2023-12-31-accounts

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 2023

Bretforton Theatre

Contents

Reference and Administrative Details	1 to 2
Trustees' Report	3 to 6
Independent Auditors' Report	7 to 9
Statement of Financial Activities	10 to 11
Balance Sheet	12
Notes to the Financial Statements	13 to 26

Bretforton Theatre

Reference and Administrative Details

Acting Chair R Tackley, Acting Chair Trustees R Anstey K E Buckham E R Lloyd G J Schanschieff 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 2023.

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

Further to the disruption of covid 19 in 2020 and 2021, the decision was made to close the theatre for a period from May 2022 to devote time to future planning. A new Executive Director, Dafydd Rogers, was appointed in March 2023 to assist the Board with creating the vision and devising the strategic and operational plans to redevelop and re-open the site.

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

Policy on reserves

At 31 December 2023, the Charity's reserves stood at £7,612,446 (2022 £7,906,663), 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.

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 capital 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. The reserves policy will be reviewed in 2024 once the plans for the future development of Bretforton Theatrebarn have been approved by the Board.

Page 3

Bretforton Theatre

Trustees' Report

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 appointment of the Executive Director the focus has been on future planning for the entire estate. The primary objective remains to develop a sustainable business model for the future of the charity, including the refurbishment of the Grange. Plans will be finalised in 2024 and will focus on the use of the site as centre for developing creativity and skills in theatre and dramatic arts as well as local cultural hub for the benefit of Bretforton and surrounding areas.

Going concern

The Trustees have reviewed the financial statements as well as the charity's plans for 2024 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: R Anstey (appointed 20 October 2023) K E Buckham EJ Heathcote-James (resigned 19 January 2024) E R Lloyd (appointed 20 October 2023) G J Schanschieff (appointed 20 October 2023) C Verboom (resigned 12 November 2023)

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.

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.

Page 4

Bretforton Theatre

Trustees' Report

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 managing charitable activities is delegated to the Executive Director.

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.

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.

Page 5

Bretforton Theatre

Trustees' Report

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.

The annual report was approved by the Trustees of the Charity on 12 July 2024 and signed on its behalf by:

......................................... R Tackley Acting Chair

Page 6

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 2023, 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 2023 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended;

• have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

• have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the 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 7

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

• the financial statements are not in agreement with the accounting records and returns; or

• certain disclosures of Trustees remuneration specified by law are not made; or

• we have not received all the information and explanations we require for our audit.

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 8

Bretforton Theatre Independent Auditor's Report to the Members of Bretforton Theatre enquiry of management, those charged with governance around actual and potential litigation and claims. enquiry of entity staff in tax and compliance functions to identify any instances of non-compliance with laws and regulations. reviewing minutes of meetings of those charged with governance, reviewing financial Statement disclosures and testing to Supporting documentation to assess compliance with applicable laws and regulations. auditing the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness, and evaluating the business rationale of significant transactions outside the normal course of business. Use of our report This report is made solely to the charitable companys Trustees, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Charity'5 Trustees those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and its Trustees as a body, for our audit work, for this report, or for the opinions we have formed. Philip Parsons1Senior Statutory Auditor) For and on behalf of Clement Rabjohns Limited, Statutory Auditor 1111113 High Street Evesham Worcestershire WR11 4XP 2 September 2024 Page 9

Bretforton Theatre

Statement of Financial Activities for the Year Ended 31 December 2023 (Including Income and Expenditure Account and Statement of Total Recognised Gains and Losses)

		Unrestricted		Total
		funds		2023
	Note	£		£
Income and Endowments from:
Donations and legacies	3	800		800
Charitable activities	4	10,740		10,740
Investment income	5	219,486		219,486
Other income	6	580		580
Total income		231,606		231,606
Expenditure on:
Raising funds	7	(32,658)		(32,658)
Charitable activities	8	(257,258)		(257,258)
Total expenditure		(289,916)		(289,916)
Realised gains/losses on investment assets		63,262		63,262
Unrealised gains/losses on investment assets		(299,169)		(299,169)
Net expenditure		(294,217)		(294,217)
Net movement in funds		(294,217)		(294,217)
Reconciliation of funds
Total funds brought forward		7,906,663		7,906,663
Total funds carried forward	20	7,612,446		7,612,446

