2025-03-31-accounts

Registered number: 00842455 Charity number: 242977

BURY ST EDMUNDS THEATRE MANAGEMENT LIMITED

(A company limited by guarantee)

TRUSTEES' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

BURY ST EDMUNDS THEATRE MANAGEMENT LIMITED

(A company limited by guarantee)

CONTENTS

	Page
Reference and administrative details of the Company, its Trustees and advisers	1
Trustees' report	2 - 11
Trustees' responsibilities statement	12
Independent auditors' report on the financial statements	13 - 16
Consolidated statement of financial activities	17
Consolidated balance sheet	18
Company balance sheet	19 - 20
Consolidated statement of cash flows	21
Notes to the financial statements	22 - 46

BURY ST EDMUNDS THEATRE MANAGEMENT LIMITED (A company limited by guarantee)

REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 MARCH 2025

Trustees	S G Kemp, Chair (appointed 5 September 2024)
	E Michie
	E E Fisher
	G D Kirk (resigned 13 March 2025)
	B P Littlefair (resigned 13 March 2025)
	J J Howlett
	D M Braverman (appointed 4 June 2024)
	K A Thompson (appointed 4 June 2024)
	R Quince (resigned 5 September 2024)
	M T Piccaver (resigned 5 December 2024)
	S Whybrew (resigned 5 December 2024)
	M Codrington Fernandez (resigned 4 June 2024)
Company registered number 00842455 Charity registered number 242977 Registered office Theatre Royal Westgate Street Bury St. Edmunds Suffolk IP33 1QR Company secretary R Melchior Independent auditors Larking Gowen LLP Chartered Accountants 1 Claydon Business Park Great Blakenham Ipswich IP6 0NL

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BURY ST EDMUNDS THEATRE MANAGEMENT LIMITED

(A company limited by guarantee)

TRUSTEES' REPORT FOR THE YEAR ENDED 31 MARCH 2025

Chair's Report

Theatre Royal Bury St Edmunds strives to foster innovation, creativity, and imagination through performance and education in the settings of our beautiful Georgian theatre, throughout West Suffolk and in schools across the county. We aim to provide a welcoming and inclusive experience with a broad range of programming designed to entertain, stimulate, educate and encourage all the diverse audiences who come to join us. We are very proud of our own in-house productions which continue to exceed ticket sales forecasts and to delight audiences.

We celebrate the achievements of all our artists and performers, noting the tremendous contributions of our talented young performers. We are delighted to note the achievements and contribution of our Youth Advisory Board which joined the Summer 2024 Trustee Board meeting to report on their planned outcomes and activities for the year.

We were particularly pleased with tickets sales during the year, and in particular for our pantomime, Aladdin, and our in-house production of a Tryal of Witches which achieved national critical acclaim. Each exceeded targets and helped the theatre to achieve an overall growth in audience numbers enabling us to exceed financial targets for the year. Strong audience numbers have helped us to make larger than forecast transfers to reserves to fund maintenance on the interior of the theatre to help to ensure audience and staff enjoyment and comfort. Strong audience support has helped to mitigate the effects of cuts in funding from local government.

As a National Portfolio Organisation (NPO) we are very grateful for the support received from Arts Council England. This support has enabled us to be adventurous with our programming and to continue to develop outreach projects and audience development in under-represented areas. We are also grateful to our partner Greene King, and the many corporate and individual supporters who enable the theatre to continue to thrive.

We are very grateful to Roger Quince for his outstanding contribution and unfailing support as Chair of Theatre Royal Bury St Edmunds, and to fellow trustees Marcus Codrington Fernandez, Bryan Littlefair, Graeme Kirk, Sara Whybrew whose terms of office came to an end in the year, and to Dr Matthew Piccaver, for all their support and contributions. We welcome Karen Thomson and Danny Braverman to the Board. We note the exceptional contribution of Polly Turner, General Manager, who resigned in September 2024 after more than twenty years of dedicated service, and we welcome Richard Melchior who joined us as General Manager in December 2024.

I would like to thank our inspirational Chief Executive and Artistic Director, Owen Calvert-Lyons, for his continuing dedication, creativity and overall excellence of direction as well as all the trustees, staff, volunteers and partners who enable Theatre Royal Bury St Edmunds to continue to flourish.

S G Kemp Chair

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BURY ST EDMUNDS THEATRE MANAGEMENT LIMITED (A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

The directors present their annual report together with the audited financial statements for the year ended 31 March 2025.

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 and 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 2024 or date of appointment if later, were:

R Quince (Resigned 05/09/2024) M Codrington Fernandez (Resigned 04/06/2024) S Kemp (Appointed 05/09/2024) G Kirk (Resigned 13/03/2025) E Fisher B Littlefair (Resigned 13/03/2025) J Howlett M Piccaver (Resigned 05/12/2024) E Michie K Thomson (Appointed 04/06/2024) D Braverman (Appointed 04/06/2024) S Whybrew (Resigned 05/12/2024)

The Directors meet quarterly.

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.

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BURY ST EDMUNDS THEATRE MANAGEMENT LIMITED

(A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

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 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.

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

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BURY ST EDMUNDS THEATRE MANAGEMENT LIMITED

(A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

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;

• 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.’

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BURY ST EDMUNDS THEATRE MANAGEMENT LIMITED (A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

The Charitable Company is committed to delivering great ‘Theatre for All’ through the presentation of a yearround, 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.

