Company regl$trdtion numbèr 00463D46 (England and Wales) Charlty registratlon number 223923 (England and Wolesl HIGHBURY THEATRE CENTRE LIMITED ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025
HIGHBURY THEATRE CENTRE LIMITED LEGALAND ADMINISTRATIVE INFORMATION Trustees Mr S Bowyer M5MILane Ms C Lea-Redmond Mr A C No8kes Mr M C WalkÈt Mr K RAgnew Mr R J Irons Ms A J Cahill MrPJOwÈn Ms S F Haynes Mr R Phillips MS E Parry Ms G Ewans Senior m•nagemont T S Bowyer Ms AJ Cahill Mr P J clen Chair Vice chair Secretary & Finance Direclor Country of incorporation United Kingdom (England and Wales) Charity reglstr#tson England and Wales 223923 RegistÈ*d offKe Sheffield Road Sutton Coldffiekl West Midlands England 873 5HD Audltor Haslehursls Limited 88 Hill Village Road Sutton Coldfiekl West Midlands Er¥Jland B75 5BE
HIGHBURY THEATRE CENTRE LIMITED CONTENTS Page Tm8tee' report Slatement of trustee, le8Ms1b1litIeS I1ependent auditD¢s report Statement ol financial aelThiitiès Statemènt of financial positi'on Notes to the financial ststemenls 10-18
HIGHBURY THEATRE CENTRE LIMITED TRUSTEE. REPORT (INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 JULY2025 The trustees present their annual report and financial statements for thè year ended 31 JUFY 2025. The finanaal slalements have been prepared in accordano with the accounting policies set out in note 1 to the financial statements and comply with the charity's governing document, the Companies Act 2006 and Accounting and Reporting by Ch8rilies.' Statement of Recommended Practice applicable lo charities preparing their accounts in accordants wilh the Financial Rèporting Standard applicable in the UK and Republic of Ireland {FRS 1021" (effective 1 January 20191. Oblgctives and activltles Ihe company is limited by guarantee and is registered as a charity (Registered No 2239231. Our aim is to raise, dèveFop and re-define the standards of CL)rllmunity theatre. Public benerrf The trustees have paid due regard to guidance issued by the Charity Commisslon In deciding what activslies the charity should undertake. The Highbury Theatre Centre Limited was established for the public benefit lo promote. maintain, improve and advance education through the perfomance and praGtising arts, including drama, mime, dance, film, music and visual arts. Achievaments and performance Signlfjcanl activities and achEveirJenÉs against objectives The theatre tries lo include a usative and challenging programme of stage performances lch may or may not be seen at other theatres nab'onally bul are of an interest to our patrons. The theatre also hires out their facilltles to other theatres lo stage their pr1ctIonS and also allows local artist to display their works to our patrons. Producb'ons during Ihe year.. Attendance The King's Speech Sheila's Island Notes from a Small Island Home. I'm Darling The Father Little Wars (Studio) Th& Heartless Princess Hansard (Studiol Stepping Out 32% 50% 380 470 22% 83% 30° 680 49Yo FinanGlal revlew A summary of the Charity's finatKes is sel out in the attached finanaal statempnts Igr the year ended 31 July 2025. Income from charitable activities amounted lo £82,687 12024 - £77,330). Costs of theatre activiti'es amounted to £122,781 12024- £110.7451 Investment properties generated rental income of £39,951 12024- £36,992) for the year. The net sijrplus in ft2nds of £13,551 {2024- £7,672 deficill. Accumulated unrestrict8d funds carried forward at 31 July 2025 were £1,845,96312024- £1,832,412). Accumulated restricted fvnds carried fOard al 31 July 2025 were £62,27612024 - £62,276).
