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2024-03-31-accounts

The Bury St. Edmunds Theatre Management Limited

(A company limited by guarantee and not having share capital)

Report and Financial Statements

Year ended 31 March 2024

Company number: 842455

THE BURY ST EDMUNDS THEATRE MANAGEMENT LIMITED

(A company limited by guarantee and not having share capital)

Annual report and financial statements for the year ended 31 March 2024

Contents

Page:

3 Chairman’s Report 4 Report of the directors 13 Independent auditor’s report

17 Consolidated Statement of Financial Activities (including income and expenditure account)

18 Consolidated Balance Sheet

19 Charity Balance Sheet 20 Consolidated Statement of Cashflows

21 Notes forming part of the financial statements

Directors

R Quince (Chairman) M Codrington Fernandez S Whybrew E Michie E Fisher G Kirk M Piccaver B Littlefair J Howlett K Thomson D Braverman

Chief Executive and Artistic Director

O Calvert-Lyons

Company Secretary and registered office

P Turner

Westgate Street, Bury St Edmunds, Suffolk, IP33 1QR

Company number

842455

Registered charity number

242977

Auditors

Larking Gowen LLP, Prospect House, Rouen Road, Norwich, NR1 1RE

Bankers

Lloyds Bank Plc, 9 Buttermarket, Bury St Edmunds, Suffolk, IP33 1DB

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THE BURY ST EDMUNDS THEATRE MANAGEMENT LIMITED (A company limited by guarantee and not having share capital)

Chairman’s Report

The financial year 2023/24 has seen our great Theatre continue to recover from the effects of the Covid pandemic. Thanks to the Arts Council Culture Recovery Fund the end of the pandemic restrictions saw us in reasonable shape financially but with audiences still wary about returning to live venues. I am delighted to say that confidence has returned and 2023/24 saw audience numbers increase by 12% compared with the previous year. Much of this increase was down to the success of our in-house productions. The panto in particular attracted record numbers and in terms of box office income greatly surpassed all previous pantomimes. Also of particular note was our inhouse summer production, the cast of which comprised local adults and young people as well as professional actors.

I would like to stress that Theatre Royal is a lot more than the productions that we all see on stage, whether these be own productions or visiting companies. Our Creative Learning department has gone from strength to strength. Its work encompasses a wide range of activities, involving adults, and children and young people. Personally, I would highlight Tiny Plays, BIG Ideas which involves children in 13 Suffolk primary schools being helped and encouraged to write plays. Over 470 children participated in submitting a play, of which 12 were selected to be performed on stage by professional actors.

Much of this broader community activity has been made possible by our Arts Council NPO funding. This year was the first of the three year’s funding under the programme which has financed specific elements of our work and enabled us to strengthen the Creative Learning Team. The NPO funding has also imposed a useful discipline on us in evaluating the ways in which we impact on the areas we serve, and in terms of advice and guidance from Arts Council and its contact network.

The one disappointment this year has been our failure to make progress in finding dedicated rehearsal space. As our own productions have increased the need for this space has become much more pressing. And, such space would also double as a ‘home’ for our youth theatre. We hope that we will be able to address this problem in the near future.

Apart from Arts Council it takes many other organisations and individuals to make the work of Theatre Royal possible. Suffolk County Council, West Suffolk Council and Bury St Edmunds Town Council has each continued its financial support despite themselves being under strong funding constraints. Our fantastic sponsors, patrons and friends contribute hugely while our loyal band of stewards do sterling work in guiding audience members and keeping them safe. Thanks to all this input we have been able to make a small surplus this year.

We are blessed with our skilled and dedicated staff, whose hard work is not always obvious but crucial to the success of the enterprise, so many thanks to them all. I would like to pay particular tribute to Adrian Grady who retired as our long-serving Finance Director. Adrian joined Theatre Royal in an especially difficult period in its financial fortunes and set to in order to get affairs back on track. Finally, I would like to thank my fellow trustees for their support and counsel over the year. It has been a pleasure to act as their Chair.

Looking to the future: as ever in small regional theatres there is no steady state. But, Theatre Royal Bury St Edmunds is in a robust state and although there will undoubtedly be new problems I am sure that it will continue to thrive.

Roger Quince, Chairman

Date: 5 September 2024

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THE BURY ST EDMUNDS THEATRE MANAGEMENT LIMITED (A company limited by guarantee and not having share capital)

Report of the directors for the year ended 31 March 2024

The directors present their annual report together with the audited financial statements for the year ended 31 March 2024.

Structure, governance and management

Governing document

The Charitable Company was formed on 24 March 1965 to manage the Theatre Royal, Bury St Edmunds, which is sub leased from The National Trust. The Charitable Company is a registered charity, has no share capital and is limited by guarantee. Each member of the Charitable Company is liable for an amount not exceeding £1 and total members may not exceed 50.

Organisation

The directors of the Theatre determine the general policy of the Charitable Company. The day to day management of the Theatre is delegated to the Chief Executive and Artistic Director and the Senior Management Team, with the support of a sub-committee of the directors, the Finance, Risk, Audit aand Resources Committee (FRAR).

Further details have been given in accordance with Charities SORP FRS102 and can be found on page 2.

Appointment of directors

The directors of the Charitable Company are its trustees for the purposes of charity law and throughout this report are collectively referred to as the directors. They serve terms of office in accordance with the Charitable Company’s constitution and are appointed by the directors themselves. Directors are recruited through open advertising and interview. Prior to advertising the directors carry out an audit to identify gaps in expertise or representation among their number and advertise for suitable candidates accordingly.

The directors of the Charitable Company who have served since 1 April 2023 or date of appointment if later, were:

R Quince G Kirk
B Howard (Resigned 19/10/23) E Michie
B Littlefair E Fisher
M Codrington Fernandez S Whybrew
J Howlett M Piccaver
K Thomson (Appointed 04/06/24) D Braverman (Appointed 04/06/24)

The Directors meet bi-monthly.

Director induction and training

New directors undergo an induction which provides them with information about the organisation, its work and aspirations; their legal obligations under charity and company law; the content of the Memorandum and Articles of Association; the committee and decision-making processes; the business plan and recent financial performance of the Charitable Company. They are also invited to meet key employees and discuss aspects of the Charitable Company’s work relevant to their expertise. Guidance and induction is given by fellow Board members and the executive team.

The Charitable Company works closely with Greene King plc, the ultimate owners of the Theatre Royal building, and the National Trust, who lease the building from Greene King and to the Charitable Company. The building is a National Trust registered property.

The Charitable Company was in receipt of annual funding from Suffolk County Council and West Suffolk Council during the year, both of whom appoint observers to the Board. The National Trust also appoints an observer.

Principal risks and uncertainties

The directors review and approve a budget and update the Business Plan of the Charitable Company annually. The Business Plan looks at a period of up to five years ahead, and its associated process is undertaken every three to five years and is a comprehensive and strategic plan setting out the major opportunities available to the Theatre and the risks to which it is exposed. The directors assess the major risks to which the Charitable Company is exposed to satisfy themselves that systems are in place to mitigate, as far as is practical, exposure to identified major risks. The Charitable Company has a Risk Register which is periodically reviewed by the Finance, Risk, Audit and Resources (FRAR) Committee with any areas thought to be a major unmitigated risk brought to the attention of the full Board of Directors. Included in the Risk Register are issues that the FRAR Committee

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THE BURY ST EDMUNDS THEATRE MANAGEMENT LIMITED (A company limited by guarantee and not having share capital)

Report of the directors for the year ended 31 March 2024 (continued)

consider to have the highest risk profiles. These are listed below together with actions to mitigate the relevant risk; the resulting mitigated risk level is also shown.

