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2023-07-31-accounts

Charity registration number 1164913

Company registration number CE005896 (England and Wales)

TALISMAN THEATRE COMPANY

ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023

TALISMAN THEATRE COMPANY

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees Nigel Elliott Stephen Duckham Kerrie McCann (Appointed 23 October 2022) Corrina Jacob (Appointed 23 October 2022) Rosemary Gowers (Appointed 23 October 2022) Charity number 1164913 Company number CE005896 Principal address Barrow Road Kenilworth Warwickshire CV8 1EG Registered office Barrow Road Kenilworth Warwickshire CV8 1EG Independent examiner Flemons & Co Limited 70 Priory Road Kenilworth Warwickshire CV8 1LQ

TALISMAN THEATRE COMPANY

CONTENTS

Page
Trustees' report 1 - 4
Independent examiner's report 5
Statement of financial activities 6
Balance sheet 7
Notes to the financial statements 8 - 14

TALISMAN THEATRE COMPANY

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 31 JULY 2023

The Trustees present their report and financial statements for the year ended 31 July 2023.

The financial statements have been prepared in accordance with the accounting policies set out in the notes to the financial statements and comply with the charity's governing document, the Companies Act 2006 and “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)” (as amended for accounting periods commencing from 1 January 2016)

Objectives and activities

To present, promote, organise, provide, manage and produce such plays, dramas, comedies, operas, operettas, burlesques, films, broadcasts, concerts, musical pieces, puppet shows, ballets, entertainments and exhibitions, whether on any premises of the CIO or elsewhere, as are conducive to the promotion, maintenance, improvement and advancement of education or to the encouragement of the Arts.

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

Achievements and performance

Financial review

It is the policy of the charity that unrestricted funds which have not been designated for a specific use should be maintained at a level equivalent to between three and six month’s expenditure. The Trustees consider that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the current activities while consideration is given to ways in which additional funds may be raised.

The Trustees have assessed the major risks to which the charity is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks. This includes taking out additional Insurance whilst the Building Works are in progress.

Structure, governance and management

The charity is a Charitable Incorporated Organisation.

The Trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were:

Nigel Elliott Richard Thacker Stephen Duckham Philip Bowser Kerrie McCann Corrina Jacob Rosemary Gowers

(Resigned 23 October 2022)

(Resigned 23 October 2022) (Appointed 23 October 2022) (Appointed 23 October 2022) (Appointed 23 October 2022)

TALISMAN THEATRE COMPANY

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 JULY 2023

The Charitable Incorporated Organisation (CIO) has a Governing Document (the Constitution of the CIO) and a subsidiary set of “Rules of the CIO.” The Constitution provides that the CIO shall have a committee that will be responsible for the general running of the CIO (“the Executive Committee”). Members of the Executive Committee are appointed annually by the members of the CIO at the Annual General Meeting, in accordance with the Rules of the CIO from time to time in place. The Executive Committee meets in the period immediately following each Main House Production.

Charity Trustees are then appointed by the Executive Committee, from amongst their number. The Members, or the Charity Trustees, may also at any time decide to appoint a new Charity Trustee, whether in place of a Trustee who has retired or been removed in accordance with clause [15] (Retirement and removal of charity trustees) of the Constitution, or as an additional Charity Trustee, provided that the maximum number of 12 Trustees is not exceeded.

The Trustees formed a new company called Talisman Theatre Productions Limited which was incorporated on 6 September 2021 with a registration number of 13603573. This company was formed to deal with the Box Office business and forms part of the VAT Accounting Group. The Trustees named above are directors of the company.

The Charity Trustees meet quarterly. They are satisfied that the CIO has continued to work within the Purpose and Objectives of the Charity and review the Policies and Procedures of the CIO annual/bi-annual (dependant on the policy) in conjunction with the Executive Committee. These include: -

All appropriate Theatre’s Policies are made available on our website.

Child Protection : There have been no reported incidents during the year.

Health and Safety: – four incidents were reported during the year to 31 July 2023

8 August 2022 Actor Abrasion to forearm
5 December 2022 Actor Bruising to face
19 March 2023 Crew Abrasion to hand followed by faint
12 May 2023 Audience member Trip on auditorium stairs

In each case, no further action was required as the injured party did not request nor attend any further medical advice. On investigating the cause of each incident, it was assessed that other than briefing, there was nothing we could reasonably do further to avoid these accidents.

