Docusign Envelope ID: 45AD30FB-D05A-41AB-BE8F-7DCF16AC4421
Company registration number: 01113093 Charity number: 266128
TRUSTEES' REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED
30 JUNE 2024
ORANGE TREE THEATRE LIMITED (A company limited by guarantee)
Docusign Envelope ID: 45AD30FB-D05A-41AB-BE8F-7DCF16AC4421
## 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 - 9|
|**Independent auditors' report on the financial statements**|10 - 13|
|**Statement of financial activities**|14|
|**Balance sheet**|15 - 16|
|**Statement of cash flows**|17|
|**Notes to the financial statements**|18 - 34|
Docusign Envelope ID: 45AD30FB-D05A-41AB-BE8F-7DCF16AC4421
## 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 2024
|**Trustees**|Judy Gibbons, Chair of OTTL (from 6 December 2023)|
|---|---|
||Richard Humphreys, Chair of OTTL (resigned 6 December 2023)|
||Feras Al-Chalabi, Chair of Finance & Risk Committee to June 2024|
||Carolyn Backhouse|
||Harriet Varley|
||Robert Lisney|
||Victoria Kent|
||Anita Arora|
||Corinne Meredith|
||Lesley Gregory|
||India Semper-Hughes|
||Marina Jones (appointed 6 December 2023)|
||David Marks, Chair of Finance & Risk Committee from June 2024 (appointed 13 March
2024)|
||Richard Buxton, Chair of Development Board (appointed 13 June 2024)|
||Indiana Lown-Collins (appointed 3 October 2024)|
|**Company registered**
**number**
01113093
**Charity registered number**
266128
**Registered office and**
**Principal office**
1 Clarence Street
Richmond
Surrey
TW9 2SA
**Company secretary**
Hanna Streeter
**Independent auditors**
Menzies LLP
Chartered Accountants
Magna House
18-32 London Road
Staines-Upon-Thames
TW18 4BP
**Bankers**
Royal Bank of Scotland PLC
Richmond
Surrey
TW9 1DF
**Solicitors**
Harbottle & Lewis
Hanover House
14 Hanover Square
London
W1R 0BE||
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Docusign Envelope ID: 45AD30FB-D05A-41AB-BE8F-7DCF16AC4421
## ORANGE TREE THEATRE LIMITED (A company limited by guarantee)
## TRUSTEES' REPORT FOR THE YEAR ENDED 30 JUNE 2024
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 2024.
## **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 and Joint CEO, Tom Littler, and the Joint CEO, Hanna Streeter. In December 2023 Richard Humphreys resigned from the Board following a successful eight-year tenure and was made Chair Emeritus. Trustee Judy Gibbons took up the role of Chair to lead the organisation forward into the new 2023–28 business plan and capital project.
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. 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. For most of the year the Finance & Risk Committee was chaired by Feras Al-Chalabi, who steered the committee through a period of change and growth. Then in June 2024 with the arrival of new Trustees, David Marks became the new Finance & Risk Committee chair, with members Feras Al-Chalabi, Judy Gibbons, Bob Lisney and Victoria Kent, and they meet 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, meet 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 will transform the OT’s front of house spaces to make it accessible, welcoming and community facing.
The project has gained planning permission, and we are now in a period of fundraising. Meetings are scheduled at least quarterly and as often as required to move the project forward. Members include Harriet Varley (Chair), Robert Lisney, Judy Gibbons, Marina Jones, the Executive Team, Development Director, and Technical Director.
A new Development (fundraising) Board was established with new Trustee Richard Buxton as Chair and includes Trustees Judy Gibbons and Harriet Varley, as well as external members. This Board has no legal jurisdiction and exists to cultivate and generate philanthropic funds for the charity. The internal development team has evolved during the year with the arrival of our new Development Director Dominique Trotter who joined us from the Royal National Theatre. We have brought in external expertise from Achates and Compton fundraising agencies to support fundraising for the capital project. The development team keeps abreast of and complies with all current fundraising and data protection legislation and will ensure all future requirements are adopted and adhered to. No instances of non-compliance have been identified during the year.
The Orange Tree is registered with the Fundraising Regulator and adheres to its code of fundraising practice. No complaints have been received in relation to its fundraising activity this year. Should any complaints be received, we will respond individually and in a timely manner. We will use feedback and complaints to inform and influence our approach to fundraising. We aim to conduct our fundraising activities with integrity, openness and accountability.
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Docusign Envelope ID: 45AD30FB-D05A-41AB-BE8F-7DCF16AC4421
## ORANGE TREE THEATRE LIMITED (A company limited by guarantee)
## TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2024
The Orange Tree does not use professional third parties or commercial participators to fundraise on our behalf. We do not run telephone campaigns and are sensitive in our approach to legacies.
Induction papers covering the role and responsibilities of trustees are provided to new Directors and governance updates are provided as required. An annual Trustee induction session was conducted in June 2024 to give all Trustees a refresher in their legal responsibilities and detailed information on the charity.
This year we appointed a number of new Associate Artists to our group including:
Diane Page - Director Alice Hamilton - Director Max Pappenheim - Sound Designer and Composer Dorothea Myer-Bennett - Actor Miranda Foster - Actor Tam Williams - Actor Martin Crimp - Playwright Chirag Lobo - Actor Kalungi Ssebandeke - Actor, Writer, Director Indiana Lown-Collins - Director
Four Trustees of the Board are recruited from a pool of Associate Artists at any one time. This year Indiana Lown-Collins stood for election onto the Board and was appointed in October 2024 to join the three other Artistic Trustees: Carolyn Backhouse, India Semper-Hughes and Corinne Meredith.
The majority of Trustees are appointed through open recruitment processes. The exception is for the Artistic Trustees, who are nominated by the Associate Artists and their appointments agreed by the Board of the Trustees.
In July 2025, after six years at the OT, Executive Director & Joint CEO Hanna Streeter will be leaving to become Executive Director & Joint CEO of Theatre Royal Stratford East. Hanna has been a transformative force at the Orange Tree Theatre. She has demonstrated exceptional leadership, navigating challenges and opportunities with unwavering determination, strategic insight, and a deep passion for theatre. Her tenure has been marked by significant achievements, including strengthening the theatre’s financial and strategic foundations and laying the groundwork for our ambitious capital project, which will transform the Orange Tree for future generations. The Trustees extend our heartfelt gratitude to Hanna for her very significant contributions. Recruitment for her successor is underway.
