REGISTERED COIAPANY NUMBER: 03983443 (England and Waleg) REGISTERED CHARITY NUMBER: 1088254 REPORT OF THE TRUSTEES AND FINANCIAL STATEIAENTS FOR THE YEAR ENDED 31 AUGUST 2024 FOR THE KINGS THEATRE TRUST LIMrrED
THE KINGS THEATrE TRUST Lthl¥fED COKTEpifs OF THE FINANCIAL STATEMEKrs FOR THE YEAR ENDED 31 AUGUST 2024 Report of th• Trustoes 1 to 6 Roport of tha Indepondent Audliors 7 10 10 Statement of Financial Aclivitles 11 Balance Sheet 12 Gish Flow Slat•m•nt 13 Notes to the Cash Flow Statemont 14 Notes to the Flnancial Statements 15 to 27
THE KINGS ThEATRE TRUST LNfrED REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2024 Th8 trustees who are also directrjrs of th8 charity for the wfpKts8S of the Companies Act 2006, present their report with th8 flnanclal statements of the charity for the year ended 31 August 2024. The trustees have a(lopted the provisions of Accounting and Reporting by Charities.. Statement of Remmellded Practi[ applicable to thariti8s preparing their accounts in accor118n wth the Financial Reporb'ng StaThlard applicable in the UK and Republic of Ireland (FRS 102) (8ff8ctive 1 January 2019). OBJECTIVES AND ACTivrriES The obiethts of the charity is to provlde high walty entertairvnent at affNdab18 Pril. d81iv8r opportuniti8s for the local oJmrnunity to parts'cipale in the arts thn)ugh social and ¢ultural actwities; and be responsible ¢ustodians of trie Grade Il" listed building with a maintenance and restoratw)n progranme. PUBLIC BENEFIT The Trustees wnfimi that they have referred to the gUrdan contained in lh8 Charity Comtnission's gen8ral gu•dance on public benefit when reviewng the chariws aims and objectives and in planning fiJtur8 activities. The Trustees refer to public ben8frt throughout this reporL
THE KINGS THEATRE TRUST UMTfED REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGusf 2024 ACHIEVEMENT AND PERFORIAANCE This reF(Kt sets OLrt the achievements of the lfjngs Trea Trust Limited frc¥n Septembèr 2023 to August 2024. The finandal y8ar 23r24 has been a wiod of cA)nlinu8d grrAyth arKI irNestrn8nt fr)r the lfjngs. It has emergad fully frorn Ihe pandemlc in a stronger positton than il was Pry>alem1c, wib) beller progrnmming. increased audience figures. an 8stsbiish8d producing ami. and a ra¥xdly evohing Arts A(emy. Good attendan at shows has enabkd the theatre to build up re5eryes. The surpluses generated from tts ticket sales. re5toralion levy and ancillary sales. after covering operating costs. is used to ueate opportunthes to participate in cr8aknvty and the enp>Thent of th8 arL8 thryth the production of its communty shov. the delivery of its communty ar outreach proaramme. and by subsidising its Arts Acaderny and the $tharshIp stheme. The Kngs is fxmmttt8d to providing affordable theatre arKI has continued to a1] subsidtsed £10 ti¢ets in the gallery and restricted view seats for iniemal prodUCnS and endeavour5 trj pul on shcpws at reaSonae prices. sullu are also all(Kated to mainlaining all that is n8ed8d to delwer a higWuality th8atre expelieno. induding audtlorium wairs. the upgrnde of stage and technical 8qulpmenL and rnaintenan of the building arvj wegervadon of Its h&toricxl (xAlection. The theatre makes a FY)sltlve imparA to the e(x)nory and employmenL Over the year it 8mployed 31 corrtracted staff arml 103 casual staff. Furthemore. loral shops. bars, restaurnnts. trdvel ffirn and buslnesses ben8fft from the increased foolfall to th8 area. Thè thallenges the KirKJs fa$ ng forward indude the lack of suitable space to expand its communty and outreach offering, maknng the necessary changes to improve accessililty, and upgrading public areas and faulities In th8 theatre to meet the needs of modem audnCeS. The theatr8 is buill around lh shops that are now dilapidated, and it is prop08ing to use its reseNes suth that Ihis spa( can be redevelo@ and in(yJrwraied into th8 theatre to meet the needs of the theatre and replyate th8 hlgh streeL My thanks go to all the Trustees and the Exeujtive Board for their support over the last year, and I want to express enorTnous gratide to all the staff and vdurrteers wF) have deliver8d the adivitses arKJ contributed to the suwses and 8chi8vem8nts. ACHIEVEMEKfs IN 2023124 PROGRAMMING AND AUDIENCES The prugrdmmwig policy is to have a broad appeal to peopl8 Imng in PSffl and trie IL1 ragK)n. In this year th8r8 were 98 dTfferent shows with 1TT.230 attendiro rfOrMancES acTos5 210 live performancas of the shows. Tha qualty of shows is reflected In the many published Teviews. willngn8ss of PTDdUrs to vmrk ith th8 KirvJs, and in flback from rxtsto. Week longs have included national tours of Si& Everybotys Talklng Aul J8mi8 and Heathers . It has hosted sane of the bt names in ¢orr• wtth Tom Daws, Tom Allen. Ri)m8sh R8nganathan. Jon Richardson and Stuart Lee. as wdl as nights with Jeff Stelling. Anton & Giavanni and Fasctnating Aida. High qualty music acts across all genres are potmjlar and further Choices of owa. drama, dance. and childtsn's shov•E have seen an increase in the core audienc8 base. The annual pantomime is produced by the Kings 15 a favourite and dr8W 8 record attendance this year. Thi5 programme vras complemented by six communty shows. three produced by the lfjngs. ar perfornn by local arnaJr drdnwtic soLieties and danc8 schwLs. Wrth mny Sh¢¥S playing to near full capadty180 wlth audien over 1000) the replacement of b8nches wilh new seating in the gallery has provgI a yrthwhIle investrnant Page 2
