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2024-12-31-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 2024

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 J G R Lewis E R Lloyd G J Schanschieff S T Wimhurst 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 2024.

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

Since the closure of the site during the Covid 19 pandemic and the subsequent appointment of a new Executive Director, Dafydd Rogers, the emphasis of the Charity has been on strengthening the skills matrix of the Board and acquiring the expertise needed for a strategic plan for the fundraising and execution of a major capital project for the Grange and rest of the site to bring it up to the standards required to deliver its charitable purposes effectively and ensure that the site is accessible to all. Activity across the whole site has continued to increase in 2024 in line with the objectives of the business plan.

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 2024, the Charity's reserves stood at £7,567,396 (2023 £7,612,446), all of which was unrestricted. The decrease in reserves is due to realised, unrealised losses and capital withdrawals 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 2025 once the plans for the future development of Bretforton Grange & 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.

Going concern

The Trustees have reviewed the financial statements as well as the charity's plans for 2025 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 K E Buckham EJ Heathcote-James (resigned 19 January 2024) J G R Lewis (appointed 19 July 2024) E R Lloyd G J Schanschieff S T Wimhurst (appointed 30 October 2024) Acting Chair: R Tackley, Acting Chair

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.

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 no 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.

Page 4

Bretforton Theatre

Trustees' Report

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.

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:

Page 5

Bretforton Theatre

Trustees' Report

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 26 September 2025 and signed on its behalf by:

Rachel Tackley

......................................... Rachel Tackley (Sep 26, 2025 15:52:30 GMT+1) 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 2024, 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:

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:

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:

Responsibilities of Trustees

As explained more fully in the Statement of Trustees' responsibilities (set out on page 5 and 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

Use of our report

This report is made solely to the charitable company's 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's 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 Parsons (Sep 26, 2025 14:57:27 GMT+2) Philip Parsons (Senior Statutory Auditor) For and on behalf of Clement Rabjohns Limited, Statutory Auditor

111/113 High Street Evesham Worcestershire WR11 4XP

26 September 2025

Page 9

Bretforton Theatre

Statement of Financial Activities for the Year Ended 31 December 2024 (Including Income and Expenditure Account and Statement of Total Recognised Gains and Losses)

Note
Income and Endowments from:
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
£
30,422
254,289
279
284,990
(46,107)
(248,528)
(294,635)
105,696
(141,101)
(45,050)
(45,050)
7,612,446
7,567,396		 Total
2024
£
30,422
254,289
279
284,990
(46,107)
(248,528)
(294,635)
105,696
(141,101)
(45,050)
(45,050)
7,612,446
7,567,396

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 2024 (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
£
800
10,740
219,486
580
231,606
(32,658)
(257,258)
(289,916)
63,262
(299,169)
(294,217)
(294,217)
7,906,663
7,612,446		 Total
2023
£
800
10,740
219,486
580
231,606
(32,658)
(257,258)
(289,916)
63,262
(299,169)
(294,217)
(294,217)
7,906,663
7,612,446

All of the Charity's activities derive from continuing operations during the above two periods. The funds breakdown for 2023 is shown in note 21.

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 2024

Note
Fixed assets
Tangible assets
15
Investments
16
Current assets
Debtors
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		 2024
£
2,042,414
5,291,306
7,333,720
3,549
294,535
298,084
(64,408)
233,676
7,567,396
7,567,396
7,567,396		 2023
£
1,956,577
5,407,530
7,364,107
-
258,491
258,491
(10,152)
248,339
7,612,446
7,612,446
7,612,446

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 26 September 2025 and signed on their behalf by:

Rachel Tackley

Rachel Tackley (Sep 26, 2025 15:52:30 GMT+1) ......................................... 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 2024

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 26 September 2025.

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 2024

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.

All resources expended are inclusive of irrecoverable VAT.

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.

Irrecoverable VAT

Irrecoverable VAT is charged against the category of resources expended for which it was incurred.

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 Depreciation method and rate
Land and buildings Nil as residual value is not materially
different to cost
Equipment 20% reducing balance

Page 14

Bretforton Theatre

Notes to the Financial Statements for the Year Ended 31 December 2024

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.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the Charity will not be able to collect all amounts due according to the original terms of the receivables.

