Charlty registration number 223923 IEngland and Walesl Company reglstration number 00463046 HIGHBURY THEATRE CENTRE LIMITED ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024
HIGHBURY THEATRE CENTRE LIMITED LEGAL AND ADMINISTRATIVE INFORMATION Trusteès Mr S Bowyer MsMILane Ms C Lea-Redmond MrA C Noakes Mr M C Walker Mr K RAgnew Mr R J Irons Ms A J Cahill fjrPJOwen Ms S F Haynes Mr R Phillips Ms E Parry Ms G Evans (Appointed 15 April 20241 (Appoinlgd 15 April 20241 (Appointed 27 March 2024} Senior managem9nt Mr S Bower Ms A J Cahill MrPJOwen Chair Vice chair Secretary & Finance Director Charlty number (England and Wales) 223923 Company number 00463046 Reglstered office Sheffield Road Sutton Coldfield West Midlands England B73 5HD Auditor Haslehursls Limited 88 Hill Village Road Sutton Coldfield Wesl Midlands England B75 58E
HIGHBURY THEATRE CENTRE LIMITED CONTENTS Page Trustee, report Irndendet audilo¥'s report Statement of financial activities Slalemenl of financial position Notes to the financial statements 10-18
HIGHBURY THEATRE CENTRE LIMITED TRUSTEE, REPORT (INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 JULY 2024 The trustees present their annual report and financi81 statements for the year ended 31 July 2024 The financial slalements have been prepared in accordance with the accounting policies set out in note 1 to the financial slalemenls and comply with the Charity's governing document, the Companies Act 2006 and "Accounting and Reporting by Charities.. Statement ol Recommended Practice applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable In the UK and Republic ol Ireland IFRS 1021 leffeclive 1 January 20191. Oblèctives and actlvltles The company is limited by guarantee and is registered as a charity IRegislered No 2239231. Our aim is to raise, develop and re-define the standards of community theatre. Public beiiefil The IrLJslees have psid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertak& The Highbury Theatre Centre Limited was established lor the public benefit lo promote. maintain. improve and advance education through the performance and pra¢lising arts. Including drama, mime. dance, film. mus5c and visual arts. Achlevements and performance Sigi?ificai?l acfivities ai?d achi&vemenls againsl objeclives The theatre tries to include a Creative and challenging programme ol stage performances which may or may not be seen al other Ihealres nationally bul are of an interest lo our patrons. The theatre also hires out their facilities to other Ihealres to stage their productions and also allows local artist lo display their works lo our patrons Productions during the year.. Relatively Speaking Taking Sides The Farndale Avenue Housing Eslale Townswomen's Guild Dramatic Society Christmas Carol Abigail's Party Blue Remembered Hills A Bunch ol Amateurs How lo Dale a Feminist Isludiol London Suite 45% 22% 560 740 390 Flnancial revlew A summary ol the Charity's fInanS is sel out in the allached financial slalemenls for the year ended 31 July 2024. Income from charitable activities amounted 10 £77,330 12023 - £81,892). Costs of theatre activities amounted lo £110.74512023 £106,851) Inveslmenl properties generated rental income of £35,91012023 £29.6551 lor the year. The nel deficit in funds of £7,67212023 - £110,642 surplus) has been deducted from reserves. Accumulaled unreslricled funds carried forward al 31 July 2024 were £1,832,41212023 - £1,840.0841. Accumul8led reslricled funds Carried lOard al 31 July 2024 were £62.27612023- £62.2761.
