean; Asian, South Asian, East Asian. or South-East Asian heritage. We are tracking diversity within casting and are pleased lo report some progression. With regard to 8thnicity, while in 2017 we had no global majority actor wlthln our casts, we were vary pleased lo report that In the 2024 programme, 199/0 of our actors ware Irom a global majority background. In addition, 3 main house plays were by female playwrights, 8 of the 9 plays al Springboard were by female identifying playwrights while 2 were from playwrights of global majority origin.we are working on an accessiblllty plan and ensuring thal disabled visitors have the best experience possible. Our Volunteers We rely totally on a volunteer worklorc• and have no pald employees. There are opportunllle8 for the publlc lo be Involv•d In all a8peet8 of theatre acllvlty Ihrough volunt•er role8 (all volunt••r8 mu8t a180 b• member8 of the Theatre). Thi8 contribut•8 to th• promotlon ol appr•elatlon of dramatlc art8 to th• publlc, off•rlng con8lderabl• opportunltle8 for Important altru18tl¢, artl8tlc, dramallc and '8eriou8 l9i8ure' actlvitle8, Vital to people'8 well-being. To encourage member8hip and volunteering, il 18 vilally importanl that we provlde a creatlve, 80clal, In8plrallonal, and Supportlve space for anyone who comes In our door, and we are open to people ol all age8, experlence, background and walk8 01 lile. We prlde our8elv08 on our 8trong Sense ol communlty and famlly. We hope Ihrough our volunteerlng actlvitie8 that w• can d•mon8trate that theatr• matt•r8, and that theatre18 fun to b• Involvod In. We are go lucky to have a Strong and loyal group of committed volunteer8 who are prepargd to put in eon8ld•rable and 81gnlflcant Ilme and •ffort for the Theatre. Along85de the 250 Company member8 who are dlrectly involved In productlons, thero are also around 200 member8, many of whom provide a variety o18UPPOrt role8 In the Theatre (l.e., Box Office, Coffee Bar, Front ol Hou88). Financial po8ltion Al the end of the reporting period, the Chgrlty had accumulatsd cash reserve8 of £485,712. Th18 Put8 the charlty In 8trong flnanclal po8ltlon agaln8t 118 ¢ommitled expendfture and allow8 the charity to embark on Some nece88ary development to secure tho fabric of Ihe building and improve the experience for vlsitor8 and volunteer8. Re8erve8 policy Th8 level of unrestrict8d funds is maintained al a minimum of 3-6 months operational costs.
CRITERION THEATRE LIMITED TRUSTEES, REPORT (INCLUDING DIRECTORS, REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Pricing Policy Th8 charity relies on ticket and refreshment sales and membership subscriptions to cover its operating costs. Thè Trustees consider the highest charg8 for membership subscription and for ticket prices to be affordable and a 'low fea., Concessions are available for those aged under 18 years of ag8. This opinion is based on an assessment of the highest fee charged proportionate to UK average earnings. Th8 ticket prices of the Criterion Theatre Limited are comparable with other non- professional theatres in th8 region. Membership subscriptlons are very low and hav8 not increased for over 5 years {Company £20; Club £10. Youth £5). The rationale for charging a membership subscription has been carefully considered by the Trustees. Being Involved in th8 areas of production requires a level of commitment to the Th8atr8 that is cem8nt8d by membership and the small financlal cost of membershlp. In addition, th8 Th8atr8 must invest Sn those members who volunteer for productions In terms of training and insurance. Members galn the benefit of dlscounted tlckets which are a way of generating repeat visits and Increased commitmant to tha Theatre, and are of financlal help to those people who like to see multlpl8 productiong. ricket pric8s are £10 for members and £12.50 for non-members, being below the av8rag8 price at sister amaleur theatres In the area. Following a review of costs and inflationary rises, we have increased the bar prices in line with inflation. Structures, Govornance and Management The Criterion Theatre Limited constitutes a limited company. limited by guarantee, as defined by the Companies act 2008. It is controlled by its governing document, the memorandum and artl¢le8 using an approv8d governing document undeNrltten by the National Operatic and Dramatic Association (NODA). It is r8gistered as a charity with Ihe Charfty Commission. Organl8allon Appolntment of Tru8te08 This is based on the voting of members {as defined in clause 10) at a duly constituted general meeting. Under clause 33, the harity may by ordinary resolution.. (1 > appolnt a person who is wllllng to act to be a trustee/dir8ctor; and (2) determine the rotation Sn which any additional Irusteeldirectors ar8 to r8tir8. The resignation of truste8sldireclors in rotation is determined by clause 31 and 32. The minimum number of trustees is 3 and is Currently not subject to any maximum. TralnSng and Inductlon of Tru8tees To stand for appointment, trustees musl meet Ihe requirements of the Charity Commlssion. Induction will b8 conducted by present trustees. und8r the stewardship of the Secretary. Voting rlghts within the charity All Company members of Ihe charity, whose membership subscription is up to dat8 ar8 81igible to vote at a duly constituted general meeting.