## **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.
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Docusign Envelope ID: 45AD30FB-D05A-41AB-BE8F-7DCF16AC4421
## ORANGE TREE THEATRE LIMITED (A company limited by guarantee)
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2024
## **DESCRIPTION OF THE ACTIVITIES UNDERTAKEN FOR THE PUBLIC BENEFIT ACHIEVEMENTS AND PERFORMANCE**
Over summer 2023, our first Greenhouse Festival in collaboration with LAMDA featured four plays directed by graduating students from LAMDA’s directing course. The directors had mock-interviews and pitching sessions with Tom Littler and received a lot of nurturing and feedback from our core team including Natasha Rickman, Guy Jones and Stuart Burgess. We also ran workshops led by our core team for a range of interested people of all backgrounds and ages – these were on producing, writing, directing, and designing. There was overwhelmingly positive feedback from the festival generally, with solid audiences and low-ticket prices throughout.
_That Face_ by Polly Stenham opened our 23/24 season, starring Niamh Cusack, and was nominated for Off West End Awards for Best Production and Best Newcomers for Ruby Stokes and Kasper Hilton-Hille, which Kasper won for his astonishing debut as Henry. It received excellent reviews including five stars in the Guardian and played to packed and appreciative houses. A magnificent production of distilled power and great humanity from director Josh Seymour, making his OT debut.
_Meetings_ by Mustapha Matura, directed by JMK Award-winning director Kalungi Ssebandeke, offered rich and provocative entertainment. It drew a diverse audience including many of the UK’s best-known Black theatre-makers. A superb cast did Matura’s 1981 script full justice, in the first major revival of a Matura play since his death in 2019. It was positively reviewed and a further example of our dedication to new talent.
_She Stoops to Conquer_ , directed by Tom Littler, enjoyed a terrific run from December to January with a stellar cast including Freddie Fox, Tanya Reynolds and Greta Scacchi. The professional cast were joined by over 40 local people of all ages in four groups, playing the landlord and punters of the Three Pigeons pub. The play became our highest grossing production in OT history and contributed to the box office success across the year. Feedback from the 40 community participants was outstanding and often very moving:
- I am not expecting the memory of this involvement to fade for a long, long time if ever.
- Every touch point with a member of the production team and cast was warm, welcoming and open, the box office, bar...everyone was so fun and encouraging. There was a consistent, positive energy surrounding the show and the OT Theatre, which was infectious, I couldn't fail not to soak it up and enjoy!
- We had small parts, but we were helped and rehearsed as if we were the stars.
- I feel that being in the show has been life-changing for me.
- It was honestly one of the most uplifting moments I’ve ever experienced.
- I’ve learnt so much about the theatre and indeed about myself during the whole process. It has been an absolute privilege to be part of the wonderful community at The Orange Tree Theatre and I will treasure the experience forever.
- In the past year, I feel such a positive change in the atmosphere of the OT, and I think the community chorus in She Stoops really embodies that: in the Christmas show - arguably the biggest, crowd-drawing, money-making show of the season - we were given the platform to shine, even just for five minutes.
- I loved how professional it felt and how welcomed we were to what is my favourite theatre. The original email came at a time where I was pretty rock bottom in terms of coping with my daughter’s illness. How lovely to be coming out of what’s been a challenging year both so much stronger and happier. My daughter saw the performance on Sat and said she cried happy tears seeing me enjoy myself on stage so much.
Playing on top of _She Stoops To Conquer_ , Becca Chadder’s adaptation of Dickens’ novel A Christmas Carol was utterly charming and full of punch and vigour, with the cast of two giving it their all throughout the daytime performances either side of Christmas. _Tiny Tim’s Christmas Carol_ also received very warm four-star reviews in the industry press.
_The Circle_ by Somerset Maugham, Tom Littler’s first production as Artistic Director of the OT, was remounted by Theatre Royal Bath in January 2024. It toured to regional theatres including Chichester Festival Theatre, Cambridge Arts Theatre, Oxford Playhouse, Malvern Theatre and back to Richmond Theatre. It was a very happy production that entertained almost 25,000 people nationwide, and sometimes played to audiences of over 1200 in Chichester.
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Docusign Envelope ID: 45AD30FB-D05A-41AB-BE8F-7DCF16AC4421
## ORANGE TREE THEATRE LIMITED (A company limited by guarantee)
## TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2024
_Northanger Abbey_ , Zoe Cooper’s new play based on Jane Austen’s novel, also opened in January and became the highestgrossing new play in OT history. Director Tessa Walker, the creative team including designer Hannah Sibai, and the threestrong cast, worked tirelessly to hone and refine the script and production. The production received very strong four-star reviews and four Off West End Award nominations: Best Director, Best Movement, Best Set Design and Best Performance (for Rebecca Banatvala as Cath). _Northanger Abbey_ drew together a broad coalition of audiences in the best traditions of the OT, and subsequently completed runs at our co-producer venues Octagon Theatre in Bolton, Stephen Joseph Theatre in Scarborough, and Theatre by the Lake in Cumbria.
Sir Trevor Nunn made his OT debut in spring 2024, directing his own translation of Chekhov’s tragicomedy, _Uncle Vanya_ . It was an immaculate production, acted with breathtaking clarity and understated poise by a cracking cast full of new talents – Andrew Richardson, Madeleine Gray and Lily Sacovsky, all under 30 in roles traditionally cast older; an example of the cross-generational work that we are passionate about. Reviews from the press and the audience were universally admiring. It became (after _She Stoops To Conquer_ ) the second highest-grossing production in OT history.
Diane Page, who won the JMK Award with us in 2021 for _Statements After an Arrest Under the Immorality Act_ and directed _Yellowman_ in Paul Miller’s final season, returned to stage the European premiere of Kate Attwell’s play _Testmatch_ , about cricket and colonialism. This was our second six-strong all-female cast within a year. Three of the six actors were making their stage debuts, and the play drew a young and diverse audience including several women’s cricket teams and many people of South Asian heritage. Audiences consistently enjoyed the rumbustious tone of the writing and performances, and the contrast between the naturalistic first act and the more farcical, though ultimately more serious, second half. This was a co-production with English Touring Theatre and Octagon Theatre Bolton, where it then played a two-week run.