HIGHBURY THEATRE CENTRE LIMITED TRUSTEE, REPORT {INCLUDING DIRECTORS. REPORT) {CONTINUED) FOR THE YEAR ENDED 31 JULY2024 ReseNes poIY It Is the policy of the charity that unreslricled ftjnds which have not been designated for a specific use should be maintained al a level equivalent lo between three and six mgnth's expenditure. The trustees eonsiLler that reserves at this level will ensure that. in the event of a significant drop in funding, they will be able to continue the charity's currenl activities while consideration is given to ways in which additional funds may be raised. This level of reserves has been maintained throughout the year. Plan$ for future pgrlods The charity has a full prtsgramme of performances planned lor the forthcoming year. 11 will continue lo bo actively involved in the local community and encourage participation throughout. Structure, governanc8 and managemgnt The organisalion is a charitable company limited by guarantee, incorporated 3 January 1949 as amendèd by special resolutions dated 20 FebTuary 1990. The company was established under a Memorandum and Articles of Association, which imposes reslri¢lions on the scope of th8 Charity's operations. The activities of the Charity are limited lo those related lo the regeneration ol ils area ol benefit and the promotion of the ben?fil of the inhabilanls ol ils area of benefit. The Memorandum of Association provides that the Charity has Ihg ppwer lo invest money not immediately required for the Charity's obieels in such investments, securities or property as may be thought lil by the company. The company is governed under 115 Articles ol Association. In the event of the company being wound up. members are required lo contribute an amount not exceeding £1.0D. The Iruslees, who are also the directors for the purpose of cornpany law, and who served during the year and up lo the dale of signature of the financial statements were.. Mr S Bowyer M5MILane Ms C Lea-RedmDnd MrA C Noakes Mr M C Walker Mr K RAgnew Mr R J Irons MSAJ Cahill MrPJOwen Ms S F Haynes Mr R Phillips Ms E Parry Ms G Evans {Appoinled 15 April 20241 {Appoinled 15 April 20241 {Appoinled 27 March 2024> Recruilmenl and &ppoinlment of Irus(ogs We have people who are player members of the Highbury Theatre. Those who are involved with the rL*nning of Ihg Theatre over al least 3 years, not necessarily as actors, are invited lo become members of the CoMpY Highbury Theatre Centre Limi(ed. As the company is limited by guarantee, these members agree lo pay £1 in the event of nLYing up of the company. These members are those who attend the AGM and can vole lo approve the accounls and lo elect the directors lo the Board. The Directors gf the company, Highbury Theatre Centre Limited, are also Trustees of the charity. None of the Iruslees has any beneficial interest in the tompany. All ol the Iruslees are members of the company and guarantee lo contribute £1 In the event of 8 winding up.
HIGHBURY THEATRE CENTRE LIMITED TRUSTEE, REPORT (INCLUDING DIRECTORS, REPORT) ICONTINUED) FOR THE YEAR ENDED 31 JULY2024 The company's current policy ¢onceming the payment of trade creditors is lo follow the CBI'S Prompt Payers Code {¢opies are available from the CBI, Centre Point, 103 New Oxford Street. London WC1A 1 DUI. The company's current policy conceming the payment of trade creditDr$ is to.. • sellle the terms ol payment with suppliers when agreeing the terms of each transaelion., ensure that suppliers are made aware ol the temis of payment by inclusion of the relevant terms in conlracls., and pay in accordance with the company's conlraclual and other legal obligations. Owanisalional slruclure The Charity has". Audience members As the theatre is 8 'Club' under the Licen¢ing Act, people attending lo watch a perfc*rmance have lo be al least an Audience Member. They are able lo usè the facilities at the Ihealre. Player Members - We ask that Ih05e people who want to perform in our plays that they are Player Members. We also ask that people who help in thè running of the theatre are also Player Membèrs. The Charity has a Board of Directors who are the Trustees. The Board confirms the work dor in the theat. There are various committees that decides what plays we will perform, what work needs to be done lo improve the Ihealre, and a player's management lo run the acting siole. Statemènt of trustee. responslbllltles The trustees, who are also the directors ol Highbury Theatre Centre Limited for the purpose of cornpany law, are responsibl8 for preparing the Trustee, Report and the linancial 51alemen15 in acwrdance with applicable law and Lsniled Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Pra¢licel Company law requires the trustees lo prepare financial statements lor e8ch financial year which givè a true and fair view of the stale of affairs of the charity and of the incomirsg resources and application of resour5, including the income and expenditure. of the eharilable company lor that y$ar. In prepsring these financial sla18ments, the trustees are required lo.. select suitable accounting policies and then apply them consislenlly,. observe the method5 and principles in the Charities SORP., make judgements and eslimales that are reasonable and prudent", slate whether applicable UK Accounting Slanclards have beèn followed, subject lo any material departures disclosed and explained in the financial slalemenls., and Prepare the financial statements on the going concern basis unless il is inappfopfiale lo presume that the charity will continue in operation. The trustees are responsible for keeping adequate accounting records that diselose with reasonable accuracy at any lime the financial position of the charity and enable them lo ensure that the financial slalemenls comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Auditor In accordance with the company's articles, a resolution proposing that Haslehursls Limited be reappointed as auditor of the company wll be pul al a General Meeting.
