REGISTERED COMPANY NUMBER: 2801491 (England and Wales) REGISTERED CHARITY NUMBER: 1019185
Report of the Trustees and Unaudited Financial Statements for the Year Ended 5 April 2022
for
Scarborough Theatre Development Trust
Ashby Berry Coulsons 2 Belgrave Crescent Scarborough North Yorkshire YO11 1UB
Scarborough Theatre Development Trust
Contents of the Financial Statements for the Year Ended 5 April 2022
Page Reference and Administrative Details Report of the Trustees Independent Examiner's Report Statement of Financial Activities Balance Sheet Notes to the Financial Statements
Scarborough Theatre Development Trust
Reference and Administrative Details for the Year Ended 5 April 2022
Trustees R S Lumby Chair Lady H E Ayckbourn C N Groom S L McCarthy P Heselton N Taylor Company secretary P Heselton Registered office The Nabs Scalby Nabs Scalby Scarborough North Yorkshire YO13 0SL Registered company number 2801491 (England and Wales) Registered charity number 1019185 Independent examiner Ashby Berry Coulsons 2 Belgrave Crescent Scarborough North Yorkshire YO11 1UB Bankers HSBC Bank Plc 33 St.Nicholas Street Scarborough North Yorkshire YO11 2HN
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Scarborough Theatre Development Trust
Report of the Trustees for the Year Ended 5 April 2022
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 5 April 2022. 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).
This report includes the directors' report required by company law.
Objectives and activities
The charity was established to manage the property known as the Stephen Joseph Theatre and connected properties and to promote, maintain, improve and advance education by supporting such of the purposes of Scarborough Theatre Trust Limited in such a manner as the trustees think fit.
These objects are achieved through
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a) managing and maintaining the theatre premises and connected properties
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b) distributing surplus funds by way of grants to the Scarborough Theatre Trust.
The trustees have had regard to the Charity Commission's guidance on public benefit when reviewing the Trust's aims and objectives, and in setting the grant making policy for the year. By providing grants, indirectly, they are encouraging and promoting the appreciation of the arts, by the provision of facilities for the education and recreation of the public in the fields of art, music and drama.
Achievement and performance
Covid 19 continued to have a material effect on the three businesses who occupy premises leased by the Scarborough Theatre Development Trust during the year ended April 5 2022.
Our tenants though managed these effects such that rental incomes to the trust were unaffected.
With no significant donations made in the year this resulted in an increase in unrestricted reserves of £29,469.
The Directors continued to adopt a policy on donations designed to maintain and enhance reserves where possible.
The Development Trust continued to make annual payments of £10k towards repayment of the loan from The Stephen Joseph Theatre
Financial review
The Statement of Financial Activities shows a surplus for the year on unrestricted funds of £29,469 (2021: £28,967).
As disclosed in Note 13, a balance of £180,832 is outstanding on the loan from Scarborough Theatre Trust for the earlier Outreach Hub project, of which £171,308, is repayable after more than one year. The trustees consider that the reserves plus annual rental income receivable by the charity will be sufficient to meet the loan repayments as they fall due.
The charity's total reserves at 5 April 2022 amounted to £730,508 of which £486,604 related to restricted funds supporting fixed assets. Liquid unrestricted reserves (net current assets) at 5 April 2022 totalled £257,317 (2021: £227,286), which is in line with the charity's policy that reserves should be built up to a minimum of £200,000.
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Scarborough Theatre Development Trust
Report of the Trustees for the Year Ended 5 April 2022
Structure, governance and management
Scarborough Theatre Development Trust is a registered charity which was incorporated on 15 March 1993 as a company limited by guarantee. It is governed by its Memorandum and Articles of Association and overseen by its trustees, who are also the directors of the charity for the purposes of the Companies Act. Trustees are appointed in accordance with the Memorandum and Articles of Association and the board has a policy in place for the recruitment, induction and training of new members. Decisions are made by the trustees at their board meetings. The trustees consider the major risks to which the charity is exposed as being the normal commercial risks involved with renting property. They are satisfied that there are no special procedures required to meet these risks.
