2020-08-31-accounts - Kingsbarton Theatre 1999 Limited

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Kingsbarton Theatre (1999) Limited

Charity No. 1085828

Company No. 03854232

Trustees' Report and Unaudited Accounts

31 August 2020

Kingsbarton Theatre (1999) Limited Contents

	Pages
Trustees' Annual Report	2 to 3
Independent Examiner's Report		4
Statement of Financial Activities		5
Summary Income and Expenditure Account		6
Balance Sheet		7
Notes to the Accounts	8 to	13
Detailed Statement of Financial Activities	14 to	15

Page 1

Kingsbarton Theatre (1999) Limited Trustees Annual Report

The Trustees, who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the unaudited financial statements of the charity for the year ended 31 August 2020.

REFERENCE AND ADMINISTRATIVE DETAILS

Company No. 03854232

Charity No. 1085828

Registered Office

66 Estcourt Road Gloucester GL1 3LG

Directors and Trustees

The Directors of the charitable company are its Trustees for the purposes of charity law. The following Directors and Trustees served during the year:

H. Amphlett S. Davis C. Dunford (Resigned 20 October 2020) D. Perry P. Richards P. Swales A.N. Woods G. Wright

Company Secretary

C. Dunford

Accountants

Robert Powell Chartered Accountant C2 Spinnaker House Hempsted Lane Gloucester GL2 5FD

OBJECTIVES AND ACTIVITIES

Page 2

Kingsbarton Theatre (1999) Limited Trustees Annual Report

The purpose of the charity as set out in its governing document is to educate the public in all forms of dramatic and musical art ‘particularly by developing, maintaining and operating the Kings Theatre as a venue for live amateur performance.

The main activities undertaken in relation to those purposes are users hire, bar sales and the 100 Club.

We strive, within the constraints of a volunteer run venue, to maximise our reach into the community. Gloucester City Council’s Cultural Vision and Strategy 2016-26 recognised us as a community venue. To make the theatre accessible and attractive to potential hirers we operate a very flexible hiring policy with some users hiring it for a single day and others for one or two weeks.

ACHIEVEMENTS AND PERFORMANCE

In recent years the Theatre has benefitted from donations and grant support which has enabled: the seats to be professionally refurbished; the gas boiler and most radiators replaced, and the system controls upgraded; the stage area has been re-boarded and the blacks replaced; stage lighting and sound has been improved; an intruder alarm security system has been installed; IT based ticketing, bar sales and stock control have been introduced and, the public use toilets have been updated. Improvements to the fire alarm arrangements and further new stage lights are intended.

FINANCIAL REVIEW

The Charity had a deficit for the year of £22,778 (2018-19: deficit of £5,391. At 31 August 2020 the charity held total funds of £25,687 (31 August 2019: £43,261).

The trustees have determined to retain 12 months of operating costs in unrestricted reserves to meet unexpected events. The charity is undergoing an extended period of redevelopment of the Kings Theatre. It is dependent on grant monies and donations for part of the works but is required to hold a reserve of cash to fund certain works.

COVID-19: The theatre has not been able to open since the national lockdown in March 2020.

STRUCTURE, GOVERNANCE AND MANAGEMENT

The organisation is a charitable company limited by guarantee, incorporated on 6 October 1999 and registered as a charity. The Charity's governing document are its Articles of Association. As a company limited by guarantee, the organisation has no share capital and the liability of the members on liquidation is limited to £1. In the event that a surplus remains after the realisation of assets, that surplus shall not be distributed to the members, but shall be given or transferred to such other charitable purposes as the members by ordinary resolution decide.

The directors of the company are also Charity Trustees for the purposes of charity law and under the Company's Articles are known as the Trustee Board who delegate the day to day operations to their management committee, drawn primarily from regular users of the Theatre. The Board is made up of seven trustees (one vacancy at present) and three trustees hold specific offices: Derek Perry Chair, Colin Dunford Company Secretary, Simon Davis Treasurer.

The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Companies Act 2006. The Trustees are also responsible for safeguarding the assets of the charity and hence taking reasonable steps for the prevention and detection of fraud and other irregularities.

The above report has been prepared in accordance with the provisions applicable to companies subject to the small companies regime as set out in Part 15 of the Companies Act 2006 and in accordance with the Charities SORP (FRS 102).

Page 3

Kingsbarton Theatre (1999) Limited Trustees Annual Report

Signed on behalf of the board

S. Davis Trustee 22 March 2021

Page 4

Kingsbarton Theatre (1999) Limited Independent Examiners Report

Independent Examiner's Report to the trustees of Kingsbarton Theatre (1999) Limited

I report to the charity trustees on my examination of the accounts of Kingsbarton Theatre (1999) Limited for the year ended 31 August 2020 which comprise the Statement of Financial Activities, the Summary Income and Expenditure Account, the Balance Sheet and the related notes.

