DocuSign Envelope ID: 3E99B330-7C46-4FCD-A30E-5C3C47E71A7C 

Company registration number: 01113093 Charity number: 266128 

TRUSTEES' REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2023 

ORANGE TREE THEATRE LIMITED (A company limited by guarantee) 





DocuSign Envelope ID: 3E99B330-7C46-4FCD-A30E-5C3C47E71A7C 

## ORANGE TREE THEATRE LIMITED (A company limited by guarantee) 

## CONTENTS 

||Page|
|---|---|
|**Reference and administrative details of the Company, its Trustees and advisers**|1|
|**Trustees' report**|2 - 7|
|**Independent auditors' report on the financial statements**|8 - 11|
|**Statement of financial activities**|12|
|**Balance sheet**|13 - 14|
|**Statement of cash flows**|15|
|**Notes to the financial statements**|16 - 33|





DocuSign Envelope ID: 3E99B330-7C46-4FCD-A30E-5C3C47E71A7C 

## ORANGE TREE THEATRE LIMITED (A company limited by guarantee) 

## REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 30 JUNE 2023 

|**Trustees**|JudyGibbons,Chair of OTTL(from 06/12/2023) (appointed 15 March 2023)|
|---|---|
||Richard Humphreys,Chair of OTTL(till 06/12/2023) (resigned 6 December 2023)|
||Feras Al-Chalabi, Chair of Finance & Risk Committee (from 15 March 2023) (appointed 15<br>March 2023)|
||Duncan Tatton-Brown, Chair of Finance Committee (till 15 March 2023) (resigned 15 March<br>2023)|
||Carolyn Backhouse|
||India Semper-Hughes|
||Harriet Varley|
||Robert Lisney|
||Victoria Kent|
||Anita Arora|
||Corinne Meredith(appointed 7 December 2022)|
||LesleyGregory (appointed 15 March 2023)|
||Marina Tinsdale Jones(appointed 6 December 2023)|
|**Company registered**<br>**number**<br>01113093<br>**Charity registered number**<br>266128<br>**Registered office and**<br>**Principal office**<br>1 Clarence Street<br>Richmond<br>Surrey<br>TW9 2SA<br>**Company secretary**<br>Hanna Streeter<br>**Independent auditors**<br>Menzies LLP<br>Chartered Accountants<br>Magna House<br>18-32 London Road<br>Staines-Upon-Thames<br>TW18 4BP<br>**Bankers**<br>Royal Bank of Scotland PLC<br>Richmond<br>Surrey<br>TW9 1DF<br>**Solicitors**<br>Harbottle & Lewis<br>Hanover House<br>14 Hanover Square<br>London<br>W1R 0BE||



Page | 1 



DocuSign Envelope ID: 3E99B330-7C46-4FCD-A30E-5C3C47E71A7C 

## ORANGE TREE THEATRE LIMITED (A company limited by guarantee) 

## TRUSTEES' REPORT FOR THE YEAR ENDED 30 JUNE 2023 

The Directors, who act as trustees for the purposes of charity law, have pleasure in presenting their report together with the audited financial statements for the year ended 30 June 2023. 

## **STRUCTURE, GOVERNANCE AND MANAGEMENT** 

The Orange Tree Theatre Limited (the Charity) is a registered charity governed by its Articles of Association and a company limited by guarantee. It is headed by the Board of Directors, to which the Executive Team of Artistic Director (Joint CEO) and the Executive Director (Joint CEO) of the Orange Tree Theatre report. The Finance & Risk Committee, consisting of certain Board members and the Executive Team, also reports to the Board. 

The company’s registration number is 1113093 and its registered charity number is 266128. The registered office is 1 Clarence Street, Richmond, Surrey, TW9 2SA. 

A separate charitable limited company, the New Orange Tree Theatre Trust, owns the freeholds of the theatre and 47 Kew Road (its rehearsal space and workshop), both of which are currently leased to be used by the Charity. 

The role of the Board of Directors is to oversee the direction and activities of the Charity, including its policies and procedures, to ensure that they are in accordance with its charitable objects. The Board oversees the strategic direction of the Charity, although the strategy is proposed by and implementation is achieved through the Artistic Director, Tom Littler, and the Executive Director, Hanna Streeter. In October 2022, Tom Littler joined the organisation at which point Hanna Streeter became joint-CEO. In January 2023, former Artistic Director and CEO Paul Miller stepped down, after nine years in post. Following an organisation wide review, in March 2023 the new Executive Team presented a new business plan outline for 23-26 to grow our way back to a thriving independent theatre by investing in the work on stage, new artists and the community. 

The Board continues to meet at least quarterly. The Board approves the annual budget after it has been examined in detail and approved by the Finance & Risk Committee. The Theatre’s Heads of Departments manage their own budgets under the supervision of the Artistic and Executive Directors. The Board receives reports from these Directors to enable them to measure the Charity’s performance against budgets and targets for the year. In March 2023, Duncan Tatton-Brown stepped down from the Board and as Chair of the Finance Committee. The Finance & Risk Committee is now chaired by Feras Al-Chalabi, with new members Judy Gibbons and Victoria Kent, and meets at least quarterly ahead of each Board meeting. 

The Board has given due consideration to the Charity Commission’s published guidance on the operation of the public benefit requirements. The Directors of the Orange Tree Theatre Limited gave their time freely and received no emoluments during the year. None of the Directors were reimbursed any expenses (see Note 11). 

The Diversity and Inclusion sub-committee of the Board, chaired by India Semper-Hughes, meets at least quarterly to review the development of the following four areas: Governance and permanent staff diversity; The content and authorship of the work on stage; Diversity of freelance employees; Safety and protection for all employees. 

The Capital Redevelopment committee oversees the capital redevelopment project which is working to transform the OT’s front of house spaces to make it accessible, welcoming and community facing. At the time of writing, we are at RIBA Stage 3 with planning permission granted. Meetings are scheduled at least quarterly and as often as required to move the project forward. Members include Harriet Devey (Chair), Robert Lisney, Judy Gibbons, the Executive Team, Development Director, and Technical Director. 

The internal Development (fundraising) team has changed throughout the year with the departure of our Development Manager and Development Officer, and subsequently Development & Communications Director, who left in August 2023. Following an organisational review, we went through a period of departmental restructure to separate the marketing and fundraising teams, promoting the Marketing Manager to Marketing & Sales Director and recruiting a new Development Director. Each team now has an Officer and a Memberships and Sales Assistant, who work across box office and support their respective department. We were supported by a freelance fundraiser for 4 months between June-September 2023, who will continue to support the team on a part time basis until September 2024. The Development Committee came to a natural close in 2023 and a process has begun to assemble a separate Development Board who help us to fundraise towards our annual target and the capital project. 

Induction papers covering the role and responsibilities of trustees are provided to new Directors and governance updates are provided as required. 

Page | 2 



DocuSign Envelope ID: 3E99B330-7C46-4FCD-A30E-5C3C47E71A7C 

## ORANGE TREE THEATRE LIMITED (A company limited by guarantee) 

## TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2023 

Four Trustees of the Board are recruited from a pool of Associate Artists at any one time. This year Corinne Meredith joined the Board as an Associate Artist. 

## **ACTIVITIES, OBJECTIVES AND PUBLIC BENEFIT** 

The principal activity of the Charity is the operation of the Orange Tree Theatre (OT). 

The charitable objects of the OT are principally to promote, maintain, improve, and advance education, particularly by the production of educational plays and the encouragement of the arts. 

