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2022-03-31-accounts

REGISTERED COMPANY NUMBER: 1983586 (ENGLAND AND WALES) REGISTERED CHARITY NUMBER: 1092029

REPORT OF THE TRUSTEES AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2022 FOR MIRACLE THEATRE TRUST LIMITED

Lang Bennetts The Old Carriage Works Moresk Road TRURO Cornwall TR1 1DG

MIRACLE THEATRE TRUST LIMITED

CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2022

Page
Report of the Trustees 1 to 5
Independent Examiners Report 6
Statement of Financial Activities 7
Balance Sheet 8 and 9
Notes to the Financial Statements 10 to 18
Detailed Statement of Financial Activities 19 and 20

MIRACLE THEATRE TRUST LIMITED

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST MARCH 2022

The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 March 2022. The trustees have adopted the provisions of 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 2019).

REFERENCE AND ADMINISTRATIVE DETAILS

Registered Company number 1983586 (England and Wales)

Registered Charity number 1092029

Registered office Unit 4 Treleigh Industrial Estate Jon Davey Drive REDRUTH TR16 4DE

Trustees

Ms A Berry Chair P R Williams J M Carley A M Edmonds Ms S E Kay Mrs J E Sutherland K Harandy S Ferrie – appointed 2 December 2021 C Morse Vice-Chair Company Secretary W Scott

Bankers HSBC

Independent examiner Jonathan Mashen FCA Lang Bennetts Chartered Accountants The Old Carriage Works Moresk Road TRURO Cornwall TR1 1DG

1

MIRACLE THEATRE TRUST LIMITED

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST MARCH 2022

TRUSTEES’ REPORT 2021/22

Miracle has toured small-scale theatre to rural communities and regional places and spaces, predominantly across South West England since 1979, and enjoyed steady growth and development over those 40 years. The charity was in a strong, healthy and viable position before Covid hit. In 2019, two new productions reached audiences of over 20,000 - an increase of 13% on the previous year.

During 2021, recovering from the immediate impacts of the pandemic and with a combination of financial support, we were able to re-open and get back into production. With support from the second round of the Government’s Cultural Recovery Fund and Cornwall Community Foundation, we were able to make and tour a new family production, Starcrazy. We toured this widely, reaching many rural communities, during a summer in which social distancing, audience caution and limits on capacity were still in place to various degrees.

In addition, with a grant in place from The Foyle Foundation to help stabilise our financial position and enable us to take on the risks of producing new work, and a grant from CLLD to support the creation of The Fleapit, we produced Everyman in Autumn 2021.

Overview of artistic activity 2021/22

Starcrazy - Summer 2021 - 50 performances, 30 venues, audience reach 7,200

After a year of endless Zoom calls and entertainment via a screen, Miracle were poised and ready to create a brand-new summer show, with Bill Scott directing and Tom Adam’s music, to delight audiences on their return to life after lockdown.

Starcrazy is a gentle comedy about Stan, a quiet, reclusive individual, who spends a lot of time in his potting shed, tinkering with a very powerful radio transmitter. His attempts at communicating with folk in distant galaxies are interrupted by a new neighbour, Gwen, who has interests much closer to home. And sinister forces are at work – or are they just inspectors from the planning department?

Reconnecting with Miracle’s well-established summer network, as well as supporting smaller rural communities new to outdoor events in partnership with Carn to Cove, the show toured outdoor venues across Cornwall, Devon, Dorset and the Isles of Scilly from 4[th] July to 28[th] August 2021.

With national Covid-19 safety restrictions still in place at the beginning of the tour, it was important to liaise with the venues and local communities to ensure the safest and most comfortable experience. The box office was initially capped at 50% and on arrival, audience members were seated with two metres social distancing in place, sanitising points across the site and the NHS Track and Trace QR codes were available to scan.

As government restrictions were lifted on 19[th] July, we upped our venue capacity to 75% to enable more people to enjoy the show and everyone to still feel safe and comfortable at our events and social distancing continued to be encouraged.

2

MIRACLE THEATRE TRUST LIMITED

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST MARCH 2022 (Cont.)

An audience member commented, ““A brilliant evening watching @MiracleTheatre at @EnysGardens. Great atmosphere; everyone enjoying themselves whilst social distancing. It made me feel alive again!”

We noticed a real genuine excitement from our audiences for this tour – we had so many individuals tell us how pleased they were to be experiencing live theatre again and continue to feel safe outside.

