Theatre@41 (a company limited by guarantee) **Report and Financial Statements For the Year Ended 31 March 2022** **Charity number 1082962 Company number 3940894** ## **Contents** ## **Contents** |**Contents**|| |---|---| |Legal and Administrative Information|**3**| |Report of the Management Committee|**5**| |Our Mission|5| |Ensuring our work delivers our aims and outcomes|5| |The focus of our work|6| |How these activities deliver public benefit|6| |Financial Review – Treasurer’s report|8| |Structure, Governance and Management|9| |Governing Document|9| |Recruitment and Appointment of Management Committee|9| |Risk Management|9| |Organisational Structure|10| |Responsibilities of the Management Committee|10| |Members of the Management Committee|10| 2 ## **Legal and Administrative Information** **Charity Name:** Theatre@41 Ltd **Charity registration number:** 1082962 **Company registration number:** 3940894 **Registered office and Operational address:** 41 Monkgate York YO31 7BP **Management Committee 2021/22:** Mr A Park Chair Mr P Barton Treasurer Mrs S Baines Secretary Mrs J Hird Secretary Ms E Godivala Trustee Miss H Marshall Trustee Mr J Paterson Trustee Mrs M Smales Trustee ## **Independent Examiner:** Minford Chartered Accountants Moyola House 31 Hawthorne Grove York YO31 7YA 3 ## **Governing Document:** Memorandum and articles of association incorporated 1 March 2000 as amended by special resolution dated 30 September 2020. Certificate of incorporation on change of name dated 4 February 2008. As amended by special resolution(s) dated 30 March 2017 as amended by certificate of incorporation on change of name dated 25 October 2018 The full Articles of Association can be found here. 4 ## **Report of the Management Committee** ## **Our Mission** Increasing access to and engagement with the performing arts by the people of York, as participants and as audience members, by providing a flexible, affordable and quality space for all. ## **Values** - Creativity - Support - Quality - Accessibility - ● Collaboration ## **Aims** - Individuals participate in creative activities - The local community is strengthened - Access to the arts is widened ## **Outcomes** - More people participate in creative activities - Participants have improved mental & emotional wellbeing - Community members are better able to connect with one another and with local organisations - Local organisations deliver more creative activities in York - Local and touring artists provide a more diverse range of performances - Audiences are more diverse - Audiences access a wider range of performing arts activities and events ## Ensuring our work delivers our aims and outcomes We review our aims, outcomes and activities each year, ensuring we are constantly working toward our overall mission statement. 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. 5 The focus of our work In 2021/22 we focused on re-establishing Theatre@41 in the community and beyond by putting into place the plans outlined in the 2020/21 annual report to provide a flexible, affordable and quality space for all. This included: - Programme and deliver a diverse range of performances from a mixture of local and national companies. - Continue work to establish Theatre@41’s identity to increase our audience and user base. - Launching a new box office system to enable Theatre@41 to increase revenue, host short term shows without their own box office facilities and expand our user base. - Continuing to identify and invest in new equipment for the John Cooper Studio to offer to existing hirers and attract short term hirers. This included preparatory work for a new lighting system. - Developing a fundraising outcomes framework to enable us to apply for grants to support Theatre@41’s objectives. ## How these activities deliver public benefit ## ● Artistic programming The board identified that Theatre@41 provides York’s only flexible black box performance space where both local and national artists can perform small-scale, innovative new shows in an intimate performance setting. By actively programming leading companies and artists from around the country for Theatre@41 the board ensured theatre shows came to York which would otherwise not have done so. These included sell out shows from critically acclaimed Dyad Productions (I, Elizabeth) and Nunkie Theatre (A Warning to the Curious), new show “Saving Britney” which went on to