HIGHBURY THEATRE CENTRE LIMITED TRUSTEE, REPORT IINCLUDING DIRECTORS, REPORTI {CONTINUED) FOR THE YEAR ENDED 31 JULY2025 Rgserves poIY 11 is the policy of the charity that unreslrieted funds which havè not been designated for a specific use should be maintained at a Jevel equivalertrt to betteen Ihiee and six month's expendtture. The trustees Considei that reserves at this level will ensurè that, in the event of a significant drop in funding, thèy wll be able to ¢onlinue the charity's cuttent activities while consideration is gwen lo ways in which additional funds rnay be raised. This level of resèrves ha5 been maintalned throughoul the year. Plan$ for future perfodÈ The charity has a fvll progiamme of performances planned foT the forthcoming year. It will continue to be activety involved iri the local community and encourage participation throughout. Structure, govèrnance and management The organisab'on is o charitable company limited by guaianlee, incDrpor8tÈd 3 January 1949 as 8mended by special solutions dated 20 February 1990. The company was establishèd under a Memoiandum and Artides of Association, which imposes restrictions Dn thè s¢trpe of the Chaiity's operations. The actimlies of thè Chanty are limrted lo those related to the regeneration of its area ol benefit and the promoion of the benefit of the inhabilanls of s aa Df benefit. Thè Metnorandum ofAssOciatn provides that the Charity h¥$ the power lo invest monèy not imtnedialely required for the Charity's objects in such investments, secuttties or property ès may be thought fit by thè company. The company is govemed under ils ArticlÈs ofAssoaalion. In the event of the company being wound up, members ale required lo contribErte an amount not exceeding £1.00. The truste&5, who are a150 the directors for the purpose c)f company law, and who served during the year and up to the date of signature of the finanrAal statemènts were.. Mr S Bowyer MsMILane Ms C Lea-Redmond MIAC Noakes Mr M C Walker Mr K R Agnew Mr R J Irons Ms A J Cahill MrPJOwen Ms S F Haynes Mr R Phillip5 Ms E Parry MS G Evar¢s RecruitARent and appointm6nl of tmstees We have people who are playèr members of the Highbury Thèatre. Those who are invofved with the running of the Theatre over al least 3 ypar5, not necessarily as actors, are invrted to becorne members Of the oompany Highbury Theatre Centre Limited. As the company is limited by guarantee, thesè membeis agree to Pay £1 in the event of winding up of thè company. These members are those who attend the AGM and can vole lo approvè the accounts knd lo elect the directors to the Board. The Oirèctors of the company, Highbury Theatre Centre Limited, are also Trustees of the charity. None of the trustees has any beneficial inteTe5t irl the company. All of Ihe Iwslees are membets of the crAmpany an¢J guarantèè lo contribute £1 in the event of a winding up.
HIGHBURY THEATRE CENTRE LIMITED TRUSTEE. REPORT IINCLUDING DIRECTORS. REPORTI (CONTINUED) FOR THE YEAR ENDED 31 JULY 2025 Thè ¢ompany's current policy ncernIng the payment of trade creditors Is to follttw the CBI'S Prompt Payers Code IcopEes are available frotn the CBI, Centre Poinl, 103 New Oxford Street, London WC1A 1DU). The company's current policy conceining the payment of trade crrtOrS is lo.. settle the terms of payment with suppliers when agreeing thè temis of each Iransaction., ensure that suppliers ar8 madè aware of the terms of payment by inclusion of the relevant terms in CntraCts. and pay in accor(lance wllh the company's conlr8¢Lual and other legal obligations. Organisglional sInlU The Charity has: Audien members As thÈ theatre is a 'Club' under the LIGenng Act people attending lo watch a performance h8Vts to be at least an Audience Member. They are able lo use the facilitlès 81 thè ihealre. Player Members - We ask that thosè pèoplè who want to wrfoim in our plays that thèy ore Player Members. We also ask th81 people who help in the running of the theatre are 8150 Player Membèrs. The Charity has a Boar(l of Directors who are the Tnjslèès. The Board confirms the work done in the thèatrè. There are various committeès that eeS what plays we will perform, what work need5 to be done lo improvè thé theatre, and a player's management lo run the ac'n9 $e. Audrtor In accordanee wilh the company's aTticle5. a resolution proposing that Haslehursts Limited be rèapp(Trinl&d as auditor ofthe company Mll be pul al a General Meel4)g. The trustee. feport was approved by the Board ofTruslees. MrPJOwen Trustèe Dalè..
HIGHBURY THEATRE CENTRE LIMITED STATEMENT OF TRUSTEE. RESPONSIBILITIES FOR THE YEAR ENDED 31 JULY2025 The trustees, who are also the directDrs of Highbury Theatre Centre Limited lor the purpose of company law, are responsible for preparing the Trustee. Report and the finanual staleffjenls in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Genèrally Accepted Accounting Practice). Company law requirès the trustees to pparE financial statements for each financial year whith give a true and fair view of the slate ol 8ffairs of the charity and of the incoming resour$ and application of resource8, including the in¢ome and expenditure, of the charitsble company for that year. In preparing these finanaal stslernenls, the trustees a iequireLI to.. - select suitable awunting policies and thèn apply them consislently., obseNe the methods and principles in thè Charities SORP., make judgèments and estimates that are reasonable and prudent., stste whether applicable UK Accounting Standards havè bèen followed. subject to any material departures disdosed and explained in thè financial ststements., and Prepare the financial statemènts on the going con¢em basis unless it is inappropriate to presume that the charfty will continue in operation. The trustees are responsibl6 for kÈeping adequate accounting iecords that disclose with rèasonable accuracy at 8ny lime the finanaal position of the charity and enable them to ensure that the financF31 st8tÈmenls cornp wilh the Companies Act 2Wfj. They are also responsible ft>r $#feguardg the assets of the charty and henee for taking reasonablè st8ps for the preverFtion and detection of fraud and other irregularities.
