Company registration number: 03940894 Charity registration number: 1082962 

## Theatre@41 Ltd 

(A company limited by share capital) Annual Report and Financial Statements 

for the Year Ended 31 March 2021 

Minford Chartered Accountants Moyola House 31 Hawthorne Grove York YO31 7YA 



## **Theatre@41 Ltd** 

## **Contents** 

|Reference and Administrative Details|1|
|---|---|
|Trustees' Report|2 to 7|
|Statement of Trustees' Responsibilities|8|
|Independent Examiner's Report|9|
|Statement of Financial Activities|10|
|Balance Sheet|11|
|Notes to the Financial Statements|12 to 19|





## **Theatre@41 Ltd** 

## **Reference and Administrative Details** 

## **Chairman** 

Mr A Park **Trustees** 


Mr P Barton (Treasurer) Mrs S Baines (Secretary) Mrs J Hird (Secretary) Mrs E Godivala Mrs H Marshall (Co-opted 06/01/2021) Mr J Paterson (Co-opted 21/10/2020) Mrs M Smales Mrs J Fisher (Resigned 31/05/2020) Mr J Wawrzyniak (Resigned 31/10/2020) Mr J Hooper (resigned 15/10/2020) **Principal Office** 

41 Monkgate York North Yorkshire YO31 7PB 

**Company Registration Number** 

03940894 

**Charity Registration Number** 

1082962 

**Independent Examiner** 


Minford Chartered Accountants Moyola House 31 Hawthorne Grove York North Yorkshire YO31 7YA 

Page 1 



## T **heatre@41 Ltd Trustees' Report** 

The trustees, who are directors for the purposes of company law, present the annual report together with the financial statements of the charitable company for the year ended 31 March 2021. 

## **Objectives and aims** 

To provide and maintain a viable performing arts centre for community arts organisations and emerging professional theatre groups: 

1. To facilitate the development and presentation of live theatre in all its forms; and 

2. In support of the performing arts assist in the promotion, maintenance, advancement, and education of the entire community of York and surrounding areas. 

## Ensuring our work delivers our aims 

We review our aims, objectives and activities each year, ensuring we are constantly working toward our overall aims and objectives. This review looks at what we achieved and the key outcomes of our work in the previous 12 months. The review looks at the success of each key activity and the benefits they have brought to our users, audience, volunteers and wider community. We have referred to the guidance contained in the Charity Commission’s general guidance on public benefit when reviewing our aims and objectives and in planning our future activities. In particular, the trustees consider how planned activities will contribute to our aims and objectives. 

## The focus of our work 

The COVID-19 pandemic forced us to reassess our priorities and focus over the last 12 months and concentrate on our core objectives of ensuring Theatre@41 was prepared to “develop and present live theatre in all its forms” following the easing of the pandemic. With theatres still closed at the end of March 2021, many of the activities were background ones which will not come to fruition until 2021/22 and beyond. These included: 

- Work to establish Theatre@41’s identity to increase our audience and user base. 

- Investing in Covid-safe equipment to ensure Theatre@41 could host live performance under COVID19 restrictions. This resulted in Theatre@41 hosting York Stage’s pantomime Jack and The Beanstalk over Christmas 2020 when many other theatres across the country were closed. 

- Developing a box office system with Holistix Ticketing Solutions to enable Theatre@41 to host short term shows without their own box office facilities and expand our user base once restrictions were lifted. 

- Identifying and investing in new equipment for the John Cooper Studio to offer to existing hirers and attract short term hirers. 

- Expanding our fundraising. Identifying and applying for grants to support Theatre@41’s objectives. 

Page 2 



## **Theatre@41 Ltd** 

## **Trustees' Report** 

The trustees confirm that they have complied with the requirements of section 17 of the Charities Act 2011 to have due regard to the public benefit guidance published by the Charity Commission for England and Wales. 

## **Public benefit** 

## Theatre@41 Identity 

Over the years the theatre has gone by several different names, and in 2020 still carried signs for “Upstage Youth Theatre”. In 2020/21 we simplified our website to give a coherent identity and offer, invested in new signage for the outside of the building and indoor banners focusing on our identity and the activities which take place in the building. This will allow us to increase our reach when we reopen and attract a wider hirer and audience base. We also began work on placing production shots of previous shows on the entrance stairway. 

## 2020 Pantomime 

By investing in Covid-secure screens, hand sanitising equipment and a cleaning fogger Theatre@41 was able to accept York Stage’s request to host Jack and the Beanstalk. In a city synonymous with pantomime, not only did Theatre@41 play host to its first pantomime but to the city’s only venue-based pantomime. This resulted in over 2000 people being able to attend Covid-secure performances, winning universally positive feedback. 