be performed on Broadway and the educational children’s show “Teach Rex” which performed to over 200 audience members in one day. As a result of this programming we have established Theatre@41 as York’s leading fringe-like venue, being approached by a diverse range of acts for 22/23 and beyond, ensuring audiences access a wider range of performing arts activities and events while local and touring artists provide a more diverse range of performances. - Theatre@41 Identity In 2021/22 we continued to cement Theatre@41’s identity through investing in our first season brochures, promotional mailings and more planned social media content. We were active members of Visit York and Indie York networking with local businesses and York Council to ensure more people were aware of our work to be able to participate in and attend creative activities 6 ## ● Box Office Launch In 2020/21 we developed a new box office with Holistix Ticketing Solutions to 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 box office launched in 2021/22 and resulted in a significant new revenue stream for the theatre. It also allowed us to attract a more diverse range of performers by offering a single point of box office which is standard in theatres. The box office has transformed 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 Having invested in a basic range of lighting equipment in 2020/21 our focus shifted to the building infrastructure and the lighting system to ensure we could provide a more flexible system for visiting companies and be ready for new LED lighting when possible. In 2021/22 the board commissioned a new structural survey of the roof from a firm specialising in church roofs. The report found no significant issues with the structure and was able to give confident calculations for the acceptable loading of a new lighting system. At the end of 21/22 the board commissioned Rock Tech Ltd (who specialise in converted church lighting infrastructure) to install the new system with expected completion in 22/23. ## ● 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. Previously the theatre has lacked a coherent fundraising strategy, over what to raise money for and how to do it. In 2021/22 we commissioned local firm Beware the Bull to develop a fundraising framework for the theatre and apply for project specific grants toward the completion of the new lighting system and improved technical equipment. The work resulted in several successful applications outlined in the financial review. 7 ## **Financial Review – Treasurer’s report** Theatre@41’s Financial Report for the year 2021/2022 is a presentation in two, stand alone, acts. Act One – Tradition. (April 2021 to August 2021) The first act sees Theatre@41 presenting us with its standard fayre, incorporating the usal list of characters and plot lines, well known to the theatre’s long-standing supporters. Indeed, the characters and the lines were performed, so beloved by many of the old girl’s fan base, with such ease, such comfortableness that it felt like a group of old friends. Friends that were supportive, understanding, caring and SAFE. Friends that you and they know exactly what they are capable of giving and much loved for it. They are the friends that had given sure-fast returns, over the years, for the investment of time and energy everyone had put into the relationship. The friends that had been by each other’s side in the lead up to the darkness of the pandemic era, with its enforced lockdowns and isolation. It was this group that you wanted to see on the odd occasion when loved ones were allowed to meet. The first act’s figures are steady but ultimately unsatisfying and probably unsustainable. Turnover ~ £19K Costs ~ £15.5K Earnings ~ £3.8K Act Two – Brave New Horizons (September 2021 to March 2022) The second act is everything that the first act is not. This is not a throwing over of the old friendship group but its expansion into a totally new one. Old characters, who for years had been part of the ensemble, now have speaking parts. Many of the leading characters who had, in past years, existed on the same old lines and plot devices, found new depth and range to their performances. Bar Income who for years had been Second Spear Carrier from the Right had undergone an almost total personality change and in its new guise as Speakeasy finds itself elevated to Captain of the Imperial Guard. The Green