REGISTERED COMPANY NUMBER: |
REGISTERED CHARITY NUMBER: |
REPORT OF THE TRUSTEES AND |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31ST MARCH 2024 |
FOR |
WINCHESTER THEATRE TRUST |
REGISTERED COMPANY NUMBER: |
REGISTERED CHARITY NUMBER: |
REPORT OF THE TRUSTEES AND |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31ST MARCH 2024 |
FOR |
WINCHESTER THEATRE TRUST |
WINCHESTER THEATRE TRUST |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31ST MARCH 2024 |
Page |
Reference and Administrative Details | 1 |
Report of the Trustees | 2 | to | 3 |
Statement of Financial Activities | 4 |
Balance Sheet | 5 | to | 6 |
Notes to the Financial Statements | 7 | to | 12 |
WINCHESTER THEATRE TRUST |
REFERENCE AND ADMINISTRATIVE DETAILS |
FOR THE YEAR ENDED 31ST MARCH 2024 |
TRUSTEES |
REGISTERED OFFICE |
REGISTERED COMPANY NUMBER |
REGISTERED CHARITY NUMBER |
SOLICITORS | Wilsons Solicitors LLP |
Alexandra House |
St.John's Street |
Salisbury |
SP1 2SB |
BANKERS | National Westminster Bank PLC |
Old House Branch |
105 High Street |
Winchester |
Hampshire |
SO23 9AW |
WINCHESTER THEATRE TRUST (REGISTERED NUMBER: 04660403) |
REPORT OF THE TRUSTEES |
FOR THE YEAR ENDED 31ST MARCH 2024 |
The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31st March 2024. The trustees have adopted the provisions of 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 |
Objectives and aims |
The Trust has as its principal object: cultivating and improving public taste in the dramatic arts and providing or assisting in the provision of education therein to present or assist (whether by provision of theatrical facilities or subsidies or otherwise) in the presentation of professional or amateur work of merit in the visual arts or performing arts in the city of Winchester. |
The strategy employed to achieve the Charity's aims and objectives is to own and safeguard the Theatre Royal Winchester building on behalf of the communities of Winchester and the county of Hampshire. The building is held in trust as a community asset and the Trust ensures the maintenance of the Theatre Royal Winchester building through a planned maintenance programme thereby enabling safe and comfortable public access to a varied programme of artistic productions. |
On 2 December 2020, Theatre Royal Winchester building was registered as an Asset of Community Value with Winchester City Council. This was introduced as part of a government policy to provide local communities with the opportunity to recognise, and where possible, ensure the long term continuation of land and/or buildings that provide a community value to the local area. |
In ensuring the implementation of an agreed planned maintenance programme, the board of Trustees is also mindful of the safety and maintenance requirements of a public building. |
Public benefit |
Public benefit is at the core of the Trust's principal objectives. The objectives are intended to benefit individuals or groups of individuals by providing a theatre for the cultural benefit of the community. In accessing the Charity's achievements during the year, the board of Trustees has paid due regard to the Charity Commission's guidance on public benefit. |
The principal object aims to cultivate and improve public taste in the dramatic arts in the City of Winchester. The object also provides for the provision of education to present professional or amateur work in the City. The Trust believes it provides a key role in maintaining and developing performing arts to a whole cross section of the community. |
ACHIEVEMENT AND PERFORMANCE |
Charitable activities |
Play to the Crowd (formerly known as Live Theatre Winchester Trust), the operating company which occupies the Theatre Royal WInchester is responsible for the provision of its artistic schedule, and also responsible for the maintenance and operation of the theatre, under the terms of a full repairing lease, along with all associated fund raising and income generation. |
