Company registration number: 01481033 Charity registration number: 510625
Bretforton Theatre
(A company limited by guarantee) Annual Report and Financial Statements for the Year Ended 31 December 2022
Bretforton Theatre
Contents
| Reference and Administrative Details | 1 to 2 |
|---|---|
| Trustees' Report | 3 to 7 |
| Independent Auditors' Report | 8 to 10 |
| Statement of Financial Activities | 11 to 12 |
| Balance Sheet | 13 |
| Notes to the Financial Statements | 14 to 26 |
Bretforton Theatre
Reference and Administrative Details
Acting Chair R Tackley, Acting Chair Trustees K E Buckham EJ Heathcote-James C Verboom Charity Registration Number 510625 Company Registration Number 01481033 The Charity is incorporated in England and Wales, UK.
Page 1
Bretforton Theatre
Reference and Administrative Details
| Registered | Office | Theatrebarn |
|---|---|---|
| Bretforton Grange | ||
| Main Street, Bretforton | ||
| Evesham | ||
| Worcestershire | ||
| WR11 7JH | ||
| Auditor | Clement Rabjohns Limited | |
| Statutory Auditor | ||
| 111/113 High Street | ||
| Evesham | ||
| Worcestershire | ||
| WR11 4XP | ||
| **Investment ** | Managers: | Raymond James Investment Services |
| Kestrel Court | ||
| Waterwells Drive | ||
| Gloucester | ||
| GL2 2AT | ||
| Brewin Dolphin | ||
| 9 Colmore Row | ||
| Birmingham | ||
| B3 2BJ | ||
| Bankers | Lloyds Bank Plc | |
| Evesham | ||
| 19 High Street | ||
| Evesham | ||
| Worcestershire | ||
| WR11 4DQ | ||
| CAF Bank Ltd | ||
| West Malling | ||
| 25 Kings Hill Avenue | ||
| Kings Hill | ||
| West Malling | ||
| Kent | ||
| ME19 4JQ | ||
| Nationwide Building Society | ||
| Evesham | ||
| 37 High Street | ||
| Evesham | ||
| Worcestershire | ||
| WR11 4DB |
Page 2
Bretforton Theatre
Trustees' Report
The Trustees, who are directors for the purposes of company law, present the annual report together with the financial statements and auditors' report of the charitable company for the year ended 31 December 2022.
Objectives and activities
Objects and aims
The principal activities of the Charity are to promote, maintain, improve and advance education, particularly by the promotion and production of educational plays and concerts and the encouragement of the arts, including the arts of drama, film, mime, dance, singing and music, and for the improvement of the taste and appreciation of the said arts for the public. The Charity also promotes the social and cultural welfare of the community in Bretforton and the surrounding area.
Objectives, strategies and activities
The Theatre was closed for part of the year ended 31 December 2021 in compliance with Covid-19 restrictions and a decision was made in May 2022 to close the theatre for several months to allow time to plan a way forward. A new Executive Director has been brought on in during 2023 to assist with the revamp.
Fundraising disclosures
The Charity relies on benefactor donations income from ticket sales and investment income from previous donations.
Public benefit
The Trustees have considered the Charity Commission's guidance on public benefit, including the guidance "public benefit: running a charity (PB2)". The Theatre relies on benefactor donations, the income generated therefrom, and, income from ticket sales to cover its operating costs. Affordability and access to our programme is important to us and is reflected in our pricing policy.
The Trustees confirm that they have complied with the requirements of section 17 of the Charities Act 2011 to have due regard to the public benefit guidance published by the Charity Commission for England and Wales.
Financial review
The net expenditure for the year was £674,413 (2021 net income of £158,856) which will be taken against reserves, which at 31 December 2022 stood at £7,906,663 (2021 £8,581,076). Improvements were carried out in 2022 and more are planned for 2023, especially for the benefit of disabled patrons.
Policy on reserves
At 31 December 2022, the Charity's reserves stood at £7,906,663 (2021 £8,581,076), all of which was unrestricted. The decrease in reserves is due to realised and unrealised losses on the Charity's investment assets during the year. The Charity aims to retain free reserves sufficient to provide investment returns to fund its core activities.