HIGHBURY THEATRE CENTRE LIMITED TRUSTEE, REPORT (INCLUDING DIRECTORS, REPORT) (CONTINUED) FOR THE YEAR ENDED 31 JULY2024 The Iruslee, reF)Qrt was approved by the Board of Trustees. MrPJOwen Trustee 14 April 2025
HIGHBURY THEATRE CENTRE LIMITED INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF HIGH8URY THEATRE CENTRE LIMITED Oplnlon We have audited the financial slalemenls ol Highbury Theatre Centre Limited (the 'charity'l IDr the year ended 31 July 2024 which Comprise the statement of financial activities, the slalemenl of fi'nancial position and notes to the financial slalement5, including significant accounting pglicies Thè financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 1 C12 The Financial Reporting Sland&rd &pplic8ble in th8 UK and Republic of Irgland (United Kingdom GenerallyAccèpled Accounting Praclicel. In our opinion, the financial slalemenls.. give a true and fair view of the slate of the charitable company's affairs as al 31 July 2024 and of ils incoming resources and application of resources, for the year then ended.. have been property prepared in accordance with United Kingdom Generally Accepted AoUntIng practi., and have been prepared in accordance wlh the Tequiremenls of the CompaniesAcl 2006. Basis for oplnlon We conducted our audit in accordan with Inlemalional Standards on Auditing IUKI IISAS IUKII and applicable law. Our responsibilities under those standards are further described in the Audilorfs respo17sibilili&s lor th8 audit ol Èhg finai?cial slat8menls section of our report. We are independent ol the charity in accordance with the ethical requirements that are relevant lo our audit of the financial slalemenls in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other elhical responsibilities in aecordants with these requirem&nls. We believe that the audit evidence we have obtained is sufficient and appropriate lo provide a basis for our opinion. Concluslons relatlng to going concern In auditing the 1snan¢ial slalemenls. we have concluded that the trustee, use of the going concern basis of accounting in the preparation of the financial slalemenl$ is appropriate. Based on Ihe work we have performed, we have not identified any material uncertainties relating to evgnls or conditions that, individually or ¢olleclively, may cast significant doubl on the charity's ability lo continue as a going COnrn for a period of al least twelve months from when the linancial stalemenls are aulhori5ed for issue. Our responsibilities and the respon5ibililies of the Iru5tees with respect to goin9 COnM are described in the relevant sections of this report. Other Informatlon The other information Comprises the information included in the annual report other than the finarcial slalemenls anrj our auditorfs report thereon. The trustees are responsible for the other informaliDn ¢ontsined within the annual report. Our opinion on tho financial statements does not cover the other information and we dD not express any form of assurance conclusion Ihereon. Our responsibility is lo read the other information and, in doing so, consider whether the other infomalion is maleiially inconsislenl with the financial slalemenls or our knowledge obtained in the course of the audit, or olhorwse appears lo be materially misslaled. 11 we identify such material inconsistencies or apparent material misslalemenls, we are required lo determine whether this gives rise lo a malerkil misstatement In the financial statements themselves. If, based on the work we have performed, we conclude that Ihere is material misstslemenl of this other information, we are required lo report that fact. We have nothing lo report in this regard. Matters on whlch we are requirgd to report by exceptlon We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 requires us lo report to you if, in our opinion.. the information given in the financial statements is inconsislenl in any material respect with the Iruslee, report". or sufficient accounting records have not been kept," or the financial slalemenls are not in agreement with the accounting records.. or we have not rèceived all the informalioft and explanations we require for vur audit.