THE KINGS THEATRETRusf UPMTED REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2024 IN-HOUSE PRODUCTIONS The Kiros started producing wi 2020. It has produced its (Iwn pantomima for th8 last fr seasons. This year its productton of Hool. The Further Adventure of Peter Pan was watched by over 60,(KIO people over 50 perf0MnCeS. Th8 parrtomime is the highest gross eamw in U)8 yéar arKI is k8y lo th8 Iheatre's financial r8sllien¢e and And8P8ndence. The pantomim8 will )ntInUe to be prrxlucaj in-house. Following on from its own communty productions of Chilty Chilly Bang Baro and Shop of Horrors last year, the lQngs Grease there 7991 kwAe attended over 8 perfonnances and "one-of events. which indud8d a commemotation for the 80th anniversary of D-Day. with prrKeeds going to chaiity. These shows gave over 100 local perforners the opportunty to work with a professional creative t8am and perform at the Kings. The Arts Academy also Fxoduced its own perfOThnan of SporKJebob with 30 youth members havirvJ the opportunty to be on stage perfomiing to 1.657 wple over three shows. BUILDING AND TECHNICAL INVESTMEh The Kings continued to invest in ts te¢hni¢al infraslrudure to ffleet the increasing demands of shows with higher pri)duction values. Upgrddes during the year indude: wireless wmmunution8' specaal effects (indudir¥J ge82ers) and refurbishing Ihe ord)estra piL There has been signfficant investrnent in the building with over £81X),000 invested in repairs lo the East wall 8nd elevation of the theatre. A svJnrftcant portion of this cost was incurred by Portsmouth Cty Council. The angs Is also golng through a program of upgrading its dressing rooms. galw seating and toiFet facilities. OUTREACH AND PARTICIPATION Although constrained by space the lfjngs delivered 139 separate events as a part of its community and eduotton programme. This allows the lool ¢c¥nmunty to enjoy the theatre outside of tts show schedule and offers an introdudion lo the arts for som8. Th8 lfjngs ncw runs an established weekly coffee moming programme on a vartety of themes: a Communty Sing 8vent - a vtsddy gatharkng for those that just love to siry,. regular stroke association meeting4 and a monlhly Writers Hub. The lQngs welcomed over 92 pe to its Heritage Op8n Day and >500 joined history, tech. toddler and ghost tours during the year. The Kings also hosied the Chlnese New Year Celebra1 which is the biggest UK CelebratiC outside London. A number of schools came for educalional vists and over 1.OlJ) schoolchildren and teathers atterNJed the S¢hool Book Awards in June. A furth 62 schwls bcoked for the pantomime, yth a total of 4910 attending. KINGS SCHOOL OF PERFORMING ARTS Followng its relaunch last year. The lfjngs renamed ts youlh theatre as The lfjngs School of PerfDrming (KSPA) arKI develyd plans to extend this to an >16 programme in Ihe future. Over the year the Academy gr8w from 72 to 89 mwnbers. It increased ts sdKJlarshlp 5dme to support parbcipation from Iow-lncome families. Twelve part¥apants benefited from the scheme. 32 members partiripaied in the Academls summer performan of Sngeb0b. Page 3
THE KINGS THEATrE TRUST LIMrrED REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2024 INCLUSION The theatre promotes aczess and inclusion to ensure that its offeriry is nHlg avalable to as wide an audience as possible. It partiopated in the Holidays and FLxJ Scheme with 19 plac8s being tsken up in the hool holidays for children rdThJing from 5-16 years old. tt gave over 1,CMXI tid(ets to thildn and adults who would not normalty have the financial means to attend the theatre, and is a sponsor of the local Council 18(1 Cty of Sancluary. The ¢ee momings are part of thal a)unal scheme to ladde k8oL9tion and the mental health issues Ihat n ¢Jccur wlth this. The theatre partirapates In the Hidden Disabilities Sunfiower scheme 2rNJ provKJes interpreted perfomiances and d¢Jes a relaxed nce of the pantomtme. The Front of Hwse team ar8 trdined in Dementia Awareness. 22 volunteer5 SUPPOrt our w)rf( arxl tha delivery of athiuts. HISTORICAL COLLECTION As an independent theatre the lfjngs has a unique hislorKal Collection documenting tb perfomiance hisw. It has an aclive pr(yJramme to preserve the archive. The archive is used by the thèatre fr)r exhibthons. history talks. sodal n18 pos15 and ntrIbUtionS to SOUV8nir bro(xJres. 11 cyn be accessed on r8quast for historical reseaTth. MANAGEMENT AND GOVERNANCE The trustees meet quarterty and have oimplete overswJht of geManCe and fman(*s. The EXtive Board meets monthly aThJ advises the Trust on CrTlIan and governan issues. FINANCES A surplus of £595.853 {2023: £5r9.581) was r8Wrted at the erKI of the financial year and the r8serves stcTh at £2A47.099 (2023: £1.851.248). RESERVES POUCY The ¢urrent r8seNes are in excess of the Trusfs requiremerrts (adopted from Feb 2023) for an unrestricted reserve of £1 m. The Trustees are confident that this of reser will be Maintain1. PAY POLICY FOR SENIOR STAFF The Board of Diredors. vtho aro the Trusts TTUStees. provide oversight and govemance and the CEO and Exec Team compris& the key management P8rsonnel of the chaiity In tharge of direcalng and ntrOll, runnirvJ and operatiro the Trust on a day404ay basis. All dire(kn give Iheir time freely and no dY&tor red remuneration in ihe year for their trustee responsibUiti8S. Detsils of all d[red0. remun8rati(m and benefts are disclosed in not8 9 to the aca)unts. The pay of s8nior staff is revI8v1 annually. RISK faANAGEMEKr A Risk Regisier is run by the TrusL Thls identifies and assesses the bLtsiness risks. It ts revIeV every three nnthS and updated as appropriate. Page 4
THE iaNGS THEATRE TRUST uMrrED REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2024 STRUCTURE, GOVERNANCE AND MANAGEMEHr Governlng do¢umont The trust is a oxnpany limited by guarantee govemed by ts Memorandums and Arbdes of Association. li is registered as a chartty with Charity Commission. Recruitment and appoinlment of new tnteeS The directors of The Kings Th8atre Trust Limited are aso charity trustees fv purpose of charity law. Generally, no person other than a trustee reb'ring by rotatic. shall be appointed or reappointed a trustee at any ganaral meeting unless a recommended by the Iwstees. Induction and tralnlng of new trustees Trustees are regularly brief on thelr legal 4jbligati( and meet key employees and other trustees. They are wulatly provided with management accourrts, business plans and releyant governan do(>Jmentstion. REFERENCE AND ADMINISTRATIVE DEfAILS Reglstered Company number 03983443 (England and Wales) Registered Charity number 1088254 Registered office The Kings Th8atr8 Albert Road Southsea Hampshire P05 2QJ Truslgos R Hasker I Pratt D Repton DTGant Dr G Morgan R P8ck P Woolf Mrs P Prescott Cllr H L Mason Ms M Costa G Quar Restgned 21 JLAY 2024 Resigned 1 January 2025 Apponled 8 Septents 2023 Appointsd 11 June 2024 Chlof Execut[ Officer P Woolf R Pearce Resigned 31 January 2024 AppOted 31 January 2024 Audltors MolS Crocker Limited Chart8red Accountants Statutory Auditors stati House North Str1 Havant Hampshire P09 1QU Page 5
