**Charity number: 276271** ## **RICHMOND SHAKESPEARE SOCIETY** ## **UNAUDITED** **TRUSTEES' REPORT AND FINANCIAL STATEMENTS** **FOR THE YEAR ENDED 30 JUNE 2024** ## **RICHMOND SHAKESPEARE SOCIETY** ## **CONTENTS** ||Page| |---|---| |**Reference and administrative details of the Charity, its Trustees and advisers**|1| |**Trustees' report**|2 - 7| |**Independent examiner's report**|8 - 9| |**Statement of financial activities**|10| |**Balance sheet**|11| |**Notes to the financial statements**|12 - 27| ## **RICHMOND SHAKESPEARE SOCIETY** ## **REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 30 JUNE 2024** |**Trustees**|F Abbott, Custodian Trustee| |---|---| ||S Bartlett, Chairman and Custodian Trustee| ||M King, Hon. Secretary| ||J Parkinson, Trustee and Assistant Secretary until 9 October 2023| ||D Campbell, Trustee and Assistant Secretary from 9 October 2023| ||E Hertzman, Hon. Treasurer| ||G Warren (resigned 9 October 2023)| ||M Pearce| ||V Pierce (resigned 9 October 2023)| ||M Graham| ||L Daxon (resigned 9 October 2023)| ||R Figaro| ||A Medawar (resigned 2 August 2023)| ||L Stenson| ||S Gascoine (appointed 9 October 2023)| ||E Moles (appointed 9 October 2023)| ||T Byrne (appointed 9 October 2023)| ||C Phillips (appointed 9 October 2023)| ||T Bedell (appointed 9 October 2023)| ||J Gilbert (appointed 9 October 2023)| ||F Poole (appointed 9 October 2023, resigned 1 February 2024)| |**Charity registered**
**number**
276271
**Principal office**
Mary Wallace Theatre
The Embankment
Twickenham
TW1 3DU
**Accountants**
Feltons Chartered Accountants
1 The Green
London
TW9 1PL
**Bankers**
National Westminster Bank plc
22 George Street
Richmond
TW9 1JW
CCLA Investment Management Limited
One Angel Lane
London,
EC4R 3AB
CAF Bank Ltd
25 King's Avenue
West Mailing
ME19 4TA|| Page 1 ## **RICHMOND SHAKESPEARE SOCIETY** ## **TRUSTEES' REPORT FOR THE YEAR ENDED 30 JUNE 2024** The Trustees present their report with the financial statements of Richmond Shakespeare Society for the year ended 30 June 2024. ## **Objectives and activities** ## **a. Main activities undertaken to further the Charity's purposes for the public benefit** The rules of the Society provide that the objects of the Society are: The promotion of knowledge and appreciation by the public of drama and of the works of Shakespeare in particular, and poetry generally, within the area of Richmond upon Thames. In furtherance of the above object but not otherwise the Society shall have power to engage in the production of Shakespearean and other dramatic works for the purpose of fulfilling the first stated object. The encouragement amongst members of the Society and of the public at large of the study and discussion of the works and historical background of Shakespeare. The study and teaching of all or any matters relating to amateur theatre. In furtherance of these objects the Society produces each year a season of plays and related activities. The Trustees confirm that they have had due regard to the public benefit guidance published by the Charity Commission in exercising their powers and duties as required by section 4 of the Charities Act 2011. Membership of the Society is open to all members of the community and all members and their guests are entitled to attend performances and other events that the Society mounts in furtherance of its objects. Anyone wishing to be cast in a production must do so via the open audition process for the show. If cast they must become full members of the Society. Part of the Society’s activities is to run the RSS Young Actors Company and the RSS Junior Actors Company for persons aged between 9 and 18 years. Membership of these companies is open to all and each Company meets weekly. Members of the RSS Young Actors Company partake in an annual production at the Mary Wallace Theatre. The Society is a member of the Church Street Association in Twickenham and partakes in events organised by such associations. The Society is a member of The Little Theatre Guild of Great Britain and is represented at the Guild's conferences. Page 2 ## **RICHMOND SHAKESPEARE SOCIETY** ## **TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2024** ## **Achievements and performance** ## **a. Main achievements of the Charity** The 2023-4 Season started with our outdoor performance in The Fountain Garden, York House. This year we returned to the Shakespearean canon with Julius Caesar and staged a very well received if sadly rain impacted run. We then went on at the end of August to perform in Marble Hill Park as part of English Heritage’s, Arts in the Park, with a piece based on Shakespeare’s words. Returning to the theatre the season opened with Enron – Lucy Prebble’s examination of the collapse of the banking house in a production combining physical theatre with the intensity of the ancient Greek tragedies and powerful satire. This was followed by much lighter seasonal fare with the madcap comedy of “The All Female Pallas Players present WHISKEY GALORE”. 