The notes on pages 13 to 26 form an integral part of these financial statements. Page 10

Bretforton Theatre

Statement of Financial Activities for the Year Ended 31 December 2023 (Including Income and Expenditure Account and Statement of Total Recognised Gains and Losses)

		Unrestricted		Total
		funds		2022
	Note	£		£
Income and Endowments from:
Donations and legacies	3	157		157
Charitable activities	4	12,428		12,428
Investment income	5	256,724		256,724
Other income	6	707		707
Total income		270,016		270,016
Expenditure on:
Raising funds	7	(48,580)		(48,580)
Charitable activities	8	(294,228)		(294,228)
Total expenditure		(342,808)		(342,808)
Realised gains/losses on investment assets		(70,823)		(70,823)
Unrealised gains/losses on investment assets		(530,798)		(530,798)
Net expenditure		(674,413)		(674,413)
Net movement in funds		(674,413)		(674,413)
Reconciliation of funds
Total funds brought forward		8,581,076		8,581,076
Total funds carried forward	20	7,906,663		7,906,663

All of the Charity's activities derive from continuing operations during the above two periods. The funds breakdown for 2022 is shown in note 20.

The notes on pages 13 to 26 form an integral part of these financial statements. Page 11

Bretforton Theatre

(Registration number: 01481033) Balance Sheet as at 31 December 2023

		2023		2022
	Note	£		£
Fixed assets
Tangible assets	15	1,956,577		1,980,226
Investments	16	5,407,530		5,664,371
		7,364,107		7,644,597
Current assets
Cash at bank and in hand	17	258,491		270,725
Creditors: Amounts falling due within one year	18	(10,152)		(8,659)
Net current assets		248,339		262,066
Net assets		7,612,446		7,906,663
Funds of the Charity:
Unrestricted income funds
Unrestricted funds		7,612,446		7,906,663
Total funds	20	7,612,446		7,906,663

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 10 to 26 were approved by the Trustees, and authorised for issue on 12 July 2024 and signed on their behalf by:

......................................... R Tackley Acting Chair

The notes on pages 13 to 26 form an integral part of these financial statements. Page 12

Bretforton Theatre

Notes to the Financial Statements for the Year Ended 31 December 2023

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 12 July 2024.

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 13

Bretforton Theatre

Notes to the Financial Statements for the Year Ended 31 December 2023

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.

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 14

Bretforton Theatre

Notes to the Financial Statements for the Year Ended 31 December 2023

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 15

Bretforton Theatre

Notes to the Financial Statements for the Year Ended 31 December 2023

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

	Unrestricted
	funds		Total
	General		2023
	£		£
Donations and legacies;
Donations from individuals	800		800
	800		800

Page 16

Bretforton Theatre

Notes to the Financial Statements for the Year Ended 31 December 2023

		Unrestricted
		funds		Total
		General		2022
		£		£
Donations and legacies;
	Donations from individuals	157			157
		157			157
4	Income from charitable activities
		Unrestricted
		funds		Total
		General		2023
		£		£
	Income from ticket sales	10,740		10,740
		Unrestricted
		funds		Total
		General		2022
		£		£
	Income from ticket sales	12,428		12,428
5	Investment income
		Unrestricted
		funds		Total
		General		2023
		£		£
Income from dividends;
	Dividends receivable from other listed investments	214,318		214,318
Interest receivable and similar income;
	Interest receivable on bank deposits	5,168		5,168
		219,486		219,486
		Unrestricted
		funds		Total
		General		2022
		£		£
Income from dividends;
	Dividends receivable from other listed investments	256,228		256,228
Interest receivable and similar income;
	Interest receivable on bank deposits	496			496
		256,724		256,724

Page 17

Bretforton Theatre

Notes to the Financial Statements for the Year Ended 31 December 2023

6 Other income

		Unrestricted
		funds		Total
		General		2023
		£		£
Rental	income	38			38
		Unrestricted
		funds		Total
		General		2022
		£		£
Rental	income	38			38

