REGISTERED COMPANY NUMBER: 01810563 (England and Walesl REGISTERED CHARITY NUMBER: 295093 Re ort of the Iruslees and Unaudited financial statements for the ear ended 31 March 2024 For Eastern An les Theatre Com an Ltd
Eastern An les Theatre Com an Ltd Contents of the financial stslements for the Year Ended 31 March 2024 Page Report of the Trustees Independent Examinerfs Report 10 Statement of Financial Activities 11 Balar Sheet 12 to 13 Cash Flow Statement 14 Notes lo the Cash Flow Statement 15 Notes lo the Financial Statements 16 to 25 Detailed Statement of Financial Activities 26 to 27
Eastern An les Theatre Com an Ltd Re ort of the trustees for the Year Ended 31 March 2024 The ITUStees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial slalemenls of the charity for the year ended 31 March 2024. The Iruslees have adopted the provisions of 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 IFRS 1021 (effective 1 January 20191. Objectives and actlvlties Objectives and aims Oui mission is to.. Create ambitious. innovative high-qualrty theatre Celebrate a 'sense of pla, in both rural and urt)an settings Use heritage themes to make creative work mixing past, present and future Tour lo a wide range of theatre, community, and sile-specific venues Deliver inclusive, communily-focused aclivitses and opportunities Be environmentally responsible Our work takes its inspiration from the region of East Anglia, which includes villages, market towns and cities. For over 40 years we have listened to people's experiences, often recording them and putting them in our shows. Voices range from East coast herring fishermen lo Pelerborough warehouse workers and South Asian laxi-drivers. A principal feature is our ability to make an auditorium ill almost any space and track data by selling direct to the public using our own Box Office system. We deliver work in areas of low arts engagement across rural and urban areas. We know that there are socio economic challenges across our patch from tiny hamlets lo city eslales. The EAC is in one of Ipswich's most culturally diverse and underserved wards Iweslgatel with 600/0 of households categofised most deprived. This makes us ideally placed lo make a real difference in our local community. %Ne collaborate extensively in Ipswich and Pelerborough and the rural area between, are in solid financial shape Idespile the pandemic), with a 100-year lease on our Ipswich base Page 1
Eastern An les Theatre Com an Ltd Re ort of the trustees for the Year Ended 31 March 2024 Objectives and activities Significant activities APRIL 2023- MARCH 2024 Artistic Programme We kicked off in April with the tour of Medieval Miracles (funded by National Lottery Heritage Fundl which toured to 36 different venues. giving 42 perf0mlan5 and playing to 690/0 capacity, 2,500 aUdIenS and response on Ctjlture Counts of 83°/0 Positive feedback. The HLF have applauded the project and recognised ils ability lo speak to a wide range of people. "Small scale theatre at its best- inventive, adventurous, thought-provoking and entertaining" Member However, there was still 8 level of Covid anxiety which meant some villa9e halls not putting on any performances and general audience levels being 300/. down. This was consislenl with suNeys among all arts and heritage venues over this period. In addition. we provided an outreach programme that included stained glass making, embroidery, paleography, schools, workshops on medieval drama, and climaxed with a 40 piece community choir, Rabble Chorus, singing medieval songs for our 40th anniversary performance al Woodbridge Community Hall. "Creative comradeship. Medieval Stitchers Participant A final video of a documentary, From Portman Meadow to the Water Gale, about the connection belmeen the pageants and the town's change from Roman Catholic lo Protestant is on our website. "Thanks for this delightful and beaulifully-researched film Il's a tremendous subject.. a unique story of how lo turn an English town lo the Reformation" Diarmaid Macculloch June saw the climax of our Work Furnace project Ifunded by Historic England) which celebrated the working class history of Ipswich through ils engineering, food and production industries. On Saturday 17th of June we mounted an open-top bus lour of the old sites, a procession through the town of vehicles, dancing children and workers from a range of those industries. and an exhibition on the Cornhill of the material generated by the programme. The project has been praised by Historic England for ils inclusivity and the participation of many generations from the town. What an uplifting and wonderful aftemoon at The Work Fumace Parade and exhibition on the Comhill...Made me very proud of being from Ipswich and of all the amazing people who worked in the industries represented and made such incredible contributions to the town and beyond with their labourf'_ Participant In July we launched our Market Town Bound project with a creative weekend in Stowmarkel based aTound Combs Primary School with our geodesic dome. Later in the year we followed this up with Blooming Art, a light show of projected images created by local schoolchildren onto the Church lower in Hadleigh, all based on the old Art School in the town. "Everyone has been so impressed with how il all came together and I know the children loved seeing their artwork projected onto the tower." Primary School Teacher The production in December of Rumpl8Stiltskin, once again in partnership with Theatre Porto, the second year of our new departure for an altemative to Panto for the Christmas season, proved very popular with both schools and family audiences, and produced a 40°/0 increase in box office for non-school audiences. The first production lo be completely unaffected by Covid in nearly two years. ith staging on either side of the action you really do feel like you are part of the show. .the Sir John Mills Theatre space is used ingeniously." _ Suffolk On Stage on Rumpleslillskin Spring brought the first production by our new Artistic DiTeclor, Jake Smith, with a production of Stones In His Pockets that delighted audiences and saw us into the new financial year. "Eastem Angles Theatre Company once again prove that smaller organisations are just as capable of achieving industry standard shows as those currently gracing a Wesl End stage." Curtain Call Reviews on Stones In His Pockets Audience Development work: We supported 8 number of independent productions which included some in-kind support or hired out staff and vehicles to enable the tours of the region. These Included Ghost Stories by HighTide. Splinter by Martha Loader for Play Nicely Theatre Company. and War of the Worlds on a Budget by Lamphouse Theatre. We also supported a number of R&D projects giving free Spa for rehearsals and script-sharings such as Star Sisters by Nicky Werellowska. Wivenhoe by Samuel Fisher and Bea Svistunenko. Page 2