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.

Page 15

Bretforton Theatre

Notes to the Financial Statements for the Year Ended 31 December 2024

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.

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.

Page 16

Bretforton Theatre

Notes to the Financial Statements for the Year Ended 31 December 2024

3 Income from donations and legacies

3
Income from donations and legacies
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		 Unrestricted
funds
General
£
800
800
Unrestricted
funds
General
£
30,422
Unrestricted
funds
General
£
10,740
Unrestricted
funds
General
£
227,896
26,393
254,289		 Total
2024
£
-
Total
2023
£
800
800
Total
2024
£
30,422
Total
2023
£
10,740
Total
2024
£
227,896
26,393
254,289

Page 17

Bretforton Theatre

Notes to the Financial Statements for the Year Ended 31 December 2024

Income from dividends;
Dividends receivable from other listed investments
Interest receivable and similar income;
Interest receivable on bank deposits
6
Other income
Rental income
7
Expenditure on raising funds
a) Costs of generating donations and legacies
Note
Donations
Note		 Unrestricted
funds
General
£
214,318
5,168
219,486
Unrestricted
funds
General
£
-
Unrestricted
funds
General
£
38
Unrestricted
funds
General
£
5,918
Unrestricted
funds
General
£
-		 Total
2023
£
214,318
5,168
219,486
Total
2024
£
-
Total
2023
£
38
Total
2024
£
5,918
Total
2023
£
-

Page 18

Bretforton Theatre

Notes to the Financial Statements for the Year Ended 31 December 2024

b) Costs of trading activities

Note
Costs of goods sold
Note
Costs of goods sold
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		 Unrestricted
funds
General
£
13,657
13,657
Unrestricted
funds
General
£
5,880
5,880
Unrestricted
funds
General
£
26,532
26,532
Unrestricted
funds
General
£
26,778
26,778
Unrestricted
funds
General
£
248,528		 Total
2024
£
13,657
13,657
Total
2023
£
5,880
5,880
Total
2024
£
26,532
26,532
Total
2023
£
26,778
26,778
Total
2024
£
248,528

Page 19

Bretforton Theatre

Notes to the Financial Statements for the Year Ended 31 December 2024

Governance costs

Note
9		 Unrestricted
funds
General
£
257,258		 Total
2023
£
257,258

In addition to the expenditure analysed above, there are also governance costs of £248,528 (2023 - £257,258) which relate directly to charitable activities. See note 9 for further details.

9 Analysis of governance and support costs

Governance costs

Staff costs
Wages and salaries
Social security costs
Pension costs
Other staff costs
Audit fees
Audit of the financial statements
Legal fees
Marketing and publicity
Depreciation, amortisation and other similar costs
Other governance costs		 Unrestricted
funds
General
£
63,410
956
1,800
113
6,240
16,685
10,531
21,299
127,494
248,528		 Total
2024
£
63,410
956
1,800
113
6,240
16,685
10,531
21,299
127,494
248,528

Page 20

Bretforton Theatre

Notes to the Financial Statements for the Year Ended 31 December 2024

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

10 Net incoming/outgoing resources

Net outgoing resources for the year include:

Audit fees
Depreciation of fixed assets		 2024
£
6,240
21,299		 2023
£
5,880
25,077

11 Trustees remuneration and expenses

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

K E Buckham

£85 (2023: £Nil) of expenses were reimbursed to K E Buckham during the year.

This was for the reimbursement of travel expenses.

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:

Page 21

Bretforton Theatre

Notes to the Financial Statements for the Year Ended 31 December 2024

Staff costs during the year were:
Wages and salaries
Social security costs
Pension costs
Other staff costs		 2024
£
63,410
956
1,800
113
66,279		 2023
£
47,569
-
750
341
48,660

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:

Executive director 2024
No
1		 2023
No
1

1 (2023 - 1) of the above employees participated in the Defined Contribution Pension Schemes.

Contributions to the employee pension schemes for the year totalled £1,800 (2023 - £750).

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

During the year the Charity made the following transactions with key management personnel:

Executive director

The Executive director received remuneration of £60,000 (2023: £48,261) and £9,393 (2023: £8,878) of expenses were reimbursed during the year.