What people were saying about Starcrazy:

“Just come home from a wonderful performance from the miracle theatre at the old vicarage in Churchtown Gwinear. Such a lovely evening. The show was brilliant and so well organised. Thank you so much”

“Good time had by all at Starcrazy by Miracle Theatre last night. All the usual silly, lovely Miracle fun and such a treat to be out imbibing a bit of culture. Catch it while you can.”

“Had a magical evening watching Miracle Theatre last night! You could say they were out of this world… 👽👽 ”

“Lovely location, great acting and so good to see people enjoying themselves outdoors again.”

“I had to write to say what an enjoyable time was had by all at Star Crazy. Having the open space worked really well and full marks to your stewards who were organized and helpful. The play was fun and the actors were excellent. Look forward to next year already!”

Everyman – Autumn 2021 – 28 performances – 4 venues – 1100 audience Adapted by Carol Ann Duffy, directed by Kyla Goodey

Although it was originally written by medieval priests as a morality play to put the fear of God into their congregations, Everyman is still frequently performed today. Over 500 years old, this story of an individual attempting to account for his life on this planet still holds its own as an extremely thought-provoking and funny play.

Now, in Carol Ann Duffy’s sparkling adaptation, it loses none of its humour and power, but grows new teeth as an uncomfortable indictment of our modern materialistic world.

Miracle’s production brings this electric adaption right into current day, exploring the traits and destructive tendencies of our contemporary Everyman. A highly skilled cast of 4, weave us through a chaotic pilgrimage, as we witness our Everyman attempting to justify his life's sins. It reflects the everyday wrong doings of today's society, holding an awkward mirror up to our role in the degradation of humankind and the planet.

Projection, live music, toys, choreography, and immersive play enhance this story of a man on the run - from the clutches of death. Taking initial influences from Adam Curtis ( Hypernormalisation BBC), Ru Paul ( Drag Race BBC), Funny Girls (Working man's club in Blackpool), fox hunting, cabaret and religious rituals, Miracle’s Everyman places life under an absurd microscopic lens, identifiable but a bit wonky.

In autumn 2021, director Kyla Goodey, brought together a strong creative team – designer Amy Pitt (Punchdrunk, WildWorks), lighting and projection designer Sarah Readman and composer Dom Coyote (Kneehigh) - to create a production that had huge impact on audiences, many of whom were returning to theatre for the first time.

“I have never been so emotionally destroyed in my life. Thank you!” - Audience feedback sheet

“Beautiful! Innovative, daring - an absolute pleasure” - Audience feedback sheet

“Thank you for bringing so much joy to a post-pandemic theatre scene” - Audience feedback sheet

“It was the most audience centred show I’ve seen in a long time. An incredible assault on the senses - beautifully directed and so cleverly constructed. Also the projections! Everything!” - Audience feedback sheet

3

MIRACLE THEATRE TRUST LIMITED

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST MARCH 2022 (Cont.)

Launching The Fleapit

The autumn tour of Everyman proved that our new portable performance space, The Fleapit, was to be a hit with audiences.

This portable pop-up auditorium creates a theatre out of thin air and can transform any large indoor space into a gorgeous and intimate performance venue. Created from re-usable elements such as second-hand aluminium scaffold poles and key-clamp fixtures, The Fleapit creates an intimate and exciting theatrical experience, while keeping audiences safely seated in separate booths.

The Fleapit enabled us to transform 5 spaces across Cornwall – helping re-open Princess Pavilion under the new ownership of Falmouth Town Council, a large shed at Royal Cornwall Showground near Wadebridge, a sell-out run at the Eden Project and St Ives Guildhall.

Its current configuration creates a socially distanced performance space, with self-contained booths for up to 7 people. This limits capacity to 84 people and we are working to find ways to increase this for Everyman and future use. 

     - “A beautiful space utilised in the most clever way”- Audience feedback sheet

Artist & Programme Development

During 2020-21 seed commissions were offered to three associate artists – Rosie Hughes, Rose McPhilemy & Dan Richards - to develop solo shows for future programming. During 2021-22 both Rose and Rosie were able to develop their shows further – with Rosie undertaking a week of R&D with director Sachi Kumara and sharing her progress with an invited audience at the Miracle Space in August 2021 and Rose McPhilemy having her further developed script on Martha Gelhorn chosen as part of Prototype in Bristol a series of scratch nights run by Bristol Old Vic and The Tobacco Factory.