HIGHBURY THEATRE CENTRE LIMITED INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF HIGHBURY THEATRE CENTRE LIMITED Opinion We have audited the ffinancial statemènts of Highbury Thealie Centre Limited (the 'ch8rity'1 for the year ended 31 July 2025 which cornprise the statement of finawal activities, the statement of fin8neial position and notes to t financial slalements, including signrficant 8CLounling policies. The finaw)Thal Teporting framework that has been applied in their pieparation is applicable 18w and United King(knm A¢cL)unting Standards, induding Finanual Reporting Standard 102 The Financial Reporting standa applFcable in th& UK and Republic of Iln (Uniced Kingdom Generamy A¢¢epled AccountirYJ Practice). In our opinion, the finanaal statements". give a true and fair view of the stalè of the eharrtable cornpanls affairs as al 31 2025 and of ils Sncoming resources and application of resoureÈs, for the year then ended., have been propedy prepared in accordan wrth United Kingdom Generalty Accèpted Account4ng Practce,. havÈ en prepared in accordance with the requtrements ofthe Companies Act 2006. Basis for opinlon We conducted our audit in accordaneÈ with 1ntèmab.onal Standards on Auditing (UK) (ISA5 IUIQ} and applicable law. Our responsibilities under those 51andai(Js aTe further described in the AUdfttos m&ponsibilitios for the audit of the financial slalemenls sèdion of oui report. We are independent of the charity in Alxordance with the ethical requirements that are relevant to our audit CTrf the finanaal statements in thÈ UK, ineluding the FRC'S Ethical Standard, 8nd wè have luKilled our other ethical responsibilities in accoidance wlh these requirements. We believè that the audit ewdence we have obtained is suffiaenl and appropriate lo prowde a basis for our (l10n. Conclusions rnlating to going eon¢ern In auditing the finanaal statements, we have conduded that the trustee, use of thè going coneèm basis of accounting in the preparation ol the fjnancial slalements is appropriate. Based on thè work WÈ have pèrformed, we have not idenl1d any material uncertainties Telaling to even15 or conditions that, individually or collectively, rnay cast significant doubl on the ¢harity's abilty lo continue as a going concem for a period of al least h¥efve months from whèn the finanixal statements ale authorised for issue. Our iesponsibilrties and the responsibilities of the Iwslees with respect lo going concern are dès¢xib8d irF the relevant sectiOFlS of this report. Other Infom)atlon The other infomiation comprises the infomiation included in thè annu81 report other than the financial 51alements and our audrtorfs report Ihereon. The trustees are r&sponsiblÈ for thè other infr>rmation eontainéd wrthin the annual report. Our opinion the finanal 5taternenls does not cover the other information and we do not express any form of assuiance conclusion thereon. Our responsibility 15 to read the other infomation and, in doing so, consider whelheT the other information is materially inconsistent with the financial statements or our knowledge Obtain In the course of the audit, or otheise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the ffi'nancial statements themselves. If, basÈd on the work we havè rformed, we condude that thèrè is a material misstatèmènt of this other information, we arÈ required to report that fact. We have nothing lo report in thi5 regard. Matters on whlch we are requlred lo report by exceptlon We have nothing to report in $[Ct ckf the following matlers in relat'on to which th6 Charities (Accounts and Rèports) Règulations 2008 requirès us to report to you if, in our opinion.. the information given iri the financial statements is rnconsistent in any Material respect wilh Ihe trustee, report., or suffiaenl accounting records have not been kept.. or the finanual statements arÈ not in agrÈÈmènt with thè a(fA)unting rècords,. or we have received all the hnfDirnation and explanations we requÉre for our audit.
