Registered number.. 03983323 Charity number- 1081752 ST GEORGES THEATRE TRUST (A Company Limited by Guarantee) UNAUDITED TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022
ST GEORGES THEATRE TRUST (Acompany Limited by Guarantee) CONTENTS Page Reference and Admlnlstratlve Detalls of the Company. Its Trustees and Advlsers Trustees. Report Independent Examlner's Report Statement of Financial Activities 10 Balance Sheet Notes to the Financial Statements 13-29
ST GEORGES THEATRE TRUST (Acompany Limited by Guarantee) REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY. ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 MARCH 2022 Trustees W Ellis S Hood lappoinled 25 October 20211 A Johnson R Pickering lappoinled 25 October 20211 S Scoll P Wle Company registered number 03983323 Charity registered number 1081752 Registered office Sl George's Theatre King Street Great Yarmouth Norfolk NR30 2PG Company secretary J A Goffin Accountants Larking Gowen LLP Chartered Accountants King Street House 15 Upper King Street Norwich NR3 1RB Solicitors Hansells Cambridge House 26 Tombland Norwich Norfolk NR14DS Page 1
ST GEORGES THEATRE TRUST (Acompany Limited by Guarantee) TRUSTEES, REPORT FOR THE YEAR ENDED 31 MARCH 2022 The Trustees present their annual report together wth the financial statements of the Company for the year 1 April 2021 to 31 March 2022. The Annual Report serves the purposes of both a Trustees, report and a directors, report under company law. The Trustees confirm that the Annual Report and financial statements of the charitable company comply with the current statutory requirements, the requirements of the charitable companls governing document and the provisions of the Statement of Recommended Practice ISORPI applicable lo charities preparing their accounts in accordance with the Financial ReFX)rting Standard applicable in the UK and Republic of Ireland IFRS1021 leffeclive 1 January 20191. Since the Company qualtfies as small under section 382 of the Companies Act 2006, the Strategic Report required of medium and large companies under the Companies Act 2006 (Strategic Report and Directors, Reportl Regulations 2013 has been omilled. Objectives and activities Objectives and activities The Trust's principal objectives are to advance public education in the arts and to improve and develop public lasle, appreciation and understanding of the arts in Great Yarmouth and the surrounding district. The charity will fLJlfil its objectives by.. lal Managing and operating St George's Chapel, the cafe I bar and the adjacent Amenity and Performance areas to provide a balanced and broad range of cultural aclivrf(ies on the premises including theatre, cinema, performing arts, arts cenlre, community use, civic purposes, training, and other events {including craft fairs, antique fairs, trade fairs, banqueting and functions),. Ibl Operating the cafe I bar for the benefit of the public generally and more specifically for those visiting the Chapel- Icl Generating income to maintain (in conjunction with its landlord Great Yarmouth Borough Council) the fabric of St George's Chapel and the cafe I bar for the long term benefit of the local community. The Trust will.. Ensure that its income is used only for the purposes set out above. Only carry out activities at other locations which are ancillary or incidental lo la) and Ibl above. Page 2
ST GEORGES THEATRE TRUST (Acompany Limited by Guarantee) TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 MARCH 2022 Objectives and activities {continuedl Public Benefit The Trustees confirm that they have paid due regard lo the Charity Commission guidance on public benefit in deciding what activities the TrLJSt will undertake. It is considered that the Trust wll provide public benefit through.. lal Allowing members of the public access, without charge, to the Chapel so as to view its historic and architectural features for a minimum of 100 hours in each calendar year., Ibl Alowing members of the public access without charge to the cafe I bar and amenity areas for the purpose of rest and recreation., Icl The provision of a range of cultural experiences for the commLJnily', Idl The provision of educational opportunities to open a roule for all ages in to the arts. Achievements and performance Review of activities The theatre and pavilion café were closed until 17th May 2021, due to Covid-19 lock-down reslriclions which had re-commenced on 4th January 2021. Operating staff were fully furloughed or flexibly furloughed during this time. On re-opening on Monday 17th May 2021, limits on audience numbers continued for the first part of the year. There were two main Theatre Productions during the summer - Two by Jim Carbright starring Joyce Branagh and Howard Saddler, and Ghosted an Arts Council commissioned piece by James McDermott, with young actors, which look place along the seafront Iboth productions were originally planned for the last quarter of 2020- 21 and