THE ABBEY THEATRE TRUST (ST. ALBANS) LIMITED
## Report of the Trustees and
## Audited Financial Statements
## THE ABBEY THEATRE TRUST (ST ALBANS) LIMITED
## For the year ended 31[st] August 2025
(1[st] September 2024 to 31[st] August 2025)
A Charity registered under number 247839
A Company limited by guarantee and registered in England and Wales number 877400
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THE ABBEY THEATRE TRUST (ST. ALBANS) LIMITED
## **CONTENTS**
Legal and Administrative Information Chairman’s Report Trustees’ Report Statement of Trustees’ Responsibilities 11 Statement of Financial Activities 12 Balance Sheet 13 Notes to the Financial Statements 14
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THE ABBEY THEATRE TRUST (ST. ALBANS) LIMITED
## **LEGAL and ADMINISTRATIVE INFORMATION**
**----- Start of picture text -----**
Company 00877400 (England and Wales)
Number
Charity Number 247839
Principal Westminster Lodge
Address Holywell Hill
St Albans
Hertfordshire
AL1 2DL
Independent Bowdon Accounting Services Ltd
Examiners Bartle House
Oxford Court
Manchester
M2 3WQ
Bankers Barclays Bank PLC
16-18 St Peter’s Street
St Albans
Hertfordshire
AL1 3NA
Company Ian Barrett (retired 31 May 2025)
Secretary Amy Wedgwood (appointed 1 June 2025)
Officers Paul Davidson
Tim Hoyle
**----- End of picture text -----**
**----- Start of picture text -----**
Trustees Paul Davidson Chairman
Tim Hoyle Treasurer
Ian Barrett (retired 31 May Secretary
2025)
Amy Wedgwood (appointed Secretary
1 June 2025)
Susannah Evershed Marketing
Maureen Bukht Membership
Angela Stone (retired 31 Production
May 2025)
Tanishia Gearing (appointed Production
1 June 2025)
Terry Prince (retired 31 May Production
2025)
Karen Thomas (appointed 1 Production
June 2025)
Ian Crawford Technical
Elena Markham Youth Groups, Training
& Development
Carol Rose Premises
**----- End of picture text -----**
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THE ABBEY THEATRE TRUST (ST. ALBANS) LIMITED
||GuyConroy-Smith|Without Portfolio|
|---|---|---|
||Anne Frizell (retired 31 May
2025)|Without Portfolio|
||Russell Vincent (appointed 1
June 2025)|Without Portfolio|
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THE ABBEY THEATRE TRUST (ST. ALBANS) LIMITED
## **CHAIRMAN'S REPORT**
During its 90[th] Anniversary Season, 2024-25, the Company of Ten staged a total of ten plays on the main stage and in the Studio - covering a wide range of genres from comedy to high drama - plus a further four productions by young people. Two of the Studio productions - _Ladies Day_ and _The Cripple of Inishmaan_ – sold out completely, prompting the Management Committee to add a second matinee to Studio productions in the following season. Two of the youth shows also sold out – the Company of Teens’ _Girls Like That_ and St Albans Youth Music Theatre’s _Made in Dagenham._
As well as a very successful CoT season, the theatre also played host as usual to a large number of visiting shows and day-time hirers, with content ranging from opera and jazz through Sondheim to showcases for local theatre schools.
The combination of excellent ticket income from CoT productions with revenue from visiting hirers led to a useful operating surplus over the season, for the first time in several years. To mark 90 years since the first CoT play was staged in 1934, a celebratory gathering was held in the theatre in November and was attended by over 140 old and new members; prompting the theatre’s patron, Mike Newell, to congratulate the Company and the theatre on its longevity and to predict a bright future ahead.
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THE ABBEY THEATRE TRUST (ST. ALBANS) LIMITED
## **TRUSTEES’ REPORT FOR THE YEAR ENDED 31[st] AUGUST 2025**
## **STRUCTURE, GOVERNANCE AND MANAGEMENT**
## **Governing Document**
Abbey Theatre Trust (St. Albans) Limited is a company limited by guarantee governed by its Memorandum and Articles of Association dated 25[th] June 2004. It is registered as a charity with the Charity Commission. Every member of the charity undertakes to contribute such amounts as may be required (not exceeding £10) to the charity’s assets if it should be wound up.
## **Organisation and structure**
The Charity is administered by a Board of Trustees/Management Committee, which commonly meets on the first Tuesday of each month. The board has appointed a Theatre Manager who acts as the licensee and manages day-to-day administration.