At a time when most acting and creative industry professionals were not able to work, Theatre@41 was also able to host a show that gave employment to 16 professionals. The pantomime helped introduce Theatre@41 to an audience who had never been in the building before and will hopefully return. While government restrictions cut the performance run short, the pantomime was a huge success. This was due to the bravery and ingenuity of York Stage and the flexible and positive relationship Theatre@41 has with its associate companies. 

## Box Office Development 

Developing a new box office with Holistix Ticketing Solutions firstly delivers a benefit to Theatre@41 as a charity. With no up-front development cost, the box office will allow Theatre@41 to raise more funds through industry standard booking fees and develop its own mailing list to advertise shows and the charity. 

The benefit for the public is that Theatre@41 will be able to present one front for many performances, like most other theatres. The 2020 Christmas pantomime saw visits to the Theatre@41 website increase, only to be redirected to an external box office. The public expect to be able to find out information about a show and buy tickets from the theatre hosting the performance, which we will be able to offer. 

It will also allow Theatre@41 to increase the range of shows available to its audience, programming shows which would otherwise not have been able to come to the theatre. Widening the range of groups, companies and organisations who use the theatre. 

The box office will transform Theatre@41’s offer to the public, allowing us to continue hosting the brilliant work of our associate companies and regular hirers and maximise the usage of the building through hosting small scale tours and developing our reputation as York’s leading fringe venue. 

## Technical Equipment 

By identifying new lights and sound equipment Theatre@41 will be able to present a full technical offer to hirers who have previously had to pay extra to hire this equipment. This allows anyone who wishes to stage a production to be able to do so without incurring additional financial costs. It also allows the theatre to host shows that do not tour with technical equipment. This again contributes to widening the range of building users and shows we can offer to the public. 

Page 3 



## **Theatre@41 Ltd** 

## **Trustees' Report** 

## Fundraising 

As the owner of our building, with relatively modest annual upkeep costs, Theatre@41 is in a unique position to make funds from grants and donations go a long way. While replacing the roof remains a long-term goal, we also identified quicker wins which we were able to apply for funding for, and areas where we could expand our fundraising capability. This included: 

- Launching our Brick Buy Brick scheme, allowing people to buy a commemorative brick to be placed in Theatre@41 with a personal message. 

- Commissioning a funded environmental impact survey of the building from Groundworks Ltd. This survey will provide an evidence base to apply for funding for energy saving improvements such as double glazing and insulation. 

- Listing Theatre@41 with Amazon Smile, benefiting from a percentage of user purchases. 

- Setting up a regular giving scheme with JustGiving through our website, so supporters can donate regularly. 

- Applying for funding for Covid-secure costs to the Theatres Trust and Two Ridings Foundation. 

Page 4 



## **Theatre@41 Ltd** 

## **Trustees' Report** 

## **Financial Review - Treasurers Report** 

At the end of last year’s Treasurer’s Report I finished by indicating that I thought that this year COVID-19 would affect much of it. How right I was, although it was not a difficult piece of foresight. 

COVID-19 has indeed affected the whole country throughout our financial year 2020/21 and we all know that the Theatre sector was as hard hit, if not more so, as some. At Theatre@41, we had to close one show’s run early and then were only able to put on one other, the pantomime Jack and the Beanstalk, for which we must express our gratitude and congratulations to Nik and York Stage Musicals, for the rest of the year. 

However, unlike many in our sector, we did not take much of a financial hit. In fact, we only made a relatively modest loss of £4,979 as opposed to a profit of £7,500 in the previous year. 

There are three reasons for this: 

1. As owners of the building, we received significant Government / Local Council support to the amount of £21,270. 

2. We do not have paid staff as an ongoing cost over the last year and as a result had none of the associated employment costs that often hurt so many in our sector. 

3. We cut our expenditure to as near the bone as possible. 

The overall result is that we emerged from the pandemic in a very similar financial position as we entered it. The other major change that you will notice in the accounts from last year to this is that we have had the building revalued. It had not been valued for a decade and it was necessary for things such as insurance and rateable value calculations (which come into force in 2023). The new value of £330,000 increases the value of our assets but in reality this figure is to all intents and purposes merely notional. 

