REGISTERED COMPANY NUMBER: SC092088 (Scotland)

REGISTERED CHARITY NUMBER: SCO10575

Report of the Trustees and

Unaudited Financial Statements

For The Year Ended 31 December 2024

for

Assembly Theatre Limited

Page

Report of the Trustees

1

to

3

Independent Examiner's Report

4

Statement of Financial Activities

5

Balance Sheet

6

to

7

Notes to the Financial Statements

8

to

14

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 31 December 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 main aim of the charity is the preparation and presentation of a programme of theatrical based events in one venue in Edinburgh across the calendar year and during the Edinburgh Festivals.

Significant activities

The charity now produces and presents shows as well as seeking direct venue sales on a year round basis. The charity is supplementing this income with venue hire, for example weddings, meetings etc., with the charity seeking grants where possible.

Volunteers

The charity is indebted to occasional volunteers who provide valuable support to them.

ACHIEVEMENT AND PERFORMANCE

Charitable activities

The principal revenue is derived from venue hire and ticket sales along with bar/catering income.

For 2024's budget, it was agreed that the surplus funds from 2023's year end would contribute to capital improvements to the building. This explains the loss for the year, but should be considered as break even across 2023 and 2024.

Internal and external factors

Results are dependent on the number of people attending the Fringe Festival in general and the quality of the programme of events.

FINANCIAL REVIEW

Principal funding sources

The charity is mostly funded by rental income, bar sales and venue hire.

Investment policy and objectives

The charity has adopted a low risk policy for investing funds. Our investment policy includes a review of the security of the investments, access to funds and competitive interest rates. Banking arrangements are reviewed regularly to ensure that the best rates of interest and access to funds are established.

Reserves policy

The trustees have reviewed the reserves of the company. This review encompassed the nature of income and expenditure streams, the need to match variable income with fixed commitments and the nature of the reserves. The aim is to maintain sufficient reserves to meet 3 months expenditure owing to the need to incur costs in advance of generating income. The reserves at the year end amount to £221,497 which is adequate to meet this policy based on expected costs for 2024.

FUTURE PLANS

It is the charity's intention to continue to support the arts sector through activities from its premises at Roxburgh Place. 2025 will see the return of many of Edinburgh's festivals including the International Children's Theatre Festival, whom we are co-producing a piece with in collaboration with Imaginate, National Theatre of Scotland and Catherine Wheels Theatre Company. Also returning will be events as part of the Edinburgh Fringe and Edinburgh's Hogmanay as well as our supporting the grassroots arts in the city through our continued support through the ART Award in partnership with Assembly Festival. Arts events in the building are supported by commercial hires, where income generated is used to ensure the charity remains accessible for artists throughout the year. The charity continues seek to support the development of artists and technicians through seeking funding to support training and residencies as well as programming and commissioning opportunities.

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.

Recruitment and appointment of new trustees

The Board shall have the power at any time, or from time to time, to appoint any person to be a member of the Board either to fill a casual vacancy or as an addition to the existing members of the Board.

Organisational structure

Trustees meet regularly, but delegate the day to day running of Assembly Theatre Ltd to the Senior Management.

Induction and training of new trustees

New Trustees recruited to join the Board are provided with appropriate guidance in relation to their responsibilities through the provision of written materials outlining due diligence.

Wider network

The charity are not part of a wider network but do operate within the Edinburgh Fringe Festival.

Risk management

The management has conducted its own review of the major risks to which the charity is exposed and systems have been established to mitigate those risks. Significant external risks to funding have led to the development of a strategic plan which will allow for ongoing funding and sponsorship deals. Internal risks are minimised by the implementation of purchase procedures for authorisation of all transactions and projects and to ensure consistent quality of delivery for all operational aspects of the charitable company. These procedures are periodically reviewed to ensure that they meet the needs of the charity.

REFERENCE AND ADMINISTRATIVE DETAILS

Registered Company number

SC092088 (Scotland)

Registered Charity number

SCO10575

Registered office

2 Roxburgh Place

Edinburgh

EH8 9SU

Trustees

Mr William Burdett-Coutts OBE

Mr Alexander Ross

Mr Michael Dale

Ms Diane Marie Rae General Manager

Mr Nicholas James Whybrew Operations Director

Independent Examiner

Michael Donnelly

Atkinson Donnelly LLP

1 Cambuslang Court

Cambuslang

Glasgow

Strathclyde

G32 8FH

Approved by order of the board of trustees on 30 September 2025 and signed on its behalf by:

Ms Diane Marie Rae - Trustee

I report on the accounts for the year ended 31 December 2024 set out on pages five to fourteen.

Respective responsibilities of trustees and examiner

The charity's trustees are responsible for the preparation of the accounts in accordance with the terms of the Charities and Trustee Investment (Scotland) Act 2005 and the Charities Accounts (Scotland) Regulations 2006 (as amended). The charity's trustees consider that the audit requirement of Regulation 10(1)(a) to (c) of the Accounts Regulations does not apply. It is my responsibility to examine the accounts as required under Section 44(1)(c) of the Act and to state whether particular matters have come to my attention.