HIGHBURY THEATRE CENTRE LIMITED INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF HIGHBURY THEATRE CENTRE LIMITED Responslbllilles of trustees As explained more fully in the slalement of Ifuslee, responsibilities. Ihe trustees, who are also the directors of the tharily for the purpose ol company law, are responsible for the preparation of the financial slalemenls and for being satisfied that they give a true and fair view, and for such internal control as the Iruslees delermino is necessary to enable the preparation of financial ststemenls that are free from material misstalemenl. whether due lo fraud or error. In preparing the financial slalemenls, the Irusl&es are iesponsible for assessing the charity's ability to continue as a goif)g concern, disclosing, as applicable, matters relaled lo going concem and using the going eoncern basis of accounting unless the Iruslees eithèr intend lo liquidate the charitable company or lo cease operations, or have no realistic allernalive bul lo do so. Auditor's responsibllltles for the audlt of the flnanclal statements We have been appointed as auditor under s&clion 144 01 the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder. Our objectives are lo obtain reasonable 8ssurance about whether the financial slalemenls as 8 whole are free from material misslalemenl. whether due lo fraud or errof, and lo issue an auditor's report that includes our opinion. Reasonable assurance is a high levèl of assurance bul is not a guarantee that an audit conducted in accordance with ISAS IUKI will always delecl a material misslalemenl when il exists. Misslalemènls can arise from fraud or error ond are considered matèrial if, Individually or In the aggregate, they could reasonably be expected to influence the economic decisions of user5 taken on the basis of these financial slalements. The extent lo which our procedures are capable of detecting irregularities, induding fraud. is detailed below. We obtained an understanding of the company's legal and regulatory framework and the industry in thich it operates. We considered Ihe risk of acts by the company that might have contravened applicable laws and regulations, including fraud. Our audit procedures wtsre designed lo respond to the risk, recognising that the risk of not delecling a material misslalemenl due lo fraud is higher than the risk of not delecling one [esLtIng frotn error, as fraud may involve deliberate eoncealmenl by way ol forgery. inlenlional fepresentations or through collusion. We focussed on laws and regulations which Could give nse lo a material misstslemenl in the fi'nanaal slalemgnls, including, bul not limilgd lo the Companies Act 2006 and UK lax legislation. Our tests included agreeing the financial slalemenl disclosur&s lo underlying supporting documenlalion. enquiries with rnan8gemenl and third party company representatives. There are inh8renl limitations in the audit procedures described above and, the further removed non-complian with laws and regulations 15 from the events and transactions reflected in the financial slalemenls, the less likely we would become aware of it. We did not identify any key audit mallers relating lo irregulari11&5, including fraucj. As in all our audits. we 31so addressed the risk of management override of internal controls, including lesling journals and evaluating whether there was evidence of bias by the directors that represented a risk of material misslalemenl due lo fraud. A further description of our responsibilities is available on the Financial Reporting Council's website at.. hllps.'Il wwM.frc.org.uklaudilorsresponsibililies. This description forms part of our auditor's report. Usè ofour report This report is made solely lo the ¢harily's trustees, as 8 body, in accordan with Part 4 01 the Charilies (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might slate lo th& charity's IrLtslees those matters we are required lo slate to Ih6m in an auditor's report and for no other purpose. To the fLtllest exlenl permllled by law, we do not accept or assume responsibility lo anyone other than the charity and the charity's trustees as a body. for our audit work. for this report, or lor the opinions we have fomied.