Tom Litler then directed _Suite in Three Keys_ , Noel Coward’s cycle of his final plays, consisting of a double bill of _Shadows of the Evening & Come into the Garden, Maud_ , and his last masterpiece, _Song at Twilight_ . The cast showed remarkable versatility, skill and stamina in mastering five hours of text between four people. We received some excellent notices acknowledging the quality and daring of these late Cowards, which fit well into the rediscovery strand of our work – always an essential part of the OT’s programming DNA. Sales overtook _Uncle Vanya_ to become the second best-selling show in OT history, and then transferred for a week’s run at Theatre Royal Bath.
Our final show of the season was Lucas Hnath’s _Red Speedo_ , co-produced with David Adkin, which proved a hugely exciting and popular show. A production beautifully delivered by the highly experienced Matthew Dunster, saw two actors make their stage debuts: Parker Lapaine and Finn Cole, both of whom were superb. Lively social media support from such luminaries as Florence Pugh and Lily Cole helped to draw significant new audiences to the OT: 43% were first-time bookers and 17% were under-30s (for comparison: _Meetings_ had 33% new attenders/10% under 30 bookers, _Northanger_ had 27% new attenders/11% under 30 bookers, _She Stoops_ had 33% new attenders/8% under 30 bookers). There was significant interest in a West End life for the show, which didn’t finally come to fruition, but on its own terms _Red Speedo_ was a big hit for us and we loved producing it.
## **Flute Theatre**
Flute Theatre, who perform Shakespeare plays with autistic individuals, returned to the OT for the fourth time. Six actors and a larger team of volunteers created a new production of _Twelfth Night_ , directed by Kelly Hunter MBE. Each performance was typically attended by about ten autistic individuals, usually with their parents/carers. These individuals are seamlessly woven into the fabric of the production and the story, which is told through Shakespeare’s language, movement, song and participatory games. Every performance is full of beautiful and unpredictable moments, whether it is a child speaking for the first time in public, a period of sustained eye contact, or a transformed mood on leaving the theatre. We hosted the performances every morning for two weeks, provided rehearsal space, technical support, marketing, box office and front of house, and welcomed 110 participants across the 12 performances.
## **Ukrainian Social Club**
A very popular and successful event held in February 24, drawing together a packed house of Ukrainian refugees living locally in the Richmond area. _The Night Before Christmas_ was based on a famous short story by Mykola Hohol published in 1932 and is a fairy tale set in the 18th century Ukrainian village, adapted by Oleksand Zhyla, directed by Evheniia Shymshyrian, and produced by Alina Luts. It was a colourful show representing Ukrainian folk culture and was full of traditional singing and dancing. The play was performed by Richmond Ukrainian Social Club’s teenage drama collective organised in 2022 for Ukrainian refugees who arrived in the UK.
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Docusign Envelope ID: 45AD30FB-D05A-41AB-BE8F-7DCF16AC4421
## ORANGE TREE THEATRE LIMITED (A company limited by guarantee)
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2024
## **Shakespeare Up Close**
For the first time we co-produced our annual Shakespeare for secondary schools’ project with Guildford Shakespeare Company. _Romeo and Juliet_ , directed by Natasha Rickman and _Macbeth_ , directed by Gabbie Bird, featured one company of 4 actors in rep and played to 7,000 students across an autumn schools tour.
## **Primary Shakespeare:** _**Hamlet**_
The flagship of the community department is our annual Primary Shakespeare project. Four actors perform an hour-long version of a Shakespeare play for audiences drawn from local primary schools. The cast deliver workshops in schools to prepare pupils for the play, giving them outlines of the plot and characters, and indeed a say in the writing of the story! This year our Carne Associate Director, Natasha Rickman, directed the show. This very lively production used the framing device of ghost stories to explore some of the themes of _Hamlet_ including family break-ups, mental health, and sexism – all done with panache by a superb cast.
## **Work Experience**
We facilitated a very exciting week for 20 teenagers, mostly from local state schools, who were hosted across the organisation and benefited from masterclasses across the team, including from programming, producing, marketing, development and technical. This was very well facilitated by Community Officer Madi Mahoney.
## **Community Groups**
Intergenerational work is central to our artistic and community projects. _Beyond the Fog_ brought together all 75 members of the OT community groups aged six to 90, who shared a stage in a semi-devised piece pulled together by Sharon Kanolik, a professional playwright and former member of the OT Writers’ Collective. It was directed by Community Associate Jess Haygarth and produced by Community Director Francesca Ellis.
## **Acting Lab**
We launched a new Acting Lab in response to demand for shorter-form engagement for adults; this runs once a week for a few weeks and introduces participants to a range of acting techniques.
## **Writers’ Collective**
Our Writers’ Collective our group of half a dozen mid-career playwrights (Oli Higginson, Kelly Jones, Clarisse Makundul, Lydia Sabatini, Ric Renton and Anne Odeke), came to the end of their yearlong programme at the OT, and a selection of their work developed throughout the year was showcased in the theatre. The writers’ successes this year include Anne Odeke’s Princess Essex at Shakespeare’s Globe and Kelly Jones’s My Mother’s Funeral in a national tour starting in Edinburgh.
## **FUTURE DEVELOPMENTS**
Across autumn 2024 we opened a world premiere new play _Here In America_ by David Edgar, directed by James Dacre. We then showcased this year’s JMK Award winning director Adam Karim with his production of Rajiv Joseph’s _Guards At The Taj_ . Tom Littler directed a stellar cast in our flagship Christmas production, which this year was Shakespeare’s _Twelfth Night_ , and _Treasure Island_ by Hannah Khalil played in December 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 full-time position of Associate Director has worked for 18 months across both the OT and LAMDA, to lead and develop the OT New Artists programme. The success of this position is evidenced by Natasha taking up the role of Artistic Director at the Mercury Theatre in Colchester in January 2025.
We have announced another yearlong season for 2025 of eight full scale plays, three Shakespeare plays for primary and secondary schools, a Christmas show for families starring the Young Company, and a commitment to lunchtime plays as artist development opportunities. This season will take us through to January 2026.
At the start of 2026 we hope to begin our capital development project OT: Open To Everyone. The works will transform the OT’s front and back of house spaces and create a theatre for everyone. The project will make the theatre more accessible, welcoming and sustainable. Planning permission was granted in March 2023, and we are currently fundraising towards the project’s £4m target. Sincere thanks to all the Founders Circle members who have made early donation pledges towards the project. Our plan is to keep the theatre open throughout the 9-month construction period with temporary facilities while the bar, toilets and dressing rooms are out of use.
