The trustees present their annual report and financial statements for the year ended 30 September 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, FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" 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)".
The Trust's objectives are to manage and maintain the Savoy Theatre ("The Savoy") for the benefit of the town, its inhabitants and the wider community. This will be achieved by effective day to day management and by making sure that the programming of the building is as inclusive as possible.
Significant activities
Cinema - the building is for the most part a cinema, showing a selection of new films geared largely to the Monmouth audience demographic. The Savoy also shows Event Cinema, including streams from West End musicals and worldwide concerts. Cinema audiences have not returned to pre Covid levels largely as a result of streaming alternatives and variable quality films.
The Savoy supports a number of live events with community participation including music, comedy and theatre. The Savoy continues to attract some of the biggest names in popular entertainment. The profitability of these events continue to cross subsidise the less commercial and more community based programme of events.The number of live events is growing materially in order to counteract the less well performing cinema.
Schools are continuing to use the building, with tours and talks a regular feature as well as film showings. This has been generously supported with funding Monmouth Town Council with an initiative to provide free cinema tickets to children aged between 5 and 11 years of age.
The building is let out to community groups as often as possible.
Local amateur groups are welcome and links with Off Centre Theatre and Monmouth Music Theatre remain strong.
Licensed as a venue for civil ceremonies.
Public benefit
It remains clear from the support the Savoy has received during the year that it continues to play a vital role in the community providing huge public benefit.
Going Concern and the impact of the COVID-19 pandemic
The Covid-19 pandemic has left a legacy of generally smaller cinema audiences. This coupled with the fact that some releases go straight to streaming has meant that we are not seeing the amount of releases enjoyed historically. We have begun to be approached by film and TV companies for hire purposes for filming.
During the year the Trust received grants totalling £7,500 from Monmouth Town Council (MTC) to meet the cost of free cinema tickets for the 5-11 age range at schools within the MTC area. The trustees continue to recognise the amazing generosity of all those who gave donations in one form or another.
The trustees continuously monitor the financial position including projecting ahead on a rolling twelve month basis identifying the working capital needs of the Trust while continuing to maintain and improve the facilities.
Reserves policy
This is the fourteenth year of operating. The trustees are aware of best practice to keep at least three months running costs in reserve. This equates to about £25,000 per month. This amount and some contingency is still secure in the Monmouthshire Building Society deposit account.
Future plans
This is the thirteenth year of operating. The trustees are aware of best practice to keep at least three months running costs in reserve. This equates to about £25,000 per month. This amount and some contingency is still secure in the Monmouthshire Building Society deposit account.
Governing document
The charity is controlled by its Memorandum and Articles of Association dated 30 April 2010.
The charity is constituted as a company limited by guarantee and therefore has no share capital. In the event of the company being wound up, and the liabilities and winding up expense being in excess of assets, the liability of each member is limited to £1.
Organisational structure
The current full time employees are Chris Ryde (Director), Mike Harrold and Keri Russell. Clare Webb is on a 25 hour per week contract and Mark Read has a permanent freelance position as technical manager.
Induction and training of new trustees
The trust currently has seven trustees. All newly appointed trustees receive training in their roles and responsibilities.
Risk management
Financial risk
The day to day activities of the Trust are monitored closely with the production of regular management accounts, so that the Trustees can be satisfied that the Trust can meet its financial obligations.
The trustees, who are also the directors of The Monmouth Savoy Trust for the purpose of company law, are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that year.
In preparing these financial statements, the trustees are required to:
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles in the Charities SORP;
- make judgements and estimates that are reasonable and prudent;
- state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.
The trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The trustees' report was approved by the Board of Trustees.
I report to the trustees on my examination of the financial statements of The Monmouth Savoy Trust (the charity) for the year ended 30 September 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.
Since the charity’s gross income exceeded £250,000, the independent examiner must be a member of a body listed in section 145 of the Charities Act 2011. I confirm that I am qualified to undertake the examination because I am a member of the Institute of Chartered Accountants in England and Wales, which is one of the listed bodies.
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 Monmouth Savoy Trust is a private company limited by guarantee incorporated in England and Wales. The registered office is Savoy Theatre, Church Street, Monmouth, Monmouthshire, NP25 3BU, United Kingdom.
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" 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)". 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. The principal accounting policies adopted are set out below.
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.
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.
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.
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.
Rentals paid under operating leases are charged to the Statement of Financial Activities on a straight line basis over the period of the lease.
None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year.
Trustees' expenses
In a previous period, one trustee was reimbursed £183. No trustees were reimbursed for expenses during the year.
The average monthly number of employees during the year was:
As a recognised charity, The Monmouth Savoy Trust is exempt from Corporation Tax so far as it relates to its charitable objects. It is not, however, exempt from VAT, and irrecoverable VAT is included as a separate item of expense in the financial statements.
The costs of the refurbishment of the toilet block that were incurred in the year to 30 September 2019 are being amortised with effect from 1 October 2019 over the remaining period of the current lease.
The costs of the significant renewal of the stage lighting that were incurred in the year to 30 September 2020 are being amortised with effect from 1 October 2020 over the remaining period of the current lease.
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.
Purpose of Restricted Funds
Toilet refurbishment
The purpose of the restricted fund is to build a new toilet block extension on the side of the theatre to accommodate new ladies and disabled facilities on the ground floor and to refurbish the current male facilities. The building costs have been capitalised; deprecation will be charged against this fund over the remainder of the period of the current lease.
Theatre electrics
The purpose of the restricted fund is to renew the stage lighting. The majority of the costs of the work have been capitalised; deprecation will be charged against this fund over the remainder of the period of the current lease.
Monmouth Town Council for free cinema seats
One free seat per month to any film for three years for Monmouth primary school pupils.
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.
There were no disclosable related party transactions during the year (2024 - none).