costs were funded by the first round Cultural Recovery Fund which was received in 2020-211. Following last year's lockdown pantomime formal, St George's Theatre again worked alongside Norfolk Music Hub and Sheringham Little Theatre, producing a one-hour long pantomime Jack and the Beanstalk Iwritten by Nick Earnshawl and which was performed with just foLJr actors. Again, the show was very well received and was live streamed to schools across the county. Live music and variety events re-commenced during the year as well as touring theatre pr(uCtIOns. The regular group from Leading Lives for the FABBA sessions returned al the end of April and MAP Connect Together to hire the theatre. The Access Community Trust hired the theatre space in August 2021 and the theatre was also used as a vaccination centre during the year. Local schools- Sl George's Primary and Nursery School and the Novaturienl School also hired the space. Groups hiring the pavilion space include MAP - Chill Spot Sessions, Youth Admsory Board IYAB}, Menscraft and Opening Doors. Local Authorities conlinLJed their grant support for the financial year- Great Yarmouth Borough Council1£25kl and Norfolk County Council1£4.gkl. Other grants and funding have also been obtained including.. the Business Re-start Grant1£12kl, the DCMS Cultural Recovery Fund1£45.9kl as well as other emergency funding1£10kl- Other project grants were received during the year including.. Lift Grant £14.7k, Heritage Fund1£1.6kl from the GYBC Events Programme for a Through the Decades Event at the WatenNays, and a fund of £875 was received for a Live Interpretation Training Programme with Time and Tide Museum. Page 3
ST GEORGES THEATRE TRUST (Acompany Limited by Guarantee) TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 MARCH 2022 Achievements and performance Icontinuedl Theatre Productions for 2022 commenced with a youth production of We Will Rock You which was very well received. Summer 2022 will see a production of Summer Holiday in conjunction with MT Productions. St George's Theatre will produce its own full scale family pantomime production of Peter Pan. The regular hires will continue from Leading Lives for the FABBA sessions, MAP - Chill Spot Sessions, Youth Advisory Board (YABI, Menscraft and Opening Doors. Project grants for the 2022123 period have been received from the Norfolk Community FoLJndation - £9,900 from the Your Big Ideas Fund and £1,995 from the New Endeavours Rangers Fund, and £9,900 from the National Lottery Community Fund to fund picnics on the plaza and a picnic Jubilee. The Freemen's Charity donated £30k in July 2022 to support the organisalion. Following the impact of Covid-19 pandemic we intend to continue our programmes, work with young people and contribute to the community. Financial review . Review of results The financial results are shown in the Statement of Financial Activities on page 10. A nel loss was generated in the year amounting lo £70,701 (2021.. net income £146,253> after receipt of a management fee of £25,000 12021.. £25,000) from Great Yarmouth Borough Council and emergency support grants. The Charity's subsidiary, St George's Trading Limited, generated a turnover of £25,214 12021.. £6,914) and recorded a loss for the year of £1,462 12021.. loss of £5,2381- As al 31st March 2022 the company had net liabilrf(ies of £14,21212021.. £12,749). The results of St George's Trading Limited have not been consolidated into the Trust's accounts as the group is exempl from producing group accounts. The Charitys interim budget and latest forecast for the new financial year 2022-23 shows the continued expected financial effect of slowly building up the plays in the theatre following a large period of being closed. With reduced government support in terms of emergency funding in 2022-23, there will be a negative movement in funds. b. Going concem The Trustees have considered the Charity's position at the time of signing the financial statements. The considerable support received meant that there were sufficient available funds for the theatre lo continue during 2022-23. However, with uncertainties over future funding and demand for performances, further funds will be needed to enable the organisation to sel in place plans for 2023-24 that ensure the Theatre can continue lo be an essential part of the offering lo Great Yarmouth residents and visitors. Page 4