Page 3
Bretforton Theatre
Trustees' Report
Principal funding sources
The Charity is reliant on donations and income from previous donations invested to finance its operations. Predominantly investment assets are held as reserves. The Trustees aim to build a range of investments designed to ensure the long-term existence of the Charity. Should fundraising begin to decline then income generated from assets managed by the investment managers will be utilised to support the main priority of the Charity for as long as is practical.
Investment policy and objectives
The Trustees seek to invest across a range of assets and risk profiles to suit the different investment requirements. The precise asset range, distribution and allocation will be left to the investment managers to decide, based on an agreed assessment of the Charity's attitude to risk.
Plans for future periods
Aims and key objectives for future periods
Following the changes to the board and the decision to close the theatre for a period, the aim for 2023 is to refocus on the plans for the entire estate. The key objectives are to gradually reopen over the next couple of years and develop a sustainable business model for the future of the charity.
Going concern
The Trustees have reviewed the financial statements as well as the charity's plans for 2023 and beyond and its funds position up to the date of signing off these financial statements. The Trustees are fully confident that the charity should be considered as a going concern.
Trustees and officers
The trustees and officers serving during the year and since the year end were as follows:
Trustees: K E Buckham (appointed 21 July 2022) EJ Heathcote-James (appointed 28 April 2022) C Verboom D Dale (resigned 19 December 2022) R L Hayfield (resigned 21 July 2022) E C Talbot (resigned 25 April 2022) A R Welch (resigned 28 April 2022)
Acting Chair: R Tackley, Acting Chair (appointed 1 July 2023)
Structure, governance and management
Nature of governing document
The Charity is a company limited by guarantee and does not have share capital. The company was incorporated on 22 February 1980 and was registered as a charity on 4 November 1980. The Charity is registered with the Charity Commission and is a company incorporated in England and Wales, UK and it is governed by the Articles of Association.
Page 4
Bretforton Theatre
Trustees' Report
Recruitment and appointment of Trustees
The Trustees continue to explore possible new board members, mindful that the Trustees now serve time limited terms of office of three years, extendible for a further three years. New Trustees will be briefed on their legal obligations in line with charity, company law and the obligations placed on them by the Articles of Association. The decision making processes, business plan and recent financial performance of the Charity will also be covered.
Arrangements for setting key management personnel remuneration
The Trustees consider that the Board of Trustees comprise the key management personnel of the Charity in charge of directing and controlling, running and operation the Charity. All Trustees give of their time freely and Trustee received remuneration in the year. Details of related party transactions are disclosed in the notes to the financial statements.
Organisational structure
Day to day responsibility for the charitable activities was managed by the General Manger until his departure in May 2022 who reported to the Trustees. For the remainder of the year, until the recruitment on an Executive Director, the Trustees took on the day to day responsibility for the Charity.
Major risks and management of those risks
Reputation, financial and personnel
These risks are listed in a register and are reviewed on an annual basis by the Board of Trustees.
Financial instruments
Objectives and policies
The Charity's activities expose it to a number of financial risks including credit risk, cash flow risk and liquidity risk. The use of financial derivatives is governed by the Charity’s policies approved by the board of Trustees, which provide written principles on the use of financial derivatives to manage these risks. The Charity does not use derivative financial instruments for speculative purposes.
Cash flow risk
The Charity’s activities expose it primarily to the financial risks of changes in foreign currency exchange rates and interest rates. The Charity uses foreign exchange forward contracts and interest rate swap contracts to hedge these exposures.
Interest bearing assets and liabilities are held at fixed rate to ensure certainty of cash flows.
Credit risk
The Charity’s principal financial assets are bank balances and cash, trade and other receivables, and investments.
The Charity’s credit risk is primarily attributable to its trade receivables. The amounts presented in the balance sheet are net of allowances for doubtful receivables. An allowance for impairment is made where there is an identified loss event which, based on previous experience, is evidence of a reduction in the recoverability of the cash flows.
The credit risk on liquid funds and derivative financial instruments is limited because the counterparties are banks with high credit-ratings assigned by international credit-rating agencies. The Charity has no significant concentration of credit risk, with exposure spread over a large number of counterparties and customers.
Page 5
Bretforton Theatre
Trustees' Report
Liquidity risk
In order to maintain liquidity to ensure that sufficient funds are available for ongoing operations and future developments, the Charity uses a mixture of long-term and short-term debt finance. Further details regarding liquidity risk can be found in the Statement of accounting policies in the financial statements.