2024 opened with Measure for Measure, Shakespeare’s black comedy of power and corruption, before the Young Actors Company staged their annual production with Dennis Kelly’s DNA. This year being our 90th anniversary we then embarked on our Countdown to the Centenary – a project over the next ten years to stage a play from each decade of the Society's life. We began of course in the 1930s with Coward’s classic comedy Private Lives. Othello followed, falling in the week of Shakespeare’s birthday. Heroes by Gerald Sibleyras in a witty translation by Tom Stoppard then entertained our audiences before the Junior Actors Company showed their talents in a selection from One Million Tiny Plays about Britain by Craig Taylor. As well as our productions over the last year two considerable pieces of work have been underway in the year. Firstly, at the Mary Wallace Theatre, we have updated the foyer and audience facilities, as well as commencing a considerable piece of work to ensure that we are in line with current health and safety legislation. A new fire alarm system and fire doors have been fitted, the electrics in the theatre re-configured and the technical operating box moved from the gallery to the rear of the auditorium. After temporarily having to reduce our capacity to 64, from Sept 2024 we have an operating capacity in the theatre of 80. Further work in on-going. In parallel we are reviewing the underlying governance of the Society – with the recommendation to be made to the membership that we transfer from the current status as a Registered Charity, for a long time the only option, to the more modern and appropriate structure of a Charitable Incorporated Organisation. All this is part of the process to ensure that the Society and our premises are in best possible state ensuring we are fit for purposes as best we can as we start the tenth decade of the Society and the approach of our centenary. ## **Financial review** ## **a. Going concern** After making appropriate enquiries, the Trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the accounting policies. Page 3 ## **RICHMOND SHAKESPEARE SOCIETY** ## **TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2024** ## **b. Financial review, risk management objectives and policies** All receipts and payments are recorded using a commercial accountancy software system. The accountancy record files are backed up on a cloud storage facility. Electronic and paper copies of all invoices or claim forms are maintained and paper copies of all receipts submitted with claim forms are retained. There is a robust system used for authorising and paying claims and monitoring payment receipts. This enables the financial position of the Society to be recorded accurately and monitored. The Society recorded income less expenditure of £ (6,417) for the year ending 30 June 2024. The split of this amount by fund is shown in Table 1. **Table 1 Income and expenditure £ 2023/24** |Income
Expenditure
Income less
expenditure
General fund
121,161
(122,700)
(1,539)|Income
Expenditure
Income less
expenditure
General fund
121,161
(122,700)
(1,539)|Income
Expenditure
Income less
expenditure
General fund
121,161
(122,700)
(1,539)|Income
Expenditure
Income less
expenditure
General fund
121,161
(122,700)
(1,539)| |---|---|---|---| |Legacy fund|10,000|(13,710)|(3,710)| |Contingency fund|-|-|-| |Leasehold Property fund|-|(1,168)|(1,168)| ||131,161|(137,578)|(6,417)| The Society recorded income less expenditure of £ (11,639) for the year ending 30 June 2023. The split of this amount by fund is shown in Table 2. **Table 2 Income and expenditure £ 2022/23** |Income
Expenditure
Income less
expenditure|Income
Expenditure
Income less
expenditure|Income
Expenditure
Income less
expenditure|Income
Expenditure
Income less
expenditure| |---|---|---|---| |General Fund|125,093|(104,879)|20,214| |Legacy fund|-|(30,685)|(30,685)| |Contingency fund|-|-|-| |Leasehold Property fund|-|(1,168)|(1,168)| |125,093
(136,732)
(11,639)|||| The income less expenditure of the General fund reflects the underlying performance of the Society. It excludes any legacies received in the year, the cost of assets purchased by the Legacy fund and fully recognised in the year, depreciation on assets previously acquired by the Legacy fund and depreciation on the leasehold property. This amount decreased by nearly £22,000 to a broadly breakeven result in 2023/24 from a profit of £20,000 in 2022/23. This decrease of £22,000 has, in round numbers, the following main components: - Donations, primarily the MWTC Bar donation, £ (3,000) - Profit from theatrical productions £ (14,000) - Investment income £ 12,000 - less increase in overhead expenses £17,000 Page 4 ## **RICHMOND SHAKESPEARE SOCIETY** ## **TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2024** The MWTC Bar Donation was reduced by a slight fall in sales and