## Fundraising 

I am very pleased to say that even though it has been a very tough year for everyone we have received fundraising support from our friends for which we are very grateful and even a little humbled. Amongst others we received £500 donations from York Settlement Community Players and Once Seen Theatre Company. In addition, there were numerous JustGiving campaigns and we have raised £1,000 through our Brick Buy Brick campaign and again, thank you to all who have bought one and in some cases a number. We were also able to raise some funds by tapping into existing charitable funds. 

## The Coming Year 

It is to be hoped that during the next financial year we will see the effects of COVID-19 decline and we will be able to get back to what we all love – running a vibrant, lively and fun performance hub. 

_**Philip Barton**_ Treasurer 

Page 5 



## **Theatre@41 Ltd** 

## **Trustees' Report** 

## **Structure, governance and management** 

## _**Nature of governing document**_ 

The organisation is a charitable company limited by guarantee, incorporated on 8 August 1992 and registered as a charity on 1 March 2000. The company was established under a Memorandum of Association which established the objects and powers of the charitable company and is governed under its Articles of Association. In the event of the company being wound up members are required to contribute an amount not exceeding £1. 

## _**Recruitment and appointment of trustees**_ 

The directors of the company are also charity trustees for the purposes of charity law and under the company’s Articles are known as members of the Management Committee. Under the requirements of the Articles of Association the members of the Management Committee are elected to serve for a period of two years after which they must be re-elected at the next Annual General Meeting. 

All member of the Management Committee give their time voluntarily and received no benefits from the charity. Any expenses reclaimed from the charity are set out in the accounts. 

Mrs S Baines, Mr P Barton and Mrs J Hird retire by rotation and, being eligible, offer themselves for re-election. Mrs H Marshall and Mr J Paterson were co-opted onto the committee in the last 12 months and, being eligible, offer themselves for election. 

## _**Organisational structure**_ 

Theatre@41 has a Management Committee of up to 9 members who meet monthly and are responsible for the operation, strategic direction and policy of the charity. At present the Committee has eight members from a variety of professional backgrounds relevant to the work of the charity. 

## _**Responsibilities of the Management Committee**_ 

Company law requires the Management Committee to prepare financial statements for each financial year which give a true and fair view of the state of the affairs of the charitable company as at the balance sheet date and of its incoming resources and application of resources, including income and expenditure, for the financial year. In preparing those financial statements, the management committee should follow best practice and: 

- select suitable accounting policies and then apply them consistently; 

- make judgements and estimates that are reasonable and prudent; and 

- prepare the financial statements on the going concern basis unless it is not appropriate to assume that the company will continue on that basis. 

The Management Committee is responsible for maintaining proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and to enable them to ensure that the financial statements comply with the Companies Act 2006. 

The Management Committee is also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. 

## _**Members of the Management Committee**_ 

Members of the Management Committee, who are directors for the purpose of company law and trustees for the purpose of charity law, who served during the year and up to the date of this report are set out on page 3. 

Page 6 



## **Theatre@41 Ltd** 

## **Trustees' Report** 

## _**Risk Management**_ 

The Management Committee routinely conducts a review of the major risks to which the charity is exposed. A risk register has been established and is updated at least annually. Where appropriate, systems or procedures have been established to mitigate the risks the charity faces. 

Internal control risks are minimised by the implementation of procedures for authorisation of all transactions and projects. Procedures are in place to ensure compliance with health and safety of staff, volunteers, clients and visitors to the centre. These procedures are periodically reviewed to ensure that they continue to meet the needs of the charity. 

## _**Approval**_ 

The annual report was approved by the trustees of the charity on 1 November 2021 and signed on its behalf by: 

......................................... 

Mr A Park Chair 

Page 7 



## **Theatre@41 Ltd** 

## **Statement of Trustees' Responsibilities** 

The trustees (who are also the directors of Theatre@41 Ltd for the purposes of company law) are responsible for preparing the trustees' report and the financial statements in accordance with the United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) and applicable law and regulations. 

Company law requires the trustees to prepare financial statements for each financial year. 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 charitable 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 to: 

- select suitable accounting policies and 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 charitable company will continue in business. 

The trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charitable company's transactions and disclose with reasonable accuracy at any time the financial position of the charitable company 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 charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. 

Approved by the trustees of the charity on 1 November 2021 and signed on its behalf by: 


......................................... Mr A Park Chair 

Page 8 



## **Theatre@41 Ltd** 

## **Independent Examiner's Report to the trustees of Theatre@41 Ltd** 

I report to the charity trustees on my examination of the accounts of the charity for the year ended 31 March 2021 which are set out on pages 9 to 20. 

