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|||Page||
|---|---|---|---|
|Report ofthe Trustees|1|to|5|
|Report ofthe Independent<br>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|





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||||||2D20|2019|
|---|---|---|---|---|---|---|
||||Unrestricted|Restricted|Total|Total|
||||funds|funds|funds|funds|
|||Notes|6|7||6|
|INCOME AND ENDOWMENTS|FROM||||||
|Donations<br>and legacies||2|120,108|271,493|391,601|213,193|
|Charitable<br>activities|||||||
|Operation<br>ofthe theatre|||1,226,453||1,226,453|1,778,846|
|Ancillary<br>trading|||244,179||244,179|378,771|
|Education|||45,837||45,837|62,717|
|Investment<br>income|||||||
|Tot@I|||1,636,584|271,493|1,908,077|2,433,534|
|EXPENDITURE ON|||||||
|Charitable<br>activities|||||||
|Operation<br>ofthe theatre|||1,225,620|276,932|1,502,552|1,631,701|
|Ancillary<br>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<br>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<br>Cash at bank and|in hand|15<br>16|52,886<br>1,527,790|95,413<br>1,188,208|
||||1,589,860|1,291,428|
|C RE0ITOR8|||||
|Amounts<br>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<br>falling due after more than one year||18|(115,225)|(120,721)|
|NET ASSETS|||640,279|739,522|
|FUNDS||21|||
|Unrestncted<br>funds|||597,545|686,473|
|Restricted funds|||42.734|53,049|
|TOTAL FIJNDS|||640,279|739,522|



## 



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|||||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<br>1||||451,685|25,432|
|Net cash provided||by operating<br>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<br>in||investing|activities||(107,005)|(28,222)|
|Cash flows from||financing||activities|||
|Loan repayments||in year|||(5,098)|(7,454)|
|Net cash used<br>in||financing|activities||(5,098)|(7,454)|
|Change<br>in cash||and cash||equivalents|||
|in the reporting||period|||339,582|(10,244)|
|Cash and cash|equivalents|||atthe|||
|beginning<br>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|





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|RECONCILIATION<br>ACTIVITIES||OF|NE|T (EXPENDITURE|)/INCOME<br>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<br>for:|||||||||
|Depreciation<br>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|



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|DONATIO|NS<br>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|





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|Grants re|c|eived, included<br>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<br>scheme||||||||271,493||
|||||||||349,217|132,100|
|INVESTMENT INCOME||||||||||
|||||||||2020|2019|
|||||||||F|E|
|Deposit account interest||||||||7|7|
|All investment<br>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|





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|||||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<br>Projects|||36,815|21,744|
||Education costs|||20,520|50,238|
||Training costs|||7,869|4,053|
||Cleaning<br>costs|||14,894|17,179|
||Routine repairs|||22,494|25,170|
||Maior building<br>repairs|||21,157|27,823|
||Irrecoverable<br>VAT|||24,143|54,852|
||Big project costs|||4,876|5,355|
||Show production|costs||286,378|341,701|
||Ancillary<br>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<br>of the|theatre|30,043|25,564|55,607|
||Ancillary<br>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|





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|||||||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|



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|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|





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|and<br>employee<br>remuneration<br>and<br>benefits<br>of the<br>key<br>management<br>per<br>E189,100(2019:f111,283).|and<br>employee<br>remuneration<br>and<br>benefits<br>of the<br>key<br>management<br>per<br>E189,100(2019:f111,283).|and<br>employee<br>remuneration<br>and<br>benefits<br>of the<br>key<br>management<br>per<br>E189,100(2019:f111,283).|and<br>employee<br>remuneration<br>and<br>benefits<br>of the<br>key<br>management<br>per<br>E189,100(2019:f111,283).|sonnel<br>of the|charity<br>wa|
|---|---|---|---|---|---|
|COMPARATIVES<br>FOR THE STATENIEkiT OF FINANCIAL ACTIVITIES||||||
||||Unrestricted|Restricted|Total|
||||funds|funds|funds|
||||E|E|E|
|INCOME AND ENDOWMENTS||FROM||||
|Donations<br>and legacies|||132093|81,100|213,193|
|Charitable<br>activities||||||
|Operation<br>ofthe theatre|||1,778,846||1,778,846|
|Ancillary<br>'trading|||378,771||378,771|
|Education|||62,717||62,717|
|Investment<br>income||||||
|Total|||2,352,434|81 100|2,433,534|
|EXPENDITURE ON||||||
|Charitable<br>activities||||||
|Operation<br>ofthe theatre|||1,610,370|21,331|1,631,701|
|Ancillary<br>trading|||272,318|1,365|273,683|
|Theatre<br>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|





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|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|



## 

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|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||





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|I3.|TAI4GIBLE FIXEDASS|ETS-continued||||
|---|---|---|---|---|---|
||||Fixtures|||
||||and|Computer||
||||fittings<br>6|equipment<br>6|Totals<br>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||||





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||||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|



## 

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|Deferred<br>income<br>represe<br>year.|nts|incom|e<br>received<br>in advance<br>f|or|tickets<br>for shows<br>in the n|ext<br>financi|
|---|---|---|---|---|---|---|
||||||2020|2019|
||||||E||
|Brought forward|||||493,184|576,958|
|Amount<br>released to incoming||resources|||(493,184)|(576,958)|
|Amount<br>deferred<br>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<br>company|has|a bank<br>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<br>during the||year|
|LOANS|||||||
|An analysis ofthe maturity|ofloans||is given below:||||
||||||2020|2019|
|||||||6|
|Amounts<br>falling due within|one year||on demand:||||
|Bankloans|||||10,388|9,991|
|Amounts<br>falling due between||two and five years:|||||
|Bank loans -2-5 years|||||41,556|39,963|
|Amounts<br>falling due in more than five years:|||||||
|Repayable<br>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<br>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<br>fund||||686,473|(88,928)|597,545|
||Restricted funds|||||||
||Development|Project Fund|||35,745|(10,315)|25,430|
||Feasibility<br>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<br>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)|





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|Comparatives|for moveme|nt<br>in fun|ds||||
|---|---|---|---|---|---|---|
||||||Net||
||||||movement|At|
|||||At 1.9.18|in funds|31.8.19|
|||||6|E||
|Unrestricted|funds||||||
|General<br>fund||||375,306|311,167|686,473|
|Restricted funds|||||||
|Development|Project Fund||||35,745|35,745|
|Feasibildy<br>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<br>fund||||2,352,434|(2,041,267)|31L167|
|Restricted funds|||||||
|Development|Protect Fund|||41,100|(5,355)|35,745|
|Feasibihty<br>study||||40,000|(22,696)|17,304|
|||||81,100|(28,051)|53,049|
|TOTAL FUNDS||||2,433,534|(2,069,318)|364,216|



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