The directors present their annual report and financial statements for the year ended 30 June 2025.
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)".
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.
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.
During the year to June 2025 the Charity contributed £49,317 to the exterior painting of the theatre, which is required to take place every 7 years, pursuant to its lease. The material depletion of the Charity’s resources that such a payment would have made was mitigated by a donation of £35,000, received from Theatre Royal Windsor Trust (“the Trust”), specifically to assist with painting of the exterior. The Board would like to acknowledge the Trust’s significant assistance in this respect.
The Charity’s financial performance for the year to end June 2025 shown in these Financial Statements, while properly reflecting the above “one-off” transactions, is not directly comparable with its “normal” performance in prior years without excluding them. Accordingly, excluding the impact of these transactions the Charity’s results for the year to June 2025, from its normal activities become: total income, £10,878 (2024 - £9,893); net expenditure and movement in funds, £1,664 (2024 - £3,199) including net gains from the Charity’s investments of £9,481 (2024 - £7,979); and Cash absorbed by operations, £5,761 (2024 - £8,889).
The Board believes that by excluding the impact of the funds flows from its obligations to paint the theatre’s exterior every 7 years it shows the Charity’s results from its normal operations for 2025 were broadly in line with those for 2024.
General unrestricted reserves at the year-end were £258,699 (2024: £274,680).
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 funds in the short term. The directors anticipate applying some of the charity’s funds in meeting its obligations on its long term lease of the premises and, where considered appropriate, in assisting fund any extraordinary needs of the Theatre Royal Windsor. Based on their current knowledge, the directors anticipate the current funds will be sufficient for the forthcoming financial year.
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:
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 when they consider necessary to manage its affairs.
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.
I report to the directors on my examination of the financial statements of Windsor Theatre Limited (the charity) for the year ended 30 June 2025.
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.
The statement of financial activities also complies with the requirements for an income and expenditure account
under the Companies Act 2006.
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.
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.
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.
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 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.
As at 30 June 2025 all of the charity’s funds were unrestricted and it held no restricted funds or endowment funds.
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.
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:
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 expensed through the Statement of Financial Activities.
The leasehold is held at historic cost and is subject to depreciation at the above rate.
Investments are included at a carrying value based on listed market valuations of the assets. Any gains/losses arising due to revaluations during the year are expensed through the Statement of Financial Activities.
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).
Rent
Rates
Other office costs
Depreciation
Accountancy and legal fees
Repairs and renewals
None of the directors (or any persons connected with them) received any remuneration during the year, but one director was paid a total of £3,047 for the day to day administration of the company (2024: £3,013).
The independent examiner's fee amounts to £2,730 (2024: £3,310).
The average monthly number of employees during the year was:
All trade debtors have been recovered post-year end.
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:
The lease expires on 23rd June 2037.
There were no disclosable related party transactions during the year (2024: £nil).
The charity had no material debt during the year.