Charity registration number 1063517
Company registration number 03298388 (England and Wales)
WINDSOR THEATRE LIMITED
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
WINDSOR THEATRE LIMITED
LEGAL AND ADMINISTRATIVE INFORMATION
Directors
D B Archer
E A Counsell
P Spratt
L Harratt
L Townsend
Secretary
L Harratt
Charity number
1063517
Company number
03298388
Principal address
32 Thames Street
Windsor
SL4 1PS
Registered office
The Courtyard
High Street
Ascot
Berkshire
SL5 7HP
Independent examiner
Kirk Rice LLP
The Courtyard
High Street
Ascot
Berkshire
SL5 7HP
WINDSOR THEATRE LIMITED
CONTENTS
Page
Directors' report
1 - 2
Independent examiner's report
3
Statement of financial activities
4
Balance sheet
5
Statement of cash flows
6
Notes to the financial statements
7 - 13
WINDSOR THEATRE LIMITED
DIRECTORS' REPORT (INCLUDING TRUSTEES' REPORT)
FOR THE YEAR ENDED 30 JUNE 2023
- 1 -

The directors present their annual report and financial statements for the year ended 30 June 2023.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's governing document, the Companies Act 2006 and "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)".

Objectives and activities

The charity's objects are to provide and support the operation of Theatre Royal Windsor, for the purpose of advancing education of the general public in performing arts, theatrical productions and artistic excellence.

The directors have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake.

The principal activity of the company during the year was to provide and support the operation of Theatre Royal Windsor for the purpose of advancing the education of the general public in performing arts, theatrical productions and artistic excellence.

Achievements and performance

The charity continues to use its best endeavours to support the Theatre Royal in Windsor for the benefit of the people of Windsor and Maidenhead.

Financial review

The Charity's income remained broadly similar to prior year and was adversely impacted due to the COVID pandemic. Revenue began to return to pre-COVID levels, still remaining below levels in previous years. Expenditure also returned to pre-COVID levels, as waived charges ceased by the Borough Council and other office costs returned to pre-COVID levels.

 

After accounting for net loss on investment of £3,332, the Charity made a loss for the year of £8,108.  This compares with a loss in the previous year of £29,204 (after net loss on investment of £19,334,). General unrestricted reserves at the year end were £277,874 (2022: £285,982 ).

The charity invests funds in a managed investment portfolio with Charles Stanley and a private account with the Cater Allen Private Bank. The directors consider that such investments are low risk, and that the proceeds of such investments constitute sufficient funds for the charity's ongoing work. The directors will also consider investing in other secure investments from time to time. The directors do not anticipate applying the charity's fund in the short term. The charity is intended as a reserve fund for any extraordinary needs of the Theatres Royal Windsor. Accordingly, the directors anticipate that the current funds will be sufficient for the forthcoming financial year.

Structure, governance and management

The Memorandum and Articles of Association are the governing document of Windsor Theatre Limited. Directors are appointed in accordance with the regulations contained in the Articles of Association of the company.

The directors who served during the year and up to the date of signature of the financial statements were:

G C Biggs
(Resigned 29 October 2023)
D B Archer
E A Counsell
A Dixon
(Resigned 10 December 2022)
Sir J F Perowne
(Resigned 7 December 2022)
P Spratt
L Harratt
L Townsend
D J Coker
(Resigned 8 August 2022)
P R Jones
(Appointed 7 December 2022 and resigned 6 March 2023)
WINDSOR THEATRE LIMITED
DIRECTORS' REPORT (INCLUDING TRUSTEES' REPORT)
FOR THE YEAR ENDED 30 JUNE 2023
- 2 -

Due to the size of the charity, directors are appointed as and when required by personal recommendation. A new appointment is then followed by induction and training procedures as considered appropriate to their circumstances

The company is organised so that the trustees meet twice a year to manage its affairs.

Public benefit

The directors have discussed the issue of public benefit and are confident that the breadth and scope of the work the charity undertakes, as disclosed in this report, complies with Section 175(5) of the Charities Act 2011 and has due regard to the Charities Commission's general guidance on public benefit.

 

During the current year the charity has undertaken to support the maintenance of the Theatre.

The directors' report was approved by the Board of Directors.

L Harratt
Director
23 November 2023
WINDSOR THEATRE LIMITED
INDEPENDENT EXAMINER'S REPORT
TO THE DIRECTORS OF WINDSOR THEATRE LIMITED
- 3 -

I report to the directors on my examination of the financial statements of Windsor Theatre Limited (the charity) for the year ended 30 June 2023.

Responsibilities and basis of report

As the trustees' of the charity (and also its directors for the purposes of company law) you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006 (the 2006 Act).

