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2024-07-31-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 2024 for

TAVISTOCK REPERTORY GUARANTORS LTD

1

TAVISTOCK REPERTORY GUARANTORS LTD.

Contents of the Financial Statements for the Year ended 31st July 2024

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 2024

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 2024.

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.

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, operating a bar, membership fees, hire of facilities and donations made by supporters.

3

TAVISTOCK REPERTORY GUARANTORS LTD

Report of the Trustees (including Directors’ Report) for the year ended 31st July 2024

In 2023 / 2024 we have produced a full calendar of productions. Our audiences are continuing to grow as we invest in marketing, the effect of Covid recedes and awareness of our activities grows.

We continue to hire theatre and rehearsal facilities to other companies 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 is Theatre Manager and a part time marketing manager.

The majority of the company’s funds are held in a deposit account and a 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 total funds after gains/losses on investments amount to net income £190,846 (2023: £119,479).

Of the total, the net movement in unrestricted funds after gains on investments amount to net income of £189,146 (2023: net income £117,979). There was also net income of £1,700 on unrestricted funds (2023: £nil). Detail is provided in Note 18 to the accounts.

Realised and unrealised gains on investments are £17,912 (2023: losses £1,334)

There are tangible fixed assets valued at £2,496,306 (2023: £2,516,487)

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.

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.

4

TAVISTOCK REPERTORY GUARANTORS LTD

Report of the Trustees (including Directors’ Report) for the year ended 31st July 2024

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 505 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:

Mr M. Mulgrew (Chairman) – Resigned 30[th] September 2023 Mr R. Ellis (Chairman) – Appointed 30[th] September 2023 Mr A. Hodge (Secretary) – Resigned 6[th] April 2024 Ms O. Belo Ms S. Burbidge Ms M. Chalk

5

TAVISTOCK REPERTORY GUARANTORS LTD

Report of the Trustees (including Directors’ Report) for the year ended 31st July 2024

Mr N. Insley Ms S. Hughes – Resigned 30[th] September 2023 Mr S. Ley Ms S. Ley – Appointed 30[th] September 2023 Ms J. Nevin – Resigned 4th August 2024 Mr R. Pedersen Mr L. Tuerk – Resigned 30[th] September 2023

Independent Examiner

Nick Paladina, FCA Creative Tax Reliefs Image House Farm Sandy Lane Latham Ormskirk L40 5TU

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 5[th] October 2024 and signed on its behalf by:

Mr Nicholas Insley – Trustee Date: 5[th] October 2024

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 2024.

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: 7 October 2024

Creative Tax Reliefs Image House Farm Sandy Lane Latham Ormskirk L40 5TU

7

TAVISTOCK REPERTORY GUARANTORS LTD

Statement of Financial Activities (Incorporating an Income and Expenditure Account) for the Year Ended 31[st] July 2024

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
2024
Total Funds
2023
£
£
£
£
£
212,736
3,000
0
215,736
166,910
131,791
131,791
152,971
100,981
100,981
103,996
10,181
10,181
3,884
455,689
3,000
0
458,689
427,761
223,849
1,300
225,149
237,307
60,606
60,606
69,641
284,455
1,300
0
285,755
306,948
17,912
0
0
17,912
-1,334
189,146
1,700
0
190,846
119,479
2,960,614
0
0
2,960,614
2,841,135
3,149,760
1,700
0
3,151,460
2,960,614

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 2024

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
Restricted funds
Endowment funds

TOTAL FUNDS		 2024
2023
£
£
401,112
375,066
2,496,306
2,516,487
2,897,418
2,891,553
4,652
4,072
20,154
11,905
242,761
64,687
267,567
80,664
-13,525
-11,603
254,042
69,061
3,151,460
2,960,614
3,151,460
2,960,614
3,149,760
2,960,614
1,700
0
0
0
3,151,460
2,960,614

The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31[st] July 2024.

The members have not required the charitable company to obtain an audit of its financial statements for the year ended 31[st] July 2024 in accordance with Section 476 of the Companies Act 2006.