HIGHBURY THEATRE CENTRE LIMITED INDEPENDENT AUDITOR'S REPORT ICONTINUED) TO THE TRUSTEES OF HIGHBURY THEATRE CENTRE LIMITED Stuart Penfold {Sonlor Statutory Auditor) For and on behalf of Haslehursls Limited, Stalijlory Auditor Chartered Accounlanls 88 Hill Village Road Sutton Coldfield Wesl Midlands 875 5BE England 14 April 2f125
HIGHBURY THEATRE CENTRE LIMITED STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 JULY2024 Unrestrlcted Restricted funds funds 2024 2024 Total Unrestrlcted Restricted funds funds 2023 2023 Total 2024 2023 Notes Income from.. Donations and legacies Charitable activities Investments 3,124 77,330 36,992 3,124 77.330 36,992 53,615 81,892 30,070 62,276 115,891 81,892 30,rJ70 Total income 117,446 117,446 165,577 62,276 227,853 Expenditure on: Charitable activities 125.118 125,118 117,211 117,211 Total expenditure 125,118 125,118 117,211 117,211 Net incomellexpendlturèl and movement Sn funds 17.6721 17,6721 48,366 62,276 110.642 Reconclllation of funds: Fund balances al 1 August 2023 1,840.084 82,276 1,902.360 1.791.718 1.791,718 Fund balances at 31 July 2024 1,832,412 62,276 1,894.688 1.840,084 62,276 1,902,380 The statement of financial activities includgs all gains and10sses recognised in the year. All iome and expenditure derive from continuing activities.
HIGHBURY THEATRE CENTRE LIMITED STATEMENT OF FINANCIAL POSITION AS AT 31 JULY 2024 2024 2023 Notes Flxed assets Tangible assets Investment property 11 12 789,079 800,000 808.884 800,000 1,589,079 1,608,684 Current assets Stocks DeblDf5 Cash at bank and in hand 13 14 1,349 2,233 314,867 1,017 17,980 297,693 318,449 316,670 Creditots.. amounts falling due within onè yèar 15 112,8401 {22,9941 Net current asset$ 305,609 293,676 Total ass8ts 19$$ curront Ilabllltles 1.894,688 1,902,360 The funds of the char5ty Restricted income funds Unrestricted funds 16 17 62,276 1,832,412 62.276 1,840.084 1.894,688 1,902,360 The company is entitled lo the exemption from the audit fequiremenl contsinèd in seetion 477 of the Companies Act 2006, for the year ended 31 July 2024. The directors acknowledge their responsibilities lor complying with the requirements of the Companies Act 2006 with respect lo accounting records and the preparation of financial slalemenls. The members have not required the company ID obtain an audit of ils financial slalements under the requirements of the Companies Act 2006, for the year in question in aceordanee with section 478. These financial slalements have been prepared in accordanee with the provisions applicable to companies subject lo the small companies regime. The financial statements were approved by the trustees on 14 April 2025 Mr S Bowyer Trustee Trustpe Company registration nLtmber 00463046 (England and Wales)
HIGHBURY THEATRE CENTRE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 Accounting pollcles Charity information Highbury Theatre Cenlrè Limited is a private Company limited by guarantee incorporated in England and Wales. The registered office is Shèffield Road. Sullon Coldfield, West Midlands, B73 5HD, England. 1.1 Accounting ¢onvelltion The financial slalemèn15 have been prepared in accordance with the charity's governing document, the Companies Act 2L)06. FRS 102 "The Financial Reporting Standard applicable in the UK and Republic ol Ireland" and the Charities SORP "Accounting and Reporting by Charities.. Statement of Recommended Practice applicable lo charities preparing their accounts in accordan with the Financial Reporting Standard applicable in the UK and Republic ol Ireland IFRS 102)" The charity is a Public Benefit Enlily as defined by FRS 102. The charity has taken advantage of the provisions in the SORP for charities not to prepare a slal8nenl ol cash flows. The financial statements are prepared in sterling, which is the lunclion31 currency of the charity. Monetary amounts in these fi'nancial slalemenls are rounded lo the nearest £. The financial slalemenls have b@8n prepared under the historical cost convention, modified lo include the revaluation of freehold properti$s and lo include investment properties and certain financial instruments al fair value. The princip81 aecounling policies adopted arg sel out below. 1.2 Golng concern Al the lime of approving the financial slalgmenls, the Iruslees have a reasonable expectation that the charity has adequate reSoUrS to continue in operational existence for th? foreseeabl8 fuluro. Thus th? trteeS onlinue lo adopt the going ctsncem basis of accounting in preparing the financial slalements. 