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Docusign Envelope ID: 45AD30FB-D05A-41AB-BE8F-7DCF16AC4421
## ORANGE TREE THEATRE LIMITED (A company limited by guarantee)
## TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2024
We will continue to grow our work within the community, offering something for all ages from 0 to 100, building skills, confidence and joy in performance. The capital project shall create an opportunity for us to reach further into the community during the construction period, and create space for more people to engage with our building post completion.
## **FINANCIAL REVIEW**
The financial result for the period is set out on page 13. There was net income of £920,523 for the year (2023: net expenditure of £126,443). Total Funds at 30 June 2024 were £2,417,740 (2023: £1,497,217). The year was the first of a 5- year growth-oriented business plan, in which we increased some of our cost-base, i.e. staffing, marketing and production costs, to leverage greater income. Ticket sales were extremely strong owing to a strong artistic output with ambitious programming and casting. There was an increase in our average ticket yield across the year, while retaining £15 tickets for all and a £1 ticket scheme for people in receipt of benefits. Throughout the year we produced our three highest grossing plays in OT history. With footfall increased we saw a rise in point-of-sale donations and increased members and patrons sign-ups. We also received several new Trusts & Foundations grants including £125k from the Backstage Trust and £60k from the April Trust. With increased spending on the productions and more work touring out of the building we were able to claim a higher amount of Theatre Tax Relief (TTR). With the unprecedented surplus the Board have agreed to designate £500k towards the Capital Redevelopment Project.
## **GOING CONCERN**
With the launch of our new growth-oriented business plan following a change in Artistic Leadership in 2022, the theatre has demonstrated significant growth in the past year. As we move forward with years 2-5 of the plan, some of the costs will rise to meet the increased output resulting in projected lower surpluses in future years. Cautious projections have been drafted and contingencies are factored in. The Charity had a cumulative surplus of Unrestricted General Reserves of £594,356 at 30 June 2024 (2023: £289,482). This is above the target of at least 3 months’ operating costs at £300,000. Given the total of the Unrestricted General Reserves and following a review of a budget and cashflow forecast to 30 June 2025, the Directors consider the Charity to be a going concern for at least 12 months following approval of these accounts.
## **DIRECTORS**
The Directors who held office during the year were as follows: Richard Humphreys (Chair of OTTL) (resigned 6 December 2023), Judy Gibbons (Appointed as Chair of OTTL on 6 December 2023) Carolyn Backhouse, India Semper-Hughes (Chair of Diversity and Inclusion Committee), Harriet Varley (Chair of Capital Redevelopment Committee), Robert Lisney, Victoria Kent, Anita Arora, Corinne Meredith, Lesley Gregory, Feras Al-Chalabi (Chair of Finance & Risk Committee), David Marks (appointed 13 March 2024) and Richard Buxton (Chair of Development Board) (appointed 13 June 2024). The Directors also perform the duties of charity trustees and all appointments require the approval of the Board of Directors. The current number of Directors is 14. In March 2024 the Board passed a resolution to add two more Trustees to the Board, with specific skills which would be important for the duration of the Capital Redevelopment Project.
## **SALARIES**
Staff salaries are considered annually as part of the budgeting process. Consideration is given to the rate of inflation, benchmarking within the sector, and the overall financial position of the Orange Tree theatre. The salaries of the Artistic Director and the Executive Director are reviewed by the Board annually.
## **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 operational 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. The current Reserves Policy requires a level equivalent to three to six months’ operating costs, which is included within the designated reserve fun, which includes a further £130,719 designated in the following financial period.
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Docusign Envelope ID: 45AD30FB-D05A-41AB-BE8F-7DCF16AC4421
## ORANGE TREE THEATRE LIMITED (A company limited by guarantee)
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2024
## **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.
## **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.
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Docusign Envelope ID: 45AD30FB-D05A-41AB-BE8F-7DCF16AC4421
## ORANGE TREE THEATRE LIMITED (A company limited by guarantee)
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2024
## **AUDITOR**
Under section 487(2) of the Companies Act 2006, Menzies LLP will be deemed to have been reappointed as auditors 28 days after these financial statements were sent to members or 28 days after the latest date prescribed for filing the accounts with the registrar, whichever is earlier.
Approved by order of the members of the board of Trustees and signed on their behalf by:
................................................ **Judy Gibbons** Director Date: 14-Mar-2025
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Docusign Envelope ID: 45AD30FB-D05A-41AB-BE8F-7DCF16AC4421
## ORANGE TREE THEATRE LIMITED (A company limited by guarantee)
## INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ORANGE TREE THEATRE LIMITED
## **Opinion**
We have audited the financial statements of Orange Tree Theatre Limited (the 'charitable company') for the year ended 30 June 2024 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 2024 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 10
Docusign Envelope ID: 45AD30FB-D05A-41AB-BE8F-7DCF16AC4421
## 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 11
Docusign Envelope ID: 45AD30FB-D05A-41AB-BE8F-7DCF16AC4421
## 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 12
Docusign Envelope ID: 45AD30FB-D05A-41AB-BE8F-7DCF16AC4421
## 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 FCA (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: 14-Mar-2025
Page 13
Docusign Envelope ID: 45AD30FB-D05A-41AB-BE8F-7DCF16AC4421
## ORANGE TREE THEATRE LIMITED (A company limited by guarantee)
## STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 30 JUNE 2024
|**Note**
**Income and**
**endowments from:**
Donations and legacies:
3
Capital project OT:
Open To Everyone
_._ Other donations and
legacies
Charitable activities
Other trading activities
4
Investments
Other income
5
**Total income and**
**endowments**
**Expenditure on:**
Raising funds
6
Charitable activities
7
**Total expenditure**
**Net**
**income/(expenditure)**
Transfers between funds
17
**Net movement in funds**
**Reconciliation of funds:**
Total funds brought
forward
Net movement in funds
**Total funds carried**
**forward**|**Unrestricted**
**general funds**
**2024**
**£**
**-**
**551,186**
**1,772,980**
**43,859**
**11,110**
**434,638**
**2,813,773**
**132,177**
**1,876,722**
**2,008,899**
**804,874**
**(500,000)**
**304,874**
**289,482**
**304,874**
**594,356**|**Unrestricted**
**designated**
**funds**
**2024**
**£**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**43,351**
**43,351**
**(43,351)**
**500,000**
**456,649**
**1,165,735**
**456,649**
**1,622,384**|**Restricted**
**funds**
**2024**
**£**
**201,000**
**314,922**
**-**
**-**
**-**
**-**
**515,922**
**-**
**356,922**
**356,922**
**159,000**
**-**
**159,000**
**42,000**
**159,000**
**201,000**|**Total**
**funds**
**2024**
**£**
**201,000**
**866,108**
**1,772,980**
**43,859**
**11,110**
**434,638**
**3,329,695**
**132,177**
**2,276,995**
**2,409,172**
**920,523**
**-**
**920,523**
**1,497,217**
**920,523**
**2,417,740**|_Total_
_funds_
_2023_
_£_
_125,000_
_398,776_
_1,012,175_
_8,981_
_2,660_
_320,051_|
|---|---|---|---|---|---|
||||||_1,867,643_|
||||||_138,140_
_1,855,946_|
||||||_1,994,086_|
||||||_(126,443)_
_-_|
||||||_(126,443)_|
||||||_1,623,660_
_(126,443)_|
||||||_1,497,217_|
The Statement of financial activities includes all gains and losses recognised in the year.