HIGHBURY THEATRE CENTRE LIMITED INDEPENDENT AUDITOR'S REPORT {CONTINUED) TO THE TRUSTEES OF HIGHBURY THEATRE CENTRE LIMITED Rosponslbilities of trustae$ As explained more fulty in the staterllenl of trustee, responsibilities, the trustees, who are also the direetors of the charity for the purpose of company law, are responsiblè ft>r the preparation of the fjnancial statements 2nd lor being Satisfied that they give a true and fair vw, and lor such internal control as the trtsslees determine is nèoèssary to enable Ihe preparation of financ481 slalements that are free from material misslJlement, whether due lo fraud or error. In preparing the financial slalements, thè Iru51ees are responsible for assessing the Charity's ability to conlinve as a going concern, disdosing, as applicable, matters related lo going concèm and using the going concern basis of at¢ounling unless the Iwstees either intend to liquidate the charitable company or to aSe operatsons. or havè no realistic attemalive bul to do so. Auditorfs respDnsibllltiÈs for the audkt of the financial ststemonts Wè have been apptsinled a6 auditor under section 144 of the Charftles Ad 2011 and report in aco)rdance with thè Act and relevant regulations made or having Èffect theunder. Our objectivè5 are to obtain reasDnable assurance about whether Ihe finanal slalements as a whole are free from material misstatemènt, whether due to fraud or &rror, and to issue an audrtor's report that includes our opinion. Reasonable assurancè is a high level of a58ur3nce bul is not 3 guararktee Ihal an audit conducted in accordan with ISAS (UK) will aayS detect a material misstatement when it Èxists. Misstatements can arise from fraud or error and are considered material if, individually or in the 899regate, they could reasonably be expected lo influeneé the economi¢ decasions Of users taken on the basis of these financial statements. The extent ID which our procedures are capablè of detecting irregulatiti"es, including fraud, is dètsiled below. We obtainèd an underslandrng of Ihe CDmpanV% lÈg81 and regulatory framework and the industry in which operates. We consmlered the risk of acts by thè company that might have contravenèd applicable laws and gulakn'ons, including fraud. Our audit procedures were designed to respond lo the risk, recognising that the risk of not detecting a matèrial misstslement due to fraud is higher than the risk of not detecting one resU1ng from error, 85 fraud may invofve deliberate coneealmttnl by way of forgery, Intent}nal represenlalions or through collusion. W8 fo(x)8sed on laws and regulations which could gwe rise lo a matèri81 misstslement in the finaTK?al statements, induding, but not lÉmited lo the Companies Act 20 and UK tax legislalDn. Our tests in¢luded agreeing the financial statement disclosures to undertying supporbng documenlalioll, enquiries with manaoemenl and third party company repres8ntalives. There are inherent limitations in the audrt procedures describèd above and, the fvrther removed non-eompliance with laws and iegulalions is from the events and transactions refiected in the finanoal statements. the less like we would become aware of tt. did not identify any key audit mattèrs relating to irregulèrilies, including fraLJd. As in all our audits, we also addressed the risk of managemenl ovèrridè of Iniernal controls, including testing jourrials and evaluating whether theie was edence of bias by the directors that represented a risk of Fnaterial misstatement due to fraud. A further description of our responsibilrties is available on the Finawal Rèporting Council's website at.. https.'Il vANw.fr¢.org.ukJauditorsrttsponsibililies. This dèscription fofftis part of rAJr audltovs report. Use of our report This report is made solely to the charity's trustees, as a body, in accordanGe with Part 4 of thè Ch8rities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state lo thè charity's trustees those matters wè arè rèquired lo state to them in an auditor's report and for no other purpose. To the fullest extent petmitted by law, we do not accept o¥ assume responsibilty tD 2nyonè other than the charity and the charity's trustees as ¥ tK)(ty, for our audit work, for thÈg report, or for the opinlons we have formèd.
HIGHBURY THEATRE CENTRE LIMITED INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF HIGHBURY THEATRE CENTRE LIMITED Stuart Penlokl (Senior Statutory Audltorl For and on behalf of Haslehu15ts Limited, SlaluloryAuditor Chartered Accountants 88 Hill Village Road Sutton Coldfield West Midlands B75 5BE England Dale.. IG. CJL4 2 L 6
HIGHBURY THEATRE CENTRE LIMITED STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 JULY 2025 Unrestricted Restricted funds funds 2025 2025 Totsl Unrestd¢ted Restricted funds fund$ 2024 2024 Total 2025 2024 Notes Intomè from: Dc)nalions and legacies Charitable adniitiès Investments 27,346 82,687 39,951 27,346 82,687 39,951 3,124 77,330 36,992 3,124 77,330 36,992 Totsl income 149.984 149,984 117,446 117.446 Expendlture on: Charitable adiMties 136,433 136,433 125,118 125,118 Totsl expenditure 136,433 136.433 125,118 125,118 Net Incomoll¢xpendltuTr movement in fvnds 13,551 13,551 17,6721 {7,6721 Reconciliation of funds.. Fund balaeS at 1 August 2024 1,832,412 62,276 1,894.688 1.84J,084 62.276 1.9C)2,360 Fund balance$ at 31 Juty 2025 1,845.963 62,276 1,908,239 1,832,412 62,276 1.894.688 The statement of finana81 activities indudès 311 gains and lossès rÈcognisèd in thè year. All ineomè and expènditure derlve from contlnulng 8Ct4viJes.