1.3 Charitable funds The unreslricled funds of a charity compromiso of the unexpended balances of donations and grants which are not subject lo specific conditions by donors and grantors as lo how they may be used. These include designated funds which have been set aside out of unreslricled funds by the Iruslees for specific purposes. The restricted funds of a charity compromise of the balances of donations and granlg which are subject lo specific conditions by donors and grantors as to how they may be used. 1.4 Income Income is recogni5ed when the charity is18gally enlilled lo il after any performan conditions have been mel, the amounts Can be measured reliably, and it Is probable that income will be received. Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance coftdilions require deferral of the amount. Income tax recovèrable in relation to donalions received under Gift Aid or deeds of covenant is recognised al the lirne of the donation. Legacies are recognised on receipt or otherwise if the charity has been notified of an impending distribution. the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a conlingenl asset. 10-
HIGHBURY THEATRE CENTRE LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY2024 Accounting pollcles Icontlnued) 1.5 Expendlture Expenditure is recognised once there is a legal or conslnjclive obligation lo transfer economic benefit lo a third party, il is probable that a transfer ol economitt benefits will be r8quired in setllemenl, and the amtsunt of the obligaliDn can be measured reliably. Expenditure is classlfied by aclivily. The costs of each activity are made up of the lolal of dir1 costs and shared costs, including support costs involved in undertaking each aclivily. Direct costs atlribulable lo a single activity are allocated directly lo that activity. Shared costs which contribute lo more than one activity and support costs which are not atlribulable lo a single activity are apportioned between those activities on a basis consislenl with the use ol resour$ Central staff costs are allocatèd on the basis of lime spent. and depreciatron ¢harges ale allocated on the portion of the asset's use. 1.6 Tangible flxed assets Tangible fixed assets are initially measured at cost and subsequently measured al cost or valuation, nel ol depreeialion and any Impairment losses. Depreciation is recognisèd so as to write off the cost or valuation of assets less their residual valuos over their useful lives on the following bases.. Freehold land and buildings Plant and equipment 2% straight line on cost 10¥0 reducing balance The gain or loss arising on the disposal of an asset is determined as the difference between tt)e sale proceeds and the carrying value of the assel. and is recognised in the slalemenl of financial aclivilies. 1.7 Investment property Investment property, which is property held to eam rentals andlor for capital appreciation, is Initially recognised al Cost, which includes the purchase cost and any directly allribulable expenditure. Subsequently il is measured al fair value al the reporting end date. The surplus or deficit on revaluation is recognised in profil or loss. 1.8 Impainnent of flxed as$ets Al each reporting encl dale, the charity reviews the carrying amounts of ils tangible 2ssets lo delemiine whether there is any indication that those assets have suffered an impaimienl loss. If any such indication exists, the recoverable amount of the asset is eslimaled in grder lo determine the exlenl of the impairmènt loss lif any). 1.9 Stocks Stocks are slated al the lower of cost and eslimaled selling price Eess costs to complete and sell. 1.10 Cash and cash equivalents Cash and cash equivalents incluLle cash in hand, deposits held al call with banks, other short-lerm liquid investments with original malurilies of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
HIGHBURY THEATRE CENTRE LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2024 Ac¢ounting pollcles {Continugdl 1.11 Financlal Instruments The charity has elected to apply the provisions of Section 11 'Basic Financi?1 Instruments, and Section 12 'Olher Financial Instruments Issues. of FRS 102 to all of ils financial inslrumonls. Financial instruments are recognised in the charity's balance sheet when the charity bectrmès paty to the conlraclual provisions of the instrument. Financi81 assets and liabilities are offset, with the nel amounts presented in the financial stslemenls, whèn there is a legally enforable right lo sèt off the recognised amounts and there is an intention