ST GEORGES THEATRE TRUST (Acompany Limited by Guarantee) TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 MARCH 2022 Reserves policy As at 31 March 2022, the Trust had unrestricted free reserves of £70,292 12021= £97,643). The Trust held £3,68212021.. £44,461) in reslricled funds. The Trustees recognise the need to build up and retain reserves to provide for unexpected expenditure, for replacement of equipment and to have funds available in case of an unforeseen downturn in income. The Trust remews its reserves policy annually. This review encompasses the nature of the income and expenditure streams, the need lo match variable income with fixed commitments and the nature of the reserves. The Trustees aim lo build up free reserves equivalent to six months and amounts to £150,000. d. Plans for future period The Trust has benefited from funding awards from several courses, and will continue to adopt a policy of seeking funding to provide community events, develop the work of the YoLJth Theatre Group, ensure accessibility for minority groups with special needs and provide a wde range of entertainment that is affordable for all. The Trust continues to work towards audience development with the aim to provide artistic programming for all lasles and ages. We are currently working with Norwch Theatre to ensure the sustainability of Sl. George's and the plan is that from 1st April 2023 we will benefit from their resources, including, marketing, finance, technical and Box Office services. This will initially be a three year agreement wth the option to extend if both parties are happy to continue long term. Structurej governance and management . Governing document St George's Theatre Trust is a company limf(ed by guarantee governed by its Memorandum of Articles of Association. The company operates as a charitable trust, registered with the Charities Commission. The company adopted new Memorandum and Arbcles of Association on 27 July 2012 and were accepted by the Charity Commission in January2013. These were further amended on 5 February 2016 to increase the maximum number of trustees from twelve to thirteen. Page 5
ST GEORGES THEATRE TRUST (Acompany Limited by Guarantee) TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 MARCH 2022 Structurej governance and management Icontinuedl b. Recruitment, Appointment and Training of Trustees The Trustees, who are also directors of the charitable company for the purpose of company law and also the companls members, throughout the report are collectively referred lo as the Trustees. The number of Trustees shall be not less than three and not more than thirteen persons. Trustees serve for a three year term of office and will not normally serve for more than two terms. One third of the Iruslees retire each year. Trustees shall be persons who through occupation, employment or othenNise have special knowledge of the area of benefit or who are otherwise able by virtue of their personal or professional qualtficalions to make a contribution lo the pursuit of the objects of the charity. All new Trustees will be provided with.. The governing document of the charity The latest financial slalement of the charity And are encouraged lo read Charity Commission guidance notes CC3 - The Essential Trusl8e- °Whal you need lo know, what you need to do" In addition, the Trustees are encouraged lo read Charity Commission and other newsletters and to allend courses designed to keep them abreast of their duties and responsibilities. The Trustees who served during the year and at the dale of the report are listed on page 1. c. Risk Management The Trustees acknowledge the Charity Commission's recommendation for them to undertake a review of the major risks lo which the trust is exposed. A full review of the risks was completed and policies put in place. d. Oryanisational Structure The Trust is administered and controlled by the Trustees who meet quarterly. A Finance Committee also meets monthly and reports to the Trustees as a body. The day lo day operation and servi$ of the Trust are under the control of a General Manager. Page 6
ST GEORGES THEATRE TRUST (Acompany Limited by Guarantee) TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 MARCH 2022 Statement of Trustees. responsibilities The Trustees (who are also the directors of the Company for the purposes of company law} are responsible for preparing the Trustees, Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards Iunited Kingdom Generally Accepted Accounting Praclicel. Company law requires the Trustees to prepare financial statements for each financial . Under company law, the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Trustees are required lo.. select suitable accounting policies and then apply them consistently., observe the methods and principles of the Charities SORP IFRS 1021., make judgments and accounting estimates that are reasonable and prudent., stale whether applicable UK Accounting Standards IFRS 1021 have been followed, subject lo any materi81 departures disclosed and explained in the financial statements., prepare the financial slalements on the going concern basis unless il is inappropriate lo presume that the Company will continue in business. The Trustees are responsible for keeping adequate accounting records that are sufficient lo show and explain the Companls transactions and disclose with reasonable accuracy al any time the financial position of the Company and enable them lo ensure that the financial slalements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Approved by order of the members of the board of Trustees and signed on their behalf by.. S Scott Trustee Dale.. 19/12/2022 Page 7
