Charfty reglstratlon number 1172308 Company reglstratlon nUMr 10022562 (England and Wales) THE CHRONICLE THEATRE COMPANY LIMITED (Formerly SHAKESPEARE IN ITALY) ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
THE CHRONICLE THEATRE COMPANY LIMITED LEGAL AND ADMINISTRATIVE INFORMATION Trn8t8es J P Peckham S Sayeed J Bridg8S M I Corbidge R Kabir M l Kowalczuk (Appointed 16 May 20241 (Appointed 16 May 20241 (Appointed 23 May 20241 Charity number 1172308 Company number 10022562 Reglstered offlc• Gablo Hous8 239 Regents Park Road London N3 3LF Independont •xamlner Shirfsh Shah SPW IUKI LLP Gable Houso 239 Reg¢nt$ Pork Road London N3 3LF
THE CHRONICLE THEATRE COMPANY LIMITED CONTENTS Page Trustee$ report Independent examlngf8 rgport Statement of flnanclal 8dvrtte8 Balance Sheat Note5 to the finan¢lal $tslements 7-14
THE CHRONICLE THEATRE COMPANY LIMITED TRUSTEES REPORT (INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 MARCH 2024 The Trustees present their annual report and financial slalements lof U)& year ended 31 March 2024, which a180 comprises the Directors. report required by the Companies Act 2006. The financial ststements have been prepared in accordance with the accounts'ng policies sèt out in note I lo the financial s181emenls and comply with the ehanly's governing d¢xument, thè Charitles Act 2011, thè Companies Act 2006 and Accounting and Reporting by Ch8rities'. Slalemenl of Recommended Pracllce applicable lo charities preparing their accounts in accordance wlth the Flnanclal Reportlng Standard applicable in thè UK and Republlc of Ireland IFRS 1021" leffefAive 1 January 20191. obltIV0¥ and •¢tlviti69 The Chronicle Theatre Company Limlted seeks to enhance experience and underslandlng of the works of Shakespeare. In shaping our oblectlves for the year and plannlng our 8clivllles, the Iru8tee$ have had regard lo the Chadly Commission's guidance on publlc benefit in managing the actlvllie5 01 the charty. Achi•v•m•nts and p•rfomianc• Flnanclal revlew The financlal poslllon of thè charlly al 31 March 2024 and the ¢ompar8lives for Ihg prior period. 1$ summari8ed 4$ follows.. 2024 2023 Net Incomelllossl 17,989 5,018 Vnrestrfcled revenue funds avallable for the general purpose of the tharily 25,964 7,975 Total Funds 25,964 7,975 The board of Irusle8s Is sali8fled that the charity's assets In each fund ar6 availabl6 and adequatè to fulfil Its obligations in respect of each fund. Rèserves pollcy It is the policy of the charitable company that unrestncled funds which have not been designated for a specific use should be maintslned al a level equivalent lo between three and six month's expenditure. The Iruslees consider that feserves al this level will ensure that, in the event of a sbgnificanl drop in funding, they wlll be ablé lo continue the charitable company's current activities whil8 consideration is given lo ways in which additional funds may be raised. This level of reserves has been maintained throughout the year. The board of trustees 18 $81isfied that the charfly's 88sels in each fund aré aVailae and adequate to fulffl Its obllgalions in respect of each fund.
THE CHRONICLE THEATRE COMPANY LIMITED TRUSTEES REPORT IINCLUDING DIRECTORS, REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Structure, governance and management Govoming documant The charY(y changed Its name from Sh8k8$peare in Italy to Th¢ Chronlcle Theatre Company Limited on 17 April 2023 in the light of Its objectives to include in Its activlties, workshops In schools and prisons in the UK. The charfty Is controlled by rts governing document. a deed of trust, 8nd constrtutes a limited company. limited by guarantee, a$ defined by the Comp8nle5 Act 2008. There are no réstrictions in the goveming documènts on the operation ot thè tharily or on ils inwslment powers other than Ihosts imposed by charity law. By opèratlon of 18w, all trustees are directors under the Companles Act 2006 and all directors are trustees under Charities legislallon and have responsibllitles, as such, under both company and charlly18gislation. Tha trustees are all individuals. The trustees, who are also the dlrector5 for the purpose of company law. and who $orv¢d during the yaar and up to tho dale of signature of the financial statements weTe'. WM R Ramsay J P Pockham S S8yeed J 8ridges M I Corbidge R Kabir M l Kowalczuk IRe8lgned 9 Aprll 20241 IAppoint8d 16 May 20241 (Appointed 16 May 20241 (Appointed 23 May 20241 None of the Iruslees ha5 any beneficlal interest in the company. All of the trustees ar8 members of the company and guarènlee lo eonlribu16 £1 in the event of a winding up.