Room, for ever the fleetingly seen extra has now finally become a fully-fledged cast member. And not forgetting the old stalwarts: The Dance Studio and The Gilpin Room, they too have found the confidence to put in regular enhanced performances. But what really lifts the second act and gives it the new light and energy that forces its way from the stage into the very soul of the audience is the addition of the cast members Box Office and its side kick, Handling Fee. The arrival of these two refreshing and exciting 8 performers gives theatre@41 the ability to explore new horizons that would have simply been beyond the previous repertory company. The resulting theatre company has the scope to take on an ever-expanding range of genera, from plays to musical theatre to comedy and much, much more. Featuring old, even classic writers and writing, to exciting newcomers and even the challenging experimental. It is to be hoped that this group will become as loved as their forebears. As with anything new there are risks and is only fair to point out that not every scene in Act Two completely worked but these were few and far between in what has been a barnstorming first outing for this format of show. The statistics for Act Two tell their own story. Shows = 30 Performances = 64 Audience = 2,933 Percentage of Capacity = 55% Impressive though the performance figures are it is the financial ones that show Act Two in its real glory. Turnover ~ £74.3K Costs ~ £68.8K Earnings ~ £5.7K While Act Two profit, as a percentage of turnover, is down compared with Act One (Act One = 20%, Act Two = 7.6%) the increased turnover has allowed the purchase of much needed house equipment and the development of the theatrical facilities, that would have been way beyond the reach of Act One, that will show extraordinary dividends in coming years. It is not just the building and performance-based figures that Act Two has positively influenced. The ancillary and support activities have also benefited. Fundraising Theatre@41’s fundraising activities, in 2021 / 2022, have broadened and our increased audience numbers have allowed us to bid for, and been successful in gaining, funding from a wide range of funders. ## Membership For years membership had been fairly static (in the teens) but during the year a growth spurt has seen numbers hit a remarkable half century. ## Volunteers While not having a clearly visible line in the report and accounts to demonstrate the value of our volunteers to everything that we do at theatre@41 they have arguably been the 9 greatest factor in the success of Act Two. Indeed, it is factually correct to say that they were integral to Act Two’s very existence. During the year the number of volunteers rose from a handful of ‘Techies’ and the board to a magnificent team of around 40. In last year’s Treasurer’s report, under The Coming Year section, I wrote: “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.” Well, I think I can say, without fear of contradiction, that we have achieved that and then some. The Coming Year All in all I do not think I can ask any more from next year than More of The Same, please. Philip Barton Treasurer 10 ## **Structure, Governance and Management** ## 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 Management Committee 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. Mr A Park, Mrs E Godivala and Mrs M Smales retire by rotation and, being eligible, offer themselves for re-election. ## 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. 11 ## Organisational Structure Theatre@41 has a Management Committee of up to 9 members who meet regularly 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. 12 Company registration nurnber.. 03940894 Charity regisiraiion number.. 