The Trustees have continued to work to ensure the building is a safe place in which to carry out our activities, as part of this we are working with a new volunteer, experienced in health and safety, to review our current overall theatre and fire risk assessments.

TALISMAN THEATRE COMPANY

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 JULY 2023

Activities of the Charity

The period under review is notable for the impact of the development of the foyer area on audiences and front of house teams, although despite this we continued to see growing audiences (post Covid).

We kept Coronavirus Risk Assessments under constant review and removed them in the early part of the period, but continued to urge patrons to consider whether to attend if they were unwell.

The Trustees and the Executive Committee moved back to face-to-face meetings.

October 2022 saw the 80[th] Anniversary of the Talisman Theatre and which kicked off with a very successful gala performance of The Railway Children, followed by an Anniversary Ball and ‘In Conversation with Andrew Davies’, one of the Theatre’s patrons and BAFTA Fellow

The building work meant outside letting opportunities were limited but at the end of the period we welcomed back The Made in 48 House company.

PHASE 1 Building Extension - Work continued throughout the period towards completing the extended foyer area. We continued to welcome audiences in the car park marquee up until November. Negotiations with the building contractor meant audiences could be welcomed inside from the Pantomime onwards, although it was nearly the end of the season and Pride & Prejudice before it was substantially complete. We are grateful for the patience and resilience our audiences and front of house teams have shown.

The Foyer Sub-committee met regularly in the early part of the period and presented recommendations to the Executive Committee on colour schemes, and treatments of the various sub-areas of the foyer e.g., box office, etc.

Whilst funding was in place at the start of Stage 1, the impact of Brexit and Covid on materials and supply chains, saw delays in progress of the build as well as increased cost. We’re grateful for additional funding received during the period to support completion of the works, particularly from Kenilworth Town Council. At the end of the period work was substantially complete with focus moving to final snags and furnishing the new space.

During the reporting period, the following Main House Productions were staged:

Sept 2022 The Ladykillers Oct 2022 The Railway Children
Nov 2022 Children of the Wolf Dec 2022 Goldilocks & the 3 Bears
Feb 2023 Ladies Down Under Mar 2023 Around the World in 80 Days**/Twinkle
Apr 2023 The Girl on the Train May 2023 Don’t Dress for Dinner

Jun 2023 Pride & Prejudice*

Andrew Davies agreed to adapt his much-acclaimed 1995 screen play of Pride & Prejudice into a stage play and we were delighted to be given the opportunity to perform the world premiere. *Youth Theatre production

And the following films were screened:

Aug 2022 222 Downton Abbey – A Oct 2022 West Side Story New Era Nov 2022 Top Gun - Maverick Mar 2023 Operation Mincemeat Apr 2023 Mrs Harris goes to Paris Jun 2023 Banshees of Inisherin Jul 2023 Leave No Trace

The “Tea with The Tali ” short plays, which grew out of a desire to keep theatre alive during lockdown, came to a natural end in the autumn of 2022 having been very successful and out of which grew Talisman Fringe.

TALISMAN THEATRE COMPANY

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 JULY 2023

The “Talisman Fringe” continued to play each month at the Holiday Inn, with breaks in August and January. We’ve seen growing and ‘new’ audiences and a wide range of both Talisman members and guest artists appearing as well as a range of genres being performed. We’ve been delighted to invite guest companies including Side by Side, Fiery Feet Dance Company, Pop Voices Choir and Kenilworth School.

The Trustees' report was approved by the Board of Trustees.

..............................

Kerrie McCann

Dated: .........................

TALISMAN THEATRE COMPANY

INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF TALISMAN THEATRE COMPANY

I report to the Trustees on my examination of the financial statements of Talisman Theatre Company (the charity) for the year ended 31 July 2023.

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 financial statements in accordance with the requirements of the Companies Act 2006 (the 2006 Act).

Having satisfied myself that the financial statements 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 the charity’s financial 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 the 2011 Act.

Independent examiner's statement

Since the charity’s gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of ICAEW, which is one of the listed bodies.

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

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 financial statements to be reached.

Flemons & Co Limited

70 Priory Road Kenilworth Warwickshire CV8 1LQ

Dated: .........................