Statement of compliance with prevailing laws and regulations
The financial statements have been prepared in accordance with the accounting policies set out in the notes to the accounts and comply with the charity's governing document, the Charities Act 2011 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) issued in October 2019.
This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.
Approved by order of the board of trustees on 18 August 2022 and signed on its behalf by:
................................................................. R S Lumby - Trustee
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Independent Examiner's Report to the Trustees of Scarborough Theatre Development Trust
Independent examiner's report to the trustees of Scarborough Theatre Development Trust ('the Company')
I report to the charity trustees on my examination of the accounts of the Company for the year ended 5 April 2022.
Responsibilities and basis of report
As the charity's trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act').
Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity's accounts as carried out under section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5) (b) of the 2011 Act.
Independent examiner's statement
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:
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accounting records were not kept in respect of the Company as required by section 386 of the 2006 Act; or
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the accounts do not accord with those records; or
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the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination; or
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the accounts 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 accounts 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 accounts to be reached.
Anne Mead BSc FCA Institute of Chartered Accountants in England and Wales Ashby Berry Coulsons 2 Belgrave Crescent Scarborough North Yorkshire YO11 1UB
Date: 7 September 2022
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Scarborough Theatre Development Trust
Statement of Financial Activities (Incorporating an Income and Expenditure Account) for the Year Ended 5 April 2022
| Unrestricted fund Notes £ Income and endowments from Charitable activities 3 Charitable activities 43,800 Investment income 2 59 Total 43,859 Expenditure on Charitable activities 4 Charitable activities 14,390 NET INCOME/(EXPENDITURE) 29,469 Reconciliation of funds Total funds brought forward 214,435 Total funds carried forward **243,904 ** |
Restricted fund £ - - - 39,913 (39,913) 526,517 **486,604 ** |
2022 Total funds £ 43,800 59 43,859 54,303 (10,444) 740,952 730,508 |
2021 Total funds £ 43,800 216 44,016 61,691 (17,675) 758,627 740,952 |
|---|---|---|---|
The notes form part of these financial statements
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Scarborough Theatre Development Trust (Registered number: 2801491)
| Balance Sheet 5 April 2022 Notes Fixed assets Tangible assets 9 Current assets Debtors: amounts falling due within one year 10 Cash at bank Creditors Amounts falling due within one year 11 Net current assets Total assets less current liabilities Creditors Amounts falling due after more than one year 12 NET ASSETS Funds 16 Unrestricted funds Restricted funds Total funds |
2022 £ 644,499 3,318 270,300 273,618 (16,301) 257,317 901,816 (171,308) 730,508 243,904 486,604 730,508 |
2021 £ 694,522 3,221 245,819 249,040 (21,754) 227,286 921,808 (180,856) 740,952 214,435 526,517 740,952 |
|---|---|---|
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 5 April 2022.
The members have not required the company to obtain an audit of its financial statements for the year ended 5 April 2022 in accordance with Section 476 of the Companies Act 2006.
The trustees acknowledge their responsibilities for
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(a) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and
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(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.
The notes form part of these financial statements
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continued...
Scarborough Theatre Development Trust (Registered number: 2801491)
Balance Sheet - continued 5 April 2022
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 18 August 2022 and were signed on its behalf by:
............................................. R S Lumby - Trustee
The notes form part of these financial statements
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Scarborough Theatre Development Trust
Notes to the Financial Statements for the Year Ended 5 April 2022
1. Accounting policies
Basis of preparing the financial statements
Scarborough Theatre Development Trust is a charitable company limited by guarantee in England / 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 address of the registered office is given in the charity information on page 1 of these financial statements. The charity's operations and principal activities are the management of the property known as the Stephen Joseph Theatre and connected properties, and the distribution of surplus funds by way of grants to the Scarborough Theatre Trust.