Statement of Trustees' responsibilities
The Trustees (who are also the directors of Bretforton Theatre for the purposes of company law) are responsible for preparing the Trustees' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland". The report and accounts have been prepared in accordance with the provisions in the Companies Act 2006 relating to small companies.
Company law requires the Trustees to prepare financial statements for each financial year. Under company law the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including its income and expenditure, of the charitable company for that period. In preparing these financial statements, the Trustees are required to:
-
select suitable accounting policies and apply them consistently;
-
observe the methods and principles in the Charities SORP;
-
make judgements and estimates that are reasonable and prudent;
-
state whether applicable accounting standards, comprising FRS 102 have been followed, subject to any material departures disclosed and explained in the financial statements; and
-
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business.
The Trustees are responsible for keeping proper accounting records that can disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The Trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company's website. Legislation governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
Disclosure of information to auditor
Each member has taken steps that they ought to have taken as a member in order to make themselves aware of any relevant audit information and to establish that the Charity's auditor is aware of that information. The Trustees confirm that there is no relevant information that they know of and of which they know the auditor is unaware.
Small companies provision statement
This report has been prepared in accordance with the small companies regime under the Companies Act 2006.
Page 6
Bretforton Theatre
Trustees' Report
The annual report was approved by the Trustees of the Charity on 28 September 2023 and signed on its behalf by:
......................................... R Tackley Acting Chair
Page 7
Bretforton Theatre
Independent Auditor's Report to the Members of Bretforton Theatre
Opinion
We have audited the financial statements of Bretforton Theatre (the 'Charity') for the year ended 31 December 2022, which comprise the Statement of Financial Activities, Balance Sheet, and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is United Kingdom Accounting Standards, comprising Charities SORP - FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and applicable law (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
-
give a true and fair view of the state of the Charity's affairs as at 31 December 2022 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended;
-
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-
have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor responsibilities for the audit of the financial statements section of our report. We are independent of the Charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and the provisions available for small entities, in the circumstances set out in note to the financial statements, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the Trustees use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Charity's ability to continue as a going concern for a period of at least twelve months from when the original financial statements were authorised for issue.
Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report.
Other information
The Trustees are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
Page 8
Bretforton Theatre
Independent Auditor's Report to the Members of Bretforton Theatre
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinion on other matter prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
-
the information given in the Trustees' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
-
the Trustees' Report has been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of our knowledge and understanding of the Charity and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees' Report.
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
-
adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
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the financial statements are not in agreement with the accounting records and returns; or
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certain disclosures of Trustees remuneration specified by law are not made; or
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we have not received all the information and explanations we require for our audit.
Responsibilities of Trustees
As explained more fully in the Statement of Trustees' responsibilities (set out on page 6), the Trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the Trustees are responsible for assessing the Charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the Charity or to cease operations, or have no realistic alternative but to do so.
Auditor responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
Page 9
Bretforton Theatre
Statement of Financial Activities for the Year Ended 31 December 2022 (Including Income and Expenditure Account and Statement of Total Recognised Gains and Losses)
| Note Income and Endowments from: Donations and legacies 3 Charitable activities 4 Investment income 5 Other income 6 Total income Expenditure on: Raising funds 7 Charitable activities 8 Total expenditure Realised gains/losses on investment assets Unrealised gains/losses on investment assets Net expenditure Net movement in funds Reconciliation of funds Total funds brought forward Total funds carried forward 21 |
Unrestricted funds £ 157 12,428 256,724 707 270,016 (48,580) (294,228) (342,808) (70,823) (530,798) (674,413) (674,413) 8,581,076 7,906,663 |
Total 2022 £ 157 12,428 256,724 707 |
|---|---|---|
| 270,016 | ||
| (48,580) (294,228) |
||
| (342,808) (70,823) (530,798) |
||
| (674,413) | ||
| (674,413) 8,581,076 |
||
| 7,906,663 |
The notes on pages 14 to 26 form an integral part of these financial statements. Page 11
Bretforton Theatre
Statement of Financial Activities for the Year Ended 31 December 2022 (Including Income and Expenditure Account and Statement of Total Recognised Gains and Losses)
| Note Income and Endowments from: Donations and legacies 3 Charitable activities 4 Investment income 5 Other income 6 Total income Expenditure on: Raising funds 7 Charitable activities 8 Total expenditure Realised gains/losses on investment assets Unrealised gains/losses on investment assets Net income Net movement in funds Reconciliation of funds Total funds brought forward Total funds carried forward 21 |
Unrestricted funds £ 15,374 21,032 201,630 13,399 251,435 (52,339) (624,967) (677,306) 90,297 494,430 158,856 158,856 8,422,220 8,581,076 |
Total 2021 £ 15,374 21,032 201,630 13,399 |
|---|---|---|
| 251,435 | ||
| (52,339) (624,967) |
||
| (677,306) 90,297 494,430 |
||
| 158,856 | ||
| 158,856 8,422,220 |
||
| 8,581,076 |
All of the Charity's activities derive from continuing operations during the above two periods. The funds breakdown for 2021 is shown in note 21.