TALISMAN THEATRE COMPANY

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 31 JULY 2023

Unrestricted
Restricted
funds
funds
2023
2023
Notes
£
£
Income from:
Grants
2
167,943
-
Charitable activities
3
149,250
-
Investments
4
216
-
Total income
317,409
-
Expenditure on:
Raising funds
5
92,686
-
Charitable activities
6
18,758
-
Total expenditure
111,444
-
Gross transfers
between funds
-
-
Net income for the year/
Net movement in funds
205,965
-
Fund balances at 1 August
2022
450,808
25,000
Fund balances at 31 July
2023
656,773
25,000		 Total
Unrestricted
Restricted
funds
funds
2023
2022
2022
£
£
£
167,943
93,905
-
149,250
49,753
-
216
119
-
317,409
143,777
-
92,686
59,406
-
18,758
8,335
-
111,444
67,741
-
-
3,000
(3,000)
205,965
79,036
(3,000)
475,808
371,772
28,000
681,773
450,808
25,000		 Total
2022
£
93,905
49,753
119
143,777
59,406
8,335
67,741
-
76,036
399,772
475,808

The statement of financial activities includes all gains and losses recognised in the year.

All income and expenditure derive from continuing activities.

The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.

TALISMAN THEATRE COMPANY

BALANCE SHEET

AS AT 31 JULY 2023

Notes
Fixed assets
Tangible assets
11
Investments
12
Current assets
Stocks
13
Debtors
14
Cash at bank and in hand
Creditors: amounts falling due within
one year
15
Net current assets
Total assets less current liabilities
Income funds
Restricted funds
Unrestricted funds		 2023
£
1,766
6,198
113,806
121,770
(7,583)		 £
567,486
100
567,586
114,187
681,773
25,000
656,773
681,773		 2022
£
1,122
8,187
183,975
193,284
8,111		 £
274,313
100
274,413
201,395
475,808
25,000
450,808
475,808

The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 31 July 2023.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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

The financial statements were approved by the Trustees on 28 October 2023

Kerrie McCann

Trustee

Company registration number CE005896

TALISMAN THEATRE COMPANY

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023

1 Accounting policies

Charity information

Talisman Theatre Company is a Charitable Incorporated Organsation registered in England and Wales. The registered office is Barrow Road, Kenilworth, Warwickshire, CV8 1EG.

1.1 Accounting convention

The financial statements have been prepared in accordance with the charity's governing document, the Companies Act 2006 and "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)". The charity is a Public Benefit Entity as defined by FRS 102.

The charity has taken advantage of the provisions in the SORP for charities applying FRS 102 Update Bulletin 1 not to prepare a Statement of Cash Flows.

The financial statements are prepared in sterling, which is the functional currency of the 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 to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.

1.2 Charitable funds

Unrestricted funds are available for use at the discretion of the Trustees in furtherance of their charitable objectives.

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.

1.3 Incoming resources

Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

Legacies are recognised on receipt or otherwise if the charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, 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 classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset’s use.

TALISMAN THEATRE COMPANY

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2023

1 Accounting policies

(Continued)

1.4 Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Fixed Assets

Various

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.

1.5 Fixed asset investments

Fixed asset investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net income/(expenditure) for the year. Transaction costs are expensed as incurred.

A subsidiary is an entity controlled by the charity. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.6 Impairment of fixed assets

At each reporting end date, the charity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

1.7 Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. Items held for distribution at no or nominal consideration are measured the lower of replacement cost and cost.

Net realisable value is the estimated selling price less all estimated costs of completion and costs to be incurred in marketing, selling and distribution.

2 Grants

Unrestricted Unrestricted
funds funds
2023 2022
£ £
Capital funding 167,943 91,066
Grants relating to coronavirus - 2,839

TALISMAN THEATRE COMPANY

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 JULY 2023

3 Charitable activities

Bar
Front of House
Lettings
Donations from Subsidiary company
Donations & Sponsorship
Membership and Youth Theatre Subscriptions
Programs
100 Club
Other		 2023
£
32,834
-
-
85,412
14,664
6,425
2,094
2,820
5,001
149,250		 2022
£
12,490
1,925
935
17,000
7,307
6,391
126
2,715
864
49,753

4 Investments

5 Interest receivable
Raising funds
Trading costs
Support costs		 2023
£
216
2023
£
92,686
92,686		 2022
£
119
2022
£
59,406
59,406