CRITERION THEATRE LIMITED TRUSTEES, REPORT (INCLUDING DIRECTORS, REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Related Partie8 All related interests of Trustees regarding transactions and arrangements have been declared at the duly constituted Board meetings and proce8ding5 undertaken in accordance wlth Clause 8 and 9 of the governing document. Ri8k Management Th8 trustees hav8 a duty to identify and r8Vi8W the risks to which the charity is expos8d and to ensure appropriat8 controls are in place to provid8 r8asonabl8 assurance against fraud and error. Plan8 for the Future The Trustees are responsible for establishing the Strateglc BunesS Plan looklng forward over the noxt live-year period. We are a successful Theatre. with a Ihrlving company and much appeal in the wider community. However, our core aclivities are restricted by the capacity and state of our theatre bullding. Our thealre building Is still In need of r8furbishm8nt. Major ongoing deliciencies include bar, foyer and backstage areas and building structures to the rear which are in a poor state of repair, and lack of effective and consistent heating for winter and comfort-cooling for summer. In order to fulfil our ambltions of maintaining our current parformanca standards plus signlficantly expanding and developing our activities, our plan of work for the short- and long-tem) futur8 is to engage in fundraising in order to generate alternative sources of income, which can be used to: Refurbish and r8d8V81op th8 exlstlng building infraslructure. Complete internal decoration and refurbishment Improve heatlng and cooling functionality. Redevelop the backstag8 areas, Develop new construction at the rear of the theatre where there is existing undeveloped land. We have set up a new Fundraising Commillee, and we have a Development Committee, led by the Chair. A generous legacy by a founder member plus ongoing fundraising mean that plans for building development work are now well progressed to begin in 2025 and on which we will report next year. The trustees, report was approved by the Board of Trustees. J Èlves Trustee Dated .
CRITERION THEATRE LIMITED INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF CRITERION TEHATRE LIMITES I report to the trustees on my examination of the financial statements of Criterion Theatre Limited (the charity) for the year 8nded 31 D8c8mber 2024. Re8pon8ibllitle8 and ba818 ol report As the trustees of the charity (and also its directors for the purposes of company law) you ar8 rasponsible for the preparation of the financial statemènts In accordance with the r8quir8ments of the Companies Act 2006 (the 2006 Act). Having satisfied myself that the finanaal statements of the charity are not required lo be audited under Part 16 of th8 2006 Act and are ellgible for independgnt 8xamination, I report in respect of my examination of the charity's flnancial statements carried out under section 145 of the Charities Act 2011 (the 2011 Act). In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5){b) of Ihe 2011 Act. Independent examlner's 8tat8ment I have compl8t8d my examinalion. I confirm that no matt8rs have come to my attentlon In connection with the examination giving me caus8 to b81i8v8 that in any materlal respect: accounting records were not kept in respect of the charlty as required by section 386 of the 2006 Act: or the flnanclal statemenls do not accord with those records., or the financial stalemenls do not comply with th8 accounting requirements of section 396 of th8 2006 Act other than any requirement Ihat the accounts give a Irue and lair view which is not a matter considered as part of an independent examination,. or the financial statements have not been prepar8d in accordance with the methods and principl8s of the Statement of Flecomm8nd8d Practic8 for accounling and reporting by chari118s applicable to charilies preparlng iheir accounts in accordance with the Financial Fleporting Standard applicable in the UK and Republic of Ireland (FRS 102). I have no concerns and have com8 across no other matters In conn8Ctlon with the examlnation to whlch attention should be drawn in this report in order to enable a prop8r understanding of the financial statements to b8 reached. John Plumb Accounlant 2 Mews Cottages Cloisler Crofts Leamington Spa CV32 6QQ united Kingdom Dated..