THE CHRONICLE THEATRE COMPANY LIMITED TRUSTEES REPORT (INCLUDING DIRECTORS. REPORTI (CONTINUED) FOR THE YEAR ENDED 31 MARGH 2024 Statement of r88ponslbllltles The Iruslees, who are also the directors of The chron1c Theatre Company Limited for Ihe purpose of company law, are responsible for preparing the Trustees Report and the flnancial ststements in accordance with appli¢8ble law and United Kingdom Accounting Standards Iuniteit Klngdom Generally Accepted Accounting Pradice. The law applicable to charities and the Company Law in England and Wales requires the trustees lo prepare financial statements for each financial year whSch give a true and faiT view of tha slal8 of affairs of the ch8rfty and of the incoming re8ourGes and application of resourcè8 of the charity for that year. In preparing these financlal stalemenls, the trustees are required to.. select suitab18 accounliThJ policles and then apply them cong18tently', - obserye the methods and princip18s in th8 Charttles SORP., make judgements and eslimalgs that are rea$on8ble and prudent., stale whether applicable UK Accounllng Stand8rd8 have been followed, subjoct to any malgrlal departur9$ disclosed and explained in the financial slalemenls, and prepare the financlal statements on the going concern basis unless rt is inapproprlal8 to presum& that the charfty wlll continue in operation. The trustees aro résponsible for keeping 8dequat8 accounting records that disclose with reasonable accufacy al any lime Ihe financial p0511ion of the charlly and enable them lo ensure that the financial slèlemenls comY wllh the Companles Act 2006. the Charllles Act 2011, the Chgrily (Accounts and Reports) Regulation8 2008 and the provisions of the trust deed. They are 8180 responsible for safeguarding Ihe assets of the ¢hadly and hence for laklng reasonablè steps for the prevanlion and detection ot fraud and other irr8gularilies. The report W85 approved y the Boord of Trustèès. SPFO.- M I Corbidge Ttee and C J P Peckham Trustèè and Honorary Trea8uror alnnan Dale..
THE CHRONICLE THEATRE COMPANY LIMITED INDEPENDENT EXAMINER'S REPORT TO THE OF THE CHRONICLE THEATRE COMPANY LIMITED I report to the trustees on my eXamInaOn of the flnancial statement8 ofThe Chronlde Theatre Company Limited for the year ended 31 March 2024. Responsibilitia and basis of report As the Iru61ees of the charitable company land also its director5 for the purposes of Gompany law) you are responsible for the preparation of the financial 51alemenls in accordance with tho requirements of the Companies Act 2006 Ilhe 200S Act) and the Chadlles Act 2011 {the 2011 Adl. Having 5ati$fied myself that the financlal 51alemenls of the charitable company are not required lo be oudited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect ol my examination of the charitable company'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 Commisslon undef section 14515llbl of the 2011 Act. Independent examlne¢s statement I have cornpleled my exomination. I confirm that no matters have come lo my 8ttention in connection with the examlnalSon giving me cause lo believe that in any material respect.. accountlng records were not kept in respect ol the charity as requlred by Bectlon 386 of the 2006 Act,. or the financial statements do not accord wlh those records., or th8 financial slalemenls do not comply wlth the accounllng requlremenls of section 398 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 independént examination., or the financial ststgments have not been prepared in accordance with the mglhods and PTincApl68 of th& statement of Recommended Prath'ce for accounting and reporting by charitie5 applicable to charities prepartng their accounts in accordanc? wrth the Financial Reporb'ng Standard appllcable In the UK and Republlc of Ireland IFRS 1021. I have no concerns and have come across no other matters In connectlon wlh the examinatr'on lo which attention should be drawn in this report in order lo enable B prop8r understanding of the financial Statements lo be reached. rlsh Shah - Independent Examlner SPW IUKI LLP Gable House 239 Regents Park Road London N3 3LF Dated..