7 Expenditure on raising funds

a) Costs of generating donations and legacies

		Unrestricted
		funds		Total
		General		2023
	Note	£		£
Donations		-		-
		-		-
		Unrestricted
		funds		Total
		General		2022
	Note	£		£
Donations		1,350		1,350
b) Costs of trading activities
		Unrestricted
		funds		Total
		General		2023
	Note	£		£
Costs of goods sold		5,880		5,880
		5,880		5,880

Page 18

Bretforton Theatre

Notes to the Financial Statements for the Year Ended 31 December 2023

			Unrestricted
			funds		Total
			General		2022
		Note	£		£
Costs of goods sold			18,303		18,303
			18,303		18,303
c) Investment management costs
			Unrestricted
			funds		Total
			General		2023
		Note	£		£
Other investment management costs;
	Other portfolio management costs		26,778		26,778
			26,778		26,778
			Unrestricted
			funds		Total
			General		2022
		Note	£		£
Other investment management costs;
	Other portfolio management costs		28,927		28,927
			28,927		28,927
8	Expenditure on charitable activities
			Unrestricted
			funds		Total
			General		2023
		Note	£		£
Governance costs		9	257,258		257,258
			Unrestricted
			funds		Total
			General		2022
		Note	£		£
Governance costs		9	294,228		294,228

In addition to the expenditure analysed above, there are also governance costs of £257,258 (2022 - £294,228) which relate directly to charitable activities. See note 9 for further details.

As the primary activities during 2023 have been the key appointment of the Executive Director and commencement of strategic planning for future periods, costs have been categorised as governance costs as opposed to direct charitable activity.

Page 19

Bretforton Theatre

Notes to the Financial Statements for the Year Ended 31 December 2023

9 Analysis of governance and support costs

Governance costs

	Unrestricted
	funds		Total
	General		2023
	£		£
Staff costs
Wages and salaries	47,569		47,569
Pension costs	750		750
Other staff costs	341		341
Audit fees
Audit of the financial statements	5,880		5,880
Other fees paid to auditors	30		30
Legal fees	36,891		36,891
Depreciation, amortisation and other similar costs	25,077		25,077
Other governance costs	140,720		140,720
	257,258		257,258

Page 20

Bretforton Theatre

Notes to the Financial Statements for the Year Ended 31 December 2023

	Unrestricted
	funds		Total
	General		2022
	£		£
Staff costs
Wages and salaries	32,554		32,554
Social security costs	451		451
Pension costs	468		468
Audit fees
Audit of the financial statements	7,020		7,020
Other fees paid to auditors	1,002		1,002
Legal fees	29,864		29,864
Marketing and publicity	(5,485)		(5,485)
Depreciation, amortisation and other similar costs	30,990		30,990
Other governance costs	197,364		197,364
	294,228		294,228

10 Net incoming/outgoing resources

Net outgoing resources for the year include:

Net outgoing resources for the year include:
	2023		2022
	£		£
Audit fees	5,880		7,020
Depreciation of fixed assets	25,077		30,990

11 Trustees remuneration and expenses

During the year the Charity made the following transactions with Trustees:

C Verboom

Payments were made the trustee's own business, Talisman Business Support for work done including budgeting and financial planning £3,000 (2022 £Nil).

No Trustees, nor any persons connected with them, have received any remuneration from the Charity during the year.

12 Staff costs

The aggregate payroll costs were as follows:

Page 21

Bretforton Theatre

Notes to the Financial Statements for the Year Ended 31 December 2023

	2023		2022
	£		£
Staff costs during the year were:
Wages and salaries	47,569		32,554
Social security costs	-		451
Pension costs	750		468
Other staff costs	341		-
	48,660		33,473

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:

	2023		2022
	No		No
General manager	-		1
Executive director	1		-
	1		1

1 (2022 - 1) of the above employees participated in the Defined Contribution Pension Schemes.

Contributions to the employee pension schemes for the year totalled £750 (2022 - £468).

During the year, the Charity made redundancy and/or termination payments which totalled £Nil (2022 - £2,570).

No employee received emoluments of more than £60,000 during the year.