----- Start of picture text -----
Risk Level Mitigating Mitigated
action risk
Unable to operate the theatre High Sufficient funding resources reserved to sustain core Medium/
physically due to circumstances out staff for a period of 6 months, Investigate and take up High
of our control. i.e Pandemic Flu, any and all relevant national & local government
Natural Disaster and maintenance financial and other support. Create and follow a robust
issue. maintenance plan.
Unable to grow and diversify our High Develop and implement a strong purposeful Medium
Audiences communication strategy.
Reduction of revenue grants High To actively work and build enhanced relationships with Medium
funders.
Breaches of Health & Safety High Regular monitoring of H & S practices. Training for Low
staff as necessary.
Additional loss of public subsidy in- High Hold regular reviews with funders to assess likelihood Medium
year destabilising the operational of reductions in funding. Implement an annual
plan reserves policy/procedure with a view to gradually
growing the charitable company reserves to balance
public subsidy over 5 years.
Salaries & fees falling below industry Medium Knowledge of norm rates. Build team approach with Low
norms staff and maintain overall working environment.
Child and vulnerable adult protection High Theatre Safeguarding Policy. Staff training, DBS Low
Checks. External licensing where required.
Impact of Cost of Living and Energy High Closely monitor bills. Implement regular cost analysis Medium
Crisis and high inflation and usage comparisons. Closely monitor visitor
numbers and trends. Regular reviews of pricing
structures. Develop and implement a strong
purposeful communications strategy.
The organisation is unable to meet Medium Skills and knowledge sharing sessions held bi- Low
operational objectives due to the monthly between teams to avoid silo working and
loss of key staff single ownership of knowledge.
----- End of picture text -----

Public benefit

The directors have referred to the guidance contained in the Charity Commission’s general guidance on public benefit when reviewing aims and objectives and in planning future activities. In particular, the directors consider how planned activities will contribute to the aims and objectives they have set. Directors consider that public benefit is achieved through the following strategies: -

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THE BURY ST EDMUNDS THEATRE MANAGEMENT LIMITED (A company limited by guarantee and not having share capital)

Report of the directors for the year ended 31 March 2024 (continued)

Objects and Activities

The mission of the Charitable Company is:

To Shape, produce and showcase high quality, diverse theatre and participation activities that reach all corners of our community.

Developed with, by and for our community, we will create accessible and relatable content and cultures that ensure we are open to all.

The Bury St Edmunds Theatre Management Limited’s charitable objectives are to:

‘ promote, maintain, improve and advance education particularly by the production of educational plays and the encouragement of the Arts including the arts of drama, ballet, music, singing, literature, sculpture and painting and to formulate, prepare and establish schemes therefore provided that all the objects of the company shall be of a charitable nature.’

The Charitable Company is committed to delivering great ‘Theatre for All’ through the presentation of a year-round, high quality, entertaining programme of theatre and other performances at Theatre Royal Bury St Edmunds and across the region. It is committed to bringing the best theatre and entertainment to audiences and contributes to the national arts ecology.

The Charitable Company works in collaboration with artists and partners to ensure work of the highest quality is accessible for people in the region. It offers employment, learning and creative development for artists and the wider community through its participatory, artistic and education programmes.

The Charitable Company manages the Theatre Royal, Bury St Edmunds, a unique, intimate, 350 seat Grade 1 listed building and National Trust Property situated in a historic town in Suffolk and the only theatre building remaining from the Regency period. It therefore has an artistic and historic role to play within the cultural and educational landscape.

The aims and the activities provided are designed to:

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THE BURY ST EDMUNDS THEATRE MANAGEMENT LIMITED (A company limited by guarantee and not having share capital)

Report of the directors for the year ended 31 March 2024 (continued)

Achievements and Performance

This continues to be a period of recovery from the impact of the pandemic as we seek to build back audiences and financial reserves to pre-pandemic levels. This was the first year of our three-year Arts Council England NPO grant, which has enabled us to invest additional resources into our organisation, with the vast majority of this focussed on our Creative Learning programme. This has included the recruitment of Eilish Mullane in the new role of Creative Learning Associate (Community). This year lays the groundwork for growth in 2024/25. We produced three inhouse productions this year, in order to create space for development work on future productions. This will see us deliver five in-house productions and a new community participation festival in 2024/25. Having said this, we attracted 72,808 audiences this year, a 12% increase on last year, demonstrating continued success in attracting new audiences and enticing back lapsed audiences. At the end of this year we launched a brand-new website, improving customers’ booking experience, better communicating the work of the charity and building a further platform for audience growth next year. This year saw a new partnership with Job Centre Plus, providing free theatre tickets to families of job seekers. We were very proud that Theatre Royal’s work throughout our region was recognised as we were awarded the Outstanding Contribution to the Community Award at this year’s West Suffolk Business Awards. We are delighted to have contributed £10,571 to our reserves in-line with our aim to reach our reserves target of 6 months operating costs.

Own Artistic Productions

The Wonderful Wizard of Oz by Mike Akers

The second year of our Commissioning Circle brought together nine local people to commission a new adaptation of L. Frank Baum’s much-loved classic. Additional investment into this production from our ACE NPO grant enabled us to significantly grow the ambition of this production, increasing the professional cast to 5 actors, providing an extra rehearsal week, building a ‘revolve’ into the set and adding a choreographer to the creative team to enable us to create a musical. This year our community company included adults and young people, with a total of 16 taking to the stage. The production attracted a Net Promotor Score of 81 and an audience of 3,835, a 29% increase on last year. The Bury Free Press described it as “ a breathtaking production filled with thrilling high points” and said “ With a punchy script, innovative set, slick staging, engaging performances and a heartwarming tale, The Wonderful Wizard of Oz is a summer treat for all ages” .

Snow White by Chris Hannon

This year’s production was our best-selling pantomime of all time, both in terms of total audience numbers and total box office income. This was the first time the theatre had staged Snow White, a story chosen in order to provide central roles for the children in our Young Company. The production included 14 local children alongside a professional cast of 7 and featured Dame Judi Dench as the voice of the Magic Mirror. Audience feedback was particularly positive, reaching a Net Promotor Score of 78. The Bury Free Press described the production as “ Pantomime Perfection ”. Suffolk Theatre called it “ a really beautiful, inclusive family show ” and Suffolk On Stage said “ if you have small children, this is the perfect panto to introduce them to the experience. Meanwhile, for seasoned guests, it is all you want and more. My cheeks and jaw actually hurt by the end – enough said .” The production attracted a record-breaking audience of 25,695.

Where’s Santa’s Hat? by Hattie Ashton

The second year of our Theatre Royal Christmas Cabin once again saw us construct a log cabin in Bury St Edmunds Town Centre (Charter Square) to house a new production for children under 7. This beautifully designed miniature play (20 minutes), was designed to engage children who are below the target age of our pantomime and to give Theatre Royal a greater presence in the town centre over Christmas. This year’s production was written by local playwright Hattie Ashton and directed by our Head of Creative Learning, David Whitney. 3,099 people attended the production, a 100% increase on last year. 45% of bookers were new to Theatre Royal. The production achieved a Net Promotor score of 86. The production was supported by The Arc shopping centre and Bury St Edmunds Town Council.

 Generate @ National Theatre

Through support from the National Theatre’s Generate programme, we undertook two periods of Research and Development into new plays. In August we sent a team of 8 actors to the National Theatre to work with playwright Philippa Gregory and director Katie Posner to develop a new play Richard, My Richard . In March we sent a team of 5 actors and 3 musicians to work with playwright Tallulah Brown and our Artistic director

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THE BURY ST EDMUNDS THEATRE MANAGEMENT LIMITED (A company limited by guarantee and not having share capital)

Report of the directors for the year ended 31 March 2024 (continued)

Owen Calvert-Lyons to develop a new play Beldam: A Tryal of Witches . Both of these plays are planned to be presented in 2024/25.

Visiting Productions

Amidst the significant challenges facing the touring and independent theatre sectors, Theatre Royal supported a huge number of productions to tour their work to Bury St Edmunds. Highlights of the year included Abigail’s Party by London Classic Theatre, Brief Encounter by New Wolsey Theatre, The Time Machine by Original Theatre and Frankenstein by Tilted Wig. We continued to stage innovative and imaginative independent theatre productions including Sap by Rafaella Marcus, A Very Old Man With Enormous Wings , Luke Wright’s Jubilee and Chris Thorpe’s production A Family Business exploring nuclear disarmament. Theatre Royal collaborated with fellow East Anglian Company HighTide Theatre to present their Ghost Stories by Candlelight .