Eastern An les Theatre Com an Ltd ort of the Iruslees for the Year Ended 31 March 2024 ObJ¢¢tiv¢s and a¢tiviti¢$ We have also commissioned a script by Beth Flinloff for a production of The Personal Histories and Adventures of Emily Peggotty, and a first draft of a play about Princess Sophia Duleep Singh by H8nnah Kum8ri. OUR PREMISES Eastern Angl•$ Centre The Eastern Angles Centre had ils second full year of operation with a growing number of users, plus extensive Holiday Activities Isuffolk Holiday Activities Fund) and Homework Club Ilpswich Borough Weslgale Ward) provision for young children, many of whom were from disadv8nl8ged areas and many of whom had special needs which was covered by additnal funding from Activities Unlimited. Led by local trainee teachers and facililalors. the clubs are now a permanent fealufe offering free food and a range of creative aetivilies. We still provide digital drop-in facilities lo local people, which includes free pholocopyinglprinting & use of laplops. Other groups using the centre include a palaeography group, Magpie theatre for children wilh disabilities, the Reggae ¢hoir, Inside Out for arts and mental health, Let's Talk Reading. and South Street Kids. A new project around Young Creatives to nurture new lalenl in the COLtnty was inaugurated in December and will continue into the new year and beyond. The Undercroft, Peterborough After nearfy ten years in The Undercroft. which stsrted with the community play River Lane in 2013, in September 2023 we finally had lo give the premises back lo O&H Hampton. Hundreds of young people, community performers and emèrging artists had used the space lo slrelch their dramatic horizons and made il an important part of the Pelerborough cultural scene. Vve still have an office al Chauffeurs Cottage and during the year we helped the new Pelerborough Cultural Alliance come together to produce a new Place Partnership Bid lo Arts Council, which has prove successful. Further plans are in the pipeline for 2024. Workshop, Foxhall A vital part of our resource package, which store5 our seals, dome and recenl sets Ihal allow us lo explore further use of such productions or to re¢y¢le materials for further produclions. In the light of recent inflation of materi81 cosls this has become an importanl part ol our financial resources and of our 81ignmenl with Theatre Green Book guidelines. OUR PEOPLE 11 has been very much a year of change with the retirement of our Artistic Director of 40 years, Ivan Cutting, at the end of October 2023 following the successful handover to our new Artistic Director, Jake Smith, from August 2023. Staff - Staff- Easlem Angles has a cor6 staff of 10 wrf(h an FTE of 6, led by the CEOIArtislic Director Jake Srnilh and General Manager Jess Baker, with a Board of Trustees led by our Chair lson Slgwart MBE. Our workforce is 60¢ fernale, 40 % disabled or living with a long term health condition and 20 0/0 LGBTQ+ and 20/¢ from Global Majority backgrounds. We are striving lo maintain a workforce whi¢h is 16VA ethnically diverse lin line with our local Ipswich population. We recognise that we deliver much of our work in rural areas with an 80°/. British Whilè demographic and respond by 8nsuring that our casts and creative teams are ethnically diverse lin 23124 we worked 77 crealives Icasl members with 200/. from Global Majority 8ackgroundsl. We also know that rural audiences have their own diversity on lernis of age, disability and socio-economic challenges. 11 is our role to give these people access lo high-qualily and accessible arts provision. It has bèen a difficult year for the staff, with two people on long tem sick leave. on lop of (he succession changès. However, with siaff back from lèave, a new Participation and Engagement Officer and new Theatre Manager, we are now back lo full strength. Page 3
Eastem An les Theatre Com an Ltd ort of the Irustees for the Year Ended 31 Mah 2024 Objectives and activitie$ Board- there are 7 Trustees. 4 were recruited in 2021122. They have had a successful induction and have been involved in subsequent Board aw8ydays and strategi¢ planning. They took part in our su¢cessful application the Arts Council England for the NPO, and understand the Let's Create slralegy. They were also involved on the Tecruitmenl and inducts'on for the new CEOI Artistic Director. Volunteers - are essential to what we do. our touring and within the expanded East8rn Angles Centre. 2023124 we had 45 volunteers, with an increasing shift in ages ranges and the welcoming of our first volunteer who is wheelchair Ljser. Freelancers and ¢r¥atlv•$- wth the increasing programme of productions 77 freelancers and creatives have been supported and paid appropriately for their conlribulions. Audiencès- by the end ol the year, during Ihe first performances of Stones In His Pockets, il was clear that audiences have retumed in force lo see and experience live shows in all our venues following the pantjemic. Similarfy workshops and other events have seen the decline in audiences feversing. Envlronment Policy As evidenced earlier, the company lakes its Environmental Policy very seriously and plans to build on ils already strong green credentials of recycling materials. touring to venues where audiences often w8lk to the performance and general recycling where possible. Further to our own inslallalion of 84 solar panels on one slde of the acmpanying roof of the Records Management Centre with whom we share the building, we are oxpeGting a parallel development on the other sidè along with battery storage and the provision of vehicle charging points. We have also signed up to the Fil For Future peer nork and Theatre Green book to help focus Our Strategies. FINANCIAL OVERVIEW This was the first year ol our new 3-year NPO funding agreement for 2023-26. Over the three years we are committed lo investing £90k of resetves and to use this a5 a funding match lor other investment. In the first year we identified a £40k investment and also put aside £10k towards succession costs as we recruited 8 new CEOIArtisli¢ Director. The Tesulling £55k deficit flec1S these strategies along wilh changes in our liming of Theatre Tax Relief claims {in¢luded in our last year's Report). whereby we brought forward the Spring production claim to March since il more accurately reflected our budget and production peTiod and the fact that the end of tour had almost no destruction costs. Consequently. last year showed a small surplus on budget, this year ha¢J the opposite. The year was difficult to navigate financially al limes with $0 mLJch change going on, staff si¢k leave, succession and overfap of salaries etc. bul ultimately proved little ¢Jifferenl to the figures forecasl in the first place. The matching funds from Babergh-MidSufftJlk and Shared Prosperity Fund through Ipswich Borough will lake full effect in 24-25. and the changeover of Theatre Tax Relief to the year of production for our Spring show, will ensure that rrR is allocated lo Ihe correct year of production costs. Salaries, despite the staff changes, proved stable and both administration and overheads stayed wilhin budget. Projects all ha¢J variances but taken overall balanced out over the year. Once again this is a successful year, and despite the changes In some local authority funding we arg optimistic for the Company's fvlure. Publ1¢ bonèflt In sétting objeclives, developing strategies and undertaking aclivilies, the Trustees have gwen careful consideration lo the Charity Commission's guidance on public benefrt. Page 4
