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2023-07-31-accounts

Registered Company Number : 510482 (England and Wales) Registered Charity Number : 219947

Report of the Trustees and Unaudited Financial Statements for the year ended 31[st] July 2023 for

TAVISTOCK REPERTORY GUARANTORS LTD

1

TAVISTOCK REPERTORY GUARANTORS LTD.

Contents of the Financial Statements for the Year ended 31st July 2023

Pages
Report of the Trustees 3 to 6
Report of the Independent Examiner 7
Statement of Financial Activities 8
Balance sheet 9 - 10
Notes to the Financial Statements 11 to 18

2

TAVISTOCK REPERTORY GUARANTORS LTD

Report of the Trustees (including Directors’ Report) for the year ended 31st July 2023

The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 July 2023.

Tavistock Repertory Guarantors Limited was incorporated as a company limited by guarantee on 11[th] August 1952.

OBJECTIVES AND ACTIVITIES

Objectives and Aims

The charity's objects are specifically restricted to the following:

(1) To promote, maintain, improve, disseminate and advance education of the public, particularly in the production of educational plays, and other stage presentations and the encouragement of the dramatic arts and other arts, including the arts of drama, mime, dance, singing and music;

(2) To give opportunity for persons interested in the fields of dramatic and musical theatre to participate, whether on or off stage, in theatrical productions of high quality; and to formulate prepare and establish schemes for the aforesaid objects provided that all objects of the Company shall be of a charitable nature.

In shaping our objectives for the year and planning our activities, the directors have considered the Charity Commission’s guidance on public benefit, including the guidance on public benefit and fee charging.

Activities Undertaken to Further the Charity's Purposes for the Public Benefit

The main activities undertaken are as follows:

Community Theatre

This activity includes the producing and receiving of theatre shows in our 120 seat theatre and our 50 seat studio.

Skills Development

We provide opportunities for all to gain skills in producing theatre shows including: direction, stage management, set design, costume design, lighting and sound. We have a youth work-experience scheme.

Venue Operation

We provide a cultural centre for the local community as well as rehearsal and performance spaces for a wide variety of professional and community uses.

3

TAVISTOCK REPERTORY GUARANTORS LTD

Report of the Trustees (including Directors’ Report) for the year ended 31st July 2023

Achievement and Performance

The principal activity of the company is organising and presenting theatrical performances under the trading name of the Tower Theatre Company. The activities of the company have been funded by surpluses on theatrical performances, membership fees, hire of facilities and donations made by supporters.

In 2022 / 2023 we have produced a full calendar of productions. Some audience members continued to appear reluctant to return to face-to-face performances, but the number of attendees grew throughout the year.

Facilities hire continued throughout the year and we welcomed several visiting productions.

All the activities of the company are carried on by volunteers (note 6), except for one member of staff who acts as a general manager.

The majority of the company’s funds are held in low-risk portfolio of shares, bonds and cash managed by Rathbone Investment Management Ltd.

The directors consider the results achieved and the state of affairs during the year which is the subject of this report to be satisfactory.

FINANCIAL REVIEW

The results for the year are shown in the statement of financial activities reported on page 8.

Net movement in unrestricted funds after realised gains/losses on investments amount to net income £119,479 (2022: net expenditure £50,834).

Realised and unrealised losses on investments are £1,334 (2022: losses £4,005).

There are tangible fixed assets valued at £2,516,487 (2022: £2,559,585).

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing Document

The charity is controlled by its governing document - its Articles of Association - and is a company limited by guarantee, as defined by the Companies Act 2006.

The Articles of Association were updated and revised in 2015 with further minor revisions in 2019, both to comply with the Charity Commissioners’ guidelines and to reflect certain changes in the operation and management of the Company.

4

Report of the Trustees (including Directors’ Report) for the year ended 31st July 2023

TAVISTOCK REPERTORY GUARANTORS LTD

Related Parties

Payments were made to the directors (or persons connected to them) only by way of reimbursement of expenses incurred on behalf of the company.

Risk Management

The trustees have a duty to identify and review the risks to which the charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error.

The extended period of closure due to Covid regulations created unprecedented uncertainty making business planning and forecasting difficult. However, with the gradual re-opening of economy and the relaxing of Covid restrictions, the trustees believe the business, with its limited fixed costs due to its largely volunteer workforce, is strong.

The board of directors manages risk through:

Reserves Policy

The company aims to maintain liquid reserves in bank deposits and investments of at least £150,000.

Legal Status of Charity

The company is limited by guarantee and does not have a share capital. At the year-end there were 423 members of the company, each of whom has undertaken to contribute up to £1 in the event of the liquidation of the company.