The charity constitutes a public benefit entity as defined by FRS 102. The financial statements have been prepared in accordance with 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) issued in October 2019, the Charities Act 2011, the Companies Act 2006 and UK Generally Accepted Practice.
The financial statements are prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value. The financial statements are presented in sterling which is the functional currency of the charity and rounded to the nearest £.
The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.
Judgements and key sources of estimation uncertainty
The trustees consider that no judgements, apart from those involving estimates, have been made in the process of applying the above accounting policies which have had a significant effect on amounts recognised in the financial statements.
The trustees consider that no key assumptions concerning the future and other key sources of estimation uncertainty at the reporting date have been made which have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.
Funds
Unrestricted funds are available for use at the discretion of the trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes.
Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the charity for particular purposes. The cost of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.
Income
Income is recognised when the charity has entitlement to the funds, any performance conditions attached to the item(s) of income have been met, it is probable that the income will be received and the amount can be measured reliably.
Income from government and other grants, whether ‘capital’ grants or ‘revenue’ grants, is recognised at fair value when the charity has entitlement to the funds, any performance conditions attached to the grants have been met, it is probable that the income will be received and the amount can be measured reliably. If entitlement is not met then these amounts are deferred.
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Scarborough Theatre Development Trust
Notes to the Financial Statements - continued for the Year Ended 5 April 2022
1. Accounting policies - continued
Income
For legacies, entitlement is taken as the earlier of the date on which either: the charity is aware that probate has been granted, the estate has been finalised and notification has been made by the executor(s) to the Trust that a distribution will be made, or when a distribution is received from the estate. Receipt of a legacy, in whole or in part, is only considered probable when the amount can be measured reliably and the charity has been notified of the executor’s intention to make a distribution. Where legacies have been notified to the charity, or the charity is aware of the granting of probate, and the criteria for income recognition have not been met, then the legacy is a treated as a contingent asset and disclosed if material.
Income received in advance of the provision of specified services is deferred until the criteria for income recognition are met.
Interest receivable
Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the Bank.
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 settlement will be required and the amount of the obligation can be measured reliably.
All expenditure is accounted for on an accruals basis. All expenses, including support costs and governance costs, are allocated or apportioned to the applicable expenditure headings in the statement of financial activities.
Expenditure on charitable activities includes the costs of activities undertaken to further the purposes of the charity and their associated support costs.
Support costs are those functions that assist the work of the charity but do not directly undertake charitable activities. Support costs include administrative and governance costs. Governance costs comprise all costs involving the public accountability of the charity and its compliance with regulation and good practice.
Tangible fixed assets
Fixed assets are capitalised at cost and are depreciated over their estimated useful economic lives, as follows:
Purchase of Leasehold Properties Straight line over the life of the lease Improvements to Leasehold Properties Straight line over 25 years Plant and Machinery 20% Reducing balance
Debtors and creditors
Debtors and creditors with no stated interest rate are recorded at transaction price. Any losses arising from impairment are recognised in expenditure.
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Scarborough Theatre Development Trust
Notes to the Financial Statements - continued for the Year Ended 5 April 2022
1. Accounting policies - continued
Concessionary loans
In accordance with Section 34 PBE of FRS 102, loans not at market rates are initially measured at the amount received. In subsequent years, the outstanding balance is adjusted to reflect any accrued interest payable.
Provisions
Provisions are recognised when the charity has an obligation at the balance sheet date as a result of a past event, it is probable that an outflow of economic benefits will be required in settlement and the amount can be reliably estimated.
Leases
Rentals payable and receivable under operating leases are charged to the SoFA on a straight line basis over the period of the lease.
Taxation
The charity is exempt from corporation tax on its charitable activities.
