The trustees present their annual report and financial statements for the year ended 31 August 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).
Cygnet Training Theatre & Cygnet Research Library is an educational charity dedicated to offering training for professional actors and arts practitioners and to the continual presentation of theatre and theatrical experience, and to providing research opportunities for Artists in Residence.
The year began on September 1st 2024 with a new Theatre Manager, Steve Bennett in post. He began his work by inviting all local practitioners to visit the theatre for an open day, enabling them to meet and greet and to see the facilities available for hire and use by all.
Steve also expressed the wish to open out the foyer and develop the bar area – enlarging the reception space for audiences. This was achieved by the start of the January programme.
A busy season of visiting companies and new partnerships forged followed: We welcomed back old friends and made new connections including a regular monthly jazz nights with Blue Vanguard Jazz; an occasional jazz speciality night with Fougou Music; a continuation of hosting Artemis Storytelling and extending our hosting of shows from The Alma Tavern Theatre in Bristol, as well as making contact with Bristol based magician Peter Clifford. We have also made links with local amateur companies directed by David Finlay, Exeter Drama Company and other groups who now regularly hire the theatre for a week of performances. The programme included 52 shows:
20th September 2024 – Autumn Concert – Pete Rawcliffe & Katy Kerley’s singers
21st September 2024 – And other Wonders – Artemis Storytelling
27th & 28th September 2024 – Ill Met by moonlight – Steve Bennett
4th October 2024 - Vasilis Xenopoulos Quartet – Fougou Music
12th October 2024 - Mayor & James
18th & 19th October 2024 - Dreams of the Dark – Peter Clifford
25th October 2024 - I’m sexy & I know it – Alma Tavern
26th October 2024 - Ukrainian Singer of Plymouth
30th October 2024 – 3rd November - Macbeth – Shake on the Exe
23rd November 2024 - Storytelling Double Bill – Unbelievable Adventures & Walk by Night– Artemis
8th December 2024 - Christmas Singers’ Concert
15th December 2024 - Cygnet Carol Celebration
24th January 2025 - Will Butterworth Trio – Fougou Music
30th January 2025 – Blue Vanguard Jazz
16th February 2025 - La Vie en Rose
20th – 22nd February 2025 - Edifice & Artifice – Exeter Drama Company
27th February 2025 – Blue Vanguard Jazz
28th February 2025 - Orchard Café Quartet
7th March 2025 - Django Chutney – Fougou Music
14th March 2025 - The Thirty-Nine Steps – Don’t Go into the Cellar!
15th March 2025 - The Last Dance Saloon – Multi-Story Theatre
27th March 2025 – Blue Vanguard Jazz
28th March 2025 - Dead on Cue – Mark Carey with Giles Shenton Productions
29th March 2025 - First Men on the Moon
10th April 2025 - Flo Smith – Giles Shenton Productions
20th April 2025 - Rowan Stuart
24th April 2025 – Blue Vanguard Jazz
25th April 2025 – Cabaret Evening – Awkward Pigeon
9th May 2025 – Life Changes: Poems for Hope and Happiness – Pat Romer & Cygnet Friends
23rd & 24th May 2025 – An Evening with Jack The Ripper
29th May 2025 – Blue Vanguard Jazz
30th May 2025 – UnEarthed - Inez Aponte - Storytelling
13th & 14th June 2025 - The Witching Hour – ReBels Young Company
24th – 29th June 2025 - A Midsummer Night’s Dream – David Finlay Company
11th & 12th July 2025 – The Planet & Us – The Wheel
(22nd & 23rd July 2025 – The Lord of the Flies – St Peter’s School – deferred until September 2025)
Sadly, several planned evenings were cancelled, including a projected Cygnet production of Far from the Madding Crowd – in an adaptation by Steve Bennett to be directed by Amanda Knott. Four suitable actor musicians proved difficult to find. A couple of other shows were cancelled from lack of bookings or from illness.