Structure, Governance & Management 21/22

A small, experienced team manages Miracle with shared passion, dedication and a flexible attitude. This makes the company resilient and reliable and one which continues to punch above its weight. It consistently delivers against its business plan, often exceeding expectation, and yet is able to quickly respond to change and opportunity.

Miracle’s core management team is based on a long-established working partnership of founder and Artistic Director, Bill Scott, and Managing Director, Annie Ukleja.

Bill founded Miracle in 1979 and has since led on every aspect of its artistic output, writing or adapting and directing over 48 shows for the company. In his capacity as Artistic Director, Bill oversees artistic policy and has directed every show until now. During 2021, a key focus for Bill was leading on the Miracle Grow strand, assuming a mentoring and producing role on both Everyman & the short film, Lily (by first-time director Sally Crooks), with the objective of embedding new paths towards future creative leadership for Miracle.

Annie has worked with Miracle since 1999 as administrator, tour coordinator, General Manager and now in her role as Managing Director. She has produced over 30 touring productions for the company. She managed the Digital R&D Project, represented Miracle on the Arts Accelerator project and was the producer of Miracle’s first digital feature film, Tin . Annie is on the board of Collective Arts and Trifle Gathering Productions.

With the departure of long-term member of the management team, Communications Director, Emma Gibson, in March 2021, Miracle’s team remained flexible for the rest of the year, expanding and contracting on a project-by-project basis in terms of marketing, tour coordination, administration and operations.

During 2021, we were able to offer contracts to local, emerging “behind the scenes” talent – with Esther Wilson joining us (from Trebah Garden) as production assistant for both Starcrazy and Everyman and Ellie Woolman joining us (from Kneehigh) as Marketing & Development Coordinator.

4

MIRACLE THEATRE TRUST LIMITED

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST MARCH 2022 (Cont.)

A new team structure will be established for the future from 2022. While a flexible freelance team was the only option during the pandemic, this has put a lot of a strain and responsibility onto Miracle’s core management team. A new, talented and appropriate permanent team needs to be established in 2022, with experienced personnel across production, operations, admin, finance and marketing coming together to take Miracle into a new era.

Miracle’s core management team is well supported by a committed Board, representing a wide cross-section of arts and commercial experience. Led by a pro-active Chair, Mandy Berry, a highly experienced creative and cultural industries executive who often represents Miracle at events in London and nationally (advocating at the highest levels) the Board has most recently been joined by Sarah Ferrie (with experience of marketing and audience development from 13 years at HfC , comms experience from WildWorks and currently Budock Vean Hotel), Chris Morse (legal and HR) and Kamran Harandy (currently funding manager at Falmouth University and a long-standing Miracle advocate) all of whom are under 50.

Finance & Fundraising:

After a year of losing all potential to earn income from ticket sales in 2020, Miracle regained stability as an organisation. With solid support from core funders Arts Council England (NPO) and Cornwall Council and additional government support, including a Cultural Recovery Fund (CRF) grant, Miracle was able to survive as an organisation. Following on from this, a CRF2 grant and support from The Foyle Foundation enabled Miracle to successfully mount and tour two new productions in 2021.

Earned Income from Box Office

We budgeted our earned income for summer 2021 conservatively but optimistically for Starcrazy - at 50% of our average (over the last three summer tours). The financial outcome for this season was even more positive than expected, with earned income reaching almost £75k, over 80% of average summer income.

Our earned income for Everyman was budgeted even more conservatively, as utilised The Fleapit venue in its ‘booth’ configuration for its first outing in September, enabling a capcacity of only 84 people per performance.

These productions were created to bring people back together - safely - and will play a significant part in rebuilding audience and community confidence in live events in Cornwall. They were not profitable activities, but will served as an investment in Miracle’s future artistic growth and that of Cornwall’s events sector.

Reserves Policy & Current Position:

The Trustees policy has been to build free reserves up to a minimum of four months of forecast core running costs - £66,000 at 31 March 2022.

At 31 March 2022 the balance sheet shows unrestricted reserves of £113,767 including £73,767 of general funds and £40,000 in designated production funds. There are £2,000 of restricted funds.

The Trustees anticipate the reserves target will be sustained at March 2023, in line with the reserves policy.