The notes on pages 14 to 26 form an integral part of these financial statements. Page 12
Bretforton Theatre
(Registration number: 01481033) Balance Sheet as at 31 December 2022
| Note Fixed assets Tangible assets 15 Investments 16 Current assets Stocks 17 Cash at bank and in hand 18 Creditors: Amounts falling due within one year 19 Net current assets Net assets Funds of the Charity: Unrestricted income funds Unrestricted funds Total funds 21 |
2022 £ 1,980,226 5,664,371 7,644,597 - 270,725 270,725 (8,659) 262,066 7,906,663 7,906,663 7,906,663 |
2021 £ 2,011,215 6,328,017 |
|---|---|---|
| 8,339,232 | ||
| 1,426 259,607 |
||
| 261,033 (19,189) |
||
| 241,844 | ||
| 8,581,076 | ||
| 8,581,076 | ||
| 8,581,076 |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
The financial statements on pages 11 to 26 were approved by the Trustees, and authorised for issue on 28 September 2023 and signed on their behalf by:
......................................... R Tackley Acting Chair
The notes on pages 14 to 26 form an integral part of these financial statements. Page 13
Bretforton Theatre
Notes to the Financial Statements for the Year Ended 31 December 2022
1 Charity status
The Charity is limited by guarantee, incorporated in England and Wales, UK, and consequently does not have share capital. Each of the Trustees is liable to contribute an amount not exceeding £10 towards the assets of the Charity in the event of liquidation.
The address of its registered office is: Theatrebarn Bretforton Grange Main Street, Bretforton Evesham Worcestershire WR11 7JH
These financial statements were authorised for issue by the Trustees on 28 September 2023.
2 Accounting policies
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
The financial statements have been prepared 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)) (issued in October 2019) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.
Basis of preparation
Bretforton Theatre 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 notes.
Going concern
The Trustees consider that there are no material uncertainties about the Charity's ability to continue as a going concern nor any significant areas of uncertainty that affect the carrying value of assets held by the Charity.
Income and endowments
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 the income receivable can be measured reliably.
Donations and legacies
Donations are recognised when the Charity has been notified in writing of both the amount and settlement date. In the event that a donation is subject to conditions that require a level of performance by the Charity before the Charity is entitled to the funds, the income is deferred and not recognised until either those conditions are fully met, or the fulfilment of those conditions is wholly within the control of the Charity and it is probable that these conditions will be fulfilled in the reporting period.
Page 14
Bretforton Theatre
Notes to the Financial Statements for the Year Ended 31 December 2022
Investment income
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 bank.Dividends are recognised once the dividend has been declared and notification has been received of the dividend due.
Expenditure
All expenditure is recognised once there is a legal or constructive obligation to that expenditure, it is probable settlement is required and the amount can be measured reliably. All costs are allocated to the applicable expenditure heading that aggregate similar costs to that category. Where costs cannot be directly attributed to particular headings they have been allocated on a basis consistent with the use of resources, with central staff costs allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use. Other support costs are allocated based on the spread of staff costs.
Raising funds
These are costs incurred in attracting voluntary income, the management of investments and those incurred in trading activities that raise funds.
Governance costs
These include the costs attributable to the Charity’s compliance with constitutional and statutory requirements, including audit, strategic management and Trustees meetings and reimbursed expenses.
Taxation
The Charity is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the Charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.