Basis of the independent examiner's report

My examination was carried out in accordance with Regulation 11 of the Charities Accounts (Scotland) Regulations 2006. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently I do not express an audit opinion on the view given by the accounts.

Independent examiner's statement

In connection with my examination, no matter has come to my attention :

(1)	which gives me reasonable cause to believe that, in any material respect, the requirements

-	to keep accounting records in accordance with Section 44(1)(a) of the 2005 Act and Regulation 4 of the 2006 Accounts Regulations; and

-	to prepare accounts which accord with the accounting records and to comply with Regulation 8 of the 2006 Accounts Regulations

have not been met; or

(2)	to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.

Michael Donnelly

The Institute of Chartered Accountants of Scotland

Atkinson Donnelly LLP

1 Cambuslang Court

Cambuslang

Glasgow

Strathclyde

G32 8FH

30 September 2025

31.12.24

31.12.23

Unrestricted

Restricted

Total

Total

funds

funds

funds

funds

Notes

£

£

£

£

INCOME AND ENDOWMENTS FROM

Other trading activities

3

252,275

-

252,275

285,898

Investment income

4

71,209

-

71,209

68,172

Total

323,484

-

323,484

354,070

EXPENDITURE ON

Charitable activities

Charitable Activities

359,261

-

359,261

331,858

NET INCOME/(EXPENDITURE)

(35,777

)

-

(35,777

)

22,212

RECONCILIATION OF FUNDS

Total funds brought forward

221,307

-

221,307

199,095

TOTAL FUNDS CARRIED FORWARD

185,530

-

185,530

221,307

31.12.24

31.12.23

Unrestricted

Restricted

Total

Total

funds

funds

funds

funds

Notes

£

£

£

£

FIXED ASSETS

Tangible assets

9

13,578

-

13,578

9,144

CURRENT ASSETS

Stocks

10

7,095

-

7,095

9,560

Debtors

11

53,562

-

53,562

43,930

Cash at bank and in hand

160,101

-

160,101

209,973

220,758

-

220,758

263,463

CREDITORS

Amounts falling due within one year

12

(48,806

)

-

(48,806

)

(51,300

)

NET CURRENT ASSETS

171,952

-

171,952

212,163

TOTAL ASSETS LESS CURRENT LIABILITIES

185,530

-

185,530

221,307

NET ASSETS

185,530

-

185,530

221,307

FUNDS

14

Unrestricted funds

185,530

221,307

TOTAL FUNDS

185,530

221,307

The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 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.

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 30 September 2025 and were signed on its behalf by:

Ms Diane Marie Rae - Trustee

1.	GOING CONCERN

The trustees have prepared the accounts on a going concern basis on the basis of their being adequate funds either held - or expected - for the charity to operate for at least the next 12 months.

2.	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.

Income

All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.

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 cost 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 activities

This relates to costs incurred by the charity in the delivery of its activities and services for its beneficiaries.

Governance costs

Costs associated with meeting the constitutional and statutory requirements of the charity

Allocation and apportionment of costs

All costs relate to the charity's charitable activities.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.

Improvements to property - 20% on cost

Fixtures and fittings - 15% on cost

Computer equipment - 15% on cost

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation

The charity is exempt from corporation tax on its charitable activities.

Fund accounting

Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.

Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.

Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.

Pension costs and other post-retirement benefits

The charity operates a defined contributions pension scheme for its employees. The assets of the scheme are held separately from those of the charity in independently administered funds.

The contributions to this scheme are also charged to the SOFA on a payable basis.

Financial instruments

Debtors

Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Creditors

Short term trade creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Cash and Bank Balances

Cash and bank balances are measured at the transaction price.Capital based government grants are included in the balance sheet and credited to operating profit over the useful economic lives of the assets to which they relate.

3.	OTHER TRADING ACTIVITIES

31.12.24

31.12.23

£

£

Sales - Bar

68,426

70,672

Venue Sales

183,849

215,226

252,275

285,898

4.	INVESTMENT INCOME

31.12.24

31.12.23

£

£

Rents received

71,000

68,000

Deposit account interest

209

172

71,209

68,172

5.	NET INCOME/(EXPENDITURE)

Net income/(expenditure) is stated after charging/(crediting):

31.12.24

31.12.23

£

£

Independent examination

2,364

2,448

Depreciation - owned assets

4,006

3,572

Other operating leases

1,250

351

6.	TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 31 December 2024 nor for the year ended 31 December 2023.

Trustees' expenses

Any payments to directors are outlined in note 15 to the accounts.