Achievements and Performance

This has been an extraordinary year, with Theatre Royal producing five in-house productions – the most we have produced in the last 10 years. This has been supported by our second year of Arts Council England National Portfolio Organisation funding. The year began and ended with us staging original plays: Richard, My Richard by Philippa Gregory and A Tryal of Witches by Tallulah Brown. Against a backdrop of 30% less plays being produced nationally (BBC, ‘Big Drop In Plays Staged By Theatres In Last Decade’) we are delighted to buck that trend and demonstrate that New Writing is alive and well in the East of England. Attracting globallyrenowned author Philippa Gregory to write her first play for Theatre Royal is another signifier of the success of our artistic programme. The production was co-produced with Shakespeare North Playhouse and creates a benchmark for further co-productions in the future in order to stage larger-scale plays with greater resources for West Suffolk Audiences. To facilitate this production, we transformed our Grade-I listed theatre Into The Round for the first time in almost ten years, to provide our audiences with a unique experience.

Tallulah Brown’s A Tryal of Witches was another notable success. The production sold-out the final week of its run and attracted a 4-star review from The Guardian. Our pantomime continues to go from strength to strength, once again setting a new record for total audiences and total box office income.

Our total annual audience continues to rise, this year increasing to 74,518, an increase of 2%. We are particularly proud that audience for our own productions rose to 42,300, representing 43% of our total annual audience.

Our Creative Learning programme continues to thrive and this year saw the first edition of our new annual Bloom community participation festival. The festival featured brilliant performances from all of our Youth Theatre companies as well as a range of participatory workshops. The whole festival was operated on a paywhat-you-can basis. This year saw the creation of a new programme of work supporting low-income families in Haverhill by teaching new parents a range of creative play skills. This year saw the departure of Roger Quince, our Chair of nine years. We were delighted to welcome Sarah Kemp as our new Chair to lead us into our next stage of development.

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BURY ST EDMUNDS THEATRE MANAGEMENT LIMITED

(A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

Own Artistic Productions

• Richard, My Richard by Philippa Gregory

The debut play by internationally-renowned author Philippa Gregory. Co-producing with Shakespeare North Playhouse enabled us to create a larger-scale production with a cast of eight including local actor Jennifer Matter. The play was directed by East Anglian director, Katie Posner, who is the Artistic Director Paines Plough Theatre. The play attracted significant national press and sold 5,252 tickets.

• Dorothy, Back in Oz by Mike Akers

The third year of our Commissioning Circle brought together nine local people to commission a sequel to last year’s highly successful The Wonderful Wizard of Oz based on the second book in L. Frank Baum’s muchloved Oz series. 16 children and young people supported our professional cast. The production attracted a Net Promotor Score of 75 and an audience of 2,295.

“Dorothy, Back in Oz is a fantastic example of Theatre Royal Bury St Edmunds doing what it does best, blending its professional stage craft and expertise with its drive to bring the arts into the community and inspire and nurture a new generation of talent.” – Suffolk On Stage

• Aladdin by Chris Hannon

This year’s pantomime once again broke all the records, both in terms of total audience numbers and total box office income. The production included 16 local children alongside a professional cast of 7. Audience feedback was particularly positive, reaching a Net Promotor Score of 82. “this modern and eclectic take on a traditional tale will certainly leave you with a post-panto glow that will brighten up the dark days of the winter ahead.” Suffolk On Stage The production attracted a record-breaking audience of 26,632.

• Rudolf’s Red Nose Rescue by Owen Calvert-Lyons

The third 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 created 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 directed by our Head of Creative Learning, David Whitney and featured local actors Greg Hanson and Grace Wellfare. 2,874 people attended the production. 41% of bookers were new to Theatre Royal, this is the highest percentage across any of our programmes. The production achieved a Net Promotor score of 84. The production was supported by The Arc shopping centre and Bury St Edmunds Town Council.

• A Tryal of Witches by Tallulah Brown

With support from the Writers Guild of Great Britain through their New Play Commissioning Scheme we commissioned East Anglian playwright Tallulah Brown to write this new play about the Bury St Edmunds witch trials of 1645. The play was a huge success, attracting 5,247 audiences, with tickets selling out in the final week of its run. Featuring an all-female cast of five women and 1 child, the play told an historical story with clear resonances of contemporary misogyny and violence against women. We were delighted that the production attracted national press, with a 4-star review in The Guardian. “an enthralling memorial to Suffolk’s persecuted women” The Guardian

Visiting Productions

Amidst the significant challenges facing the touring and independent theatre sectors, Theatre Royal supported a huge number of productions to tour to Bury St Edmunds. Highlights of the year include: What The Butler Saw by London Classic Theatre, Dracula by Blackeyed Theatre, Murder for Two by Chipping Norton Theatre and King Arthur by Le Navet Bete. We continued to stage innovative and imaginative independent theatre productions including Beautiful Evil Things by Theatre Ad-Infinitum, The Deep by Eastern Angles, Luke Wright’s Joy and Cracking by Shon Dale Jones. Theatre Royal once again collaborated with fellow East Anglian Company HighTide to present the second edition of their Ghost Stories by Candlelight. We also staged a large number of productions for children and families including Minny Stynker by Soap Soup Theatre; There’s a Monster in Your Show by Tom Fletcher and The Little Prince by Lyngo Theatre. Theatre Royal continued to

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BURY ST EDMUNDS THEATRE MANAGEMENT LIMITED

(A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

attract the biggest names in comedy with Julian Clary, Miles Jupp, Griff Rhys Jones and Ruby Wax all visiting this year.

Creative Learning

•SENsory Youth Theatre

Our third 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.”

•Bloom Festival

62 young people from our five youth theatre companies took to the stage to perform Kaspar the Wild by Tim Crouch and Second Person Narrative by Jemma Kennedy. The festival also included a range of participatory workshops including: Improvisation, Playwriting, Storytelling and Dance. 600 audiences attended the festival.