ST GEORGES THEATRE TRUST (Acompany Limited by Guarantee) INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 MARCH 2022 Independent Examiner's Report to the Trustees of St Georges Theatre Trust ('the Company'l I report to the charity Trustees on my examination of the accounts of the Company for the year ended 31 March 2022. Responslbllltles and Basls of Report As the Trustees of the Company land ils directors for the purposes of company lawl you are responsible for the preparation of the aountS in accordance with the requirements of the Companies Act 20061'the 2006 ACVI. 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 the Companls accounts carried out under section 145 of the Charities Act 2011 {'Ihe 2011 Acl'l. In carrying out my examination I have followed the Directions given by the Charity Commission under section 145151{bl of the 2011 Act. Independent Examlner's Statement During my examination I have identified mallers of concern as there is a material uncertainly over the future income of the Company as a result of the continuing uncertainly over the Theatre's funding. I draw your attention lo note 2.2 of the financial slalemenls concerning the ability of the Company to continue as a going concern. The Trustees have considered the going concern slalus of the Company, measures lo slabilise the position and the future grant funding opportunities available. Based on additional funding and donations that they are activity applying for, they have a reasonable expectation that the charity will have adequate resources lo continue in operational for at least 12 months from the date of signing these financial slalements, and therefore the financial statements have been prepared on a going concern basis. The financial slalements do not include any of the adjustments that would result if the Company was unable lo Continue as a going COnM. I confirm that no other matters have come lo my attention in connection with the examination giving me cause lo believe.. accounting records were not kept in respect of the Company as required by section 386 of the 2006 Act., or the accounts do not accord with those records., or 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 'lrue and fairf view which is not a matter considered as part of an independent examination., or the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practi for accounting and reporting by charities applicable lo Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021. I have no concerns and have come across no other mallers in connection with the examination lo which attention should be drawn in this report in order lo enable a proper understanding of the accounts lo be reached. Page 8
ST GEORGES THEATRE TRUST (Acompany Limited by Guarantee) INDEPENDENT EXAMINER'S REPORT {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022 This report is made solely lo the Company's Trustees, as a body, in accordance with Part 4 of the Charities IAccounts and Reports) Regulations 2008. My work has been undertaken so that I might stsle lo the Companls Trustees those mallers l am required lo slate to them in an Independent Examiner's Report and for no other purpose. To the fullest exlenl permitted by law, I do not accept or assume responsibility lo anyone other than the Company and the Company's Trustees as a body, for my work or for this report. Signed.. Dated.. 20 December 2022 Joanne Fox BA FCA Larklng Gowen LLP Chartered Accounlanls King Street House 15 Upper King Street Norwich NR3 1RB Page 9
ST GEORGES THEATRE TRUST (Acompany Limited by Guarantee) STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNTI FOR THE YEAR ENDED 31 MARCH 2022 Unrestricted funds 2022 Restricted funds 2022 Total funds 2022 Total funds 2021 Note Income from- Donations and legacies Charitable activities Other trading activities Investrnents Other income 101.452 67.110 12.628 11 14.725 116.177 67.110 12.628 11 231,259 17,820 22 2.124 2.124 15,056 Total income 183.325 14.725 198.050 264,157 Expenditure on- Charitable activities 213,247 55,504 268,751 111,904 Total expendlture 213.247 55.504 268.751 117,904 Ngt movgmgnt in funds 129.9221 140.779) 170.701) 146,253 Reconciliation of funds.. Totsl funds brought forward Nel movement in funds 102.197 129.922) 44.461 140.779) 146.658 170.701) 405 146,253 Total funds carried fonvard 72,275 3,682 75,957 146,658 The Statement of Financial Activities includes all gains and losses recognised in the year. The notes on pages 13 to 29 form part of these financial stalemenls. Page 10