Eastem An les Theatre Com an Ltd ort of the trustees for the Year Ended 31 March 2024 Strat•gl¢ report Financial position The financial accounts are sel out on pages 11 to 25. The finan¢ial slalements have been prepared in accordance with Accounting and Reporting by Charities.. Slalement of Recommended Practice applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Irelan¢J IFRS 1021 leffeclive 1 January 2019} The trustees consider the financial perfomiance by the charity during the year lo be satisfactory. The Statement of Financial Activities shows a nel oufflow of resources for the year of £54,778 12023 inflow £38.2281. The lolal reserves al the year-end are £419,750 12023 £474.5281. The Board of Trustees is satisfied that the charity's assets are available and adequate to fulfil ils obligations Principal funding sour¢os Eastern Angles Theatre Company gratefully acknowledges finan¢ial assistsnce from Arts Council England as well as from the County Councils of Suffolk and Essex, Ipswich Borough Council. Babergh District Council, Mid-suffolk District Council. Heritage Fund, Viridor, Creative Arts. O&H Hampton and Broads Authority. Invostment policy and objectives The majority of the organisalion's available cash reserves are required lo finance its ongoing working capital needs. This means the company has limited reserves lo invest in Ihg long term. An Investment Policy was adopted on 20th October 2011. The policy was reviewed in July 2024 by the Financ@. Audit and Risk Committee and this policy is still considered to be relevant during these challenging timès. The Trustees recognise the need for an Investment Policy in order to ensure the overall exposure to risk is acceptable and that th8 best use is made of all available 18sources. The charity's assets lover aTh1 above working capilall can only be invested in accordance with the Trustee Act 2000 and the charity's Memorandum & Articles. A cautious risk approach is lo be adopted in the management of the charity's assets. In the main this will mean plaryng resources Icashl over and above working capitsl into appropriate high interest accounts. All investments other than investing rnonies in a high interest account are lo be approved by FARC IFinan¢e, Audit & Risk Committee) and will be regularly monitored by the same and the Board. No investment will be made in products or companies whose representation might prove damaging. directly or indirectty. lo the purpose5 or reputation of the charity. Page 5
Eastern An les Theatre Com an Ltd Re ort of the trustees for the Year Ended 31 March 2024 Stralggi¢ report Financlal review Reserves polley The Company will balance its funijs and grants lo ensure that sufficient reserves are available to cover conlinggnl costs and projects which have started. The Trustees consider th81 for a company of this scale nvolved in artistic development it is appropriate lo carry the following levels of resetV8S: A contin9ency fund within the General Fund of £95k to cover redun¢Jan¢y costs, lo$$ of 8 major grant, income source or bad debt and cover 3 months operating c05t5. Icurrent General Fund = £99kl A depreciation and maintenance reserve of not less than £75k lo cover the loss ol capital equipment, especially touring vehicles, and to prepare for their replacemenl.1£75kl A designated fund1£50kl for artistic development opportunities. including project match funding, especially for talent developrnenl, new touring possibilities and research and development opportunities.1£50kl Premises maintenance and development 180kl in connection with the new Eastern Angles Centre (Currently £82kl Community engagemenl1£20kl plans around the EAC (Currently £10k) A¢¢ess and diversity issues1£20kl Icurrenlly £30kl Covid Recovery Fund lo support continued income loss following the pandemic. This has now been ulilised Succession Fund1£5kl to allow for new recruitment l¢urrently £Sk}. Audien¢e and Digital Development Fund lo support growth of audiences both in person and motelY (currently £25k) It is likely these r8serves will be drawn on during the next threg years as we commit a further £50k of reserves to the next phase of our business plan from 2023 -2026 and into the extension year of 2026-27 recently announced by ACE. Out of a total of £420k total funds, a tolal of £24k are reslricled and £396k unrestricted, out of which £296k are designated reserves. Future Plans 2024-25 Our application to Arts Council for the next NPO programme for 2023-26 included a commrtment lo the use of £90k of reserves currently within our designated funds, to achieve this. They 8¢¢epted this as part of our business plan. With the continuation of our ability to create theatre with a sense of place, our community engagement from the EAC and the conlinue¢J provision of arts activity in Pelerborough we fulfil all the requirements of the ACE strategy for Let's Create. We have invested time and money in pursuing digitsl broadcasts and recordings of all our ¢urrenl shows lo give us some prole¢tion and against future lockdown restri¢tions and are confident that our learning over the last year on livestreaming and rÈeordin9 will hold us in good stead. The Eastem Angles Centre is poise¢J to become an important community hub in the West of Ipswich and as part of the new Pelerborough Creattve Aliance we are well-placed lo further our work there. Our new funding) frorn IBC'5 Shared Prosperity Furbd 1£68k, Suffolk Wellbeing Fund 1£4,9001 and Serious violence Fund11£12,500. Shows the Company to be in good re5ilienl shape through the next year. Strueturei governance and manag¢m•nt Gov•rnlng document The organisalion is a charitsble company limit8d by guarantee. incorporated on 24 April 1984 and registered as a charity on 15 October 1986. The company was established under a MemorandLJm of Association, which established the objects and powers of the charitable company and is governed under its Articles of Association as amended on 25 July 2011. The revised articles of association have been prepared in accordance with Companies A¢is 1985 and 2006. AI 31 March 2023 there were nine Iruslees. In the event of the company being wound up fflembers afe required to contribute an amount as may be required, not exceeding £1. Page 6