an increase in expenses incurred by MWTC. The profit from theatrical productions was adversely impacted by a loss for the summer show, no production held in September 2023 because of the foyer refurbishment and reduced seating capacity for the last two main productions. Without these features the result would have been excellent, as most shows after the summer show were essentially fully sold out. Investment income increased by £12,000 due to increases in interest rates on our deposit in a money market fund. This source of income is not a long-term feature, as there are plans to use the proceeds from the legacies received, which will decrease the amounts invested over time. Means of covering this source of income of nearly £28,000 will therefore need to be considered in the coming years, as it is unlikely the Society will be able to reduce overhead costs sufficiently to compensate for this loss of income. Opportunities to consider include increasing the ticket prices for our productions, as well as looking at opportunities to raise sponsorship or other fund raising for our activities such as the summer show and future capital plans, particularly around enhancing access to the theatre, an area that funds remain available for. Overhead expenses increased by £17,000. The major areas, in round numbers, were: - H&S and offsite storage increased by £7,000 arising from our fire risk assessment - Publicity increased by £ 7,000 arising from a more proactive approach to marketing and the “one off” - replacement of our signage - Professional fees increased by £3,000 mainly arising from the work on the conversion of RSS to a - Charitable Incorporated Organisation - Heat and light costs reduced by £4,000 as a result of our new contract under a government procurement - scheme open to charities. There were other areas where there were small increases and decreases, generally of less than £1,000 accounting for the balance. The total funds as on 30 June 2024 are £774,268. The split is as follows: - General fund £ 67,169 - Legacy fund £ 566,698 - Contingency fund £75,000 - Leasehold Property fund £ 65,401 The free reserves on 30 June 2024 are £45,752. This is derived as the General fund (£67,169) less tangible fixed assets allocated to the General fund (£ 21,417). The Society’s reserve policy is to maintain a minimum level of free reserves of £20,000. In addition, the Contingency fund stands at £75,000, which is available to cover exceptional expenses and losses. ## **Structure, governance and management** ## **a. Constitution** The Society is a registered Charity and is governed by the rules of the Richmond Shakespeare Society as amended at the special general meeting held at the Mary Wallace Theatre on 6 July 1987 and subsequently amended at various AGM's and EMG's. Page 5 ## **RICHMOND SHAKESPEARE SOCIETY** ## **TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2024** ## **Structure, governance and management (continued)** ## **b. Methods of appointment or election of Trustees** Trustees are elected annually by the Society in General Meetings from ordinary or honorary life members who are willing to be so appointed. ## **c. Organisational structure and decision-making policies** The Society is managed by the Officers, Chairman, Secretary, Assistant Secretary and Treasurer who, with eight members of the General Committee, meet monthly to conduct the business of the Society. They are assisted by the Membership Secretary and various permanent and ad-hoc groups, appointed as the need arises. These include the elected Play Selection Committee, the Health and Safety Committee, the Equality, Diversity and Inclusion Working Group and the Summer Show Working Group. ## **d. Financial risk management** Major risks to which the Charity faced have been identified. The Trustees have set up the appropriate and robust financial procedure and budget for the coming year. Committee members have regular meetings in order to monitor, control, analyse and review business activities. By doing so, the Charity is able to identify risks and develop remedies to deal with them in an effective and efficient way. ## **Plans for future periods** We have embarked on a capital strategy for the Mary Wallace Theatre as a whole to improve its access, efficiency and sustainability for the years ahead. Presently this is focussed on ensuring that the building meets all the current legislation and other requirements around Health and Safety, particularly in the incidence of fire. This is ongoing and will continue with ensuring appropriate fire breaks and compartmentalisation are in place around the building, that our lighting and other electrics are fit for purpose, along with a permanent move of the technical desk down from the gallery to the rear of the auditorium. Once this has been completed, we will return to our review of auditorium and back stage access and how to improve this for all our