## **Respective responsibilities of trustees and examiner** 

As the charity’s trustees of Theatre@41 Ltd (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 Theatre@41 Ltd 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: 

1. accounting records were not kept in respect of Theatre@41 Ltd as required by section 386 of the 2006 Act; or 

2. the accounts do not accord with those records; or 

3. 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 

4. 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. 

...................................... 

Moyola House 31 Hawthorne Grove York North Yorkshire YO31 7YA 

1 November 2021 

Page 9 



## **Theatre@41 Ltd** 

## **Statement of Financial Activities for the Year Ended 31 March 2021 (Including Income and Expenditure Account and Statement of Total Recognised Gains and Losses)** 

|**Unrestricted**<br>**Restricted**<br>**Total**<br>**2021**|**Unrestricted**<br>**Restricted**<br>**Total**<br>**2021**|
|---|---|
|**Note**<br>**£**<br>**£**<br>**£**||
|**Income and Endowments from:**||
|Donations and legacies<br>3<br>21,270<br>1,774<br>23,044||
|Charitable activities<br>4<br>4,778<br>-<br>4,778||
|Other tradingactivities<br>5<br>410<br>-<br>410||
|Total Income<br>26,458<br>1,774<br>28,232||
|**Expenditure on:**||
|Charitable activities<br>6<br>(6,988)<br>(501)<br>(7,489)||
|Other expenditure<br>7<br>(25,722)<br>-<br>(25,722)||
|Total Expenditure<br>(32,710)<br>(501)<br>(33,211)||
|Net (expenditure)/income<br>(6,252)<br>1,273<br>(4,979)||
|**Other recognised gains and losses**||
|Gains/losses on revaluation of fixed assets<br>-<br>213,957<br>213,957||
|Net movement in funds<br>(6,252)<br>215,230<br>208,978||
|**Reconciliation of funds**||
|Total funds brought forward<br>19,521<br>127,909<br>147,430||
|Total funds carried forward<br>18<br>13,269<br>343,139<br>356,408||
||**Unrestricted**<br>**Total**|
||**funds**<br>**Restricted funds**<br>**2020**|
|**Note**|**£**<br>**£**<br>**£**|
|**Income and Endowments from:**||
|Charitable activities<br>4|32,555<br>-<br>32,555|
|Other tradingactivities<br>5|202<br>-<br>202|
|Total income||
||32,757<br>-<br>32,757|
|**Expenditure on:**||
|Charitable activities<br>6|(1,548)<br>(589)<br>(2,137)|
|Other expenditure<br>7|(23,120)<br>-<br>(23,120)|
|Total expenditure||
||(24,668)<br>(589)<br>(25,257)|
|Net income/(expenditure)||
||8,089<br>(589)<br>7,500|
|Net movement in funds||
||8,089<br>(589)<br>7,500|
|**Reconciliation of funds**||
|Total funds brought forward||
||11,432<br>128,498<br>139,930|
|Total funds carried forward<br>18||
||19,521<br>127,909<br>147,430|



All of the charity's activities derive from continuing operations during the above two periods. 

The notes on pages 12 to 20 form an integral part of these financial statements. Page 10 



## **Theatre@41 Ltd** 

## **(Registration number: 03940894) Balance Sheet as at 31 March 2021** 

||**2021**<br>**2020**|
|---|---|
|**Note**|**£**<br>**£**|
|**Fixed assets**||
|||
|Tangible assets<br>13|332,838<br>119,382|
|**Current assets**||
|||
|Debtors<br>14|170<br>5,039|
|Cash at bank and in hand<br>15|27,071<br>25,451|
||27,241<br>30,490|
|**Creditors: Amounts falling due within oneyear**<br>16||
||(3,671)<br>(2,442)|
|**Net current**assets||
||23,570<br>28,048|
|**Net**assets||
||356,408<br>147,430|
|**Funds of the charity:**||
|**Restricted income funds**||
|||
|Restricted funds|129,182<br>127,909|
|Revaluation reserve|213,957<br>-|
|Total restricted funds||
||343,139<br>127,909|
|**Unrestricted income funds**||
|||
|Unrestricted funds|13,269<br>19,521|
|**Total funds**<br>18||
||356,408<br>147,430|



For the financial year ending 31 March 2021 the charity was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. 

Directors' responsibilities: 

- The members have not required the charity to obtain an audit of its accounts for the year in question in accordance with section 476; and 

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. 

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime. 

The financial statements on pages 9 to 20 were approved by the trustees, and authorised for issue on 1 November 2021 and signed on their behalf by: 

......................................... Mr A Park Chair 

The notes on pages 12 to 20 form an integral part of these financial statements. 