ST GEORGES THEATRE TRUST (Acompany Limited by Guarantee) REGISTERED NUMBER: 03983323 BALANCE SHEET AS AT 31 MARCH 2022 2022 2021 Note Fixed assets Tangible assets Investments 13 14 1.982 4,553 1.983 4,554 Current assets Debtors Cash at bank and in hand 15 49,655 69,433 50,547 134,580 119,088 185, 12T Creditors.. amounts falling due within one year 16 {45,1141 (43,023) Net current assets I liabilities 73.974 142, 104 Total assets less current liabilities 75,957 146,658 Total net assets 75.957 146,658 Charity funds Restricted funds 17 3,682 72.275 44,467 102, 197 Unrestricted funds 17 Total funds 75.957 146,658 Page11
ST GEORGES THEATRE TRUST (Acompany Limited by Guarantee) REGISTERED NUMBER: 03983323 BALANCE SHEET ICONTINUEDI AS AT 31 MARCH 2022 The Company was entitled lo exemption from audit under section 477 of the Companies Act 2006. The members have not required the company lo obtain an audit for the year in question in accordance with section 476 of Companies Act 2006. The Trustees acknowledge their responsibilities for complying with the requirements of the Act wth respect to accounting records and preparation of financial slalements. The financial statements have been prepared in accordance with the provisions applicable to entities subject lo the small companies regime. The financial statements were approved and aulhorised for issue by the Trustees and signed on their behalf by.. S Scott Trustee Dale.. 19/1212022 The notes on pages 13 to 29 form part of these financial slalements. Page 12
ST GEORGES THEATRE TRUST (Acompany Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 General InformatSon The Trust is a private company limited by guarantee, registered in England and Wales and a registered charity in England and Wales. The address of the registered office is Sl George's Theatre, King Street, Great Yarmouth, Norfolk, NR30 2PG. The principal activities of the Trust are detailed within the Trustees Report. Accountlng pollcles 2.1 Basis of preparation of financial statements The financial statements have been prepared in accordan with the Charities SORP IFRS 1021 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 IFRS 1021 leffeclive 1 January 20191, the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 and the Companies Act 2006. Sl Georges Theatre Trust meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially re¢ognised al historical cost or transaction value unless otherwise staled in the relevant accounting policy. The charity is not required lo prepare ¢onsolidaled accounts in accordance with the Charities Act 2011, and has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the charity and its subsidiary undertakings comprise a small group. 2.2 Going concern The Trustees have considered the Charitys position at the lime of signing the financial slatemenls. The considerable support received meant that there were sufficient available funds for the theatre lo continue during 2021-22. However, continuing uncertainties over funding sources and demand for performances exist for the 2022-23 year. Further funds will be needed to enable the organisation lo set in place plans for 2023-24 that ensure the Theatre can continue lo be an essential part of the offering lo Great Yarmouth residents and visitors. The Trustees have considered the above and Concluded that with additional funding and donations that they are actively applying for, they have a reasonable expectation that the Charity will have adequate resOLJrS to continue in operational existence for at least 12 months from the date of signing these financial statements. However, there is no certainty that these further funds would be received, and without these the Company may not be able to meet ils liabilities as they fall due. This represents a material uncertainty that casts significant doubt over the Companls ability to continLJe as a going concern. The financial statements do not include any adjustments that may result from the Trustees being unable to secure core funding for the 202&24 years. Page 13
ST GEORGES THEATRE TRUST (Acompany Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 Accounting policies Icontinuedl 2.3 Income All income is included in the stslemenl of financial activities when entillemenl has passed lo the charity, and il is probable that the economic benefits associated with the transaction will flow to the charity and the amount can be reliably measured. The following specific policies are applied lo particular categories of income.. Income from donations or grants is recognised when there is evidence of entillemenl, receipt is probable and ils amount can be measured reliably. Income from donated goods is measured al the fair value of the g(x)ds unless this is impractical to measure reliably. in which case the value is derived from the cost to the donor or the estimated resale value. Donated facilities and services are recognised in the accounts when received if the value can be reliably measured. No amounts are included for the contribution of general volunteers. Income from contracts for the supply of services is recognised with the delivery of the contracted service. This is classified as unrestrirted funds unless there is a contractual requirement for it to be spent on a particular PLJrpose and returned if unspent, in which case it may be regarded as restricted. Income from tickets is recognised in the period to which the show relates. 