lo sellle on a nel basis or lo realise the asset and settle the liability simultaneously. Basic financlal assets Basic financial assets, which include debtors and cash and bank balances. ale initially measured at transaction price including transaction costs and are subsequently carried al amortised cost using the effective interest method unless the arrangement conslilules a financing transaction, where the transaction is measured al the present value of the fulure receipts discounted at a market rale of interest. Financial assets classified as reeèivable within one year are not amortised. Basi¢ financial Ilabilitles Basic financial liabilities, including credilors and bank loans are initially recognised al transaction price unless the arrangement conslillttes a finanung transaction, where the debt instrument is measured al the present value of the future payments discounted al 8 market rale of irsleresl. Financial liabilities cl8ssffied as payable within one year are not amortised. Debt instruments are subsequently carried at amortised cost, using the effective interest rale method. Trade creditors are obligations lo pay for goods or service8 that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-currenl liabilities. Trade ciedilors are recognised initially al Iransacknon price and subsequentty measured al amortised cost using the effective interest method. DeogniTtI0n of financlal liabilities Financial liabilib'es are dèrecognised when the charity's contractual obligations expire or are discharged or cancelled. 1.12 Short term debtors and creditors Short term debtors are measured al transaction price, less any impairment. Loan's receivable is measured initially al fair value. nel of transaction costs. and ar& measured subsequently al amortised cost Ltsing the effective interest method, less any impairment. Short term creditors are measured al the transaelion pri. Other financial liabiliknes, including bank loans, are measured initially al fair value, net of transaction costs, and are measured subsequently al amortised cost using the effective inler&sl method. 12
HIGHBURY THEATRE CENTRE LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY2024 Critical accounting estlmates and ludgements In the application of the charity's accounting policies. the Iruslees are required lo make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factor5 that are considered to be relevant. Actual results may differ from these estimates. The estsmales and underfying 8ssumplions are reviewed on an ongoing basis. Revisions lo accounting eslimales are recognised in the period in which the estimate is revised where the revision affects only that period, Cir in the period of the revision and future periods where the revision affects both current and future periods. Key sources of gstlmation uncertalnty Depreclatlon and resldual values The Trustees have revièwed the asset lives and associaleLI residual values of all fixed asset calculations and have Concluded that asset lives anrs residual values are appropriate. Income from donatlons and legacles Unrgstrlcted Restricted funds fun(Js 2024 2024 Total Unrestrlcted Restricted funds funds 2023 2023 Total 2024 2023 Donations and gifts Legacies Grants Other 894 894 413 53,202 413 53,202 2.230 2.230 62,276 62,276 3.124 3,124 53.615 62,276 115.891 Income frorn ¢har5table activities Unrestricted funds 2024 Unrestrict8d funds 2023 Theatre Income Theatre activities income 77,330 81.892 13-
HIGHBURY THEATRE CENTRE LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY2024 Income from Investment5 Unreytricted Unre5trictgd funds funds 2024 2023 Rental income Interest receivable 35.910 1,082 29,655 415 36.992 30,Q70 Expendlture on charitable actlvitles Theatra Expenses 2024 Theatre Exp&nses 2023 Direct costs Depreciation and inlpairmenl Bar and Catering costs Dgvelopmenl costs Players- Tolal costs Theatre- Total costs Film club c051s 19,605 9,606 5,656 16,890 57,918 1,070 20,701 9,030 15,799 14,185 46,206 930 110,745 106,851 Share of support and gov&rnance costs {see not9 71 Governanc 14,373 10,360 125,118 117,211 Analysls by fund Unreslricled funds 125,118 117.211 Support costs allocated to a¢tivltles 2024 2023 Govemance costs 14,373 10.360 Analysed between: Theatre Expenses 14,373 10,360 14-