13 Auditors' remuneration

13 Auditors' remuneration
	2023		2022
	£		£
Audit of the financial statements	5,880		7,020
Other fees to auditors
All other non-audit services	30		1,002

14 Taxation

The Charity is a registered charity and is therefore exempt from taxation.

15 Tangible fixed assets

Page 22

Bretforton Theatre

Notes to the Financial Statements for the Year Ended 31 December 2023

	Land and		Furniture and	Furniture and
	buildings		equipment			Total
	£		£			£
Cost
At 1 January 2023	1,856,268		324,411			2,180,679
Additions	-		1,428			1,428
At 31 December 2023	1,856,268		325,839			2,182,107
Depreciation
At 1 January 2023	-		200,453			200,453
Charge for the year	-		25,077			25,077
At 31 December 2023	-		225,530			225,530
Net book value
At 31 December 2023	1,856,268		100,309			1,956,577
At 31 December 2022	1,856,268		123,958			1,980,226
16 Fixed asset investments
			2023			2022
			£			£
Other investments			5,407,530			5,664,371

Page 23

Bretforton Theatre

Notes to the Financial Statements for the Year Ended 31 December 2023

Other investments

			Cash deposits
			and
	Listed		settlements
	investments		pending		Total
	£		£		£
Cost or Valuation
At 1 January 2023	5,643,980		20,391		5,664,371
Revaluation	(299,169)		-		(299,169)
Additions	258,807		247,067		505,874
Disposals	(463,546)		-		(463,546)
At 31 December 2023	5,140,072		267,458		5,407,530
Net book value
At 31 December 2023	5,140,072		267,458		5,407,530
At 31 December 2022	5,643,980		20,391		5,664,371

The market value of the listed investments at 31 December 2023 was £5,140,072 (2022 - £5,643,980).

17 Cash and cash equivalents

17 Cash and cash equivalents
	2023		2022
	£		£
Cash on hand	324		130
Cash at bank	258,167		270,595
	258,491		270,725
18 Creditors: amounts falling due within one year
	2023		2022
	£		£
Trade creditors	1,727		1,815
Other creditors	985		-
Accruals	7,440		6,844
	10,152		8,659

19 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 £750 (2022 - £468).

Page 24

Bretforton Theatre

Notes to the Financial Statements for the Year Ended 31 December 2023

20 Funds

20 Funds
									Balance at
		Balance at				Other			31
		1 January		Incoming		Resources recognised			December
		2023		resources		expended gains/(losses)			2023
		£		£		£ £			£
Unrestricted funds
General		7,906,663		231,606		(289,916) (235,907)			7,612,446
									Balance at
		Balance at				Other			31
		1 January		Incoming		Resources recognised			December
		2022		resources		expended gains/(losses)			2022
		£		£		£ £			£
Unrestricted funds
General		8,581,076		270,016		(342,808) (601,621)			7,906,663
**21 Analysis of net assets **	between funds
						Unrestricted	Total funds at
						funds	31 December
						General			2023
						£			£
Tangible fixed assets						1,956,577			1,956,577
Fixed asset investments						5,407,530			5,407,530
Current assets						258,491			258,491
Current liabilities						(10,152)			(10,152)
Total net assets						7,612,446			7,612,446
						Unrestricted	Total funds at
						funds	31 December
						General			2022
						£			£
Tangible fixed assets						1,980,226			1,980,226
Fixed asset investments						5,664,371			5,664,371
Current assets						270,725			270,725
Current liabilities						(8,659)			(8,659)
Total net assets						7,906,663			7,906,663

Page 25

Bretforton Theatre

Notes to the Financial Statements for the Year Ended 31 December 2023

22 Analysis of net funds

22 Analysis of net funds
					At 31
	At 1 January		Financing		December
	2023		cash flows		2023
	£		£		£
Cash at bank and in hand	270,725		(12,234)		258,491
Net debt	270,725		(12,234)		258,491
					At 31
	At 1 January		Financing		December
	2022		cash flows		2022
	£		£		£
Cash at bank and in hand	259,607		11,118		270,725
Net debt	259,607		11,118		270,725

23 Related party transactions

There were no related party transactions in the year.

Page 26

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