Page 11 



## **Theatre@41 Ltd** 

## **Notes to the Financial Statements for the Year Ended 31 March 2021** 

## **1 Charity status** 

The charity is limited by share capital, incorporated in . 

The address of its registered office is: 41 Monkgate York YO31 7PB 

These financial statements were authorised for issue by the trustees on 1 November 2021. 

## **2 Accounting policies** 

## **Summary of significant accounting policies and key accounting estimates** 

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated. 

## **Statement of compliance** 

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) (effective 1 January 2015) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). They also comply with the Companies Act 2006 and Charities Act 2011. 

## **Basis of preparation** 

Theatre@41 Ltd meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy notes. 

## **Going concern** 

The trustees consider that there are no material uncertainties about the charity's ability to continue as a going concern nor any significant areas of uncertainty that affect the carrying value of assets held by the charity. 

## **Exemption from preparing a cash flow statement** 

The charity opted to early adopt Bulletin 1 published on 2 February 2016 and have therefore not included a cash flow statement in these financial statements. 

## **Income and endowments** 

All income is recognised once the charity has entitlement to the income, it is probable that the income will be received and the amount of the income receivable can be measured reliably. 

## _**Donations and legacies**_ 

Donations are recognised when the charity has been notified in writing of both the amount and settlement date. In the event that a donation is subject to conditions that require a level of performance by the charity before the charity is entitled to the funds, the income is deferred and not recognised until either those conditions are fully met, or the fulfilment of those conditions is wholly within the control of the charity and it is probable that these conditions will be fulfilled in the reporting period. 

Page 12 



## **Theatre@41 Ltd** 

## **Notes to the Financial Statements for the Year Ended 31 March 2021** 

## _**Grants receivable**_ 

Grants are recognised when the charity has an entitlement to the funds and any conditions linked to the grants have been met. Where performance conditions are attached to the grant and are yet to be met, the income is recognised as a liability and included on the balance sheet as deferred income to be released. 

## **Expenditure** 

All expenditure is recognised once there is a legal or constructive obligation to that expenditure, it is probable settlement is required and the amount can be measured reliably. All costs are allocated to the applicable expenditure heading that aggregate similar costs to that category. Where costs cannot be directly attributed to particular headings they have been allocated on a basis consistent with the use of resources, with central staff costs allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use. Other support costs are allocated based on the spread of staff costs. 

## **Governance costs** 

These include the costs attributable to the charity’s compliance with constitutional and statutory requirements, including audit, strategic management and trustees’s meetings and reimbursed expenses. 

## **Government grants** 

Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in income over the period in which the related costs are recognised. Grants relating to assets are recognised over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income. 

## **Taxation** 

The charity is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes. 

## **Tangible fixed assets** 

Individual fixed assets costing £150.00 or more are initially recorded at cost. 

The Trustees have opted to value the Charity's Land and Buildings on a revaluation basis. Fair value of Land and Buildings are determined by an independent valuer on a regular basis and whenever their carrying amounts are likely to differ materially from their fair values. Revaluation surplusses are taken to the asset revaluation reserve, unless they offset previous revaluation losses of the same asset that were taken to the SOFA. Revaluation losses are taken to the asset revaluation reserve, to the extent that they offset previous revaluation surpluses of the same asset that were taken tot he asset revaluation reserve, Other revaluation surplusses of losses are taken to the income statement. 

## **Depreciation and amortisation** 

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows: 

**Asset class** Plant & Machinery 

**Depreciation method and rate** 15% Reducing Balance 

Page 13 



## **Theatre@41 Ltd** 

## **Notes to the Financial Statements for the Year Ended 31 March 2021** 

## **Trade debtors** 

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business. 

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the charity will not be able to collect all amounts due according to the original terms of the receivables. 

## **Cash and cash equivalents** 

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value. 

## **Trade creditors** 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the charity does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities. 

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method. 

## **Borrowings** 

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Statement of Financial Activities over the period of the relevant borrowing. 

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges. 

Borrowings are classified as current liabilities unless the charity has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date. 

## **Fund structure** 

Unrestricted income funds are general funds that are available for use at the trustees's discretion in furtherance of the objectives of the charity. 

Restricted income funds are those donated for use in a particular area or for specific purposes, the use of which is restricted to that area or purpose. 