ON BEHALF OF THE BOARD:

Ms A Berry – Chair Trustee

Date: 18[th] October 2022

5

INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF MIRACLE THEATRE TRUST LIMITED

Independent examiner's report to the trustees of Miracle Theatre Trust Limited ('the Company')

I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 March 2022.

Responsibilities and basis of report

As the charity's trustees of the Company (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 Company 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

Since your charity's gross income exceeded £250,000 your examiner must be a member of a listed body. I can confirm that I am qualified to undertake the examination because I am a registered member of the Institute of Chartered Accountants in England and Wales which is one of the listed bodies

I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:

  1. accounting records were not kept in respect of the Company as required by section 386 of the 2006 Act; or

  2. the accounts do not accord with those records; or

  3. the accounts do not comply with the accounting requirements of 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

  4. the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities [applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (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

Jonathan Mashen FCA Lang Bennetts Chartered Accountants The Old Carriage Works Moresk Road TRURO Cornwall TR1 1DG

Date: 4[th] November 2022

6

MIRACLE THEATRE TRUST LIMITED

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31ST MARCH 2022

Unrestricted
Restricted
funds
funds
Notes
£
£
INCOME AND ENDOWMENTS FROM
Donations and legacies
2
160,772
40,237
Other trading activities
3
2,452
-
Investments
4
-
-
Charitable activities
Productions
5
105,490
-
Other income
Job retention scheme grants
-
-
_
__
Total income and endowments
268,714
40,237
EXPENDITURE ON
Raising funds
6,500
-
Charitable activities
Productions
6
289,521
38,237
_
_
Total expenditure
295,751
38,237
_
_
NET INCOME/EXPENDITURE
(27,037)
2,000
Transfers between funds
10,152
(10,152)
_
_
Net movement in funds
(16,885)
(8,152)
RECONCILIATION OF FUNDS
Total funds brought forward
17
130,652
10,152
_
_____
TOTAL FUNDS CARRIED FORWARD
113,767
2,000		 2022
Total
funds
£
201,009
2,452
-
105,490
-
__
308,951
6,500
327,488
_
333,988
_
(25,037)
-
_
(25,037)
140,804
_____
115,767		 2021
Total
funds
£
248,913
2,851
13
2,494
38,035
_
292,306
6,201
180,332
_
186,533
_
105,773
-
_
105,773
35,031
_
140,804

The notes form part of these financial statements

7

MIRACLE THEATRE TRUST LIMITED

BALANCE SHEET AT 31ST MARCH 2022

Unrestricted
Restricted
Funds
funds
Notes
£
£
FIXED ASSETS
Tangible assets
12
21,207
-
Investments
13
1
-
__
_
21,208
-
CURRENT ASSETS
Debtors
14
45,784
-
Cash at bank
61,201
2,000
106,985
2,000
CREDITORS
Amounts falling due within one year
15
(14,426)
-


NET CURRENT ASSETS
92,559
2,000
TOTAL ASSETS LESS CURRENT
LIABILITIES
113,767
2,000

__
NET ASSETS
113,767
2,000
FUNDS
17
Unrestricted funds:
General fund
Designated fund
Restricted funds
NET ASSETS		 2022
Total
£
21,207
1
__
21,208
45,784
63,201
108,985
(14,426)
_
94,559
115,767

115,767
2022
£
73,767
40,000

113,767
2,000
___
115,767		 2021
Total
£
16,187
1
__
16,188
23,680
109,673
133,353
(8,737)
_
124,616
140,804

140,804
2021
£
65,652
65,000

130,652
10,152
___
140,804

The notes form part of these financial statements

8

MIRACLE THEATRE TRUST LIMITED

BALANCE SHEET - CONTINUED AT 31ST MARCH 2022

The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 31st March 2022.

The members have not deposited a notice, pursuant to Section 476 of the Companies Act 2006 requiring an audit of these financial statements.

The trustees acknowledge their responsibilities for;

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

The financial statements were approved by the Board of Trustees on 18[th] October 2022 and were signed on its behalf by:

Ms A Berry – Chair Trustee

The notes form part of these financial statements

9

MIRACLE THEATRE TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2022

1. ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) '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 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Income

All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.

Grants, including grants for the purchase of fixed assets, are recognised as incoming resources in the period of which they are receivable.

Where projects are mounted on the basis of co-production with a third party, amounts contributed by the third party are included within incoming resources in the period in which they are receivable.

Performance income is included within incoming resources in the period in which the performance takes place.