THE KINGS TTrEATRE TRUST UMTfED REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2024 REFERENCE AND ADhMI4STrAmVE DEfAILS Bankers Handelsbank8n PIC Ground Floor 1000 Lakeside North Hart)our Westem Road Portsmouth PO8 3EN STATEMENT OF TRUSTEES. RESPONSIBILMES The trustees (who are also the diredors of The l(mgs Th&e Trusl Limited for purposes of ca)mpany law) are responsible for preparing the Rewt of the Trustees and the finanaal statements in accordan with applicable law and United Krwom AccwntiTrJ Standartts (United lfjrydom Gwa1 Apted A(xxyJrtrKJ Practice). Company law requires the trustees to prepare financaal slatements for each finanraal year vthich giv8 a true arKI fair vi8W of the state of affairs of the tharitable company and of tha inccning rwurcas arKI application of resources. including the income and expendiiur8. of the chartlable )MpanY for that Fwicxj. In preparing thos8 financial statements. the trusiees are required to select suitable a¢countir¥J [dIS and then apply them consistwty, c&serve the methods and prinaples in Ihe Chaiity SORP; make judgements and estimates that are reasMatA8 a1 PTudent prepare tha finan<xal slatements on the g)ng cx)nom t*Si8 unless it is viapprDpriate to presume t the charftable cornpany will continue in business. The trustees ar8 r8spMsible for keeping proper acwunbng rrdS whrch rf10$e wtth reasonable accuracy at any lime Ihe finan1 position of the charitable ¢x)mpany and to enable thern to ensure that the finanaal statements comply with the Companies Ad 2(X)6. They are also respMslble fty safeguardlng the assets of the charitable company and han for taking reasonth steps for the preventi[ and dete(knn offraud and other ryularities In so far as the trustees are awar8: there is Th) relevant audit infornwuon of the charilable Ixynpansls audliots are unaware. arKI the trust888 have taken all steps Ihat they ought to have tsken to make themselves avrare of any relevant audit infonnatlon and to estsblk8h that the auditors are aware of that inf0MtiOn. AUDrroRS The auditor5, Morris Crocker Limited. will be proposed for re4ppointrnent at the forihcoming Annual General Meetlng. AFproved by ordar of the board of trustees on .. - .. and signed on ts behalf ty. D R8Pton - Trustee Page 6
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF THE KINGS THEATRE TRUST UMrrED Opinion We have audited the financaal statem8nts of The lfjngs Th8atre Trust Ltmiled (the 'tharitabl& company) for the year endgj 31 August 2024 whlch comprise the Statement of Financial ActW5tres, the Balan Sheet, the Cash Flow Stat8ment and notes to 1h8 financial statements. induding a summary of &gnifiGant a¢¢wnting policies. The financial reporbng framework that has been applied in Iheir preparation is applicable law aThJ United lfjngdom Acct)unling Standards (United lthgdc#n Generally Ac£epled Accounting Praciice). In our opInn the financial statemertts: give a true and fair view of the state of tt)e tharItab cfflipanvs affairs as at 31 August 2024 and of its incoming resources and application of resouros. indLKIlr its incorrE and expenditure, for the year then ended. have b88n properly prepared in accordan(x ¥th Untied KI1gd Genèrdty Accepted Accounting Practice., and have been prepared in accordance with tha r8quirements of the Compani8s Act 2006. Basis for opinion We conducted our audit in accordance Vth Internatial Standatds on Auditing (UK) (ISAS (UK)) and applicable law. Our responsibilities under those standards are further described in tr AJJditors' responsibileS for the audit of Ihe financial statements section of our report. We are irmdependent of the dritable MpanY in accx)rdance with the ethical requlramants that are relevant to our audit of the financial statements in the UK induding the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained sufficient and appropriale to provkle a basis f(Y our Onlon. Conclustons relating to golng concern In auditing the financial statements, we have (xjnduded that the tru5tees' use of the sK)ing concem basis of ac(x>unting in the preparalion of the financHI statements is appropriate. Based on the work have perfd. we have not identified Material UnrtaIntieS relating to events or condittons thaL indtviduatty or collectively. cast signtfic2nt doubt on the ctharitab18 rx)mpanWs ability to continue as a going conlxm for a p8riod of at least 1Ve mwths from when th9 firwla1 slatements arg authIsed for tssue. Our responsibiltiies and the re5ponsibilthes of Ihe truslees with respect to wing are desibed in the relevant sections of this reFth. Other infomiatt<Jn Th& trustees are responsible for the other information. The other inft)mtion (x)mprises the information induded in the Annual Report, other than finanrial statements and our Rewrt of the IndeFendent Auditors thereDn. Our opinion on financial statements does not )ver the other Inforncffl and. except to th8 extent oth8rwis8 exldY stated in our report we do not express any fomi of assurance o)nclusion Ihereon. In connection wth our audit of the financaal statements, our responsibtlty is to real the olher information and, in doing so, consider whether the other infomiation is materialty ino)nsistent with the financ4al ststements or our knowledge obtained in the audit or otherwise appears to be materially misslated. If we identify such material inconsistencies or apparent material misststements. we are required to detennine vthetheT this gives rise lo a material misstatement in the financial statements themselves. If. based on Ihe Vrk we have prom7ed. we (xmdude that there is a material misstatement of this other InfOation. we are required to report that fact. We have nothing to report in this regard. Opinlons on other matters prescrlbed by the Companles Act 2006 In wr opinion, based on the work urKJertaken in the course of the audit: Ihe infom)ation gNen In the Report of the Trustees for the finla1 year for whith the fjnancial statements are pr8pare(l is consist8nt the financial statements." and the Report of the Trustees has been preparwj in aC0xdan wlth applrcable legal requlremen Page 7