TALISMAN THEATRE COMPANY

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 JULY 2023

6 Charitable activities

Cinema
Bar
Front of House
Programmes
Ticketsource Charges
100 Club
Support costs
Support
costs
Governance
costs
£
£
Depreciation
21,904
-
Electricity
17,796
-
Cleaning & Pest control
6,989
-
Insurance
5,185
-
Theatre Maintenance
13,448
-
Stage Expenses
11,418
-
Bank Charges
441
-
Credit Card Charges
1,786
-
Publicity
6,533
-
Rehearsal Room Hire
248
-
Perusal scripts
73
-
Subscriptions
1,602
-
Officials' expenses
596
Telephone
582
-
Rates and Services
1,759
-
Postage
134
-
Stationery
369
-
Talismags
186
-
Youth Group Costs
-
-
Legal and professional
-
1,636
91,049
1,636
Analysed between
Trading
57,848
1,559		 2023
£
807
12,489
2,522
1,510
-
1,430
18,758
18,758
2023
£
21,904
17,796
6,989
5,185
13,448
11,418
441
1,786
6,533
248
73
1,602
596
582
1,759
134
369
186
-
1,636
92,686
92,686		 2022
£
-
5,076
984
920
(3)
1,358
8,335
8,335
2022
£
16,175
4,252
5,791
10,878
9,196
1,830
447
680
3,265
600
50
1,294
969
362
1,267
246
143
99
304
1,559
59,407
59,406

TALISMAN THEATRE COMPANY

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2023

8 Trustees

None of the Trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year except for £1,106 paid to Stephen Duckham as royalties for his pantomime script.

9 Employees

The average monthly number of employees during the year was:

2023 2022
Number Number
Staff - 1

There were no employees whose annual remuneration was more than £60,000.

10 Taxation

The charity is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or section 252 of the Taxationof Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects.

11 Tangible fixed assets

Fixed Assets
Plant and
equipment
£
£
Cost
At 1 August 2022
361,954
-
Additions
320,643
-
At 31 July 2023
682,597
-
Depreciation and impairment
At 1 August 2022
93,127
80
Depreciation charged in the year
21,904
-
At 31 July 2023
115,031
80
Carrying amount
At 31 July 2023
567,566
(80)
At 31 July 2022
274,313
-		 Total
£
361,954
320,643
682,597
93,207
21,904
115,111
567,486
274,313

12 Fixed asset investments

TALISMAN THEATRE COMPANY

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 JULY 2023

12
Fixed asset investments
Cost or valuation
At 1 August 2022 & 31 July 2023
Carrying amount
At 31 July 2023
At 31 July 2022
Other investments comprise:
Notes
Investments in subsidiaries
18
13
Stocks
Finished goods and goods for resale
14
Debtors
Amounts falling due within one year:
Trade debtors
Other debtors
Prepayments and accrued income
15
Creditors: amounts falling due within one year
Other taxation and social security
Amounts owed to subsidiary undertakings
Accruals and deferred income		 (Continued)
Other
investments
100
100
100
2023
2022
£
£
100
100
2023
2022
£
£
1,766
1,122
2023
2022
£
£
188
772
189
847
5,821
6,568
6,198
8,187
2023
2022
£
£
859
(18,790)
2,321
5,142
4,403
5,537
7,583
(8,111)

TALISMAN THEATRE COMPANY

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 JULY 2023

16
Analysis of net assets between funds
Unrestricted
Restricted
2023
2023
£
£
Fund balances at 31
July 2023 are
represented by:
Tangible assets
567,486
-
Investments
100
-
Current assets/(liabilities)
89,187
25,000
656,773
25,000		 Total Unrestricted
Restricted
2023
2022
2022
£
£
£
567,486
274,313
-
100
100
-
114,187
176,395
25,000
681,773
450,808
25,000		 Total
2022
£
274,313
100
201,395
475,808

17 Related party transactions

Transactions with related parties

During the year the charity entered into the following transactions with related parties:

The company received a donation of £85,412 (2022: £17,000) from its subsidiary during the year.

18 Subsidiaries

These financial statements are separate charity financial statements for Talisman Theatre Company.

These separate financial statements have been prepared as they are required by law. Consolidated financial statements are not required.

Details of the charity's subsidiaries at 31 July 2023 are as follows:

Name of undertaking Registered Nature of business Class of % Held
office shares held Direct Indirect
Talisman Theatre England and Operation of arts facilities Ordinary £1 100.00
Productions Limited Wales