1082962 Theatre@41 Ltd (A cotnpany limit￿ by Share capital) Annual Report and Financial Statements for the Year Ended 31 Marth 2022 Minford CharteTd Accountants Moyola House 31 Haivthorne Grove Yolk North YoTkshire Y0317YA Theatre@41 Ltd Contents Refeience and AdrninistratÉv¢ Details Independent Ex8mineVs Report Statement of Financial Activitie$ 3to4 Balance Sheet Notes to the Financial Statements 6t016 TheaÉre@41 Ltd Reference and Admlnlstrative Details Charity RegistratÉon Number 1082962 Company Regi51ration Number 03940894 Th¢ charitv is incorporated in England & Wale& 41 Monkgate York Y0317PB R¢gistsr¢d Offic¢ Independent Exarniner Minford Chartered Accountants Moyolz House 31 Hawthome Grov¢ York North Yorkshire Y031 7YA Page I Theatre@41 Ltd Independent Examiner's Report to the trustees of Theatre@41 Ltd I report on the accounts of the charity for the year ended 31 March 2022 which are set out on pages 3 to 16 . Respective responsibilities of trustees and examiner The trustees {who are also the directors of the company for the purposes of company law) are Te5ponsibl¢ for the prepardtion of the accounts. The trustees consider that an audit is not required for this year und¢r section 14412) of the Charities A¢t 2011 lthe 2011 Act) and that an independent examination is needed. Having satisfied mys¢lf that the charity is not subject to audit under company law aDd is eligibl¢ for ind¢pendent examination, it 15 my responsibility to: examine the accounts under s¢ction 145 of the 2011 Act- tt) follow the procedures laid down in the general Diiections given by the Charity Commission under section 14515)(b) of the 2011 Act: and to state whether particular matters have come to Tny attention. Basls of Independent exarniner's report My examination was carried out in accorda￿Ce with the general Directions given by th¢ Charity Conjmission. An ¢xarnination includes a review of the accounting records kept by the charity and a comparison of the accounts pr¢5ented with those records. It also includes consideration of any unusual lten￿ or disclosurcs in the accounts, and seekj'ng explanatSOll5 from you as tTh￿teeS concetDing any such matters. The PToceduies undertaken do not provide all the evidence that wollld be required in an audit and cons¢qucntly no opinion is given a5 to whether the accounts present a 'true and fair view. and the report is limited to thos¢ matters Set out in tbe statement below. Irjdependent examlner's statement In co[￿ectiOn with my examination. no matter has come to rny attention.. {1) which gives me reasonable cause to believe that in any material respect the Tequirements: to k¢ep accounting records in accordance with 5¢¢tion 386 of the Companies Act 2006- and to prepare 8ccount5 which accord with the accounting records, cornply with the accountÈng requirements of section 396 of the Companies Act 2006 and with tbe methods and principles of the Stalemellt of Recommended Practice.. Accounting and Reporting by Charities hav¢ not be¢n met. or 121 to which, in my opillioll, att¢ntion should be drawn in order io enabl¢ # prop￿ understanding of the accounts to be reached. Moyola H(Fuse 31 Hawtbome Grove York North Yorkshire Y0317YA 29 September 2022 Page 2 Theatre@41 Ltd Statement of Financial Aetivitie5 for tbe Year Ended 31 March 2022 (Including Income and Expenditure Account and Statement of Total Recognised GAIIIS and Losses) Tot*l 2022 Unrestrhettd Restritted Note ltttomt #ud Endowments Irom.. Donations and legacies Chatitable aeiivilies Oth¢r trading activities 14,760 37,283 4,982 4.750 19.510 37.283 4.982 I'olal Incom¢ 57,025 4.750 61.775 Expenditure on.. R2isirtg funds Charitable aciivit1¢5 Oihcr cxpendiiure Total Expenditure (3.987) 15.942} 147,4021 (3,9871 16.368) 147.402) (426} 157,331} (4261 {57.757) Net lexpenditure)fTncorne 13061 4.324 4,018 Net movement in fynd5 13061 4,324 4,018 Re¢on¢iliAtion of funds Total fuDds brought forward 13,269 343.139 356.408 Total carri¢d forward 19 12.963 347.463 360.426 Total 2021 Uthrt5tricttd futtds Restricled Iyote Income and Endowments from: Donations and l¢gaGi¢s Charitablc activiiies Other tr*ling tclivities Total incomc 21,270 4,778 410 1,774 23,044 4.778 410 26.458 1.774 28232 Expenditure oll.. Charitable activities Othcr exrKnditure {6,988} 125,7221 {5011 17.489) 25,7221 Total expendittJTe Gain5nos5¢5 on inve5tmetLt ￿ets {32.7101 (5011 213,957 213,957 Net lexpcnditureyincome 16,2521 215,230 208,978 Net ll)ov¢tn¢nt in fund5 16.2521 215.230 208.978 Reronf iliation of funds Total fimds brought forward Tota] fi]nds ￿led foTWaTd 19.521 127.909 147.430 19 13.269 343.139 356.408 The rtot¢s on poge5 6 ¢0 16 forrn an integral pgrt of these financial staiement$. Pag¢ 3 Thea¢re@41 Ltd Statement of Fin•nclal Activities for the Year Ended 31 March 2022 (Including Ineome and Expenditure Aceount and Statement of Total Re¢ognised Gains 2nd ￿$se$} All of the charity's a¢tivitie5 dEriv¢ from continuing operatio￿$ during the above tsyo period5. Th¢ notes M page5 6 to 16 fortn aj) illt¢gTal part of these financial staienxiis. Page 4 Theatre@41 Ltd (Registratioll