2.4 Expenditure Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is classified under headings in the Statement of the financial activities to which il relates.. Expenditure on raising funds includes the costs of all fundraising activities, events and non- charitable trading aclivilies. Expenditure on charitable activities includes all costs incurred by the charity in undertaking activities that further ils charitable aims for the benefit of ils beneficiaries, including those support costs and costs relating to governance of the charity apportioned to the charitable activities. Other expenditure includes all expenditure that is neither related to raising funds for the charity nor part of its expenditure on charitable activities. All cost are allocated to expenditure categories reflecting the use of the resource. Dire¢l costs attributable to a single activity are allocated directly to that activity. Shared costs are apportioned between the activities they contribute lo on a reasonable, justifiable and ¢onsislenl basis. Page 14
ST GEORGES THEATRE TRUST (Acompany Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 Accounting policies Icontinuedl 2.5 Tanglble flxed assets and depreclatlon Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured al cost less accumulated depreciation and any accumulated impairment losses. All costs incurred lo bring a tangible fixed asset into ils intended working condition should be included in the measurement of cost. Depreciation is charged so as lo allocate the cost of tangible fixed assets less their residual value over their estimated useful lives, using the straight-line method. Depreciation is provided on the following basis.. Theatre equipment Office equipment 200/0 slraighl line 330/0 slraighl line 2.6 Investments Investments in subsidiaries are valued at cost less provision for impairment. 2.7 Debtors Trade and other debtors are recognised al the selllemenl amount after any trade discount offered. Prepayments are valued at the amount prepaid nel of any trade discounts due. 2.8 Cash at bank and In hand Cash al bank and in hand includes cash and short-lerm highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account. 2.9 Llabllltles and provlslons Liabilities are recognised when there is an obligation at the Balance Sheet dale as a result of a past event, il is probable that a transfer of economic benefit will be required in selllemenl, and the amount of the settlement can be eslimaled reliably. Liabilities are recognised al the amount that the Company anlicipales il will pay to sellle the debt or the amount it has received as advanced payments for the goods or services il musl provide. Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the lime value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tsx discount rate that reflects the risks specific lo the liability. The unwinding of the discount is recognised in the Statement of Financial Activities as a finance cost. Page 15
ST GEORGES THEATRE TRUST (Acompany Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 Accounting policies Icontinuedl 2.10 Flnanclal Instruments A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provision of the inslrumenl. Basic financial instruments are initially recognised al the amount receivable or payable including any related transaction costs, unless the arrangement conslilules a financing Iransaclion, where it is recognised al the present value of the future payments discounted al a market rate of interest for a similar debt inslrumenl. 2.11 Penslons The Company operates a defined contribution pension scheme and the pension charge represents the amounts payable by the Company lo the fund in respect of the year. 2.12 Fund accountlng General funds are unreslricled funds which are available for use al the discretion of the Trustees in furtherance of the general objectives of the Company and which have not been designated for other purposes. Reslricled funds are funds which are to be used in accordance with specific reslriclions imposed by donors or which have been raised by the Company for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each reslricled fund is set out in the notes lo the financial stslemenls. Investment income, gains and losses are allocated to the appropriate fund. Income from donatlons and legacles Unrestrlcted Restrlcted funds funds 2022 2022 Total funds 2022 Donations Friends membership fees Grants 4,088 210 4.088 210 97,154 14,725 111.879 101,452 14,725 116.177 Page 16