Creative Learning

 SENsory Youth Theatre

Our second year of delivery of non-verbal youth theatre for learning disabled and neurodivergent children and young people, in partnership with the GeeWizz Charity, continues to be a great success. “ Our child has had a wonderful time enjoying every session. Her self-confidence has grown with each week, so much so that during the ‘warm up’ she tries to lead the activity. She has made friends with all the other children attending and the staff. She has become so relaxed that ear defenders are no longer needed during the sessions.”

 Youth Theatre Festival

69 young people from our five youth theatre companies took to the stage to perform in Small Fry by Neil Duffield, Changing Room by Chris Bush and Tuesday by Alison Carr. Tuesday was part of the National Theatre Connections programme, through which it toured to The Garage in Norwich.

 Tiny Plays, BIG Ideas 4

Now in it’s fourth year, ‘Tiny Plays’ will now become a core project funded through our ACE NPO grant. The project invites hundreds of primary school children to write their first play and is designed to improve literacy and self-expression. Theatre Royal sent a team of playwrights (James McDermott, Martha Loader and Kitty Morgan) into 13 Suffolk primary schools. The project is free for schools and schools are accepted based on a selection criteria of rural isolation and using the Indices of Deprivation. 477 children took part each submitting a play, from which 12 plays were chosen to be performed by a cast of professional actors on the Theatre Royal stage. “ I would recommend the project to other schools as a great way to demonstrate to pupils the power of the spoken word and the limitless possibilities of the imagination .” – Andi Dodds, Headteacher

 Doorstep Festival

Now in its sixth year the Doorstep Festival is also now core-funded through our ACE NPO grant. The project tours children’s theatre productions to schools across Suffolk, taking theatre into schools who may struggle to access their nearest arts venue. This year we toured The Tap Dancing Mermaid by Tessa Bide Productions (KS1) alongside The Not So Grimm Twins by Wrongsemble (KS2). These productions toured to 18 schools across Bury St Edmunds, Haverhill, Newmarket, Stowmarket, Thetford & Sudbury, delivered 59 workshops, and engaged 3,501 children and 245 teachers. “ All of the children including children with SEND were completely engaged in the performance and workshop… They all thoroughly enjoyed it.”

 Julian Support

Theatre Royal worked with people experiencing significant mental health challenges, in partnership with the Julian Support Charity. Participants took part in visual art workshops, creating responses to both The Wonderful Wizard of Oz and Richard My Richard . Participants also regularly attended Theatre Royal productions throughout the project. Participants created a beautiful mosaic, inspired by Richard III’s Yorkshire rose, which will be on public display in the Theatre Royal foyer throughout the run of Richard My Richard .

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THE BURY ST EDMUNDS THEATRE MANAGEMENT LIMITED (A company limited by guarantee and not having share capital)

Report of the directors for the year ended 31 March 2024 (continued)

Financial Review

The Group’s Statement of Financial Activities shows that the Unrestricted Fund has seen a net inflow for the year of £36,181. Total Unrestricted Funds at 31 March 2024 are £733,311. In the year £10,000 has been transferred from the Unrestricted General Fund to the Unrestricted Designated Fund. At 31 March 2024 Unrestricted General Fund had increased to £553,884, the Unrestricted Designated Fund had increased to £179,467 and free reserves stood at £198,215.

At 31 March 2024 group net current assets stood at £489,704, an increase of £30,330 from £459,374 at 31 March 2023. The Directors have reviewed the issue of going concern once again, with the steps taken by the Board to assure themselves of this together with explanatory notes are shown in Note 1.

The Theatre continues to be supported by agreed revenue funding from West Suffolk Council, and as a National Portfolio Organistion of Arts Council England from 2023 - 2026. The Bury St Edmunds Theatre Management Limited would like to thank its stakeholder partners for their continued support and will work closely with local authority funders to ensure that it provides excellent investment, at a time when the public purse is under increased pressure.

Overall fundraising income for core expenditure, which includes specific Trusts & Foundations, Friends scheme, donations, sponsorship, legacies and fundraising events, totalled £249,016 (2023 - £229,341). This excellent result, as highlighted above, reflects the hard work of the Development Team.

At 31 March 2024 the Restricted Capital Development Project Fund stands at £3,760,518, reflecting the investment in the building, which is being amortised over the life of the lease from National Trust. Heritage Lottery Fund retains a legal charge over the building, reflecting their grant investment from 2005; this charge expires in 2030.

Significant restricted funds received or taken as accrued income in the year were from the Arts Council England, Bury Town Council, Suffolk County & West Suffolk Councils and Councillors Locality. The balance of non-building restricted funds at 31 March 2024 stood at £129,642. Further details are shown in Note 17 (c). We would like to record our thanks to all those organisations who provided restricted funds in the year which greatly assists us in achieving our charitable objectives.

Total restricted funds at 31 March 2024 stood at £3,890,160.

Investment powers

Under the Memorandum and Articles of Association, the Charitable Company has the power to make any investment which the directors see fit.

Reserves Policy

The Trustees have set a target minimum level of reserves to enable the charity to be resilient to the financial impact of unforeseen events. Their modelling has included the impact of a six-month theatre shutdown. They estimate six months of core salaries and unavoidable overheads amount to £420,000 and with this in mind, they have set a reserves target of £420,000.

Free reserves are calculated to be the charity’s unrestricted funds, excluding fixed assets and £179,466 designated for committed expenditure as detailed in Note 18. At the year end, free reserves amounted to £198,215, which is below target. The aim is to increase reserves over time to target. The charity has budgeted to increase free reserves by £20,000 in the coming year, or further if trading conditions allow.

Senior Management Pay Policy

Senior Management remuneration is reviewed and set by the Finance, Risk, Audit and Resources Committee utilising current market levels of pay reward for similar posts in similar organisations as a benchmark.

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THE BURY ST EDMUNDS THEATRE MANAGEMENT LIMITED (A company limited by guarantee and not having share capital)

Report of the directors for the year ended 31 March 2024 (continued)

Fundraising

Bury St Edmunds Theatre Management Limited operates with a Head of Development whose responsibilities lie primarily in organising fundraising events and pursuing individual giving, sponsorship and Trusts & Foundations. All fundraising activities are undertaken in line with the fundraisers code of conduct as set out by the Charities Commission. The Charitable Company does not use any external professional fundraiser or involve any commercial participators. There have been no complaints about fundraising activities this year.

Plans for Future Periods

2024/25

This will be a unique year as we transform our 205-year-old auditorium ‘into the round’. By constructing a stage over the stalls and installing a raked seating bank on the stage, we will provide a unique experience for our audiences.

Theatre Royal Productions

Richard, My Richard by Philippa Gregory (April 2024) International best-selling author Philippa Gregory’s first play will be produced by Theatre Royal in co-production with Shakespeare North Playhouse. Featuring a cast of 8, this production will seek to tell a new version of the story of Richard III.

Dorothy: back in Oz (August 2024) Mike Akers returns to write a sequel to this year’s The Wonderful Wizard of Oz based on L.Frank Baum’s sequels The Marvellous Land of Oz and Ozma of Oz . This will again be a musical, featuring music and songs by composer David Lewington.

Aladdin by Chris Hannon (November 2024)

Theatre Royal’s legendary pantomime will invite 25,000 audiences to join us in the sands of Arabia.

 Theatre Royal Christmas Cabin (November 2024)

Following the success of this year’s production, the Christmas Cabin will return with a new story for under 7s.

Beldam: A Tryal of Witches by Tallulah Brown (March 2025) A brand new play exploring the Suffolk Witch Trials.

Creative Learning Projects

 Bloom Festival (April 2024)

A brand new two-week-long community participation festival featuring performances of Kaspar the Wild by Tim Crouch and Second Person Narrative by Jemma Kennedy alongside a huge range of creative workshops delivered by artists from across the region.

 Tiny Plays, BIG Ideas 5 (March 2025) Following the success of this year’s project, we plan to deliver another edition of this schools’ education project, teaching 380 children to write their first play.

Visiting Companies

Our visiting programme will include high-quality drama alongside a diverse programme of music, comedy and dance. Productions will include return visits from well-established companies including What The Butler Saw by London Classic Theatre and Dracula by Blackeyed Theatre alongside a first visit from renowned physical comedy company Le Navet Bete with King Arthur .