Going concern
The financial statements have been prepared on a going concern basis as the trustees believe that no material uncertainties exist. The trustees have considered the level of funds held and the expected level of income and expenditure for 12 months from authorising these financial statements. In their view the budgeted income and expenditure is sufficient with the level of reserves for the charity to be able to continue as a going concern.
2. Investment income
| Investment income | ||
|---|---|---|
| 2022 | 2021 | |
| £ | £ | |
| Interest received | 59 | 216 |
All the above income for the current and preceding year was attributable to unrestricted funds.
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Scarborough Theatre Development Trust
Notes to the Financial Statements - continued for the Year Ended 5 April 2022
3. Income from charitable activities
| Rental income from Scarborough Theatre Trust |
2022 £ 27,500 16,300 43,800 |
2021 £ 27,500 16,300 43,800 |
|---|---|---|
All the above income for the current and preceding year was attributable to unrestricted funds.
4. Charitable activities costs
| Charitable activities Comparatives for charitable activities costs Core activities |
Support Direct costs (see Costs note 5) £ £ 52,024 2,279 59,510 2,181 |
Totals £ 54,303 61,691 |
|---|---|---|
£39,913 (2021: £46,642) of the above costs were attributable to restricted funds and £14,390 (2021: £15,049) of the above costs were attributable to unrestricted funds.
5. Support costs
| Support costs | |
|---|---|
| Governance | |
| costs | |
| £ | |
| Charitable activities | 2,279 |
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Scarborough Theatre Development Trust
Notes to the Financial Statements - continued for the Year Ended 5 April 2022
5. Support costs - continued
Support costs, included in the above, are as follows:
Governance costs
| Governance costs | |
|---|---|
| 2022 Charitable activities a £ Independent examiner's remuneration 1,950 Trustees' liability insurance 329 2,279 Net income/(expenditure) Net income/(expenditure) is stated after charging/(crediting): 2022 £ Independent examination 1,950 Depreciation - owned assets 50,023 Payments under operating leases 780 Loan interest payable 476 Independent examiner's remuneration 2022 £ Independent examination and accounts preparation 1,450 Other services 500 1,950 |
2021 Total ctivities £ 1,845 336 2,181 2021 £ 1,845 57,181 780 500 2021 £ 1,450 395 |
| 1,845 |
6. Net income/(expenditure)
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Scarborough Theatre Development Trust
Notes to the Financial Statements - continued for the Year Ended 5 April 2022
7. Trustees' remuneration and benefits
No remuneration was paid to any of the trustees (2021- £Nil).
Trustees' expenses
No trustee had any expenses reimbursed (2021 - £Nil).
8. Comparatives for the statement of financial activities
| Unrestricted fund £ Income and endowments from Charitable activities Charitable activities 43,800 Investment income 216 Total 44,016 Expenditure on Charitable activities Charitable activities 15,049 NET INCOME/(EXPENDITURE) 28,967 Reconciliation of funds Total funds brought forward 185,468 Total funds carried forward 214,435 |
Restricted fund £ - - - 46,642 (46,642) 573,159 526,517 |
Total funds £ 43,800 216 44,016 61,691 (17,675) 758,627 740,952 |
|---|---|---|
continued...
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Scarborough Theatre Development Trust
Notes to the Financial Statements - continued for the Year Ended 5 April 2022
| 9. Tangible fixed assets Cost At 6 April 2021 and 5 April 2022 Depreciation At 6 April 2021 Charge for year At 5 April 2022 Net book value At 5 April 2022 At 5 April 2021 10. Debtors: amounts falling due within one year Trade debtors Other debtors Prepayments 11. Creditors: amounts falling due within one year Other loans (see note 13) Trade creditors VAT Accruals and deferred income Accrued expenses 12. Creditors: amounts falling due after more than one year Other loans (see note 13) |
Long leasehold £ 693,049 141,694 21,390 163,084 529,965 551,355 |
Plant and machinery Totals £ £ 316,275 1,009,324 173,108 314,802 28,633 50,023 201,741 364,825 114,534 644,499 143,167 694,522 2022 2021 £ £ 217 2,750 2,750 120 351 351 3,318 3,221 2022 2021 £ £ 9,524 9,500 - 22 2,360 7,132 2,917 3,650 1,500 1,450 16,301 21,754 2022 2021 £ £ 171,308 180,856 |
|---|---|---|
A loan of £228,191 was received from Scarborough Theatre Trust Limited under a loan agreement for a maximum of £240,000. The loan was renegotiated from 26 June 2017 to be repaid after 25 years with a 0.25% interest rate.