Responsibilities and basis of report

As the trustees of the charity (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act.

Having satisfied myself that the accounts of the charity 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 can confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that:

accounting records were not kept in accordance with 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 under 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
the accounts have not been prepared in accordance with the Charities SORP (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.

Robert Powell ICAEW Robert Powell Chartered Accountant C2 Spinnaker House Hempsted Lane Gloucester

GL2 5FD 22 March 2021

Page 5

Kingsbarton Theatre (1999) Limited Statement of Financial Activities for the year ended 31 August 2020

Unrestricted funds 2020 £ 1,008 28,494 10,000	Total funds 2020 £ 1,008 28,494 10,000	Total funds 2019 £ 743 37,970 -
39,502 149 18,130 44,001	39,502 149 18,130 44,001	38,713 1,350 21,182 21,572
62,280 -	62,280 -	44,104 -
(22,778) -	(22,778) -	(5,391) -
(22,778)	(22,778)	(5,391)
(22,778) 59,247	(22,778) 59,247	(5,391) 64,638
36,469	36,469	59,247

Page 6

Kingsbarton Theatre (1999) Limited Summary Income and Expenditure Account

for the year ended 31 August 2020

Income Gross income for the year Expenditure Depreciation and charges for impairment of fixed assets Total expenditure for the year Net expenditure before tax for the year Net expenditure for the year	2020 £ 39,502 39,502 56,912 5,368 62,280 (22,778) (22,778)	2019 £ 38,713
		38,713
		38,736 5,368
		44,104
		(5,391)
		(5,391)

Page 7

Kingsbarton Theatre (1999) Limited Balance Sheet

at 31 August 2020

Company No. 03854232 Notes 2020 £ Fixed assets Tangible assets 11 10,736 10,736 Current assets Stocks 12 766 Cash at bank and in hand 25,687 26,453 Creditors:Amount falling due within one year 13 (720) Net current assets 25,733 Total assets less current liabilities 36,469 Net assets excluding pension asset or liability 36,469 Total net assets 36,469 The funds of the charity Restricted funds 14 Unrestricted funds 14 General funds 27,622 27,622 Reserves 14 Revaluation reserve 8,847 8,847 Total funds 36,469	2019 £ 16,104
	16,104 602 43,261
	43,863 (720)
	43,143 59,247
	59,247
	59,247
	50,400
	50,400 8,847
	8,847
	59,247

These accounts have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

For the year ended 31 August 2020 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.

Approved by the board on 22 March 2021

And signed on its behalf by:

S. Davis Trustee

22 March 2021

Page 8

Kingsbarton Theatre (1999) Limited Notes to the Accounts

for the year ended 31 August 2020

1 Accounting policies

Basis of preparation

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) and the Companies Act 2006.

Change in basis of accounting or to previous accounts

There has been no change to the accounting policies (valuation rules and method of accounting) since last year and no changes have been made to accounts for previous years.

Fund accounting

Unrestricted funds These are available for use at the discretion of the trustees in furtherance of the general objects of the charity.
Designated funds These are unrestricted funds earmarked by the trustees for particular purposes. Revaluation funds These are unrestricted funds which include a revaluation reserve representing the restatement of investment assets at their market values.
Restricted funds These are available for use subject to restrictions imposed by the donor or through terms of an appeal.

Income

Recognition of Income is included in the Statement of Financial Activities (SoFA) when the charity income becomes entitled to, and virtually certain to receive, the income and the amount of the income can be measured with sufficient reliability.
Income with related Where income has related expenditure the income and related expenditure is expenditure reported gross in the SoFA. Donations and Voluntary income received by way of grants, donations and gifts is included in the legacies the SoFA when receivable and only when the Charity has unconditional entitlement to the income.
Tax reclaims on Income from tax reclaims is included in the SoFA at the same time as the donations and gifts gift/donation to which it relates. Donated services These are only included in income (with an equivalent amount in expenditure) and facilities where the benefit to the Charity is reasonably quantifiable, measurable and material.

