**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:
- Reviewing financial performance throughout the year
- Reviewing suitability of insurance cover annually
- Requiring dual authorisation on expenditure
- Appointing a health and safety officer
- Maintaining sufficient reserves
## **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:
- a) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and
- b) preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company.
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