Having satisfied myself that the financial statements of the charity are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of the charity’s financial statements carried out under section 145 of the Charities Act 2011 (the 2011 Act). In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.

Independent examiner's statement

I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

1

accounting records were not kept in respect of the charity as required by section 386 of the 2006 Act; or

2

the financial statements do not accord with those records; or

3

the financial statements do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination; or

4

the financial statements have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached.

 

 

 

 

Graham Jennings
Kirk Rice LLP
The Courtyard
High Street
Ascot
Berkshire
SL5 7HP
Dated: 23 November 2023
WINDSOR THEATRE LIMITED
STATEMENT OF FINANCIAL ACTIVITIES
INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 30 JUNE 2023
- 4 -
Unrestricted
Unrestricted
funds
funds
2023
2022
Notes
£
£
Income from:
Donations and legacies
2
5,000
-
Charitable activities
3
6,826
6,309
Investments
4
5,609
5,542
Total income
17,435
11,851
Expenditure on:
Raising funds
5
2,355
2,599
Charitable activities
6
19,856
19,122
Total expenditure
22,211
21,721
Net gains/(losses) on investments
12
(3,332)
(19,334)
Net expenditure for the year/
Net movement in funds
(8,108)
(29,204)
Fund balances at 1 July 2022
285,987
315,191
Fund balances at 30 June 2023
277,879
285,987

The statement of financial activities includes all gains and losses recognised in the year.

All income and expenditure derive from continuing activities.

The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.
WINDSOR THEATRE LIMITED
BALANCE SHEET
AS AT
30 JUNE 2023
30 June 2023
- 5 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
11
85,569
91,574
Investments
13
170,347
176,033
255,916
267,607
Current assets
Debtors
14
660
8,241
Cash at bank and in hand
27,863
18,472
28,523
26,713
Creditors: amounts falling due within one year
15
(6,560)
(8,333)
Net current assets
21,963
18,380
Total assets less current liabilities
277,879
285,987
Income funds
Unrestricted funds
General unrestricted funds
277,874
285,982
Share capital
5
5
277,879
285,987
277,879
285,987

The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 30 June 2023.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the Directors on 23 November 2023
L Harratt
Director
Company registration number 03298388
WINDSOR THEATRE LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 JUNE 2023
- 6 -
2023
2022
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from/(absorbed by) operations
19
3,782
(8,882)
Investing activities
Investment income received
5,609
5,542
Net cash generated from investing activities
5,609
5,542
Net cash used in financing activities
-
-
Net increase/(decrease) in cash and cash equivalents
9,391
(3,340)
Cash and cash equivalents at beginning of year
18,472
21,812
Cash and cash equivalents at end of year
27,863
18,472
WINDSOR THEATRE LIMITED
NOTES TO THE  FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2023
- 7 -
1
Accounting policies
Charity information

Windsor Theatre Limited is a private company limited by shares incorporated in England and Wales. The registered office is The Courtyard, High Street, Ascot, Berkshire, SL5 7HP.

1.1
Accounting convention

The financial statements have been prepared in accordance with the charity's governing document, the Companies Act 2006 and “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)” (as amended for accounting periods commencing from 1 January 2016) and Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. The charity is a Public Benefit Entity as defined by FRS 102.

The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2
Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Charitable funds

Unrestricted funds are available for use at the discretion of the directors in furtherance of their charitable objectives.

Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.

Endowment funds are subject to specific conditions by donors that the capital must be maintained by the charity.
1.4
Income
Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.
1.5
Expenditure

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.

Charitable activity costs represent costs attributable to the maintenance of the Theatre Royal Windsor for the benefit of patrons.

WINDSOR THEATRE LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
1
Accounting policies
(Continued)
- 8 -
1.6
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Leasehold land and buildings
Period of lease
Fixtures and fittings
25% on cost

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.

Fixed assets are capitalised at cost, with the exception of those valued at £250 or less. These are expenses through the Statement of Financial Activities.

 

The leasehold is held at historic cost and is subject to depreciation at the above rate.

1.7
Fixed asset investments

Investments are included at a carrying value based on listed market valuations of the assets. Any gains/loss' arising due to revaluations during the year are expensed through the Statement of Financial Activities.