## **Recruitment and Appointment of Trustees**
Trustees are elected as the holders of designated offices at the Annual General Meeting for an initial period of two years (three years in the case of Officers) and then may stand for a further two years (three years in the case of Officers). After serving for four consecutive years (six consecutive years for Officers), Trustees must retire. Trustees “without portfolio” are elected for two years.
The Board of Trustees may also appoint a trustee to fill a vacancy or as an additional Trustee to serve until the next annual general meeting.
## **Induction and training of new Trustees**
Trustees are encouraged to attend appropriate external training events where these will facilitate the undertaking of their role. Relevant articles and publications are also circulated.
## **Risk Management**
The Trust is faced with several on-going risks, both financial and other, including:
- Ensuring that the Charity continues to be sustainable in the medium to long term.
- Maintaining a position within the St Albans community.
- Audience and membership demographics.
- Marketing to and attracting new audiences.
- Marketing to and attracting new members.
- Maintaining current membership.
- Accommodating outside lets required for the generation of additional revenue.
- Staffing outside lets.
- The requirement for a front of house service staffed by volunteers.
- The age of the building and the increasing complexity and cost of the property management, including ongoing maintenance and the rising cost of repairs.
- Potential conflicts between artistic objectives and commercial requirements.
The Board conducts regular reviews of the risks the Charity may face, with a view to
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THE ABBEY THEATRE TRUST (ST. ALBANS) LIMITED
## ensuring:
- the creation of a strategies for mitigating risks, including, medium to long term strategies to ensure the sustainability of the theatre. In particular, this year the Board held a Strategy Day on 27 July 2025.
- the establishment of systems and procedures to mitigate identified risks.
- the implementation of strategies and procedures to minimise any potential adverse impact should any risks materialise.
## **Objectives and Activities**
To promote, maintain, improve, and advance education in and appreciation of the arts, including the production of plays and the encouragement of dramatic arts, to formulate, prepare and establish schemes thereof provided that all objectives of the Trust shall be of a charitable nature.
There have been no changes to the Charity’s principal objectives since the last report. The Trustees have given regard to the Charity Commission’s guidance on public benefit.
The main activity in the period has been the presentation of theatrical productions for public performance by the members of the Company of Ten and its youth branches, the Company of Teens, St Albans Youth Music Theatre and Company of Ten Youth Music. The Charity provides a vibrant, artistic hub for the community, offering opportunities to enjoy and participate in a wide range of performance-related activities. The Charity offers opportunities to a broad base of the community.
Other activities included the provision of performance facilities to other organisations and facilities for training in drama and related skills.
## **Strategies**
The strategies employed to achieve the Charity’s objectives are:
- **Artistic** - to present a varied programme of main productions, attractive to substantial audiences, at approximately one per month from September to July. This is the largest single income stream.
- **Training** - to provide a training and development programme for members, both technical and performance based, and plan for the provision of training opportunities for the broader community.
- **Youth Development** - to support and provide facilities for youth groups and youth activities within the Company.
- **New Writing** - to support and provide a pathway for the development and performance of new writing, through rehearsed readings, “New Views”, and second stage performances.
- **Involvement in the Community** - to make theatrical presentation and training facilities available to a wide range of outside organisations, including other theatre and performance companies and schools.
- **External Awareness** - to engage with the community and promote greater awareness of the theatre and its activities in the community.
- **Future Development** - to determine the feasibility of developing the theatre building to ensure the future viability of the Charity.
-
- **Technical** - to maintain, renew and update equipment on an ongoing basis.
7
THE ABBEY THEATRE TRUST (ST. ALBANS) LIMITED
- **Buildings** - to maintain the infrastructure on a continuous basis, including substantial renewals as required. To budget for ongoing significant spending in this area and to maintain a reserve in hand for any unexpectedly large building repairs required to be done at short notice.
- **Generation of Additional Income** - to hire out the theatre and training facilities to relevant external organisations to maximise earnings, as far as is consistent with the Charity’s objectives and with members’ interests. Identify opportunities for generating additional revenue including commercial advertisements in programmes and sponsoring performances.
- **Fundraising** - to develop opportunities for fundraising both from within the Trust’s membership and the wider community.
- **Staffing** - to recognise the importance of significant developments in front of house and backstage staffing requirements and in facilitating outside lets.