Tangible fixed assets
Individual fixed assets costing £ 1,000.00 or more are initially recorded at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation and amortisation
Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:
Asset class Land and buildings Equipment
Depreciation method and rate
Nil as residual value is not materially different to cost 20% reducing balance
Page 15
Bretforton Theatre
Notes to the Financial Statements for the Year Ended 31 December 2022
Fixed asset investments
Fixed asset investments, other than programme related investments, are included at market value at the balance sheet date. Realised gains and losses on investments are calculated as the difference between sales proceeds and their market value at the start of the year, or their subsequent cost, and are charged or credited to the Statement of Financial Activities in the period of disposal.
Unrealised gains and losses represent the movement in market values during the year and are credited or charged to the Statement of Financial Activities based on the market value at the year end.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the Charity does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Fund structure
Unrestricted income funds are general funds that are available for use at the Trustees discretion in furtherance of the objectives of the Charity.
Pensions and other post retirement obligations
The Charity operates a defined contribution pension scheme which is a pension plan under which fixed contributions are paid into a pension fund and the Charity has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised in the Statement of Financial Activities when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Financial instruments
Classification
Financial assets and financial liabilities are recognised when the Charity becomes a party to the contractual provisions of the instrument.
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Charity after deducting all of its liabilities.
Page 16
Bretforton Theatre
Notes to the Financial Statements for the Year Ended 31 December 2022
Recognition and measurement
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Financial assets and liabilities are only offset in the statement of financial position when, and only when there exists a legally enforceable right to set off the recognised amounts and the Charity intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.
Financial assets are derecognised when and only when a) the contractual rights to the cash flows from the financial asset expire or are settled, b) the Charity transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or c) the Charity, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.
Financial liabilities are derecognised only when the obligation specified in the contract is discharged, cancelled or expires.
Investments
Investments in non-convertible preference shares and non-puttable ordinary or preference shares (where shares are publicly traded or their fair value is reliably measurable) are measured at fair value through profit or loss. Where fair value cannot be measured reliably, investments are measured at cost less impairment.
Investments in subsidiaries and associates are measured at cost less impairment. For investments in subsidiaries acquired for consideration including the issue of shares qualifying for merger relief, cost is measured by reference to the nominal value of the shares issued plus fair value of other consideration. Any premium is ignored.
Fair value measurement
The best evidence of fair value is a quoted price for an identical asset in an active market. When quoted prices are unavailable, the price of a recent transaction for an identical asset provides evidence of fair value as long as there has not been a significant change in economic circumstances or a significant lapse of time since the transaction took place. If the market is not active and recent transactions of an identical asset on their own are not a good estimate of fair value, the fair value is estimated by using a valuation technique.
3 Income from donations and legacies
| Donations and legacies; Donations from individuals |
Unrestricted funds General £ 157 157 |
Total 2022 £ 157 |
|---|---|---|
| 157 |
Page 17
Bretforton Theatre
Notes to the Financial Statements for the Year Ended 31 December 2022
| Donations and legacies; Donations from individuals 4 Income from charitable activities Income from ticket sales Income from ticket sales 5 Investment income Income from dividends; Dividends receivable from other listed investments Interest receivable and similar income; Interest receivable on bank deposits Income from dividends; Dividends receivable from other listed investments Interest receivable and similar income; Interest receivable on bank deposits Other interest receivable Other income from fixed asset investments |
Unrestricted funds General £ 15,374 15,374 Unrestricted funds General £ 12,428 Unrestricted funds General £ 21,032 Unrestricted funds General £ 256,228 496 256,724 Unrestricted funds General £ 182,916 431 13,331 4,952 201,630 |
Total 2021 £ 15,374 |
|---|---|---|
| 15,374 | ||
| Total 2022 £ 12,428 |
||
| Total 2021 £ 21,032 |
||
| Total 2022 £ 256,228 496 |
||
| 256,724 | ||
| Total 2021 £ 182,916 431 13,331 4,952 |
||
| 201,630 |
Page 18
Bretforton Theatre
Notes to the Financial Statements for the Year Ended 31 December 2022
6 Other income
| Rental income Rental income |
Unrestricted funds General £ 38 Unrestricted funds General £ 26 |
Total 2022 £ 38 |
|---|---|---|
| Total 2021 £ 26 |
7 Expenditure on raising funds
a) Costs of generating donations and legacies
| Note Donations b) Costs of trading activities Note Costs of goods sold Note Costs of goods sold |
Unrestricted funds General £ 1,350 Note Unrestricted funds General £ 18,303 18,303 Unrestricted funds General £ 22,839 22,839 |
Total 2022 £ 1,350 |
|---|---|---|
| Total 2021 £ Total 2022 £ 18,303 |
||
| 18,303 | ||
| Total 2021 £ 22,839 |
||
| 22,839 |
Page 19
Bretforton Theatre
Notes to the Financial Statements for the Year Ended 31 December 2022
c) Investment management costs
| Note Other investment management costs; Other portfolio management costs Note Other investment management costs; Other portfolio management costs 8 Expenditure on charitable activities Note Governance costs 9 Note Governance costs 9 |
Unrestricted funds General £ 28,927 28,927 Unrestricted funds General £ 29,500 29,500 Unrestricted funds General £ 294,228 Unrestricted funds General £ 624,967 |
Total 2022 £ 28,927 |
|---|---|---|
| 28,927 | ||
| Total 2021 £ 29,500 |
||
| 29,500 | ||
| Total 2022 £ 294,228 |
||
| Total 2021 £ 624,967 |
In addition to the expenditure analysed above, there are also governance costs of £294,228 (2021 - £624,967) which relate directly to charitable activities. See note 9 for further details.