The general aims and objectives of the OT are: 

- To produce theatre of a national standard throughout the year, at affordable prices 

- To promote new writing and rediscoveries of neglected work 

- To engage with the community as widely as possible through education and participation programmes 

- To encourage the development of emerging artists 

As outlined below under Achievement and Performance, the Directors are satisfied that these objectives continue to be met and satisfy the public benefit test. 

## **DESCRIPTION OF THE ACTIVITIES UNDERTAKEN FOR THE PUBLIC BENEFIT ACHIEVEMENTS AND PERFORMANCE** 

One year into our recovery since reopening the theatre in May 2021, the effects of the Pandemic were still present across the organisation. Sales were lower than projected and we were still cancelling performances due to cast illness. In December 2022 we felt a change in audience behaviour as sales for _Arms and The Man_ were strong and started to build momentum into 2023. 

We opened the 22/23 season in September with Dael Orlandersmith’s excellent and moving play _Yellowman_ , in a delicate revival from Diane Page, who won the JMK Award with us in 2021. Reviews and word of mouth were strong and, though small houses, the audiences attending were diverse in age and ethnicity and the actors received standing ovations every night. It was subsequently longlisted for several Broadway World Awards and nominated for OffWestEnd Awards. 

Next up was Indiana Lown-Collins’ 2022 JMK Award-winning production of Jack Thorne’s darkly funny play, _The Solid Life of Sugar Water_ , about a couple dealing with stillbirth. with the support of the JMK Trust. The show gathered excellent four- and five-star reviews in the national press, several OffWestEnd Award nominations with a win for Best Production (Plays). Thanks to new initiatives including relaxed performances and creative captioning integrated into the show, audiences were well attended by deaf and disabled patrons. The production provided detailed learning for the core team around accessibility and how to create a production led by disabled artists (almost the entire creative team and both actors were disabled). 

_Arms and the Man_ , Paul Miller’s final production as Artistic Director, demonstrated some of his many qualities as a director of period work: more than merely blowing the dust off this Bernard Shaw classic, it arrived newly minted as a rollicking farce and a sharp exposé of hypocrisy. An excellent cast of actors did the play full justice. Sales were the strongest since the pandemic and led to a wave of momentum in ticket sales and donations throughout 2023. 

Returning to the OT for a short run with a new cast in January 2023, Sonali Bhattacharyya’s well-reviewed play _Two Billion Beats_ demonstrated our commitment to cultivating more diverse artists and audiences, and to the work Paul Miller and Guy Jones have done in their support of individual writers – Sonali was C4 writer on attachment at the OT. As a result of COVID cases we cancelled some early performances in 2022. Nevertheless, the new company was brilliantly directed by Tian Brown Samson, stepping up from her previous role as Associate Movement Director, with oversight of the original director Nimmo Ismail. 

Tom Kempinski’s 1980 play _Duet for One_ was programmed at pace to replace Grim Brenda by Ross Willis, which was postponed due to unforeseen circumstances. Directed by Richard Beecham, _Duet For One_ starred Tara Fitzgerald and Maureen Beattie, with two live violinists alternating. We were all delighted with this luminous, highly polished production featuring exceptional performances and good sales, on the OT’s first stage revolve. 

Page | 3 



DocuSign Envelope ID: 3E99B330-7C46-4FCD-A30E-5C3C47E71A7C 

## ORANGE TREE THEATRE LIMITED (A company limited by guarantee) 

## TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2023 

This followed with _You Bury Me_ , by the winner of the Women’s Prize for Playwriting – Ahlam, an Egyptian-British writer working under an alias. About six young people growing up in post-revolutionary Cairo, we co-produced with Paines Plough, Edinburgh Lyceum, Bristol Old Vic, the Women’s Prize for Playwriting and 45North. It was beautifully directed by Katie Posner, Artistic Director of Paines Plough, with an Egyptian-heritage cast. _You Bury Me_ brought a new MENA (Middle Eastern and North African) audience to the OT. Its reviews were warm, including a glowing notice from Susannah Clapp in The Observer. 

Tom’s first production as Artistic Director was Somerset Maugham’s 1921 comedy, _The Circle_ , featuring seven actors including Jane Asher, Clive Francis, Nicholas Le Prevost and Olivia Vinall. Chirag Benedict Lobo reinvented the role of Teddy Luton as an Indian businessman. We were blessed with very favourable reviews and word of mouth, which led to it becoming the highest grossing production in the OT’s history. Theatre Royal Bath is touring the production from January 2024 to a group of regional theatres including Chichester Festival Theatre, Cambridge Arts Theatre, the Oxford Playhouse and Malvern Theatre. 

The final production of 22/23 was Isley Lynn’s new play, _The Swell_ , directed by Hannah Hauer-King and co-produced with Damsel Productions and The Women’s Prize for Playwriting. The play was a thrilling LGBTQ+ story spanning two generations of three women in a complicated love triangle. The production attracted strong reviews and word of mouth feedback, and its sales surged once open. We were delighted to see the way it brought together broad and diverse audiences. 

We have continued to offer all productions via our ticketed web-platform OT On Screen, to enable our work to reach a wide audience, making it accessible to those who are unable to get to the theatre in person. 

From the Community team, _As You Like It_ was this year’s Primary Shakespeare project and was superbly directed and adapted by Becca Chadder. Becca will be back in December 2023 to direct _Tiny Tim’s Christmas Carol_ , underlining our commitment to developing young writers and directors. The feedback received underlines the importance of the Primary Shakespeare project. 

- _Wow! What a show. The children are still talking about it. The mix of audience interaction/ participation, the clever_ 

   - _use of props and costume as character signifiers and the beautiful use of the space made the play come alive. Every child could tell me an accurate retelling of the story, they absolutely loved it and want more Shakespeare._ 

- _One child had never had any exposure to Shakespeare, they said it was “ boring language that you can’t understand “ this child didn’t  want to attend the workshop or the play. They often struggle with keeping their attention on task and have a lot of energy, they can be vocally disruptive in a group. This child was glued to the action, watching the entire play in complete focus, he was not only understanding every part of the action but was laughing his head off. Afterwards, he could retell me the whole plot whilst waiting for his parents to collect, and was completely enthused by the whole thing. He said “I hope we can do that again!”._ 

- _There were two children in the audience who are in our specialist resource provision (and can’t access mainstream English lessons). They were laughing the whole way through and had never been to the theatre before. To see them laughing along, even though they possibly weren’t following the story 100% was absolutely amazing! What an experience for them (and all our children - many of whom equally had never had this opportunity before!)._ 

- _We have a child who has recently arrived in England from Kazakhstan. She has limited English, but an enormous natural curiosity and inclination to get stuck in watching the smile on her face as she participated in the production from the front row. It’s an experience she will never forget._ 

We ran our first play-in-a-week session this summer; this was popular, creative and led to some really lovely devised work on the theme of ‘music’ which was performed on the OT stage. 

We are also beginning to raise the profile of our Community work generally with a greater presence front of house, on social media, and in our programmes and brochures. We are proud of this work, and it is a core part of our identity and our purpose. We hope this is rewarded in turn with increases in applications to join the various Youth Theatre groups. 

Page | 4 



DocuSign Envelope ID: 3E99B330-7C46-4FCD-A30E-5C3C47E71A7C 

## ORANGE TREE THEATRE LIMITED (A company limited by guarantee) 

## TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2023 

## **FUTURE DEVELOPMENTS** 

In May 2023 we announced a yearlong season of eight full scale plays, three Shakespeare plays for primary and secondary schools, a Shakespeare production for autistic individuals, a Christmas show for families and children aged 5+, and a festival of new work directed by the graduating MA Directing students at LAMDA. This season would take us from August 2023 through to August 2024. 