REPORT OF THE INDEPENDEKf AUDrroRS TO THE MEATERS OF THE KINGS THEATRE TRUST UMrrED Matters on whlch we arn requlred to rnport by exceptlon In the light of th8 knedge and understandirKJ of the dritable fipany and its envirment obtained in the course of the aud1( w8 have not identtfied material mlsstatements in Ihe ReFX)rt of the TNstees. We have nothing to report in respect of the folkmng matters where the Companies Act 2006 requires us tc report to you rf, in our opinion: adequate accounting 1PrdS have not been kept or relums adequale fDr our alit have not been recerved from branches not visited by us. or th8 financial statements are not In agreement with the 8(UThting rerdS and retums: or certain disclosures of trustees. remuneralion $ified by law are not m&Je" or have not receNed all the infomation and exF4anations require for cr audit or the trustees were not entitlwj to tske advantage of Ihe small companies 8xempiion from the requirement to prepare a Strategic Report or in preparir¥J the RerK)rt of the Tfust Responsibililios of trustees As explained mor8 fulty in the Statement of Tmstees. Responsibilities. the trustees (who are also directors of the ¢harftae company for the purkK)ses of company law) are responsible for the preparalion of the financaal statements and for being satbfied that they gNe a ttue and fair wew. and for such Int8mal crMtrol as th8 trJstee5 determine is nec8ssary to enab18 the prpparation of thala7 State[nts that are free from materlal mlsstatsm8n( Ytheth8r due to fraud or error. In preparing the financial statements, the trustees are responsilje for assessing the charitable (x)mpany's abiltty to continua as a going concem, di8dosing, as applicable. rnattS related to goNng concem and using the going (x)nc8m basis of accounting unless the trustees either intend to liquidate the charitable CLxmpany or to cease operations. or have rv) realistic altemathve but to do so. Page 8
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF THE KINGS THEATRE TRUST UMITED Our responsibilities for the audit of the financial statements Our objectives are to obtain reasonable assuran about whether the financial statements as a whole are free from material misststement, whether due to fraud or error, and to i&8ue a Report of the Independent Auditors that includes our opinion. Reasonable assuran is a high level of assurance, bul is not a guarantee that an audit conducted in accordan wtth ISAS (UK) will aknys detect a material misstatement when tt exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they Gould reasonably be expected to Influen the economic decisions of user5 taken on thè basis of these financial statements. The extent to which our procedures ar8 capable of detecling irregularities. including fraud is detailed below: From discussion wfth management and those charged with govemance irfforniation about the entity is documented to asses5 the actmty wrthin the organisation. INe discuss management's assessment of risk in respect of irreguLarities, fraud and going concern. Based on these discussions and our own a5sessrrEnts we determined that the key risk areas We income re(wnttrcn in respect of cut off issues and management override conceming the size of the organisation. We set financial statement materialty levd based on the level of inu)me. As a not for profft organisation raising income is its primary focus which is why income was used to delennine the level of materiality. Our overall assessment of risk was used to detennine performance malerialty at an appropriate level. Substantive audit tests were designed after assessing and perfomiing walkthrough tests. The walkthrough testing confimied documented systems which have been designed to act as a preventative measure against fraud and error which appear to be operating as documented. Substantive testing tested a sample of the population. representatNe of the population, to id8ntfy errors. The testing not identfy any mat8rial misstatements in areas tested. Audit substantive tests conduded rK) material errors over the key risk areas of income recognitron and management override. The audit considers the organisation is not exposed lo material risk of error as a resuFt of assessing laws and regulatlons that are appropriate to the OrganatiOn. Management assessed there is no going concem risk. The audit undertook a rewew of budgets, management accounts and the r8vi8w of board minutes and carre to the same conclusK)n as manaJement. A fiJrth8r d8scripb.on of our responsibirrties for Ihe audit of the financial statements is located on the Financial Reporting Council's websrte at WW¥V.frc.org.uklauditLYsresponsibilities. This descriptDn forms part of our Report of the Independent Audiiors. Page 9
REpoErr OF THE INDEPENDEpif AUDITORS TO THE MEMBERS OF THE KINGS THEATrE TRUST UMITED Use of our report This r8POrt is made solely to the charitable companrfs members, as a l>)dy. in accordance with Chapter 3 of Part 16 of the Companies Ad 2006. Our audit work has been undertaken so that we might state to the charttable companys member5 those matters we are required to state to them in an auditors. report and for no other purpose. To the fullest extent pernitied by law. we do not accept or assume resFonsibility to anyone other than the charitable company and the charitable company's members as a body, for our audit work. for thts report, or for the opinions we have formed. Paul Underwood (Senior Ststutory Auditor) for and on behalF of MC Audtt Limited ststutory Audiiors Station House North Street Havant Hampshire P09 1QU Page 10
THE KINGS THEATRE TRUST LIMrrED STATEMEKf OF FINANCIAL ACTivmES {INCORPORATING AN INCOME AND EXPENDMJRE ACCOUNT) FOR THE YEAR ENDED 31 AUGUST 2024 2024 Total funds 2023 Total fijnds Unrestrl(ed Designated Restrtct8d funds funds INCOME AND ENDOWMEpirs FROM Donations and lagacies 115.442 115.442 134.424 Charitable actmties Operath)n of the theatre Ancillary trading Education 2,524.754 525,291 6,400 410.128 2.934,882 525.291 6,4Tr) 2,436,391 488,309 7.726 Investsnent income 111.655 111,655 41.476 Totsl 3.283.542 410.128 3.693.670 3.108.326 EXPENDITURE ON Charltable actlvltl88 Operatlon cf the theatre Ancillary trading 2.925.743 172.074 2.925.743 172,074 2.370.042 158,703 Total 3.097.817 3.097.817 2,528,745 NET INCOME Transfers betwoon funds 185.725 4.539 410,128 595,853 579,581 22 {4,539) Net movemont in funds 190.264 410,128 <4,539) 595,853 579.581 RECONCILtATtON OF FUNDS Total fijnds brought forniard 1.363.233 483.474 4.539 1.851,246 1,271.665 TOTAL FUNDS CARRIED FORWARD 1,553.497 893.12 2,447.099 1.851,246 The notes fcffii part of these financ4al statements Pag811