Page 14 



## **Theatre@41 Ltd** 

## **Notes to the Financial Statements for the Year Ended 31 March 2021** 

|**3**<br>**Income from donations and legacies**||
|---|---|
||**Unrestricted**|
||**funds**<br>**Total**|
||**General**<br>**funds**|
||**£**<br>**£**|
|Grants, including capital grants;||
|Governmentgrants|21,270<br>21,270|
|**Total for 2021**|21,270<br>21,270|
|**4**<br>**Income from charitable activities**||
||**Unrestricted**|
||**Total**<br>**Total**|
||**General**<br>**2021**<br>**2020**|
||**£**<br>**£**<br>**£**|
|Charitable activities|4,778<br>4,778<br>32,555|



Page 15 



## **Theatre@41 Ltd** 

## **Notes to the Financial Statements for the Year Ended 31 March 2021** 

## **5 Income from other trading activities** 

|**5**<br>**Income from other trading activities**||||
|---|---|---|---|
||**Unrestricted**|||
||**funds**|**Total**||
||**General**|**funds**||
||**£**|**£**||
|Membership subscriptions|380||380|
|Other income from other tradingactivities|30||30|
|**Total for 2021**|410||410|
|**Total for 2020**|202||202|



## **6 Expenditure on charitable activities** 

|**6**<br>**Expenditure on charitable activities**||
|---|---|
||**Unrestricted**|
||**funds**<br>**Restricted**<br>**Total**|
||**General**<br>**funds**<br>**funds**|
|**Note**|**£**<br>**£**<br>**£**|
|Governance costs<br>8|6,988<br>501<br>7,489|
|**Total for 2020**||
||1,548<br>589<br>2,137|



**Total expenditure £** 

In addition to the expenditure analysed above, there are also governance costs of £7,489 (2020 - £2,137) which relate directly to charitable activities. See note 8 for further details. 

## **7 Other expenditure** 

|**7**<br>**Other expenditure**||
|---|---|
||**Unrestricted**|
||**funds**<br>**Total**|
||**General**<br>**funds**|
|**Note**|**£**<br>**£**|
|Other resources expended|25,722<br>25,722|
|**Total for 2021**||
||25,722<br>25,722|
|**Total for 2020**||
||23,120<br>23,120|



Page 16 



## **Theatre@41 Ltd** 

## **Notes to the Financial Statements for the Year Ended 31 March 2021** 


## **8  Analysis of governance and support costs** 

|||**Unrestricted**||||
|---|---|---|---|---|---|
|||**funds**|**Restricted**||**Total**|
|||**General**|**funds**||**funds**|
|||**£**|**£**||**£**|
|Independent examiner fees||||||
|Examination of the financial statements||1,288||-|1,288|
|Legal fees||5,700||-|5,700|
|Depreciation, amortisation and other similar costs||-||501|501|
|**Total for 2021**||6,988||501|7,489|
|**Total for 2020**||1,548||589|2,137|
|**9  Net incoming/outgoing resources**||||||



Net (outgoing)/incoming resources for the year include: 

|Net (outgoing)/incoming resources for the year include:|||||
|---|---|---|---|---|
||**2021**||**2020**||
||**£**||**£**||
|Depreciation of fixed assets||501||589|



## **10 Trustees remuneration and expenses** 

No trustees, nor any persons connected with them, have received any remuneration from the charity during the year. 

No trustees have received any reimbursed expenses or any other benefits from the charity during the year. 

**11 Independent examiner's remuneration** 

||||**2021**||**2020**||
|---|---|---|---|---|---|---|
||||**£**||**£**||
|Examination of the financial statements||||1,288||1,548|
|**12**||**Taxation**|||||



The charity is a registered charity and is therefore exempt from taxation. 

Page 17 



## **Theatre@41 Ltd** 

## **Notes to the Financial Statements for the Year Ended 31 March 2021** 

## **13 Tangible fixed assets** 

|**13**<br>**Tangible fixed assets**||
|---|---|
||**Land and**<br>**Furniture and**|
||**buildings**<br>**equipment**<br>**Total**|
||<br>**£**<br> <br>**£**<br>**£**|
|**Cost**||
|||
|At 1 April 2020|116,043<br>46,023<br>162,066|
|Revaluations|213,957<br>-<br>213,957|
|At 31 March 2021||
||330,000<br>46,023<br>376,023|
|**Depreciation**||
|||
|At 1 April 2020|-<br>42,684<br>42,684|
|Charge for theyear|-<br>501<br>501|
|At 31 March 2021||
||-<br>43,185<br>43,185|
|**Net book value**||
|At 31 March 2021||
||330,000<br>2,838<br>332,838|
|At 31 March 2020||
||116,043<br>3,339<br>119,382|



## **Revaluation** 

The fair value of the company's Land and buildings was revalued on 10 August 2020 by an independent valuer. Had this class of asset been measured on a historical cost basis, their carrying amount would have been £330,000 (2020 - £116,043). 