## **ACHIEVEMENT AND PERFORMANCE**
## **Charitable activities**
Activities during the period being reported on included:
- 14 productions of good artistic and technical quality.
- Four of those productions were provided by the Company’s two active and successful groups – St Albans Youth Music Theatre and the Company of Teens and a third youth group was established “Company of Ten Youth Music” offering theatrical performance opportunities to those up to the age of 25.
- Maintaining two active and successful groups for young people for participation and training; including each undertaking public performances.
- Supporting new writing including a rehearsed reading performance of “Becoming Us” in the Studio.
- Outside lets and hires that provide a valuable contribution towards running costs as well as providing our regular audience with additional opportunities to visit the theatre and attracting people who might not otherwise have visited.
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THE ABBEY THEATRE TRUST (ST. ALBANS) LIMITED
## **FINANCIAL REVIEW**
## **Income, expenditure, and outturn for the year**
The theatre operated a full season throughout the year ended 31 August 2025, with audience attendance remaining strong and community engagement continuing to recover following the pandemic. Income from charitable activities increased to £227,695 (2024: £211,429), reflecting higher ticket and programme sales, increased bar and refreshment income, and steady levels of income from visiting companies, hires and other theatrical activities. Ticket sales remain the charity’s principal source of income.
Voluntary income from donations totalled £10,591 (2024: £8,839). Unlike the previous year, there were no legacy receipts in 2025 (2024: £152,500), which resulted in a significant reduction in total income compared with the prior year. Investment income increased modestly to £756 (2024: £41) due to improved interest returns on deposits.
Total income for the year amounted to £239,042 (2024: £372,809).
Expenditure increased in line with the scale of operations and ongoing investment in the theatre’s infrastructure. Total expenditure for the year was £246,973 (2024: £222,525). This included higher costs for repairs and maintenance, utilities, insurance, and technical and IT support, reflecting both inflationary pressures and the trustees’ continued commitment to maintaining and improving the theatre’s facilities. Depreciation of £33,489 was charged in the year in respect of tangible fixed assets.
As a result, before investment gains, the charity recorded an operating deficit. After taking account of investment gains of £26,232, the overall net movement in funds for the year was a surplus of £18,302 (2024: £204,519). The comparative surplus in the prior year was largely attributable to the exceptional legacy income received in that year.
At the year end, total funds stood at £1,593,623 (2024: £1,602,229), with unrestricted funds of £224,435, designated funds of £554,275, and restricted funds of £814,913.
## **Reserves**
The trustees continue to review the charity’s reserves policy to ensure financial sustainability while supporting the ongoing operation and development of the theatre. The operating reserve, held within unrestricted funds, remains at £62,947 and is intended to cover at least six months of operating costs should the theatre be unable to operate for any reason.
Designated funds of £554,275 are held within the Development Reserve, which the trustees have set aside to support major future developments to the theatre’s infrastructure. Restricted funds include the Tangible Fixed Asset Reserve, which reflects the net book value of the theatre’s fixed assets, and specific smaller funds held for building development and the St Albans Youth Music Theatre.
Although the year’s operating position was challenging in the absence of exceptional legacy income, the trustees consider the level and structure of reserves to be appropriate. The charity remains financially stable, with sufficient resources to meet its obligations
9
THE ABBEY THEATRE TRUST (ST. ALBANS) LIMITED
and to continue pursuing its charitable objectives while planning prudently for future years.
## **Outlook for the year 2025 - 26**
We will continue with our usual full season of CoT productions (including Teens and SAYMT) for 2025-26 and continue to look to fill any remaining space with outside lets and opportunities for new writing. We are aware that our buildings still need further essential repairs and improvements and will continue our plan to do this work over the next few years. Some was completed in the 2024/25 season with more to be done in the 2025/26 season. The cost of these will be covered from our investment reserves.
Our plans to develop the theatre building have been re-visited and revised with a concept to undertake some work using the legacy donation previously mentioned.
## **Investment policy**
Our investments continue to be managed by professional investment specialists who have been appointed and who manage our portfolio. These investments have much improved growth this year and have recovered from the market volatility which affected them in the previous year.
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THE ABBEY THEATRE TRUST (ST. ALBANS) LIMITED
## **STATEMENT OF TRUSTEES’ RESPONSIBILITIES**
The Trustees (who are also Directors of Abbey Theatre Trust (St. Albans) Limited for the purposes of company law) are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Generally Accepted Accounting Principles.