Workshops were offered in Meisner Technique by Mark Cassidy, Singing by Pete Rawcliffe; & dance classes by Helena Meineck.
Mary Evans resigned from The Board of Trustees at the end of the last financial year and new trustees were recruited during the following few months. Sadly Mary died on 26th July and the property at 23 New North Road will now need to be sold.
Cygnet Theatre ran approximately 36 events giving 52 performances at the theatre, stewarded by a stalwart team of over 20 Front of House volunteers, collectively giving over 830 hours throughout the year, which is equivalent to over £8,300 in-kind payments.
Cygnet welcomed around 3,000 audience members into the building and hosts many local groups including performances for the local charities and groups.
Cygnet building was hired by Pete Rawcliffe for singing lessons; Mark Cassidy for Meisner Classes & Sam Morgan for Impro classes. Anthos Youth Theatre hired the theatre for their Christmas and Summer shows.
Cygnet benefits from various donations including small but regular contributions from Exeter Lottery and continues to benefit from the Solar PV installation made in 2012.
Much groundwork was done on the New Moodz project and several workshops have already happened. Groups we have identified are now being contacted to arrange further workshops to fulfil the terms of the grant given last year by August 2026.
We remain indebted to the Associates, our Front of House Staff and Trustees for their help and support throughout the year.
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, incoming resources have decreased during the year by £627 to £91,042 (2024: £91,669).
Income from Cygnet productions totalled £1,164 (2024: £7,484).
Direct costs of Cygnet productions totalled £96 (2024: £11,666).
Fundraising and publicity expenses decreased by £161 to £2,705 (2024: £2,866).
Expenditure on charitable activities was £115,713 compared with £113,418 last year, however, when the piano impairment of £8,000 is removed, the expenditure for the year represents a decrease of £5,705 to £107,713 (2024: £113,418).
This gave net incoming/(outgoing) resources during the year of (£27,376) including the piano impairment or (£19,376) excluding the impairment (2024: (£24,615)) bringing the total fund balance at 31 August 2025 to £207,648 (2024: £235,024).
The Trustees aim to hold sufficient reserves to cover running costs for 3 months. This equates to approximately £27,000.
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 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.
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 loans, and their commitment to obtaining other sources of funding to secure the financial future of the charity and further the charitable objectives. Following the death of the life tenant, the charity is looking to sell the charity owned house to raise funds and cut costs. 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 grand piano is not depreciated as it is well maintained and repaired when necessary, however, following an impairment review during year end 2025 the asset was reduced to its current market value and will be depreciated over 20 years going forward.
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 and houses one individual with a life tenancy granted to her. This life tenancy ended with the tenants death in July 2025. The property has been accounted for as freehold 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.
At each reporting end date, the charity reviews the carrying amounts of its tangible 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).
Stocks are stated at the low of cost and net realisable value. Stocks comprise of drinks and snacks held in the theatre bar.
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 resulted in irrecoverable debts of £21,000 (2025: £Nil).
An impairment review was carried out of fixed assets during the year ended 31 August 2025 which resulted in the grand piano being impaired by £8,000.
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:
All staff have been freelance since May 2020. There were no employees during the year (2024: 0).
Staff costs of £33,545 represents freelance labour costs.
The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.
Impairment tests have been carried out where appropriate and the following impairment losses have been recognised in profit or loss:
More information on the impairment arising in the year is given in note 13.
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 Repair Fund is for repairs to the flooring of the bar area.
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 £8,559 from one trustee and one former trustee during the year as follows:
Rosalind Williams: £8,463 (2024: £15,100)
Mary Evans (resigned on 31 August 2024 and now deceased): £96 (2024: £1,500)
There were no restrictions attached to the donations.
At 31 August 2025, the charity owed the following amounts to trustees/former trustees:
The loans do 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 was a trustee until her death.
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 and later passed away on 26 July 2025.
Following the death of Mary Evans, the charity is considering a possible sale of this property to cut costs and raise vital funds for the charity.