At the time of writing this we have announced a further four productions from September 2024 to January 2025, including a play for families featuring the OT’s Young Company of 18-25 year old non-professional actors, made with a professional creative team and directed by our Carne Associate Director, Natasha Rickman. Shared with LAMDA and fully funded by Philip and Christine Carne, this new full-time position of Associate Director will work for 18 months across both the OT and LAMDA, to lead and develop the OT New Artists programme. 

We continue to grow the work within our community following the pandemic, offering something for all ages from 0 to 100. We are currently working with a community ensemble of 40 non-professional actors in our full-scale production of She Stoops To Conquer, directed by Tom Littler with Community Director Francesca Ellis. 

Conversations with schools and participants reveal that tickets and the cost of transport etc are a barrier to socioeconomically challenged schools and pupils; a focus for the Community department will be to acquire additional funding to support bursaries for harder-to-reach schools and children and continue to expand the range of children in the local area. 

We have launched our 23/24 Writers’ Collective, who will work with the OT’s two Associate Directors, alongside masterclasses, Q&As and workshops on a yearlong development attachment. The writers include Oli Higginson, Kelly Jones, Clarisse Makundul, Lydia Sabatini, Ric Renton and Anne Odeke. 

Following our learnings on _The Solid Life of Sugar Water_ , we are embarking on a project to improve our work with and for deaf artists and audiences. This involves a move to bringing captioning in-house to enable us to caption more performances for every production, as well as staff training and upgrading our hearing loop equipment. 

Planning stages for a front of house capital redevelopment project were completed to RIBA Stage 3 and the theatre was successful in a planning application in February 2023. 

## **FINANCIAL REVIEW** 

The financial result for the period is set out on page 12. There was net expenditure of £126,443 (including depreciation) for the year (2022: net expenditure of £20,185). Total Funds at 30 June 2023 were £1,497,217 (2022: £1,623,660). Ticket sales began to pick up momentum as we launched the Autumn ’23 - Spring ‘24 season, and we saw a number of lapsed and new members sign up. The Circle finished it’s run as the highest grossing production of all time and helped to offset some of the loss on the first half of the year. The financial result for the period was better than forecast, thanks to the Theatre Tax Relief remaining at the higher rate. 

Net expenditure from the General Fund was £94,951. 

## **GOING CONCERN** 

The Covid-19 Pandemic led to the closure of the OT from 16 March 2020 until 22 May 2021, when we reopened to the public with a period of socially distanced performances. Since reopening all efforts have been made to stabilise the business and grow audiences back to a sustainable level. With the launch of a new growth-oriented business plan following a change in Artistic Leadership, and early indications of strong sales and donations, we are on track for a surplus for 23/24. 

The Charity had a cumulative surplus of Unrestricted General Reserves, of £289,482 at 30th June 2023 (2022: £384,433). This is above the target of at least 3 months’ operating costs at £244,659. Given the total of the General Reserves and following a review of a budget and cashflow forecast to 30 June 2024, the Directors consider the Charity is a going concern for at least 12 months following approval of these accounts. 

Page | 5 



DocuSign Envelope ID: 3E99B330-7C46-4FCD-A30E-5C3C47E71A7C 

## ORANGE TREE THEATRE LIMITED (A company limited by guarantee) 

## TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2023 

## **RESERVES POLICY AND RISK MANAGEMENT** 

The Directors consider that the funds received each year should be fully utilised to meet the objectives of the theatre as stated above. However, the Directors also consider that it is desirable to hold a surplus of unrestricted funds to meet ongoing contractual commitments. The Directors maintain a Risk Register and review major risks to the Charity on an annual basis to establish systems and procedures to mitigate identified risks. Certain of these reviews concentrate on specific aspects such as budgeting, artistic programme planning, health and safety and human resources. Management accounts are reviewed at every meeting. The Directors remain satisfied that the regular risk assessment reviews ensure that they are able to sufficiently manage the risks to which the charity is exposed. 

It is the policy of the charity that the aim should be for unrestricted funds which have not been designated for a specific use to be maintained at a level equivalent to three to six months’ operating costs. The average monthly operating cost during the year, was £81,553. On this basis, three months’ operating costs would amount to £244,659, and six months’ operating costs would amount to £489,318. The balance on general funds at 30 June 2023 is £289,482 (2022: £384,433). Free reserves are calculated as general unrestricted funds not represented by fixed assets and show a balance of £131,572 (2022: £249,179). We will keep this policy under review in line with the operational guidance No.43 (Charity Income Reserves) issued by the Charity Commission. 

## **DIRECTORS** 

The Directors who held office during the year were as follows: Humphreys (Chair of OTTL), Duncan Tatton-Brown (Chair of the Finance Committee) (resigned 15 March 2023), Carolyn Backhouse, India Semper-Hughes (Chair of Diversity and Inclusion Committee), Harriet Devey (Chair of Capital Redevelopment Committee), Robert Lisney, Victoria Kent, Anita Arora, Corinne Meredith (appointed December 2022), Judy Gibbons (appointed 15 March 2023), Lesley Gregory (appointed 15 March 2023), Feras Al-Chalabi (Chair of Finance & Risk Committee) (appointed 15 March 2023). The Directors also perform the duties of charity trustees; all appointments require the approval of the Board of Directors. The current number of Directors is 11. 

## **TRUSTEES' RESPONSIBILITIES** 

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 Company and of its incoming resources and application of resources, including its 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 Company will continue in business. 

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

## **INFORMATION GIVEN TO AUDITOR** 

Each of the persons who is a Director at the time when this Directors' report is approved has confirmed that so far as that Director is aware, there is no relevant audit information of which the charity's auditor is unaware, and that Director has taken all the steps that ought to have been taken as a Director in order to be aware of any information needed by the Charity's auditor in connection with preparing his report and to establish that the charity's auditor is aware of that information. 

Page | 6 



DocuSign Envelope ID: 3E99B330-7C46-4FCD-A30E-5C3C47E71A7C 

## ORANGE TREE THEATRE LIMITED (A company limited by guarantee) 

## TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2023 

## **BASIS OF PREPARATION** 

The financial statements have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small entities. These statements comply with current statutory requirements, the requirements of the charity’s governing document and the requirement of the Charities SORP (FRS 102). 

## **ACKNOWLEDGMENTS** 

The Directors are grateful for the continuing support of those public bodies that provide revenue support for the theatre, and to all those who have contributed to its success over the past year. This includes the Artistic and Executive Directors and staff of the theatre, all our volunteers and supporters, and all those who contribute and help to raise funds at the Orange Tree. 

This report was approved by the Directors and signed on their behalf by: 

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

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

**Feras Al-Chalabi** Director 

Date: 25-Mar-2024 

Page | 7 



DocuSign Envelope ID: 3E99B330-7C46-4FCD-A30E-5C3C47E71A7C 

## ORANGE TREE THEATRE LIMITED (A company limited by guarantee) 

## INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ORANGE TREE THEATRE LIMITED (CONTINUED) 

## **Opinion** 

We have audited the financial statements of Orange Tree Theatre Limited (the 'charitable company') for the year ended 30 June 2023 which comprise the Statement of financial activities, the Balance sheet, the 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 charitable company's affairs as at 30 June 2023 and of its 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. 

## **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 charitable company 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 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. 