The notes on pages 18 to 34 form part of these financial statements.
Page 14
Docusign Envelope ID: 45AD30FB-D05A-41AB-BE8F-7DCF16AC4421
## ORANGE TREE THEATRE LIMITED (A company limited by guarantee) REGISTERED NUMBER: 01113093
## BALANCE SHEET AS AT 30 JUNE 2024
|**Note**
**Fixed assets**
Tangible assets
12
**Current assets**
Stocks
13
Debtors
14
Cash at bank and in hand
Creditors: amounts falling due within one year
15
**Net current assets**
**Total assets less current liabilities**
Creditors: amounts falling due after more than
one year
16
**Net assets**
**Total net assets**
**Charity funds**
Restricted funds
17
Designated funds:
Designated funds cash
17
Designated funds assets
17
Designated funds
17
Unrestricted general funds
17
**Total funds**|**3,935**
**981,111**
**1,066,866**
**2,051,912**
**(443,577)**
**969,281**
**653,103**|**2024**
**£**
**809,405**
**809,405**
**1,608,335**
**2,417,740**
**-**
**2,417,740**
**2,417,740**
**201,000**
**1,622,384**
**594,356**
**2,417,740**|_3,330_
_533,337_
_535,463_
_1,072,130_
_(349,418)_
_479,140_
_686,595_|_2023_
_£_
_844,505_|
|---|---|---|---|---|
|||||_844,505_
_722,712_|
|||||_1,567,217_
_(70,000)_|
|||||_1,497,217_|
||||||
|||||_1,497,217_|
|||||_42,000_
_1,165,735_
_289,482_|
||||||
|||||_1,497,217_|
Page 15
Docusign Envelope ID: 45AD30FB-D05A-41AB-BE8F-7DCF16AC4421
## ORANGE TREE THEATRE LIMITED (A company limited by guarantee)
## BALANCE SHEET (CONTINUED) AS AT 30 JUNE 2024
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:
................................................ **Judy Gibbons**
## Date: 14-Mar-2025
The notes on pages 18 to 34 form part of these financial statements.
Page 16
Docusign Envelope ID: 45AD30FB-D05A-41AB-BE8F-7DCF16AC4421
## ORANGE TREE THEATRE LIMITED (A company limited by guarantee)
## STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 30 JUNE 2024
|**Note**
**Cash flows from operating activities**
Net cash generated/(used) in operating activities
19
**Cash flows from investing activities**
Dividends, interest and rents from investments
Purchase of tangible fixed assets
12
**Net cash used in investing activities**
**Cash flows from financing activities**
Repayments of borrowing
Payment of interest
**Net cash used in financing activities**
**Change in cash and cash equivalents in the year**
Cash and cash equivalents at the beginning of the year
**Cash and cash equivalents at the end of the year**
20|**2024**
**£**
**637,561**
**11,110**
**(11,867)**
**(757)**
**(100,000)**
**(5,401)**
**(105,401)**
**531,403**
**535,463**
**1,066,866**|_2023_
_£_
_(156,390)_|
|---|---|---|
|||_2,660_
_(6,090)_|
|||**(3,430)**|
|||_(30,000)_
_(8,808)_|
|||**(38,808)**|
|||**(198,628)**
_734,091_|
||||
|||_535,463_|
The notes on pages 18 to 34 form part of these financial statements
Page 17
Docusign Envelope ID: 45AD30FB-D05A-41AB-BE8F-7DCF16AC4421
## ORANGE TREE THEATRE LIMITED (A company limited by guarantee)
## NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024
## **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 01113093, 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.
## 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.
Page 18
Docusign Envelope ID: 45AD30FB-D05A-41AB-BE8F-7DCF16AC4421
## ORANGE TREE THEATRE LIMITED (A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024
## **2. Accounting policies (continued)**
## 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.
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|
|---|---|---|
|Long-term leasehold property|-|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.
Page 19
Docusign Envelope ID: 45AD30FB-D05A-41AB-BE8F-7DCF16AC4421
## ORANGE TREE THEATRE LIMITED (A company limited by guarantee)
## NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024
## **2. Accounting policies (continued)**
## 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 20
Docusign Envelope ID: 45AD30FB-D05A-41AB-BE8F-7DCF16AC4421
## ORANGE TREE THEATRE LIMITED (A company limited by guarantee)
## NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024
## **3. Income from donations and legacies**
|Grants
Capital project OT: Open To Everyone
Donations and other grants
Grants receivable - public funds
Fundraising income
Subtotal
Total 2024
_Total 2023_|**Unrestricted**
**funds**
**2024**
**£**
-
346,450
1,259
203,477
551,186
551,186
_232,456_|**Restricted**
**funds**
**2024**
**£**
201,000
205,028
109,894
-
314,922
515,922
_291,320_|**Total**
**funds**
**2024**
**£**
**201,000**
**551,478**
**111,153**
**203,477**
**866,108**
**1,067,108**
_523,776_|_Total_
_funds_
_2023_
_£_
_125,000_
_140,677_
_115,203_
_142,896_|
|---|---|---|---|---|
|||||_398,776_|
||||||
|||||_523,776_|
||||||
Grants receivable from Public Funds includes grants providing core funds. During the period Orange Tree Theatre Limited received a grant of £105,000 (2023: £105,320) from London Borough of Richmond upon Thames. 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.
Of the total amounts received during the period £nil (2023: £37,446) has been carried forward to the 2024/2025 financial year to be matched with expenditure during that period as specified by the grant providers.