HIGHBURY THEATRE CENTRE LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY2024 Support costs allocated to aetivilies Icontlnuedl 2024 2023 Govgrnance costs compr5so'. Audrt fees Legal and professional Bookkeeping 7,877 4,886 1,610 4,040 3,652 2,668 14.373 10,380 Net movem&nt In funds 2024 2023 The net movement in funds is slated after chargingl{creditingi'. Fees payable for the audit of the charity's fingncial slalemenls Depreciation of owned tangible fixed assèts 7,877 19,605 4,040 20,701 Tru$tg9s None of the Iruslees lor any persons connected with them) received any remuneration or benefits from the charity during the year. 10 Taxatlon The charity is exempl from laxalion on ils activities because all ils income is applied for charitable purposes. 11 Tangible flxed asset$ Freehold tand and buildlngs Plant and equlpm?nt Total Cost or valuatlon Al 1 August 2023 807,230 138,971 946,201 Al 31 July 2024 807.230 138,971 946,201 Depreclatlon and IrnpaSrment Al 1 August 2023 Depreciation charged in the year 97.159 9,744 40,358 9,861 137,517 19.605 Al 31 July 2024 106,903 50,219 157,122 Carrying amount Al 31 July 2024 700,327 88,752 789,079 Al 31 July 2023 710,071 98,613 808,684 15-
HIGHBURY THEATRE CENTRE LIMITED NOTES TO THE FINANCIAL STATEMENTS ICONTINUED) FOR THE YEAR ENDED 31 JULY2024 11 Tangible flxed asyets Icontlnuedl Land and buildings with a carrying amount of £700,327 were revalued al 5 July 2013 by Browne Chartered Surveyors, independent valuers not connected with the charity on the basis of market value. The valuation conforms lo International Valuation Standards and wa5 based on recent market transactions on arm's ngth terms for similar properties. Al 31 July 2024, had the revaluerl assets been carried al historic cost less accumulated depreciation and accumulated impairment losses, their carrying amounl would have been approximately £986,127 12023 £991,474) The freehold properties were devalued by £242,646 Icost £291,897 less accumulated depreciation £49,271) which was recognised immediately to the unrestricted reseryes, and therefore there are no revalu8tion reserves. Included in freehold land and buildings is lanc* valueLI al £320,000 which is not depreciated 12 Investmont property 2024 Falr value Al 1 August 2023 and 31 July 2024 800.000 lllveslment property comprises of a historic cost value of £565,000. The fair value of the investment property has been arrived al on the basis of a valuation carried out at 14 December 2020 by Green & Co Limited, Chartered Surveyors, who are not connected with the charity. The valuation was made on an open market value basis by reference lo markèt evidence of transaction prices for similar properties. 13 Stocks 2024 2023 Consumable stocks 1,349 1,017 14 Debtors 2024 2023 Amounts falllng duo wlthln one year: Trade debtors Other debtors Prepayments and accrued income 517 4,298 13,145 2,233 2.233 17,960 16-
HIGHBURY THEATRE CENTRE LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JUL Y 2024 1 S Credltors-. amounts falllng due wlthin one year 2024 2023 Other laxalion and social security Trade creditors Accruals and deferred income 812 2,842 9,186 15,893 7.101 12,840 22,994 16 Rgstrlctfrd funds The reslricled funds of the charity Comprise the unexpended balances of donations and grants hèld on trust subject to specific conditions by donors as lo how they may be used. At 1 August 2023 Incomlng resources At31 July 2024 62,276 62,276 Prgvlous year: At 1 August 2022 Incomlng resources At 31 July 2023 62,276 62,276 17 Unrestricted funds The unrestricted funds of the charity comprise the vnexpended balances of donations and grants which afe not subject lo specifsc condrtions by donors and grantors as lo how they may be used. These include designated funds which have been sel aside out of unrestricted funds by the trustees for specific purposes. At l August 2023 Incoming Rèsoureès resources expended At 31 Juty 2024 General funds 1,840.084 117,446 1125,118) 1,832,412 Previous year: At 1 August 2022 Incomlng Resources resources expended At 31 July 2023 General funds 1,791.718 t65.577 1117,2111 1,84D,084 17-
HIGHBURY THEATRE CENTRE LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY2024 18 Analysls of n&t assèts betwe•n funds Unrestricted funds 2024 Restricted funds 2024 Total 2024 Al 31 July 2024.. Tangible assets Investment properties Current asselsllliabilities) 789,079 800,000 243,333 789,079 800,000 305,609 62,276 1,832,412 62,276 1.894,686 Unrestricted funds 2023 Restrlcted funds 2023 Total 2023 At 31 July 2023: Tangible assets Investment properties Current asselsllliabililies} 808,684 800,000 231,400 808,684 800,000 293,676 62,276 1,840,084 62,276 1,902,360 19 Relatsd party transactlons There were no disclosable related paty transactions during the year12023- none). 18