Inspections of the theatre building were undertaken in line with the planned maintenance programme ("PMP") and established that no major work on the building is anticipated within the next year. |
During the year, the Trustees have maintained a strong working relationship with the Board of the Play to the Crowd. |
WINCHESTER THEATRE TRUST (REGISTERED NUMBER: 04660403) |
REPORT OF THE TRUSTEES |
FOR THE YEAR ENDED 31ST MARCH 2024 |
FINANCIAL REVIEW |
Principal funding sources |
Results of transactions undertaken during the period, and the financial position at 31 March 2024 are adequately disclosed in the attached Statement of Financial Activities and Balance Sheet together with the notes thereto. In the opinion of the Trustees, there are adequate assets to fulfil the obligations of the Trust. |
Interest of £53 was earned on bank deposits in the year (2023 - £18). A donation of £780 was received from Play the Crowd towards the Charity's costs during the year (2023 - £0). |
Depreciation is provided on an annual basis at the rate of 2% on the cost of the building and its refurbishments, and office equipment as disclosed in the accounting policy note (page six). As a consequence an annual charge of £84,734 is made in the accounts. The charge does not represent a cash outflow but a systematic write down of the costs of the building and office equipment. The net deficit for the year of £84,711 (page four) includes the depreciation charge. |
Reserves policy |
It is the policy of the Trust to try and maintain the free reserves of the Trust at a level to provide sufficient funds to cover management, administration and support costs of the Trust. The "free reserves" of the Trust are those unrestricted funds not committed to, or invested in tangible fixed assets. Free reserves at the end of the current year are £4,512 (2023 - £4,489). |
FUTURE PLANS |
It will be the continued policy of the Trust to ensure the maintenance of the Theatre Royal Winchester building in accordance with the detailed maintenance schedule, the planned maintenance programme ("PMP") agreed with the operating company, Play to the Crowd, under a full repairing lease. |
STRUCTURE, GOVERNANCE AND MANAGEMENT |
Governing document |
The Charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006. The Charity was incorporated in England and Wales. |
The Winchester Theatre Trust (WTT) is governed by the Memorandum and Articles of Association dated 10 February 2003 and is registered under the Charities Act 1993, Charity registration number 1099252. New Articles of Association were adopted in June 2010 to satisfy the requirements of the Companies Act 2006. |
The board of trustees met three times during the year. New Trustees can be appointed on a majority vote at these meetings.Trustees are appointed by the Board in accordance with the Memorandum and Articles of Association. The office is run by the Trustees. |
Risk management |
The Trustees have a duty to identify and review the risks to which the Charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error. The Trustees are satisfied they have assessed this and that systems are in place to mitigate exposure to major risks. |
This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies. |
Approved by order of the board of trustees on |
WINCHESTER THEATRE TRUST |
STATEMENT OF FINANCIAL ACTIVITIES |
(INCORPORATING AN INCOME AND EXPENDITURE ACCOUNT) |
FOR THE YEAR ENDED 31ST MARCH 2024 |
2024 | 2023 |
Unrestricted | Restricted | Total | Total |
fund | funds | funds | funds |
Notes | £ | £ | £ | £ |
INCOME AND ENDOWMENTS FROM |
Donations and legacies |
Investment income | 2 |
Total |
EXPENDITURE ON |
Other |
NET INCOME/(EXPENDITURE) | ( |
) | ( |
) | ( |
) |
RECONCILIATION OF FUNDS |
Total funds brought forward |
TOTAL FUNDS CARRIED FORWARD | 2,361,110 |
WINCHESTER THEATRE TRUST (REGISTERED NUMBER: 04660403) |
BALANCE SHEET |
31ST MARCH 2024 |
2024 | 2023 |
Unrestricted | Restricted | Total | Total |
fund | funds | funds | funds |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 7 |
CURRENT ASSETS |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 8 | ( |
) | ( |
) | ( |