number: 03940894) Balanee Sheet gs at 31 March 2022 2022 2021 Note Fixtd Issets TanEiblc asset$ 14 335,456 332.838 Current ￿Sets Debtors Cash ai bank and in hand 3.888 37,055 170 27,071 16 40.943 27.241 Cr¢iEÈtor$.. Amounts falling due within one year 17 115,9731 Net ¢urr*nt issets 24,970 23.570 Net *MÈts 360.426 356.408 Funds of the tharlty= Re5trirted inc0￿e funds R￿trICted funds Revaluation re5¢rv¢ 347,463 129.182 213.957 Total re5tricied fijnds 347.463 343,139 Unrestricted income funds un￿striCt￿ funds 12,963 13,269 Total funds 19 360.4?6 356,408 For th¢ financial year ending 31 Mareh 2022 the charity w&8 eniiiled to exemption from audit under section 477 of the Companies Act 2006 relating to small companics. Directors, resFK>nsibilitie$-. Thc mcmbers have not requir¢d the ¢harity ¢0 obiaTr an audi¢ of ils fw>unts for th¢ year in quesiion in ac¢oidan¢e with 5¢rlion 476: and I'he direLiors l¢(Ige ili¢ir re5po>nsibiliii¢s for complying iviih Ihe re4uiremLnts ol-the AGt with res￿¢1 to accounting records and the pre￿￿10n of 2ccounts. The financial Stslements on pa8es 3 to 16 were approv¢d by the twstee5, and authori5ed for issue on 29 Sepiember 2022 and signed ort their beh￿f by.. The financial stsiemenl$ on pa8e$ 3 to 16 w¢rc approved by the trust¢￿ and authorised for issue on 29 September 2022 and signed on their behalf by.. Mr P Barton TTUSte¢ The notes on p￿e5 6 to 16 forni an inte8Tal partof thes¢ finonria] 5tatettKnt5. Page 5 Theatre@41 Ltd Noles to the Financial Statements for the Year Ended 31 Mareh 2022 I Chlrity st*tus chartty is limited by share ¢apitrl. incorp)rated in England & Wales. The address of its registered offECe rs.. 41 Monkgai¢ York Y031 7PB The￿ fjnancial statements ivere authorised for issue by the trustee5 on 29 Septtmbcr 2022. 2 Accollnting polkles Suubmary of signiflcant accounting polÉties and key Attounting esflmitts The principal ac£ountin8 policies applied in the preparation of these flnanciai slaiemenis are sei out klow. These ￿litieS have been consistently applied lo ￿1 the year5 presented. unless otherwise sialed. Statement of compliance Th¢ fi[￿ncIal stalem¢nt5 have becn prcpar¢d in accordance w'ith Accountin8 and Rewrting by Charities- Stat¢tn¢nt of Rewmtnended Practice (applicable to charitie5 preparing their accounis in aceerdanee with the FinanGial Reporting Stanthd applicable in th¢ UK and Republic ofireland IFRS 10211 (issued in October 20191 {Charili¢s SORP {FRS 10211. the Financial Reporting Siandard applicable in the UK and Republic of Ir¢land IFRS 1021 and ihe Companies Act 2006. B#$i$ of preparY4tioA TheatrLQ4 l Lid meels th¢ d¢fJDltion of a public b¢n¢fit etltity und¢r fRS 102. Assets and liabiliiics are iniiially reL0￿1}Sed at histori¢al cost or tTansa¢tion value unless oth¢rw15e stated in the relcvant accounting poliey nlxes. Going concern Thc trustee5 consider that ther¢ ar¢ no tnaterial ￿￿ertaIntleS about ihe chartty's ability to continuc ￿ 2 golng oncern nor any 5ignificani areas of uncertainty that affect the carrying value olassets held by the charity, Extmption from prEpArillg a c#5h flow statement The charity opted to early adopt Bulletin I published on 2 February 2016 and have therefore noi included a ¢ash flow statement in these financial statement& Income gnd endowments All income 15 reCogni￿d once tk charity has entitlement to the income. it is probable that the income ivill be r¢¢eiv¢d and the amount of the income receivable can k m¢asurd reliably. Domttrlohs oAdlegrtcl&¥ Donations are teco8nised ivhen the Charity has b¢¢n notified in MTitrng of both thc amount and 5ettl¢rncni d21e. In the event that a donation is subject to wnditions that rcquire a level of perfom)ance by Ihc charity before the charity is entitled to the fund5, the income i5 d¢ferr¢d and not recognised until either th0￿ eondiiions arc tully rnet. or the fulfilmenl of those LY)ndiiioThs ts ivholly iyithin the control ofthe charity and it is probable thai these conditions will b¢ fiLifJll¢d in ihe owrtirtg ptriod. Page 6 Tbeatre@41 Ltd Notes to the Fillancial Statements for the Year Ellded 31 L¥tsreh 2022 Grants Teceivoble Grants are reco8nised when the Gharity has an entitlement io the funds and any condiliorts linked lo the gTants have been met. Where performance conditions are atiached 10 the grant and are yet to be meL rhe income is reCo￿lSed 8$ a liability and included on the balance sheet 18 defettd io¢offle to