## **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: -
- Offering a wide range of artistic programming, aiming to appeal to all sections of the community;
- Support to education, the community and amateur sector, offering space and resources for their productions and activities;
- Programming captioned, signed and audio described performances, and relaxed performances where possible, enabling deaf, hard of hearing, visually impaired people and people with dementia and other disabilities to enjoy live theatre;
- Providing access for wheelchair users and those with mobility difficulties;
- Offering a wide range of heritage tours and talks in and around the theatre;
- Delivering creative workshops with community partners working with minority, vulnerable and disenfranchised groups and providing engagement with the work on stage and wider opportunities offered by the Charitable Company;
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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)**_
- Working with schools on curriculum and cultural engagement projects at the theatre and in schools;
- Providing drama and theatre activities for people of all ages and ability at the theatre and in community venues enabling a wide range of people throughout the region to benefit;
- Offering subsidised and free places available to those in need;
- Offering a broad range of ticket prices, and further concessions for targeted groups, to enable all sections of the community to access performances at the theatre.
## **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:
- Develop the quality, diversity and reach of artistic, community and education work.
- Increase and reach more audiences and develop their engagement with the Charitable Company’s work.
- Provide excellent customer care across all areas of operations.
- Increase the income generated and provide sustained investment for operations.
- Provide cultural leadership within the region.
- Further the skills and abilities of staff and volunteers.
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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:
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles in the Charities SORP;
- make judgments and estimates that are reasonable and prudent;
- state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business.
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:
- give a true and fair view of the state of the Group's and of the parent charitable company's affairs as at 31 March 2024 and of the Group's incoming resources and application of resources, including its income and expenditure for the year then ended;
- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
- have been prepared in accordance with the requirements of the Companies Act 2006 and the Charities Act 2011.
## **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.
12
**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:
- the information given in the Trustees' report for the financial year for which the financial statements are prepared is consistent with the financial statements.
- the Trustees' report has been prepared in accordance with applicable legal requirements.
## **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:
- the parent charitable company has not kept adequate and sufficient accounting records, or returns adequate for our audit have not been received from branches not visited by us; or
- the parent charitable company financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of Trustees' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit; or
- the Trustees were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemptions in preparing the Trustees' report and from the requirement to prepare a Strategic report.
13
**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.
14
**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:
- Enquiry with management regarding any known or suspected instances of non-compliance with laws and regulations, accidents in the workplace and fraud;
- Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;
- Challenging assumptions and judgements made by management in their significant accounting estimates; and
- Auditing the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness, and evaluating the business rationale of significant transactions outside the normal course of business.
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.
- Costs of raising funds are those costs incurred in attracting grants and donations, and those incurred in trading activities that raise funds.
- Support costs include central functions and have been allocated to activity cost categories on a basis consistent with the use of resources.
- Expenditure on charitable activities includes the costs of performances, exhibitions and other educational activities undertaken to further the purposes of the charity and their associated support costs.
## **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:
- A change of ownership of the whole or part of the property
- A material change in the status of The Bury St Edmunds Theatre Management Limited
- A deviation from the Approved Purposes or Approved Usage of the HLF grant or
- The Bury St Edmunds Theatre Management Ltd ceases to operate due to its merger with or the transfer of its functions to another body.
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