ST GEORGES THEATRE TRUST (Acompany Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 Income from donatlons and legacles (contlnuedl Unreslricled funds 2021 Restricted funds 2021 Total funds 2021 Donations 1,095 785 1,095 785 Friends membership fees Grants 200, 184 29, 795 229,979 201,464 29, 795 231,259 Incomg from charitablo a¢tivitigS Unrostrictgd funds 2022 Total funds 2022 Box Office admission fees and commission Hire of premises 50,575 16,535 50.575 16.535 67,110 67,110 Unrestricted funds 2021 Total funds 2021 Box Office admission fees and commission 15,246 2,298 15,246 2,298 Hire of premises Postage charge Youth Theatre 272 272 17,820 71,820 Page 17
ST GEORGES THEATRE TRUST (Acompany Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 Income from other tradlng actlvltles Income from non charltable tradlng actSvltSes Unrestrlcted funds 2022 Total funds 2022 Total funds 2021 Progamme, merchandise and raffle income Advertising and sponsorship 501 12,127 501 12,127 12,628 12,628 Investment income Unrestricted funds 2022 Total funds 2022 Bank deposit interest 11 Unrestricted funds 2021 Total funds 2021 Bank deposit interest 22 22 Other Incomlng resources Unrestrlcted funds 2022 Total funds 2022 Fudough income Other income 910 910 1,214 1,214 2,124 2,124 Page 18
ST GEORGES THEATRE TRUST (Acompany Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 Other Incomlng resources {contlnuedl Unrestrict8d funds 2021 Total funds 2021 Fudough income 15,056 15,056 Analysis of expenditure on charitable activities Summary byfund type Unrestricted Restricted funds funds 2022 2022 Total funds 2022 Expenditure on charitable activities 213.247 55,504 268.751 Unreslricled funds 2021 Restricted funds 2021 Total funds 2021 Expenditure on charitable activities 98,598 19,306 117,904 Analysis of expenditure by activities Activities undertaken directly 2022 Total funds 2022 Expenditure on charitable adivities 268,751 268.751 Page 19
ST GEORGES THEATRE TRUST (Acompany Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 Analysls of expendlture by actlvltles Icontlnuedl Activities undertaken directly 2021 Total funds 2021 Expenditure on charitsble activities 117,904 117,904 Analysis of direct costs Total funds 2022 Activities 2022 Stsff costs Depreciation Irrecoverable VAT Production costs Travel and subsistence Repairs and maintenance 77,266 2,571 7,914 70,251 2,572 19,831 77.266 2,571 7,914 70.251 2.572 19,831 F li Bank charges and interest Printing, stationary, IT and telephone Advertising Insurance 1,653 8,624 5,640 3,684 16,039 19,168 403 1,653 8.624 5.640 3,684 16,039 19.168 403 Professional fees Heat, light and water Development fee Propety rates Contract Staff Govemance costs 2,547 28,488 2,100 2,547 28,488 2.100 268,751 268,751 Page 20
ST GEORGES THEATRE TRUST (Acompany Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 Analysls of expendlture by actlvltles Icontlnuedl Analysls of dlrect costs {contlnuedl Total funds 2021 Activities 2021 Stsff costs 61.309 3,143 4, 772 30,313 738 268 61,309 3,143 4, 772 30,313 738 268 Depreciation Irrecoverable VAT Production costs Box office fees Fees and licences Travel and subsistence Repairs and maintenance Bank charges and interest Printing, stationary, IT and telephone Advertising Insurance 692 16.502 1,289 5,828 744 692 16,502 1,289 5,828 744 3,698 9,607 (25, 184) 90 3,698 9,607 (25, 784) 90 Professional fees Heat, light and water Bad debt charge Sundry expenses Govemance costs 720 720 3,975 3,975 717,904 177,904 10. Indgpendgnt examiner's rgmungration 2022 2021 Fees payable to the Company's independent examiner for the independent examination of the Companls annual accounts 2,100 2,000 Page 21
ST GEORGES THEATRE TRUST (Acompany Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 11. Staff costs 2022 2021 Wages and salaries Social security costs Contribution to defined contribution pension schemes 75,580 655 1,031 60,833 476 77,266 61,309 The average number of persons employed by the Company during the year was as follows.. 2022 No. 2021 No. Employees No employee received remuneration amounting to more than £60,000 in either year. During the year £17,8021£16,0261 was paid to key management personnel in respect of salaries. 12. Trustees. remuneration and expenses During the year, no Trustees received any remuneration or other benefits (2021 £NIL). During the year ended 31 March 2022, no Trustee expenses have been incurred (2021- £NIL). Page 22
ST GEORGES THEATRE TRUST (Acompany Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 13. Tanglble flxed assets Office equipment Theatre equipment Total Cost or valuation At 1 April 2021 6,857 28,728 35,585 At 31 March 2022 6,857 28,728 35.585 Depreciation At 1 April 2021 Charge for the year 5,117 898 25.915 1,673 31.032 2.571 At 31 March 2022 6,015 27,588 33,603 Net book value At 31 March 2022 842 1,140 1.982 At31 March 2021 1,740 2,873 4,553 Page 23