) |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
NET ASSETS |
FUNDS | 9 |
Unrestricted funds | 4,489 |
Restricted funds | 2,356,621 |
TOTAL FUNDS | 2,361,110 |
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st March 2024. |
The members have not required the company to obtain an audit of its financial statements for the year ended 31st March 2024 in accordance with Section 476 of the Companies Act 2006. |
The trustees acknowledge their responsibilities for |
(a) | ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company. |
WINCHESTER THEATRE TRUST (REGISTERED NUMBER: 04660403) |
BALANCE SHEET - continued |
31ST MARCH 2024 |
These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime. |
The financial statements were approved by the Board of Trustees and authorised for issue on |
WINCHESTER THEATRE TRUST |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31ST MARCH 2024 |
1. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) '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)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention. |
Incoming resources |
Voluntary income is recognised in the accounting period of receipt, with due regard to the restriction imposed by the donor, although the related expenditure may take place in future accounting periods. |
Investment income is recognised on a receivable basis. |
Resources expended |
All expenditure is included on a accruals basis and is recognised when there is a legal or constructive obligation to pay for the expenditure. |
All costs are allocated between the expenditure categories of the SOFA on a basis designed to reflect the use of the resources. Costs relating to a particular activity are allocated directly. |
Since the completion of the construction of the building all of the general overheads are allocated to the General Fund. Depreciation of the building is allocated to the Restricted funds. |
Charitable expenditure comprises those costs incurred by the Charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.. |
Governance costs |
Governance costs include costs associated with meeting the constitutional and statutory requirements of the Charity. |
Tangible fixed assets |
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. |
Theatre building | - |
Office equipment | - |
Land and buildings are included at cost at date of acquisition. Additional expenditure is included at invoiced . |
value. |
The cost of minor additions, or those costing below £100 are not capitalised. |
Taxation |
The Charity is exempt from corporation tax on its charitable activities. |
Fund accounting |
Unrestricted funds are donations and other incoming resources receivable or generated for the object of the Charity without specific purpose and are available as general funds.. |
WINCHESTER THEATRE TRUST |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST MARCH 2024 |
1. | ACCOUNTING POLICIES - continued |
Fund accounting |
Restricted funds are to be used for specific purposes as laid down by the donor. Expenditure which meets these criteria is charged to the fund. |
Designated funds are unrestricted funds earmarked by the Board of Trustees for particular purposes. |
Further details of each fund are disclosed in the notes. |
2. | INVESTMENT INCOME |
2024 | 2023 |
£ | £ |
Deposit account interest |
3. | SUPPORT COSTS |
Governance |
Other | costs | Totals |
£ | £ | £ |
Other resources expended | 84,734 | 810 | 85,544 |
4. | NET INCOME/(EXPENDITURE) |
Net income/(expenditure) is stated after charging/(crediting): |
2024 | 2023 |
£ | £ |
Depreciation - owned assets |
5. | TRUSTEES' REMUNERATION AND BENEFITS |
There were no trustees' remuneration or other benefits for the year ended 31 March 2024, nor for the year ended 31 March 2023. |
Trustees' expenses |
There were no trustees' expenses paid for the year ended 31 March 2024, nor for the year ended 31 March 2023. |
WINCHESTER THEATRE TRUST |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST MARCH 2024 |
6. | COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES |
Unrestricted | Restricted | Total |