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THE BURY ST EDMUNDS THEATRE MANAGEMENT LIMITED (A company limited by guarantee and not having share capital)

Report of the directors for the year ended 31 March 2024 (continued)

Directors' responsibilities

The Directors (who are also Trustees of The Bury St Edmunds Theatre Management for the purposes of charity law) are responsible for preparing the Trustees' Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and the group and of the incoming resources and application of resources, including the income and expenditure, of the charitable group for that period. In preparing these financial statements, the Trustees are required to:

The Directors are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Statement as to the disclosure of information to auditors

The directors who were in office on the date of approval of the financial statements have confirmed that as far as they are aware, there is no relevant audit information of which the auditors are unaware. Each of the directors has confirmed that they have taken all the steps that they ought to have taken as directors in order to make themselves aware of any relevant audit information and to establish that it has been communicated to the auditors.

Auditors

A resolution to appoint Larking Gowen LLP, Chartered Accountants, as auditors will be put to the members at the annual general meeting. This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies’ exemption.

On behalf of the Board on

……………………………………. (oa Roger Quince, Director

Date: 5 September 2024

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THE BURY ST EDMUNDS THEATRE MANAGEMENT LIMITED (A company limited by guarantee and not having share capital)

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS AND TRUSTEES OF BURY ST EDMUNDS THEATRE MANAGEMENT LIMITED

Opinion

We have audited the financial statements of The Bury St Edmunds Theatre Management Limited (the 'parent charitable company') and its subsidiary (the 'group') for the year ended 31 March 2024 which comprise the Consolidated statement of financial activities, the Consolidated balance sheet, the Company balance sheet, the Consolidated statement of cash flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the Trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Group's or the parent charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report.

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THE BURY ST EDMUNDS THEATRE MANAGEMENT LIMITED (A company limited by guarantee and not having share capital)

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS AND TRUSTEES OF BURY ST EDMUNDS THEATRE MANAGEMENT LIMITED (continued)

Other information

The other information comprises the information included in the Annual report other than the financial statements and our Auditors' report thereon. The Trustees are responsible for the other information contained within the Annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise 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 financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinion on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

Matters on which we are required to report by exception

In the light of our knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees' report.

We have nothing to report in respect of the following matters in relation to which Companies Act 2006 requires us to report to you if, in our opinion:

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THE BURY ST EDMUNDS THEATRE MANAGEMENT LIMITED (A company limited by guarantee and not having share capital)

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS AND TRUSTEES OF BURY ST EDMUNDS THEATRE MANAGEMENT LIMITED (continued)

Responsibilities of trustees

As explained more fully in the Trustees' responsibilities statement, the Trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the Trustees are responsible for assessing the Group's and the parent charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the Group or the parent charitable company or to cease operations, or have no realistic alternative but to do so.

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THE BURY ST EDMUNDS THEATRE MANAGEMENT LIMITED (A company limited by guarantee and not having share capital)

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS AND TRUSTEES OF BURY ST EDMUNDS THEATRE MANAGEMENT LIMITED (continued)

Auditors' responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Due to the field in which the company operates, we identified the following areas as those most likely to have a material impact on the financial statements: health and safety; employment law; GDPR and compliance with the UK Companies Act.

The specific procedures for this engagement and the extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' report.

15

THE BURY ST EDMUNDS THEATRE MANAGEMENT LIMITED (A company limited by guarantee and not having share capital)

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS AND TRUSTEES OF BURY ST EDMUNDS THEATRE MANAGEMENT LIMITED (continued)

Use of our report

This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006, and to the charitable company's trustees, as a body, Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an Auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and its members, as a body, for our audit work, for this report, or for the opinions we have formed.

Giles Kerkham FCA DChA (Senior statutory auditor) for and on behalf of

Larking Gowen LLP Chartered Accountants Statutory Auditors Ipswich

Date: 9 September 2024

16

THE BURY ST EDMUNDS THEATRE MANAGEMENT LIMITED (A company limited by guarantee and not having share capital)

Consolidated Statement of Financial Activities (including income and expenditure account) for the year ended 31 March 2024

Unrestricted
Restricted
Note
Funds
Funds
Income from
£
£
Grants, donations and
legacies
2
491,535
113,193
Other trading activities
Fundraising
80,206
-
Front of House activities
240,934
-
Sponsorship
60,275
-
Other Income
-
-
Investments
14,708
-
Other Income
-
-
887,658
113,193
Charitable activities
Operation of theatre and
artistic programmes
3
1,333,726
-

Total
2,221,384
113,193

Expenditure on
Raising funds
Fundraising costs of grants
and donations
6
132,673
-
Front of House activities
6
187,720
-
Charitable activities
Operation of theatre and
artistic programmes
5
1,864,809
138,804
Total
2,185,202
138,804

Net movement of funds in
year
7
36,181
(25,611)
Reconciliation of funds
Total funds brought forward
697,129
3,915,771
Total funds carried forward
733,311
3,890,160		 Total
Unrestricted
Restricted
2024
Funds
Funds
£
£
£
604,728
273,612
142,101
80,206
54,225
-
240,934
191,343
-
60,275
64,504
-
-
29,266
-
14,708
3,894
-
-
3,043
-
1,000,851
619,887
142,101
1,333,726
1,236,496
-
2,334,577
1,856,383
142,101
132,673
105,721
-
187,720
129,656
-
2,003,613
1,580,474
246,600
2,324,006
1,815,851
246,600
10,571
40,532
(104,499)
4,612,900
656,597
4,020,270
4,623,471
697,129
3,915,771		 Total
2023
£
415,713
54,225
191,343
64,504
29,266
3,894
3,043
761,988
1,236,496
1,998,484
105,721
129,656
1,827,074
2,062,451
(63,967)
4,676,867
4,612,900

The notes on pages 21 to 36 form part of these financial statements.

17

THE BURY ST EDMUNDS THEATRE MANAGEMENT LIMITED (A company limited by guarantee and not having share capital)

Consolidated Balance Sheet at 31 March 2024

Note 2024 2023
£ £ £ £ £
Fixed assets
Tangible assets 11 4,112,146 4,153,526
Intangible assets 12 21,621 -
4,133,767 4,153,526
Current assets
Stocks 14 7,695 5,744
Debtors 15 243,827 279,101
Cash at bank and in hand 873,664 808,193
1,125,186 1,093,038
Creditors: amounts falling due
within one year 16 635,482 633,664
Net current assets 489,704 459,374
Net assets 4,623,471 4,612,900
Represented by
Funds
Unrestricted: - 18
- General fund 553,844 517,409
- Designated fund 179,467 179,720
733,311 697,129
Restricted funds 18 3,890,160 3,915,771
Total funds 4,623,471 4,612,900

The financial statements on pages 17 to 36 were approved by the board of directors and authorised for issue on 2024 and are signed on its behalf by: 5 September

………………………………. Roger Quince, Director

The notes on pages 21 to 36 form part of these financial statements

18

THE BURY ST EDMUNDS THEATRE MANAGEMENT LIMITED (A company limited by guarantee and not having share capital)

Charity Balance Sheet at 31 March 2024

Company no: 842455

Note 2024 2023
£ £ £ £ £
Fixed assets
Tangible assets 11 4,112,146 4,153,526
Intangible assets 12 21,621 -
Investments 13 100 100

4,133,867		 4,153,626
Current assets
Stocks 14 7,695 7,695 5,744
Debtors 15 243,727 243,727 279,001
Cash at bank and in hand 873,664 873,664 808,193
1,125,086 1,125,086 1,092,938
Creditors: amounts falling due
within one year 16 635,482 635,482 633,664
Net current assets 489,604 459,274
Net assets
4,623,471		 4,612,900
Represented by
Funds
Unrestricted: - 18
- General fund 553,844 517,409
- Designated fund 179,467 179,720
733,311 697,129
Restricted fund 18 3,890,160 3,915,771
Total funds 4,623,471 4,612,900

As permitted by S408 Companies Act 2006 the Charity is exempt from presenting its own Statement of Financial Activities and related notes as it prepares group accounts. The Charity’s surplus for the year was £10,571 (2022/23 deficit: £63,967)

The financial statements on pages 17 to 36 were approved by the board of directors and authorised for issue on 2024 and are signed on its behalf by: 5 September ………………………………. Roger Quince, Director WAR

The notes on pages 21 to 36 form part of these financial statements

19

THE BURY ST EDMUNDS THEATRE MANAGEMENT LIMITED (A company limited by guarantee and not having share capital)

Consolidated Statement of Cashflows at 31 March 2024

Note
Cashflows generated by/(used by) operating activities
24
Cashflows from investing activities
Interest income
Purchase of tangible fixed assets
Net cash (used in)/provided by investing activities
Change in cash and cash equivalents in the year
Cash and cash equivalents at the beginning of the year
Total cash and cash equivalents at the end of the year
25		 2024
£
127,229
14,708
(76,466)
65,471

65,471
808,193

873,664		 2023
£
(62,883)
3,893
(5,936)
(64,926)

(64,926)
873,119

808,193

Cash and cash equivalents relate wholly to balances held in current and deposit accounts.