1.8
Impairment of fixed assets

At each reporting end date, the charity reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

2
Donations and legacies
Unrestricted
Total
funds
2023
2022
£
£
Donations and gifts
5,000
-
3
Charitable activities

Charitable Income

Charitable Income

2023
2022
£
£
Other income
6,826
6,309
WINDSOR THEATRE LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 9 -
4
Investments
Unrestricted
Unrestricted
funds
funds
2023
2022
£
£
Income from listed investments
5,609
5,542
5
Raising funds
Unrestricted
Unrestricted
funds
funds
2023
2022
£
£
Investment management
2,355
2,599
2,355
2,599
6
Charitable activities

Maintenance of Windsor Theatre

Maintenance of Windsor Theatre

2023
2022
£
£

Rent

2,000
2,000

Rates

4,674
4,530

Other office costs

3,750
3,749

Depreciation

6,005
6,005

Accountancy and legal fees

3,427
2,838
19,856
19,122
19,856
19,122
8
Directors

None of the directors (or any persons connected with them) received any remuneration during the year, but one director was paid a total of £3,013 for the day to day administration of the company (2022: £3,013).

WINDSOR THEATRE LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 10 -
9
Employees

The average monthly number of employees during the year was:

2023
2022
Number
Number
Total
-
0
-
0
10
Independent examiner's fee

The independent examiner's fee amounts to £3,180 (2022: £2,658).

11
Tangible fixed assets
Leasehold land and buildings
Fixtures and fittings
Total
£
£
£
Cost
At 1 July 2022
240,198
83,609
323,807
At 30 June 2023
240,198
83,609
323,807
Depreciation and impairment
At 1 July 2022
148,624
83,609
232,233
Depreciation charged in the year
6,005
-
6,005
At 30 June 2023
154,629
83,609
238,238
Carrying amount
At 30 June 2023
85,569
-
85,569
At 30 June 2022
91,574
-
91,574

 

12
Net gains/(losses) on investments
Unrestricted
Total
funds
2023
2022
£
£
Net gain/(loss) on investments
(3,332)
(19,334)
WINDSOR THEATRE LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 11 -
13
Fixed asset investments
Listed investments
£
Cost or valuation
At 1 July 2022
176,033
Additions
8,254
Valuation changes
2,939
Management charges
(2,355)
Disposals
(14,524)
At 30 June 2023
170,347
Carrying amount
At 30 June 2023
170,347
At 30 June 2022
176,033
2023
2022
£
£
Investments at fair value comprise:
Maitland Institutional Services
11,887
12,910
Aviva
-
14,629
Aberforth Smaller Companies Trust
6,160
5,870
Edinburgh Investment Trust
10,224
9,552
Schroder Growth Fund
11,680
11,480
Blackrock World Mining Trust
8,985
8,595
Go Utis ETF Solutions PLC
4,903
4,620
Murray International Trust
9,525
9,255
RIT Capital Partners
7,472
9,600
Scottish Mortgage Investment Trust
4,998
5,366
3I Infrastructure
7,825
8,225
Henderson Investment Funds
8,397
9,213
Aberdeen Standard EUR Logis
3,960
5,976
Fidelity Asian Values
7,800
6,675
T Bailey Fund Services
6,050
5,500
Fidelity Special Values
5,861
5,929
Assura PLC
5,675
8,175
FIL Investment Services (UK) Limited
10,850
10,164
UCITS ETF PLC
5,489
4,759
Smithson Investment Trust PLC
7,000
5,925
Rathbone
8,072
Cash settlements pending, held as part of the investment portfolio
17,534
13,615
170,347
176,033
WINDSOR THEATRE LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 12 -
14
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
-
7,581
Other debtors
346
346
Prepayments and accrued income
314
314
660
8,241

All trade debtors have been recovered post-year end.

15
Creditors: amounts falling due within one year
2023
2022
£
£
Accruals and deferred income
6,560
8,333
16
Share capital
2023
2022
£
£
Ordinary share capital
Issued and fully paid
5 Ordinary of £1 each
5
5
17
Operating lease commitments

At the reporting end date the charity had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

2023
2022
£
£
Within one year
2,000
2,000
Between two and five years
10,000
10,000
In over five years
16,000
20,000
28,000
32,000

The lease expires on 23rd June 2037.

18
Related party transactions

There were no disclosable related party transactions during the year (2022: £nil).

WINDSOR THEATRE LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2023
- 13 -
19
Cash generated from operations
2023
2022
£
£
Deficit for the year
(8,108)
(29,204)
Adjustments for:
Investment income recognised in statement of financial activities
(5,609)
(5,542)
Loss on disposal of investments
3,332
19,334
Management charge on investments
2,355
2,599
Depreciation and impairment of tangible fixed assets
6,005
6,005
Movements in working capital:
Decrease/(increase) in debtors
7,581
(7,581)
(Decrease)/increase in creditors
(1,773)
5,507
Cash generated from/(absorbed by) operations
3,783
(8,882)
20
Analysis of changes in net funds

The charity had no debt during the year.

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