•Tiny Plays, BIG Ideas 4

Now in its fifth year, ‘Tiny Plays’ has become a core part of our programme for schools. The project invites hundreds of primary school children to write their first play and is designed to improve literacy and selfexpression. Theatre Royal sent a team of playwrights (James McDermott, Martha Loader and Kitty Morgan) into 12 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. 429 children took part each submitting a play, from which 14 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 seventh year the Doorstep Festival tours children’s theatre productions to schools across Suffolk, with a particular focus on rurally isolated schools who may struggle to access their nearest arts venue. This year we toured A Strange New Space by Tessa Bide Productions (KS1) alongside The Not So Big Bad Wolf by Wrongsemble (KS2). These productions toured to 17 schools across Bury St Edmunds, Haverhill, Newmarket, Stowmarket, Thetford & Sudbury, delivered 59 workshops, and engaged 2,485 children and 136 teachers. “All of the children including children with SEND were completely engaged in the performance and workshop… They all thoroughly enjoyed it.”

•Early Years Programme in Haverhill

Play Make Take was a free Early Years-focused project for ages 5 and under, which took place at the Cartwheels Centre in Haverhill from September 2024 – March 2025. Delivered by Early Years specialists Kirsty Tallent and Lorna Garside, these Creative Play sessions provided dedicated time for little ones and their grownups to play together in a creative and supportive space, supporting their speech and language development and providing adults with new ways to play at home.

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BURY ST EDMUNDS THEATRE MANAGEMENT LIMITED (A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

Financial Review

The Group’s Statement of Financial Activities shows that the Unrestricted Fund has seen a net inflow for the year of £88,553. Total Unrestricted Funds at 31 March 2025 are £821,864. In the year £57,761 has been transferred from the Unrestricted General Fund to the Unrestricted Designated Fund. At 31 March 2025 Unrestricted General Fund had increased to £569,494, the Unrestricted Designated Fund had increased to £252,370 and free reserves stood at £244,426.

At 31 March 2025 group net current assets stood at £579,903, an increase of £90,199 from £489,704 at 31 March 2024. 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 Organisation of Arts Council England from 2023 - 2027. 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.

At 31 March 2025 the Restricted Capital Development Project Fund stands at £3,702,541, 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 2025 stood at £93,422. Further details are shown in Note 18. 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 2025 stood at £3,795,963.

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 £252,370 designated for committed expenditure as detailed in Note 18. At the year end, free reserves amounted to £244,426 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.

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BURY ST EDMUNDS THEATRE MANAGEMENT LIMITED (A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

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.

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 (2025/26)

Following our new Business Plan, in the coming year we will give particular focus to the following Organisational Objectives:

SO1.1 Deliver co-created participation programmes that engage 4,000 people, ensuring access points to people at all life stages

We will contribute to this by launching a new Next Stage programme targeting young people aged 16-18.

SO2.5 Tour Theatre Royal productions to increase our audience reach and maximise investment

We will achieve this through a new in-house production:

And Then Come The Nightjars by Bea Roberts (March 2026)

A tender, frank and funny play about a West Country farm struggling to survive the Foot and Mouth pandemic. Bea Roberts' play And Then Come The Nightjars charts the struggle of one farm amidst a crisis that saw the slaughter of four million animals and the postponement of a General Election.

SO3.2 Set clear and informed marketing targets, monitoring these closely and revising accordingly to ensure we can meet our mission

We will contribute to this objective through commissioning a new Demand Management process to refine our ticket sales process.

SO3.7 Attract new audiences to our programme, reaching a target of 30% across the yea r

We will contribute to this through a new off-site production, taking place in the town centre to raise our visibility and attract new audiences:

Steve and Steff For Ever by Ian Jarvis (August 2025)

Steve and Steff For Ever is an immersive and intoxicating love story that will leave you feeling like the world is just a little more romantic. Like the stars are a little brighter. Like anything is possible… From the creative team behind A Christmas Carol (2020), this is an outdoor, promenade performance through the streets of Bury St Edmunds

SO7.1 Ensure our programme is accessible to all, proactively targeting specific demographics including low-income audiences

We will contribute to this goal through partnership with Ramps on the Moon to make Theatre Royal an Antiableist organisation.

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BURY ST EDMUNDS THEATRE MANAGEMENT LIMITED (A company limited by guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

SO8.3 Invest in a state-of-the-art LED lighting both on and off the stage

SO8.4 Transition to an electric van

We will achieve both of these objectives through higher levels of expenditure on low-energy technologies which reduce our environmental impact.

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 Handbagged by Queens Theatre Hornchurch, Just Between Ourselves by London Classic Theatre and Sherlock Holmes and The Hunt for Moriarty by Blackeyed Theatre.

Approved by order of the members of the board of Trustees and signed on their behalf by:

................................................

S G Kemp (Chair of Trustees) Date:

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BURY ST EDMUNDS THEATRE MANAGEMENT LIMITED (A company limited by guarantee)

STATEMENT OF TRUSTEES' RESPONSIBILITIES FOR THE YEAR ENDED 31 MARCH 2025

The Trustees (who are also the directors of the Company for the purposes of company law) are responsible for preparing the Trustees' 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. Under company law, the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Group and the Company and of their incoming resources and application of resources, including their income and expenditure, 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 of the Charities SORP (FRS 102);

• make judgments and accounting estimates that are reasonable and prudent;

• state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements;

• prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group will continue in business.

The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Group and the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Group and the 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 Group and the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Approved by order of the members of the board of Trustees and signed on its behalf by:

................................................

S G Kemp (Chair of Trustees)

Date:

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BURY ST EDMUNDS THEATRE MANAGEMENT LIMITED (A company limited by guarantee)

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS AND TRUSTEES OF BURY ST EDMUNDS THEATRE MANAGEMENT LIMITED

Opinion

We have audited the financial statements of Bury St Edmunds Theatre Management Limited (the 'parent charitable company') and its subsidiaries (the 'group') for the year ended 31 March 2025 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 2025 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.