## **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. 

Page | 8 



DocuSign Envelope ID: 3E99B330-7C46-4FCD-A30E-5C3C47E71A7C 

## ORANGE TREE THEATRE LIMITED (A company limited by guarantee) 

## INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ORANGE TREE THEATRE LIMITED (CONTINUED) 

## **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: 

- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or 

- the 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. 

## **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 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 charitable company or to cease operations, or have no realistic alternative but to do so. 

Page | 9 



DocuSign Envelope ID: 3E99B330-7C46-4FCD-A30E-5C3C47E71A7C 

## ORANGE TREE THEATRE LIMITED (A company limited by guarantee) 

## INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ORANGE TREE THEATRE LIMITED (CONTINUED) 

## **Auditors' responsibilities for the audit of the financial statements** 

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

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

- The Charity is subject to laws and regulations that directly affect the financial statements including financial 

   - reporting legislation. We determined that the following laws and regulations were most significant including the 

   - Charities Act 2011, Safeguarding Vulnerable Groups Act 2006, Health and Safety legislation and employment law. We assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items. 

- We understood how the Charity is complying with those legal and regulatory frameworks by making inquiries to management and those responsible for legal and compliance procedures. We corroborated our inquiries through our review of board minutes. 

- The engagement partner assessed whether the engagement team collectively had the appropriate competence and capabilities to identify or recognise non-compliance with laws and regulations. The assessment did not identify any issues in this area. 

We assessed the susceptibility of the Charity's financial statements to material misstatement, including how fraud might occur. We considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in the following areas; posting of fraudulent journal entries, authorisation, processing, and payment of fraudulent expenses and timing of income recognition. 

Audit procedures performed by the engagement team included: 

- Identifying and assessing the design effectiveness of controls management has in place to prevent and detect fraud; 

- Understanding how those charged with governance considered and addressed the potential for override of controls or other inappropriate influence over the financial reporting process; 

- Challenging assumptions and judgments made by management in its significant accounting estimates; and identifying and testing journal entries, in particular any journal entries posted with unusual account combinations. 

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance.  The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. 

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. 

Page | 10 



DocuSign Envelope ID: 3E99B330-7C46-4FCD-A30E-5C3C47E71A7C 

## ORANGE TREE THEATRE LIMITED (A company limited by guarantee) 

## INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF  ORANGE TREE THEATRE LIMITED (CONTINUED) 

## **Use of our report** 

This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. 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. 


**Janice Matthews (Senior statutory auditor)** for and on behalf of 

## **Menzies LLP** 

Chartered Accountants Statutory Auditor Magna House 18-32 London Road Staines-Upon-Thames TW18 4BP 

Date: 26-Mar-2024 

Page | 11 



DocuSign Envelope ID: 3E99B330-7C46-4FCD-A30E-5C3C47E71A7C 

## ORANGE TREE THEATRE LIMITED (A company limited by guarantee) 

## STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 30 JUNE 2023 

|**Note**<br>**Income from:**<br>Donations and legacies<br>3<br>Charitable activities<br>Other trading activities<br>4<br>Investments<br>Other income<br>5<br>**Total income**<br>**Expenditure on:**<br>Raising Funds<br>6<br>Charitable activities<br>7<br>**Total expenditure**<br>**Net movement in funds**<br>**Reconciliation of funds:**<br>Total funds brought<br>forward<br>Net movement in funds<br>**Total funds carried**<br>**forward**|**Unrestricted**<br>**General**<br>**Designated**<br>**funds**<br>**funds**<br>**2023**<br>**2023**<br>**£**<br>**£**<br>232,456<br>- <br>1,012,175<br>- <br>8,981<br>- <br>2,660<br>- <br>320,051<br>- <br>**1,576,323**<br>**- **<br>136,400<br>- <br>1,534,874<br>73,492<br>**1,671,274**<br>**73,492**<br>**(94,951)**<br>**(73,492)**<br>384,433<br>1,239,227<br>(94,951)<br>(73,492)<br>**289,482**<br>**1,165,735**|**Restricted**<br>**funds**<br>**2023**<br>**£**<br>291,320<br>- <br>- <br>- <br>- <br>**291,320**<br>1,740<br>247,580<br>**249,320**<br>**42,000**<br>- <br>42,000<br>**42,000**|**Total**<br>**funds**<br>**2023**<br>**£**<br>**523,776**<br>**1,012,175**<br>**8,981**<br>**2,660**<br>**320,051**<br>**1,867,643**<br>**138,140**<br>**1,855,946**<br>**1,994,086**<br>**(126,443)**<br>**1,623,660**<br>**(126,443)**<br>**1,497,217**|_Total_<br>_funds_<br>_2022_<br>_£_<br>_911,652_<br>_582,725_<br>_6,655_<br>_272_<br>_258,786_|
|---|---|---|---|---|
||**General**<br>**funds**<br>**2023**<br>**£**<br>232,456<br>1,012,175<br>8,981<br>2,660<br>320,051<br>**1,576,323**<br>136,400<br>1,534,874<br>**1,671,274**<br>**(94,951)**<br>384,433<br>(94,951)<br>**289,482**||||
|||||_1,760,090_|
|||||_188,765_<br>_1,591,510_|
|||||_1,780,275_|
||||||
|||||_(20,185)_|
|||||_1,643,845_<br>_(20,185)_<br>_1,623,660_|



The Statement of financial activities includes all gains and losses recognised in the year. 

The notes on pages 16 to 32 form part of these financial statements. 

Page | 12 



DocuSign Envelope ID: 3E99B330-7C46-4FCD-A30E-5C3C47E71A7C 

## ORANGE TREE THEATRE LIMITED (A company limited by guarantee) REGISTERED NUMBER: 01113093 

## BALANCE SHEET AS AT 30 JUNE 2023 

|**Note**<br>**Fixed assets**<br>Tangible assets<br>12<br>**Current assets**<br>Stocks<br>13<br>Debtors<br>14<br>Cash at bank and in hand<br>Creditors: amounts falling due within one year<br>15<br>**Net current assets**<br>**Total assets less current liabilities**<br>Creditors: amounts falling due after more than<br>one year<br>16<br>**Net assets**<br>**Total net assets**<br>**Charity funds**<br>Restricted funds<br>18<br>Unrestricted funds<br>18<br>**Total funds**|**3,330**<br>**533,337**<br>**535,463**|**2023**<br>**£**<br>**844,505**<br>**844,505**<br>_2,528_<br>_365,207_<br>_734,091_<br>_1,101,826_<br>_(263,507)_<br>**722,712**<br>**1,567,217**<br>**(70,000)**<br>**1,497,217**<br>**1,497,217**<br>**42,000**<br>**1,455,217**<br>**1,497,217**|_As restated_<br>_2022_<br>_£_<br>_885,341_|
|---|---|---|---|
||||_885,341_<br>_838,319_|
||**1,072,130**<br>**(349,418)**|||
|||||
||||_1,723,660_<br>_(100,000)_|
||||_1,623,660_|
||||_1,623,660_|
||||_-_<br>_1,623,660_|
||||_1,623,660_|



Page | 13 



DocuSign Envelope ID: 3E99B330-7C46-4FCD-A30E-5C3C47E71A7C 

## ORANGE TREE THEATRE LIMITED (A company limited by guarantee) 

## BALANCE SHEET (CONTINUED) AS AT 30 JUNE 2023 

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: 

................................................ **Feras Al-Chalabi** 

Date: 25-Mar-2024 

The notes on pages 16 to 32 form part of these financial statements. 