## **4. Income from other trading activities**
## **Income from fundraising events**
|Fundraising
_Total 2023_|**Unrestricted**
**funds**
**2024**
**£**
43,859
_8,981_|**Total**
**funds**
**2024**
**£**
**43,859**
_8,981_|_Total_
_funds_
_2023_
_£_
_8,981_|
|---|---|---|---|
|||||
Page 21
Docusign Envelope ID: 45AD30FB-D05A-41AB-BE8F-7DCF16AC4421
## ORANGE TREE THEATRE LIMITED (A company limited by guarantee)
## NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024
## **5. Other incoming resources**
|Other income
Theatre tax relief
_Total 2023_|**Unrestricted**
**funds**
**2024**
**£**
1,300
433,338
434,638
_320,051_|**Total**
**funds**
**2024**
**£**
**1,300**
**433,338**
**434,638**
_320,051_|_Total_
_funds_
_2023_
_£_
_882_
_319,169_|
|---|---|---|---|
||||_320,051_|
|||||
## **6. Expenditure on raising funds**
Costs of raising voluntary income
|Costs of raising voluntary income
Wages and salaries
Support costs
_Total 2023_|**Unrestricted**
**funds**
**2024**
**£**
4,791
85,812
41,574
132,177
_136,400_|**Restricted**
**funds**
**2024**
**£**
-
-
-
-
_1,740_|**Total**
**funds**
**2024**
**£**
**4,791**
**85,812**
**41,574**
**132,177**
_138,140_|_Total_
_funds_
_2023_
_£_
_4,473_
_89,556_
_44,111_|
|---|---|---|---|---|
|||||_138,140_|
||||||
Page 22
Docusign Envelope ID: 45AD30FB-D05A-41AB-BE8F-7DCF16AC4421
## ORANGE TREE THEATRE LIMITED (A company limited by guarantee)
## NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024
## **7. Analysis of expenditure on charitable activities**
Summary by fund type
|Operation of Theatre
_Total 2023_|**Unrestricted**
**funds**
**2024**
**£**
1,876,722
_1,534,874_|**Designated**
**funds**
**2024**
**£**
43,351
_198,492_|**Restricted**
**funds**
**2024**
**£**
356,922
_122,580_|**Total**
**2024**
**£**
**2,276,995**
_1,855,946_|_Total_
_2023_
_£_
_1,855,946_|
|---|---|---|---|---|---|
|||||||
## **8. Analysis of expenditure by activities**
|Operation of Theatre
_Total 2023_|**Activities**
**undertaken**
**directly**
**2024**
**£**
1,782,241
_1,290,951_|**Support**
**costs**
**2024**
**£**
494,754
_564,995_|**Total**
**funds**
**2024**
**£**
**2,276,995**
_1,855,946_|_Total_
_funds_
_2023_
_£_
_1,855,946_|
|---|---|---|---|---|
||||||
Page 23
Docusign Envelope ID: 45AD30FB-D05A-41AB-BE8F-7DCF16AC4421
## ORANGE TREE THEATRE LIMITED (A company limited by guarantee)
## NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024
## **8. Analysis of expenditure by activities (continued)**
## **Analysis of direct costs**
|Staff costs
Depreciation
Marketing and publicity
Costumes and disposable props
Royalties payable and commissions
Box office costs
Ancillary theatre activities
Access costs
_Total 2023_|**Operation of**
**Theatre**
**2024**
**£**
1,175,827
46,968
164,129
102,588
93,358
93,416
75,091
30,864
1,782,241
_1,290,951_|**Total**
**funds**
**2024**
**£**
**1,175,827**
**46,968**
**164,129**
**102,588**
**93,358**
**93,416**
**75,091**
**30,864**
**1,782,241**
_1,290,951_|_Total_
_funds_
_2023_
_£_
_893,194_
_46,923_
_63,369_
_74,082_
_58,009_
_56,388_
_58,400_
_40,586_|
|---|---|---|---|
||||_1,290,951_|
|||||
## **Analysis of support costs**
|Staff costs
General office costs
Property costs
OT: Open To Everyone (capital project) costs
Interest paid
Governance costs
_Total 2023_|**Operation of**
**Theatre**
**2024**
**£**
203,582
100,054
153,194
4,023
5,401
28,500
494,754
_564,995_|**Total**
**funds**
**2024**
**£**
**203,582**
**100,054**
**153,194**
**4,023**
**5,401**
**28,500**
**494,754**
_564,995_|_Total_
_funds_
_2023_
_£_
_169,539_
_76,959_
_143,754_
_133,325_
_8,808_
_32,610_|
|---|---|---|---|
||||_564,995_|
|||||
OT: Open To Everyone (capital project) costs relate to transformation of the front and back of house spaces to make the building accessible and more environmentally sustainable. The project is planned for 2026, and these upfront costs relate to some consultancy fees.
Page 24
Docusign Envelope ID: 45AD30FB-D05A-41AB-BE8F-7DCF16AC4421
## ORANGE TREE THEATRE LIMITED (A company limited by guarantee)
## NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024
## **9. Auditors' remuneration**
||**2024**|_2023_|
|---|---|---|
||**£**|_£_|
|Fees payable to the Company's auditor for the audit of the Company's annual|||
|accounts|**17,200**|_15,075_|
|Fees payable to the Company's auditor in respect of:|||
|Taxation compliance services|**3,750**|_3,400_|
|Accounts preparation|**3,150**|_1,455_|
## **10. Staff costs**
|Wages and salaries
Social security costs
Contribution to defined contribution pension schemes|**2024**
**£**
**1,395,354**
**59,820**
**28,333**
**1,483,507**|_2023_
_£_
_1,091,859_
_56,850_
_21,113_|
|---|---|---|
||||
|||_1,169,822_|
The average number of persons employed by the Company during the year was as follows:
|Productions - Full time
Productions - Part time
Box Office / Front of House - Full time
Box Office / Front of House - Part time
Administration office - Full time|**2024**
**No.**
**28**
**2**
**2**
**28**
**6**
**66**|_2023_
_No._
_19_
_2_
_1_
_14_
_6_|
|---|---|---|
||||
|||_42_|
No employee received remuneration amounting to more than £60,000 in either year.
The remuneration and benefits received by key management personnel totaled £127,587 during the year (2023: £102,827).
## **11. Trustees' remuneration and expenses**
During the year, no Trustees received any remuneration or other benefits or had any expenses reimbursed _(2023 - £NIL)_ .