Page 13

BURY ST EDMUNDS THEATRE MANAGEMENT LIMITED (A company limited by guarantee)

INDEPENDENT AUDITORS' 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.

Page 14

BURY ST EDMUNDS THEATRE MANAGEMENT LIMITED (A company limited by guarantee)

INDEPENDENT AUDITORS' 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.

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, compliance with the UK Companies Act and Charity law.

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.

Page 15

BURY ST EDMUNDS THEATRE MANAGEMENT LIMITED

(A company limited by guarantee)

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS AND TRUSTEES OF BURY ST EDMUNDS THEATRE MANAGEMENT LIMITED (CONTINUED)

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.

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 1 Claydon Business Park Great Blakenham Ipswich IP6 0NL

Date:

Page 16

BURY ST EDMUNDS THEATRE MANAGEMENT LIMITED

(A company limited by guarantee)

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 MARCH 2025

Note Income from: Donations and legacies 4 Charitable activities 5 Other trading activities 6 Investments 7 Total income Expenditure on: Charitable activities Total expenditure Net movement in funds Reconciliation of funds: Total funds brought forward Net movement in funds Total funds carried forward	Unrestricted funds 2025 £ 504,621 1,854,030 144,397 15,826 2,518,874 2,430,321 2,430,321 88,553 733,311 88,553 821,864	Restricted funds 2025 £ 57,542 - - - 57,542 151,739 151,739 (94,197) 3,890,160 (94,197) 3,795,963	Total funds 2025 £ 562,163 1,854,030 144,397 15,826 2,576,416 2,582,060 2,582,060 (5,644) 4,623,471 (5,644) 4,617,827	As restated Total funds 2024 £ 604,727 1,600,512 114,630 14,708
				2,334,577
				2,324,007
				2,324,007
				10,570
				4,612,901 10,570
				4,623,471

The notes on pages 22 to 46 form part of these financial statements.

Page 17

BURY ST EDMUNDS THEATRE MANAGEMENT LIMITED (A company limited by guarantee) REGISTERED NUMBER: 00842455

CONSOLIDATED BALANCE SHEET AS AT 31 MARCH 2025

Note Fixed assets Intangible assets 12 Tangible assets 13 Current assets Stocks 15 Debtors 16 Cash at bank and in hand Current liabilities Creditors: amounts falling due within one year 17 Net current assets Total net assets Charity funds Restricted funds 18 Unrestricted funds 18 Total funds	6,631 286,944 946,337 1,239,912 (660,009)	2025 £ 11,414 4,026,510 4,037,924 579,903 4,617,827 3,795,963 821,864 4,617,827	7,695 243,827 873,664 1,125,186 (635,482)	2024 £ 21,621 4,112,146
				4,133,767 489,704
				4,623,471
				3,890,160 733,311
				4,623,471

The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime.

The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:

................................................

S G Kemp (Chair of Trustees) Date:

The notes on pages 22 to 46 form part of these financial statements.

Page 18

BURY ST EDMUNDS THEATRE MANAGEMENT LIMITED (A company limited by guarantee) REGISTERED NUMBER: 00842455

COMPANY BALANCE SHEET AS AT 31 MARCH 2025

Note Fixed assets Intangible assets 12 Tangible assets 13 Investments 14 Current assets Stocks 15 Debtors 16 Cash at bank and in hand Current liabilities Creditors: amounts falling due within one year 17 Net current assets Total net assets Charity funds Restricted funds 18 Unrestricted funds 18 Total funds	6,631 286,844 946,337 1,239,812 (660,009)	2025 £ 11,414 4,026,510 100 4,038,024 579,803 4,617,827 3,795,963 821,864 4,617,827	7,695 243,728 873,663 1,125,086 (635,482)	2024 £ 21,621 4,112,146 100
				4,133,867 489,604
				4,623,471
				3,890,160 733,311
				4,623,471

The Company's net movement in funds for the year was £ (5,644) (2024 - £10,570) .

The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime.

Page 19

BURY ST EDMUNDS THEATRE MANAGEMENT LIMITED

(A company limited by guarantee) REGISTERED NUMBER: 00842455

COMPANY BALANCE SHEET (CONTINUED) AS AT 31 MARCH 2025

The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:

................................................

S G Kemp

(Chair of Trustees) Date:

The notes on pages 22 to 46 form part of these financial statements.

Page 20

(A company limited by guarantee)

BURY ST EDMUNDS THEATRE MANAGEMENT LIMITED

CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2025

Cash flows from operating activities Net cash used in operating activities Cash flows from investing activities Interest received Proceeds from the sale of tangible fixed assets Purchase of intangible assets Net cash provided by/(used in) investing activities Change in cash and cash equivalents in the year Cash and cash equivalents at the beginning of the year Cash and cash equivalents at the end of the year	2025 £ 57,289 15,826 - (442) 15,384 72,673 873,664 946,337	2024 £ 127,229 14,708 (76,466) - (61,758) 65,471 808,193 873,664

The notes on pages 22 to 46 form part of these financial statements

Page 21

BURY ST EDMUNDS THEATRE MANAGEMENT LIMITED (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

1. General information

Bury St Edmunds Theatre Management Limited is a registered company, limited by guarantee, and a charity registered with the Charity Commission. Bury St Edmunds Theatre Management Limited is incorporated in England and Wales, company registration number 00842455 and charity registration number 242977. The registered office is Theatre Royal, Westgate Street, Bury St Edmunds, Suffolk, IP33 1QR.

2. Accounting policies

2.1 Basis of preparation of financial statements

The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

Bury St Edmunds Theatre Management Limited meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.