20

THE BURY ST EDMUNDS THEATRE MANAGEMENT LIMITED (A company limited by guarantee and not having share capital)

Notes forming part of the financial statements for the year ended 31 March 2024

1. Accounting policies

Basis of accounting

The financial statements have been prepared under the historical cost convention and in accordance with 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 (FRS102) – (Charities SORP (FRS102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) and the Companies Act 2006.

The Bury St Edmunds Theatre Management Limited is an incorporated charity domiciled and registered in England, which constitutes a Public Benefit entity as defined by FRS 102. Assets and liabilities are initially recognised at cost or transaction value unless otherwise stated in the relevant accounting policy notes.

Basis of consolidation

The consolidated financial statements incorporate the accounts of the Charitable Company and those of its trading subsidiary, Bury St Edmunds Theatre Productions Limited for the year ended 31 March 2024 on a line by line basis. A separate Statement of Financial Activity (SOFA) is not presented because the charity has taken advantage of the exemptions afforded by Section 408 of the Companies Act 2006. Under section 479A of the Companies Act 2006, Bury St Edmunds Theatre Productions Limited is exempt from the requirement for its financial statements to be audited.

Going Concern

Whilst the financial statements have been prepared on the going concern basis any known uncertainties facing the organisation have been considered and are highlighted below. The Directors have concluded that the organisation’s financial position stands it in good stead to deal with the possible impact of these to the extent they have been budgeted and no material uncertainties, in respect of going concern, have been identified.

Overall unrestricted funds increased by £36,182 during the year leaving an unrestricted fund balance of £733,311 at 31 March 2024. Of this total, £553,844 relates to the operational element of the Unrestricted Fund and £179,467 to the designated element.

The subsidiary company, Bury St Edmunds Theatre Productions Limited, allows the Theatre to take advantage of the HMRC’s theatre tax relief, which for the year ended 31 March 2024 results in a net benefit of £116,121 after costs. This is included in the results for the Charitable Company and the group.

Detailed financial projections including a cash flow forecast have been prepared for the year to 31 March 2025, and a going concern forecast has been prepared for the year to 31 March 2026, all of which the Directors have considered in their assessment of going concern.

In the current climate of cuts in council funding Suffolk County Council (S.C.C.) have confirmed a major cut in their arts funding. As a result of this the theatre will lose annual funding of £102,000 with effect from 1st April 2025, and this has been taken into account in the 25/26 going concern forecast. The Organisation is working hard to identify new sources of funding to replace this, including a new project fund within S.C.C from which arts organisations can apply for up to £50,000.

The theatre programme includes both in-house and visiting productions and each event is budgeted for on an individual basis. Whilst targets for many productions can be reasonably forecst, prudent budgeting ensures that we take into account any unpredictability. Indictaions for December 2024 panto sales are good and in line with previous years.

Further details of the organisation’s plans going forward are included in Plans for Future Periods within the Report of the Directors.

On the basis of the detailed budgets and other considerations the Directors are satisfied that there’s no significant doubt as to the ability of the company to trade through the period assessed ( being no less than 12 months ) and that therefore the financial statements continue to be prepared on a going concern basis.

21

THE BURY ST EDMUNDS THEATRE MANAGEMENT LIMITED

(A company limited by guarantee and not having share capital)

Notes forming part of the financial statements for the year ended 31 March 2024

1. Accounting policies (continued)

Financial instruments

The Charitable Group only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

Debtors

Trade and other debtors are recognised at the settlement amount due after any discount offered. Prepayments are valued at the amount prepaid net of any discounts due.

Cash at bank and in hand

Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

Creditors

Creditors payable within one year that do not constitute a financial transaction are initially measured at the transaction price and subsequently measured at amortised cost, being the transaction price less any amounts settled.

Tangible fixed assets and depreciation

Tangible fixed assets are stated at cost, less depreciation. Depreciation is provided on all tangible fixed assets at rates calculated to write off the cost, less estimated residual value, of each asset on a straight-line basis over its expected useful life, as follows:

Equipment - 3 - 5 years Motor vehicles - 3 - 4 years Property improvements - over the period of the lease

Property improvements in excess of £10,000 and equipment additions in excess of £500 are capitalised at the discretion of the directors.

Intangible assets and depreciation

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less accumulated amortisation and any accumulated impairment losses.

Amortisation is provided on intangible assets at rates calculated to write off the cost of each asset on a straight -line basis over its expected useful life.

Amortisation is provided on the following basis:

Website - 3 years

Investments

In the Charitable Company balance sheet, investments include the investment in the subsidiary which is recorded at cost.

Income

Income is recognised when the Charitable Group has entitlement to the funds, any performance conditions attached to the item(s) of income has been met, it is probable that the income will be received, and the amount can be measured reliably.

Income from government and other grants, whether ‘capital’ grants or ‘revenue’ grants, is recognised when the Charitable Group has entitlement to the funds, any performance conditions attached to the grants have been met, it is probable that the income will be received, and the amount can be measured reliably.

Income from front of house activities is recognised on exchange of goods.

Income received in advance of a theatrical performance or provision of other specified service is deferred until the criteria for income recognition are met, this is normally on the performance date.

22

THE BURY ST EDMUNDS THEATRE MANAGEMENT LIMITED (A company limited by guarantee and not having share capital)

Notes forming part of the financial statements for the year ended 31 March 2024 (continued)

1. Accounting policies (Continued)

Interest receivable

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Charitable Group; this is normally on notification of the interest paid or payable by the Bank.

Expenditure

Theatre expenditure is recognised on an accrual’s basis. Contractual arrangements and performance related grants are recognised as goods or services are supplied.

Pensions

The group operates a Peoples Pension Plan for the benefit of its employees. The assets and liabilities of the scheme are held separately to those of the group. The annual contributions payable are included in the Statement of Financial Activities.

Leasing commitments

Rentals paid under operating leases are charged against income on a straight-line basis over the lease term.

Payments to volunteers

The theatre’s operation relies heavily on volunteers, with advantage taken of exemptions awarded to charitable organisations in respect of the Minimum Wage regulations. Volunteers are engaged in all aspects of the operation, but most extensively in front of house operations. The Charitable Company’s directors are also engaged in a voluntary capacity. The Charitable Company offers out-of-pocket expenses to all volunteers, with many claiming modest travel expenses. No other payments are offered in respect of their work as volunteers.

Stocks

Stocks are valued at the lower of cost and net realisable value.

Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense. The holiday year for the Charitable Company ends at the reporting date, however in certain circumstances employees are entitled to carry forward unused holiday. The cost of any unused entitlement is recognised in the period in which the employee’s services are received.

Fund accounting

Unrestricted funds comprise accumulated surpluses and deficits on the General Fund and a Designated Fund. They are available for use at the discretion of the directors in furtherance of the Charitable Company’s charitable objectives. Restricted funds are created when grants or donations are made available for a particular purpose, the use of which is restricted to that purpose.

Critical accounting estimates and areas of judgement

The Charitable Group makes estimates and assumptions concerning the future. The resulting accounting estimates and assumptions will, by definition, not always equal the related actual results. There are not considered to be any estimates or judgements that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.