ST GEORGES THEATRE TRUST (Acompany Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 14. Flxed asset Investments Investments in subsidiary companies Cost or valuation At 1 April 2021 At 31 March 2022 Net book value At 31 March 2022 Al 37 March 2021 Principal subsidiaries The following was a subsidiary undertaking of the Company.. Name Registered office or principal Class of place of business shares Holding St George's Trading Limited St George's Theatre, King Street, Ordinary Great Yamiouth, Norfolk, United Kingdom, NR30 2PG The financi81 results of the subsidiary for the year were.. Name Income Expenditure ProfitllLoss) I Surplusl (Deficit) for the year Net assets St George's Trading Limited 25,214 126,676} (1,4621 114,2121 Page 24
ST GEORGES THEATRE TRUST (Acompany Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 15. Debtors 2022 2021 Due within one year Trade debtors Amounts owed by group undertakings Prepayments and accrued income 11,180 24,317 14,158 5,080 13,457 32,010 49,655 50,547 16. Credltors: Amounts falllng due wlthln one year 2022 2021 Trade creditors 1,199 19,754 Amounts owed lo group undertakings Social security and other taxes Pension fund payable other creditors 1,230 229 280 1,694 719 16 Accruals and deferred income 42,176 21,439 45,114 43,023 2022 2021 Deferred income brought forward Released dLJring the year Deferred during the year 8,110 15,2271 12,082 lQ,310 (4,062) 1,862 14,965 8,110 Deferred income represents funds received from the sale of tickets in advance of future performances and gift vouchers yet lo be redeemed. Page 25
ST GEORGES THEATRE TRUST (Acompany Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 17. Statement offunds Statement of funds - current year Balance at 31 March 2022 Balance at 1 Aprll 2021 Income Expendlture Unrestricted funds General Funds - all funds 102,197 183.325 1213,2471 72.275 Restricted funds Signage Fund Microphone Fund Freemans Charity Fund LIFT Grant 2,054 1,628 25,621 595 2.054 1.628 {25,6211 {15,3201 18,9951 15,5681 14,725 National Lollery Community Fund Norfolk Community Foundation 8,995 5,568 44,461 14,725 {55,5041 3,682 Total of funds 146,658 198.050 1268,7511 75.957 Signage Fund - includes funds received towards the cost of signage. Microphone Fund - includes funds received towards the costs of microphones, including £3,221 from Geoffrey Watling Charity. Freemans Charity Fund - includes funds received lo help cover stsff costs and other production costs. LIFT Grant- To assist in the provisionloperation of a Sl Georges Theatre. Lollery Community Fund - funding received for a PA system and supported funds for the Plaza. Norfolk Community Foundation funding received to support the safe re-opening of the community cafe for small community groups. Norfolk County Council - Norfolk Music Hub. To assist in the provisionloperation of a St Georges Theatre. Geoffrey Watling Charity- Funds received for use in Sl George's Community Pavilion Project. Drum Kit Fund - Donations provided for the purchase of a drum kil for the theatre. Page 26
ST GEORGES THEATRE TRUST (Acompany Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 17. Statement of funds Icontlnuedl Statement of funds - prlor year Balance al 31 March 2021 Balance at l April 2020 Income Expenditure Unrestricted funds General Funds - all funds (33,567) 234,362 (98,598) 102, 197 Restricted funds Signage Fund Microphone Fund Freemans Charity Fund LIFT Grant 2,054 1,628 30,290 2,054 1,628 25,621 595 (4,669) (4,405) (1,000) (732) (5,000) (3,000) (500) 5,000 9,995 6,300 5,000 3,000 500 National Lottery Community Fund Norfolk Community Foundation Norfolk County Council - Norfolk Music Hub Geoffrey Watling Charity Drum Kit Funding 8,995 5,568 33,972 29, 795 (19,306) 44,461 Total of funds 405 264,157 (117.904) 146,658 Page 27
ST GEORGES THEATRE TRUST (Acompany Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 18. Analysls of net assets between funds Analysls of net assets between funds - current year Unrestricted Restricted funds funds 2022 2022 Total funds 2022 Tangible fixed assets Fixed asset investments Current assets Creditors due within one year 1,982 1.982 115,406 145,1141 3,682 119,088 145.114) Total 72.275 3,682 75.957 Analysis of ngt 0$sots bgtwggn funds- priorygar Unreslricled fvnds 2021 Restricted funds 2021 Total funds 2021 Tangible fixed assets Fixed asset investments Current assets Creditors due within one year 4,553 4,553 140,666 (43,023) 44,461 185, 127 (43,023) Total 102, 197 44,461 146,658 19. Pension commitments The amount recognised in income or expenditure as an expenses in relation to defined contribution plans Was £1,031 {2021.. £4761. As at the period end contributions of £22912021.. £199) were payable to the fund. Page 28
ST GEORGES THEATRE TRUST (Acompany Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 20. Related party transactions Steven Scoll, a Trustee of St George's Theatre Limited, is a Director of TMS Media Limited. During the period Sl Georges purchased services from this company for £2,835 12021= £2,790). A creditor balance of £11412021.. £5161 was outstanding al the year end. Alexandra Johnson, a Trustee of St George's Theatre Limited performed work in the form of bookkeeping for the charity in the period lolalling £Nil {2021.' £1,935). There was no oulstsnding balance due at the year end. Page 29