Page 20
Bretforton Theatre
Notes to the Financial Statements for the Year Ended 31 December 2022
9 Analysis of governance and support costs
Governance costs
| Staff costs Wages and salaries Social security costs Pension costs Audit fees Audit of the financial statements Other fees paid to auditors Legal fees Marketing and publicity Depreciation, amortisation and other similar costs Other governance costs Staff costs Wages and salaries Social security costs Pension costs Audit fees Audit of the financial statements Other fees paid to auditors Legal fees Marketing and publicity Depreciation, amortisation and other similar costs Other governance costs |
Unrestricted funds General £ 32,554 451 468 7,020 1,002 29,864 (5,485) 30,990 197,364 294,228 Unrestricted funds General £ 38,929 81 965 5,700 306 22,985 28,434 38,737 488,830 624,967 |
Total 2022 £ 32,554 451 468 7,020 1,002 29,864 (5,485) 30,990 197,364 |
|---|---|---|
| 294,228 | ||
| Total 2021 £ 38,929 81 965 5,700 306 22,985 28,434 38,737 488,830 |
||
| 624,967 |
Page 21
Bretforton Theatre
Notes to the Financial Statements for the Year Ended 31 December 2022
10 Net incoming/outgoing resources
Net outgoing resources for the year include:
| Audit fees Depreciation of fixed assets |
2022 £ 7,020 30,990 |
2021 £ 5,700 38,737 |
|---|---|---|
11 Trustees remuneration and expenses
During the year the Charity made the following transactions with Trustees:
D Dale
£270 (2021: £Nil) of expenses were reimbursed to D Dale during the year.
Trustee dinner
E C Talbot
£35 (2021: £Nil) of expenses were reimbursed to E C Talbot during the year.
Travel and subsistence
No Trustees, nor any persons connected with them, have received any remuneration from the Charity during the year.
No trustees have received any other benefits from the charity during the year.
12 Staff costs
The aggregate payroll costs were as follows:
| Staff costs during the year were: Wages and salaries Social security costs Pension costs |
2022 £ 32,554 451 468 33,473 |
2021 £ 38,929 81 965 |
|---|---|---|
| 39,975 |
The monthly average number of persons (including senior management / leadership team) employed by the Charity during the year expressed as full time equivalents was as follows:
| General manager | 2022 No 1 |
2021 No 1 |
|---|---|---|
1 (2021 - 1) of the above employees participated in the Defined Contribution Pension Schemes.
Page 22
Bretforton Theatre
Notes to the Financial Statements for the Year Ended 31 December 2022
During the year, the Charity made redundancy and/or termination payments which totalled £2,570 (2021 - £Nil).
No employee received emoluments of more than £60,000 during the year.
13 Auditors' remuneration
| Audit of the financial statements Other fees to auditors All other non-audit services |
2022 £ 7,020 1,002 |
2021 £ 5,700 |
|---|---|---|
| 306 |
14 Taxation
The Charity is a registered charity and is therefore exempt from taxation.