REFERENCE AND ADMINISTRATIVE DETAILS

Registered Company number

0510482 (England & Wales)

Registered Charity number

219947

Registered office

16 Northwold Road London N16 7HR

Directors and Trustees

The directors of the charitable company (the charity) are its trustees for the purpose of charity law. The trustees and officers serving during the year and since the year-end were as follows:

5

TAVISTOCK REPERTORY GUARANTORS LTD

Report of the Trustees (including Directors’ Report) for the year ended 31st July 2023

Mr M. Mulgrew (Chairman) – Resigned 30[th] September 2023 Mr R. Ellis (Chairman) – Appointed 30[th] September 2023 Mr A. Hodge (Secretary) – Appointed 3[rd] August 2023 Ms N. Stanhope – Secretary and Director – Resigned 1[st] October 2022 Ms O. Belo Mr S. Brasher – Resigned 1[st] October 2022 Ms S. Burbidge – Appointed 1[st] October 2022 Ms M. Chalk Mr N. Insley Ms S. Hughes – Appointed 22[nd] February 2023 Mr S. Ley Ms S. Ley – Appointed 30[th] September 2023 Ms J. Nevin Ms A. Ormond – Resigned 24[th] October 2022 Mr R. Pedersen Mr L. Tuerk – Resigned 30[th] September 2023

Independent Examiner

Nick Paladina, FCA Creative Tax Reliefs F14A Bolton Arena Horwich Bolton, BL6 6LB

EVENTS SINCE THE BALANCE SHEET DATE

There have been no events since the balance sheet date that materially affect this position.

This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

Approved by order of the board of trustees on 14[th] October 2023 and signed on its behalf by:

Mr Nicholas Insley – Trustee Date: 14[th] October 2023

6

Independent Examiner’s Report to the Trustees of Tavistock Repertory Guarantors Ltd.

I report to the charity trustees on my examination of the accounts of the Company set out on pages 8 to 18 for the year ended 31[st] July 2023.

Responsibilities and basis of report

As the charity’s trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 (‘the 2006 Act’).

Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity’s accounts as carried out under section 145 of the Charities Act 2011 (‘the 2011 Act’). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5) (b) of the 2011 Act.

Independent examiner’s statement

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

  1. accounting records were not kept in respect of the Company as required by section 386 of the 2006 Act; or

  2. the accounts do not accord with those records; or

  3. the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a ‘true and fair’ view which is not a matter considered as part of an independent examination; or

  4. the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities [applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)].

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.

Signed:

Nick Paladina, FCA

Date: 15 October 2023

Creative Tax Reliefs F14A Bolton Arena Horwich Bolton BL6 6LB

7

TAVISTOCK REPERTORY GUARANTORS LTD

Statement of Financial Activities

(Incorporating an Income and Expenditure Account) for the Year Ended 31[st] July 2023

Notes
INCOME AND ENDOWMENTS FROM
Donations and legacies
2
Charitable activities
3
Other trading activities
4
Investment Income
5
Total
EXPENDITURE ON
Charitable activities
7
Other
8
Total
Net gains/(losses) on investments
NET INCOME
RECONCILIATION OF FUNDS
Total funds brought forward
TOTAL FUNDS CARRIED FORWARD		 Unrestricted
Fund
Restricted
Fund
Endowment
Fund
Total Funds
2023
Total Funds
2022
£
£
£
£
£
166,910
166,910
6,148
152,971
152,971
83,348
103,996
103,996
86,548
3,884
3,884
2,266
427,761
0
0
427,761
178,310
237,307
237,307
185,640
69,641
69,641
39,499
306,948
0
0
306,948
225,139
-1,334
-1,334
-4,005
119,479
0
0
119,479
-50,834
2,841,135
2,841,135
2,891,969
2,960,614
0
0
2,960,614
2,841,135

CONTINUING OPERATIONS

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

All income and expenditure derives from continuing activities.

The notes on pages 11 - 18 form part of these financial statements

8

TAVISTOCK REPERTORY GUARANTORS LTD

Balance Sheet At 31[st] July 2023

Notes
FIXED ASSETS
Investments
13
Tangible assets
14


CURRENT ASSETS
Stocks
15
Debtors and prepayments
16
Cash at bank


CREDITORS
Amounts falling due within one
year
17

NET CURRENT ASSETS

TOTAL ASSETS LESS CURRENT LIABILITIES

NET ASSETS

FUNDS
Unrestricted funds
18

TOTAL FUNDS		 2023
2022
£
£
375,066
218,229
2,516,487
2,559,585
2,891,553
2,777,814
4,072
1,500
11,905
12,232
64,687
69,398
80,664
84,629
-11,603
-19,809
69,061
63,321
2,960,614
2,841,135
2,960,614
2,841,135
2,960,614
2,841,135
2,960,614
2,841,135

The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31[st] July 2023.

The members have not required the charitable company to obtain an audit of its financial statements for the year ended 31[st] July 2023 in accordance with Section 476 of the Companies Act 2006.