Page 25
Docusign Envelope ID: 45AD30FB-D05A-41AB-BE8F-7DCF16AC4421
## ORANGE TREE THEATRE LIMITED (A company limited by guarantee)
## NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024
## **12. Tangible fixed assets**
|Cost or valuation
At 1 July 2023
Additions
At 30 June 2024
Depreciation
At 1 July 2023
Charge for the year
At 30 June 2024
Net book value
At 30 June 2024
_At 30 June 2023_|**Freehold**
**property**
**£**
**347,152**
**-**
**347,152**
**192,388**
**6,946**
**199,334**
**147,818**
_154,764_|**Long-term**
**leasehold**
**property**
**£**
**1,327,512**
**-**
**1,327,512**
**689,286**
**26,545**
**715,831**
**611,681**
_638,226_|**Office**
**equipment**
**£**
**38,401**
**3,952**
**42,353**
**25,585**
**8,232**
**33,817**
**8,536**
_12,816_|**Theatre**
**fittings and**
**equipment**
**£**
**111,894**
**7,915**
**119,809**
**73,195**
**5,244**
**78,439**
**41,370**
_38,699_|**Total**
**£**
**1,824,959**
**11,867**|
|---|---|---|---|---|---|
||||||**1,836,826**|
||||||**980,454**
**46,967**|
||||||**1,027,421**|
||||||**809,405**|
||||||_844,505_|
**13. Stocks**
||**2024**|_2023_|
|---|---|---|
||**£**|_£_|
|Finished goods and goods for resale|**3,935**|_3,330_|
Page 26
Docusign Envelope ID: 45AD30FB-D05A-41AB-BE8F-7DCF16AC4421
## ORANGE TREE THEATRE LIMITED (A company limited by guarantee)
## NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024
## **14. Debtors**
|Due within one year
Trade debtors
Other debtors
Prepayments and accrued income|**2024**
**£**
**124,483**
**779,818**
**76,810**
**981,111**|_As restated_
_2023_
_£_
_125,174_
_310,995_
_97,168_|
|---|---|---|
||||
|||_533,337_|
## **15. Creditors: Amounts falling due within one year**
|Bank loans
Trade creditors
Other taxation and social security
Other creditors
Accruals and deferred income|**2024**
**£**
**-**
**37,501**
**28,973**
**38,715**
**338,388**
**443,577**|_2023_
_£_
_30,000_
_53,588_
_32,848_
_10,521_
_222,461_|
|---|---|---|
||||
|||_349,418_|
The bank loan relates to the Coronavirus Business Interruption Loan of £150k received in 2020 in response to the pandemic, which was repayable over 6 years.
This includes £nil payable after more than one year (2023: £70,000) (Note 16).
The Trustees opted to repay this loan early.
Page 27
Docusign Envelope ID: 45AD30FB-D05A-41AB-BE8F-7DCF16AC4421
## ORANGE TREE THEATRE LIMITED (A company limited by guarantee)
## NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024
|Movement in deferred income is as follows:-
Deferred income at 1 July 2023
Grants released to income during the year
Ticket sales released to income during the year
Grants deferred until the following year
Ticket sales deferred until the following year
**16.**
**Creditors: Amounts falling due after more than one year**
Bank loans|**2024**
**£**
**141,053**
**(37,446)**
**(103,607)**
**-**
**177,544**
**177,544**
**2024**
**£**
**-**|_2023_
_£_
_6,961_
_(4,000)_
_(2,961)_
_37,446_
_103,607_|
|---|---|---|
||||
|||_141,053_|
|||_2023_
_£_
_70,000_|
Page 28
Docusign Envelope ID: 45AD30FB-D05A-41AB-BE8F-7DCF16AC4421
## ORANGE TREE THEATRE LIMITED (A company limited by guarantee)
## NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024
## **17. Statement of funds**
## **Statement of funds - current year**
|Unrestricted funds
General Funds
Restricted funds
LBRUT
Writers Collective
Carne Associate Director
Production Sponsorship
Backstage Trust
OT Community
OT: Open To Everyone (capital
project)
Miscellaneous
Designated funds cash
Sustainability Fund - cash
Designated Reserve Fund - cash
New Artists Fund - cash
OT: Open To Everyone (capital
project)|**Balance at 1**
**July 2023**
**£**
**289,482**
**-**
**15,000**
**12,000**
**15,000**
**-**
**-**
**-**
**-**
**42,000**
**150,000**
**319,281**
**9,859**
**-**
**479,140**|**Income**
**£**
**2,813,773**
**109,894**
**-**
**-**
**60,000**
**125,000**
**16,351**
**201,000**
**3,677**
**515,922**
**-**
**-**
**-**
**-**
**-**|**Expenditure**
**£**
**(2,008,899)**
**(109,894)**
**(15,000)**
**(12,000)**
**(75,000)**
**(125,000)**
**(16,351)**
**-**
**(3,677)**
**(356,922)**
**-**
**-**
**(9,859)**
**-**
**(9,859)**|**Transfers**
**in/out**
**£**
**(500,000)**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**500,000**
**500,000**|**Balance at 30**
**June 2024**
**£**
**594,356**|
|---|---|---|---|---|---|
||||||**-**
**-**
**-**
**-**
**-**
**-**
**201,000**
**-**|
||||||**201,000**|
||||||**150,000**
**319,281**
**-**
**500,000**|
||||||**969,281**|
Since the year end the Trustees have transferred a further £130,719 to the Designated Reserve Fund from General Funds to bring this to a total of £450,000.
Page 29
Docusign Envelope ID: 45AD30FB-D05A-41AB-BE8F-7DCF16AC4421
## ORANGE TREE THEATRE LIMITED (A company limited by guarantee)
## NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024
## **17. Statement of funds (continued)**
|Designated funds assets
47, Kew Road Fund - capitalised
expenditure*
53, Kew Road Fund - property
asset*
1 Clarence Street Fund -
capitalised expenditure*
Total Designated funds
Total of funds|**271,398**
**154,762**
**260,435**
**686,595**
**1,165,735**
**1,497,217**|**-**
**-**
**-**
**-**
**-**
**3,329,695**|**(12,600)**
**(6,944)**
**(13,948)**
**(33,492)**
**(43,351)**
**(2,409,172)**|**-**
**-**
**-**
**-**
**500,000**
**-**|**258,798**
**147,818**
**246,487**|
|---|---|---|---|---|---|
||||||**653,103**|
||||||**1,622,384**|
||||||**2,417,740**|
* These assets are property assets all fundamental to fulfilling the charity’s principal objectives.