CRITERION THEATRE LIMITED STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2024 2024 2023 Note8 Income From: Donations and legacies Charitable activities 4,864 4,546 Production and performances Membership fees Other income 46,280 5,920 39,485 1,132 54,189 5,862 42,296 882 Interest receivable Total Income from bu81ne88 97,681 107.775 Legacy Income 306,637 64,406 Totsl Income 404,318 172,181 •ndltur• on: Production and performance Other charitable 22,102 90,386 31,007 67,165 Net (expendilure)fincome for the yearl Net movemonl In fund8 291,831 74,009 Fund balances at 1 January 2024 423,231 349,222 Fund balanc•s at 310•cemb•r 2024 715,061 423,231 The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure d8rive from continuing activities. The statement of financlal aclivilies also complies with Ihe requirements for an Income and expenditure account under the Companies Act 2006. 10.
CRITERION THEATRE LIMITED BALANCE SHEET AS Af31 DECEMBER 2024 2024 2023 Not08 Fixed A88et8 Tangible Assets Current A88et8 229.349 250,243 Slocks 2,608 2,730 Debtors Cash at bank and In hand 483,751 172,013 486,360 174,743 Credltors: amounts falllng duo wlthln one year Nel currenl assels (648> (1,756) 485,712 715,061 172.987 Total a88et8 le88 currenl Ilabililie8 423.230 Income fund8 Unrestricled funds 715,061 423,230 423,230 715,081 The company Is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006. for tha year ended 31 December 2024. The directors acknowledg8 thelr responsibilblies for complying wlth the requirements ol the Companies Act 2006 wilh respect to accounting records and the preparalion of financial statements. The members hav8 not required the company to obtain an audit of its financlal stat8m8nts for the year In question in accordance with section 476. These financial statements have been prepared In accordance with the provisions applicab18 to companies sublect to the small companies regime. The financial statements were approved by the Trustees on ... i.s..i.i. l u. J Elves Trustee Company Rogistration No. 1643977 11
CRITERION THEATRE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Accountlng policie8 Charlty Information Criterion Theatr8 Limited is a private company Ilmited by guarantee Incorporated In England and Wales. The registered office is Berkeley Road South, Earlsdon, Coventry, West Midlands, CV5 6EF, United Kingdom. 1.1 Accountlng convenllon The accounts have been prepared in accordance with Ihe charity's governing document, the Companies Acl 2006 and °Accounting and R8POrting by Charitl8s: Statement of R8comm8nded Practic8 applicable to chariti8S preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 1021" (as amended for accounting periods commencing from 1 January 2018>. Tha charity is a Public Benefit Entity as defined by FRS 102. Th8 charity has taken advantage of the provislons In tha SORP for ¢harStles applying FRS 102 Update Bulletin 1 not to prepare a Statemenl of Cash Flows. The financial statements are prepared In sterling,which is the functlonal currency of th8 charity. Monetary amounts in these financial statements are rounded to the nearest £. The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and lo include investment properties and certain financial instruments al fair V8Iu8. The principal accounting polici88 adopted are set out below. 1.2 Golng concern At the time of approving the aocounts, the trustees have a reasonable expectation that the charity has adequate resourcas to conlinue In operational exislence for the foreseeable future, Thus the trustees contlnue lo adopt the going concern basis of accounling in preparing the accounts. 1.3 Charitable fund8 Unrestrlcted lunds are available for use al the discretion ot the trustees in furtherance of their charitable objectives unless the funds have been designated for other purposes. Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements. Endowment funds are subject to specific conditions by donors thal Ihe capital must be maintained by the charity. 1.4 In¢omlng re•ource8 Income is recognlsed when the charlty is legally entitled to it after any performance condilions have been mel, the amounts can be measured reliably. and it is probable that income will b8 received. 12