Eastern An les Theatre Com an Ltd ort of the Iruslees for the Year Ended 31 March 2024 Structure. govemance and management Recruitment and appointment of nèw trustèès The directors of the company are also charity trustees for the purposes of charity law and under the company's Articles ar8 known as the Board of Tmslees. The company is working to ensure that a wide range of business and artistic skills are represented on Ihg board and curr8ntly has artistic, local authority, financi81. heritsgtr, education. business and legal skills. Org•nl$ational structure The management of the ch8rty is vested in the Board of Truslees llhe Board"), consisting of a minimum of 2 members with no maximum number. The Board meeis al leasl 4 limes per year lo determine the policy and organisalional structure and lo review and monilor the management of the charity. The board is currently chaired by Mrs Aison Stewart. The Board and ils two subcommittees, the Finance. Audit and Risk Committee IFARCI and the Markeling, Audience Development and Artisti¢ Review Committee IMADARI continued lo rneel regularly both personally and on zoom and lo monitor the financial and strategic measures taken lo guide the company throLJgh Ihis year. The Board is now in the process of recruiting new Members lo reflect the recent changes in the Company's a¢livilies, like the new Eastern Angles Cenlre, the Arts Council's new strategy for 2020-30. Let's Create, reduced local authority funding and the prospect of further challenges in the coming years. Afi of these report to the Board and all Trustees sit on at least one SLtb4ommittee. The subsidiary Eastern Angles Production Ltd regularly delivers its accounts towards the Theatre Tax Relief through Corporation Tax and is run to the samè standard of procedure and scrutiny as the main Charity. The Board is currently 8xamining ils recruilmenl and planning new Trust88 members in 2024125. Jake Smith, Chief Executive, is appointed by the Iruslees to manage the daY-tdaY operations of the charlty. To facililale effective operations, the Chief Executive, has delegated authority, within temis of delegation approved by the trustees, for operational matters including finance, employment and artistic performance related activity. The Chair of the Company and the Chief Executive meel regularly, 8nd the Chief Executive is assisted in the day-ldaY running of the charity by the staff team. The Eastem Angles staff cost represents approximately one third of the organisation's turnover and people are recognised as our key resource. The Company recognises the importance ol staff continuous professional development (including training, mentoring, attendin9 events. conferences elcl and a budget has been allo¢aled for this purpose. All staff have annual appraisals with the Chief Executive al which CPD objeGtive5 are identified. The Chief Executive participates in an annual appraisal process with the Chair. and the Board undertake a self-critical PesS of review annually. All salarles are checked each year agalnsl current standards sel by the Independent Theatre Council and for senior management personnel against currènt pay scales in the industry for this size of company. Induction and training of new trustees The Chair discusses roles and responsibilities with each indNiLYual Trustee. There is an induction process which includes a briefing to them on their legal obligations under charity and company law, the ¢onlenl of the Mamorandum and Articles of Associalion, the committee and deci5ion-making processes, the business plan and the recent financial performance of the charity. During this process new Iruslees meet key employees and other trustees. Trustees are encouraged lo attend all the charity's productions and external training courses, which may assist them in undertaking theii engaggmenl. Key management remuneration The Eastem Angles Theatre Company Limited has a Finance, Audit and Risk Committee lo consider proposals for change lo remunerations and other terms and conditions of employment for personnel. The Corrmittee are responsible for discussing and approving pay and remuneration decisions for key personnel, with decisions based on induslry salary benchrnarking and level of responsibility, accountability and expertise required. Page 7
Eastern An les Theatre Com an Ltd ort of the Iruslees for the Year Ended 31 March 2024 structure, governance and management Rl$k management The trustees have a duty to identty and review the risks to which the Charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error. The Board of Trustees has conducted a r&view of the major risks lo which the chaity is exposed. A risk register has been established and is updated regularly by the Finance, Audit and Rlsk Committee and revWed by the Boar¢J. whe appropriate, systems or procedures have been established to mitigate the risks the charity faces. Where possible long-lerm funding arrangements are agreed with major partneTS and annual budgets are prepared around Ih8str agreements. Inlernal control risks are minimised by the implementation ol procedures for authorisation of all transactions 8nd projects. Procedures are in place lo ensure compliance with health and safety of staff, volunteer5, clients and visilors. Reference and admlnlstratlv¢ detall$ Registered Company number 01810563 IEngl8nd and Walèsl Règistered Charity number 295093 Reglstered offir Sir John Mills Theatre Galacre Road Ipswich IP1 21Q Trustees L Locke (reSne 23.4.241 J Skellorn (resigned 23.4.241 A Slewari J Austin S Hoolori A cae1r0 S Taylor L Miller Avelino Company Secretary J D Smith Soll¢itors Barker Golelee 41 Barrack Square Martlesham Heath Ipswich IP5 3RF Bankers Bar¢lays Bank PIC 1 Princes Street Ipswi¢h IP1 1PB Page 8
Eastern An les Theatre Com an Ltd rt of the trustees for the Year Ended 31 March 2024 Report of the Iruslees, incorporating a slralegi¢ report, approved by order of the board of Iruslees. as the company dire¢lors, on .. and signed on the board's behalf by.. YVLA gQVLL5 frL A Stewart- Trustee Page 9