The Consolidated statement of financial activities (SOFA) and Consolidated balance sheet consolidate the financial statements of the Company and its subsidiary undertaking. The results of the subsidiary are consolidated on a line by line basis.

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of financial activities in these financial statements.

2.2 Going concern

The ongoing support of Arts Council England is assured until at least March 2027. The advanced sales for the 2025 pantomime and a full programme are booked ahead into 2026/27. These factors and the organisation’s financial position, stand it in good stead to deal with the challenging funding environment (including loss of SCC funding) and increased costs. These factors have been prudently budgeted for and no material uncertainties have been identified in respect of going concern.

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

On the basis of the detailed budgets and forecasts the Directors are satisfied that the financial statements should be prepared on a going concern basis.

Page 22

BURY ST EDMUNDS THEATRE MANAGEMENT LIMITED (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

2. Accounting policies (continued)

2.3 Income

All income is recognised once the Company has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.

Grants are included in the Consolidated statement of financial activities on a receivable basis. The balance of income received for specific purposes but not expended during the period is shown in the relevant funds on the Balance sheet. Where income is received in advance of entitlement of receipt, its recognition is deferred and included in creditors as deferred income. Where entitlement occurs before income is received, the income is accrued.

Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable.

2.4 Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use.

Expenditure on charitable activities is incurred on directly undertaking the activities which further the Group's objectives, as well as any associated support costs.

All expenditure is inclusive of irrecoverable VAT.

2.5 Interest receivable

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Group; this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited.

Page 23

BURY ST EDMUNDS THEATRE MANAGEMENT LIMITED

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

2. Accounting policies (continued)

2.6 Intangible assets and amortisation

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any 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

2.7 Tangible fixed assets and depreciation

Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost.

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

Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives.

Depreciation is provided on the following bases:

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

2.8 Investments

Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as ‘Gains/(Losses) on investments’ in the Consolidated statement of financial activities.

Investments in subsidiaries are valued at cost less provision for impairment.

2.9 Stocks

Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.

Page 24

BURY ST EDMUNDS THEATRE MANAGEMENT LIMITED (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

2. Accounting policies (continued)

2.10 Debtors

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

2.11 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.

2.12 Liabilities and provisions

Liabilities are recognised when there is an obligation at the Balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.

Liabilities are recognised at the amount that the Company anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.

Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Consolidated statement of financial activities as a finance cost.

2.13 Financial instruments

The 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 with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.

2.14 Pensions

The Group operates a defined contribution pension scheme and the pension charge represents the amounts payable by the Group to the fund in respect of the year.

2.15 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 outof-pocket expenses to all volunteers, with many claiming modest travel expenses. No other payments are offered in respect of their work as volunteers.

Page 25

BURY ST EDMUNDS THEATRE MANAGEMENT LIMITED (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

2. Accounting policies (continued)

2.16 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.

2.17 Fund accounting

General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Group and which have not been designated for other purposes.

Designated funds comprise unrestricted funds that have been set aside by the Trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements.

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Group for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.

Investment income, gains and losses are allocated to the appropriate fund.

3. Critical accounting estimates and areas of judgment

Critical accounting estimates and assumptions:

The 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.

Page 26

(A company limited by guarantee)

BURY ST EDMUNDS THEATRE MANAGEMENT LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

4. Income from donations and legacies

Unrestricted funds 2025 £ Donations Friends of Theatre Royal 22,794 Alfred Williams Charitable Trust - Others 98,827 Grants Suffolk County Council 102,000 West Suffolk Council 61,000 Arts Council England 220,000 504,621 As restated Unrestricted funds 2024 £ Donations Friends of Theatre Royal 20,753 Ridley Godfrey Trust - Alfred Williams Charitable Trust 1,000 Tanyard Trust 750 St Eds Trust - Others 86,031 Grants Suffolk County Council 102,000 West Suffolk Council 61,000 Arts Council England 220,000 491,534	Restricted funds 2025 £ - 4,000 53,542 - - - 57,542 As restated Restricted funds 2024 £ - 6,000 - - 24,780 82,413 - - - 113,193	Total funds 2025 £ 22,794 4,000 152,369 102,000 61,000 220,000
		562,163
		As restated Total funds 2024 £ 20,753 6,000 1,000 750 24,780 168,444 102,000 61,000 220,000
		604,727

Page 27

BURY ST EDMUNDS THEATRE MANAGEMENT LIMITED

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

5. Income from charitable activities

Unrestricted funds 2025 £ Operation of theatre 1,434,732 Front of house 269,232 Theatre Tax Relief 150,066 1,854,030 6. Income from other trading activities Income from fundraising events	Total funds 2025 £ 1,434,732 269,232 150,066 1,854,030	As restated Total funds 2024 £ 1,259,474 224,917 116,121
		1,600,512

Unrestricted funds 2025 £ Sponsorship and other fundraising income 144,397 7. Investment income Unrestricted funds 2025 £ Investment income 15,826	Total funds 2025 £ 144,397 Total funds 2025 £ 15,826	As restated Total funds 2024 £ 114,630
		As restated Total funds 2024 £ 14,708

Page 28

BURY ST EDMUNDS THEATRE MANAGEMENT LIMITED

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

8. Analysis of expenditure by activities

Operation of theatre Front of house Operation of Theatre Front of house	Activities undertaken directly 2025 £ 1,689,413 283,171 1,972,584 As restated Activities undertaken directly 2024 £ 1,539,346 177,557 1,716,903	Support costs 2025 £ 457,107 152,369 609,476 As restated Support costs 2024 £ 455,328 151,776 607,104	Total funds 2025 £ 2,146,520 435,540
			2,582,060
			As restated Total funds 2024 £ 1,994,674 329,333
			2,324,007

Page 29

(A company limited by guarantee)

BURY ST EDMUNDS THEATRE MANAGEMENT LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