THE KINGS THEATRE TRUST UMrrED (REGISTERED NUMBER: 03983443) BALANCE SHEEr 31 AUGUST 2024 2024 2023 FIXED ASSErs Intangle assets Tangibk assets 12 13 2.390 384,125 293.150 386.515 293,150 CURRENT ASSErs Slocks Debto Cash at bank and in harn 14 15 16 10207 145,150 3,750.690 19,095 155.925 2,970,682 3.9)6.047 3.145,702 CREDrroRS Amounts falling due within one year 17 {1.829.630) {1.561,773) NEf CURREpff ASSErs 2.076,417 1.583.929 TOTAL ASSETS LESS CURRENT LIABILMES 2.462.932 1,877.079 CREDITORS Amounts falling due after more than one year 18 (15,833) (25,833) NEf ASSErs 2.447,099 1.851.246 FUNDS Unrestricted furKIs: General fiJrKI Desiated Bulldlng Restoratton fwKI 1,553.497 893,602 1.363,233 483,474 2.447.099 1,846.707 Restricted funds 4.539 TOTAL FUNDS 2,447,099 1,851.246 These financaal statements have been prepared in accordan with the provisions applitsble to charitable companies subject to the small companles regimè. The linanaal statefnents were approved by the Board of Trustees arml authoriSl for issue 2 ff .. and were signed on its behalf by: D Repton - Trustee Tha rKJtes fom) part of these flnancial statements Pag8 12
THE KINGS THEATRE TRUST uMrrED CASH FLOW STATEMEKr FOR THE YEAR ENDED 31 AUGUST 2024 2024 2023 Cash flows from operating activities Cash generated from operations 846.759 1,203,326 Net cash p>VIded by operaling activibes 846.759 1,203,326 Cash flows from Investing activities Purchase of intsnglble fixed assets Pur&ose of tangib red assets Interest receiv8d (2.750) (165.P)56) 111.655 (98,715) 41,476 Net Lxsh used in investing actIbeS (56.751) (57.239) Cash flows from finandng actmtles Loan repayTrents in year (10,000) {120,240) Net cash used in financing aclivitses {10.IJXI) {120,240> Change in cash and cash equivalents in the reporting period Cash and cash equivalonts at the beglnnlng of the reportlng period 1.025.847 2.970,682 1.944,835 Cash arKI cash equivalents at the end of the reporting period 3.750.690 2.970.682 notes fonn part of these anCIal slaiements Page 13
THE KINGS THEATRE TRUST uMrrED NOTES TO THE CASH FLOW STATEMENT FOR THE YEAR ENDED 31 AUGUST 2024 RECONCILIATION OF NEf INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES 2024 2023 Not income forthe reportlng p•rkxl (as per tho Statwnenl of Flnanclal Actfviti•s} Adjustments for: Depreciation charges Interest received Amortisation d)arges Decreasel(In¢78ase) in stocks De¢reasel(in¢yeasel in debtrKs Increase in creditors 595.853 579.581 74,681 (111.655) 67,396 (41,476) 8.888 10,775 267.857 (7,391) (54,653) 659,869 Net cash providèd by operations 846.759 1,203,326 ANALYSIS OF CHANGES IN NEf FUNDS At 1.9.23 Cash kn At 31.8.24 Net cash Cash at bank and in har¥J 2.970.682 780,008 3,750,6 2,970,682 780,008 3,750.690 Debts falling due rythin 1 year Debts falliro due after 1 year (10.(NJO) (25.833) {10,000) (15.833) 10.000 (35,833) 10,000 (25.833) Total 2.934.849 790,008 3.724.857 The notes fn part of these finanoal ststements Page 14
THE KINGS THEATrE TRusf LparrED NOTES TO THE FINANCIAL STATEMENTS FOR ThE YEAR ENDED 31 AUGUST 2024 ACCOUKnNG POUCIES Basis of preparing the financial ststements The financial statements of the charitable company. whith is a wblic benefft entity under FRS 102. have been prepared in accordance with the Charibes SORP {FRS 102) 'AccountirMJ and Rerx)rting by Charities.. Statement of Re(xJrnmended Practice applicable to dBrtttes preparing thr aUrts in accordan yth the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 102) {effeGttve 1 January 2019),. Financial Reporting Standard 102 The Finandal Reporling Standard appltcable in the UK and Republic of Ireland, and the Companies Act 2006. The ffinancial statements have been prepared under the historical (x>st convent'on. Golng concern The trustee directors consthr that there are no rnaterial uncertainties regarding the chariiable companys ability to continue as a going conc. Incomo A]1 income is recognised in the Statement of Financial Activi On the ¢hartty has entiuement trj the funds, It is probable thal the income will be received and the anKJunt ran be measured r81iably. Incx)me from the box Offi is indud8d nel of the payments made to prwioters. VolunteerJ and d¢)nai8d services Tha value of services prowded by volunteer5 IS mt in(x)Tpora18d into Ihese financial Statents. Ilvhere g1$ or Servi are provided to the d)Y as a th)nakn that would nomialty be purchased fn)m suppliets, these &trIbUtIonS are indudgj in the ffinani?al slatements at an estimate based on the value of the ¢ontrlbutlon to the charity. Expenditure Liabilikn are recc•Jnised as axpendtture as soon as there is a logal or mnstructiV8 obfigatton committing the charity to that experKltlurE, it is probable that a transfer of economic benefits wÈll b8 requir8d in s8tt18ment and the amount of the obligation be measured reliably. Expenditure is anted for on an a¢¢wals basis and has been classified under h&2dings that aggregate all rA)st related to the category. Wh8re costs cannot be directy attribuied to particular headings triey have been allotsted to activities on a basis (x)nsistent with use of resourcas. Irrecoverable VAT Th8 Trust is partialty exempt ft)r the purFKJse VAT Iherefore Irre(X)ble VAT arisiry on some wrchases is written off to the Statement of Fhanaal ACtvIS as it (xxwrs. lThtsnglble fixed assets Intangible fixed assets aro amortised on a straight line tlS over thelr estimated useful a]nnIC lives. which is considered to be 5 years. Tanglble flxed assets Depreciation is probided at the folkjwing annual rates in order io vKite off eath asset (wer its estimaled useful lrfe. Freehc4d propety Improv8ments to property Plant and machinery FlureS and fittings Computer equipment 2% on cost 10% on cost 20% on cx)st 20% on cost 33.33% on <x)st Indiwdual fixed assets costlng £250 or more are PItalISed at C4)sL Page 15 continued...
