Charity Registration No. 1180336
Company Registration No. 11240693 (England and Wales)
Cambridge Theatre Trust
Annual report and unaudited financial statements
For the year ended 31 March 2024
CAMBRIDGE THEATRE TRUST
Cambridge Theatre Trust
LEGAL AND ADMINISTRATIVE INFORMATION
Trustees
Mr G Mullan
Mr C Cuming
Mr N Hall
Ms N J Roach
(Appointed 19 November 2023)
Secretary
Ms N J Roach
Charity number (England and Wales)
1180336
Company number
11240693
Registered office
Chapel Cottage
38 High Street
West Wratting
Cambs
CB21 5LU
Independent examiner
The MHH Partnership
Elstree House
Watson's Yard
High Street
Cottenham
Cambridge
CB24 8RX
CAMBRIDGE THEATRE TRUST
Cambridge Theatre Trust
CONTENTS
Page
Trustees' report
1 - 2
Independent examiner's report
3
Statement of financial activities
4
Balance sheet
5
Notes to the financial statements
6 - 11
CAMBRIDGE THEATRE TRUST
Cambridge Theatre Trust
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT)
FOR THE YEAR ENDED 31 MARCH 2024
- 1 -

The trustees present their annual report and financial statements for the year ended 31 March 2024.

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 trust's articles of association, 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)

Objectives and activities

The trust's objects are:

 

 

 

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

Achievements and performance
Financial review

The charity’s turnover for year ending 31 March 2024 was £99,996 After operating costs, there was a surplus of £6,138 for the year.

Reserves Policy

Our continued plan has been to set aside at least 10% of annual turnover to protect the charity. We have achieved this during 2023-2024 and now hold healthy reserves in our savings account.

 

Gift Aid

 

We continued to be registered for gift aid, which has allowed us to take advantage of this scheme. We will continue to claim back 25% of membership fees on future shows.

 

Theatre Tax Relief

 

It is our intention to continue claiming back Theatre Tax Relief which allows theatrical charities to claim back 20% against certain areas of spend relating to productions.

Investment Policy and Objectives

 

Aside from retaining a prudent amount in reserve each year, most of the charity’s funds are spent in the short term so at present, there are few funds for long term investment.

The trustees have assessed the major risks to which the trust is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks.

CAMBRIDGE THEATRE TRUST
Cambridge Theatre Trust
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 2 -

FUTURE PLANS 

This year, we have produced 4 shows (Frozen Jnr, Everyone’s Talking about Jamie Teen Edition, Beauty & the Beast and Six Teen Edition). Our focus on the youth productions sees us build upon our previous success and provides a unique experience for our young membership. Our commitment to continuing adult shows that include children provides a pathway for performers to continue their relationship with the company. We are planning another 4 shows for next year and hope to continue to provide access to challenging and thought-provoking theatre.

 

 

 

Structure, governance and management

The trust is a company limited by guarantee.

The trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were:

Mr G Mullan
Mrs Victoria Curteis
(Resigned 19 November 2023)
Mrs T Al-Rabee
(Retired 20 August 2024)
Mr C Cuming
Mr N Hall
Ms N J Roach
(Appointed 19 November 2023)

Trustees are selected to represent a range of expertise that will benefit the charity as it grows. We have trustees with skills in finance, child protection and theatre as well as wider commercial business exposure.

 

No formal training of trustees is given as generally they are already knowledgeable in their field.

 

None of the trustees has any beneficial interest in the company. All of the trustees are members of the company and guarantee to contribute £1 in the event of a winding up.

The trustees' report was approved by the Board of Trustees.

Mr G Mullan
Trustee
Dated: 30 October 2024
CAMBRIDGE THEATRE TRUST
Cambridge Theatre Trust
INDEPENDENT EXAMINER'S REPORT
TO THE TRUSTEES OF CAMBRIDGE THEATRE TRUST
- 3 -

I report to the trustees on my examination of the financial statements of Cambridge Theatre Trust (the trust) for the year ended 31 March 2024.

Responsibilities and basis of report

As the trustees of the trust (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.

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

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 trust as required by section 386 of the Companies Act 2006.

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 Companies Act 2006 other than any requirement that the financial statements 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 financial statements 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.

Hayden Watson
FCCA
Elstree House
Watson's Yard
High Street
Cottenham
Cambridge
CB24 8RX
Dated: 1 November 2024
CAMBRIDGE THEATRE TRUST
Cambridge Theatre Trust
STATEMENT OF FINANCIAL ACTIVITIES
INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 MARCH 2024
- 4 -
Unrestricted
Unrestricted
funds
funds
2024
2023
Notes
£
£
Income from:
Donations and legacies
3
15,828
13,390
Charitable activities
4
83,931
66,082
Investments
5
237
35
Total income
99,996
79,507
Expenditure on:
Charitable activities
6
93,858
83,057
Total expenditure
93,858
83,057
Net income/(expenditure) and movement in funds
6,138
(3,550)
Reconciliation of funds:
Fund balances at 1 April 2023
23,871
27,421
Fund balances at 31 March 2024
30,009
23,871

The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.

CAMBRIDGE THEATRE TRUST
Cambridge Theatre Trust
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 5 -
2024
2023
Notes
£
£
£
£
Current assets
Stocks
12
1,750
1,750
Debtors
13
305
255
Cash at bank and in hand
32,037
22,974
34,092
24,979
Creditors: amounts falling due within one year
14
(4,083)
(1,108)
Net current assets
30,009
23,871
Income funds
Unrestricted funds
30,009
23,871
Total Funds
30,009
23,871

The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 31 March 2024.

