2020-08-31-accounts - The Kings Theatre Trust Limited

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		Page
Report ofthe Trustees	1	to	5
Report ofthe Independent Auditors	6	to	8
Statement ofFinancial Activities
Balance Sheet		10
Cash Flow Statement
Notes to the Cash Flow Statement		12
Notes to the Financial Statements	13 to		24

					2D20	2019
			Unrestricted	Restricted	Total	Total
			funds	funds	funds	funds
		Notes	6	7		6
INCOME AND ENDOWMENTS	FROM
Donations and legacies		2	120,108	271,493	391,601	213,193
Charitable activities
Operation ofthe theatre			1,226,453		1,226,453	1,778,846
Ancillary trading			244,179		244,179	378,771
Education			45,837		45,837	62,717
Investment income
Tot@I			1,636,584	271,493	1,908,077	2,433,534
EXPENDITURE ON
Charitable activities
Operation ofthe theatre			1,225,620	276,932	1,502,552	1,631,701
Ancillary trading			261,663		261,663	273,683
Theatre restoration			82, 'l04	4,876	86,980	47,237
Education			137,025		137,025	119,465
Big prolect						5,355
Other			19,10D		'l9,100	(8,123)
Total			1,725,512	281,808	2,D07,320	2,069,318
NET INCOMEI(EXPENDITURE)			(88,928)	(10,315)	(99,243)	364,216
RECONCILIATION OF FUNDS
Total funds brought forward			686,473	53,049	739,522	375,306
TOTAL FLINDS CARRIED FORWARD			597,545	42,734	640,279	739,522

		BALANCE SHEET
		31 AUGUST 2020
			2020	2019
		Notes	5
FIXEDASSETS
Intangible assets		12	12,923	17,769
Tangible assets		13	305,541	250,576
			318,464	268,345
CURRENT ASSETS
Stocks		14	9,184	7,807
Debtors Cash at bank and	in hand	15 16	52,886 1,527,790	95,413 1,188,208
			1,589,860	1,291,428
C RE0ITOR8
Amounts falling due within one year		17	(1,152,820)	(699,530)
NET CURRENT ASSETS			437,040	591,898
TOTAL ASSETS	LESSCURRENT
LIABILITIES			755,504	860,243
CREDITORS
Amounts falling due after more than one year		18	(115,225)	(120,721)
NET ASSETS			640,279	739,522
FUNDS		21
Unrestncted funds			597,545	686,473
Restricted funds			42.734	53,049
TOTAL FIJNDS			640,279	739,522

				CASH FLOW STA1'EMENT	CASH FLOW STA1'EMENT
				FOR THE YEAR ENDED 31AUGUST 2020
					2020	2019
				Notes		5
Cash flows from		operating		activities
Cash generated	from operations 1				451,685	25,432
Net cash provided		by operating activilies			451,685	25,432
Cash flows from		investing		activities
Purchase of tangible fixed assets					(107,012)	(28,229)
Interest received					7	7
Net cash used in		investing	activities		(107,005)	(28,222)
Cash flows from		financing		activities
Loan repayments		in year			(5,098)	(7,454)
Net cash used in		financing	activities		(5,098)	(7,454)
Change in cash		and cash		equivalents
in the reporting		period			339,582	(10,244)
Cash and cash	equivalents			atthe
beginning ofthe		reporting		period	I,I88,208	1,198,452
Cash and cash	equivalents			atthe end
of the reporting		period			1,527,790	1,188,208

RECONCILIATION ACTIVITIES		OF	NE	T (EXPENDITURE	)/INCOME TO NET	CASH F	LOW FROM O	PERATING
							2020	2019
							f	f
Net (expenditure)/income				for the reporting	period (as per the
Statement of Financial Activities)							(99,243)	364,216
Adjustments for:
Depreciation charges							56,893	37,784
Interest received							(7)	(7)
(Increase)/decrease		in	stocks				(1,377)	3,242
Decrease/(increase)		in	debtors				42,527	(58,581)
Increase/(decrease)		in	creditors				452,892	(321,222)
Net cash provided		by	operations				451,685	25,432
ANALYSIS OF CHANGES				IN NET FUNDS
					Al	'l.9.19	Cash flow	At 31.8.20
Net cash
Cash at bank and	in	hand			1,188,208		339,582	1,527,790
					1,188,208		339,582	1,527,790
Debt
Debts falling due within			1 year			(9,991)	(397)	(10,388)
Debts falling due alter			1 year		(120,721)		5,496	(115,225)
					(130,712)		5,099	(125,613)
Tots I					1,057,496		344,681	1,402,177

DONATIO	NS AND LEGACIES
		2020	2019
		E
Donations	and legacies	27,384	51,093
Gmnts		349,217	132,100
Donated	services and facilities	15,000	30,000
		391,601	213,193