The trustees acknowledge their responsibilities for:

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

9

TAVISTOCK REPERTORY GUARANTORS LTD

Balance Sheet At 31[st] July 2024

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 financial statements were approved by the Board of Trustees on 5[th] October 2024 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 2024

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 2024

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 £212,537 in donations and legacies

Unrestricted
Fund
Restricted
Fund
£
£
Gift aid donations
2,777
3,000
Other donations
1,524

Legacies
208,435


212,736
3,000
3
ACTIVITIES FOR GENERATING FUNDS
Notes
Income from theatre productions
22
Theatre Tax Credits
Youth Theatre grants and income
Other income
4
OTHER TRADING ACTIVITIES
Membership fees
Bar income
Hires and sub-lets		 Unrestricted
Fund
Restricted
Fund
£
£
2,777
3,000
1,524

208,435
 Endowment
Fund
Total Funds
2024
Total Funds
2023
£
£
£
5,777
13,448
1,524
9,378
208,435
144,084
212,736
3,000		 0
215,736
166,910
2024
2023
£
£
104,450
125,534
22,835
14,405
1,770
11,630
2,736
1,402
131,791
152,971
2024
2023
£
£
30,190
26,679
41,022
50,191
29,769
27,126
100,981
103,996

12

TAVISTOCK REPERTORY GUARANTORS LTD

Notes to the Financial Statements for the Year Ended 31[st] July 2024

5 INVESTMENT INCOME

INVESTMENT INCOME
2024 2023
£ £
Deposit account interest 1,075 0
Dividend income 9,106 3,884
10,181 3,884

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

6 VOLUNTEER TIME

Apart from one theatre manager and part time marketing and bar staff, the company is managed entirely by volunteers. This year, the value of time given by volunteers to manage the company is estimated at £60,000.

7 COSTS OF CHARITABLE ACTIVITIES

Note Unrestricted Restricted Total Total
Expenditure Expenditure Expenditure Expenditure
2024 2023
£ £ £ £
Direct costs of theatre productions 22,379
1,300
23,679		 42,795
Youth theatre costs 2,460 2,460 10,223
Staff costs 11 55,984 55,984 33,700
Insurance 4,963 4,963 4,376
Printing and communications 13,963 13,963 6,975
Rent 22,725 22,725 19,773
Rates 2,450 2,450 3,279
Light, heat and water 17,895 17,895 10,574
Brokerage charges 970 970 714
Depreciation 65,475 65,475 86,152
Bank and card charges 3,602 3,602 4,615
Household 10,013 10,013 10,683
Fundraising and other expenses 970 970 3,448
223,849
1,300
225,149		 237,307

13

TAVISTOCK REPERTORY GUARANTORS LTD

Notes to the Financial Statements for the Year Ended 31[st] July 2024

8 OTHER EXPENDITURE

Legal and professional fees
Irrecoverable VAT
Repairs and maintenance
Facilities management and
marketing
Bar stock, management and casual staff
Independent examiner's fee


NET INCOME/(EXPENDITURE)
Net resources are stated after charging/(crediting):
Depreciation - owned assets		 2024
2023
£
£
3,137
11,300
8,000
10,038
21,633
10,879
1,200
2,834
25,736
33,740
900
850
60,606
69,641
2024
2023
£
£
65,475
86,152

9 NET INCOME/(EXPENDITURE)

10 TRUSTEES' REMUNERATION AND BENEFITS

Trustees’ Remuneration

In the year ended 31st July 2024 no trustees received payment for their services as trustees. Remuneration was paid (with prior Board approval) to one trustee, Jude Chalk, who received £106 (2023: £nil) in the year for providing Front of House services to external companies. No other trustees received any remuneration during the year.

Payment of £511 was made in the year to the son of a director; payment of £363 was made in the year to the daughter of a director, in both cases for bar tending and cleaning services.

The company provides trustee indemnity insurance for the trustees.

No trustee received any other benefits for the year ended 31st July 2024.