Inde ndenl examinerfs re Eastern an les theatre com ort to the trustees of an Itd Ind•p•nd•nt •xamin•r's report to the trustees of Ea$tern Angle$ Thèatr• Company Ltd I'the Company'} I report lo the charity trustees on my examinatson of the accounts of the Company for the year ended 31 March 2024. Responslbllltlgs and basis of report As the charity's trustees of the Company land also ils directors for the purposes of company lawl you are responsible lor the preparation of the accounts in accordance with the requirements of the Companies Act 20061'lhe 2006 Act'i. Having satisfied myself that the 8¢counts of th8 Company a nol required lo be audited under Part 16 of the 2006 Act and are eligible for independent examination, I rèport in respect of my examination of your charity's accounts as carried out under Section 145 of the Charities Act 2011 I'lhe 2011 A¢t'}. In ¢arrying out my examination I have followed the DiTe¢lions given by the Charity Commission under Sects'on 145151 {bl of the 2011 Act. Independent examln•r's stat•menl Since your charity's gross income exceeded £250.ODO your examiner must be a member of a listed body. I can confirm that l am qualified to undertake the examination because l am a member of the Association of Chartered Certified Ac¢ountsnts, which is one of the listed bodies. I have completed my examination. I confirm that no matters have come to my attention in connection with thè examination giving me cause to believe= accounting records were not kept in respect of the Company as required by Section 386 of the 2006 Act., or Ihe accounts do not accord with those records., or the accounts do not comply with the accounting requirements of Section 396 of the 2006 Act other than any requirement that the accounts give a true and fair view which is not a malter considered as part of an independent examination., or the accounts have not been prepared in accordance with the methods and principles of the Slalemenl of Recommended Pradice for ac¢ounting and reporting by Charities (applicable to chafilies preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 10211. I have no Concerns and have come across no other matters in connection wilh the examination to which attention should be drawn in this report in order to enable a proper undèrstsnding of the accounts lo be reached. Louise Rogers The Association of Chartered Certified Accountsnls Date.. Page 10
Eastern An les Theatre Com an Ltd Statement of financi81 activities for the Year Ended 31 March 2024 31.3.24 Total funds 31.3.23 Total funds Unrestricted Restricted funds funds Notes INCOME AND ENDOWMENTS FROM Donations and legacies 312,885 33,309 346,194 425,043 Charitable activitiOS Artistic Programme Education and Outreach Trading operations- Raising Funds 59,472 450 40,470 59,472 450 40.470 81,279 6,125 37,846 Investment income Other income 6.740 33,227 6,740 33,227 1,726 54,655 Total 453.244 33.309 486.553 606.614 EXPENDITURE ON Charltablè aetlvlti•$ Artisti¢ Programme Eéu¢ation and Outreach Trading operations - Raising Funds 465,734 31,075 15.744 28,778 494,512 31,075 15,744 538,777 29,609 Total 512,553 28,778 541.331 568,386 NEf INCOMEIIEXPENDITURE) 159,3091 4.531 {54.7781 38.22 RECONCILIATION OF FUNDS Total funds brought forward 454,728 19,800 474,528 436,300 TOTAL FUNDS CARRIED FORWARD 395,419 24.331 419,750 474,528 The notes fomi part of these financial statements Page 11
Eastern An les Theatre Com Balance sheet 1 March 2024 31.3.24 31.3.23 Notes FIXED ASSETS Intangible assets Tangible assets Investments 96,000 61,357 97,000 80,411 12 13 157,358 177,412 CURRENT ASSETS Debtors Cash al bank and in hand 14 110,401 320,111 141,024 343,572 430,512 484,596 CREDITORS Amounts falling due within one year 15 1168,1201 1187,4801 NET CURRENT ASSETS 262,392 297,116 TOTAL ASSETS LESS CURRENT LIABILITIES 419,750 474,528 NET ASSETS 419,750 474,528 FUNDS Unreslricled funds Restricted funds 17 395,419 24,331 454.728 19,800 TOTAL FUNDS 419,750 474,528 The charitable company is èntitled to exemption from audit under Sèetion 477 of the Companies Ad 2006 for the year ended 31 March 2024. The members have not required the company to obtain an audrt of ils financial statements for the ye8r ended 31 March 2024 in accordance with Section 476 of the Companies Acl 2006. The trustees aCknOedge theiy responsibilities for la} ensuring that the charitable Company keeps accountin9 records that comply wffh Sections 386 and 387 01 the Companies Act 2006 and preparing financial statements which give 8 true and fair view of Ihe stale of affairs of the charitable company as al the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating lo financial stslemgnts, so far as applicable lo the charitable company. (b} The noles form part of these financial statements Page 12 continued...
Eatem An les Theatre Com an Ltd Balance sheet- continued 31 March 2024 The financial slalemenls were approved by the Board of Trustees and aulhorised for issue on and were signed on its behalf by". A Stewart- Trustee J Austin- Truslee The notes form part of Ihese financial statements Page 13
Eastern An les Theatre Com Cash flow statement for the Year Ended 31 March 2024 31.3.24 31.3.23 Notes Cash flows from oporatlng actlvltles Cash generated from operations Tax paid 150.9331 20.732 153,452 54,6561 Net cash (used inyprovlded by operating activities 30,2011 98,796 Cash flows from Investing activities Purchase of tangible fixed assets Interest re¢eived 137,564) 1,726 6,740 Net cash provided byllused inl investing activities 6.740 35,8381 Change in Cash and ¢ash equlval?nts In the rnportlng perlod Cash and cash èqulvalents attho baglnnSng of the reporting p•rlod 123,4611 62,958 343,572 280,614 Cash and cash equivalents at thg gnd of the reporting period 320,111 343.572 The notes form part of these financial statements Page 14
Eastern An les Thealre Com an Ltd Notes lo the cash flow statement for the Year Ended 31 March 2024 RECONCILIATION OF NET (EXPENDITUREIIINCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES 31.324 31.3.23 Net {expendltur•)Ilncom• for tho r•portlng perlod la$ per the statement of Flnanclal A¢tSvltle$) Adjustments for.. Depreciation charges Inte$1 received Theatre lax relief Decrease in debtors (Decreaseyincrease In credK(ors 154,7781 38,228 20,052 16,7401 19,994 11.7261 13,044 61,646 22.266 9,891 19.3581 Nèt cash (used inllprovided by operatlons 50,9331 153.452 ANALYSIS OF CHANGES IN NET FUNDS At 1.4.23 Cash flow At 31.3.24 Not cash Cash al bank and in hand 343,572 23,4611 320,111 343,572 23,4611 320,111 Total 343,572 23,4611 320.111 The notes form part of these financial slatements Page 15