Page | 14 



DocuSign Envelope ID: 3E99B330-7C46-4FCD-A30E-5C3C47E71A7C 

## ORANGE TREE THEATRE LIMITED (A company limited by guarantee) 

## STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 30 JUNE 2023 

|**Note**<br>**Cash flows from operating activities**<br>Net cash (used) in operating activities<br>20<br>**Cash flows from investing activities**<br>Purchase of tangible fixed assets<br>12<br>**Net cash used in investing activities**<br>Repayments of borrowing<br>Payment of interest<br>**Change in cash and cash equivalents in the year**<br>Cash and cash equivalents at the beginning of the year<br>**Cash and cash equivalents at the end of the year**<br>21|**2023**<br>**£**<br>**(153,730)**|_2022_<br>_£_<br>_(282,552)_|
|---|---|---|
||**(6,090)**|_(11,861)_|
||**(6,090)**|**(11,861)**|
||**(30,000)**<br>**(8,808)**<br>**(198,628)**<br>**734,091**|_(20,000)_<br>_-_<br>**(314,413)**<br>_1,048,504_|
||**535,463**|_734,091_|



The notes on pages 16 to 32 form part of these financial statements 

Page | 15 



DocuSign Envelope ID: 3E99B330-7C46-4FCD-A30E-5C3C47E71A7C 

## ORANGE TREE THEATRE LIMITED (A company limited by guarantee) 

## NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2023 

## **1. General information** 

The Charity is a private company limited by guarantee registered in England and Wales. The members of the company are the Directors named on page 1. In the event of the Charity being wound up, the liability in respect of guarantee is limited to £1 per member of the Charity. 

The address of the registered office and principal place of business is 1 Clarence Street, Richmond, Surrey, TW9 2SA. 

The company's registration number is 1113093, the charity registration number is 266128. 

## **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. 

Orange Tree Theatre 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. 

## **2.2 Going concern** 

The Charity is dependent upon grants, donations and box office receipts to enable it to continue to trade. The projections for the Charity for twelve months from the balance sheet date assume that such income will continue to be forthcoming and indicate that, barring unforeseen circumstances, the Charity will be able to continue trading for the foreseeable future and meets the going concern criteria and the financial statements have therefore been prepared under the going concern basis of accounting. The Directors work closely with the Artistic and Executive Directors in continuing to develop the future financial model for the theatre to restore its own financial reserves to a level that will secure its future as a sustainable enterprise. 

Page | 16 



DocuSign Envelope ID: 3E99B330-7C46-4FCD-A30E-5C3C47E71A7C 

## ORANGE TREE THEATRE LIMITED (A company limited by guarantee) 

## NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2023 

## **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, donations and legacy income_ 

Revenue grants that are unconditional are recognised in the period in which they become receivable. Project specific grants with attached conditions are recognised in the period in which the project to which they relate occurs and matched to the associated expenditure. Donations, income raised from fundraising activities and legacy income are accounted for on the earlier of receipt or when they become receivable, the latter based on reasonable certainty as to entitlement, receipt and measurement. 

## _Fundraising Activities_ 

Fundraising activities include a range of events and club memberships, which are recognised in the period in which they are received. 

## _Investment Income_ 

Investment income is recognised on a receivable basis. 

## _Income from Charitable Activities_ 

Income from theatre admission fees is included in income in the period in which the relevant performance takes place. 

## _Government Grants_ 

Grants from the Arts Council Cultural Recovery Fund are recognised as income to fund the costs in the period to which these relate. 

## **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. Costs are inclusive of any VAT which cannot be recovered. 

Cost of raising funds are costs incurred in attracting voluntary income and fundraising activities. 

The cost of charitable activities includes those costs incurred in staging performances in the main theatre and for the community and education programmes, as well as the costs of the ancillary theatre activities. 

Governance costs include an estimate of the time spent by the Executive Directors on constitutional and statutory requirements and the associated external legal and professional fees. 

Support costs include central functions and have been allocated to activity cost categories on proportion to the direct costs incurred for those activities. 

## **2.5 Tangible fixed assets and depreciation** 

Tangible fixed assets costing £250 or more are capitalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably. 

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. 

Page | 17 



DocuSign Envelope ID: 3E99B330-7C46-4FCD-A30E-5C3C47E71A7C 

## ORANGE TREE THEATRE LIMITED (A company limited by guarantee) 

## NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2023 

## **2. Accounting policies (continued)** 

## **2.5 Tangible fixed assets and depreciation (continued)** 

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 basis: 

|Freehold property|- 2%|Straight line|
|---|---|---|
|Leasehold improvements|- 2%|Straight line|
|Office equipment|- 33%|Straight line|
|Theatre fittings and equipment|- 10%|Straight line|



## **2.6 Stocks** 

Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. 

## **2.7 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. 

## **2.8 Financial instruments** 

The Company 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. 

## **2.9 Pensions** 

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

## **2.10 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 Company 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 Company 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. 

Page | 18 



DocuSign Envelope ID: 3E99B330-7C46-4FCD-A30E-5C3C47E71A7C 

## ORANGE TREE THEATRE LIMITED (A company limited by guarantee) 

## NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2023 

## **3. Income from donations and legacies** 

|Donations and other grants<br>Grants receivable - public funds<br>Fundraising income<br>**Total 2023**<br>_Total 2022_|**Unrestricted**<br>**funds**<br>**2023**<br>**£**<br>79,677<br>9,883<br>142,896|**Restricted**<br>**funds**<br>**2023**<br>**£**<br>186,000<br>105,320<br>-|**Total**<br>**funds**<br>**2023**<br>**£**<br>**265,677**<br>**115,203**<br>**142,896**|_Total_<br>_funds_<br>_2022_<br>_£_<br>_133,283_<br>_684,534_<br>_93,835_|
|---|---|---|---|---|
||232,456|291,320|**523,776**|_911,652_|
||||||
||_775,052_|_136,600_|_911,652_||



Grants receivable from Public Funds includes grants providing core funds. During the period Orange Tree Theatre Limited received a grant of £105,320 (2022: £105,000) from London Borough of Richmond. The purpose of this grant was to contribute towards the theatre's programme of work, access to cultural activities and the provision of educational and participatory programmes. 

The Cultural Recovery Fund granted in previous years were one off grants specific to Covid recovery. No further CRF grants have been issued in the year. (2022: Grants of £450,856 received). 

Of the total amounts received during the period £37,446 (2022: £4,000) has been carried forward to the 2023/2024 financial year to be matched with expenditure during that period as specified by the grant providers.  Of this £27,000 (2022: £Nil) is included in Restricted Funds. 