The trustees acknowledge their responsibilities for:

These financial statements have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small charitable companies.

The notes on pages 11 - 18 form part of these financial statements

9

TAVISTOCK REPERTORY GUARANTORS LTD

Balance Sheet At 31[st] July 2023

The financial statements were approved by the Board of Trustees on 14[th] October 2023 and were signed on its behalf by:

Mr Nicholas Insley – Trustee

The notes on pages 11 - 18 form part of these financial statements

10

TAVISTOCK REPERTORY GUARANTORS LTD

Notes to the Financial Statements for the Year Ended 31[st] July 2023

1 ACCOUNTING POLICIES

Basis of preparation

The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) ‘Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1[st] January 2015)’ Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and the Republic of Ireland’ and the Companies Act 2006. The financial statements have been prepared under the historical cost convention with the exception of investments which are included at market value, as modified by the revaluation of certain assets.

The financial statements have been prepared in accordance with the Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard for Smaller Entities published on 16/07/14, the Financial Reporting Standard for Smaller Entities (effective January 2015) and the Companies Act 2006. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy note(s).

Income

All incoming resources are included on the Statement of Financial Activities when the charity is legally entitled to the income and the amount can be quantified with reasonable accuracy.

Expenditure

Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.

Tangible fixed assets

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

Freehold buildings -2% on cost Fixtures and fittings -10% on cost Machinery and equipment -20% on cost Computer equipment -20% on cost

Taxation

The charity is exempt from corporation tax on its charitable activities.

11

TAVISTOCK REPERTORY GUARANTORS LTD

Notes to the Financial Statements for the Year Ended 31[st] July 2023

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.

2 DONATIONS

During the year the company received £166,910 in donations and legacies

Gift aid donations
Other donations
Legacies
 2023
2022
13,448
4,408
9,378
1,740
144,084
0
166,910
6,148

3 ACTIVITIES FOR GENERATING FUNDS

Income from theatre productions
22
Theatre Tax Credits
Business support grants
Youth Theatre grants and income
Other income



OTHER TRADING ACTIVITIES
Membership fees
Bar income
Hello Hackney re-opening grant
Hires and sub-lets
 2023
2022
£
£
125,534
75,194
14,405
2,046
0
4,214
11,630
0
1,402
1,894
152,971
83,348
2023
2022
£
£
26,679
12,855
50,191
32,282
0
5,000
27,126
36,411
103,996
86,548

4 OTHER TRADING ACTIVITIES

12

TAVISTOCK REPERTORY GUARANTORS LTD

Notes to the Financial Statements for the Year Ended 31[st] July 2023

5 INVESTMENT INCOME

INVESTMENT INCOME
Deposit account interest
Dividend income
 2023
2022
£
£
0
1
3,884
2,265
3,884
2,266

[The company's cash reserves are invested in short-term bank deposit accounts ]

6 VOLUNTEER TIME

Apart from one administrator, the company is managed entirely by volunteers. This year, the value of time given by volunteers to manage the company is estimated at £50,000.

7 COSTS OF CHARITABLE ACTIVITIES

Direct costs of theatre productions
Youth theatre costs
Staff costs
11
Insurance
Printing and communications
Rent
Rates
Light, heat and water
Brokerage charges
Depreciation
Bank and card charges
Household
Fundraising and other expenses


OTHER EXPENDITURE
Charitable donations
Legal and professional fees
Irrecoverable VAT
Repairs and maintenance
Facilities management and
marketing
Bar stock and management
Independent examiner's fee
 2023
2022
£
£
42,795
28,133
10,223
0
33,700
28,205
4,376
3,573
6,975
3,542
19,773
17,955
3,279
2,970
10,574
7,425
714
1,442
86,152
79,837
4,615
2,902
10,683
8,776
3,448
880
237,307
185,640
2023
2022
£
£
0
120
11,300
4,190
10,038
4,117
10,879
5,124
2,834
7,068
33,740
18,030
850
850
69,641
39,499

8 OTHER EXPENDITURE

13

TAVISTOCK REPERTORY GUARANTORS LTD

Notes to the Financial Statements for the Year Ended 31[st] July 2023

9 NET INCOME/(EXPENDITURE)

Net resources are stated after charging/(crediting):

Depreciation - owned assets 2023
2022
£
£
86,152
79,837

10 TRUSTEES' REMUNERATION AND BENEFITS

Trustees’ Remuneration

No trustees received any remuneration during the year. Payments were made to the trustees (or persons connected to them) only by way of reimbursement of expenses incurred on behalf of the charity.

In the year ended 31st July 2022 remuneration was paid (with prior Board approval) to one trustee, Nicholas Insley, who received £757 in the year for administrative services pending appointment of a new administrator, and payment of £330 to the son of a director for bar maintenance and other services.