THE CHRONICLE THEATRE COMPANY LIMITED STATEMENT OF FINANCIALACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2024 Unrestrlctsd funds 2024 Unrestrlcted funds 2023 Notes Income and endowments from: Donations and legacies Charitable activities Summer school A Merch8nt of Venlce Orchard Project Liverpool Project Workshops Aliens Project 19,900 14.111 18,517 3,822 16.110 3,500 900 5.000 Other Incom8 388 Total Incom• 35,299 46,949 EXndItUrn on: Fundr818ing ond public 900 Charflablé a¢tlvllle6 16,410 41,931 Totsl •xwndltur• 17,310 41,931 Net Income and mov•ment In fund8 17,989 S.018 Reconclllatlon of fund8: Fund balonces at 1 April 2023 7,975 2.957 Fund balanc08 at 31 March 2024 25,964 7,975 Tho statement of financial activiligs Includes all galns and lossés recognlsed in the year. All income and expenditure derive from ¢ontsnuin9 activiti8$.
THE CHRONICLE THEATRE COMPANY LIMITED BALANCE SHEET ASAT31 MARCH 2024 2024 2023 Not•¥ Curr•nt as$ets Debtors Cash al bank and In h8nd 12 876 27,268 381 10,544 28,144 10.925 Crodltor¥: amounts falllng due w5th1n one ygar 13 12,1801 12,9501 Net cuffent a88ets 25,4 7,975 Incom• lund8 Unreslrictod funds 25,984 7,975 25.964 7,975 The company Is entllled lo the exemption from the 8udll requlTemenl contslngd in ¢tIon 477 of the Companles Act 2006, for the year ended 31 Marth 2024. The dlrectors acknowledge Ihgir responslbllilles for complying th the requlrements of the Companies Act 2008 with raspact to accounting records and the preparation of financial slalements. The members have not required the company to oblaln an 8udlt of 118 fin8na81 statements for the yew in questlon In accordance with sectlon 476. Thgse financi81 slalemenls havg been prepargd in accordance with the pfovisions applicable to Gompanie$ subjeGI lo the small companie8 rtgime. The fingncTal statement8 were a roved by the board of trustee8 on . M I Corbidge Trustse and Chalmian J P Peckham Trustee and Honorary Treasurer Company regi*tration number 10022562
THE CHRONICLE THEATRE COMPANY LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Accountlng pollcl88 Charity information The Chronicle Theatre Company Llmiled is a private company limited by guar8nlee Incorporated in England and Wales. The reglslered office is Gable Housg, 239 Regents Park Road. London, N3 3LF. 1.1 Accountlng conventlon The financial ststemenls have begn prepared in accordance with the chariltys deed of tNst, the Charlllès Act 2011, the Companies Act 2006, FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland l FRS 1021 and the Charities SORP 'Accounling and Reporting by Charilles." Slalemènl of Recommended Practice applicable lo charit165 preparing their accounts in accordance with the Financlal Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021" leffecuve 1 January 20191. The is a Publlc Beneflt Entity as defined by FRS 102. The has t8kèn 8dvanlage of the provi¥lons in the SORP for charities not lo prep8r8 a Slalemenl of Cash Flow8. The financial $latemenls are prepared in sterling, Kthlch is the functional ¢urrènGy of the Gharty. Monetary amounts in Iheye financial stslemenls are rounded to the nearest £. The finand81 statements have been prepared under thè hlsioril cost convention, The prlnclpal accounts'ng policSe5 adopted are set out below. 1.2 Golng conc•rn The financial slalemenls are prepared on Ihg basis ol going concern, the applic8bllty of which Is dependent upon the continued support of the company's crfjdilors and financiers. In the opinion of the Irusle8s, the company has the support of ils creditors and financiers for the foreseeable lulure. and il is Iherebre consldered appropriate to adopt the golng eoncèm policy. The financial slalements do not include any adjuslmenls that would re8uII if guch support was wllhdrawn. 1,3 Charltable funds Unregtrietèd funds are avallable for use al the discrellon of the Iruslees In lurtherance of their charitable obleclives. Restrided funds are 5ubjed lo specific conditions by donors or grantors as lo how they may be used. The purposes and uses of the r•stri¢tgd funds are sel out in the notes to the financi81 stalemenls. Endowment funds are subject lo ¥pecfflc wndillons by donors that the capllal musl be malntained by the chartty. 1,4 Incom• Income is recognised when the charity is legally entitled to it after any performance conditions have been mel, the amounts can be measured rellably, and il Is probable that income will be rec8iv8d. Cash donations are recognised on receipt. Other donation5 are recognised once the charity has been nolifigd of the donation. unless pertomiance conditsons require deferral of the arnounl. Income lax recoverable in relation lo donations rèceived under Gift Aj'd or deeds of covenant Is recognlsed at the time of the donation. Legades are recognised on relp1 or olherwise if the charity has been notlfied of an impending di8lribub'on, the amount is knoN¥n, and reipt Is gxpedgd. If the amount is not known. the legacy is treated as a contingent asset.