HIGHBURY THEATRE CENTRE LIMITED STATEMENT OF FINANCIAL POSITION AS AT31 JULY2025 2025 2024 Nots$ Fixed assets Tangible assets Investment property 12 13 794,454 800,OLX) 789,079 81M),OL 1,594,454 1.589,079 Cunpnt ass•ts Stocks Debtor5 Cash at bank arKI in hand 14 15 1,731 14,347 308,751 1,349 2,233 314,867 324,829 318,449 Creditors.. amounts falling due within ofle year 16 111,044} 112,8401 Net cufftnt a3sets 313,785 305.609 Tolal assets less current Ilabllltles 1,908,239 1,894.688 The funds ofthe chaiity Reslri¢ted ineA)me funds Unrestricted funds 17 18 62,276 1,845,963 62,276 1,832.412 1,8,239 1,894,688 Thè eompany is entitlèd tr) the exèmption from the audit requirement contained in section 477 01 the Companie5 Act 2CQ6, for the year ended 31 July 2025. The directors acknowledge their respor)sibilities for complying wrth the requirernents of Companies Act 20( wh respect lo accounting records and the preparation of financ4al statements. The Membe have not iequired the ¢x)mpany to obtain an audit of its finanaal slalemenls under the requirements of the Companies Act 2006, for the year in question in 8¢u)rdancÈ with section 476. These ffinancial s18lerpents hovè beèn prèparèd in actordance with the provisions applicable to Cotnpaniès Subject to the small MpanieS regirne. The financial statements wèrè apprOd by the Iruslees on . l ts e)L, Z.uLL -kn- Mrs Tntstee Ms A J Gahill Tru$tee
HIGHBURY THEATRE CENTRE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY2025 A¢¢ounting polici8s Charlty Infomiation Highbury Theatre Centre Limrted is a privato company limited by guarantee incorporated in England and Wal6s. Thè regigleied Offi is Sheffd Road, Sutton Coklfield, Wesl Midlands, 873 5HD, England. 1.1 Basis of prepardtlon The finan01 statements have beèn prÈpared in accordance with the charitls goveming doournenl, the Companies Act 2006, FRS 102 The Finanrial Reporting Standard applicable in the UK and Republic of Irèland. and the Charitie5 SORP "Accounting and Reporting by Charities." Slalement of Recommended Practice applicable lo chaiilies preparing their aceounts in accordance with the Financial Reporting Standard applicable in the UK and Republic ol Iland IFRS 1021" Th8 charity is a Public Benefft Enlty as defineL¥ by FRS 102. The charrty has taken advantagè of the provisions in the SORP for chariltes not to prepare a statement of tash flows. The financial statements are prepared in slerting, which is the functional currency of thè tharity. Monetary amourils in these financial statements are rounded tr> the ne8iest £. The financi81 statements have been prepa under the histori(¥l cosl convention. modified to indude the revaluation of freehold properties and lo include investrnent properties atKI certain finandal Snslrumenls al fail value. The Principal accounting policies adopted are set out bèltwi. 1.2 Golng concèm Al the lime of appron9 the financral statemènts, thé tru$lees have a reasonable expeelation that the charty has adequate resources to continue in operation81 Èxaslence for the foreseeable future. Thus the trust@8S continue Its adopt thè going COnrn basis of accounting in preparing thè financial 51alernents. 1.3 Charftsble funds The unr&strietÈd fLJnds of a charity compromise of the unexpended balances of donalions and grants which are not subject to Specific c4)ndrtions by donors and grantors as to how they may be used. These indude designated funds which have been sel asidè out of (tnrestricled funds by the trustees fof specific purposès. The restricted fund5 of a charity compromise of the balances of donallons and grants whth are subiecl lo spectfic condibons by donors and grantors as to how they may be used. 1A Income Ineome is reeognised when Ihe charity is leg81ty entitled to it after any pèrforrnance conditions have been met, the amounts can be measured reliabty, and (( is probable that incomè will be reIved. C8sh donations are recognised on reIpl. Other donations arè rècx>gnised once the charity has been noted of the donation, unless performance conditions require dèfeNAI of the amounl. Income lax recoverable in relation to donations received under GiftAid or deeds of e£)venant is recognised at the lime of the donation. Legacies are recognised on receipt or otheise rf the charity has been notified of an impending distribution. the 3moLint is known, and reIpt is expected. If the arllounl is not known, the legacy is Irealed as a ¢onlingenl asset. io-