15 Tangible fixed assets
| Cost At 1 January 2022 At 31 December 2022 Depreciation At 1 January 2022 Charge for the year At 31 December 2022 Net book value At 31 December 2022 At 31 December 2021 16 Fixed asset investments Other investments |
Land and buildings £ 1,856,268 |
Furniture and equipment £ 324,411 324,411 169,464 30,989 200,453 123,958 154,947 2022 £ 5,664,371 |
Total £ 2,180,679 2,180,679 169,464 30,989 200,453 1,980,226 2,011,215 2021 £ 6,328,017 |
|
|---|---|---|---|---|
| 1,856,268 | 324,411 | |||
| - - |
169,464 30,989 |
|||
| - | 200,453 | |||
| 1,856,268 | 123,958 | |||
| 1,856,268 | 154,947 | |||
| 2022 £ 5,664,371 |
Page 23
Bretforton Theatre
Notes to the Financial Statements for the Year Ended 31 December 2022
Other investments
| Other investments | |||
|---|---|---|---|
| Cost or Valuation At 1 January 2022 Revaluation Additions Disposals At 31 December 2022 Net book value At 31 December 2022 At 31 December 2021 |
Listed investments £ 6,299,373 (530,797) 1,163,979 (1,288,575) 5,643,980 5,643,980 6,299,373 |
Cash deposits and settlements pending £ 28,644 - - (8,253) 20,391 20,391 28,644 |
Total £ 6,328,017 (530,797) 1,163,979 (1,296,828) |
| 5,664,371 | |||
| 5,664,371 | |||
| 6,328,017 |
The market value of the listed investments at 31 December 2022 was £5,643,980 (2021 - £6,299,373). 17 Stock
| Finished goods 18 Cash and cash equivalents Cash on hand Cash at bank 19 Creditors: amounts falling due within one year Trade creditors Other taxation and social security Other creditors Accruals |
2022 £ - 2022 £ 130 270,595 270,725 2022 £ 1,815 - - 6,844 8,659 |
2021 £ 1,426 |
|---|---|---|
| 2021 £ 159 259,448 |
||
| 259,607 | ||
| 2021 £ 12,357 896 236 5,700 |
||
| 19,189 |
Page 24
Bretforton Theatre
Notes to the Financial Statements for the Year Ended 31 December 2022
20 Pension and other schemes
Defined contribution pension scheme
The Charity operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the Charity to the scheme and amounted to £468 (2021 - £965).
21 Funds
| 21 Funds | ||||
|---|---|---|---|---|
| Balance at 1 January 2022 £ Unrestricted funds General 8,581,076 Balance at 1 January 2021 £ Unrestricted funds General 8,422,220 22 Analysis of net assets between funds Tangible fixed assets Fixed asset investments Current assets Current liabilities Total net assets |
Incoming resources £ 270,016 Incoming resources £ 251,435 |
Resources expended £ Other recognised gains/(losses) £ Balance at 31 December 2022 £ (342,808) (601,621) 7,906,663 Resources expended £ Other recognised gains/(losses) £ Balance at 31 December 2021 £ (677,306) 584,727 8,581,076 Unrestricted funds Total funds at 31 December General £ 2022 £ 1,980,226 1,980,226 5,664,371 5,664,371 270,725 270,725 (8,659) (8,659) 7,906,663 7,906,663 |
Balance at 31 December 2022 £ 7,906,663 |
|
| Balance at 31 December 2021 £ 8,581,076 |
||||
| 7,906,663 |
Page 25
Bretforton Theatre
Notes to the Financial Statements for the Year Ended 31 December 2022
| Tangible fixed assets Fixed asset investments Current assets Current liabilities Total net assets |
Unrestricted funds General £ 2,011,215 6,328,017 261,033 (19,189) 8,581,076 |
Total funds at 31 December 2021 £ 2,011,215 6,328,017 261,033 (19,189) |
|---|---|---|
| 8,581,076 |
23 Analysis of net funds
| Cash at bank and in hand Net debt Cash at bank and in hand Net debt |
At 1 January 2022 £ 259,607 259,607 At 1 January 2021 £ 495,568 495,568 |
Financing cash flows £ 11,118 11,118 Financing cash flows £ (235,961) (235,961) |
At 31 December 2022 £ 270,725 270,725 At 31 December 2021 £ 259,607 259,607 |
|---|---|---|---|
24 Related party transactions
There were no related party transactions in the year.
Page 26
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