members. This will form a key rung in the strategy of building our place in the community, our cultural activities, the ongoing development of audience growth and marketing, as well as the underlying governance and financial position ensuring we are working for the future. Our artistic programme will continue to be broad with plays ranging from A Midsummer Night’s Dream to contemporary writing in Joseph K and the Cost of Living by Emily White via David Mamet, John Webster and Agatha Christie amongst others. The countdown to our centenary reaches the 1940s with Terence Rattigan’s While the Sun Shines. ## **Funds held as custodian** The lease of the property is held by two of the Trustees on behalf of the Charity. Page 6 TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2024 The Tnjstees are Tesr*)nsknle for preparirYJ the Trustees, repyt and the finaKial statements in a¢cordance with applicable Unitad KIngd￿n A(£¢)untry StaThJ¥ds (United lfjngdth Generalty A(w)led Aco)unting Pradice). each fnarK*a we a true and fair of ts slate of aff￿ of the Charity and of its in￿Ming resources and applKatson of ￿s(￿Jrces, Ind￿ its and expeThI￿re, that period. In preparing thesg observe the and pri￿1$￿08 of the Ch￿￿&$ SORP IFRS 102).. make judgments and accountiry esb"mates that arn Teasonable Pl￿58nt state wl)ether *Kable UK An))￿tirw4 Standards IFRS 102} ha¥e betn subied to any prgpare the ffinan(ial stateffl￿ ￿ Ihe goiThJ conrwn Iws it 1$ nabyowale to we8um& that thg &rKI en*e them to ensure that the finandal State￿nts o)mpty wilh Ih& Charilies Act 2011, the Charity (Accounts and Reports) ReguFatKJns 2008 and the wovisions of tho Trust deed. They are also re8fAJnsible for 8afeguarding the assets ofthe Ch* and hwK• for takry roasonth Stops for the p￿¥￿tion and detection of fraud and othw iffegul•ilies. Tru81tt1 on Bart￿tt Chaifman Page 7 ## **RICHMOND SHAKESPEARE SOCIETY** ## **INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 30 JUNE 2024** ## **Independent Examiner's Report to the Trustees of Richmond Shakespeare Society ('the Charity')** I report to the Charity Trustees on my examination of the accounts of the Charity for the year ended 30 June 2024. ## **Responsibilities and Basis of Report** As the Trustees of the Charity you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the 2011 Act'). I report in respect of my examination of the Charity's accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act. ## **Independent Examiner's Statement** Your attention is drawn to the fact that the Charity has prepared the accounts in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has been withdrawn. I understand that this has been done in order for the accounts to provide a true and fair view in accordance with the Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015. I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect: 1. accounting records were not kept in respect of the Charity as required by section 130 of the 2011 Act; or 2. the accounts do not accord with those records; or 3. the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a 'true and fair' view which is not a matter considered as part of an independent examination. I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. This report is made solely to the Charity's Trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. My work has been undertaken so that I might state to the Charity's Trustees those matters I am required to state to them in an Independent examiner's report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the Charity and the Charity's Trustees as a body, for my work or for this report. Page 8 RICHMOND SHAKESPEARE SOCIE INDEPENDENT EXAMINER'S REPORT ICONTINUEDI FOR THE YEAR ENDED 30 JUNE 2024 Signed.. Dated.. Richard Rhodes Chartered accountant 1 The Green. Richmond. Surrey TVV9 1PL Page 9 ## **RICHMOND SHAKESPEARE SOCIETY** ## **STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 30 JUNE 2024** |**Note**
**Income from:**
Donations and legacies
3
Charitable activities
4
Other trading activities
6
Investments
7
**Total income**
**Expenditure on:**
Raising funds
8
Charitable activities
9
**Total expenditure**
**Net movement in funds**
**Reconciliation of funds:**
Total funds brought forward
Net movement in funds
**Total funds carried forward**|**Unrestricted**
**funds**
**2024**
**£**
**29,447**
**73,997**
**-**
**27,717**
**131,161**
**1,403**
**136,175**
**137,578**
**(6,417)**
**780,685**
**(6,417)**
**774,268**|**Total**
**funds**
**2024**
**£**
**29,447**
**73,997**
**-**
**27,717**
**131,161**
**1,403**
**136,175**
**137,578**
**(6,417)**
**780,685**
**(6,417)**
**774,268**|_Total_
_funds_
_2023_
_£_
_22,839_
_86,191_
_173_
_15,890_
_125,093_
_1,354_
_135,378_
_136,732_
_(11,639)_
_792,324_
_(11,639)_