THE CHRONICLE THEATRE COMPANY LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 A¢countlng pollclos {Contlnu¢d) 1.S Expgndlturg Expenditure Is recognls8d once there is a legal or conslructlve obllgallon to transfer economic benefit to a Ihircl party, il is probable that a transfer of economlc benefits will be required in settlement, and the amount of the obligation can be rneasuretj reliably. Expenditure Is classified by activity. The costs of each 8cllvlly are made up Cif the total of dir1 costs and shared co$l¥, including support costs involved in undertaking each 8Ctivity. Direct CDSIS attributable lo a single activity are allocated diredy lo that activity. Shared costs whlch contribute ltr mgre than one activity and support costs which are not attributable lo a single activity are apportioned betsveen thos8 activili8s on a basis conslslenl with the use of iesourc&s. Central staff costs are allocatèd on the basis of lime spent. and depreciation tharges are allocated on the portion of the asset's use. 1.6 Cash and cash oqulvalant8 Cash and cgsh equivalents include cash In hand. deposrts held al call with banks. other short-lefm liquid inve8lmenl8 with orlglnal malurilies ¢f three months or le88, and bank overdralts. Bank overdiafts arè Shown wlthin borrowlngs In current liabllltles. 1.7 Flnanclal In•truments The ¢harity has elected lo apply the provislons of Section 11 'Baslc Flnanclal Inslrumenls, and Secllon 12 'Olher Financial Instruments 18suès' of FRS 102 to all of rts finanaal inslrumenl8. Flnancial Instruments are recognlsed In the charity's balance aheet when the charity becomes paty to the conlraclual provisions of the instrum¢nt. Financial assets and liabllllles are offset. with the nel amounts presented in the flnanclal slalemen18, when there Is 8 legally enforceable rSght lo sel off the re¢ggni$gd amounts and there is an intention to settle on a nel basls or lo reali8e the asset and settle Ihg liablllty ylmullaneously. 8•sic financial assets Basic financial a888ls. whSch include debtor5 and ush and bank balances, are Inlllally measured at transaction price Includin9 transaction CDSts and are $ub$gquenlly carried al amortlsed cost using the effective interest method unless the arrangement constilules a financing transaction, where the transaction is measured al the present Value of the future receipts di$countfjtJ 81 a market rale ol interest, Financial 88sels classified as receivable wllhln one year are not amortised. Baslc financial liabilities Basic financial liabilities. includlng creditors and bank loans are inillally recognised al Iransacts'on prlce unless the arrangement conslilules a financing Iransaclion, where the eebl instrument is measured al th8 present value of the futu payments discounted al a market rale of inlergsl. Financial liabiliues classified as payable within one year are not amort15ed. Debt instruments are subsequently earri8d al amortised cost, using the effective interest rate method. Trade creditors are obligations to pay for good$ or $orvi¢es Ihal have been acquired in the ordlnary course of operations from suppllers. Amounts payable are classified as current liabilities rf payment is due within one year or less. If not. they are presented as non-current liabilities. Trade creditors are recognised inlUally at Iransa¢tion price and subsequently measured al amortised cost using the effertive interest method. Derecognftlon of financial liabilitios Finan¢ial liabilits'gs are deiecognised en the charity's conlraclual obligations expire or are discharged or cancelled.