Merchandise income is included within incoming resources in the period of sale.

Expenditure

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.

Tangible fixed assets

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

Equipment: 25% on reducing balance Motor vehicles: 25% on reducing balance

Taxation

The charity is exempt from corporation tax on its charitable activities, however the charity has claimed creative industry tax reliefs in relation to core production expenditure for eligible film and theatrical productions.

During the year ended 31 March 2020, the charity set up a theatrical production company, Miracle Theatre Productions Limited which now makes such claims where appropriate.

Fund accounting

Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.

Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes. These include grants, coproduction partner contributions, donations and other incoming resources.

Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.

Designated funds are unrestricted funds, which have been designated for specific purposes by the trustees.

Volunteers and donated services and facilities

The value of services provided by volunteers is not incorporated into these financial statements. Further details of the contribution made by volunteers can be found in the trustees' annual report.

10

MIRACLE THEATRE TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS - CONTINUED FOR THE YEAR ENDED 31ST MARCH 2022

2. INCOME FROM DONATIONS AND LEGACIES

Unrestricted income
Arts Council of England – Core funding
Arts Council of England – Cultural recovery fund
Cornwall Council – Core funding
Cornwall Council – Other projects
Cornwall Community Foundation
Other grants
Donations and sponsorship
Cultivator grants
FEAST project		 2022
£
96,748
38,237
13,162
12,000
-
34,569
4,293
2,000
-
201,009		 2021
£
96,478
64,530
13,162
39,143
9,300
22,000
3,178
325
527
248,913

INCOME FROM OTHER TRADING ACTIVITIES

3.

Sale of merchandise
Hire of equipment
Rehearsal space income
Vehicle hire
Miscellaneous income
INVESTMENT INCOME
Deposit account interest
INCOME FROM CHARITABLE ACTIVITIES
Activity
Fees and box office takings for shows
Production
Commission
Production
Sales of programmes
Production
Income from workshops
Production		 2022
£
-
1,750
650
-
52
2,452
2022
£
-
2022
£
89,154
10,380
206
5,750
105,490		 2021
£
176
555
1,133
100
887
2,851
2021
£
13
2021
£
-
-
-
2,494
2,494

4. INVESTMENT INCOME

5.

11

MIRACLE THEATRE TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS - CONTINUED

FOR THE YEAR ENDED 31ST MARCH 2022

6. CHARITABLE ACTIVITIES COSTS

Direct costs
Support costs
Totals
(See note 7)
£
£
£
Productions
243,257
84,231
327,488
7.
SUPPORT COSTS
Management
£
Governance costs
7,833
Productions
76,348
_
84,231
8.
NET INCOMING/(OUTGOING) RESOURCES
Net resources are stated after charging/ (crediting):
2022
2021
£
£
Depreciation
5,895
3,708		 Totals
£
327,488		 Totals
£
327,488
2021
£
3,708

9. TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 31 March 2022 or for the year ended 31st March 2021.

Trustees' Expenses

There were no trustees' expenses paid during the year ended 31st March 2022 or for the year ended 31st March 2021.

10. STAFF COSTS

Wages and salaries
Social security
Pension costs
The average number of employees during the year was as follows:		 2022
£
92,547
5,155
1,427
99,039
2022
No
3		 2021
£
94,588
8,979
3,100
106,667
2021
No
4

No employee earned more than £60,000 in the year or in 2021.

12

MIRACLE THEATRE TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS - CONTINUED

FOR THE YEAR ENDED 31ST MARCH 2022

11. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES

2021
Unrestricted Restricted Total
funds funds funds
Notes £ £ £
INCOME AND ENDOWMENTS FROM
Donations and legacies 2 174,231 74,682 248,913
Other trading activities 3 2,851 - 2,851
Investments 4 13 - 13
Charitable activities
Productions 5 2,494 - 2,494
_ ______ ______
Total income and endowments 217,624 74,682 292,306
EXPENDITURE ON
Raising funds 6,201 - 6,201
Charitable activities
Productions 6 115,802 64,530 180,332
Total expenditure 122,003 64,530 186,533
NET INCOME/EXPENDITURE 95,621 10,152 105,773
Transfers - - -
RECONCILIATION OF FUNDS
Total funds brought forward 17 35,031 - 35,031
_ _ _
TOTAL FUNDS CARRIED FORWARD 130,652 10,152 140,804
12. TANGIBLE FIXED ASSETS
Plant and
machinery etc.
£
COST
At 1st April 2021 68,490
Additions 10,915
79,405
At 31st March 2022
DEPRECIATION
At 1st April 2021 52,303
Charge for year 5,895
At 31st March 2022 58,198
NET BOOK VALUE
At 31st March 2022 21,207
At 31st March 2021 16,187