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 of the incoming resources and application of resources, including the income and expenditure, of the charitable company for the period.
In preparing those financial statements, the Trustees are required to:
- Select suitable accounting policies and then apply them consistently.
- Observe the methods and principles of the Charity SORP.
- Make judgements that are reasonable and prudent.
- Prepare the financial statements on the going concern basis unless it is inappropriate to presume the charitable company will continue in business.
The Trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and to enable them to ensure that the financial statements comply with the Companies Act 2006 and Charities Act 2011. They are also responsible for safeguarding the assets of the charitable company and hence to taking reasonable steps for the prevention and detection of fraud and other irregularities.
## **STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS**
So far as the Trustees are aware, there is no relevant information (as defined by Section 418 of the Companies Act 2006) of which the charitable company’s auditors are unaware, and each trustee has taken all steps that they ought to have taken as a trustee in order to make them aware of any audit information and to establish that the charitable company’s auditors are aware of the information.
## **AUDITORS**
The auditors, Bowden Accounting Services, will be proposed for re-appointment at the forthcoming Annual General Meeting.
## **ON BEHALF OF THE BOARD**
..................................
Paul Davidson - Chairman and Trustee
## 28/04/2026
Date: ............................
11
## **THE ABBEY THEATRE TRUST (ST. ALBANS) LIMITED**
## **STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 AUGUST 2025**
|**Note**
**Income from:**
Donations and legacies
2
Charitable activities
4
Investments
3
**Total**
**Expenditure on:**
Charitable activities
6
Raising funds
5
**Total**
Net gain/(losses) on investments
8
Transfer between funds
13
**Net movement in funds**
**Reconciliation of funds:**
Total funds brought forward
**Total funds carried forward**|**Unrestricted**
**funds**
£
10,591
227,695
756
239,042
211,352
1,356
212,708
-
(50,923)
(24,588)
249,800
225,211|**Designated**
**funds**
£
-
-
-
-
-
-
-
26,232
-
26,232
528,043
554,275|**Restricted**
**funds**
£
-
-
-
-
33,489
-
33,489
-
50,923
17,434
797,479
814,913|**Total funds**
**2025**
**£**
**10,591**
**227,695**
**756**
**239,042**
**244,841**
**1,356**
**246,197**
**26,232**
**-**
**19,078**
**1,575,322**
**1,594,399**|Unrestricted
funds
£
161,339
211,429
41
372,809
188,324
1,667
189,991
-
-
182,819
93,888
276,707|Designated
funds
£
-
-
-
-
-
-
-
54,234
-
54,234
473,809
528,043|Restricted
funds
£
-
-
-
-
32,534
-
32,534
-
-
(32,534)
830,013
797,479|Total funds
2024
£
161,339
211,429
41
372,809
220,858
1,667
222,525
54,234
-
204,519
1,397,710
1,602,229|
|---|---|---|---|---|---|---|---|---|
The Statement of Financial Activities includes all gains and losses recognised in the year and all income and expenditure derive from continuing activities.
The notes form part of these financial statements
12
## **THE ABBEY THEATRE TRUST (ST. ALBANS) LIMITED**
## **BALANCE SHEET AS AT 31 AUGUST 2025**
|**Fixed assets**
Tangible assets
7
Investments
8
**Current assets**
Stocks
9
Debtors
10
Cash at bank and in hand
**Creditors**: Amounts falling due within one year
11
**Net current assets**
**Total net assets**
**Total funds of the charity**
Unrestricted funds
13
Designated funds
13
Restricted funds
13
**Total funds**
**Note**|**2025**
**£**
809,163
562,861
**1,372,024**
2,794
14,899
265,161
**282,854**
60,479
**222,375**
**1,594,399**
225,211
554,275
814,913
**1,594,399**|2024
£
833,659
536,629
1,370,288
2,018
35,518
250,350
287,886
55,945
231,941
1,602,229
276,707
528,043
797,479
1,602,229|
|---|---|---|
For the financial year in question the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.
No members have required the company to obtain an audit of its accounts for the year in question in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibility for complying with the requirements of the Act with respect to accounting records and for the preparation of accounts.
These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies’ regime.