_780,685_| |---|---|---|---| The Statement of Financial Activities includes all gains and losses recognised in the year. The notes on pages 12 to 27 form part of these financial statements. Page 10 BALANCE SHEET AS AT 30 JUNE 2024 20 2023 Tangl￿e a8$81s 13 102.276 102.276 Dgbtors Cash at bank arMI in h*KI 14 38,656 646,012 515.013 +984.668 yt8r 15 110.7821 (6,259) 6rf691 678.409 T14.268 780.685 7T4,261 780,685 Total n•t 4¥••t• Tl4268 780,685 Ch•Ylty fund• Rgstsicled fiJnd$ Unre¥trwl•d fijrth 17 774.268 780,685 Totsl fund• T14.268 780,885 ChaIm￿n The note8 on pag6s 12 to 27 fomi pat ofllwe frfwt￿ statwrnr Pag• 11 **RICHMOND SHAKESPEARE SOCIETY** **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024** ## **1. General information** The Society is a registered Charity and is governed by the rules of the Richmond Shakespeare Society as amended at the special general meeting held at the Mary Wallace Theatre on 6 July 1987 and subsequently amended at various AGM's and EMG's. The address of the principal office of the Charity is given on page 1 of these financial statements. The nature of the Charity's operations and principal activities are detailed in the Trustees' Report. ## **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 Charities Act 2011. The financial statements have been prepared to give a 'true and fair' view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a 'true and fair' view. This departure has involved following the Charities SORP (FRS 102) published in October 2019 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn. Richmond Shakespeare Society 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 Income** All income is recognised once the Charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably. Incoming resources from charitable activities are accounted for when the production takes place. Where income is received in advance of entitlement of receipt, its recognition is deferred and included in creditors as deferred income. Where entitlement occurs before income is received, the income is accrued. The recognition of income from legacies is dependent on establishing entitlement, the probability of receipt and the ability to estimate with sufficient accuracy the amount receivable. Evidence of entitlement to a legacy exists when the Charity has sufficient evidence that a gift has been left to them (through knowledge of the existence of a valid will and the death of the benefactor) and the executor is satisfied that the property in question will not be required to satisfy claims in the estate. Receipt of a legacy must be recognised when it is probable that it will be received and the fair value of the amount receivable, which will generally be the expected cash amount to be distributed to the Charity, can be reliably measured. Page 12 ## **RICHMOND SHAKESPEARE SOCIETY** **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024** ## **2. Accounting policies (continued)** ## **2.3 Expenditure** Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use. Expenditure on raising funds includes all expenditure incurred by the Charity to raise funds for its charitable purposes and includes costs of all fundraising activities events and non-charitable trading. Expenditure on charitable activities is incurred on directly undertaking the activities which further the Charity's objectives, as well as any associated support costs. All expenditure is inclusive of irrecoverable VAT. ## **2.4 Interest receivable** Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Charity; this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited. ## **2.5 Tangible fixed assets and depreciation** Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost. Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives, using the straight-line method. Depreciation is provided on the following bases: |Long-term leasehold property|- Straight line basis over 99 years| |---|---| |Leasehold Improvements|- Straight line basis over 30 years| |Stage Refurbishment|- Straight line basis over 30 years| |Fixtures and fittings|- Straight line basis over 5 years| |Equipment|- Straight line basis over 5 years| ## **2.6 Debtors** Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due. Page 13 ## **RICHMOND SHAKESPEARE SOCIETY** **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024** ## **2. Accounting policies (continued)** ## **2.7 Cash at bank and in hand** Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account. ## **2.8 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 Charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide. Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Statement of financial activities as a finance cost. ## **2.9 Financial instruments** The Charity 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. ## **2.10 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 Charity 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. Investment income, gains and losses are allocated to the appropriate fund. Page 14 ## **RICHMOND SHAKESPEARE SOCIETY** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024** ## **3. Income from donations and subscriptions** |**Unrestricted**