8. Analysis of expenditure by activities (continued)

Analysis of direct costs

Staff costs Depreciation Own productions Visiting productions Creative learning Front of house Overheads Development Premises Staff costs Depreciation Own productions Visiting productions Creative learning Front of house Overheads Development Premises	Operation of Theatre 2025 £ 549,380 34,030 519,954 325,314 19,443 - 35,336 24,529 181,427 1,689,413 As restated Operation of Theatre 2024 £ 549,054 85,577 242,171 358,708 17,220 - 32,115 32,935 221,566 1,539,346	Front of House 2025 £ 179,698 - - - - 103,473 - - - 283,171 As restated Front of House 2024 £ 89,731 - - - - 87,826 - - - 177,557	Total funds 2025 £ 729,078 34,030 519,954 325,314 19,443 103,473 35,336 24,529 181,427
			1,972,584
			As restated Total funds 2024 £ 638,785 85,577 242,171 358,708 17,220 87,826 32,115 32,935 221,566
			1,716,903

Page 30

BURY ST EDMUNDS THEATRE MANAGEMENT LIMITED

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

8. Analysis of expenditure by activities (continued)

Analysis of support costs

Staff costs Depreciation Other operation of theatre Premises Governance costs	Total funds 2025 £ 319,755 10,649 241,996 7,972 29,104 609,476	As restated Total funds 2024 £ 304,246 10,649 277,792 312 14,105
		607,104

9. Auditors' remuneration

	2025	2024
	£	£
Fees payable to the Company's auditor for the audit of the Company's
annual accounts	18,800	17,750
Fees payable to the Company's auditor in respect of:
Tax compliance services	2,330	2,200

10. Staff costs

Wages and salaries Social security costs Contribution to defined contribution pension schemes	Group 2025 £ 908,591 87,856 52,386 1,048,833	Group As restated 2024 £ 801,724 92,068 49,239 943,031	Company 2025 £ 908,591 87,856 52,386 1,048,833	Company As restated 2024 £ 801,724 92,068 49,239
				943,031

Page 31

BURY ST EDMUNDS THEATRE MANAGEMENT LIMITED (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

10. Staff costs (continued)

The average number of persons employed by the Company during the year was as follows:

	Group	Group
	2025	2024
	No.	No.
Employees	73	75

No employee received remuneration amounting to more than £60,000 in either year.

Key Management Personnel of the Charitable Company and Group comprise of the Directors, The Chief Executive and Artistic Director, the Finance Director and the General Manager. The total employee remuneration of Key Management Personnel was £136,085 during the year (2024: £146,430).

11. Trustees' remuneration and expenses

During the year, no Trustees received any remuneration or other benefits (2024 - £NIL) .

During the year ended 31 March 2025, no Trustee expenses have been incurred (2024 - £NIL) .

Page 32

BURY ST EDMUNDS THEATRE MANAGEMENT LIMITED

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

12. Intangible assets Group and Company Cost At 1 April 2024 Additions At 31 March 2025 Amortisation At 1 April 2024 Charge for the year At 31 March 2025 Net book value At 31 March 2025 At 31 March 2024	Website £ 32,270 442
	32,712
	10,649 10,649
	21,298
	11,414
	21,621

Page 33

(A company limited by guarantee)

BURY ST EDMUNDS THEATRE MANAGEMENT LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

13. Tangible fixed assets Group and Company

Cost or valuation At 1 April 2024 At 31 March 2025 Depreciation At 1 April 2024 Charge for the year At 31 March 2025 Net book value At 31 March 2025 At 31 March 2024	Property improvements £ 5,041,255 5,041,255 982,850 57,978 1,040,828 4,000,427 4,058,405	Motor vehicles £ 14,846 14,846 14,846 - 14,846 - -	Equipment £ 161,682 161,682 107,941 27,658 135,599 26,083 53,741	Total £ 5,217,783
				5,217,783
				1,105,637 85,636
				1,191,273
				4,026,510
				4,112,146

14. Fixed asset investments

Company Cost or valuation At 1 April 2024 At 31 March 2025	Investments in subsidiary companies £ 100
	100

The Charitable Company owns the whole share capital of The Bury St Edmunds Theatre Production 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.

Page 34

BURY ST EDMUNDS THEATRE MANAGEMENT LIMITED (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

Principal subsidiaries

The following was a subsidiary undertaking of the Company:

Name Company Registered office or principal Principal activity number place of business Bury St Edmunds Theatre 09240786 Theatre Royal, 5 Westgate Theatre Productions Productions Limited Street, Bury St Edmunds, Suffolk, IP33 1QR Holding Included in consolidation

100% Yes

The financial results of the subsidiary for the year were:

Name Bury St Edmunds Theatre Productions Limited 15. Stocks Group 2025 £ Goods for sale 6,631 16. Debtors Group 2025 £ Due within one year Trade debtors 7,860 Amounts owed by group undertakings - Other debtors 14,904 Prepayments and accrued income 114,114 Tax recoverable 150,066 286,944	Income £ Expenditure £ 649,834 649,834 Group Company 2024 2025 £ £ 7,695 6,631 Group Company 2024 2025 £ £ 17,092 7,860 - 150,066 34,189 14,804 76,425 114,114 116,121 - 243,827 286,844	Net assets £ 100 Company 2024 £ 7,695
		Company 2024 £ 17,092 116,121 34,090 76,425 -
		243,728