13 Auditors' remuneration

Audit of the financial statements
Other fees to auditors
All other non-audit services		 2024
£
6,240
-		 2023
£
5,880
30

14 Taxation

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

Page 22

Bretforton Theatre

Notes to the Financial Statements for the Year Ended 31 December 2024

15 Tangible fixed assets
Cost
At 1 January 2024
Additions
Disposals
At 31 December 2024
Depreciation
At 1 January 2024
Charge for the year
Eliminated on disposals
At 31 December 2024
Net book value
At 31 December 2024
At 31 December 2023
16 Fixed asset investments
Other investments		 Land and
buildings
£
1,856,268
97,762
-		 Furniture and
equipment
£
325,839
9,375
(56,311)
278,903
225,530
21,299
(56,310)
190,519
88,384
100,309
2024
£
5,291,306		 Total
£
2,182,107
107,137
(56,311)
2,232,933
225,530
21,299
(56,310)
190,519
2,042,414
1,956,577
2023
£
5,407,530
1,954,030
-
-
-
- 190,519
1,954,030 88,384
1,856,268 100,309
2024
£
5,291,306

Page 23

Bretforton Theatre

Notes to the Financial Statements for the Year Ended 31 December 2024

Other investments

Other investments
Cost or Valuation
At 1 January 2024
Revaluation
Additions
Disposals
At 31 December 2024
Net book value
At 31 December 2024
At 31 December 2023		 Listed
investments
£
5,140,072
(141,102)
1,263,855
(990,766)
5,272,059
5,272,059
5,140,072		 Cash deposits
and
settlements
pending
£
267,458
-
-
(248,211)
19,247
19,247
267,458		 Total
£
5,407,530
(141,102)
1,263,855
(1,238,977)
5,291,306
5,291,306
5,407,530

The market value of the listed investments at 31 December 2024 was £5,272,059 (2023 - £5,140,072).

17 Debtors

Prepayments
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		 2024
£
374
294,161
294,535
2024
£
50,453
873
984
12,098
64,408		 2024
£
3,549
2023
£
324
258,167
258,491
2023
£
1,727
-
985
7,440
10,152

Page 24

Bretforton Theatre

Notes to the Financial Statements for the Year Ended 31 December 2024

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 £1,800 (2023 - £750).

21 Funds

21 Funds
Unrestricted funds
General
Unrestricted funds
General		 Balance at
1 January
2024
£
7,612,446
Balance at
1 January
2023
£
7,906,663		 Incoming
resources
£
284,990
Incoming
resources
£
231,606		 Resources
expended
£
Other
recognised
gains/(losses)
£
(294,635)
(35,405)
Resources
expended
£
Other
recognised
gains/(losses)
£
(289,916)
(235,907)		 Balance at
31
December
2024
£
7,567,396
Balance at
31
December
2023
£
7,612,446

22 Analysis of net assets between funds

Tangible fixed assets
Fixed asset investments
Current assets
Current liabilities
Total net assets		 Unrestricted
funds
General
£
2,042,414
5,291,306
298,084
(64,408)
7,567,396		 Total funds at
31 December
2024
£
2,042,414
5,291,306
298,084
(64,408)
7,567,396

Page 25

Bretforton Theatre

Notes to the Financial Statements for the Year Ended 31 December 2024

Tangible fixed assets
Fixed asset investments
Current assets
Current liabilities
Total net assets		 Unrestricted
funds
General
£
1,956,577
5,407,530
258,491
(10,152)
7,612,446		 Total funds at
31 December
2023
£
1,956,577
5,407,530
258,491
(10,152)
7,612,446

23 Analysis of net funds

Cash at bank and in hand
Net debt
Cash at bank and in hand
Net debt		 At 1 January
2024
£
258,491
258,491
At 1 January
2023
£
270,725
270,725		 Financing
cash flows
£
36,044
36,044
Financing
cash flows
£
(12,234)
(12,234)		 At 31
December
2024
£
294,535
294,535
At 31
December
2023
£
258,491
258,491

24 Related party transactions

There were no related party transactions in the year.

Page 26