13

MIRACLE THEATRE TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS - CONTINUED FOR THE YEAR ENDED 31ST MARCH 2022

13. FIXED ASSET INVESTMENTS

FIXED ASSET INVESTMENTS
Shares in group
undertakings
£
COST1
At 1st April 2021 1
Additions -
At 31st March 2022 1
At 31st March 2021 1

There were no investment assets outside the UK.

The company's investments at the balance sheet date in the share capital of companies include the following:

Miracle Theatre Productions Limited

Nature of business: Theatrical Production Company

%
Class of share:
holding
Ordinary
100
Aggregate capital and reserves		 2022
£
1		 2021
£
1

Miracle Theatre Productions Limited is a wholly owned subsidiary which produces theatrical productions on behalf of Miracle Theatre Trust Limited. The company was incorporated on 6 May 2016. Accounts are filed with the Registrar of Companies. A summary of its results is given below:

Turnover
Cost of sales
Gross profit/(loss)
Administrative expenses
Net loss
Theatre tax relief
Profit / (loss) after tax		 2022
£
112,559
(132,397)
(19,838)
(6,718)
(26,556)
26,556
-		 2021
£
12,544
(13,458)
(914)
(1,858)
(2,772)
2,772
-

14

MIRACLE THEATRE TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS - CONTINUED FOR THE YEAR ENDED 31ST MARCH 2022

14. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Amounts falling due within one year:
Trade debtors
Other debtors and prepayments
Miracle Theatre Productions Limited
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Trade creditors
Other creditors and accruals
Taxation and social security
OPERATING LEASE COMMITMENTS
The following operating lease payments are committed to be paid within one year:
Expiring:
Within one year		 2022
£
2,100
15,770
27,914
45,784
2022
£
4,675
7,939
1,813
14,426
2022
£
16,500		 2021
£
540
21,769
1,371
23,680
2021
£
4,751
1,574
2,412
8,737
2021
£
16,500

15. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

16. OPERATING LEASE COMMITMENTS

15

MIRACLE THEATRE TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS - CONTINUED FOR THE YEAR ENDED 31ST MARCH 2022

17. MOVEMENT IN FUNDS

Net movement Transfers
At 01/04/21 in funds between funds At 31/03/22
£ £ £ £
Unrestricted funds
General purpose fund 65,652 (27,037) 35,152 73,767
Production fund 65,000 - (25,000) 40,000
Restricted funds
Cultivator grant 325 2,000 (325) 2,000
FEAST 527 - (527) -
Cornwall Community Foundation 9,300 - (9,300) -
TOTAL FUNDS 140,804 (25,037) - 115,767
Net movement in funds, included in the above are as follows:
Incoming Resources Gains and Movement in
resources expended losses funds
£ £ £ £
Unrestricted funds
General purpose fund 268,714 (295,751) - (27,037)
Restricted funds
Cultivator grant 2,000 - - 2,000
Cultural recovery fund 38,237 (38,237) - -
TOTAL FUNDS 308,951 (333,988) - (25,037)

16

MIRACLE THEATRE TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS - CONTINUED FOR THE YEAR ENDED 31ST MARCH 2022

17. MOVEMENT IN FUNDS (continued)

Comparatives for movement in funds

Net movement Transfers
At 01/04/20 in funds between funds At 31/03/21
£ £ £ £
Unrestricted funds
General purpose fund 35,031 95,621 (65,000) 65,652
Production fund - - 65,000 65,000
Restricted funds
Cultivator grant - 325 - 325
FEAST - 527 - 527
Cornwall Community Foundation 9,300 - 9,300
TOTAL FUNDS 35,031 105,773 - 140,804
Net movement in funds, included in the above are as follows:
Incoming Resources Gains and Movement in
resources expended losses funds
£ £ £ £
Unrestricted funds
General purpose fund 217,624 (122,003) - 95,621
Restricted funds
Cultivator grant 325 - - 325
FEAST 527 - - 527
Cornwall Community Foundation 9,300 - - 9,300
Cultural recovery fund 64,530 (64,530) - -
TOTAL FUNDS 292,306 (186,533) - 105,773