Page 35

BURY ST EDMUNDS THEATRE MANAGEMENT LIMITED

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

17. Creditors: Amounts falling due within one year

Trade creditors Other taxation and social security Other creditors Accruals and deferred income Deferred income at 1 April 2024 Amounts released from previous periods Resources deferred during the year Balance at 31 March 2025	Group 2025 £ 25,889 28,858 45,396 559,866 660,009 Group 2025 £ 442,756 (442,756) 435,261 435,261	Group 2024 £ 75,569 23,541 39,804 496,568 635,482 Group 2024 £ 398,904 (398,904) 442,756 442,756	Company 2025 £ 25,889 28,858 45,396 559,866 660,009 Company 2025 £ 442,756 (442,756) 435,261 435,261	Company 2024 £ 75,569 23,541 39,804 496,568 635,482 Company 2024 £ 398,904 (398,904) 442,756 442,756

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BURY ST EDMUNDS THEATRE MANAGEMENT LIMITED

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

18. Statement of funds

Statement of funds - current year

Balance at 1 April 2024 £ Unrestricted funds Designated funds Artistic fund 51,500 Operational fund 127,967 179,467 General funds General Funds 553,844 Total Unrestricted funds 733,311	Income £ Expenditure £ - (16,500) - - - (16,500) 2,518,874 (2,413,821) 2,518,874 (2,430,321)	Transfers in/out £ 40,000 49,403 89,403 (89,403) -	Balance at 31 March 2025 £ 75,000 177,370
			252,370
			569,494
			821,864

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BURY ST EDMUNDS THEATRE MANAGEMENT LIMITED

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

18. Statement of funds (continued)

Balance at 1 April 2024 £ Restricted funds Capital Development Project Fund 3,760,518 Capital Boiler Replacement Fund 8,000 Capital Captioning Equipment 12,444 Access Project Fund 2,817 Seating Fund 7,561 Black Theatre Live Project Fund 5,882 Tiny Plays Project 2,274 Teachers CPD Event 4,826 Community Tickets 7,400 Youth Bursaries Fund 2,343 Doorstep Project 5,193 Artistic Directors Fund 11,060 SEN Youth Theatre 40,200 Youth/Local Engagement 10,000 Commissioning Circle 9,642 Warm Spaces - Womens Aid - Early Years Project - Christmas Cabin - Summer Show - 3,890,160 Total of funds 4,623,471	Income £ Expenditure £ - (57,977) - (4,000) - (6,129) - (2,396) - (2,098) - (1,561) 6,000 (8,039) - - 8,900 (14,100) 3,000 (1,820) - (5,193) - - - (5,157) - - 6,000 (9,642) 1,400 (1,400) 4,600 (4,600) 5,642 (5,627) 14,000 (14,000) 8,000 (8,000) 57,542 (151,739) 2,576,416 (2,582,060)	Transfers in/out £ - - - - - - - - - - - - - - - - - - - - - -	Balance at 31 March 2025 £ 3,702,541 4,000 6,315 421 5,463 4,321 235 4,826 2,200 3,523 - 11,060 35,043 10,000 6,000 - - 15 - -
			3,795,963
			4,617,827

Page 38

BURY ST EDMUNDS THEATRE MANAGEMENT LIMITED

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

18. Statement of funds (continued)

Restricted funds:

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 Equipment 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.

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

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

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

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

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

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

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

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.

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

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

Commissioning Circle: Funding provided to support the commission of the Summer 25 production of

Page 39

BURY ST EDMUNDS THEATRE MANAGEMENT LIMITED (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

18. Statement of funds (continued)

Steve and Steph. Funding provided by: four individuals. 2023/24 funding to support the commission of Summer 24 Dorothy Back to Oz. Funding provided by: five individuals.

Christmas Cabin: Funding provided towards creating a Christmas experience for young children in the ARC shopping area. Funding provided by: ARC and 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.

Early Years Programme: Funding provided for an Early Years project to enable and support creative play between adults and the young children in their care. Funding provided by West Suffolk Council. New fund 2024/25.

Women’s Aid/Restore project: Funding provided for the co-creation of a film with members of Restore based on their lived experiences and themes closely related to the charity. Funding provided by Suffolk County Council and Suffolk Community Foundation. New fund 24/25. Funds fully expended in year.

Summer Show: Funding provided by Bury Town Council to support the Summer production of Dorothy Back to Oz.

Designated funds and Transfer Descriptions:

Artistic Fund: The directors have agreed to increase funds by £23,500 to £75,000 to support specific Theatre Royal productions and the visiting programme up to 31st March 2026.

2023/24: £51,500 was designated to the Artistic fund: this was to assist with specific Theatre Royal productions and the visiting programme, up to the 31st of March 2025.

Operational Fund: The directors have agreed to increase funds by £49,403 to £177,370 which will assist operational requirements in equipment and building maintenance as well as an updated accounts system.

2023/24: £129,967 was designated to the Operational fund: this was to assist with operational requirements in equipment and building improvement and maintenance.

Page 40

BURY ST EDMUNDS THEATRE MANAGEMENT LIMITED

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

18. Statement of funds (continued)

Statement of funds - prior year

Unrestricted funds Designated funds Artistic fund Operational fund General funds General Fund Total Unrestricted funds Restricted funds Capital Development Project Fund Capital Boiler Replacement Fund Capital Captioning Equipment Access Project Fund Seating Fund Black Theatre Live Project Fund Tiny Plays Project Teachers CPD Event Community Tickets Youth Bursaries Fund Doorstep Project Artistic Directors Fund SEN Youth Theatre Youth/Local Engagement Commissioning Circle Youth Filming Project	Balance at 1 April 2023 £ 69,495 110,225 179,720 517,409 697,129 3,818,496 12,000 - 1,214 7,997 5,882 8,320 7,412 - 1,106 6,665 11,060 14,721 10,000 9,573 -	Income £ - - - 2,221,384 2,221,384 - - 18,572 6,208 - - 10,500 - 9,400 3,000 - - 31,020 - 10,000 2,500	Expenditure £ - (10,253) (10,253) (2,174,949) (2,185,202) (57,978) (4,000) (6,128) (4,605) (436) - (16,546) (2,586) (2,000) (1,763) (1,472) - (5,541) - (9,931) (2,500)	Transfers in/out £ (17,995) 27,995 10,000 (10,000) - - - - - - - - - - - - - - - - -	Balance at 31 March 2024 £ 51,500 127,967
					179,467
					553,844
					733,311
					3,760,518 8,000 12,444 2,817 7,561 5,882 2,274 4,826 7,400 2,343 5,193 11,060 40,200 10,000 9,642 -