HIGHBURY THEATRE CENTRE LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2025 Aeeounting policies Icontinuedl 1.5 Expenditure Expenditure is recognised oncè thère 15 a legal or construth've obligation lo transfer &CDnomic benefit to a third party, it is probable that a transfer of economic benofft5 win be required in settlemènt, 8nd the arnount of the obligation can be measured reliably. ExpenditLJre 18 classified by actiMty. The costs of eath actmty are made up of the total of direct costs and sharèd costs, including support costs involved in undertaking each actiwty. Direct costs attributable lo a $4ngle activity 3Te allocated direct to that activity. Shared costs which Contribute to more than one ath'vity and support costs whith are not 8ttribulable lo a single astiwty are apportioned between those actiwlies on a basi5 consistent with thè use of resources. Central staff cx)sts are allcKated on the basis of time spent, and depreaation charges are allocated on the portion of the asset's use. 1.6 Tanglble ffxed assets Tangible fixed assets are initi81ty meaSUTed al cost ar subsequenlty measured al cost or Vaall0, nel of depreiialion and any impairment losses. Depreciation is recognised so as to write off the cost or valuation of assets less their 57ual values over their useful lives on thè following bases.. Freehold land and buildings Plant and equipment 2% straight line on cost 10% reducillg balance The gain or loss arising on the disposal of an asset 15 determined as the drff8rence bèlween the sale proedS and the carying value of the asset, and is recognised in the statement ol financial adivibes. Undpr prèvious UK GAAP the company had a policy of revaluing freehold land and buildings_ On 113nsition to FRS102 the charity elected to use the prevÈous revaluation at 5 July 2013 as thè dèemed cost for those assets. 1.7 Investrnent property Investment propety, which is propety held lo eam rentals andlor for caprtal appiecialion, is initially recognised at cost, which in¢lude5 the purchase c05t and any directly attribulable expenditure. Subsequenuy il is measured at fair value * the reporting end date. The surplus or dèfirxt oft revaluation is recognised in profit or loss. 1.8 Impalrnwnt offixed assets At each reporting end date. thè itharity rèviews the carying amotjnts of ils tsngible ass&ls to deteTrnine whether there is any indication that those assets have SLJffered an impaimienl loss. If any such indication exists, the re¢overyable 8rn0unl ol the asset is estimated in order to dètèmiine the extent of the impaimient losg (rf any). 1.9 Stock6 Stocks are stsle(l al the knwer of cost and estimated sellÉng priGe less costs to mplete and sell. 1.10 Cash and cash equivalents Cash and cash equivalents include cash in hand, dèposÉts hdd at Call wrth banks, other 5hort-lem) liquid inve51rnen15 wlh original maturities of three months or lèss, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities. 11
HIGHBURY THEATRE CENTRE LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED FOR THE YEAR ENDED 31 JUL Y2025 Accounting pollelgs Icontinuedl 1.11 Financial Instruments The charity has eleGted lo apply the provisions of Section 11 'Basic Financial Instruments, and Section 12 'Other Financial Instrumenls15sue5' of FRS 102 to all of its finanei81 instrumertts. Fin8nci31 instruments are recognised in the tharity'5 balan sheet when the charity bÉcomès party lo Ihe contractual provisions of the instrument. Financial assèts ènd li8bilitie$ are offset, with the net amouFts piesenled in the financial statements, vth8n Iheip is a legally enfoiceable right to sel off the recognised amounts and there is ar) intention to settle on a nel basis or lo realise the asset and Sètt thè liability simultaneously. Basic financlal assets Basic financial assets, whieh include debtor5 and cash and bank balan$, are Inltlally MeaSud al transaction price including tr8ns8ction costs and are subsequently carried at amorlised oosl using the effective interest rnelhod unless the arrangement constitutes a financing Iransacb"on. where the transaction is measured at the present value of the future receipts discounted at a market rdle (Trf inleiesl. Finanual assets dassified as receivable within one year are not amortisÈd. Basic financial liabllities Basic financial liabilities, includin9 crèdttors and bank loans are initially recognised al transaction price unles5 the arrangement constitutes a financing transaction, where the debt instrument is measured al the present value of the future payments discounted at a m3rkel rate of interest. Financial liabilitS dassifièd as payalAe within one year are not amortised. Debt instruments are subsequenlty carried at amorlised cost, using the effectNe interest rate method. Trade creditors arè obligatiDns to pay for goc%ls or setvices that have been acquired in the ordinary Gourse of opèrations from supplièrs. Amtsunls payable are classified as current liabilities if payment is due wrthin one year 01 les5. If not, they are presented as non-current liabilities. Trade ¢ditorS afe recogrFised initially al Iransacb'on price and subsequently measured at amortised cost using thè Èffécb"ve interest method. Drn¢ognitic•n of financial lffabilities Finanaal liabilities are dèrècognisèd whèn th6 charity's ujrntractual obligations expire or are discharged or cancelled. 1.12 Short temi debtors and creditors Short tem debtors are measured al transaction price, less any impaiment. Loan's receivable is measured initially at fair value, net of transaction Costs, and are measured subsequenuy al amorl.sed Cost using the @ffectDie interest method, less any impairmènt. Short lem) creditors are measured al the Iransadlon pri(. Other financial liabilities, induding bank loans, are easured Initial al fair value, nel ol transaction costs, and are measured Subsequent al amortised cost using the effective interest method. 12-
HIGHBURY THEATRE CENTRE LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2025 Critical accounting estimatès and Judgemènts In the applrcalion of the charty's accounting polieiès, the trustee$ are required to make judgements, Bstimates and assLJmptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The eslimales and associated assumptions are based on historical experien¢e and other factors that 8re considered to be relevant. Actual ie5ulls rnay dnyer from these @stimalès. The estimatès and undertying assumptions are vieWed on an ongoing ba515. Revisions to accounting estimates arè rècognised in the period in which the eslitllale is Tevised where the revision affects only that periDd, OT in the period of the revision and fLrture peiiods where the revision affects both Current and future periods. Key sources of èstimation uncertainty Dèpreclatlon and residual values The TrLlStees have iewewed the asset lives and associatèd rÈsidu81 values of al fixed asset cal¢ulalitin8 and have eoncluded that asset lives and residual values are appropriate. Ihcome from donations and 9#¢1*& Unrestrfctèd funds 202S UnrÈstrfeted fund$ 2024 Donations and gtftg Grants 25.646 1.700 894 2,230 27.346 3,124 IncoTh from charitablè aetrvhiès Unrestricted funds 202S UnTestricted funds 2024 Theatre Income Thèat actiwlies income 82,687 77,330 13-
HIGHBURY THEATRE CENTRE LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JUL Y2025 Income from investments Unrestricted Unrèstrictèd fund$ funds 2025 2024 Rental Inttome Interest recEivabk 38,560 1,391 35,910 1.082 39,951 36,992 EXndIturn on eharltsble activities Theatre Expenses 2025 Thèatrè Expenses 2024 Dlr•et eosts Depreciation and impaim)ent 8er and Catering costs Development Costs Players- Total costs Theatre- Total costs Film dub costs 18,620 10,631 5,553 17.860 69,319 798 19.fj05 9,6[ 5,656 16,8 57,918 1,070 122,781 110,745 Share Df Support and governance costs lsee notè 71 Govemance 13,652 14.373 136.433 125,118 Analysls by fund Unrestricted funds 136.433 125,118 Support costs allocatsd to a¢tivitie$ 2025 2024 Governance costs 13.652 14,373 Anatysed befvfftn.. Theatre Expenses 13,652 14.373 14-