Volunteer help The value of any volunteer help received is not included in the accounts. Investment income This is included in the accounts when receivable. Gains/(losses) on This includes any gain or loss resulting from revaluing investments to market value revaluation of fixed at the end of the year. assets Gains/(losses) on This includes any gain or loss on the sale of investments. investment assets

Page 9

Kingsbarton Theatre (1999) Limited Notes to the Accounts

Expenditure

Recognition of Expenditure is recognised on an accruals basis. Expenditure includes any VAT which expenditure cannot be fully recovered, and is reported as part of the expenditure to which it relates.
Expenditure on These comprise the costs associated with attracting voluntary income, fundraising raising funds trading costs and investment management costs. Expenditure on These comprise the costs incurred by the Charity in the delivery of its activities and charitable activities services in the furtherance of its objects, including the making of grants and governance costs.
Grants payable All grant expenditure is accounted for on an actual paid basis plus an accrual for grants that have been approved by the trustees at the end of the year but not yet paid.
Governance costs These include those costs associated with meeting the constitutional and statutory requirements of the Charity, including any audit/independent examination fees, costs linked to the strategic management of the Charity, together with a share of other administration costs.
Other expenditure These are support costs not allocated to a particular activity.

Taxation

The charity is exempt from corporation tax on its charitable activities.

Tangible fixed assets and depreciation

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life:

Theatre equipment & fittings 25%% Straight line

Freehold investment property

Investment properties are measured initially at cost and subsequently at fair value at each balance sheet date and are not depreciated. All gains or losses are taken to the Statement of Financial Activities as they arise.

Intangible fixed assets and amortisation

Intangible fixed assets (including purchased goodwill, patents and trademarks) are carried at cost less accumulated amortisation and impairment losses.

Stocks

Stock is included at the lower of cost or net realisable value. Donated items of stock are recognised at fair value which is the amount the charity would have been willing to pay for the items on the open market.

Trade and other debtors

Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

Page 10

Kingsbarton Theatre (1999) Limited Notes to the Accounts

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and on hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. In the statement of financial position, bank overdrafts are shown within borrowings or current liabilities. In the Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the company's cash management.

Trade and other creditors

Short term creditors are measured at the transaction price. Other creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

Research and development

Expenditure on research and development is written off in the year in which it is incurred.

Foreign currencies

Monetary assets and liabilities denominated in currencies other than the functional currency of the charity are translated at the rates of exchange prevailing at the end of the reporting period. Transactions in currencies other than the functional currency of the charity are recorded at the rate of exchange on the date that the transaction occurred.

All exchange differences are are taken into account in arriving at net income/expenditure.

Leased assets

Where the charity enters into a lease which entails taking substantially all the risks and rewards of ownership of an asset, the lease is treated as a finance lease.

Leases which do not transfer substantially all the risks and rewards of ownership to charity are classified as operating leases.

Assets held under finance leases are initially recognised as assets of the charity at their fair value at the inception of the lease or, if lower, at the present value of the minimum lease payments. The corresponding liability to the lessor is included in the balance sheet date as a finance lease obligation. Lease payments are apportioned between finance expenses and reduction of the lease obligation so as to achieve a constant rate of interest on the remaining balance of the liability. Finance expenses are recognised immediately, unless they are directly attributable to qualifying assets, in which case they are capitalised in accordance with the charity's policy on borrowing costs.

Assets held under finance leases are depreciated in the same way as owned assets.

Operating lease payments are recognised as an expense on a straight-line basis over the lease term. In the event that lease incentives are received to enter into operating leases, such incentives are recognised as a liability. The aggregate benefit of incentives is recognised as a reduction of rental expense on a straight-line basis.

Page 11

Kingsbarton Theatre (1999) Limited Notes to the Accounts

2 Company status

The company is a private company limited by guarantee and consequently does not have share capital.

3 Income from donations and legacies

Fundraising 4 Income from charitable activities Theatre agents Theatre hire 100 Club income Bar sales 5 Other income City Council Covid-19 grant 6 Expenditure on raising funds Fundraising trading costs Direct costs	Unrestricted £ 1,008 1,008 Unrestricted £ 13,603 5,841 3,840 5,210 28,494 Unrestricted £ 10,000 10,000 Unrestricted £ 149 149	Total 2020 £ 1,008 1,008 Total 2020 £ 13,603 5,841 3,840 5,210 28,494 Total 2020 £ 10,000 10,000 Total 2020 £ 149 149	Total 2019 £ 743
			743
			Total 2019 £ 14,437 9,456 3,900 10,177
			37,970
			Total 2019 £ -
			-
			Total 2019 £ 1,350
			1,350

Page 12

Kingsbarton Theatre (1999) Limited Notes to the Accounts

7 Expenditure on charitable activities

Expenditure on charitable activities Ticket agents 100 Club prizes Bar purchases Governance costs 8 Other expenditure Premises costs Amortisation, depreciation, impairment, profit/loss on disposal of fixed assets General administrative costs Legal and professional costs 9 Net expenditure before transfers This is stated after charging: Depreciation of owned fixed assets 10 Staff costs No employee received emoluments in excess of £60,000.	Unrestricted £ 13,025 2,015 3,090 18,130 Unrestricted £ 32,968 5,368 4,945 720 44,001 2020 £ 5,368	Total 2020 £ 13,025 2,015 3,090 18,130 Total 2020 £ 32,968 5,368 4,945 720 44,001	Total 2019 £ 14,437 2,000 4,745
			21,182
			Total 2019 £ 9,175 5,368 5,289 1,740
			21,572
			2019 £ 5,368