CRITERION THEATRE LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Accounting policies (Continued) Cash donations are recognised on receipt. Oth8r donations are recognised once the charity has been notified of the donation, unlass performance ¢onditions require d8f8rraS of the amount. Income lax recoverable In relation to donations received under Glft Aid or deeds of covenant is recognised at the time of the donation. Legacies are recognised on recelpt or otherwise if the charity has be8n notified of an impending dislribulion, the arnount is known and receipt is expected. If the amount is not known. the legacy is treated as a contingent asset. 1.5 Re8ource8 exponded Liabilities are recognlsed as expenditure as soon as there is a legal or constructive obligation committing the charlty to that expenditure, it is probable thal a Iransfer of economlc benefits will be requir8d in sett18ment and the amount of th8 obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has b88n classilied under headings that aggregate all cost related to the category. Where costs cannot be directly attribuled to particular headings they have b88n allocated to activities on a basis conslstent with the us8 of resources. 1.6 Tanglble flxed asset8 Tangible fixed assets are inltially measured at cosl and subsequently measured at cost or valualion, net of depreciation and any impairment losses. Depreciationls recognised so as to wrile off Ihe cosl or valuation of assets less their residual valu8s over Iheir useful lives on the following bases.. Land and buildings Compuler equipment Fixtures. fittings & equipment 2°A on cost 33°/o on cost 150/0 on cost The galn or loss arising on the disposal of an asset Is detemiined as tha diffarence botween the sale proceeds and the carrylng value of Ihe asset, and is recognised in net incomellexpendilure) for Ihe year. 1.7 Impalrmenl of flxed a88018 At each reporting end data, the charity reviews the carrying amounts of its tangibl8 assets lo delermine whether there Is any indlcation that those ass8ts have suffered an impairment loss. If any such indication exists, the recoverable amount of th8 ass8t 18 estimated in order to detemine the extent of the impairment loss (if any). 1.8 Stock8 Stocks are stated al the lower of cost and estimated selling price less costs to complete and sell. Cost comprises dir8Ct materials and. where applicable. direct labour costs and thos8 overheads that have been incurred in bringing the stocks to their present location and condition. Items held for distribution at no or nomlnal consideralion are measured the lower ol replacement cost and cost. Net realisable value is th8 estimated selling price less all estimated cosls of completion and costs to be incurred in marketing, selling and distribution. 1.9 Cash and caBh oquivalent$ Cash and cash equivalents include cash in hand. deposits held at call with banks. olher short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in curr8nt liabililies. 13-
CRITERION THEATRE LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Accountlng policies Icontlnued) 1.10 Financial in8trument8 The charity has elected to apply the provisions of Section 11 '8asic Financial Instruments, and S8Ction 12 'Other Financial Instrum8nts Issu8s' of FRS 102 to all of its financial Instruments. Financial instruments are recognlsed In the charitrfs balance sheet when the charity becom8s party to th8 Contractu provisions of the instrument, Financial assets and Ilabilities are offset, wilh the net amounts presented in the financial statoments, when ther8 Is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basi8 or to realise the asset and settle the liabllity simultaneously. 8a8ic linAnclal a880t8 Basic financial assets, which include deblors and cash and bank balances, are initially measured al transaction price including transaction costs and are subsequ8ntly carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, wh8r8 th8 transaction is measured at the present value of the future r8C8ipts discounted at a market rate of interest. Flnancial assets Classih'ed as recelvabla within one yaar are not amortised. Ba8lc Ilnanclal Ilabllltle8 Basic fi'nancial liabilities, Including creditors and bank loans are initially recognised at transactlon prlce unless the arrangement constitutes a financing transaction. where the debt instrument is measured at Ihe presenl value of the future payments discounted at a market rate of interest. Financial liabiliti8s classified as payable within on8 year are not amortiS8d. Debt instruments are subsequently carrled at amortised cost, using the effective interest rate method. Trade creditors are obligations to pay for goods or seNices that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classlfied as current liabilities if payment is due within on8 y8ar or less. If not, they are pr8sent8d as non-currant liabilities. Trada creditors are recognised initlally at transactlon price and subsequently measured at amortised cost using ihe effeclive interest melhod. Derecognition of flnanclal Ilabllltle8 Financial liabilities are derecognised when Ihe charity