The trustees present their annual report and financial statements for the year ended 31 August 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 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).
Cygnet Training Theatre & Cygnet Research Library is an educational charity dedicated to the training of professional actors and to the continual presentation of theatre and theatrical experience, and to providing research opportunities for Artists in Residence.
This year for the first time in Cygnet’s history we could not recruit a cohort of students. Numbers have been dwindling over the years due to several factors and changes nationally and internationally, so it was decided to see if Cygnet could continue to fulfil its aims by hiring out the space to those teaching the arts and skills to community at large and to open to more community involvement, as well as running short training courses for professional actors.
Some of Cygnet’s regular freelance staff and new practitioners and local professional and amateur theatrical groups have hired the building for regular classes, rehearsals and performances. Cygnet has continued to run a season of visiting performances to paying public, running the Front of House as before with bar and coffee bar and stewarding from volunteer teams.
Cygnet also obtained a grant from The Backstage Trust in order to commission Art Reach to conduct a Feasibility Study to help the Trustees determine the future of the Charity.
Art Reach representative Jo Dacombe met with Trustees and our associate staff and key friends and volunteers. She has conducted a survey of our regular hirers to ascertain the scope of the building and conducted joint sessions on zoom with Patrick Cunningham CEO of the Exeter Phoenix Arts Centre & Martin Berry CEO of Exeter Northcott theatre to discuss various options for future collaboration.
Cygnet hosted a number of visiting companies and guest artists:
15th September - Mara – Dominic Kelly
29th September – What Ho Woodhouse! – Don’t Go into the Cellar!
7th October – What’s Wrong with Benny Hill? – Mark Carey – Giles Shenton Productions
14th October – Knickers & Queens – Artemis Storytelling – Stephe Harrop
28th October – Our Secrets’ Safe – Pilot’s Thumb
24th November – The Thief’s Tale & The Empty Hand – Artemis Storytelling – Daniel Morden
5th -7th December – Eigengrau by Penelope Skinner – Eutco
26th & 27th January – The Tale of Trista Heb Skovam – Four of Swords
16th December – Christmas Singing Concert – Louisa Morgan & Katy Kerley’s Students
1st – 3rd February – King John – Shakeco – University of Exeter
17th February – Trial by Jury – St David’s Players
24th February – Joni Mitchell & Bob Dylan Tribute – The Big Yellow Tambourine Man Band
28th & 19th February - Aladdin – Cygnet Youth Theatre
8th March – The War of the Worlds – Don’t Go into the Cellar!
16th March - Singing Concert – Katy Kerley & Pete Rawcliffe’s Students
19th -23rd March – Much Ado about Nothing – Exeter Little Theatre
25th – 27th April - Derailed – Awkward Pigeon
20th June – Where There’s Brass – Tom Kitching & Marit Falt
21st June – Chopped Liver & Unions – Lottie Walker – Blue Fire Theatre Company
Cygnet has also mounted a Summer Tour of Shakespeare’s The Comedy of Errors directed by Amanda Knott, with a company of Alumni and local professional actors recruited for this tour.
The production opened at Cygnet Theatre with four performances between 3rd & 6th July and toured to Lympstone, Farringdon, Lapford Mill, Knackershole Garden Theatre (Dulverton), Hatherleigh Community Centre & Thorverton between 7th & 14th July.
The Cygnet Theatre building has been hired more frequently this year:-
The Salvation Army have regularly hired the building for their Sunday worship whilst their building is refurbished.
Helena Meineck has been a sturdy volunteer and has hired the building for three successful dance shows and two rehearsal afternoons.
We have also rented out the building for a Theatre of the Oppression Workshop and hosted two other workshops of our own – Creative Actor Training – led by Alumnus Matthieu Bellon & Bred in the Bone Theatre, and De-Mystifying Shakespeare led by Stratford actor Mariah Gale.
Mark Cassidy continues to run his Meisner Course; Kevin Hickson runs a weekly T’ai Chi class; Julia Dodd hires the Music Room for extra tuition sessions; Pete Rawcliffe for singing lessons & Caroline Diffley for an African Piano Music Course. Clare Maxwell runs a weekly life-drawing session in the upstairs studio. Amanda Knott has founded a successful regular Ballet class and together with her family have added ballet barres to the upstairs studio, making it further fit for the purpose!
Exeter Musical Theatre Company hired the space for auditions and rehearsals.
Mountview Academy hired the entire building for a day’s auditions.
Four of Swords & Awkward Pigeon hired the space to rehearse their shows before performing them, and there were a number of hires by individual theatre companies to mount their shows.
Cygnet has been lucky to continue to benefit from our part-time Administrator Hannah Goodaire and recently added Lucie Ball as our marketing and social media expert. Another key volunteer Helena Meineck has revolutionized the costume store and is extremely generous with her time and energy in improving the environment of the Cygnet Building.
Cygnet continues to benefit from the Solar PV installation made in 2012.
We made applications for grants to mount our Summer Tour. Applications were successful as follows:
The Viscount Amory Charitable Trust - £1,000
We remain indebted to our volunteers the Associates, our Front of House Staff and Trustees for their help and support throughout the year. Cygnet welcomes over 3000 audiences into the building and continues to be a community asset which is much loved and cherished.
The trustees have paid due regard to guidance issued by the Charity Commission regarding public benefit and in deciding what activities the charity should undertake.
As shown in the statement of financial activities on page 5, incoming resources have decreased during the year by £5,253 to £91,669 (2023: £96,922).
Income from Cygnet productions totalled £7,485 (2023: £9,402).
Direct costs of Cygnet productions totalled £11,666 (2023: £9,638).
Fundraising and publicity expenses increased by £1,870 to £2,866 (2023: £996).