bc rel¢ased. ExpendÉturE All expenditure is reco8nised onc¢ there 15 a l¢gal QT COllStructiv¢ obligation lo that expendiiure, it is probable settlement 15 reqiJjTed and the atnount be Tnea5UTed reliably. All costs are allocated to the applicabl¢ expenditure heading that aggregate 5irnilar c051s lo thal category. Wherc costs cattnoi be directly 4ttribut¢d to particular hcadings they have b¢¢n allocated on a basis consisieni ivith the use of r￿QUrceS with centrdl staff 051s allocated on the basis of time spent. and depieciaiion charges ?]lo￿ted on the rM)nion of the assci's use. Other support C05t5 are allocated based on the Spread of staffcosts. Kaisingfuttds Th¢s¢ arc ¢OSls irKurred in attracting voluntary incomc. the m>Jnagement of inV¢stm￿ts and those incurrtd in trading activitie5 that raise funds. Coverninte costs These Trnclude the costs attributable to the chartiy's compliattce ivith wn5titutional an(J staluiory requirements. including audit, strate8ic mana8emenL and trustees's meetings and reirnbur5ed exr£nse& Gov¢rnth¢nt Erants Govemtnefit grants are reco￿lSed b&qed on the accru￿ model and aTe n)¢asuTed at the fair value of the &%set received or receiwable. Grants are classified as reialing either to revenue or to assets. Granis relating to rti'cRu¢ are rceognised in income over the p¢riod in ivhith the ￿lated costs are recognised. Granis relaiing to Lssds reco￿l$ed ovet the exp¢ot¢d us¢￿1 life of the asset. Where pan of a grant r¢laiing to an ass¢t is deferred. it is reco8t2is¢d a5 def¢rr¢d incorne. Taxation The charity is considcred to pw the t¢sis s¢t Oul ITh Paragraph I Schedule 6 of the Finance Act 2010 and therefore it rneels the definition of a charitsble company for UK coryoration tax purposes. Accordingly. Ihe charity 15 poieniially exempt frorn ta%aiion in re5PECt of income or capital gains r¢ceiv¢d iyiihin caieBori¥s covered by Chapter 3 Part I l of the Corporation Tax Act 2010 or Seciion 256 of the Tlxaiioft of Charg¢able Gains Act 1992. to th¥ ¢NleDt that suth iiicome or gains ari applied L.xilusi%'Lli to chJriiablL pu￿5¢5. Tangiblt fixed gs$ets Individual fixed asseis costing £150.00 ot snore are initia]ly retord¢d at C05t. The Tru51e¢s hav¢ opted io value Ihe Charitys Land and BuildiE]8s on a revaluation b35iS. Fair value of Land and Buildings are determined by an ind¢p¢ndent valuer on a regular basis and ivhenever their carrying amowits are likely to differ matersally frofft ih¢ir fakr values. Revaluation SUTplu$se$ arr taken lo the ass￿ tevaluation reserve. un1¢55 they offset previous revaluation lossu of £he same asset W¢Te lak¢n lo the SOFA. Revaluation 1055es are taken to the ￿tt revaluation reserve, to th¢ exient that they otT5ei previous revaluation surpluses of ih¢ ￿Se1 that weff taken tot he asset Tevaluatson reserve, Other revaluation 5urplus5e5 of105ses are taken to the income ststemenl. Page 7 Theatre@41 Ltd Notes to the Financial Ststements for the Year Ended 31 March 2022 DepreciAtton amortisAtio DepreciaiioD 15 provided on tangible fixed &%5eis so as to write off the cost or vaIyatioN less any ¢slimai¢d residual value, over their expected usefijl econoynic life a5 follow5.. Asset tlass PlaTrt & Machinery DepntiAtioll method rnt¢ 15gh Reduting B￿ance TrAdt debtors Trad¢ debtors are amounts due from customets for metchattdise sold or $ervi¢es performed in th¢ ordinary ourse of business. Trad¢ debtors are T¢cogni5¢d initially at the tr8msaction price. They are subsequently measured ti amort15ed cost using the effrclive interest method. less provisiort for impairment. A provision for the impairmcnt of trade debtors is established wh¢n there 15 objective evidence that the charity will bc ablc to collect a]1 du¢ according to the original terms of the receivables. C*$h r4$h ¢qusv4len15 Cash and cash equiV￿ents eomprtse ¢&%h on hand and ¢all dep)sits, and other short-t¢rm highly liquid investments thai aTe Teadily tonv¢rtible to a known amount of cash and are subject to an Insi￿lf1¢8nt risk of hange in valu¢. Trade creditors TTadc cr¢dilOts are obligation5 to pay for good5 OT s¢rvic¢s thai hav¢ been acquired in ihc ordinary course of business from suppliers. Accounts payable art cl&%sified as cuttent liabilities if the tharitv doe5 not have an unconditional righl. at ihc ¢nd of Iht rerA)rtin8 period, to dLleT sellletnenl of the cr¥dilor for al least lii'elve months after the reportinE dale. If theie is an un¢onditiottal