Grants re	c	eived, included in t	he	above,	are as foll	ows:
								2D20	2019
									E
Operational		grants receivable						77,724	51,000
Capital grants mceivable									41,100
Feasibility		grant							40,0DD
Job retention scheme								271,493
								349,217	132,100
INVESTMENT INCOME
								2020	2019
								F	E
Deposit account interest								7	7
All investment income is derived				from assets held		in the United	Kingdom
INCOME	FROM CHARITABLE			ACTIVITIES
								2020	2019
			Activity						E
Boxoffice		sales and
recharges			Operation		ofthe theatre			i,226,453	1,778,846
Ancillary	Trading		Ancillary		trading			244,179	378,771
Education		and Youth
income			Education					45,837	62,717
								1,516,469	2,220,334

		Direct	Support
		Costs (see	costs (see
		note 6)	note 7)	Totals
		E	E	E
Operation	ofthe theatre	1,446,945	55,607	1,502,552
Ancillary	trading	245,055	16,608	261,663
Theatre restoration		86,98D		86,980
Education		137,025		137,025
		1,916,005	72,215	1,988,220

				2020	2019
				E	E
	Staff costs			1,075,976	875,309
	Rates and water			10,658	15,582
	Insurance			26,938	23,303
	Light and heat			29,600	31,940
	Sundries			5,161	2,160
	Minor building Projects			36,815	21,744
	Education costs			20,520	50,238
	Training costs			7,869	4,053
	Cleaning costs			14,894	17,179
	Routine repairs			22,494	25,170
	Maior building repairs			21,157	27,823
	Irrecoverable VAT			24,143	54,852
	Big project costs			4,876	5,355
	Show production	costs		286,378	341,701
	Ancillary trading expenses			65,069	100,498
	Technical and IT			32,765	47,863
	IVlarketing			109,315	205,991
	Bank charges			64,483	68,400
	Depreciation			56,894	37,784
				1,916,005	1,956,945
7.	SUPPORT COSTS
				Governance
			Management	costs	Totals
	Operation of the	theatre	30,043	25,564	55,607
	Ancillary trading		8,973	7,635	16,608
			39,016	33,199	72,215

Activity		Basis	of	allocation
Management		Time
Governance	costs	Time

Nlanagement
			2020	2019
	Operation
	ofthe	Ancillary	Total	Total
	theatre	trading	activities	activities
	E	6		F
Telephone	10,869	3,246	14,115	15,774
Postage and stationery	2,622	783	3,405	5,669
Sundries	9,144	2,731	11,875	9,988
Health and Safety	7,408	2,213	9,621	1,279
	30,043	8,973	39,016	32,710

						2020	2019
				Operation
				ofthe	Ancillary	Total	Total
				theatre	trading	activities	activities
						6	6
Auditors'	remuneration			4,909	1,466	6,375	5,943
Accountancy		and legal fees		13,607	4,064	17,671	10,226
Consultancy		fees		7,048	2,105	9,153	71,617
				25,564	7,635	33,199	87,786
NET INCOME/(EXPENDITURE)
Net income/(expenditure)			is stated affer charging/(crediting):
						2020	2019
						f
Auditors'	remuneration					6,375	5,943
Depreciation		-owned assets				52,047	32938
Website	costs emoriisetion					4,846	4,846

STAFF CO	S	TS
					2020	2019
					5	6
Wages and	salaries				976,510	814,385
Social security					64,5'11	46,849
Employers	pension costs				15,445	10,015
Redundancies					1614	4,060
					1,058,080	875,309
The average		monthly	number ofemployees	during the year was as follows:
					2020	2019
Administrative		staff			9	9
Operational		stafl			40	31
					49	40

and employee remuneration and benefits of the key management per E189,100(2019:f111,283).	and employee remuneration and benefits of the key management per E189,100(2019:f111,283).	and employee remuneration and benefits of the key management per E189,100(2019:f111,283).	and employee remuneration and benefits of the key management per E189,100(2019:f111,283).	sonnel of the	charity wa
COMPARATIVES FOR THE STATENIEkiT OF FINANCIAL ACTIVITIES
			Unrestricted	Restricted	Total
			funds	funds	funds
			E	E	E
INCOME AND ENDOWMENTS		FROM
Donations and legacies			132093	81,100	213,193
Charitable activities
Operation ofthe theatre			1,778,846		1,778,846
Ancillary 'trading			378,771		378,771
Education			62,717		62,717
Investment income
Total			2,352,434	81 100	2,433,534
EXPENDITURE ON
Charitable activities
Operation ofthe theatre			1,610,370	21,331	1,631,701
Ancillary trading			272,318	1,365	273,683
Theatre restoration			47,237		47,237
Education			119,465		119,465
Big prolect				5,355	5,355
Other			(8,123)		(8,123)
Total			2,041,267	28,051	2,069,318
NET INC OiME			311,167	53,049	364,216
RECONCILIATION	OF FUNDS
Total funds brought	forward		375,306		375,306
TOTAL FUNDS CARRIED FORWARD			686,473	53,049	739,522

INTANGIBLE FIXEDASSETS
	Website
	costs
COST
At 1 September 2019and
31 August 2020	24,230
AMORTISATION
At 1 September 2019	6,461
Charge for year	4,846
At 31 August 2020	11,307
NET BOOK VALUE
At 31 August 2020	12,923
At 31 August 2019	17,769