Trustees Expenses

During the year four trustees were reimbursed for expenses incurred by them on behalf of the charity. Reimbursements amounted to £3,374 and were for production costs, building maintenance and equipment purchases.

14

TAVISTOCK REPERTORY GUARANTORS LTD

Notes to the Financial Statements for the Year Ended 31[st] July 2024

11 STAFF COSTS

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

2024
2023
Administrative staff
2
2
No employee received emoluments in excess of £60,000.
2024
2023
Wages and salaries
56,370
32,541
Social security costs / (rebate)
-763
765
Pension schemes
377
394
Total staff costs
55,984
33,700
2 INDEPENDENT EXAMINERS REMUNERATION
2024
£
2023
£
Independent Examination Fee
900
850
Tax Advisory Services
2,800
2,160
Total
3,700
3,010
3
FIXED ASSET INVESTMENTS
Investments
£
MARKET VALUE
As at 1st August 2023
375,066
Additions
0
Disposals
0
Revaluations
26,036
Cash movement
10
As at 31st July 2024
401,112

NET BOOK VALUE
At 31st July 2024
401,112

At 31st July 2023
375,066		 2024
2023
2
2		 2024
2023
2
2
55,984
33,700
2024
£
2023
£
900
850
2,800
2,160
3,700
3,010
Investments
£
375,066
0
0
26,036
10
401,112
401,112
375,066

12 INDEPENDENT EXAMINERS REMUNERATION

13 FIXED ASSET INVESTMENTS

15

TAVISTOCK REPERTORY GUARANTORS LTD

Notes to the Financial Statements for the Year Ended 31[st] July 2024

14 TANGIBLE FIXED ASSETS

14 TANGIBLE FIXED ASSETS
Fixtures Machinery
Computer Land and and and
Equipment Buildings Fittings Equipment
Total
£ £ £ £ £
OPENING BOOK VALUE
At 31st July 2023 4,444 2,417,201 73,924 20,918 2,516,487

ADDITIONS
Additions in year 7,439 13,689 23,394 772 45,294

DEPRECIATION
Charge for year -2,821 -37,378 -14,562 -10,714 -65,475

NET BOOK VALUE
At 31st July 2024 9,062 2,393,512 82,756 10,976 2,496,306

15
STOCKS
2024 2023
£ £
Bar stock 4,652
4,072
4,652
4,072
16 DEBTORS (AMOUNTS FALLING DUE WITHIN ONE YEAR) AND PREPAYMENTS
2024 2023
£ £
Gift Aid repayment from HMRC 857
3,292
Pre-paid royalties 14,993
5,430
Other prepayment 4,304
3,183
20,154
11,905
17 CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£ £
Accruals and deferred income 3,235
7,727
VAT 1,812
1,219
Payroll liabilities 111
765
Pre-paid box office income 306
392
Third party box office 8,061
0
Income received in advance 0
1,500
13,525 11,603

16

TAVISTOCK REPERTORY GUARANTORS LTD

Notes to the Financial Statements for the Year Ended 31[st] July 2024

1 8 MOVEMENT IN FUNDS

Unrestricted fund
Restricted fund
Endowment fund
TOTAL FUNDS		 Balance at 31 July
2023
Net movement in
funds
Balance at 1
August 2024
£
£
£
2,960,614
189,146
3,149,760
0
1,700
1,700
0
0
0
2,960,614
190,846
3,151,460

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

Unrestricted fund
Restricted fund
Endowment fund
TOTAL FUNDS		 Incoming
resources
Resources
expended
Gains and
losses
Movement
in funds
£
£
£
£
455,689
-284,455
17,912
189,146
3,000
-1,300
0
1,700
0
0
0
0
458,689
-285,755
17,912
190,846

The restricted fund consists of donations from Candida Doyle to support the Company’s work to support black female voices, including the production of Ain’t I A Woman ?

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 other than as detailed in Note 10 to the accounts.

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 505 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 2024

22 PRODUCTION DETAIL

18