## **14 Debtors** 

|**14**<br>**Debtors**||
|---|---|
||**2021**<br>**2020**|
||**£**<br>**£**|
|Trade debtors|170<br>5,039|
|**15**<br>**Cash and cash equivalents**||
||**2021**<br>**2020**|
||**£**<br>**£**|
|Cash at bank|27,071<br>25,451|
|**16**<br>**Creditors: amounts falling due within one year**||
||**2021**<br>**2020**|
||**£**<br>**£**|
|Trade creditors|2,086<br>858|
|Other creditors|1<br>-|
|Accruals|1,584<br>1,584|
||3,671<br>2,442|



Page 18 



## **Theatre@41 Ltd** 

## **Notes to the Financial Statements for the Year Ended 31 March 2021** 

## **17 Reserves** 

|**17**<br>**Reserves**||
|---|---|
||**Unrestricted**<br>**revaluation**|
||**reserve**<br>**Total**|
||**£**<br>**£**|
|Surplus on property revaluation|213,957<br>213,957|



## **18 Funds** 

|**18**<br>**Funds**|**18**<br>**Funds**|
|---|---|
|**Balance at 1**<br>**April 2020**<br>**Incoming**<br>**resources**<br>**Resources**<br>**expended**<br>**Other**<br>**recognised**<br>**gains/(losses)**<br>**Balance at 31**<br>**March 2021**||
|<br>**£**<br>**£**<br> <br>**£**<br><br>**£**<br>**£**||
|**Unrestricted funds**||
|General<br>19,521<br>26,316<br>(32,568)<br>-<br>13,269||
|**Restricted funds**<br>127,909<br>1,774<br>(501)<br>213,957<br>343,139||
|**Total funds**<br>147,430<br>28,090<br>(33,069)<br>213,957<br>356,408||
|**Balance at 1**<br>**April 2019**<br>**Incoming**<br>**resources**<br>**Resources**<br>**expended**<br>**Balance at 31**<br>**March 2020**||
|<br>**£**<br>**£**<br> <br>**£**<br>**£**||
|**Unrestricted funds**||
|General<br>11,432<br>32,165<br>(24,076)<br>19,521||
|**Restricted funds**<br>128,498<br>-<br>(589)<br>127,909||
|**Total funds**<br>139,930<br>32,165<br>(24,665)<br>147,430||
|**19**<br>**Analysis of net assets between funds**||
||**Unrestricted**<br>**Total funds at 31**|
||**funds**<br>**Restricted**<br>**March**|
||**General**<br>**funds**<br>**2021**|
||**£**<br>**£**<br>**£**|
|Tangible fixed assets|-<br>332,838<br>332,838|
|Current assets|16,941<br>10,300<br>27,241|
|Current liabilities|(3,671)<br>-<br>(3,671)|
|Total net assets||
||13,270<br>343,138<br>356,408|
||**Unrestricted**<br>**Total funds at 31**|
||**funds**<br>**Restricted**<br>**March**|
||**General**<br>**funds**<br>**2020**|
||**£**<br>**£**<br>**£**|
|Tangible fixed assets|-<br>119,382<br>119,382|
|Current assets|21,963<br>8,527<br>30,490|
|Current liabilities|(2,442)<br>-<br>(2,442)|
|Total net assets||
||19,521<br>127,909<br>147,430|



Page 19 



## **Theatre@41 Ltd** 

## **Statement of Financial Activities by fund for the Year Ended 31 March 2021** 

## **Unrestricted Funds** 

|**Unrestricted Funds**||
|---|---|
||**Total**<br>**Total**|
||**Unrestricted**<br>**Unrestricted**|
||**Funds**<br>**Funds**|
||**2021**<br>**2020**|
||**£**<br>**£**|
|**Income and Endowments from:**||
|Donations and legacies|21,270<br>-|
|Charitable activities|4,778<br>32,555|
|Other tradingactivities|410<br>202|
|Total income||
||26,458<br>32,757|
|**Expenditure on:**||
|Charitable activities|(6,988)<br>(1,548)|
|Other expenditure|(25,722)<br>(23,120)|
|Total expenditure||
||(32,710)<br>(24,668)|
|Net(expenditure)/income||
||(6,252)<br>8,089|
|Net movement in funds||
||(6,252)<br>8,089|
|**Reconciliation of funds**||
|Total funds brought forward||
||19,521<br>11,432|
|Total funds carried forward||
||13,269<br>19,521|