fund | funds | funds |
£ | £ | £ |
INCOME AND ENDOWMENTS FROM |
Investment income |
EXPENDITURE ON |
Other |
NET INCOME/(EXPENDITURE) | ( |
) | ( |
) | ( |
) |
RECONCILIATION OF FUNDS |
Total funds brought forward | 5,251 | 2,441,355 |
TOTAL FUNDS CARRIED FORWARD | 4,489 | 2,356,621 | 2,361,110 |
7. | TANGIBLE FIXED ASSETS |
Theatre | Office |
building | equipment | Totals |
£ | £ | £ |
COST |
At 1st April 2023 and 31st March 2024 |
DEPRECIATION |
At 1st April 2023 |
Charge for year |
At 31st March 2024 |
NET BOOK VALUE |
At 31st March 2024 |
At 31st March 2023 |
It is the opinion of the Trustees that the Theatre building should be treated as a functional asset of the Charity and not an investment asset on the basis that the building is used for the Charity's main purpose. |
The property is encumbered by a legal charge as security for the due performance of the building improvements undertaken in 1985 and for which a capital grant was received from Winchester City Council. |
WINCHESTER THEATRE TRUST |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST MARCH 2024 |
8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Accruals and deferred income |
9. | MOVEMENT IN FUNDS |
Net |
movement | At |
At 1.4.23 | in funds | 31.3.24 |
£ | £ | £ |
Unrestricted funds |
General fund | 4,489 | 23 | 4,512 |
Restricted funds |
Renovation and refurbisment of Theatre fund |
2,268,481 |
(81,823 |
) |
2,186,658 |
Forestage elevator fund | 45,617 | (1,470 | ) | 44,147 |
Enhances operation capability funds - RALP |
42,523 |
(1,441 |
) |
41,082 |
(84,734 | ) |
TOTAL FUNDS | (84,711 | ) | 2,276,399 |
Net movement in funds, included in the above are as follows: |
Incoming | Resources | Movement |
resources | expended | in funds |
£ | £ | £ |
Unrestricted funds |
General fund | 833 | (810 | ) | 23 |
Restricted funds |
Renovation and refurbisment of Theatre fund |
- |
(81,823 |
) |
(81,823 |
) |
Forestage elevator fund | - | (1,470 | ) | (1,470 | ) |
Enhances operation capability funds - RALP |
- |
(1,441 |
) |
(1,441 |
) |
( |
) | (84,734 | ) |
TOTAL FUNDS | ( |
) | (84,711 | ) |
WINCHESTER THEATRE TRUST |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST MARCH 2024 |
9. | MOVEMENT IN FUNDS - continued |
Comparatives for movement in funds |
Net |
movement | At |
At 1.4.22 | in funds | 31.3.23 |
£ | £ | £ |
Unrestricted funds |
General fund | 5,251 | (762 | ) | 4,489 |
Restricted funds |
Renovation and refurbisment of Theatre fund |
2,350,304 |
(81,823 |
) |
2,268,481 |
Forestage elevator fund | 47,087 | (1,470 | ) | 45,617 |
Enhances operation capability funds - RALP |
43,964 |
(1,441 |
) |
42,523 |
2,441,355 | (84,734 | ) | 2,356,621 |
TOTAL FUNDS | 2,446,606 | (85,496 | ) | 2,361,110 |
Comparative net movement in funds, included in the above are as follows: |
Incoming | Resources | Movement |
resources | expended | in funds |
£ | £ | £ |
Unrestricted funds |
General fund | 18 | (780 | ) | (762 | ) |
Restricted funds |
Renovation and refurbisment of Theatre fund |
- |
(81,823 |
) |
(81,823 |
) |
Forestage elevator fund | - | (1,470 | ) | (1,470 | ) |
Enhances operation capability funds - RALP |
- |
(1,441 |
) |
(1,441 |
) |
- | (84,734 | ) | (84,734 | ) |
TOTAL FUNDS | 18 | (85,514 | ) | (85,496 | ) |
WINCHESTER THEATRE TRUST |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31ST MARCH 2024 |
10. | RELATED PARTY DISCLOSURES |
During the year, Play to the Crowd, the operating company, paid Winchester Theatre Trust £nil (2023 £nil) for the rental of the Theatre and also reimbursed expenses of £nil (2023 £nil). Play the Crowd made a donation the the Winchester Theatre Trust of £780 (2023 - £0) towards the Charity's costs.. |
11. | ULTIMATE CONTROLLING PARTY |
The Charity is controlled by the Trustees who are all directors of the company. |
12. | MEMBERS' LIABILITY |
The charity is a private company limited by guarantee and consequently does not have share capital. Each of the members is liable to contribute an amount not exceeding £10 towards the assets of the Charity in the event of liquidation. |