Approved by the Board of Trustees and signed on its behalf by:
….............................. ….............................. P Davidson - Chairman and Trustee A Wedgwood - Trustee Date …...............28/04/202628/04/2026 Date …...............28/04/2026
P Davidson - Chairman and Trustee Date …...............28/04/202628/04/2026
The notes form part of these financial statements
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**THE ABBEY THEATRE TRUST (ST. ALBANS) LIMITED**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025**
## **1 Accounting Policies**
## **Company information**
The Abbey Theatre Trust (St. Albans) Limited is a private company limited by guarantee incorporated in England and Wales. The registered office is Westminster Lodge, Holywell Hill, St Albans, AL1 2DL.
## **Basis of preparation**
A summary of the principal accounting policies adopted, judgements and key sources of estimation uncertainty, is set out below.
The financial statements have been prepared in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). The company is a public benefit entity for the purposes of FRS 102 and a registered charity established as a company limited by guarantee and therefore has also prepared its financial statements in accordance with the Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standards applicable in the UK and Republic of lreland (The FRS 102 Charities SORP), the Companies Act 2006 and Charities Act 2011.
The accounts have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant notes to these accounts.
## **Assessment of Going Concern**
As the charity continues to rebuild from the residual impact of the coronavirus pandemic, the trustees have assessed whether the use of the going concern basis is appropriate. They have considered possible events or conditions that might cast significant doubt on the charity's ability to continue as a going concern. The trustees have made this assessment for a period of at least one year from the date of approval of these financial statements. In particular, they have evaluated the charity's forecasts and projections while considering pressures on income. After conducting thorough inquiries, the trustees have concluded that there is reasonable expectation that the charity has sufficient resources to maintain operational existence for the foreseeable future. Therefore, the charity continues to adopt the going concern basis in preparing its financial statements.
## **Critical accounting judgements**
There are no judgements, estimates or assumptions that affect the amounts recognised in the financial statements.
## **Incoming resources**
All income is recognised in the Statement of Financial Activities when the conditions for receipt have been met and there is reasonable assurance of receipt.
Voluntary income includes donations, gifts and legacies. Such income is only deferred when:
- The donor specifies that the grant or donation must only be used in a future accounting period; or
- The donor has imposed conditions which must be met before the charity has unconditional entitlement
Donations include income from fundraising activities together with unsolicited income. lncome from charitable activities is recognised as earned (as related goods and services are provided). Investment income is recognised on a receivable basis.
## **Grant income**
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
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**THE ABBEY THEATRE TRUST (ST. ALBANS) LIMITED**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025**
## **1 Accounting policies (continued)**
## **Deferred income**
A provision for deferred income is made where the income is received in the year but can only be recognised for the next financial year and can be reliably measured at the balance sheet date
## **Resources expended**
Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Costs are allocated between categories on a direct basis. 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 will be required in settlement and the amount of the obligation can be measured reliably.
## **Fund accounting**
Restricted funds are to be used for specific purposes as laid down by the donor. Expenditure which meets these criteria is identified to the fund.
Unrestricted funds are donations and other income received or generated for the objects of the charity without further specified purpose and are available as general funds.
## **Tangible fixed assets**
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
- Long leasehold - 50 years straight line - Equipment - 10 to 20 years straight line
## **Fixed asset investments**
Fixed asset investments are included at market value at the balance sheet date. Realised and unrealised investment gains are reflected in the Statement of Financial Activities.
## **Financial instruments**
## **a. Financial assets**
Basic financial assets, including trade and other receivables as well as cash and bank balances, are initially measured at the transaction price, which includes transaction costs. These assets are subsequently carried at amortised cost using the effective interest method, unless the arrangement qualifies as a financing transaction. In such cases, the transaction is measured at the present value of future receipts, discounted using a market rate of interest.
## **b. Financial liabilities**
Basic financial liabilities are initially measured at transaction price.
## **Legal Status**
The charity is incorporated as a company limited by guarantee and is registered with the Charity Commission. The members of the company have undertaken to contribute up to their guarantee of £10 each towards the liabilities of the company, in the event that it is wound up whilst they are, or within one year of being, members.