Tight to d¢f¢r 5ettlernent for at leasi twelve months after the reportln8 date, th¢y ar¢ presented a5 non.current liabilitie5. Trade creditQTg are recognised iDitiaJly at the transaction price and sub5equ¢ntly mea4ured at amortised cost using the ¢tTertive interest rneihod. Borrowinv Interesi-bearing borro¥s ings are initially recorded at féir valu< net ¢)f transaction costs. Inter¢5t-bearing borroi%'ing5 dre subsequenilv carried at amort15ed cost. Ivith the difference belii'eLm Ihe proceeds. nci of Iransaciion costs. and ihL amount due on r¢d¢fflption being r¢¢ogni$¢d a5 a charge to the Statement of Financial A¢tiviti¢s over the period of the rel¢v8nt bO￿oWing. Int¢￿t experL8e is recognised on the basis of the eff¢￿1ve interest mdhod and is in¢luded in interest payablc and 51milar charge5. Borrowin8s are classified as curreM liabilities unless the charity has an unconditional right to defer settlement of the liability for at le&%t twelve months after the rewrting date. Fund 5tnJeture Unresiiitied income fimds are general fwids that are available for us¢ at the tTUStt¢5 di5Gr¢tion Én further2Ace of the objeciives ofih¢ Lharity. R<%tricted in¢otn¢ funds arc those donated for use in a particular area or for srttific purrmises, the use of whith is restricted to that area or purp05t. Pa8e 8 Theatre@41 Ltd Notes to the Finaneial Statements for the Year Ended 31 March 2022 3 llltomt frorn donation5 and kgacie5 Uthrestriet¢d nds General Restricted Ivtnd5 TotAI futsds Grants, including capital grant4 Gov¢rnm¢nt grants 14,760 14.760 Total for 2022 14.760 14.760 Tot•1 for 2021 21.270 1.774 23.044 4 Irlcome from charitable activitits Unrestricted Total Z02Z Totll 2021 General ChaTitabl¢ aGtivitie5 37,283 37,283 4.778 Pa8e 9 Tbeatre@41 Ltd Noles to the Financial Statements for the YeAr Ended 31 Mareh 2022 5 Intome from other tr¥ding aetivities Unrestricted lund5 Getttr41 Tot#1 funds Trading in¢oTne', s￿¢$ of good5 and s¢rviccs Metnbership 5ub5cription5 Other in¢orne from othcr trddin8 activities 4,461 520 4,461 520 Tot#1 for 2022 4.982 4,982 Tot¥1 for 2021 410 410 6 Expenditllre ott thsritabk Activitie5 Unrestricted funds General Restricted lunds Total funds Note Govemante costs 5.942 426 6.368 Total for 2021 6.988 501 7.489 TotAI txpen(lature In addition to the expendiDJre analysed aLh)ve. tiRre aT¢ ￿$0 gov¢rnanff costs of £6,36812021- £7,489) which relaie directly lo chatiiable aciivities. See rtote S for further detwls. 7 Othtr expendi¢ur¢ Unrestricted funds G¢n¢r#l Totll fund5 Nott Depreciation, amortisation and other similar costs Other resources expended 47.284 47,284 Total for 2022 47.402 47.402 Totgl for 2021 25.722 25.722 Pa8e 10 Tbeatre@41 Ltd Notes ¢0 the Financial Stgtements for the Year Ended 31 Mareh 2022 8 An%lysis of govtrnattte #nd support costs GoverD#lltt tosts Unrestricted funds Gtneril RcstrÈcted fund5 Total fuhds Staff EOSt$ Other staff costs Inde￿nd¢￿t cxatniner fees Exatnination of the financial statements Tru5tee5 remuneraiion and expenses Le8￿ fee5 Depreciation, amortisation and other similar ¢05ts 365 365 1.288 930 2.567 792 1.288 930 2.567 426 Total for 20Z2 5,942 426 6.368 Total for 2021 6,988 501 7,489 9 Net lllcomiMg/outgoikng re$our¢es Nd incomin8l{ou￿01rtg} TesouTf¢5 for the yw include.. 2022 2021 Depiectatiort of fixed a55ets 1,336 501 10 Trustees remutterltiort #ttd tspen5e5 No trustees, nor 8ny persons COnne￿¢d with them. hav¢ T¢vÈved ony rcjnuncration from the charity during the year. No tru5t¢¢s have received any reimbutsed expenses or 3ny other benefits from the ehar*ty during the ye#T. 11 Staff costs Th¢ aggregate payroll cosis were &% follows- 2022 Stsff e05ts during the yearwere: Other staff t05t$ 365 No employee received ¢moluments of trLOTe than £60.000 during th¢ year. Pagell Theatre@41 Ltd Notes lo the Finaneial Statements for the Year Ended 31 March 2022 12 l#depèlldent exarniryer's remuneratio 2022 2021 Examination of the fittanciai Mattments 1.288 1.288 13 Taxation The charity 15 a regi51¢red charity and is therefore ex)npt from taKation. Pag¢ 12 Theatre@41 Ltd Notes to the Financial Statements for the Year Ended 31 March 2022 14 Tlnglble fixed assets Laknd attd bU￿ding$ Furniture and e4tsipment Total Cost AI l ApTII 2021 Addiitotts 330.000 46.023 3,954 376.023 3.954 Ai 31 March 2022 330.000 49.977 379,977 DepreciAtiD Ai l April 2021 Charge for the year 43.185 1,336 43,185 1.336 At 31 March 2022 44,521 44,521 book v4lu¢ At 31 March 2022 330.000 5.456 335,456 Al 31 March 2021 J30.000 2.838 332,838 Page 13 Theatre@41 Ltd Notes to the Financial Statements for Ihe Year Ended 31 March 2022 Rtvglugtion The fair value of Ihe company's Land and buildings ivas revalu¢d on 10 August 2020 by an indepcndtnt valuer. Had (his class of asset been MeasU￿d on a histori￿ cosi basis, thLir canying amount would hav¢ been £Nil 12021 £330.