23

THE BURY ST EDMUNDS THEATRE MANAGEMENT LIMITED

(A company limited by guarantee and not having share capital)

Notes forming part of the financial statements for the year ended 31 March 2024 (Continued)

2. Income from grants, donations and legacies
Unrestricted
Restricted
Funds
Funds
Grants
£
£
Suffolk County Council
102,000
-
West Suffolk Council
61,000
-
Arts Council England
220,000
-
Trusts & Foundations
Ridley Godfrey Trust
-
6,000
Alfred Williams Charitable Trust
1,000
-
Tanyard Trust
750
-
St Eds Trust
-
24,780
Norfolk & Norwich Festival Trust
-
-
Donations
Friends of Theatre Royal
20,753
-
Others
86,032
82,413


491,535
113,193
3. Income from charitable activities
Unrestricted
Restricted
Funds
Funds
£
£
Professional events
571,332
-
Pantomime
541,278
-
Education programme
51,014
-
Amateur events
41,859
-
Agency events
4,369
-
Heritage Tours
3,880
-
Other
3,873
-
Theatre Tax Relief
116,121
-
1,333,726
-		 Total
2024
£
102,000
61,000
220,000
6,000
1,000
750
24,780
-
20,753
168,445

604,728
Total
2024
£
571,332
541,278
51,014
41,859
4,369
3,880
3,873
116,121
1,333,726		 Total
2023
£
102,000
61,000
-
-
-
-
-
2,000
15,258
235,455		 Total
2023
£
102,000
61,000
-
-
-
-
-
2,000
15,258
235,455

415,713
Total
2023
£
499,087
484,528
39,642
46,801
3,408
3,990
6,332
152,708
1,236,496		 Total
2023
£
499,087
484,528
39,642
46,801
3,408
3,990
6,332
152,708

Included in Charitable activities is £116,121 of Theate Tax Credit relating to expenditure for our in-house productions.

24

THE BURY ST EDMUNDS THEATRE MANAGEMENT LIMITED (A company limited by guarantee and not having share capital)

Notes forming part of the financial statements for the year ended 31 March 2024 (Continued)

4. Allocation of support costs

The Charitable Company allocates its support costs as shown in the table below and then further apportions those costs between the charitable activities undertaken. Support costs are allocated on a basis consistent with the use of resources.

Theatre
operation
Fundraising
costs of
grants and
donations
£
£
Support costs
Administration staff
97,083
19,416
Administration costs
489,031
6,351
Premises costs
256,035
-

842,149
25,767		 2024
Total
£
116,499
495,382
256,035

867,916		 2023
Total
£
112,519
421,719
144,133

678,371

5. Analysis of charitable expenditure

The Charitable Company undertakes direct charitable activities only and does not make grant payments.

Productions
and
performances
Education
programme
£
£
Professional events
490,021
-
Co-Productions
708
-
Pantomime
256,096
-
Education & Community
programme
-
132,916
Artistic staff
67,596
42,942
Box office
6,147
-
Marketing
87,584
37,517
Technical
37,131
-
Operations
2,806
-
Support costs (note 4)
735,636
106,513
1,683,725
319,888
alysis of cost of raising funds
Staff costs
Other
costs
Support
costs
£
£
£
Fundraising costs of grants
and donations
41,004
65,902
25,767
Front of house activities
-
187,720
-
41,004
253,622
25,767		 2024
Total
£
490,021
708
256,096
132,916
110,538
6,147
125,101
37,131
2,806
842,149
2,003,613
2024
Total
£
132,673
187,720
320,393		 2023
Total
£
462,188
5,804
239,578
185,542
75,013
5,580
111,677
79,498
8,238
653,956
1,827,074
2023
Total
£
105,721
129,656
235,377

6. Analysis of cost of raising funds

25

THE BURY ST EDMUNDS THEATRE MANAGEMENT LIMITED (A company limited by guarantee and not having share capital)

Notes forming part of the financial statements for the year ended 31 March 2024 (Continued)

7. Movement in total funds for the year

This has been arrived at after: This has been arrived at after:
Charging
2024 2023
£ £
Depreciation - Owned 96,226 70,992
Operating leases - Land & buildings 16,500 16,500
- Plant and machinery - 2,016
Auditor’s remuneration - Statutory audit of charity & consolidated 17,750 19,995
accounts
- Tax compliance services 2,200 2,450
- Audit related assurance services - -

8. Employees

The average monthly number of employees of the group during the year, excluding directors, was as follows:

Full time
Part time
Staff costs consist of:
Wages and salaries
Social security costs
Pension costs		 2024
Number
20
55
75
£
864,386
55,840
22,947
943,173		 2023
Number
17
55
72
£
812,084
55,573
20,351
888,008

No employee earned more than £60,000 in the year. (2023: no employee earned more than £60,000)

Key Management Personnel of the Charitable Company and Group comprise of the Directors, the Chief Executive and Artistic Director, the Finance Director and the Head of Finance, HR and Operations. The total employee remuneration of Key Management Personnel was £146,430 during the year. (2023 -£137,959)

9. Directors

No directors received emoluments for their duties as directors during the year (2023 – none). No expenses were reimbursed to the directors during either year.

10. Taxation

The Bury St Edmunds Theatre Management Limited is a registered charity and as such its income and gains are exempt from corporation tax to the extent that they are applied to its charitable objectives.

26

THE BURY ST EDMUNDS THEATRE MANAGEMENT LIMITED

(A company limited by guarantee and not having share capital)

Notes forming part of the financial statements for the year ended 31 March 2024 (Continued)

11. Tangible assets (Charity and Group)

Long Leasehold
property
improvements
Motor
Vehicles
Equipment
£
£
£
Cost
At 1 April 2023
5,041,255
14,846
117,485
Additions
-
-
44,197
Disposals
-
-
-
At 31 March 2024
5,041,255
14,846
161,682
Depreciation
At 1 April 2023
924,873
14,846
80,341
Charge for year
57,978
-
27,599
Disposals
-
-
-
At 31 March 2024
982,850
14,846
107,940
Net book value - owned assets
At 31 March 2024
4,058,405
-
53,742
At 31 March 2023
4,116,382
-
37,144
12. Intangible assets (Charity and Group)
Website
£
Cost
At 1 April 2023
-
Additions
32,270
Disposals
-
At 31 March 2024
32,270
Depreciation
At 1 April 2023
-
Charge for year
10,649
Disposals
-
At 31 March 2024
10,649
Net book value - owned assets
At 31 March 2024
21,621
At 31 March 2023
-		 Total
£
5,173,586
44,197
-
5,217,783
1,020,060
85,577
-
1,105,636
4,112,147
4,153,526
Total
£
-
32,270
-
32,270
-
10,649
-
10,649
21,621
-

27

THE BURY ST EDMUNDS THEATRE MANAGEMENT LIMITED

(A company limited by guarantee and not having share capital)

Notes forming part of the financial statements for the year ended 31 March 2024 (Continued)

13. Investments (Charity only)

vestments (Charity only)
Total
£
Cost
1 April 2023 and 31 March 2024 100
Subsidiary Country Holding Principal activity
Bury St Edmunds Theatre Productions Limited England 100% Theatre Productions

The Charitable Company owns the whole share capital of The Bury St Edmunds Theatre Productions Limited (company number 09240786). The principal activities of the Company are theatre productions. The address of its registered office is the same as the Charitable Company as noted on Page 2.

At 31 March, the Company had:

2024 2023
£ £
Turnover 399,407 474,457
Profit after tax - -
Net Assets 100 100

28

THE BURY ST EDMUNDS THEATRE MANAGEMENT LIMITED (A company limited by guarantee and not having share capital)

Notes forming part of the financial statements for the year ended 31 March 2024 (Continued)

14. Stocks (Charity and Group)

Goods for resale
15. Debtors
2024
Group
£
Trade debtors
17,091
Other debtors
150,311
Prepayments and accrued income
76,425
Amounts owed by group undertakings
-
243,827		 2024
Charity
£
17,091
34,090
76,425
116,121
243,727		 2024
£
7,695
2023
Group
£
11,595
237,231
30,275
-
279,101		 2023
£
5,744
2023
Charity
£
11,595
28,346
30,275
208,785
279,001

All amounts within debtors fall due for payment within one year.