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**THE ABBEY THEATRE TRUST (ST. ALBANS) LIMITED**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025**
## **2 Donations & Legacies**
|Unrestricted
Funds
Restricted
Funds
**Total Funds**
**2025**
£
£
**£**
Donations
10,591
-
**10,591**
Legacies
-
-
**-**
10,591
-
**10,591**
**Income from investments**
Deposit interest
756
-
**756**|Unrestricted
Funds
Restricted
Funds
Total Funds
2024
£
£
£
8,839
-
8,839
152,500
-
152,500
161,339
-
161,339
41
**-**
41|
|---|---|
## **3 Income from investments**
## **4 Income from charitable activities**
|Ticket and programme sales
Members' subscriptions
Bar and refreshment sales
**Expenditure on raising funds**
Newsletter/Prompt Corner
Club activities
lncome from visiting companies, hire of premises and of stage
properties and wardrobe items|**2025**
**Unrestricted**
**funds**
**£**
114,095
38,794
13,018
61,788
**227,695**
**2025**
**Unrestricted**
**funds**
**£**
750
606
**1,356**|2024
Unrestricted
funds
£
105,093
41,560
10,897
53,878
211,429
2024
Unrestricted
funds
£
952
715
1,667|
|---|---|---|
- **5 Expenditure on raising funds**
16
## **THE ABBEY THEATRE TRUST (ST. ALBANS) LIMITED**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025**
## **6 Expenditure on charitable activities**
|Production costs
Bar expenses
Bank charges
IT and computer
Insurance
Regulatory fees
Salary
Postage
Professional fees
Stationery
Repairs and maintenance
Services & utilities
Technical
Marketing
Depreciation
Bad debts
Miscellaneous expenses|Unrestricted
Funds
Restricted
Funds
**Total Funds**
**2025**
£
£
**£**
13,867 -
**13,867**
24,296 -
**24,296**
32 -
**32**
18,483 -
**18,483**
13,854 -
**13,854**
1,153 -
**1,153**
32,493 -
**32,493**
100 -
**100**
4,077 -
**4,077**
168 -
**168**
35,739 -
**35,739**
41,292
-
**41,292**
5,685
-
**5,685**
15,634
-
**15,634**
-
33,489
**33,489**
119
-
**119**
4,360
-
**4,360**
211,352
33,489
**244,841**|Unrestricted
Funds
Restricted
Funds
Total Funds
2024
£
£
£
14,758
-
14,758
20,868
-
20,868
32
-
32
18,142
-
18,142
9,548
-
9,548
748
-
748
31,951
-
31,951
57
-
57
6,544
-
6,544
1,730
-
1,730
20,141
-
20,141
35,135
-
35,135
9,433
-
9,433
15,225
-
15,225
-
-
-
-
-
-
4,012
-
4,012
188,324
-
188,324|
|---|---|---|
## **7 Tangible fixed assets**
|**Cost**
At 01 September 2024
Additions
Disposals
At 31 August 2025
**Depreciation**
At 01 September 2024
Charge for the year
At 31 August 2025
**Net book value**
At 31 August 2025
At 31 August 2024|**Long**
**Leasehold**
**Equipment**
**Total**
**£**
**£**
**£**
1,249,929
257,137
**1,507,066**
7,200
1,793
**8,993**
**-**
**1,257,129 258,930 1,516,059**
469,470
203,937
**673,407**
26,080
7,409
**33,489**
**495,550**
**211,346**
**706,896**
**761,579**
**47,584**
**809,163**
780,459
53,200
833,659|
|---|---|
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**THE ABBEY THEATRE TRUST (ST. ALBANS) LIMITED**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025**
## **8 Fixed asset investments**
|Market and Net book value as at 01 September 2024
Additions
Disposals
Revaluation
Market and Net book value as at 31 August 2025|**2025**
2024
**£**
£
536,629
482,395
47,208
67,271
(63,348)
(65,093)
42,372
52,056
**562,861**
536,629|
|---|---|
All investments are listed investments.They are held to provide investment income to the charity
The following fixed asset investments exceeded 5% of the total portfolio:
|Morgan Stanley lnvnt Mngt (ACD) Ltd|**2025**
2024
5%
5%|
|---|---|
|T Rowe Price (Lux) Mgt SARL|5%
5%|
|Muzinich & Co lreland Limited|5%
5%|
|Egerton Capital Equity Fund|7%
6%|
|Blackrock GBL|6%|
|Blackrock ICS PLC|6%|
|Findlay Park Funds PLC|5%
5%|
|WS Ruffer lnvestment fund|6%
6%|
|Blackrock Fund Managers Ltd|5%
5%|
|Fundsmith LLP|5%|
## **9 Stocks**
|Refreshment and bar stock
**10**
**Debtors**
Trade debtors
Prepayments and accrued income
VAT debtor
**11**
**Creditors**
Accruals
Deferred income from advance ticket sales
Deferred income from advance membership subscriptions
Ticket sales for third parties' shows
Social security and other taxes
Other creditors|**2025**
2024
**£**
£
2,794
2,018
**2025**
2024
**£**
£
305
1,218
13,202