Page 13

Kingsbarton Theatre (1999) Limited Notes to the Accounts

11 Tangible fixed assets

Cost or revaluation At 1 September 2019 At 31 August 2020 Depreciation and impairment At 1 September 2019 Depreciation charge for the year At 31 August 2020 Net book values At 31 August 2020 At 31 August 2019 12 Stocks Finished goods Carrying value analysed by activities Bar stocks 13 Creditors: amounts falling due within one year Accruals and deferred income	2020 £ 766 766 2020 £ 766 766 2020 £ 720 720	Theatre equipment & fittings £ 52,745 52,745 36,641 5,368 42,009 10,736 16,104	Total £ 52,745
			52,745
			36,641 5,368
			42,009
			10,736
			16,104
			2019 £ 602
			602
			2019 £ 602
			602
			2019 £ 720
			720

Page 14

Kingsbarton Theatre (1999) Limited Notes to the Accounts

14 Movement in funds

14 Movement in funds
Restricted funds: Unrestricted funds: General funds Revaluation Reserves: Revaluation fund Total revaluation reserves Total funds	At 1 September 2019 50,400 8,847 8,847 59,247	Incoming resources (including other gains/losses ) £ 39,502 - - 39,502	Resources expended £ (62,280) (62,280)	At 31 August 2020 £ 27,622 8,847
				8,847

				36,469

Purposes and restrictions in relation to the funds:

Revaluation reserves Represent the amount by which investments exceed their historical cost.

15 Analysis of net assets between funds

At 1 September 2019 £	Cash flows £	Unrestricted funds £ 10,736 25,733 36,469 New HP/Finance leases £	Total £ 10,736 25,733
			36,469
			At 31 August 2020 £
43,261	(17,574)		25,687
43,261 43,261	(17,574) (17,574)	- -	25,687
			25,687

17 Related party disclosures

Controlling party

The company is limited by guarantee and has no share capital; thus no single party controls the company.

Page 15

Kingsbarton Theatre (1999) Limited Detailed Statement of Financial Activities

for the year ended 31 August 2020

Income and endowments from: Donations and legacies Fundraising Charitable activities Theatre agents Theatre hire 100 Club income Bar sales Other City Council Covid-19 grant Total income and endowments Expenditure on: Costs of other trading activities Direct costs Total of expenditure on raising funds Charitable activities Ticket agents 100 Club prizes Bar purchases Total of expenditure on charitable activities Premises costs Rent Rates Light, heat and power Premises insurances Premises repairs and maintenance Theatre refurbishment General administrative costs, including depreciation and amortisation	Unrestricted funds 2020 £ 1,008 1,008 13,603 5,841 3,840 5,210 28,494 10,000 10,000 39,502 149 149 149 13,025 2,015 3,090 18,130 18,130 1,005 649 2,661 1,036 5,581 22,036 32,968	Total funds 2020 £ 1,008 1,008 13,603 5,841 3,840 5,210 28,494 10,000 10,000 39,502 149 149 149 13,025 2,015 3,090 18,130 18,130 1,005 649 2,661 1,036 5,581 22,036 32,968	Total funds 2019 £ 743
			743
			14,437 9,456 3,900 10,177
			37,970
			-
			-
			38,713 1,350
			1,350
			1,350 14,437 2,000 4,745
			21,182
			21,182 1,005 711 2,752 1,001 3,706 -
			9,175

Page 16

Kingsbarton Theatre (1999) Limited Detailed Statement of Financial Activities

Depreciation of Theatre equipment & fittings Bank charges Equipment expensed PRS & PPL Software, IT support and related costs Sundry expenses Telephone and broadband Legal and professional costs Independent examination fees Other legal and professional costs Total of expenditure of other costs Total expenditure Net gains on investments Net expenditure Net expenditure before other gains/(losses) Other Gains Net movement in funds Reconciliation of funds: Total funds brought forward Total funds carried forward	59,247 36,469	- -	5,368 202 124 666 2,201 1,368 384 10,313 720 - 720 44,001 62,280 - (22,778) (22,778) - (22,778) - -	5,368 202 124 666 2,201 1,368 384 10,313 720 - 720 44,001 62,280 - (22,778) (22,778) - (22,778) 59,247 36,469	5,368 860 1,618 856 - 1,542 413
					10,657
					720 1,020
					1,740

					21,572
					44,104 -
					(5,391)
					(5,391) -
					(5,391)
					64,638
					59,247

Page 17