THE KINGS THEATRE TRusf LIMrrED NOTES TO THE FINANCIAL STATEMEPtrs - continued FOR THE YEAR ENDED 31 AUGUST 2024 ACCOUNTING POUCIES - cantlnuod Stocks Stocks are valued at Ihe Icwer of cost ar#d [t liSable value. after making dL 8llowanc8 ft)r obsolete and slow nThJvlng tiems. Taxatlon The charity is exempt from c¥Nwation tsx on its tharilable acliviles. Fund accountlng Unrestricted funds b8 used in a¢>xthts with th8 chariiabla objiNeS at the dismtion of the tNstees. Designated funds a set LP then the Irusteas wsh to alkM2te lo 5ffic prcts. Restricted funds can only be used for particular restricled purposes within the objects of the charity. Restrictions arise en speafied by the dornr or funds are raised for partIlar restslcted purposes. Further explanation of ts naknre and PUTpose of eath fund Is inckM18d in the rK)tes to the finanoal slatements. Pension costs and othor post-relir•m•nt beneffts The charitable (MpanY operates a defined o)ntrltrJJUon penslon scheme. CtributIOnS payable to the charitab18 companV5 penslon $the are charged to Statement of Financia Aciivib'8s in th8 period to vthich they rèlat8. Financial instruments The charity only enters into basic financial instruments trarnsactions Ihat reslrtt in the recognikn'on of financial assets and liabiltlies lik8 trade and other accounts receivable and payable investments in sthk5 arKI sharas. The measurement basis use tr these financial instruments is detailed bekMT. DebtOTS Trade and other debtors are rec¢yJnised at the ement amount du8 aft8r any trade discount offered. Pr8paym8nts are Vaed at Ihe amount kyepaid net d any lde discounts due. Cash at bank & in hand Cash at bank and in hand includes (ash held on d8kX)sit or in 8 aC)unL Credltors and provisions Creditors and provis#Th are r&Jignised where the thartlable company has a presenl obligation resultlng from a past event that will prd)ably r8suIt in the transfer of fvnds to a third paty and the amount due to settle the obligation be measured or estimaiad reliably. Credttors and provisions are ncmaly re(x)gnised at their setdement amcrfjnt after alkning for any trade disctiunts d. Pag8 16 continuad...
THE KINGS THEATRE TRUST LIMrrED NOTES TO THE FINANCIAL STATEMEKfs- contlnued FOR THE YEAR ENDED 31 AUGUST 21)24 DONATIONS AND LEGACIES 2024 2023 Donalions and legacies Grants Donat8d servKes and facililies 52.442 58.424 61.000 15,000 15.000 115.442 134.424 t)onated serA¢es relate to IT services of £15.0(X) (2023: £15.000) provided to the charitable company without charge during the year. Grants received. induded in th8 aLK>ve, are as ftAIows: 2024 2023 Operatlonal grants r1Vable 48.000 61,(K)O INVEsfMENT INCOIAE 2024 2023 Deposit account interest 111.655 41,476 All investment income is d8rtved from assets held in the Uniled Kingdom. INCOME FROM CHARrrABLE ACTivmES 2024 2023 Box iJffic8 sales and recharges Op8ralÈon of the theats Anrillary Trading Ancillary trading Education and Y(MJth iome Educlon 2,934.882 525.291 6,400 2.436,391 488.309 7.726 3.466.573 2.932,426 The box office sales of £2.934.882 {2023: £2.436.391) r8pr8S8nts the theatre's share of the total production income, after payments to promotets. The gtDss prltiOn income is £3.714.817 (2023: £3.028.321}. Pag8 17 ntinued...
THE KINGS THEATRE TRUST L[> NOTES TO THE FINANCIAL STATEIAEltrs- conlinued FOR THE YEAR ENDED 31 AUGUST 2024 CHARrrABLE ACTivmES COSTS Direct Support CA>sts (see costs (see note 6) rK)t8 7) Totsls Operation of Ih8 theatre Ancillary traling 2,TT6.299 172.074 149,444 2.925.743 172,074 2,948,373 149,444 3,097.817 DIRECT COSTS OF CHARrrABLE ACTtvrriES 2024 Staff sts Rates and Nvat8r Insurance Light arvJ heat Bad debls Sundries Minor building Projects Edu&10 $ts Training costs Cleaning csts Routine repairs IecoVerable VAT Big Fxoject (x)sts Show production o)sts Anryll8ry tradirvJ expenses T8chnical and IT Mark8tirg Bank charges D8pre¢iation 1.276.899 19.414 1.127,023 15.433 46,950 43,196 6.968 14,805 43,462 20.910 43,477 12,419 31,612 76,756 107.022 785 664.338 172.074 46.113 159,462 122.572 75.041 27.023 25.980 77.033 3,961 449.354 158.703 49.043 186,332 115.619 67.396 2.948,373 2,465,349 SUPPORT COSTS Govemanca Managemenl TotaEs Operation of the theatre 58.702 90,742 149,444 Page 18 connu8d...