Eastern An les Theatre Com an Ltd Notes to the financial statements for the Year Ended 31 March 2024 ACCOUNTING POLICIES Ba$15 of preparing the financial statements The financial slalemenls have been prepared in aecordance ¥th Accounting and Reporting by Charities.. Statement of Recommended Practice appli¢able to charities preparing their accounts in accordance wlth the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 leffeclive 1 January 20191- (Charities SORP IFRS 10211, the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 and the Companies A¢l 2006. The financial statements have been Pared under the historical cost oonvention with the exception of investments which are included at market value. The Eastern Angles Thg8tr8 Company meets the definition ol a pubic benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise slated in the relevant accounting policy. Company status The Charity is a company limited by guarantee. The members of Ihe company are the Trustges named in the Trustees Report. In the event of the charity being wound up, the liability in respect of the guarantee is limited lo £1 per member of the charity. Income All incoming resources are inelud8d in the statement of finan¢i81 activitses when the charty is entid8d to the income and the amount can be quantified with reasonable accuracy. The following specffic policies arts applied lo particular calegories of in¢ome'. Voluntsry income is received by way ol grants, donations and gifts and is included in full in the Slalement of Financial Activities whèn receivable. Grants, where entitlement 15 ¢ondition81 on the delivery of a specific performance by the charity, are recognised when the charity becomes unconditionally entitled to the grant. Donated services and f8¢iliti8s are included at the value to the charity where this can be quantified. The value of services provided by volunteers has nol been includeil in these aountS. For legacies, enlillemenl is recognised from the earlier of the dale of receipt or when sufficient notification is received by the Charity to enable il to quantrfy ils entitlement with reasonable certainty. Investment income is included when Teceivable. Incoming resourees from charitable activities afe accounted lor when earned. Box office and other income Teceived in the current financial year. bul relating lo events lo be performed after the year end, are included under creditors on the balance sheet. Incomlng resources from grants, where related to performanc8 and specific deliverables, are accounted for as the charity earns the right to consideration by ils perfomiance. Incoming resources from trading a¢tivities are accounted for when earned. Allo¢allon and apportionm•nt of costs Liabilities are recognised as expenditure as soon as there is a legal or conslruclive obligation committing the charity to that expendiluTe. il is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation be measured reliably. Expenditurè is accounted for on an accruals basis and has been classified under headings that aggreg8te all cost related lo the calegory. Where costs cannot be directly attributed lo particular headings they have been allocated to activities on a basis consistent with the use of resources. Expenditure includes any VAT which cannot be fully recovered, and is reported as part of the expenditure lo which il Telales. Costs of raising funds comprise the costs incurred in generating trading income per the SOFA. Page 16 continued...
Eastem An les Theatre Com Notes to the financial statements - continued for Ihe Year Ended 31 March 2024 ACCOUNTING POLICIES - ¢ontlnued Allocalion and apportionment of costs Charitable expenditure comprises those costs incurred by the charity in the delivery of ils activities and services for ils beneficiarie5. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them. Governance costs include those costs associated with meeting the constilulional and statutory requirements of the charity and include the audit fees and costs linked lo the strategic management of the Charity. All costs are allocated betsveen the expenditure categories of the SOFA on a basis designed lo reflect the use of the Tesource. Costs relating to a parti¢ular a¢tNily are allocated directly-. others are apportioned on an appropriate basis e.g. estimated usage, as set out in a separate note. Long temiloase Intangible fixed assets are measured al cost less accumulative amortisalion and any accumulative impaimienl losses. Thtr lease is for a period of 100 years. Tangible fixed assets Tangible fixed assets are stated at Cost less depreciation. Fixed assets with a value below £500 are not capitalised. Depreciation has been provided al the following rates in order lo wrf(e off the assets Iless their expected residual value) over their esllmaled useful economic lives. An annual review of the likelihood of assèt impairmènt is undertaken. Leasehold Improvements Office Equipment LX and Sound Equipment Computer Equipment Seating Motor Vehicles Sile Equipment 10V/o - 200A slraighl line 10Y¢ 25Qk straight line 10¥0 straight line 25QA slraighl line 100/0 Straight line 25'1v slraighl line 10% straight line Taxation The charity is exempt from corporation lax on ils charitable aclivilies. Fund accounting Unrestricted funds can be used in accordance with tho ¢haritabl¥ objeclivgs al the discretion of the ITiJslees. Designated funds ¢omprise unrestricted funds that have been set aside by the Trustees for particular purposes. The aim and use of each designated fund is sel oul in the notes lo Ihe financlal stslements. Restricted funds can only be used for particular restricted purposes within the objects of the charity. Reslriclions arise when specAfied by the donor or when funds are raised foi parb'cular ieslricted purposes. Furthei explanats'on of the nature and purpose of each fund is included in the notes to the financial statements. Pension eosts and other postryretirement b•n•fits The charitable company operates a defined contribution pension scheme. Contributions payable lo the charitable company's pension scheme are ¢harged to the Statement of Financial Activities in the period lo which they ielale. Page 17 continued...
Eastern An les Theatre Com an Ltd Notes to the financial statements - continued for the Year Ended 31 March 2024 DONATIONS AND LEGACIES 31.3.24 31.3.23 Donations Grants Friends and Companions 11,367 333,918 909 16,519 407,463 1,061 346,194 425,043 Grants received, included in the above, are as follows.. 31.3.24 31.3.23 Arts Council England East Suffolk County Council Norftslk County Council Essex County Council Ipswich Borough Council - Revenue grant Mid Suffolk District Council Babergh District Council O & H Hampton Broads AulhorilylNLHF Viridor Covid recovery grants Ipswich Borough Council Eastern Angles Centre Creative Atts re ki¢kstsrts Suffolk County Council Holiday ActivitiAu Histori¢ England Theatres Trust - Wolfson Grant National Lottery Heritage Fund Mid Suffolk Distri¢l Council - Developrnenl Grant Babergh Districi Council - Development Grant Other grants 224.457 21,420 500 224,457 21,420 5,000 7,500 1,000 400 11,836 30,000 10,000 1,475 7,925 15,423 17,878 11,500 20,000 20,000 14,500 1,000 400 3.035 18,797 8,500 33,309 4.800 3.200 1.649 333,918 407,463 INVESTMENT INCOME 31.3.24 31.3.23 Interest receivable trading 6,740 1,726 Page 18 continued.