This page does not form part of the statutory financial statements. Page 20 



## **Theatre@41 Ltd** 

## **Statement of Financial Activities by fund for the Year Ended 31 March 2021** 

## **Restricted Funds** 

|**Restricted Funds**||
|---|---|
||**Total**<br>**Total**|
||**Restricted**<br>**Restricted**|
||**Funds**<br>**Funds**|
||**2021**<br>**2020**|
||**£**<br>**£**|
|**Income and Endowments from:**||
|Donations and legacies|1,774<br>-|
|Total income||
||1,774<br>-|
|**Expenditure on:**||
|Charitable activities|(501)<br>(589)|
|Total expenditure||
||(501)<br>(589)|
|Net income/(expenditure)||
||1,273<br>(589)|
|**Other recognised gains and losses**||
|Gains/losses on revaluation of fixed assets|213,957<br>-|
|Net movement in funds||
||215,230<br>(589)|
|**Reconciliation of funds**||
|Total funds brought forward||
||127,909<br>128,498|
|Total funds carried forward||
||343,139<br>127,909|



This page does not form part of the statutory financial statements. Page 21 



## **Theatre@41 Ltd** 

## **Detailed Statement of Financial Activities for the Year Ended 31 March 2021** 

||**Total**<br>**Total**|
|---|---|
||**2021**<br>**2020**|
||**£**<br>**£**|
|**Income and Endowments from:**||
|Donations and legacies (analysed below)|23,044<br>-|
|Charitable activities (analysed below)|4,778<br>32,555|
|Other tradingactivities(analysed below)|410<br>202|
|Total income||
||28,232<br>32,757|
|**Expenditure on:**||
|Charitable activities (analysed below)|(7,489)<br>(2,137)|
|Other expenditure(analysed below)|(25,722)<br>(23,120)|
|Total expenditure||
||(33,211)<br>(25,257)|
|Net (expenditure)/income||
||(4,979)<br>7,500|
|**Other recognised gains and losses**||
|Gains/losses on revaluation of fixed assets(analysed below)|213,957<br>-|
|Net movement in funds||
||208,978<br>7,500|
|**Reconciliation of funds**||
|Total funds brought forward||
||147,430<br>139,930|
|Total funds carried forward||
||356,408<br>147,430|



This page does not form part of the statutory financial statements. Page 22 



## **Theatre@41 Ltd** 

## **Detailed Statement of Financial Activities for the Year Ended 31 March 2021** 

||**Total**<br>**Total**|
|---|---|
||**2021**<br>**2020**|
||**£**<br>**£**|
|**_Donations and legacies_**||
|||
|Appeals and donations|1,774<br>-|
|UK Governmentgrants|21,270<br>-|
||23,044<br>-|
|**_Charitable activities_**||
|||
|Alcohol licence fee|112<br>530|
|Exhibitions|-<br>27|
|Rental income|2,825<br>29,131|
|Fundraising|1,841<br>2,867|
||4,778<br>32,555|
|**_Other trading activities_**||
|||
|Membership fees|380<br>140|
|Interest on cash deposits|30<br>62|
||410<br>202|
|**_Charitable activities_**||
|||
|Accountancy fees|(1,288)<br>(1,548)|
|Legal and professional fees|(5,700)<br>-|
|Depreciation ofplant and machinery|(501)<br>(589)|
||(7,489)<br>(2,137)|
|**_Other expenditure_**||
|||
|Project costs|(3,693)<br>(940)|
|Rent and rates|(989)<br>1,086|
|Light, heat and power|(3,590)<br>(3,527)|
|Insurance|(4,788)<br>(4,220)|
|Repairs and maintenance|(2,229)<br>(8,764)|
|Telephone and fax|(560)<br>(518)|
|Printing, postage and stationery|(2,592)<br>(780)|
|Trade subscriptions|(498)<br>(1,989)|
|Sundry expenses|(323)<br>(147)|
|Cleaning|(1,683)<br>(1,170)|
|Advertising|(865)<br>(330)|
|Consultancy fees|(3,840)<br>(1,749)|
|Bank charges|(72)<br>(72)|
||(25,722)<br>(23,120)|
|**Gains/losses on revaluation of fixed assets**||
|Revaluation reserve - assets for charity's own use|213,957<br>-|



This page does not form part of the statutory financial statements. Page 23