Page 30
Docusign Envelope ID: 45AD30FB-D05A-41AB-BE8F-7DCF16AC4421
## ORANGE TREE THEATRE LIMITED (A company limited by guarantee)
## NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024
## **17. Statement of funds (continued)**
## **Statement of funds - prior year**
|Unrestricted funds
General Funds
Restricted Funds
Hampton Fund
Noel Coward Foundation
LBRUT
Writers Collective
Development Fund
Carne Associate Director
Production Sponsorship
Designated funds cash
Sustainability Fund - cash
Designated Reserve Fund - cash
New Artists Fund - cash
Designated funds assets
47, Kew Road Fund - capitalised expenditure*
53, Kew Road Fund - property asset*
1 Clarence Street Fund - capitalised expenditure*
Total Designated funds
Total of funds|_Balance at_
_1 July 2022_
_£_
_384,433_
_-_
_-_
_-_
_-_
_-_
_-_
_-_
_-_
_150,000_
_319,281_
_49,859_
_519,140_
_283,998_
_161,706_
_274,383_
_720,087_
_1,239,227_
_1,623,660_|_Income_
_£_
_1,576,323_
_11,000_
_3,000_
_105,320_
_15,000_
_125,000_
_12,000_
_20,000_
_291,320_
_-_
_-_
_-_
_-_
_-_
_-_
_-_
_-_
_-_
_1,867,643_|_Expenditure_
_£_
_(1,671,274)_
_(11,000)_
_(3,000)_
_(105,320)_
_-_
_(125,000)_
_-_
_(5,000)_
_(249,320)_
_-_
_-_
_(40,000)_
_(40,000)_
_(12,600)_
_(6,944)_
_(13,948)_
_(33,492)_
_(73,492)_
_(1,994,086)_|_Balance at_
_30 June 2023_
_£_
_289,482_|
|---|---|---|---|---|
|||||_-_
_-_
_-_
_15,000_
_-_
_12,000_
_15,000_|
|||||_42,000_|
|||||_150,000_
_319,281_
_9,859_|
|||||_479,140_|
|||||_271,398_
_154,762_
_260,435_|
|||||_686,595_|
|||||_1,165,735_|
|||||_1,497,217_|
Page 31
Docusign Envelope ID: 45AD30FB-D05A-41AB-BE8F-7DCF16AC4421
## ORANGE TREE THEATRE LIMITED (A company limited by guarantee)
## NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024
## **17. 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 is 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. It was agreed that it was appropriate to release £9,859 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.
**Designated Fund OT: Open To Everyone (capital project)** - £500k has been set aside from general funds for the anticipated costs of the capital development project.
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.
**Fund OT: Open To Everyone (capital project)** - Income received towards the costs of the capital development project to improve accessibility.
**Production Sponsorship** - The Production Sponsorship relates to a donation towards the Uncle Vanya production costs in 23-24.
All of the above grants flow through Restricted Funds. Carried forward funds consist of £200,000 towards the capital redevelopment project.
Page 32
Docusign Envelope ID: 45AD30FB-D05A-41AB-BE8F-7DCF16AC4421
## ORANGE TREE THEATRE LIMITED (A company limited by guarantee)
## NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024
## **18. Analysis of net assets between funds**
## **Analysis of net assets between funds - current period**
||**Unrestricted**|**Designated**|**Designated**|**Restricted**|**Total**|
|---|---|---|---|---|---|
||**funds**|**funds cash**|**funds assets**|**funds**|**funds**|
||**2024**|**2024**|**2024**|**2024**|**2024**|
||**£**|**£**|**£**|**£**|**£**|
|Tangible fixed assets|156,302|-|653,103|-|**809,405**|
|Current assets|881,631|969,281|-|201,000|**2,051,912**|
|Creditors due within one year|(443,577)|-|-|-|**(443,577)**|
|Total|594,356|969,281|653,103|201,000|**2,417,740**|
|**Analysis of net assets between**|**funds - prior period**|||||
||_Unrestricted_|_Designated_|_Designated_|_Restricted_|_Total_|
||_funds_|_funds cash_|_funds assets_|_funds_|_funds_|
||_2023_|_2023_|_2023_|_2023_|_2023_|
||_£_|_£_|_£_|_£_|_£_|
|Tangible fixed assets|_157,910_|_-_|_686,595_|_-_|_844,505_|
|Current assets|_550,990_|_479,140_|_-_|_42,000_|_1,072,130_|
|Creditors due within one year|_(349,418)_|_-_|_-_|_-_|_(349,418)_|
|Creditors due in more than one||||||
|year|_(70,000)_|_-_|_-_|_-_|_(70,000)_|
|Total|_289,482_|_479,140_|_686,595_|_42,000_|_1,497,217_|
|||||||
**19. Reconciliation of net movement in funds to net cash flow from operating activities**
|Net income/expenditure for the period (as per Statement of Financial Activities)
Adjustments for:
Depreciation charges
Dividends, interests and rents from investments
Increase in stocks
Increase in debtors
Increase in creditors
Finance charge on loan
Net cash provided by/(used in) operating activities|**2024**
**£**
**920,523**
**46,967**
**(11,110)**
**(605)**
**(447,774)**
**124,159**
**5,401**
**637,561**|_2023_
_£_
_(126,443)_|
|---|---|---|
|||_46,926_
_(2,660)_
_(802)_
_(189,421)_
_107,202_
_8,808_|
||||
|||_(156,390)_|
Page 33
Docusign Envelope ID: 45AD30FB-D05A-41AB-BE8F-7DCF16AC4421
## ORANGE TREE THEATRE LIMITED (A company limited by guarantee)
## NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024
## **20. Analysis of cash and cash equivalents**
|Cash in hand
Total cash and cash equivalents|**2024**
**£**
**1,066,866**
**1,066,866**|_2023_
_£_
_535,463_|
|---|---|---|
||||
|||_535,463_|
## **21. Analysis of changes in net debt**
|Cash at bank and in hand
Debt due within 1 year
Debt due after 1 year|**At 1 July**
**2023**
**£**
**535,463**
**(30,000)**
**(70,000)**
**435,463**|**Cash flows**
**£**
**531,403**
**30,000**
**70,000**
**631,403**|**At 30 June**
**2024**
**£**
**1,066,866**
**-**
**-**|
|---|---|---|---|
||||**1,066,866**|
## **22. Related party transactions**
Aggregate donations from related parties amounted to £118,397 (2023: £109,035).
The Company has not entered into any other related party transaction during the year, nor are there any outstanding balances owing between related parties and the Company at 30 June 2024.
Page 34