Eastern An les Theatre Com Notes lo the financial statements - continued for the Year Ended 31 March 2024 INCOME FROM CHARITA8LE ACTIVITIES 31.3.24 31.3.23 A¢tNIty Fees and box office receipts Programme and refreshment sale Fees and box office receipts Hiring Programme and refreshment sale Letting ISJMI Artisttc Programme 59,472 75,241 Artistic Programme 5,978 Education and Outreach Trading operations - Raising Funds 450 12,050 6,125 9.318 Trading operations - Raising Funds Trading operations- Raising Funds 9,028 19,392 28,528 100.392 125,190 CHARITABLE ACTIVITIES COSTS Support costs (see note 61 Direct Costs Totals Artisti¢ Programme Education and Outreach Tradin9 operations - Raising Funds 142,817 31,075 15,744 351,695 494.512 31,075 15,744 189,636 351,695 541,331 SUPPORT COSTS Governance costs Management Totals Artistic Piogramme 322,836 28.859 351,695 NET INCOMEIIEXPENDITURE) Nel incomellexpendilurel is slated after chargingllcredilingl.. 31.3.24 31.3.23 Depreciation- o¥vned assets LT Lease amortisalion 19,054 1,000 18.993 1.000 Page 19 continued...
Eastern An les Theatre Com an Ltd Noles to the financial slalemenls - continued forlhe Year Ended 31 March 2024 TRUSTEES. REMUNERATION AND BENEFITS There were no Irustges, remuneration or other benefits for the year ended 31 March 2024 nor for the ygar ended 31 March 2023. Trustees. exnSeS Travel expenses of £271 {2023 £nill were paid to L Miller. No other Trustees were paid. STAFF COSTS 31.3.24 31.3.23 Wages and salaries Social se¢urily cosls Other pension ¢osls 233,462 12,793 13,818 235,499 12.312 11,697 260,073 259,508 The average monthly number of employees during the year was as follows.. 31.3.24 14 31.3.23 Total No employees received emoluments in excess of £60,000. The key rnanaggment personnel of the charity comprise the Iruslees and the Chief Executive. 10. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES In preparing these accounts. the Trustees have considered whether in applying the accounb'ng poli¢iès required by FRS 102 and the Charities SORP FRS 102 the reststement of comparative items was required. The policies applied under the previous accounting framework 8re not materially different to FRS 102 and have not impacted funds or the Stsiement of Financial Activities. INTANGIBLE FIXED ASSETS LT Lease Cost At l April 2023 and 31 March 2024 100.000 Amortis#tion Al 1 April 2023 Charge for year 3,000 1.000 At 31 March 2024 4.000 N•t book value At 31 March 2024 96.000 Al 31 March 2023 97,000 Page 20 continued...
Eastem An les Theatre Com an Ltd Notes to the financial slalements - continued for the Year Ended 31 March 2024 12. TANGIBLE FIXED ASSETS Leasehold Sile improvements Equipment LX & Sound Seating Equipment Cost Al 1 April 2023 and 31 March 2024 19.237 74,315 59,292 70,145 Depreclatlon Al 1 April 2023 Charge for year 19.237 28,414 5,178 58,206 1,029 47,203 6.399 At 31 Mar¢h 2024 19,237 33,592 59,235 53,602 Net book value At 31 March 2024 40.723 57 16,543 At 31 March 2023 45,901 1.086 22,942 Office Equipment Motor Computer vehicles equipmenl Totals Cost At 1 April 2023 and 31 March 2024 15.647 39,423 48,346 326,405 Depreciation Al 1 April 2023 Gharge for year 15.647 36,366 3,057 40,921 3.391 245,994 19,054 At 31 March 2024 15,647 39,423 44.312 265,048 Nèt book value Al 31 March 2024 4,034 61.357 Al 31 March 2023 3,057 7.425 80.411 13. FIXED ASSET INVESTMENTS Unlisted investmenls Market value At 1 April 2023 and 31 March 2024 Nfrt bo¢k value Al 31 March 2024 Al 31 Maich 2023 There were no investment assets oulside the UK. Page 21 continued...
Eastern An les Theatre Com Notes to the financial Statements - continued for the Year Ended 31 March 2024 14. DEBTORS: AMOUNTS FALLING DUE virrHIN ONE YEAR 31.3.24 31.3.23 Trade debtors Other debtors Tax Prepayments and accrued income 13,113 5,911 87,882 3,495 26,944 3,818 108,614 1,648 110.401 141,024 15. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 31.3.24 31.3.23 Trade creditors Amounts owed to group undertakings Social securily and other taxes VAT 18,061 23,005 5,660 9,990 96.990 37,41 e 4,150 13,552 95,056 51,716 Accru81s Deferfed income 188,120 187.480 16. ANALYSIS OF NET ASSETS BETWEEN FUNDS 31.3.24 Total funds 31.3.23 Total funds Unrestricted Restricted funds funds Fixed assets Investments Current assets Current liabilities 138.357 19,000 157,357 177,411 425,181 168,1201 5.331 430,512 168,1201 484,596 187,4801 395,419 24.331 419,750 474.528 Page 22 continued...