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Scarborough Theatre Development Trust
Noes to the Financial Statements - continued for the Year Ended 5 April 2022
13. Concessionary loans
An analysis of the maturity of concessionary loans is given below:
| Amounts falling due within one year on demand Amounts falling between one and two years: Amounts falling due between two and five years Amounts falling due in more than five years Repayable by instalments |
2022 £ 9,524 9,524 28,572 133,212 |
2021 £ 9,500 |
|---|---|---|
| 9,500 | ||
| 28,500 | ||
| 142,856 |
14. Leasing agreements
Minimum lease payments under non-cancellable operating leases fall due as follows:
| Within one year Between one and five years In more than five years |
2022 £ 780 3,120 48,945 52,845 |
2021 £ 780 3,120 49,725 |
|---|---|---|
| 53,625 |
Operating leases - lessor
Total future minimum lease payments receivable under non-cancellable operating leases are as follows:
| Within one year Between one and five years In more than five years |
2022 £ 39,750 125,583 1,086,250 1,251,583 |
2021 £ 43,500 137,833 1,13,750 1,295,083 |
|---|---|---|
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Scarborough Theatre Development Trust
Notes to the Financial Statements - continued for the Year Ended 5 April 2022
15. Analysis of net assets between funds
| Unrestricted fund £ Fixed assets 157,895 Current assets 273,617 Current liabilities (16,300) Long term liabilities (171,308) **243,904 ** |
Restricted fund £ 486,604 - - - **486,604 ** |
2022 Total funds £ 644,499 273,617 (16,300) (171,308) 730,508 |
2021 Total funds £ 694,522 249,040 (21,754) (180,856) 740,952 |
|---|---|---|---|
Comparatives for analysis of net assets between funds
| Unrestricted fund £ Fixed assets 168,005 Current assets 249,040 Current liabilities (21,754) Long term liabilities (180,856) **214,435 ** |
Restricted fund £ 526,517 - - - 526,517 |
2021 Total funds £ 694,522 249,040 (21,754) (180,856) 740,952 |
|---|---|---|
16. Movement in funds
| Unrestricted funds General fund Restricted funds 2018 development project Leasehold purchase |
At 6 April 2021 £ 214,435 374,676 151,841 526,157 |
Incoming Resources £ 43,859 - - - |
Resources expended £ (14,390) (37,715) (2,198) (39,913) |
At 5 April 2022 £ 243,904 336,961 149,643 486,604 |
|---|---|---|---|---|
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Scarborough Theatre Development Trust
Notes to the Financial Statements - continued for the Year Ended 5 April 2022
16. Movement in funds - continued
| Unrestricted funds General fund Restricted funds 2018 development project Leasehold purchase |
At 6 April 2020 £ 185,468 419,119 154,040 573,159 |
Incoming Resources £ 44,016 - - |
Resources expended £ (15,049) (44,443) (2,199) (46,642) |
At 5 April 2021 £ 214,435 374,676 151,841 526,517 |
|
|---|---|---|---|---|---|
17. Related party disclosures
Mr R S Lumby was a director of Scarborough Theatre Trust Limited throughout the year. Mr C N Groom was a director of Scarborough Theatre Trust Limited from 6 April to 3 December 2021.
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