## **4. Income from other trading activities** 

## **Income from fundraising events** 

|Fundraising<br>_Total 2022_|**Unrestricted**<br>**funds**<br>**2023**<br>**£**<br>8,981|**Total**<br>**funds**<br>**2023**<br>**£**<br>**8,981**|_Total_<br>_funds_<br>_2022_<br>_£_<br>_6,655_|
|---|---|---|---|
|||||
||_6,655_|_6,655_||



Page | 19 



DocuSign Envelope ID: 3E99B330-7C46-4FCD-A30E-5C3C47E71A7C 

## ORANGE TREE THEATRE LIMITED (A company limited by guarantee) 

## NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2023 

## **5. Other incoming resources** 

|Other income<br>Theatre tax relief<br>_Total 2022_|**Unrestricted**<br>**funds**<br>**2023**<br>**£**<br>882<br>319,169|**Total**<br>**funds**<br>**2023**<br>**£**<br>**882**<br>**319,169**|_Total_<br>_funds_<br>_2022_<br>_£_<br>_805_<br>_257,981_|
|---|---|---|---|
||320,051|**320,051**|_258,786_|
|||||
||_258,786_|_258,786_||



Page | 20 



DocuSign Envelope ID: 3E99B330-7C46-4FCD-A30E-5C3C47E71A7C 

## ORANGE TREE THEATRE LIMITED (A company limited by guarantee) 

## NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2023 

## **6. Expenditure on raising funds** 

## **Costs of raising voluntary income** 

|Costs of raising voluntary income<br>Wages and salaries<br>Support costs<br>_Total 2022_|**Unrestricted**<br>**funds**<br>**2023**<br>**£**<br>4,473<br>87,816<br>44,111|**Restricted**<br>**funds**<br>**2023**<br>**£**<br>-<br>1,740<br>-|**Total**<br>**funds**<br>**2023**<br>**£**<br>**4,473**<br>**89,556**<br>**44,111**|_Total_<br>_funds_<br>_2022_<br>_£_<br>_4,152_<br>_120,760_<br>_63,853_|
|---|---|---|---|---|
||136,400|1,740|**138,140**|_188,765_|
||||||
||_184,085_|_4,680_|_188,765_||



## **7. Analysis of expenditure on charitable activities** 

## **Summary by fund type** 

|Operation of Theatre<br>_Total 2022_|**Unrestricted**<br>**funds**<br>**2023**<br>**£**<br>1,608,366|**Restricted**<br>**funds**<br>**2023**<br>**£**<br>247,580|**Total**<br>**2023**<br>**£**<br>**1,855,946**|_Total_<br>_2022_<br>_£_<br>_1,591,510_|
|---|---|---|---|---|
||||||
||_1,459,590_|_131,920_|_1,591,510_||



Page | 21 



DocuSign Envelope ID: 3E99B330-7C46-4FCD-A30E-5C3C47E71A7C 

## ORANGE TREE THEATRE LIMITED (A company limited by guarantee) 

## NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2023 

**8. Analysis of expenditure by activities** 

|Operation of Theatre<br>_Total 2022_|**Activities**<br>**undertaken**<br>**directly**<br>**2023**<br>**£**<br>1,290,951|**Support**<br>**costs**<br>**2023**<br>**£**<br>564,995|**Total**<br>**funds**<br>**2023**<br>**£**<br>**1,855,946**|_Total_<br>_funds_<br>_2022_<br>_£_<br>_1,591,510_|
|---|---|---|---|---|
||||||
||_1,195,522_|_395,988_|_1,591,510_||



## **Analysis of direct costs** 

|Staff costs<br>Depreciation<br>Marketing and publicity<br>Costumes and disposable props<br>Royalties payable and commissions<br>Box office costs<br>Ancillary theatre activities<br>Access costs<br>_Total 2022_|**Operation of**<br>**Theatre**<br>**2023**<br>**£**<br>893,194<br>46,926<br>63,366<br>74,082<br>58,009<br>56,388<br>58,400<br>40,586|**Total**<br>**funds**<br>**2023**<br>**£**<br>**893,194**<br>**46,926**<br>**63,366**<br>**74,082**<br>**58,009**<br>**56,388**<br>**58,400**<br>**40,586**|_Total_<br>_funds_<br>_2022_<br>_£_<br>_859,871_<br>_49,335_<br>_53,693_<br>_108,083_<br>_26,782_<br>_20,952_<br>_31,265_<br>_45,541_|
|---|---|---|---|
||1,290,951|**1,290,951**|_1,195,522_|
|||||
||_1,195,522_|_1,195,522_||



Page | 22 



DocuSign Envelope ID: 3E99B330-7C46-4FCD-A30E-5C3C47E71A7C 

## ORANGE TREE THEATRE LIMITED (A company limited by guarantee) 

## NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2023 

## **8.     Analysis of expenditure by activities (continued)** 

## **Analysis of support costs** 

|Staff costs<br>General office costs<br>Property costs<br>Capital redevelopment costs<br>Interest paid<br>Governance costs<br>_Total 2022_|**Operation of**<br>**Theatre**<br>**2023**<br>**£**<br>169,539<br>76,959<br>143,754<br>133,325<br>8,808<br>32,610|**Total**<br>**funds**<br>**2023**<br>**£**<br>**169,539**<br>**76,959**<br>**143,754**<br>**133,325**<br>**8,808**<br>**32,610**|_Total_<br>_funds_<br>_2022_<br>_£_<br>_153,454_<br>_82,418_<br>_127,566_<br>_-_<br>_7,622_<br>_24,928_|
|---|---|---|---|
||564,995|**564,995**|_395,988_|
|||||
||_395,988_|_395,988_||



Capital Redevelopment costs relate to the transformation of the front of house spaces to make the Theatre accessible. Costs include all costs to get project to RIBA Stage 3. 

## **9. Auditors' remuneration** 

|Fees payable to the Charity's auditor for the audit of the Company's annual<br>accounts<br>Fees payable to the Charity's auditor in respect of:<br>Taxation compliance services<br>Accounts preparation|**2023**<br>**£**<br>**15,075**<br>**3,400**<br>**1,455**|_2022_<br>_£_<br>_12,575_<br>_3,100_<br>_1,325_|
|---|---|---|



Page | 23 



DocuSign Envelope ID: 3E99B330-7C46-4FCD-A30E-5C3C47E71A7C 

## ORANGE TREE THEATRE LIMITED (A company limited by guarantee) 

## NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2023 

## **10. Staff costs** 

|Wages and salaries<br>Social security costs<br>Contribution to defined contribution pension schemes|**2023**<br>**£**<br>**1,091,859** <br>**56,850** <br>**21,113**|_2022_<br>_£_<br> <br>_1,088,759_<br> <br>_53,442_<br> <br>_20,136_|
|---|---|---|
||**1,169,822**|_1,162,337_|



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

|Productions - Full time<br>Productions - Part time<br>Box Office / Front of House - Full time<br>Box Office / Front of House - Part time<br>Administration office - Full time<br>Administration office - Part time|**2023**<br>**No.**<br>**19** <br>**2** <br>**1**<br>**14**<br>**6**<br>**-**|_2022_<br>_No._<br> <br>_18_<br> <br>_5_<br>_1_<br>_14_<br>_6_<br>_2_|
|---|---|---|
||**42**|_46_|



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

The remuneration and benefits received by key management personnel totalled £102,827 during the year (2022: £115,471). 

## **11. Trustees' remuneration and expenses** 

During the year, no Trustees received any remuneration or other benefits _(2022 - £NIL)_ 

During the year ended 30 June 2023, no Trustee expenses have been incurred _(2022 - £NIL)_ . 