TANGIBLE FIXEDASSETS
		Improvements
	Freehold	to	Plant	and
	property	property	machinery
		E	E
COST
At 1 September 2019	141,783	72,163	1,892
Additions
At 31August 2020	141,783	72,163	1,892
DEPRECIATION
At 1 September 2019	19,865	21,604		'l89
Charge for year	2,835	7,216		189
At 31August 2020	22,700	28,820		378
NET BOOK VALUE
At 31August 2020	119,083	43,343	1,514
At 31August 2019	121,918	50,559	1,703

I3.	TAI4GIBLE FIXEDASS	ETS-continued
			Fixtures
			and	Computer
			fittings 6	equipment 6	Totals F
	COST
	At 1 September 2019		167,201	7,690	39D,729
	Additions		62,879	44,133	'ID7,012
	At 31August 2020		230,080	51,823	497,741
	DEPRECIATION
	At 1 September 2019		96,221	2,274	140,153
	Charge for year		31,443	10,364	52,047
	At 31August 2020		127,664	12,638	192,20D
	NET BOOK VALUE
	At 31 August 2020		102,416	39,185	305,541
	At 31 August 2019		70,980	5416	250,576
14.	STOCKS
				2020	2019
				5	6
	Stocks			9,184	7,807
15.	DEBTORS:AMOUNTS	FALLING DUE WITHIN ONE YEAR
				2020	2019
				F	5
	Trade debtors			15,494	14,025
	Other debtors			37,392	81,388
				52,886	95,413
16.	CASH AT BANK AND	IN HAI4D

			2020	2019
				p
Bank	loans and overdrafts	(see note 19)	10,388	9,991
Trade	creditors		47,857	66,597
Social	security and other	taxes	64,890	17,206
VAT			10,763	7,604
Other	creditors		1,018,922	598,132
			1,152,820	699,530

Deferred income represe year.	nts	incom	e received in advance f	or	tickets for shows in the n	ext financi
					2020	2019
					E
Brought forward					493,184	576,958
Amount released to incoming		resources			(493,184)	(576,958)
Amount deferred in year					849,086	493,184
Cardied forward					849,086	493,184
CREDITORS: AMOUNTS	FALLING DUE AFTER MORE THAN				OiNE YEAR
					2020	2019
						p
Bank loans (see note 19)					115,225	120,721
SECURED DEBTS
The chantable company	has	a bank loan with a total balance		of	F125533 as at 31 August	2020 (20
f130,712)which is secured against			28 Albert Road, Southsea	and was refinanced during the		year
LOANS
An analysis ofthe maturity	ofloans		is given below:
					2020	2019
						6
Amounts falling due within	one year		on demand:
Bankloans					10,388	9,991
Amounts falling due between		two and five years:
Bank loans -2-5 years					41,556	39,963
Amounts falling due in more than five years:
Repayable by instalments:
13ank loans after more than 5years					73,669	80,758

20.	ANALYSIS O	F NETAS	SETS B	ETWEEN FUNDS
						2020	2019
				Unrestricted	Restdicted	Total	Total
				funds	funds	funds	funds
					6		6
	Fixed assets			287,645	30,819	318,464	268,345
	Current assets			1,577,945	11,915	1,589,860	1,291,428
	Current liabilities			(1,152,820)		(1,152,820)	(699,530)
	I ong term liabilities			(115,225)		(115,225)	(120,721)
				597,545	42,734	640,279	739,522
21.	JIIIOVEMENT	IN FUNDS
						Net
						movement	At
					At 1.919	in funds	31.8.20
						6	6
	Unrestricted	funds
	General fund				686,473	(88,928)	597,545
	Restricted funds
	Development	Project Fund			35,745	(10,315)	25,430
	Feasibility study				17,304		17,304
					53,049	(10,315)	42,734
	TOTAL FLINDS				739,522	(99,243)	640,279
	Net movement	in funds,	included	in the above are as follows:
					Incoming	Resources	Movement
					resources	expended	in funds
						6
	Unrestricted	funds
	General fund				1,636,584	(1,725,512)	(88,928)
	Restricted funds
	Development	Project Fund				(10,315)	(10,315)
	Job retention	scheme			271,493	(271,493)
					271,493	(281,808)	(10,315)
	TOTAL FUNDS				1,908,077	(2,007,320)	(99,243)

Comparatives	for moveme	nt in fun	ds
					Net
					movement	At
				At 1.9.18	in funds	31.8.19
				6	E
Unrestricted	funds
General fund				375,306	311,167	686,473
Restricted funds
Development	Project Fund				35,745	35,745
Feasibildy study					17,304	17,304
					53,049	53,049
TOTAL FUNDS				375,306	364,216	739,522
Comparative	net movement	in funds,	included	in the above are as follows
				Incoming	Resources	Movement
				resources	expended	in funds
					9	6
Unrestdicted	funds
General fund				2,352,434	(2,041,267)	31L167
Restricted funds
Development	Protect Fund			41,100	(5,355)	35,745
Feasibihty study				40,000	(22,696)	17,304
				81,100	(28,051)	53,049
TOTAL FUNDS				2,433,534	(2,069,318)	364,216