THE KINGS THEATRE TRUST LIMITED NOTES TO ThE FINANCIAL STATEMEpifs- contlnuod FOR THE YEAR ENDED 31 AUGUST 2024 SUPPORT COSTS - continued Support costs. induded in the above. are as ftll Management 2024 Owation of the theatr8 2023 Total aCt[lIeS Teleph Po*age and stationery Sundri8S Health and Saf8ty 12.987 5.335 25,343 15,037 17.507 5,077 4.777 8.497 58,702 35.858 Governance ¢osls 2024 Operation of th8 2023 Total activities Auditors, remuneratton Actountancy arKJ gaI fees 7.210 83.532 7.000 20.538 90.742 27,538 NEf INCOMEI(EXPENDrruRE) N8t in(xJm8J{expenditiJre) is stated after chargitW(crediling): 2024 2023 Auditors. remuneration Depreaation . owned assats Website costs amortIsa0n 7,210 74.681 360 7,000 64,185 3.231 TRUSTEES. REMUNERATION AND BENEFITS There ware no Tte0'S receNing renvJnera1R beneffts (2023: Nil) duftg the year. Page 19 continued...
THE KINGS THEATRE TRUST LIMrrED NOTES TO THE FINANCIAL STATEMEKfs- continued FOR THE YEAR ENDED 31 AUGUST 2024 TRUSTEES, REMUNERAlloN AND BENEFtrs - conlinued No trusta8s (2023: Nil) were reirnbur5ed out of pocknt expen tolalling £Nil (2023: £NI) during the year. 10. STAFF COSTS 2024 2023 Wages and salarie5 soal security Ernployers pension costs 1.150.363 105.312 21.224 1,038,158 71,535 17,330 1,276.899 1,127,023 The average monthty number of employees during the r vrds as follow 2024 12 87 2023 11 Admini8tratiV8 Staff Operational staff The number of employ88s wh¢)se amployee benefft5 {exduding nploYer pension o)sts) èxc68d&J £60.000 2024 2023 £60.001- £70,000 Key Management Personnel The key management perSne1 of the charitable )MpanY (x)rnprises the Head of Tech arrtl Faciltbas, the istic Director arKI the Head of People arKI Culture. The total cons%l8ratw)n paid and 8mptoyee remuneration and beneffts of the key manag8ment per8onn81 of the tharity was £190,032 {2023'. £157.665). 11. COMPARATIVES FOR THE STATEMEp¥f OF FINANCIAL ACTivrnES Unrestric*ed Degnated funds Restrlcted furKts Totsl funds INCOME AND ENDOWMEKfs FROM Donatr'ons and18gacies 134.424 134,424 Charitsble activities operat of the Iheab Ancillary trading Education 2.145,905 488,309 7,726 2,436,391 488,309 7,726 Investrnent incom8 41.476 41,476 Total 2.817.840 3.108,326 EXPENDITURE ON Page 20 continued...
THE KINGS THEATRE TRUST UMrrED NOTES TO THE FINANCIAL STATEhlEPtrs- contlnued FOR THE YEAR ENDED 31 AUGUST 2024 11. COMPARATIVES FOR THE STATEMEpif OF FINANCIAL ACTIVrnES- continued Unrestricted Designated funds Restricied Totsl funds Charitable activities Operation of the thaar8 cillary trading 2.369,691 158.703 351 2,370,042 158.703 Total Z528.394 351 2,528.745 NEf INCOMEI{EXPENDITURE) 289.446 290.486 (351) 579.581 RECONCIUATION OF FUNDS Total funds broughl forward 1,073.787 192.988 4,890 1,271.665 TOTAL FUNDS CARRIED FORWARD 1.363233 483,474 4,539 1.851,246 IKrANGIBLE FIXED ASSErs Website COST At I September 2023 Additions 24,230 2.750 At 31 August 2024 26.980 AMORTISATK>N At 1 Septernber 2023 Charge for y8ar 24,230 360 At 31 August 2024 24.590 NEf BOOK VALUE At 31 August 2024 2,390 At 31 August 2023 Page 21 continued...
THE KINGS THEATRE TRusf LhirrED NOTES TO THE FINANCIAL STATEMEKfs - ¢ontlnued FOR THE YEAR ENDED 31 AUGUST 2024 13. TANGIBLE FIXED ASSETS Improvements Freehold property ptant and machinery property COST At 1 September 2023 Additions 141.783 1,892 84.597 At 31 August 2024 141.783 161,666 1.892 DEPRECIATION At 1 September 2023 Charge for year 31.208 2,835 50.748 10.993 1,323 378 At 31 August 2024 34.043 61.741 1.701 BOOKVALUE At 31 August 2024 107,740 99,925 191 At 31 Aust 2023 110.575 26.321 569 FLXtures and fittings Ccmwter equipment Tots COST At 1 September 2023 Additions 293,658 74,748 575,356 165,656 6.311 At 31 August 2024 368,404 67,267 741,012 DEPRECIATION At 1 Septembar 2023 Charge for year 151,789 53.827 47.138 282,%)6 74.681 At 31 August 2024 205,616 53,786 356.887 NET BOOK VALUE At 31 AugLtst 2024 182.788 13,481 384.125 At 31 August 2023 141,867 13,818 293,150 Pag8 22 contlnuad...
THE KINGS THEATRE TRUST UMtrH) NOTES TO THE FINANCIAL STATEMEKfs- conllnued FOR THE YEAR ENDED 31 AUGUST 2024 STOCKS 2024 2023 10.207 19.095 15. DEBTORS: AMOUNTS FALLING DUE wrrHIN ONE YEAR 2024 2023 Trade debtors Other debtars VAT 28.452 91.622 25,076 56.487 83,766 15.672 145.150 155,925 16. CASH AT BANK AND IN HAND Within the cash balare of £3.750.690 (2023: £2,970.682) is £1.433.956 (2023: £1.332.575) ring fenced in respect of advanced ticket sales. 17. CREDITORS: AMOUFs FALLING DUE WTfHIN ONE YEAR 2024 2023 Bank loans and overdrafts (see note 19) Trade uedltors SoGial ul)fy and ottw taxes Olher creditors Deferred income 10.000 2S.904 19.257 340,513 1.433.956 1Q.000 59.605 19.995 139,598 1,332,575 1.829.630 1,561,773 Deferred income represents income received in advanrA for tickets fDr sFK>ws in the next financial year. 2024 2023 Brought foTWdrd Amount r8thsed to incoming resources Amount deferred in year 1,332,575 651,162 {3.864.262) (3.059.876) 3.965.fA3 3.741.289 Carried forward 1.433,956 1.332.575 Page 23 continued...