(￿oI. IS Debtor5 2022 2021 Trade d¢btor5 3.888 170 16 Cash #nd t4$h equivalents 2022 2021 C&8h on hand Cash at bank 36.451 27.071 37,055 27.071 17 Creditors: amounts falling due withill ont 2022 2021 Trade creditOT5 Other crediwrs Accruals 3.191 2.086 1.584 1,584 15,973 3.671 Page 14 Theatre@41 Ltd Notes to tbe Financial Statements for the Year Ended 31 Mareh 2022 18 Restrve5 Unre5tri¢ted revAltr#tion rÈs¢rvt Totsl Surplus on propetty revaluation Other reserve movements 213.957 213,957 213.957 213.957 Pa8e 15 Theatre@4A Ltd Note5 to the Financial Statements for the Year Ended 31 Marcb 2022 19 FuDd5 Balance at I April 2021 Incoming resource5 R¢50urces txpthdtd Balance 4t31 MarclL 2022 Unr¢strirted fuDd5 Gi*eral 13,269 56,764 157,0701 12.963 Restriettd fund5 343,139 4.750 14261 347,463 Total funds 356.408 61.514 157.4961 360,426 Other rtcognised t￿￿1]0$5￿} Balance at I Incoming resource5 Resource5 expendtd 31 Marc 2021 April 2020 Uureslricted funds General 19,521 26.316 132,5681 {5011 13,269 Rtttritttd futtds 127,909 1,774 213,957 343,139 Tot41 fund5 147,430 28,090 33.0691 213,957 356.408 20 ADalysis of llet #sstts behveen fuDd5 Unre5tricttd funds Gtknersl Tot#1 funds wt 31 March 2022 Restricted funds Tangible fixed assets Currcnt as5els CuTrenl liabilitie5 3,044 30,642 115.9731 332.412 10,301 335,456 40.943 115.973) Tvlal a55e15 17.713 342.713 360.4?6 Unre51ricted fuDds GenerAI Totsl funds at 31 March 2021 Rtstrleted fund$ Tangible fixd asse15 Current assets CurTent liabilitie5 332,838 10.300 332,838 27.241 13.6711 16,941 13,6711 Total net assets 13,270 343.138 356,408 Pw16 The4tre@41 Ltd Independent Eiaminer'5 Report to the trustees of The8tre@41 Ltd I report ¢)n the *c¢ounts of the ch2tiry for the year 31 Marth 2022 wkn"¢b are set out on pa8cs 3 to 16 . Respective respon$lbilitlu of trustee5 and ex*min¢r Th¢ trnstre5 (who are also the dir¢¢tOTS of the company for the purpos¢s of company law) are rcsponsiblc for the preparAiion of the ae¢ounts. The tnjstees ¢ottsidei that an audit is not rquired for this ym under section 144121 of the Chaniies Act 2011 (the 2011 Act) and that ath independeDt examination is n¢ed¢d. Havin8 satisfied ￿￿e]f that thc cban'ty is not subject io audii CODW￿y]SW and is ¢ll￿'ble for i*¢nd¢ni examinatioTh it is my resp)n5ibility to.. examine the ac¢ounLS W)der section 145 of the 2011 Act to follow the procedure$ laid d¢)wn in the 8¢n¢ral Directions given by the Ch￿lty Commission under s¢¢tion 14515)Ib) of the 2011 A¢t- and to 51ate whether particular mltters knve eome to my attentio BAsls of IDd¢pend¢nt exatsthier'$ report My examination was carried out ID ￿COr￿￿e with the general Dirtttiorfj given by the Charity Commission. At> ¢xaminaiion incI￿￿e5 a review of th¢ a¢¢OWlting Tccords kept by the chan.ty 8nd 8 compArisort of th¢ a¢counts presented with thosc records. It also includes ¢onsid¢rdlion of Dny unusual iteft￿ or dis¢losur¢s in the accounts, and seekn"n8 explaThlllioDs from you as ¢on¢eming any such Ma[￿r$. Th¢ procedures undertaken do nor Provide All the evidence that would b¢ r¢quiroJ in an &udit and con5equentJy no opinton is given as to whether th¢ a¢¢ounts present a 'tsue and fair vi¢w' and the report is limited w those ￿￿tter$ set out in the sthtemetti below. Independent exAmlner's JtAt¢nxfyt In connection with my examination. no matter hw¥ com¢ to my 41teniiott'. {1) which 8iv¢s me reasonablc to believe that in aDy Waterial respect the r4uirerr*nts'. to keep a￿o￿nting records in aetordance with ¥ection 386 of the com￿￿1¢8 Aet 2006.. and to prepare a¢counts accord wilh the accountin8 re¢ords. comply with the accountin8 requirements of section 396 of the Compani￿ Act 2W6 and with the rn¢t1￿ 8nd prirt¢iples of the Stalcmenl of Recommended Praetice.. A￿o￿lting and Reporfitt8 by Ch￿Iti have not been inet. or {21 to which, iti rny opinion. atte￿tion Should be drawn in order to a proper und¢nwiding of th¢ accounts to b¢ ruched. Moyo14 House 3 1 Hawrtborne Grov¢ York North York5hiTe Y0317YA 29 September 2¢)22 Page 2