17

MIRACLE THEATRE TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS - CONTINUED FOR THE YEAR ENDED 31ST MARCH 2022

17. MOVEMENT IN FUNDS (continued)

A current year 12 months and prior year 12 months combined position is as follows:

At
Unrestricted funds
General purpose fund
Production fund
Restricted funds
Cultivator grant
FEAST
Cornwall Community Foundation
TOTAL FUNDS		 01/04/20
Net movement
in funds
Transfers
between funds
At
£
£
£
35,031
68,584
(29,848)
-
-
40,000
-
2,325
(325)
-
527
(527)
-
9,300
(9,300)
35,031
80,736
-		 31/03/22
£
73,767
40,000
2,000
-
-
115,767

A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:

Unrestricted funds
General purpose fund
Restricted funds
Cultivator grant
FEAST
Cornwall Community Foundation
Cultural recovery fund
TOTAL FUNDS		 Incoming
resources
£
486,338
2,325
527
9,300
102,767
601,257		 Resources
expended
£
(417,754)
-
-
-
(102,767)
(520,521)		 Gains and
losses
Movement in
funds
£
£
-
68,584
-
2,325
-
527
-
9,300
-
-
-
80,736		 Gains and
losses
Movement in
funds
£
£
-
68,584
-
2,325
-
527
-
9,300
-
-
-
80,736
80,736

Purpose of restricted funds

Cultivator grant: Funds received towards a technical assistant internship.

FEAST: Funds received towards the cost of the Treasure Island Community Choir and support for the production of a film.

Cornwall Community Fund : Support of the summer tour of Starcrazy Summer 2021.

Cultural Recovery Fund: Funds received to aid post pandemic recovery.

18. RELATED PARTY DISCLOSURES

The charity has taken advantage of the exemption, under the terms of Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’, not to disclose related party transactions with wholly owned subsidiaries within the group.

18

MIRACLE THEATRE TRUST LIMITED

DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31ST MARCH 2022

INCOME AND ENDOWMENTS FROM
Donations and legacies
Arts Council of England – core funding
Arts Council England – cultural recovery fund
Cornwall Council – core funding
Cornwall Community Foundation

Cornwall Council – Covid support grants
Cultivator Grants
FEAST Project funding
Other grants

Donations and partnerships
Other trading activities
Sale of merchandise
Hire of equipment
Rehearsal space income
Miscellaneous income
Other income
Job retention scheme grants
Investments
Deposit account interest
Income from charitable activities
Fees and box office takings for shows
Commissions
Sales of programmes
Income from workshops
Total income and endowments
EXPENDITURE ON
Other trading activities
Support costs
Charitable activities
Production costs
Box office commissions
Fees
Touring costs
Carried forward
2022
£
96,748
38,237
13,162
-

12,000
2,000
-
34,569
4,293
201,009
-
1,750
650
52
2,452
-
-
89,154
10,380
206
5,750
105,490
308,951
6,500
6,500
112,559
250
55,295
11,727
179,831		 2021
£
96,748
64,530
13,162
9,300
39,143
325
527
22,000
3,178
248,913
176
555
1,133
987
2,851
38,035
13
-
-
-
2,494
2,494
292,306
6,201
6,201
12,544
-
5,898
-
18,442

19

MIRACLE THEATRE TRUST LIMITED

DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31ST MARCH 2022

Charitable activities
Brought forward
Promotional costs
Venue costs
Workshop and education projects
Motor and travel expenses
Research and development
Support costs
Salaries
Contractual staff
Rent and rates
Insurance
Telephone
Postage and stationery
Computer costs
Sundries
Repairs and renewals
Staff recruitment and training
Bank charges
Accountancy fees
Consultancy

Depreciation
Subscriptions
Allocated to other trading activities
Governance costs
Total expenditure
Net (expenditure)/income		 2022
£
179,831
8,854
35,662
3,064
-
4,593
12,224
235,374
22,687
21,036
9,969
2,813
1,102
402
1,634
2,118
10,505
505
393
4,721
450
5,895
-
-
7,883
84,231
333,998
(25,037)		 2021
£
18,442
33,614
8 85
-
2,527
612
-
30,435
106,667
11,302
25,993
2,004
737
496
-
552
1590
998
409
1,290
113
3,078
239
(6,201)
-
149,897
186,533
105,7731

This page does not form part of the statutory financial statements

20