Page 41

(A company limited by guarantee)

BURY ST EDMUNDS THEATRE MANAGEMENT LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

18. Statement of funds (continued)

Statement of funds - prior year (continued)

Ickworth Volunteers Project Fund Youth Support - Wizard of Oz Julien Support Christmas Cabin Warm Spaces Project Total of funds	Balance at 1 April 2023 £ 1,325 - - - - 3,915,771 4,612,900	Income £ - 8,000 5,993 7,000 1,000 113,193 2,334,577	Expenditure £ (1,325) (8,000) (5,993) (7,000) (1,000) (138,804) (2,324,006)	Transfers in/out £ - - - - - - -	Balance at 31 March 2024 £ - - - - -
					3,890,160
					4,623,471

19. Summary of funds

Summary of funds - current year

Balance at 1 April 2024 £ Designated funds 179,467 General funds 553,844 Restricted funds 3,890,160 4,623,471	Income £ Expenditure £ - (16,500) 2,518,874 (2,413,821) 57,542 (151,739) 2,576,416 (2,582,060)	Transfers in/out £ 89,403 (89,403) - -	Balance at 31 March 2025 £ 252,370 569,494 3,795,963
			4,617,827

Page 42

(A company limited by guarantee)

BURY ST EDMUNDS THEATRE MANAGEMENT LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

19. Summary of funds (continued)

Summary of funds - prior year

Designated funds General funds Restricted funds	Balance at 1 April 2023 £ 179,720 517,409 3,915,771 4,612,900	Income £ - 2,221,384 113,193 2,334,577	Expenditure £ (10,253) (2,174,949) (138,804) (2,324,006)	Transfers in/out £ 10,000 (10,000) - -	Balance at 31 March 2024 £ 179,467 553,844 3,890,160
					4,623,471

20. Analysis of net assets between funds

Analysis of net assets between funds - current year Unrestricted funds 2025 £ Tangible fixed assets 313,654 Intangible fixed assets 11,414 Current assets 1,156,805 Creditors due within one year (660,009) Total 821,864 Analysis of net assets between funds - prior year Unrestricted funds 2024 £ Tangible fixed assets 331,184 Intangible fixed assets 21,621 Current assets 1,013,163 Creditors due within one year (635,482) Total 730,486	Restricted funds 2025 £ 3,712,856 - 83,107 - 3,795,963 Restricted funds 2024 £ 3,780,962 - 112,023 - 3,892,985	Total funds 2025 £ 4,026,510 11,414 1,239,912 (660,009)
		4,617,827
		Total funds 2024 £ 4,112,146 21,621 1,125,186 (635,482)
		4,623,471

Page 43

(A company limited by guarantee)

BURY ST EDMUNDS THEATRE MANAGEMENT LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

21. Reconciliation of net movement in funds to net cash flow from operating activities

Net income/expenditure for the year (as per Statement Activities) Adjustments for: Depreciation charges Amortisation charges Interest received Decrease/(increase) in stocks Decrease/(increase) in debtors Increase in creditors Net cash provided by operating activities 22. Analysis of cash and cash equivalents Cash in hand Total cash and cash equivalents 23. Analysis of changes in net debt Cash at bank and in hand	of Financial At 1 April 2024 £ 873,664 873,664	Group 2025 £ (5,644) 85,636 10,649 (15,826) 1,064 (43,117) 24,527 57,289 Group 2025 £ 946,337 946,337 Cash flows £ 72,673 72,673	Group 2024 £ 10,570 85,577 10,649 (14,708) (1,951) 35,274 1,818 127,229 Group 2024 £ 873,664 873,664 At 31 March 2025 £ 946,337 946,337

Page 44

BURY ST EDMUNDS THEATRE MANAGEMENT LIMITED (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

24. Contingent liabilities

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 2025, there was no potential liability.

25. Pension commitments

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

The charge for the year is £52,386 (2024: £49,239) and at the balance sheet date there were £5,094 of outstanding contributions (2024: £3,852) which were included within creditors.

26. Operating lease commitments

At 31 March 2025 the Group and the Company had commitments to make future minimum lease payments under non-cancellable operating leases as follows:

Not later than 1 year Later than 1 year and not later than 5 years Later than 5 years	Group 2025 £ 24,956 58,144 812,500 895,600	Group 2024 £ 20,516 50,000 825,000 895,516	Company 2025 £ 24,956 58,144 812,500 895,600	Company 2024 £ 20,516 50,000 825,000
				895,516

Page 45

BURY ST EDMUNDS THEATRE MANAGEMENT LIMITED

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

27. Related party transactions

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

Costs recharged Management charges paid Owed by BSE Theatre Production Limited	2025 £ 649,834 499,768 150,066 1,299,668	2024 £ 515,528 399,407 116,121
		1,031,056

28. 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.

	2025	2024
	£	£
Fees charged	2,685	4,338
Amount included in creditors at 31 March 2025	16,029	15,588

29. Prior year adjustment

Income and expenditure classifications have been revised to best reflect the charity's activities and SORP requirements. Comparatives in the Statement of Financial Activities and income and expenditure notes have been adjusted to make them consistent with the 2025 allocations. Total income and expenditure for 2024 are unaffected.

Page 46