26,907
1,392
7,393
**14,899**
35,518
**2025**
2024
**£**
£
6,305
6,135
27,442
25,990
2,395
2,395
2,706
6,906
175
243
21,456
14,276
**60,479**
55,945|
|---|---|
18
**THE ABBEY THEATRE TRUST (ST. ALBANS) LIMITED**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025**
## **12 Deferred income**
|Deferred lncome at 1st September 2024
Resources deferred in the year
Amounts released from previous years
Deferred lncome at 31st August 2025
Deferred income comprises the following
Advance ticket sales
Advance membership subscriptions|**2025**
**£**
28,385
29,837
(28,385)
**29,837**
27,442
2,395
**29,837**|2024
£
9,183
28,385
(9,183)
28,385
25,990
2,395
28,385|
|---|---|---|
## **13 Statement of funds**
|**Unrestricted funds**
General fund
Operating reserve
**Designated funds**
Development reserve
**Restricted funds**
Building development fund
Tangible fixed asset reserve
St Albans Youth Music Theatre
(SAYMT)
**Total funds**|**Balance at**
**01-Sep-24**
**£**
186,853
62,947
249,800
528,043
1,000
791,729
4,750
797,479
**1,575,322**|**Movement**
**in income**
**£**
239,042
-
239,042
26,232
-
-
-
-
**265,274**|**Resource**
**expenditure**
**£**
(212,708)
-
(212,708)
-
-
(33,489)
-
(33,489)
**(246,197)**|**Transfers**
**£**
(50,923)
-
(50,923)
-
-
50,923
-
50,923
**-**|**Balance at**
**31-Aug-2025**
**£**
-
162,264
62,947
225,211
554,275
1,000
809,163
4,750
814,913
**1,594,399**|
|---|---|---|---|---|---|
## **Prior period adjustment**
During the year, the charity identified that certain costs relating to marketing, music licence fees, security, show expenses, advance memberships and charity nights had been incorrectly treated as prepaid expenses and carried forward from prior years. These costs should have been expensed in the periods to which they related.
As a result, prepaid expenses and unrestricted funds at the start of the year have been reduced by £26,907. Comparative figures have not been restated as the impact relates to periods prior to 2024.
## **Transfer of funds**
£50,923 was transferred from Unrestricted General Funds to the Restricted Tangible Fixed Asset Fund to align the balance on the Tangible Fixed Asset Fund with the closing net book value of tangible fixed assets.
19
**THE ABBEY THEATRE TRUST (ST. ALBANS) LIMITED**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2025**
## **13 Statement of funds (continued)**
## **Purpose of funds**
## **General Fund**
The General fund represents funds that are readily available for use and not allocated to a specific purpose.
## **Development Reserve**
The trustees have agreed to set aside amounts from annual surpluses to build funds towards major developments to the theatre's infrastructure.
## **Operating Reserve**
The operating reserve exists to enable the company's operating costs to be covered for at least 6 months should its theatre facilities not be available for any reason.
## **Building development fund**
This reserve represents donations that have been made specifically in connection with the proposed new building.
## **St. Albans Youth Music Theatre Reserve**
This reserve represents the value of the endowment when this group came under the wing of the Abbey Theatre. lt will be used when required towards exceptional show costs incurred by SAYMT.
## **Tangible Fixed Asset Reserve**
The funds relating to the tangible fixed assets are classified as restricted, as they are required for use for the purposes of the Charity in relation to the maintenance and improvement of the theatre's physical assets.
## **14 Analysis of net assets between funds**
|Tangible fixed assets
Fixed asset investments
Current assets
Creditors due within one year|**Unrestricted**
**funds**
**2025**
**£**
-
2,836
282,854
(60,479)
**225,211**|**Designated**
**funds**
**2025**
**£**
-
554,275
-
-
**554,275**|**Restricted**
**funds**
**2025**
**£**
809,163
5,750
-
-
**814,913**|**Total**
**funds**
**2025**
**£**
**809,163**
**562,861**
**282,854**
**(60,479)**
**1,594,399**|Total
funds
2024
£
833,659
536,629
287,886
(55,945)
1,602,229|
|---|---|---|---|---|---|
## **15 Related party transactions**
There were no related party transactions (2024: Nil)
20