Eastem An les Theatre Com an Ltd Notes to the financial statements - continued for the Year Ended 31 March 2024 17. MOVEMENT IN FUNDS Net movement in funds Transfers between funds At 31.3.24 At 1.4.23 Unrestrlcted funds General Fund Artistic Development Fund Depreciation and Maintenance Fund Premises Fund Development Fund Access and Diversity Fund Covid Reconstruction Fund Succession Fund Community Engagement Fund Audience and Digital Development Fund 137.865 49,823 75,135 81,839 20,000 15,066 55,000 20,000 158.6651 19,963 99,163 49,823 75,135 81,195 20,000 30,066 1644} 15,000 155,0001 115,0001 10.000 5,000 10.000 25,037 454.728 159,309) 395,419 Restricted funds National Lottery Heritage Fund Theatres Trust Wolfson Fund 5,331 5,331 19,000 19.800 4,531 24.331 TOTAL FUNDS 474,528 54 7781 419 750 Net movement in funds. included in the above are as follows.. Incoming Resources resources expended Movement in funds Unre$tri¢ted funds General Fund Premises Fund 453,244 {511,9091 158,6651 453.244 1512,553) 159,309} Restri¢t¢d funds National Lottery Heritage Fund Theatres Trust Wolfson Fund 33,309 {27.9781 5.331 33,309 TOTAL FUNDS 486 553 541 331 } 54,7781 Page 23 continued...
lern An les Theatre Com Notes to the financial statements - conlinued for the Year Ended 31 March 2024 17. MOVEMENT IN FUNDS- contlnued Comparatlves for movement In funds Net movement in funds Transfers between funds At 31.3.23 At 1.4.22 Unrestrlcted funds General Fund Artistic Development Fund Depreciation and Maintenance Fund Premises Fund Development Fund Access and Diversity Fund Covid Reconstruction Fund Su¢¢es$ion Fund 125,001 42,823 63,135 82,000 20,000 15,066 55,000 31,864 119,000} 7,000 12,000 137,865 49.823 75,135 81.839 20,000 15,066 55.000 11611 423,025 31,703 454,728 Restricted funds Suffolk County COV Continuity Fund Theatres Trust Woltson Fund 13.275 113,2751 19,800 13,275 6,525 19,800 TOTAL FUNDS 436,300 38,228 474,528 Comparative nel movement in funds, included in the atx)ve are as follows.. Incoming Resour¢es Movement resources expended in funds Unrestricted funds General Fund Premises Fund 566,614 1534,7501 31,864 566,614 1534,9111 31,703 Restrlcted funds Suffolk County Covid Continuity Fund National Lollery Heritage Fund Theatres Trust Wolfson Fund 113,2751 120.0001 113,2751 20,000 TOTAL FUNDS 606 614 568.386} 38,228 Restricted funds The Suffolk County Covid Continuity Fund awarded us £13.275 for an initial R&D and street theatre project for summer 2022. The project was completed in 2022. The National Lottery Heritage Fund awarded us £53,309 for our Medieval Miracles project which runs from February 2023 to March 2024. We have allocated £20k to 22-23 and the remainderto 2023-24. The Theatres Twst Woltson Fund awarded us £20,000 toward5 the cost of solar panels now installed on our roof. Page 24 ¢ontinued...
Eastern An les Theatre Com an Ltd Notes to the financial statements - conlinued for the Year Ended 31 March 2024 17. MOVEMENT IN FUNDS- continued De$lgnated funds Access Audience Development is geared towards updating facilities for audiences with access difficulties lo enjoy our productions in more venues. The ArtisliG Development Fund is designed to assist with the future development of the Charity by commissioning work 8head of lime. The purpose of the Depreciation and Maintenance Fund is lo allow fvture depreciation charges arising as part of the Capital Project lo be disclosed separately from general unreslricled funds and for the purchase of a replacement touring vehicle for the company. Premises Fund - with the recent move into the space in the old Victorian school next door va¢alod by the Suffolk Record Office, this fund will help maintain the new premises. The Development Fund will be used to develop new activities within the new premises which was previously named the Gatacre Centre Fund. Covid Reconslruclion Fund ha$ been used for the ongoing recovery of activities following the Covid pandemic of 202012021, especially where Covid safety measures still require reduced capacity for audenGes and increased expendilure.This fund has been fully utilised. Postponed Activities Fund was used to produce theatre and touring productions postponed from 2020. Succession Fund is to provide assistance towards overtap costs due to the imminent retirernenl of important staff roles in the company management. Audience and Digital Development Fund lo support growth of audiences both in person and remotely. Community Engagement Fund is lo support and develop activities for the local communities around the Eastern Angles Centre. RELATED PARTY DISCLOSURES There were no transactions in the year12023 £Nill. Page 25
Eastern An les Theatre Com Detailed statement of financial activities for the Year Ended 31 March 2 31.3.24 31.3.23 INCOME AND ENDOWMENTS Donatlons and lega¢ies Donations Grants Friends and Companions 11,367 333,918 909 16.519 407.463 1.061 346,194 425,043 Investment Ineome Interest receivable- trading 6,740 1,726 Charitablo activitios Fees and box office receipts Hiring Programme and refreshment sale Letting ISJMI 59,922 12,050 9,028 19,392 81,366 9,318 5,978 100.392 125,190 Othor Income Theatre Tax Relief 54 655 ToLIl in¢oming resources 486,553 606,614 EXPENDITURE Charitable activities Fees and artists wages Technical Costs Irrecoverable VAT Programme Costs Bar Expenses Marketing Other Direct Costs Spektrix Service Charges Pre production and production costs 127.075 5,639 141,254 6,089 11,2491 1.896 6,095 16.094 23,426 2,590 4,137 17,011 15,100 2,442 189,636 214,887 Support costs Management Staff Salaries Social security Pensions Premises Communications Travel 233,462 12,793 13.818 23,375 9,242 8,037 2,057 302,784 235,499 12,312 11,697 26,495 12,426 8,977 4,909 312,315 Carried forward This page does not form part of the statutory financial statements Page 26
Eastern An les Theatre Com an Ltd Detailed ment of financial activities for the Year Ended 31 March 2024 31.3.24 31.3.23 Management Brought forward Amortisation ot intangible fixed assets Depreciation of tangible and heritage assets 302,784 1,000 312,315 1,000 19,052 18,994 322,836 332,309 Governance costs Insurance Sundries Legal fees Independent examiner HR services 5,918 8,713 7,170 4,824 5,627 10,278 2,504 2,781 28,859 21,190 Total resources expended 541,331 568,386 Net lexpenditureyincome This page does not form part ofthe stalulory financial statements Page 27