Page | 24 



DocuSign Envelope ID: 3E99B330-7C46-4FCD-A30E-5C3C47E71A7C 

## ORANGE TREE THEATRE LIMITED (A company limited by guarantee) 

## NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2023 

## **12. Tangible fixed assets** 

|**Freehold**<br>**property**<br>**£**<br>**Cost or valuation**<br>At 1 July 2022<br>**347,152**<br>Additions<br>**-**<br>At 30 June 2023<br>**347,152**<br>**Depreciation**<br>At 1 July 2022<br>**185,444**<br>Charge for the year<br>**6,944**<br>At 30 June 2023<br>**192,388**<br>**Net book value**<br>At 30 June 2023<br>**154,764**<br>_At 30 June 2022_<br>_161,708_<br>**13.**<br>**Stocks**<br>Finished goods and goods for resale|**Freehold**<br>**property**<br>**£**<br>**347,152**<br>**-**|**Long-term**<br>**leasehold**<br>**property**<br>**£**<br>**1,327,512**<br>**-**|**Office**<br>**equipment**<br>**£**<br>**36,515**<br>**1,886**||**Theatre**<br>**fittings and**<br>**equipment**<br>**£**<br>**107,690**<br>**4,204**|**Total**<br>**£**<br>**1,818,869**<br>**6,090**|
|---|---|---|---|---|---|---|
||**347,152**|**1,327,512**|**38,401**||**111,894**|**1,824,959**|
||**185,444**<br>**6,944**|**662,738**<br>**26,548**|**17,931**<br>**7,654**||**67,415**<br>**5,780**|**933,528**<br>**46,926**|
||**192,388**|**689,286**|**25,585**||**73,195**|**980,454**|
||**154,764**|**638,226**|**12,816**||**38,699**|**844,505**|
||_161,708_|_664,774_|_18,584_||_40,275_|_885,341_|
||||||**2023**<br>**£**<br>**3,330**|_2022_<br>_£_<br>_2,528_|



Page | 25 



DocuSign Envelope ID: 3E99B330-7C46-4FCD-A30E-5C3C47E71A7C 

## ORANGE TREE THEATRE LIMITED (A company limited by guarantee) 

## NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2023 

## **14. Debtors** 

|**Due within one year**<br>Trade debtors<br>Other debtors<br>Prepayments and accrued income|**2023**<br>**£**<br>**125,174**<br>**310,995**<br>**97,168**|_2022_<br>_£_<br>_7,927_<br>_303,331_<br>_53,949_|
|---|---|---|
||**533,337**|_365,207_|



Due to a timing issue with the Credit Card Company releasing funds for ticket sales, the figure is disproportionately high. The income was recognised in July, days after the financial year end. 

## **15. Creditors: Amounts falling due within one year** 

|Bank loans<br>Trade creditors<br>Other taxation and social security<br>Other creditors<br>Accruals and deferred income|**2023**<br>**£**<br>**30,000**<br>**53,588** <br>**32,848** <br>**10,521** <br>**222,461**|_As restated_<br>_2022_<br>_£_<br>_30,000_<br> <br>_86,257_<br> <br>_15,574_<br> <br>_23,018_<br> <br>_108,658_|
|---|---|---|
||**349,418**|_263,507_|



The loan relates to the Coronavirus Business Interruption Loan of £150k received in 2020 in response to the pandemic, which is repayable over 6 years. 

This includes £70,000 payable after more than one year (2022: £100,000) (Note 16). 

Page | 26 



DocuSign Envelope ID: 3E99B330-7C46-4FCD-A30E-5C3C47E71A7C 

## ORANGE TREE THEATRE LIMITED (A company limited by guarantee) 

## NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2023 

## **15.    Creditors: Amounts falling due within one year (continued)** 

|Deferred income at 1 July 2022<br>Grants released to income during the year<br>Ticket sales released to income during the year<br>Grants deferred until the following year<br>Ticket sales deferred until the following year|**2023**<br>**£**<br>**6,961**<br>**(4,000)** <br>**(2,961)** <br>**37,446** <br>**103,607**|_2022_<br>_£_<br>_254,448_<br> <br>_(193,396)_<br> <br>_(61,052)_<br> <br>_4,000_<br>_2,961_|
|---|---|---|
||**141,053**|_6,961_|



## **16. Creditors: Amounts falling due after more than one year** 

|Bank loans|**2023**<br>**£**<br>**70,000**|_As restated_<br>_2022_<br>_£_<br>_100,000_|
|---|---|---|



## **17. Prior year adjustments** 

Long-term bank loans of £100,000 have been recategorised as creditors due in over more than one year in the comparative figures in line with the bank loan agreement. 

Page | 27 



DocuSign Envelope ID: 3E99B330-7C46-4FCD-A30E-5C3C47E71A7C 

## ORANGE TREE THEATRE LIMITED (A company limited by guarantee) 

## NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2023 

## **18. Statement of funds** 

**Statement of funds - current year** 

|**Unrestricted funds**<br>**Designated funds**<br>47, Kew Road Fund - capitalised expenditure*<br>53, Kew Road Fund - property asset*<br>1 Clarence Street Fund - capitalised expenditure*<br>Sustainability Fund – cash<br>Designated Reserve Fund – cash<br>New Artists Fund – cash<br>**General funds**<br>General Funds<br>**Total Unrestricted funds**<br>**Restricted funds**<br>Hampton Fund<br>Noel Coward Foundation<br>LBRUT<br>Writers Collective<br>Development Fund<br>Carne Associate Director<br>Production Sponsorship<br>**Total of funds**|**Balance at 1**<br>**July 2022**<br>**£**<br>**283,998**<br>**161,706**<br>**274,383**<br>**150,000**<br>**319,281**<br>**49,859**|**Income**<br>**£**<br> <br>**-**<br> <br>**-**<br> <br>**-**<br> <br>**-**<br> <br>**-**<br>**-**|**Expenditure**<br>**£**<br>**(12,600)**<br>**(6,944)**<br>**(13,948)**<br>**-**<br>**-**<br>**(40,000)**|**Balance at 30**<br>**June 2023**<br>**£**<br> <br>**271,398**<br> <br>**154,762**<br> <br>**260,435**<br>**150,000**<br>**319,281**<br>**9,859**|
|---|---|---|---|---|
||**1,239,227**|**-**|**(73,492)**|**1,165,735**|
||**384,433**|**1,576,323**|**(1,671,274)**|**289,482**|
||**1,623,660**|**1,576,323**|<br>**(1,744,766)**|**1,455,217**|
||**-**<br>**-**<br>**-**<br>**-**<br>**-**<br>**-**<br>**-**|**11,000**<br>**3,000**<br>**105,320**<br>**15,000**<br>**125,000**<br>**12,000**<br>**20,000**|**(11,000)**<br>**(3,000)**<br>**(105,320)**<br>**-**<br>**(125,000)**<br>**-**<br>**(5,000)**|**-**<br>**-**<br>**-**<br>**15,000**<br>**-**<br>**12,000**<br>**15,000**|
||**-**|**291,320**|**(249,320)**|**42,000**|
||**1,623,660**|**1,867,643**|**(1,994,086)**|**1,497,217**|



* These assets are property assets all fundamental to fulfilling the charity’s principal objectives. 