**funds**
**2024**
**£**
Donations
9,384
Legacies
10,000
Membership subscriptions
10,063
29,447|**Total**
**funds**
**2024**
**£**
**9,384**
**10,000**
**10,063**
**29,447**|_Total_
_funds_
_2023_
_£_
_12,849_
_-_
_9,990_| |---|---|---| |||_22,839_| ## **4. Income from charitable activities** |Box Office - Main and Youth Productions
Young Actors and Junior Actors Companies
Other Theatrical Activities
Programme Sales - Main and Youth Production|**Unrestricted**
**funds**
**2024**
**£**
66,966
5,506
1,525
-
73,997|**Total**
**funds**
**2024**
**£**
**66,966**
**5,506**
**1,525**
**-**
**73,997**|_Total_
_funds_
_2023_
_£_
_76,993_
_4,744_
_2,664_
_1,790_| |---|---|---|---| ||||_86,191_| Page 15 ## **RICHMOND SHAKESPEARE SOCIETY** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024** ## **5. Theatrical Productions** |2024
Income
2024
Expenditure
2023
Income
2023
Expenditure|2024
Income
2024
Expenditure
2023
Income
2023
Expenditure|2024
Income
2024
Expenditure
2023
Income
2023
Expenditure|2024
Income
2024
Expenditure
2023
Income
2023
Expenditure|2024
Income
2024
Expenditure
2023
Income
2023
Expenditure| |---|---|---|---|---| |Box Office-Main and Youth Productions|66,966|38,364|76,993|36,446| |Young Actors and Junior Actors Companies|5,506|7,927|4,744|7,320| |Other Theatrical Activities|1,525|1,603|2,664|1,048| |Programme Sales - Main and Youth
Production|-|-|1,790|1,452| |Sub-total|73,997|47,894|86,191|46,266| |Total expenses|(47,894)||(46,266)|| |Net Production Income|26,103||39,925|| In 2024 we stopped producing and selling programmes and now offer a free cast sheet. Any donations received for these are included in the figure shown for Donations in note 3. ## **6. Income from other trading activities** ## **Income from fundraising events** |Costume and Prop Hire
**Investment income**
Interest Received|**Unrestricted**
**funds**
**2024**
**£**
-
**Unrestricted**
**funds**
**2024**
**£**
27,717|**Total**
**funds**
**2024**
**£**
**-**
**Total**
**funds**
**2024**
**£**
**27,717**|_Total_
_funds_
_2023_
_£_
_173_
_Total_
_funds_
_2023_
_£_
_15,890_| |---|---|---|---| ## **7. Investment income** Page 16 ## **RICHMOND SHAKESPEARE SOCIETY** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024** ## **8. Expenditure on raising funds** ## **Costs of raising voluntary income** ||**Unrestricted**|**Total**|_Total_| |---|---|---|---| ||**funds**|**funds**|_funds_| ||**2024**|**2024**|_2023_| ||**£**|**£**|_£_| |"Rumour" Costs|1,403|**1,403**|_1,354_| ## **9. Analysis of expenditure on charitable activities** ## **Summary by fund type** |Main and Youth Productions
Young Actors and Junior Actors Companies
Other Theatrical Activities
Programme Sales - Main and Youth Production
Other Theatrical and Establishment Costs|**Unrestricte**
**d funds**
**2024**
**£**
38,364
7,927
1,603
-
88,281
136,175|**Total**
**2024**
**£**
**38,364**
**7,927**
**1,603**
**-**
**88,281**
**136,175**|_Total_
_2023_
_£_
_36,446_
_7,320_
_1,048_
_1,452_
_89,112_| |---|---|---|---| ||||_135,378_| Page 17 ## **RICHMOND SHAKESPEARE SOCIETY** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024** ## **10. Analysis of expenditure by activities** |Main and Youth Productions
Young Actors and Junior Actors Companies
Other Theatrical Activities
Programme Sales - Main and Youth
Production
Other Theatrical and Establishment Costs|**Activities**
**undertaken**
**directly**
**2024**
**£**
38,364
7,926
1,603
-
-
47,893|**Support**
**costs**
**2024**
**£**
-
-
-
-
88,282
88,282|**Total**
**funds**
**2024**
**£**
**38,364**
**7,926**
**1,603**
**-**
**88,282**
**136,175**|_Total_
_funds_
_2023_
_£_
_36,446_
_7,320_
_1,048_
_1,452_
_89,112_| |---|---|---|---|---| |||||_135,378_| Page 18 ## **RICHMOND SHAKESPEARE SOCIETY** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024** ## **10. Analysis of expenditure by activities (continued)** ## **Analysis of support costs** |Depreciation and impairment charge
Business and water rates
Cleaning
Costumes and props for stock
Light and heat
Printing, postage stationery
Insurance
IT expenses
Telephone and internet
Staff training and subscriptions
General expenses
Repairs and maintenance
Publicity
PRS and PPL
Hire of rehearsal rooms
Front of house expenses
Sound & lighting equipment
Set building general expenses
Foyer development costs
Health and safety and off-site storage
Bank charges
Legal and Independent examiner's fees - governance costs|**Other**
**Theatrical**
**and**
**Establishme**
**nt Costs**
**2024**
**£**
15,517
786
5,888
2,006
6,324
4,726
8,486
638
1,163
1,018
1,992
3,911
13,444
575
7,705
1,696
612
759
-
6,476
60
4,500
88,282|**Total**
**funds**
**2024**
**£**
**15,517**
**786**
**5,888**
**2,006**
**6,324**
**4,726**
**8,486**
**638**
**1,163**
**1,018**
**1,992**
**3,911**
**13,444**
**575**
**7,705**
**1,696**
**612**
**759**
**-**
**6,476**
**60**
**4,500**
**88,282**|_Total_
_funds_