The company provides trustee indemnity insurance for the trustees.

No trustees received any other benefits for the year ended 31[st] July 2022.

Trustees Expenses

During the year five trustees were reimbursed for expenses incurred by them on behalf of the charity. Reimbursements amounted to £8,289 and were for production costs, printing, maintenance and equipment purchases.

11 STAFF COSTS

The average monthly number of employees during the year was as follows:

2023 2022
Administrative staff 2 1

No employee received emoluments in excess of £60,000.

Wages and salaries
Social security costs / (income)
Employer contribution to defined contribution
pension schemes
Total staff costs		 2023
2022
32,541
27,753
765
-130
394
483
33,700
28,106

14

TAVISTOCK REPERTORY GUARANTORS LTD

Notes to the Financial Statements for the Year Ended 31[st] July 2023

12 INDEPENDENT EXAMINERS REMUNERATION

Independent Examination Fee
Tax Advisory Services
Total
13 FIXED ASSET INVESTMENTS
MARKET VALUE
As at 1st August 2022
Additions
Disposals
Revaluations
Cash movement
As at 31st July 2023
NET BOOK VALUE
At 31st July 2023
At 31st July 2022
14 TANGIBLE FIXED ASSETS
Computer
Equipment
£
OPENING BOOK VALUE
At 31st July 2022
3,843

ADDITIONS
Additions in year
4,874

DEPRECIATION
Charge for year
-4,273

NET BOOK VALUE
At 31st July 2023
4,444		 Independent Examination Fee
Tax Advisory Services
Total
13 FIXED ASSET INVESTMENTS
MARKET VALUE
As at 1st August 2022
Additions
Disposals
Revaluations
Cash movement
As at 31st July 2023
NET BOOK VALUE
At 31st July 2023
At 31st July 2022
14 TANGIBLE FIXED ASSETS
Computer
Equipment
£
OPENING BOOK VALUE
At 31st July 2022
3,843

ADDITIONS
Additions in year
4,874

DEPRECIATION
Charge for year
-4,273

NET BOOK VALUE
At 31st July 2023
4,444		 2023
£
2022
£
850
850
2,160
300
3,010
1,150
Investments
£
218,230

155,000

0

3,209

-1,373

375,066

375,066

218,230

Land and
Buildings
Fixtures
and
Fittings
Machinery
and
Equipment
Total
£
£
£
£

2,454,306
64,110
37,326
2,559,585
4,874
-4,273
0
22,036
16,144
43,054
-37,105
-12,222
-32,552
-86,152
4,444
2,417,201
73,924
20,918
2,516,487

15

TAVISTOCK REPERTORY GUARANTORS LTD

Notes to the Financial Statements for the Year Ended 31[st] July 2023

15 STOCKS

15 STOCKS
2023 2022
£ £
Bar stock 4,072 1,500
4,072 1,500
16 DEBTORS (AMOUNTS FALLING DUE WITHIN ONE YEAR) AND PREPAYMENTS
2023 2022
£ £
Gift Aid repayment from HMRC 3,292 761
Pre-paid royalties 5,430 4,244
Other prepayment 3,183 7,227
11,905 12,232
17 CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£ £
Accruals and deferred income 7,727 8,318
VAT 1,219 1,582
Payroll liabilities 765 109
Pre-paid box office income 392 0
Deferred income 1,500 0
Youth theatre grant 0 9,800
11,603 19,809

16

TAVISTOCK REPERTORY GUARANTORS LTD

Notes to the Financial Statements for the Year Ended 31[st] July 2023

18 MOVEMENT IN FUNDS

Unrestricted funds
General fund
TOTAL FUNDS		 Balance at 1
August 2022
Net movement in
funds
Balance at 1
August 2023
£
£
£
2,841,135
119,479
2,960,614
2,841,135
119,479
2,960,614

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

Unrestricted funds
General fund

TOTAL FUNDS		 Incoming
resources
Resources
expended
Gains and
losses
Movement
in funds
£
£
£
£
427,761
-306,948
-1,334
119,479
427,761
-306,948
-1,334
119,479

No funds held are subject to any restrictions regarding their use and are available for application on the general purposes of the company.

19 RELATED PARTY DISCLOSURES

No director or other person related to the charity has any personal interest in any contract or transaction entered into by the charity during the year.

20 POST BALANCE SHEET EVENTS

There have been no events since the balance sheet which materially affect the assets of the company.

21 COMPANY LIMITED BY GUARANTEE

The company is limited by guarantee and does not have a share capital. There are 423 members of the Company, each of whom has undertaken to contribute up to £1 in the event of the liquidation of the Company.

17

TAVISTOCK REPERTORY GUARANTORS LTD

Notes to the Financial Statements for the Year Ended 31[st] July 2023

22 PRODUCTION DETAIL

18