Page | 28 



DocuSign Envelope ID: 3E99B330-7C46-4FCD-A30E-5C3C47E71A7C 

## ORANGE TREE THEATRE LIMITED (A company limited by guarantee) 

## NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2023 

|**18.**<br>**Statement of funds (continued)**<br>**Statement of funds - prior year**<br>**Unrestricted funds**<br>**Designated funds**<br>47, Kew Road Fund - capitalised expenditure*<br>53, Kew Road Fund - property asset*<br>1 Clarence Street Fund - capitalised expenditure*<br>Sustainability Fund - cash<br>Designated Reserve Fund - cash<br>New Artists Fund - cash<br>**General funds**<br>General Funds<br>**Total Unrestricted funds**<br>**Restricted funds**<br>Garrick Charitable Trust<br>Heathrow Community Fund<br>Hampton Fund<br>Noel Coward Foundation<br>Haskel Family Foundation<br>LBRUT<br>**Total of funds**|_Balance at_<br>_1 July 2021_<br>_£_<br>_296,598_<br>_168,650_<br>_288,332_<br>_150,000_<br>_319,281_<br>_49,859_|_Income_<br>_£_<br>_-_<br>_-_<br>_-_<br>_-_<br>_-_<br>_-_|_Expenditure_<br>_£_<br>_(12,600)_<br>_(6,944)_<br>_(13,949)_<br>_-_<br>_-_<br>_-_|_Balance at_<br>_30 June 2022_<br>_£_<br>_283,998_<br>_161,706_<br>_274,383_<br>_150,000_<br>_319,281_<br>_49,859_|
|---|---|---|---|---|
||_1,272,720_|_-_|_(33,493)_|_1,239,227_|
||_371,125_|_1,623,490_|_(1,610,182)_|_384,433_|
||<br>_1,643,845_|<br>_1,623,490_|<br>_(1,643,675)_|<br>_1,623,660_|
||_-_<br>_-_<br>_-_<br>_-_<br>_-_<br>_-_|_4,000_<br>_600_<br>_18,000_<br>_3,000_<br>_6,000_<br>_105,000_|_(4,000)_<br>_(600)_<br>_(18,000)_<br>_(3,000)_<br>_(6,000)_<br>_(105,000)_|_-_<br>_-_<br>_-_<br>_-_<br>_-_<br>_-_|
||_-_|_136,600_|_(136,600)_|_-_|
||_1,643,845_|_1,760,090_|_(1,780,275)_|_1,623,660_|



Page | 29 



DocuSign Envelope ID: 3E99B330-7C46-4FCD-A30E-5C3C47E71A7C 

## ORANGE TREE THEATRE LIMITED (A company limited by guarantee) 

## NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2023 

## **18. Statement of funds (continued)** 

## **47 & 53 Kew Road and 1 Clarence Street Funds - Assets** 

These funds represent monies invested in improvements and the fitting out of 47 and 53 Kew Road and 1 Clarence Street. The Directors consider that it is essential that these assets are preserved and as a consequence these funds were established representing the monies invested in the buildings. A transfer from the funds are made each year to represent the depreciation charge in that year. 

## **Sustainability Fund - cash** 

The Sustainability Fund was set up in 2018 from a small group of individual donations to support the OT’s cashflow at certain times of the year. Specifically at the end of seasons and ahead of season launches when advance ticket sales are at their lowest and we are waiting on theatre tax relief cash income for the year. 

## **Designated Reserve Fund - cash** 

The Designated Reserve Fund was established during the pandemic as a contingency throughout our challenging recovery. As we look forward to a Capital Redevelopment Project this designated reserve fund will now serve as a contingency for the Capital Project and create some strategic funds to draw on to support the core operation during this period. 

## **OT New Artists Fund - cash** 

The OT new artists fund is a fund created to use for commissioning and artist development work. Given that the 2022/23 accounting period contained two JMK award winner directed productions (Yellowman and The Solid Life of Sugar Water), it was agreed that it was appropriate to release £40k of reserves from the New Artists Fund to support these productions as this is at the heart of what the New Artists Fund was set up to achieve. 

Material Restricted Funds relate to the following: 

**LBRUT** - Income from the London Borough of Richmond applied to core costs and running the theatre, attracting local residents and visitors to Education and Participation events. 

**Education and Participation** - Income received from trusts to be applied towards education and participation activities. 

**Capital Redevelopment Project** - Income received towards the design and planning costs of the redesigned Theatre entrance to improve accessibility. 

**Production Sponsorship** - The Production Sponsorship relates to a donation towards the Uncle Vanya production costs in 23-24.  Of this £5,000 has been spent in the year leaving £15,000 carried forwards 

All of the above grants flow through Restricted Funds.  Carried forwards funds consist of £15,000 towards the Writers Collective project, £12,000 towards the Associate Director and £15,000 sponsorship of Uncle Vanya.  All other restricted funds were fully expended during the period and do not form part of the closing balance of these Funds. 

Page | 30 



DocuSign Envelope ID: 3E99B330-7C46-4FCD-A30E-5C3C47E71A7C 

## ORANGE TREE THEATRE LIMITED (A company limited by guarantee) 

## NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2023 

**19. Analysis of net assets between funds** 

## **Analysis of net assets between funds - current year** 

|Tangible fixed assets<br>Current assets<br>Creditors due within one year<br>Creditors due in more than one year<br>**Total**|**Unrestricted**<br>**funds**<br>**2023**<br>**£**<br>844,505<br>1,030,130<br>(349,418)<br>(70,000)|**Restricted**<br>**funds**<br>**2023**<br>**£**<br>-<br>42,000<br>-<br>-|**Total**<br>**funds**<br>**2023**<br>**£**<br>**844,505**<br>**1,072,130**<br>**(349,418)**<br>**(70,000)**|
|---|---|---|---|
||1,455,217|42,000|**1,497,217**|



## **Analysis of net assets between funds - prior year** 

|Tangible fixed assets<br>Current assets<br>Creditors due within one year<br>Creditors due in more than one year<br>**Total**|_Unrestricted_<br>_funds_<br>_2022_<br>_£_<br>_885,341_<br>_1,101,826_<br>_(263,507)_<br>_(100,000)_|_Total_<br>_funds_<br>_2022_<br>_£_<br>_885,341_<br>_1,101,826_<br>_(263,507)_<br>_(100,000)_|
|---|---|---|
||_1,623,660_|_1,623,660_|



Page | 31 



DocuSign Envelope ID: 3E99B330-7C46-4FCD-A30E-5C3C47E71A7C 

## ORANGE TREE THEATRE LIMITED (A company limited by guarantee) 

## NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2023 

## **20. Reconciliation of net movement in funds to net cash flow from operating activities** 

|Net expenditure for the year (as per Statement of Financial Activities)<br>**Adjustments for:**<br>Depreciation charges<br>Increase in stocks<br>Increase in debtors<br>Increase/(decrease) in creditors<br>Finance charge on loan<br>**Net cash used in operating activities**|**2023**<br>**£**<br>**(126,443)**|_2022_<br>_£_<br>(20,185)|
|---|---|---|
||**46,926** <br>**(802)** <br>**(189,421)** <br>**107,202**<br>**8,808**|<br>_45,817_<br> <br>_(2,208)_<br> <br>_(92,134)_<br>_(216,819)_<br>_2,977_<br>_(282,552)_|
||**(153,730)**||



Page | 32 



DocuSign Envelope ID: 3E99B330-7C46-4FCD-A30E-5C3C47E71A7C 

## ORANGE TREE THEATRE LIMITED (A company limited by guarantee) 

## NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2023 

## **21. Analysis of cash and cash equivalents** 

|Cash in hand<br>**Total cash and cash equivalents**|**2023**<br>**£**<br>**535,463**|_2022_<br>_£_<br> <br>_734,091_|
|---|---|---|
||**535,463**|_734,091_|



## **22. Analysis of changes in net debt** 

|Cash at bank and in hand<br>Debt due within 1 year<br>Debt due after 1 year|**At 1 July**<br>**2022**<br>**£**<br>**734,091**<br>**(30,000)**<br>**(100,000)**|**Cash flows**<br>**£**<br>**(198,628)**<br>**30,000**<br>**-**|**Other**<br>**non-cash**<br>**changes**<br>**£**<br>**-**<br>**(30,000)**<br>**30,000**|**At 30 June**<br>**2023**<br>**£**<br>**535,463**<br>**(30,000)**<br>**(70,000)**|
|---|---|---|---|---|
||**604,091**|**(168,628)**|**-**|**435,463**|



## **23. Related party transactions** 

The Company has not entered into any related party transaction during the year, nor are there any outstanding balances owing between related parties and the Company at 30 June 2023. 

Page | 33