7.	STAFF COSTS

31.12.24

31.12.23

£

£

Wages and salaries

151,287

164,876

Other pension costs

1,878

2,440

153,165

167,316

The average monthly number of employees during the year was as follows:

31.12.24

31.12.23

Average number of employees

23

23

No employees received emoluments in excess of £60,000.

8.	COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES

Unrestricted

Restricted

Total

funds

funds

funds

£

£

£

INCOME AND ENDOWMENTS FROM

Other trading activities

285,898

-

285,898

Investment income

68,172

-

68,172

Total

354,070

-

354,070

EXPENDITURE ON

Charitable activities

Charitable Activities

331,858

-

331,858

NET INCOME

22,212

-

22,212

RECONCILIATION OF FUNDS

Total funds brought forward

199,095

-

199,095

TOTAL FUNDS CARRIED FORWARD

221,307

-

221,307

9.	TANGIBLE FIXED ASSETS

Improvements

Fixtures

to

and

Computer

property

fittings

equipment

Totals

£

£

£

£

COST

At 1 January 2024

106,620

67,099

5,034

178,753

Additions

-

-

8,440

8,440

At 31 December 2024

106,620

67,099

13,474

187,193

DEPRECIATION

At 1 January 2024

106,620

57,955

5,034

169,609

Charge for year

-

2,740

1,266

4,006

At 31 December 2024

106,620

60,695

6,300

173,615

NET BOOK VALUE

At 31 December 2024

-

6,404

7,174

13,578

At 31 December 2023

-

9,144

-

9,144

10.

STOCKS

31.12.24

31.12.23

£

£

Stocks

7,095

9,560

11.	DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

£

£

Trade debtors

27,937

21,151

Other debtors

3,468

6,121

Prepayments and accrued income

22,157

16,658

53,562

43,930

12.	CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

£

£

Trade creditors

14,964

22,114

Social security and other taxes

1,828

2,841

VAT

16,957

11,427

Other creditors

3,677

1,519

Accruals and deferred income

11,380

13,399

48,806

51,300

13.	SECURED DEBTS

The bank overdraft is secured by a bond and floating charge over the assets and undertakings of the company

14.	MOVEMENT IN FUNDS

Net

movement

At

At 1.1.24

in funds

31.12.24

£

£

£

Unrestricted funds

General fund

221,307

(31,770

)

189,537

Fixed asset reserve

-

(4,007

)

(4,007

)

221,307

(35,777

)

185,530

TOTAL FUNDS

221,307

(35,777

)

185,530

Net movement in funds, included in the above are as follows:

Incoming

Resources

Movement

resources

expended

in funds

£

£

£

Unrestricted funds

General fund

323,484

(355,254

)

(31,770

)

Fixed asset reserve

-

(4,007

)

(4,007

)

323,484

(359,261

)

(35,777

)

TOTAL FUNDS

323,484

(359,261

)

(35,777

)

Comparatives for movement in funds

Net

Transfers

movement

between

At

At 1.1.23

in funds

funds

31.12.23

£

£

£

£

Unrestricted funds

General fund

193,086

25,784

(6,707

)

212,163

Fixed asset reserve

6,009

(3,572

)

6,707

9,144

199,095

22,212

-

221,307

TOTAL FUNDS

199,095

22,212

-

221,307

Comparative net movement in funds, included in the above are as follows:

Incoming

Resources

Movement

resources

expended

in funds

£

£

£

Unrestricted funds

General fund

354,070

(328,286

)

25,784

Fixed asset reserve

-

(3,572

)

(3,572

)

354,070

(331,858

)

22,212

TOTAL FUNDS

354,070

(331,858

)

22,212

A current year 12 months and prior year 12 months combined position is as follows:

Net

Transfers

movement

between

At

At 1.1.23

in funds

funds

31.12.24

£

£

£

£

Unrestricted funds

General fund

193,086

(5,986

)

(6,707

)

180,393

Fixed asset reserve

6,009

(7,579

)

6,707

5,137

199,095

(13,565

)

-

185,530

TOTAL FUNDS

199,095

(13,565

)

-

185,530

A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:

Incoming

Resources

Movement

resources

expended

in funds

£

£

£

Unrestricted funds

General fund

677,554

(683,540

)

(5,986

)

Fixed asset reserve

-

(7,579

)

(7,579

)

677,554

(691,119

)

(13,565

)

TOTAL FUNDS

677,554

(691,119

)

(13,565

)

Fixed Asset - net book value of assets other than those funded by restricted awards

15.	RELATED PARTY DISCLOSURES

William Burdett - Coutts is a shareholder of a company Forestrox Ltd. The charity rented premises to the value of £71,000 (2023 - £68,000).

At the year end, the charity was owed £19,248 (2023 - £2,216) from Assembly Festival Ltd. A company that shares common ownership under the director, William Burdett-Coutts.

At the year end, the charity was owed £11,655 (2023 - £8,307) from Unique Assembly Ltd. A company that shares common ownership under the director, William Burdett-Coutts.