contractual obligations expire or are discharged or cancelled. Crftical accountlng 08tlmate8 and ludgemonls In the application of the charity accounting policies, the trustees are required to mak judgements, estimates and assumptions about tha carrying amount of assets and liabilities that are not readily apparent from other sources. The estimales and associated assumptions are based on historical experience and other factors Ihat are considered to be relevant. Actual results may differ from Ihese estimales. Tha estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are r8cognis8d in the period in which the estimate is revised where the revlsion affects only thal period, or in Ihe period of the revision and future periods where the revision affects both current and future periods. 14-
CRITERION THEATRE LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Donalion8 and legacie8 Unrestricted Unrestricted Fund8 Fund8 2024 2023 Donations and gifts 4,546 4,546 4,864 Charitable actlvltle8 Productlon and Member8hlp Fees Other Total Total performance8 Income 2024 2023 Box office sales 43.626 43,626 51.717 Subscriptions Drama class 5,920 5.920 2.657 3.113 5,862 2,472 7,201 2,515 2,657 Sundry recelpis Lottery Bar Sales 3,113 2,315 33.017 2.315 33.017 32.580 46,280 5,862 42,296 96,5491 106,893 Legacy 306,637 306,637 64,406 Interest r•celvable Unre8trlcted Unrestricted Funds Funds 2024 2023 Interest Received 1,135 882 15-
CRITERION THEATRE LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Charitable a¢llvltle8 Productlon and Other Total Total performances charltable 2024 2023 Script Costs Wardrobe 1,075 2,800 1,520 2,926 3,524 3,664 2,500 1.075 858 2,800 1,520 2,926 3.524 2.887 731 Properties Publicity Royalties Set constructlon 2,983 7.151 3,664 2,500 1,878 9,406 2.700 2.413 Lighting and sound Music and bands Sundry production costs 4,093 4.093 22,102 22,102 31,007 Share of support costs (see note 7) Share of governance costs (see note 71 90.386 90,386 67,166 22,102 90,386 112,488 98,173 Analysis by fund Unrestricted funds 22,102 22,102 90,388 90,386 112,488 112,488 For the year ended 31 December 2023 Unr•8trlcl•d tund8 31,007 67,166 67,166 98,173 98.173 31,007 16-
CRITERION THEATRE LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Support costs Support C081 Governance 2024 2023 Ba8ls of Costs Allocatlon Depreciation Bar and coff88 20,894 17,494 20,894 20.934 Actual 17,494 255 17,682 420 Actual Room hir8 255 Actual Waste disposal Licens8S Actual 945 945 1,404 1,875 Actual Rates 2,417 12.288 1,208 5.189 16,241 1,106 2,417 Actual Llght and heat Telephone Insurance 12,288 1,208 5,189 9,552 1,762 4,792 Actu81 Actual Actual Repairs Website expenses Sundry expenses Bank charges Development Costs Accountancy and legal 16,241 1,106 4.095 3,017 766 Actual Actual 4,095 259 2,513 268 Actual 259 Actual 7,740 7.740 1,170 60 Actual Actual 90,386 90,386 67,166 Analys8d between Charitable activities 90,386 90,386 67,166 Tru8tee8 Tru8tee8' remuneration and benellt8 There were no truste8s' remuneration or olher benefits for the year ended 31 D8C8mber 2024. Trustee8' exp¢n8•8 During the year. the Charity reimbur8ed expenses to the followlng trustees: A Greene £1.373 in respect of scripts and produetlon expenses (2023-£935) K Sowerby £1,250 in respect of admin & development costs (2023- £1,229) C Flrth £219 In respect of publicity and social activft (2023 - £35) S Sharpe £522 in respect of set construction and ma J Elve8 £0 In respect of social aclivity {2023 - £0) ntenanee (2023 - £0) Th858 transactions were all conducted at am's length. 17-
CRITERION THEATRE LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Employee8 The average monthly number of employees during the year was: 20223 Number 2023 Number Total 10 Tanglble flxed assels nd and bulldlng• Compul•T •qulpmMt Flxtur•8, Ilttlng8 & •qulpment Totsl Co81 At 1 January 2024 228.924 3,787 201.936 434,647 At 31 December 2024 228,924 3,787 201,936 434,647 Depreclatlon and Impalrment At 1 January 2024 Depreciaiion ¢harged in the year 41,202 4,578- 3,787 139,415 16,316 184,404 20,894 At 31 December 2024 45,780 3,787 155,731 205.298 Carrylng amount At 31 December 2024 183,144 62,521 250,243 At 31 December 2023 187,722 46,205 229,349 11 Stock8 2024 2023 Raw materials and consumables 2,608 2,730 12 Oebtors 2024 2023 Amount8 falllng due wlthln one year: Prepayments and accrued income 18-
CRITERION THEATRE LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 13 Crediiof8: amounts falling due within one year 2024 2023 Accruals and deferred income 648 1.756 14 Related party transactlon8 There were no dlsclosabla rslated party transactions during the year {2023 - none). 19