_2023_
_£_
_14,782_
_1,083_
_5,504_
_199_
_10,259_
_3,264_
_7,365_
_785_
_1,173_
_270_
_1,117_
_4,605_
_7,017_
_540_
_7,623_
_653_
_2,230_
_1,965_
_16,515_
_-_
_63_
_2,100_| |---|---|---|---| ||||_89,112_| ## **11. Independent examiner's remuneration** The independent examiner's remuneration amounts to an independent examiner fee of £1,110 _(2023 - £1,050)_ , and preparation of the accounts of of £1,110 ( _2023_ - _£1,050_ ). Page 19 ## **RICHMOND SHAKESPEARE SOCIETY** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024** ## **12. Trustees' remuneration and expenses** During the year, no Trustees received any remuneration or other benefits _(2023 - £NIL)_ . During the year ended 30 June 2024, expenses totalling _£_ 16,352 were reimbursed to 10 Trustees _(2023 - £8,474 to 10 Trustees)_ The expenses comprised reimbursement for production expenses, costume expenses, sound and lighting equipment, set building expenses, foyer refurbishment, stationery, travelling, repair and maintenance, health and safety and offsite storage, software licence fees, publicity and printing. ## **13. 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_|**Long-term**
**leasehold**
**property**
**£**
**115,663**
**-**
**115,663**
**49,094**
**1,168**
**50,262**
**65,401**
_66,569_|**Leasehold**
**Improveme**
**nts**
**£**
**98,570**
**120,180**
**218,750**
**98,570**
**4,006**
**102,576**
**116,174**
_-_|**Stage**
**Refurbish**
**ment**
**£**
**30,000**
**-**
**30,000**
**7,583**
**1,000**
**8,583**
**21,417**
_22,417_|**Fixtures**
**and fittings**
**£**
**22,454**
**10,271**
**32,725**
**22,022**
**2,486**
**24,508**
**8,217**
_432_|**Equipment**
**£**
**50,398**
**12,367**
**62,765**
**37,540**
**6,857**
**44,397**
**18,368**
_12,858_|**Total**
**£**
**317,085**
**142,818**| |---|---|---|---|---|---|---| |||||||**459,903**| |||||||**214,809**
**15,517**| |||||||**230,326**| |||||||**229,577**| |||||||_102,276_| Page 20 ## **RICHMOND SHAKESPEARE SOCIETY** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024** ## **14. Debtors** |**Due within one year**
Balance with Mary Wallace Theatre Club
Other debtors
Prepayments and accrued income|**2024**
**£**
**29,263**
**1,616**
**9,581**
**40,460**|_2023_
_£_
_25,311_
_1,595_
_11,750_| |---|---|---| |||| |||_38,656_| ## **15. Creditors: Amounts falling due within one year** |Trade creditors
Accruals and deferred income|**2024**
**£**
**8,562**
**2,220**
**10,782**|_2023_
_£_
_2,214_
_4,045_| |---|---|---| |||| |||_6,259_| Deferred income included above is membership subscriptions amounting to £Nil in 2024 and £1,945 in 2023. Page 21 ## **RICHMOND SHAKESPEARE SOCIETY** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024** ## **16. Prior year adjustments in year ended 30 June 2023** The following note was included in the accounts for the year ended 30 June 2023: The three designated funds shown in in note 17 were incorrectly classified as restricted funds in the prior year accounts The amounts have been set aside by the Trustees for specific purposes, and accordingly they have been re-stated as designated funds in these accounts from 1 July 2021 onwards. In addition, the balance on the Legacy fund at 30 June 2022 was incorrect and has been adjusted in these accounts. Further details are as follows: ## **Legacy fund** The opening balance for the Legacy fund at 1 July 2021 of £7,992 has been increased by £157,973, with a corresponding decrease in unrestricted funds due to an incorrect classification in the prior years. Income of £440,010 included within general unrestricted income in the Statement of Financial Activities of 2022 has been shown as designated income in these accounts. Expenditure relating to the Legacy fund of of £4,882 included within restricted expenditure in the Statement of Financial Activities of 2022 has been shown as designated expenditure in these accounts. This results in an increase in the closing balance of the Legacy fund at 30 June 2022 by £593,101 from £7,992 as originally stated to £601,093. The balance on general unrestricted funds at 1 July 2021 has reduced by £157,973 as a result of the above changes. ## **Contingency fund** The opening balance on the Contingency fund of £20,000 at 1 July 2021 has been reclassified from restricted reserves to unrestricted designated reserves. ## **Leasehold Property fund** The opening balance on the Leasehold Property fund of £68,905 at 1 July 2021 has been reclassified from restricted reserves to unrestricted designated reserves. Expenditure of £1,168 classified as restricted expenditure for the year ended 30 June 2022 has been reclassified to unrestricted designated expenditure. Page 22 ## **RICHMOND SHAKESPEARE SOCIETY** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024** ## **17. Statement of funds** |**Statement of funds - current year**
**Balance at 1**
**July 2023**
**£**
**Unrestricted funds**
**Designated funds**
Legacy fund