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 Trustees on 30 October 2024
Mr G Mullan
Trustee
Company Registration No. 11240693
CAMBRIDGE THEATRE TRUST
Cambridge Theatre Trust
NOTES TO THE  FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 6 -
1
Accounting policies
Charity information

Cambridge Theatre Trust is a private company limited by guarantee incorporated in England and Wales. The registered office is Chapel Cottage, 38 High Street, West Wratting, Cambs, CB21 5LU.

1.1
Accounting convention

The financial statements have been prepared in accordance with the trust's governing document, the Companies Act 2006, FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Charities SORP "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)". The trust is a Public Benefit Entity as defined by FRS 102.

 

The trust has taken advantage of the provisions in the SORP for charities not to prepare a statement of cash flows.

The financial statements are prepared in sterling, which is the functional currency of the trust. 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 trustees have a reasonable expectation that the trust has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees 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 trustees in furtherance of their charitable objectives.

Restricted funds are subject to specific conditions by donors or grantors 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 trust.
1.4
Income
Income is recognised when the trust 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.

Cash donations are recognised on receipt. Other donations are recognised once the trust has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

Legacies are recognised on receipt or otherwise if the trust has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.
CAMBRIDGE THEATRE TRUST
Cambridge Theatre Trust
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 7 -
1.5
Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, 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 classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset’s use.

1.6
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. Items held for distribution at no or nominal consideration are measured the lower of replacement cost and cost.

Net realisable value is the estimated selling price less all estimated costs of completion and costs to be incurred in marketing, selling and distribution.

1.7
Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.8
Financial instruments

The trust has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the trust's balance sheet when the trust becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

CAMBRIDGE THEATRE TRUST
Cambridge Theatre Trust
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 8 -
Derecognition of financial liabilities

Financial liabilities are derecognised when the trust’s contractual obligations expire or are discharged or cancelled.

1.9
Employee benefits

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the trust is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

2
Critical accounting estimates and judgements

In the application of the trust’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Income from donations and legacies
Unrestricted
Unrestricted
funds
funds
2024
2023
£
£
Donations and gifts
2,660
3,885
Grants
6,995
-
Membership fees
6,173
9,505
15,828
13,390
4
Income from charitable activities
Unrestricted
Unrestricted
funds
funds
2024
2023
£
£
Theatre
Sale of goods
83,931
66,082
CAMBRIDGE THEATRE TRUST
Cambridge Theatre Trust
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 9 -
5
Income from investments
Unrestricted
Unrestricted
funds
funds
2024
2023
£
£
Interest receivable
237
35
6
Charitable activities

Theatre perfomance

Theatre perfomance

2024
2023
£
£

Costumes

8,271
8,565

Rehearsal rooms and supplies

6,924
3,266

Advertising and marketing

8,845
7,877

Scripts and show rights

9,789
9,128

Set and prop hire

3,830
4,877

Light and sound supplies

9,279
8,326

Creative team fees and expenses

23,589
11,034

Storage

2,090
2,230

Venue hire

10,606
13,796

Auditions

1,461
224

Musician services

3,525
6,028

Programme printing

1,017
394
89,226
75,745
Support costs (see note 7)
3,372
6,082
Governance costs (see note 7)
1,260
1,230
93,858
83,057
CAMBRIDGE THEATRE TRUST
Cambridge Theatre Trust
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 10 -
7
Support costs
Support costs
Governance costs
2024
Support costs
Governance costs
2023
£
£
£
£
£
£

Insurance

375
-
375
564
-
564

Postage and stationary

707
-
707
608
-
608

Postage and stationary

40
-
40
70
-
70

Accountancy (not governance)

1,084
-
1,084
949
-
949

Other support costs

1,166
-
1,166
3,891
-
3,891

Independent examination fee

-
1,260
1,260
-
1,230
1,230
3,372
1,260
4,632
6,082
1,230
7,312
Analysed between
Charitable activities
3,372
1,260
4,632
6,082
1,230
7,312

 

8
Net movement in funds
2024
2023
£
£
The net movement in funds is stated after charging/(crediting):
Fees payable for the independent examination of the charity's financial statements
-
-
9
Trustees
None of the trustees (or any persons connected with them) received any remuneration or benefits from the trust during the year.
10
Employees

The average number of employees during the year was:

2024
2023
Number
Number
Total
-
0
-
0
There were no employees whose annual remuneration was more than £60,000.
Remuneration of key management personnel

The remuneration of key management personnel was as follows:

11
Taxation

The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.

CAMBRIDGE THEATRE TRUST
Cambridge Theatre Trust
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 11 -
12
Stocks
2024
2023
£
£
Finished goods and goods for resale
1,750
1,750
13
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
305
255
14
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
2,931
(44)
Accruals and deferred income
1,152
1,152
4,083
1,108
15
Unrestricted funds

The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.

At 1 April 2023
Incoming resources
Resources expended
At 31 March 2024
£
£
£
£
General funds
23,871
99,996
(93,858)
30,009
Previous year:
At 1 April 2022
Incoming resources
Resources expended
At 31 March 2023
£
£
£
£
General funds
27,421
79,507
(83,057)
23,871
16
Related party transactions

There were no disclosable related party transactions during the year.

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