HIGHBURY THEATRE CENTRE LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY2025 Support costs allocatèd to activitsè¥ {ContSnuèdl 2025 2024 Govfrman¢e ¢osts comprise: Audrt fe Legal and professnal Bookkeeping 7,877 4,886 1,S10 4,025 3,563 13,852 14,373 Net movement in fuTrJ$ 2025 2024 The net movement in lunds is ststed after chargingl{(xedlling}= Fees payable for the oudil of the ¢h8rity8 financ4al statements DepreciatK>n of ownÈd tangiblé fixèd assèts 7,877 19,605 18,620 None of thè Injstees lor any pèrsons eonnectèd with them) recewed any remuneratiori or beneffts from the (tharity during thè year. 10 Employees The average monthly number of emphyees durlng the year was.. 202S Number 2024 Number Totsl There were no employees whose annual remuneration was more than £60,(XIO. 11 Taxation The charity is exempl ffom laxalion on ils activities because all its income is applied for charitsble purposes. 15-
HIGHBURY THEATRE CENTRE LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY2025 12 Tangible fixed assets Freèhold land and bulldlng Plant and equlpmBnt Totsi Cost or valuation At 1 August 2024 Additions 807,230 138,971 23,995 946,201 23,995 Al 31 Juty 2025 807,230 162,966 970,196 Depr*¢iation and impairnnt Al 1 August 2024 Depreryation charged in the year t(,903 9,745 50.219 8,675 157.122 18,620 Al 31 July 21Y25 116,648 59.094 175,742 Carying amount Al 31 July 2025 690.582 103.872 794,454 At 31 Juty 2024 7L)0,327 88,752 789,079 Land an4J buildings with a carrying amount of £700.327 were revalued al 5 JU 2013 by Browne Chartered Surveyors. independent valuers not connerted with the chaiity on the basis of market value. Thè valuation conforms to Inlemational Valuation St8ndaid$ and was based on recent rnarket transactions on arm's length terms for similar propertiès. At 31 July 2025, had the revalued assèts beèn eArrièd at historic ¢tsst less accurnulaled depreckglion and accumulated impairnienl 10&8eS, thèir carrying amount wouky have been approximalety £980,780 12024 £986,127). Induded in freehold land buildings is land valued al £320,CX)O which is not depreciated. 13 Inve8tsnènt property 2025 Falr valuè Al 1 August 2024 and 31 July 2025 800.000 Investment property cornprises of a historic cost value of £565,OOC). Thè fair valuè of thÈ invèstmènt propèrty has been arrived al on the basis of a valualion carried out at 14 Oecember 2020 by Green & Co Limited, Charteied Surveyors, who are not wnne¢ted with the thaiity. The valuation was rnade on an open matkel value basis by iefeience to market evidence ollran58Ction wices for simLlar properties. 14 Stocks 2025 2024 Consumable slodrs 1,731 16-
HIGHBURY THEATRE CENTRE LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY 2025 15 Debtors 2025 2024 Amt>unts falling due within onè yÈai: Trade debtors OlheT debtors PrÈpayments and accrued Income 589 7,532 6,226 2.233 14,347 2,233 16 CredltorB: amounts falling due within one year 2025 2024 Othèr tsxalion and social securty Tiade creditor5 Accruals and dèferred income 812 2,842 9,186 339 10,705 11,044 12,840 47 Restricted fvnd Thè reslricled funds of the Chartty (x)rllprise the unexpended balances of donat¥Jns and grdnts held on trust subject to specific condrtion5 by donors a5 to hDW *hÈy may be used. At l August 2024 At31 Juty 2025 62,276 2.276 Prevlou$ year: At l August 2023 At 31 July 2024 62,276 62,276 18 Unrestrlctsd funds The Unrestrict funds of the charity comprise the unexpended balances of donations and grants whl¢h are not subjed lo specific conditions by donors and grantors as lo how they may be used. Thèse includè designated fvnd5 which have been set asidè out of unreslrided fvnds by the trustees ft)I specific purposes. At 1 August 2024 In¢ominy rèsourtès Resources expended At31 Ju 2025 General fvnds 1.832,412 149,984 1136,433) 1,845,963 17-
HIGHBURY THEATRE CENTRE LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 JULY2025 18 Unrèstrfctèd funds (Continued) Previou$ year: At 1 August 2023 In¢omlng re¥ources ResoUe5 Èxpended At 31 July 2024 General fvnds 1.840,084 117,446 (125,118) 1,832,412 19 Anatysi$ of net assèts funds Unrestritted funds 2025 Rèstricted funds 2025 Total 2025 At 31 July 2025: Tangible assets Investment propèrtiès Cuirenl asselslll1abilits) 794.454 800.000 251,509 794,454 8QO.000 313,785 ,276 1,845,S63 62,276 1,908,239 Unresbl¢ted funds 2024 Re5Cted funds 2024 Total 2024 At 31 July 2024: Tangible assets Investment properties Cutrent asselsllliabilitièsl 789.079 800,000 243.333 789,079 8,000 305,609 62,276 1.832,412 62,276 1,894.688 20 Related party Iransactions During the year Iruslees expenses amounted to £14,181 12024 - £11,008). At the year end £458 was owèd from Irustees12024- £628 owed lo trustees). 18