16. Creditors: amounts falling due within one year

Trade creditors
Taxation and social security
Other creditors
Accruals
Deferred income (see note 19)		 2024
Group
£
75,569
23,540
3,852
89,766
442,755
635,482		 2024
Charity
£
75,569
23,540
3,852
89,766
442,755
635,482		 2023
Group
£
37,189
27,211
3,598
166,762
398,904
633,664		 2023
Charity
£
37,189
27,211
3,598
166,762
398,904
633,664

17. Pensions

The charity contributes to a defined contribution scheme for its employees.

The charge for the year is £22,947 (2023: £20,351) and at the balance sheet date there were £3,852 of outstanding contributions (2023: £3,598) which were included within creditors.

18. Funds

(a) Charity and Group Unrestricted Funds

Unrestricted funds consist of the general funds and designated funds.

At 1 April
2023
£
General funds
517,409
Designated funds
179,720
697,129		 Income
£
2,221,384
2,221,384		 Expenditure
Transfers
£
£
(2,174,949)
(10,000)

(10,253)
10,000



(2,185,202)
-		 At 31
March
2024
£
553,844
179,467

733,311

29

THE BURY ST EDMUNDS THEATRE MANAGEMENT LIMITED

(A company limited by guarantee and not having share capital)

Notes forming part of the financial statements for the year ended 31 March 2024 (Continued)

18. Funds (continued)

(a) Charity and Group Unrestricted Funds (continued)

At 1 April At 31 March
2022 Income Expenditure Transfers 2023
As restated As restated As restated As restated As restated
£ £ £ £ £
General funds 472,396 1,700,402 (1,611,900) (43,489) 517,409
Designated funds 184,201 - (47,970) 43,489 179,720
656,597 1,700,402 (1,659,870)
-
697,129
Charity and Group Designated Funds
At 1 April Income Expenditure At 31 March
2023 2024 2024 Transfers 2024
£ £ £ £ £
Artistic fund 69,495 - - (17,995) 51,500
Operational fund 110,225 - (10,253) 27,995 127,967

179,720
-
(10,253)
10,000
179,467
At 1 April Income Expenditure At 31 March
2022 2023 2023 Transfers 2023
As restated As restated As restated As restated As restated
£ £ £ £ £
Artistic fund 131,255 - (37,755) (24,005) 69,495
Operational fund 52,946 - (10,215) 67,494 110,225

184,201
-
(47,970)
43,489
179,726

(b) Charity and Group Designated Funds

During the year £33,298 was transferred from Designated Fixed Assets to General Fixed Assets, prior year figure have been restated to reflect relevant comparatives.

Artistic Fund: The directors have agreed to reduce funds by £17,995 to £51,500. This fund is to assist with specific future Theatre Royal productions and the visiting programme, up to 31[st] March 2025.

2022/23: £69,495 was designated to the Artistic fund: this was to cover the guarantee for the Beyond walls project and to provide assistance with future Theatre Royal productions.

Operational Fund: The directors have agreed to increase funds by £27,995 to £127,967 which will assist with operational requirements in equipment and building maintenance. Included in this is £43,500 towards health & safety upgrades in the year to 31[st] March 2025.

2022/23: £135,369 was designated to the Operational fund: this was to assist with operational requirements in equipment and building improvement and maintenance.

30

THE BURY ST EDMUNDS THEATRE MANAGEMENT LIMITED

(A company limited by guarantee and not having share capital)

Notes forming part of the financial statements for the year ended 31 March 2024 (Continued)

18. Funds (continued)

(c) Charity and Group Restricted Funds

Capital Development Project Fund
Capital Boiler Replacement Fund
Capital Captioning Equipment
Access Project Fund
Youth Filmng Project
Seating Fund
Black Theatre Live Project Fund
Tiny Plays Project
Teachers CPD Event
Community Tickets
Youth Bursaries Fund
Doorstep Project
Artistic Directors Fund
Ickworth Volunteers Project Fund
SEN Youth Theatre
Youth/Local Engagement
Commissioning Circle
Youth Support – Wizard of Oz
Julien Support
Christmas Cabin
Warm Spaces Project		 At 1 April
2023
£
3,818,496
12,000
-
1,214
-
7,997
5,882
8,320
7,412
-
1,106
6,665
11,060
1,325
14,721
10,000
9,573
-
-
-
-
3,915,771		 Income
Expenditure
At 31 March
2024
£
£
£
-
(57,978)
3,760,518
-
(4,000)
8,000
18,572
(6,128)
12,444
6,208
(4,605)
2,817
2,500
(2,500)
-
-
(436)
7,561
-
-
5,882
10,500
(16,546)
2,274
-
(2,586)
4,826
9,400
(2,000)
7,400
3,000
(1,763)
2,343
-
(1,472)
5,193
-
-
11,060
-
(1,325)
-
31,020
(5,541)
40,200
-
-
10,000
10,000
(9,931)
9,642
8,000
(8,000)
-
5,993
(5,993)
-
7,000
(7,000)
-
1,000
(1,000)
-
113,193
138,804
3,890,160

31

THE BURY ST EDMUNDS THEATRE MANAGEMENT LIMITED

(A company limited by guarantee and not having share capital)

Notes forming part of the financial statements for the year ended 31 March 2024 (Continued)

18. Funds (continued)

(c) Charity and Group Restricted Funds (continued)

At 1 April
2022
£
Capital Development Project Fund
3,876,473
Capital Boiler Replacement Fund
16,000
Access Project Fund
7,571
Beyond Walls Fund
34,870
Seating Fund
7,997
Black Theatre Live Project Fund
5,882
Youth Bursaries Fund
1,686
Doorstep Project
-
Realising Ambitions Project Fund
25,701
Artistic Directors Fund
11,060
Ickworth Volunteers Project Fund
1,825
SEN Youth Theatre
5,858
Youth/Local Engagement
10,000
Head East
500
Tiny Plays Project
6,780
Commissioning Circle
504
Downlighters
5,000
Defibrillator
63
Secret Garden
-
Youth Theatre Production 22/23
2,500
Shared Prosperity Fund
-
Teachers CPD Event
-
Vulnerable Groups
-
Christmas Cabin
-
Warm Spaces Project
-
4,020,270		 Income
Expenditure
£
£
-
(57,977)
-
(4,000)
-
(6,357)
-
(34,870)
-
-
-
-
33
(613)
25,650
(18,985)
-
(25,701)
-
-
-
(500)
18,455
(9,592)
-
-
-
(500)
17,733
(16,193)
10,000
(931)
-
(5,000)
-
(63)
10,000
(10,000)
5,000
(7,500)
14,702
(14,702)
7,500
(88)
2,000
(2,000)
26,028
(26,028)
5,000
(5,000)
142,101
(246,600)		 At 31 March
2023
£
3,818,496
12,000
1,214
-
7,997
5,882
1,106
6,665
-
11,060
1,325
14,721
10,000
-
8,320
9,573
-
-
-
-
-
7,412
-
-
-
3,915,771

Capital Development Project Fund: In 2002 the Charitable Company launched its Restoration Appeal to raise £5.1 million to restore and develop the Regency Theatre Royal Bury St Edmunds. The project commenced in October 2005, this fund contains all the monies raised for the project and all the expenses relating to it. This fund is annually depreciating on a straight-line basis over the remaining term of the lease.

Capital Boiler Replacement Fund: During 2022/23 the boiler and radiator system was replaced. Funding was provided by Foyle Foundation. This fund is annually depreciating on a straight-line basis over five years.

Capital Captioning Equpment Fund: During 2023/24 funds were provided by St Edmunds Trust to provide Captioning Equipment. This fund is annually depreciating on a straight line basis over 3 years.

Access Project Fund: Funding provided by St Edmunds Trust towards providing audio described and captioned performances and for equipment for the visual and hearing impaired.

Youth Filming Project Fund: Funding provided by Robert Baxter towards a Youth Filming Project for Youth Theatre. Funds fully expended in year..

Seating Fund: Funding towards the refurbishment of the Theatres seating. Funding provided by: The National Trust. 2022/23 : Funding provided by: The National Trust.

32

THE BURY ST EDMUNDS THEATRE MANAGEMENT LIMITED

(A company limited by guarantee and not having share capital)

Notes forming part of the financial statements for the year ended 31 March 2024 (Continued)

18. Funds (continued)

(c) Charity and Group Restricted Funds (continued)

Black Theatre Live Project Fund: project to promote and celebrate diversity. Funding provided by: Tara Arts. 2022/23 : Funding provided by: Tara Arts.