THE CHRONICLE THEATRE COMPANY LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Accountlng pollclos IContlnu•dl 1.8 Empk+yeo beneflts The cost of any unused holiday entitlement 18 recognised in the perlod Sn whleh the emOyee'S servKes are received. Termination benefits are recognised immediately 8S an èxpènse when the charity is demonstrably mMItted lo termlnate the employment of an employee or to provide lemilnatlon benefrt$. Crltlcal accountlng ostlmatss and Judgam•nt8 In the applicatson of the charlty's accounting policies, the trustees are requlred lo make judgements, oslimales and assumptions about the carrylng amount of assets and liabilities that are not readSly apparent from other sources. The 98limales and 888¢xiaied assumptions are based on histon'cal eXperIen and other faclcf5 thai are considered lo be relevant. Actual results may d+ffer from these eslimales. The 881imates and underfying 8ssumpti¢Jns arg reviewed on an ongoing basls. R8vlsion$ lo accounting •¥limales are recognised In the perlod in whith the estimate is revised where the revision affects cnly that period, or in the perlod of the revlslon and futuro perfod8 where the revi8lon 8ffect8 both current and future poriods. Income from donatlon8 Ind legacles Unrestrktsd funds 2024 Unro•trlct•d 2023 Donations and gifts 19,900
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THE CHRONICLE THEATRE COMPANY LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Othgr Income Unr•8trlctèd Unrestrlctsd fundg funds 2024 2023 Other income 388 Expgndrture on rn18lng fund8 Unrejtrleted Unro¥trlct•d funds fund$ 2024 2023 Fundral•lng and publlclty Fundraiser's commission 900 harft•ble acovltlei Unr•8trl¢t•d Untcted Fund¥ Funds 2024 2024 Totsl UnrestrIct Unr••trlct•d 2024 Fund• Fundi 2023 2023 Tot41 2023 Summ8r School Or¢hard Project Workshops Allens Costs Liverpool Project 10.567 10,567 11,783 16.845 11,783 16,84S 1.568 1,568 4,778 2,989 4,778 2.969 12,135 12,135 36,37S 36,375 Share of suppert co$1$ 18ee note 81 Shar8 of govemance costs (see note 81 3,015 3.01 S 2,926 2,926 1,260 1.280 2,630 2,630 12,135 4,275 16,410 38,375 5,556 41,931
THE CHRONICLE THEATRE COMPANY LIMITED NOTES TO THE FINANCIAL STATEMENTS ICONTINUED FOR THE YEAR ENDED 31 MARCH 2024 Support cogts allocatsd to •ctlvltles 2024 2023 Insurance Computer running costs Motor and travel Subscriptions Bank charges Sundry expen8e8 Exchange gainlloss Governance co¥ls 445 1,747 105 250 113 289 1231 2,630 2,075 228 95 32 24 1,280 4,275 5,556 An•1y$¢d bètween.. Charitable activities 4,275 5,556 Trusts•8' R•mun•rntlon and 8en•flts None of the Iruslees or any persons connected wrth them recelved any remuneralon or beneffts from the charity during the year. 10 Employees The average m¢)nlhly number of employee¥ duilng the year was.. 2024 Number 2023 Numb•r There were no employees wh¢Yde annual remunerallon was more than £60,000. 11 Taxatlon The charity is exempl from laxalion on ils acllvhies because all ils Income 1$ applied for tharrtable purp059$. 12 Dèbtorn 2024 2023 Arnounts falllng due wlthln ono year.. Prep8ymenls and 8ccrued income 876 381 12-
THE CHRONICLE THEATRE COMPANY LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 13 Credltorn: amount8 falllng due within onè y•ar 2024 2023 Notes Deferred income Accruals 14 880 1,300 350 2,600 2.180 2.950 14 Deferred Incom• 2024 2023 Other deferred Income 880 350 Deferred income Is Ineludèd in the financl81 st818mgnts as follows.. 2024 2023 Dèlerrgd income is included wlthin.. Current Ilabiltties 880 350 Movements in thè year.. Deferred Incom8 at 1 April 2023 Released from previous periods Resource8 deferred in thé year 350 13501 880 12,588 112,2161 Deferred inwne al 31 March 2024 880 350 15 Unr•strictsd funds The unrestrlcted funds of the charlly comprise the unexpended balances of donations and grants which are not subject lo specific condS1ions by donors and grantors as lo how they may be used. These includg designated funds whlch have been sel aside out of unre$iiicted funds by the trustees for spaafi¢ purposes. At 1 Aprll 2023 Incomlng resources Rosourcos At 31 March gxpgnded 2024 General fund8 7,975 35,299 117,3101 25,984 Prevlou8 year: At 1 Aprll 2022 Incomin9 resources Resources At 31 March xpènded 2023 General funds 2,957 46.949 141,931) 7,975 13-
THE CHRONICLE THEATRE COMPANY LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 16 Ralated party transactlons There were no disclosable related party transactions during the year. 17 Wlndlng up or dl¥¥olutlon of the charlty If upon wnding up or dlssolulion of the charity, there remain any assets, after the sallsfactlon of all debts and liabilities, the assets represented by the accumulated fund sh811 be transferred to Some other charftabl8 body or bodies having simi18r objects lo the charty. 14-