**570,408**
Contingency fund
**75,000**
Leasehold Property Fund
**66,569**
**711,977**
**General funds**
General Funds - all funds
**68,708**
**Total Unrestricted funds**
**780,685**|**Income**
**£**
**10,000**
**-**
**-**
**10,000**
**121,161**
**131,161**|**Expenditure**
**£**
**(13,710)**
**-**
**(1,168)**
**(14,878)**
**(122,700)**
**(137,578)**|**Balance at**
**30 June**
**2024**
**£**
**566,698**
**75,000**
**65,401**| |---|---|---|---| ||||**707,099**| ||||**67,169**| ||||**774,268**| Page 23 ## **RICHMOND SHAKESPEARE SOCIETY** ## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024** ## **17. Statement of funds (continued)** ## **Statement of funds - prior year** |**Unrestricted funds**
**Designated funds**
Legacy fund
Contingency fund
Leasehold Property Fund
**General funds**
General Funds - all funds
**Total Unrestricted funds**|_Balance at_
_1 July 2022_
_re-stated_
_£_
_601,093_
_20,000_
_67,737_
_688,830_
_103,494_
_792,324_|_Income_
_£_
_-_
_-_
_-_
_-_
_125,093_
_125,093_|_Expenditure_
_£_
_(30,685)_
_-_
_(1,168)_
_(31,853)_
_(104,879)_
_(136,732)_|_Transfers_
_in/out_
_£_
_-_
_55,000_
_-_
_55,000_
_(55,000)_
_-_|_Balance at_
_30 June_
_2023_
_£_
_570,408_
_75,000_
_66,569_| |---|---|---|---|---|---| ||||||_711,977_| ||||||_68,708_| ||||||_780,685_| Page 24 **RICHMOND SHAKESPEARE SOCIETY** **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024** ## **17. Statement of funds (continued)** ## **Prior year adjustment - 30 June 2023:** The following note was included in the accounts for the year ended 30 June 2023 relating to the prior year adjustment in the 30 June 2023 accounts: The three designated funds above were incorrectly shown as restricted funds in the prior year accounts and have been re-stated as designated in these accounts as the amounts have been set aside by the Trustees for specific purposes - see note 16 for further details. ## **Purposes of the designated funds** The purposes of each fund are as follows: ## **Legacy Fund** Legacies received by the Society are credited to the Legacy fund. Legacies of £10,000 were received in the current year, and total legacies received to date are £ 658,843. The objective is to spend the legacies received on projects which it would be difficult to fund out of normal operations. This fund also enables the spending of legacies to be separately identifiable. Over the years, fixed assets and expenses costing £234,906 with a net book value at 30 June 2024 of £142,760 have been purchased with legacies received by the Society. Depreciation on these assets is charged to the legacy fund. The Trustees are currently considering a range of possible projects to utilise the balance of £566,698, less amounts required for depreciation on existing purchases of £142,760. ## **Contingency Fund** There are risks that unforeseen expenses could arise from, for example, unexpected repairs being needed to the Mary Wallace Theatre or adverse weather conditions leading to the cancellation of performances of the Summer Show, thus giving rise to losses. The Trustees consider it prudent to set aside an amount to cover expenses and losses which the Trustees consider to be exceptional. The Contingency Fund is £75,000. ## **Leasehold Property Fund** The leasehold property fund is closely associated with the lease held by the Society on the Mary Wallace Theatre. It is not available to fund expenditure. The Leasehold Property Fund is currently £ 65,401. Page 25 ## **RICHMOND SHAKESPEARE SOCIETY** ## **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** |Tangible fixed assets
Current assets
Creditors due within one year
**Total**|**Unrestricte**
**d funds**
**2024**
**£**
229,577
555,473
(10,782)
774,268|**Total**
**funds**
**2024**
**£**
**229,577**
**555,473**
**(10,782)**
**774,268**| |---|---|---| ## **Analysis of net assets between funds for prior year - as re-stated** ## **19.** |Tangible fixed assets
Current assets
Creditors due within one year
**Total**
**Capital commitments**
**Contracted for but not provided in these financial statements**
Acquisition of tangible fixed assets|_Unrestricted_
_funds_
_2023_
_£_
_102,276_
_684,668_
_(6,259)_
_780,685_
**2024**
**£**
**23,174**|_Total_
_funds_
_2023_
_£_
_102,276_
_684,668_
_(6,259)_
_780,685_
_2023_
_£_
_-_| |---|---|---| Page 26 ## **RICHMOND SHAKESPEARE SOCIETY** **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024** ## **20. Related party transactions** An amount of Nil (2023: £311) was owing from one of the Trustees in respect of an advance for expenses in excess of the actual expenditure. This was repaid on 6 July 2023. The Mary Wallace Theatre Club (MWTC) is an unincorporated association which runs the Theatre bar and it is considered to be a related party on the basis of common control. Transactions with MWTC are donations of bar receipts of £5,892 (2023: £9,588). An amount of £29,263 (2023: £25,311) was owing to the Charity at the year end. Page 27