THE KINGS THEATrE TRUST UMTfED NOTES TO THE FINANCIAL STATEMEiifs- conunued FOR THE YEAR ENDED 31 AUGUST 2024 18. CREDITORS: AMOUNTS FALLWIG DUE AFTER PAORE THAN ONE YEAR 2024 2023 Bank kAns {see nota 19) 15.833 25,833 19. LOANS An analysis of the maturity of klans is given bd(w. 2024 2023 knounts falling du8 Wtthin one year on demand: Bank loans 10.000 10,000 Amounts fallitvJ due betsn two arKI fve years: Bank loans- 2-5 year5 15.833 25.833 20. LEASING AGREEMENTS Minimum lease paynts under no(nlIable opernty leases fal due as foll(w8: 2024 2023 Wrthin on8 year Btheen one and five yews 4.251 5.559 21. ANALYSIS OF NEf ASSETS BEfwEEN FUNDS 2024 Total funds 2023 Total funds Unr8stricted Degnated funds fijnds FLxed assets Current assets Current liabililies Long tem liabilitss 386515 3.012.445 (1.829.630) {15,833) 386.515 293.150 3.906.047 3,145,702 (1,829.630) (1,561.773) (15,833) {25.833) 893.602 1,553,497 893,602 2.447.099 1,851.246 Page 24 ntilI...
THE KINGS THEATRE TRUST LIMrrED NOTES TO THE FINANCIAL STATEMEiifs . ¢onOnued FOR THE YEAR ENDED 31 AUGUST 2024 MOVEMEKf IN FUNDS Net )vement in funds Transfers belen funds At 1.923 31.8.24 Unrestricted fvnds General fund Designated Building Restoration fl1 1,363.233 483.474 185,725 410,128 4.539 1.553.497 893,602 1.848.707 595.853 4.539 2,447,099 Restrlcted funds Feasibilty study (4.539) TOTAL FUNDS 151.248 595,853 2,447,099 Net movement Én funds. indudad In th8 abov8 ar8 as follo Incoming Resour Movement expended in fvnds Unrestrictéd funds General fund Designated Building Restoration furKI 3.283.542 410.128 (3,097,817) 185,725 410,128 3.693.670 (3,097,817) 595,853 TOTAL FUNDS 3,693,670 (3,097,817) 595,853 Comparatives for mmment In funds Net At 1.9.22 In funds 31.8.23 Unrestricted funds G8n8fdl fund Desjgnated Bulldlro Restoratton fund 1.073.787 192.988 289.446 1,363.233 483.474 1,266,775 579.932 1.846.707 Restrlcted funds Development Project Fund Fe05ibilty study 351 4.539 (351) 4.539 4.8 {351) 4,539 TOTAL FUNDS 1.271.665 579,581 1.851.246 Page 25 continu8d...
THE KINGS THEATRE TRUST uMfTED NOTES TO THE FINANCIAL STATEMEKfs- contlnued FOR THE YEAR ENDED 31 AUGUST 2024 MOVEMENT IN FUNDS - continued Cornparative net movement in funds. IndUd in the above are as foucws: Inu)mir¥J Resources Movement in funds Unrestricted funds General fund Designated Building Restoration fund 2.817.840 290.486 (2.528,394) 289,446 290.486 3,108,326 (2.528.394) 579,932 Restricted funds Development Project Fund (351) (351) TOTAL FUNDS 3.108.326 (2.528.745) 579,581 Buildlng Restorallon Fund This is a dgnated unrestrlded fund to be used for the tinUed repair and restoratbn of the theatre. Dovelopment Project FurKI This fund relates to the proposed DeVelopnt Project to take the devd4)mert of the theatre foThYard over the next 5 years. Transfers batn funds Transfers between funds are made to cover tha shortfall on restricted funds. EMPLOYEE BENEFrr OBLIGATIONS The d)arftable company operates a defird contrut1)n stheme. Th8 (x)sts to the eharitable company for the year was £21.224 {2023: £17.330). At the year end the ¢aritable company £3.750 {23. £3.652) to the scherne. CAprrAL COMMrrMENTS During the yèar the charitatle company made a financml nMItMent to Wisual Digilal Lld for Ihe design of a new bsIte forthe Iheatre. A totsl of £11.000 was mmItted to. An initial Invoice was reIVed from Visual IglIal Ltd ts £2.7S) on the 5th January 2024. Therefore the remainir¥J commitrnent at the year end was £8,250. Page 26 cx)ntinued...
THE KINGS THEATRE TRUST UllItTED NOTES TO THE FINANCIAL STATEMEKfs - contlnued FOR THE YEAR ENDED 31 AUGUST 2024 RELATED PARTY DISCLOSURES During the year. th8 Trust hired lighting equipment and made purthases totalling £406 (2023.. £52) from ITP Lighllng knmited. a busin8ss partly owned by ftymer trustee, I Pratl. Al th8 year end, the Ttust owed £nil (2023: £nil) to ITP Lighling. These transadions were on an ami's length comm8rcial bask8. 26. ULTIMATE CONTROLUNG PAIUY The ¢haritab18 CoMpY is not under Ihe wntrol of another entity or any one individual. 27. LEGAL STATUS OF THE CHARITABLE COMPANY The Ghaiity is a company limited by guarantea and has m share catmtal. The maximum liabilty of each member in the event of winding up is limited to £10. SUBSEQUENT EVENT On 30 April 2025. The lfjngs Theatre Trust Lirniled became the sole member of The New Theatre Royal Truslees (Portsmuth) Limit1, effectively bringing the operalions of the Iwo theatres under wmmon control. The merger forn part of a strategic initiative to str8ngthen aTrxl enhan(E wltural offerit¥Js wTrthin the city of Portsmouth. As the tran&2ction occurred after tha year end. it is tr8ated as a non-adjusting subsequent evenL Acfx>rdingly. finanaal effects of the merger have rb)t been rellected in these financial statemants. The trustees will assess and r8WXt th8 finanal and operational implicatic>n5 of the merger In the financial statements for the year erKling 31 August 2025. Pag& 27