Expenditure on charitable activities increased by £16,775 to £113,418 (2023: £96,643).
This gave net incoming/(outgoing) resources during the year of (£24,615) (2023: (£717)) bringing the total fund balance at 31 August 2024 to £235,024 (2023 £259,639).
The Trustees aim to hold sufficient reserves to cover running costs for 3 months. This equates to approximately £20,500.
The trustees have assessed the major risks to which the charity is exposed, in particular those related to the operations and finances of the charity, and are satisfied that systems are in place to mitigate their exposure to major risks.
The charity is a company limited by guarantee and has no share capital. The charity's objects and regulations are set out in the company's Memorandum and Articles approved on 13 January 2000. The company is the successor to the earlier non-incorporated charity which ceased to operate and its assets and funds transferred to the present charity.
The charity is governed by a board of trustees.
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:
New trustees may be appointed by a resolution of the Trustees recorded in the minutes and signed by the new Trustee.
A trustee may retire by writing. Such retirement shall be recorded in the minutes.
The trustees' report was approved by the Board of Trustees.
I report to the trustees on my examination of the financial statements of Cygnet Training Theatre & Cygnet Research Library (the charity) for the year ended 31 August 2024.
Having satisfied myself that the financial statements of the charity 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 charity’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.
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:
accounting records were not kept in respect of the charity as required by section 386 of the Companies Act 2006.
the financial statements do not accord with those records; or
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
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.
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
Cygnet Training Theatre & Cygnet Research Library is a private company limited by guarantee incorporated in England and Wales. In the event of the charity being wound up, the liability in respect of the guarantee is limited to £1 per member of the charity. The registered office is Cygnet Theatre, Friars Gate, Exeter, Devon, EX2 4AZ.
The financial statements have been prepared in accordance with the charity's governing document, the Companies Act 2006, FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) 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)" (effective 1 January 2019). The charity is a Public Benefit Entity as defined by FRS 102.
The charity 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 charity. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
The charity is currently reliant on support from the trustees to continue in operational existence. The trustees have indicated their ongoing commitment to supporting the charity through unrestricted funding, and their commitment to obtaining other sources of funding to secure the financial future of the charity and further the charitable objectives. On this basis, the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.
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.
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.
Income represents grants, donations, tuition fees and other revenue receivable during the year.
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
Cash donations are recognised on receipt. Other donations are recognised once the charity 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.
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.
All expenditure is included in the Statement of Financial Activities on an accruals basis.
Direct charitable expenditure
This comprises all expenditure directly relating to the objects of the Charity. Where appropriate, it includes a proper allocation of items of expenditure involving more than one cost category. Where expenditure is of both a charitable and administrative nature, it is split between the two. In most cases, this results in 70% going to charitable expenditure and 30% to management and administration expenditure.
Management and administration expenditure
This comprises the costs which are not incurred directly in any of the charitable activities or projects of the Charity. Where appropriate, it includes a proper allocation of items of expenditure involving more than one cost category. Where expenditure is of both a charitable and administrative nature, it is split between the two. In most cases, this results in 70% going to charitable expenditure and 30% to management and administration expenditure.
Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:
Freehold land is not depreciated. Costumes are not depreciated as they are well maintained and repaired when necessary.
The company inherited a property and it is included at market value on the date it was transferred to the charity. The property is used by the charity to house the research library and provide accommodation for visiting lecturers. Rental income is received from one individual and the property has been accounted for as property within tangible fixed assets.
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.
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.
The charity 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 charity's balance sheet when the charity 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, 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, 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.
In the application of the charity’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.
Grant income
Programme sales
Refreshment income
Miscellaneous
Raising funds
Direct Charitable Expenditure
Management and Administration
Equipment repairs and renewals
Light and heat
Rates
Insurance
Travel expenses
Motoring expenses
Postage, printing, photocopying & stationery
Telephone
Property repairs and renewals
Teaching costs
Direct costs of Cygnet productions
Guest production fees and costs
Exam fees and licences
Catering
During the year ended 31 August 2024, the charity conducted a full review of their customer ledger and cleared all irrecoverable debts. This has resulted in irrecoverable debts of £21,000 (2023: £Nil).
The analysis of independent examiner's remuneration is as follows:
During the year, no trustees (or any persons connected with them) received any remuneration or benefits from the charity.
The average monthly number of employees during the year was:
The majority of staff have been freelance since May 2020. There were no employees during the year (2023: 0).
Staff costs of £12,141 represents freelance labour costs.
The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.
The restricted funds of the charity comprise the unexpended balances of donations and grants held on trust subject to specific conditions by donors as to how they may be used.
The Student Welfare Fund is maintained to contribute towards the living costs of the students studying with the company.
The Project Fund is maintained to contribute to any project for which Cygnet is raising money, for a specific purpose, on an ad hoc basis.
The Feasibility Study Fund represents funds granted to Cygnet in order to engage an external consultant to conduct a full feasibility study into the educational, commercial and fundraising prospects of the organisation.
The New Moodz Fund is for working with young people who are neuro-divergent.
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 the reporting end date the charity had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
During the year the charity entered into the following transactions with related parties:
The charity received donations totalling £16,600 from two trustees as follows:
Rosalind Williams: £15,100 (2023: £17,000)
Mary Evans: £1,500 (2023: £3,250)
There were no restrictions attached to the donations.
At 31 August 2024, the charity owed the following amounts to trustees:
The loan does not have fixed repayment terms and no interest is charged.
The charity has free use of the theatre which is owned by a discretionary trust of which Mary Evans is a trustee.
The charity inherited 23 New North Road in 2006. It was inherited with Mary Evans being a life tenant of the property. She was also a trustee of the charity but resigned on 31 August 2024.