Tiny Plays Project Fund: Funding towards the Tiny Plays project which delivers workshops teaching and facilitating 450 children to write their first play. Funding provided by: Ridley Godfrey Trust and Suffolk County Council: 2022/23 Funding provided by: Arts Council East and Suffolk County Council.

Teachers CPD Event Fund: Funding towards developing and delivering a teachers CPD event. Funding provided by: Suffolk County Council. 2022/23 Funding provided by: Suffolk County Council.

Community Tickets Fund: Funding towards providing tickets to the Community. Funding provided by: Bury Town Council, West Suffolk Council & Treatt. New Fund 2023/24

Youth Bursaries Funding: Funding which enables the provision of Bursaries places for Youth Theatre and the Summer School Production. Funding provided by: Alfred Williams Trust, Ridley Godfrey Trust and The Theatre Royal Supporters Group. 2022/23: Funding provided by: Alfred Williams Trust, and The Theatre Royal Supporters Group.

Door Step Project Fund: Funding towards delivering a Children’s Arts Festival to 20 schools across East Anglia. Funding provided by: Arts Council England, Suffolk Libraries, West Suffolk Council Locality Funds and Theatre in Education. 2022/23 : Funding provided by: Arts Council England.

Artistic Director Fund: Funds donated during the 200th anniversary year towards local community artistic projects created by the Artistic Director. Funding provided by pledges from individuals . 2022/23 : Funding provided by: pledges from individuals.

Ickworth Volunteers Project Funds: Funding towards supporting Ickworth House engage additional visitors through encouraging the next generation of advocates. Funding Provided by: National Trust. 2022/23 : Funds were fully expended in the year.

SEN Youth Theatre project: Funding provided towards the setup and creation of a SEN Youth Theatre Group. Funding provided by GeWhizz. 2022/23 Funding provided by St Edmunds Trust, local councillors locality funds and GeWhizz.

Youth/Local Engagement Fund: Funding towards supporting and engaging the local community. Funding provided by the Theatres Trust. 2022/23 Funding provided by Theatres Trust.

Commissioning Circle: Funding provided to support the commission of the Autumn 24 production of Dorothy: Back to Oz. Funding provided by: five individuals. 2022/23 funding to support the commission of Autumn 23 Wizard of Oz. Funding provided by:five individuals.

Youth support Wizard of Oz Fund: Funding towards supporting the Young Company in the Theatre Royal Production of ‘Wizard of Oz’. Funding provided by: Bury Town Council. New Fund 2023/24. Funds fully expended in year.

33

THE BURY ST EDMUNDS THEATRE MANAGEMENT LIMITED

(A company limited by guarantee and not having share capital)

Notes forming part of the financial statements for the year ended 31 March 2024 (Continued)

18. Funds (continued)

(c) Charity and Group Restricted Funds (continued)

Julien Support Fund: Funding towards providing outreach community workshops delivered at Julien Support. Funding provided by: Community Chest. New Fund 2023/24. Funds fully expended in year.

Christmas Cabin: Funding provided towards creating a Christmas experience for young children in the ARC shopping area. Funding provided by: Bury Town Council. New fund 2023/24. Funds fully expended in the year.

Warm Spaces project: Funding towards creating a warm welcoming environment for the public, once a week throughout the winter. Funding provided by: West Suffolk Council. New fund 2023/24. Funds fully expended in the year.

19. Analysis of group net assets between funds

Tangible fixed assets
Intangible fixed assets
Net current assets
Tangible fixed assets
Net current assets
20. Analysis of charity net assets between funds
Tangible fixed assets
Intangible fixed assets
Investments
Net current assets
Tangible fixed assets
Investments
Net current assets		 General
Funds
Designated
Funds
£
£
331,184
-
21,621
-
198,215
179,466
551,020
179,466
General
Funds
Designated
Funds
£
£
297,886
25,145
194,379
179,719
492,265
204,864
General
Funds
Designated
Funds
£
£
331,184
-
21,621
100
-
198,115
179,466
551,020
179,466
General
Funds
Designated
Funds
£
£
297,886
25,145
100
-
194,279
179,719
492,265
204,864		 Restricted
Funds
£
3,780,962
-
112,023
3,892,985
Restricted
Funds
£
3,830,495
85,276
3,915,771
Restricted
Funds
£
3,780,962
-
112,023
3,892,985
Restricted
Funds
£
3,830,495
-
85,276
3,915,771		 Total
2024
£
4,112,146
21,621
489,704
4,623,471
Total
2023
£
4,153,526
459,374
4,612,900
Total
2024
£
4,112,146
21,621
100
489,604
4,623,471
Total
2023
£
4,153,526
100
459,274
4,612,900		 Total
2024
£
4,112,146
21,621
489,704
4,623,471
Total
2023
£
4,153,526
459,374
4,612,900

34

THE BURY ST EDMUNDS THEATRE MANAGEMENT LIMITED (A company limited by guarantee and not having share capital)

Notes forming part of the financial statements for the year ended 31 March 2024 (Continued)

21. Deferred income (Charity and Group)

Balance at 1 April
Amount released in year
Amount deferred in year		 2024
£
398,904
(398,904)
442,756
442,756		 2023
£
319,755
(319,755)
398,904
398,904

Deferred income is made up of £390,929 box office receipts and £51,826 deposits received in advance. 2022/23: £348,365 box office receipts and £50,539 deposits received in advance.

22. Commitments of Charity & Group under operating leases

The total future minimum lease payments under non-cancellable operating leases for Plant and Machinery are as follows:

Amounts due:
within one year
between one and five years		 2024
£
2,016
-
2,016		 2023
£
2,016
2,016
4,032

The total future minimum lease payments under non-cancellable operating leases for Land and Buildings are as follows:

Amounts due:
within one year
between one and five years
After five years		 2024
£
18,500
50,000
825,000
893,500		 2023
£
12,500
50,000
841,500
904,000

23. Contingent liability

The Trustees of the National Heritage Memorial Fund (NHMF) hold a legal charge over the property occupied by The Bury St Edmunds Theatre Management Limited for the amount of £1,950,000. This sum becomes payable under the following conditions:

In any of these circumstances The Bury St Edmunds Theatre Management Limited, the new body or new owner must, within 90 days of the relevant breach, submit a revised application to NHMF for consideration. This charge automatically expires on 2 March 2030. The directors consider that these conditions are unlikely to arise and as such there is no probable outflow of funds to be provided for within these financial statements.

Under group registration, the Charitable Company is jointly and severally liable to Value Added Tax with the subsidiary company, The Bury St Edmunds Theatre Productions Limited. At 31 March 2024, there was no potential liability.

35

THE BURY ST EDMUNDS THEATRE MANAGEMENT LIMITED

(A company limited by guarantee and not having share capital)

Notes forming part of the financial statements for the year ended 31 March 2024 (Continued)

24. Related party transactions

During the year the following transactions took place with The Bury St Edmunds Theatre Productions Limited, who are considered to be a related party of The Bury St Edmunds Theatre Management Limited as a wholly owned subsidiary.

2024 2023
£ £
Costs recharged 515,528 633,155
Management charges paid 399,407 477,174
Owed by BSE Theatre Productions Limited 116,121 209,015

25. Reconciliation of net movement in funds to net inflow from operating activity

2024
£
Net movement in funds
10,570
Interest received
(14,708)
Depreciation
96,226
(Increase)/decrease in stock
(1,951)
(Decrease) in debtors
35,274
Increase/(decrease) in creditors
1,818
Net cash flow from operating activities
127,229
Analysis of changes in net funds
2023
Cash Flow
£
£
Cash at bank and in hand
808,193
65,471		 2023
£
(63,967)
(3,893)
70,992
8,778
(171,394)
96,601

(62,883)
2024
£
873,664

26. Analysis of changes in net funds

27. Agency arrangements

The Charitable Company acts as an agent providing box office services in the year for other entities, the following transactions have taken place in the year.

2024 2023
£ £
Collected 6,375
Fees charged 4,338 2,759
Amount included in creditors at 31 March 15,588 32,741

36