**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 2023 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 2023**
||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 19|
|Detailed Statement of Financial Activities|20 and 21|
**MIRACLE THEATRE TRUST LIMITED**
## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST MARCH 2023**
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 2023. 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 – Resigned 1[st] April 2022 A M Edmonds Ms S E Kay Mrs J E Sutherland K Harandy S Ferrie C Morse Vice-Chair
**Company Secretary** W Scott
**Bankers** HSBC
**Independent examiner**
James Pearce FCA Lang Bennetts Audit Limited 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 2023**
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 2021-22, recovering from the immediate impacts of the pandemic and with a combination of financial support including the Government’s Cultural Recovery Fund and a grant from The Foyle Foundation, we were able to re-open and get back into production touring two new shows and creating a portable performance space, The Fleapit.
After the positive period of recovery, with much-needed additional resource and support, 22-23 proved a more challenging year. A sense of optimism about Covid recovery and audiences resuming their social habits encouraged us to be confident about planning 3 tours for this year – a re-tour of Everyman, a new production of King Lear and a new Christmas show, Sleeping Beauty. While the tours were a success in terms of audience feedback and allowing us to grow the number of artists we employ, each tour faced its own unique challenges, and all were delivered within the over-arching context of a growing cost of living crisis (which started to hit headlines in April 2022).
## **Overview of artistic activity 2022/23**
- Re-toured Everyman in the Spring of 2022, taking the show to Bristol and Brighton (as part of the Fringe festival) as well as two locations in Cornwall.
- New production of King Lear toured to 15 unique wilderness locations around Cornwall to an enthusiastic audience of both Shakespeare lovers and novices.
- Revived our Christmas run in Falmouth with Sleeping Beauty (with Hannah Stephens working with Bill Scott as Co-director for the first time) as well as a new location at St Ives Guildhall, where we also worked with the local housing association to develop new audiences
**Everyman – Spring 2022 – 24 performances – 4 venues – 2,000 audience** Adapted by Carol Ann Duffy, directed by Kyla Goodey
After an initial tour in autumn 2021, Miracle’s production of Everyman, directed by Kyla Goodey, was re-toured in 2022 in response to strong critical acclaim and having reached a relatively small audience in its initial outing.
The re-tour enabled the show to tour more widely to Bristol and Brighton – but it proved challenging to reach audiences on a minimal marketing budget and in relatively new territory for Miracle’s profile. In Bristol, The Fleapit was set up at Unit 15, a circus training space, rather than an established theatre venue, and Brighton Fringe was a very low-key festival, with audiences slow to return after Covid.
Setting The Fleapit up in a big top at Mount Pleasant Eco Park, Porthtowan, was far more successful with audiences building to sell-out performances over a 2-week residency.
“In their dazzling production of Everyman, Cornwall’s acclaimed Miracle Theatre have a rare beast on their hands – an intimate, immersive, and exhilarating show that educates while it entertains.... an intoxicating and enlivening piece of theatre, which every person, should see.” Bristol24/7
“I have never been so emotionally destroyed in my life. Thank you!” - Audience feedback
“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
2
**MIRACLE THEATRE TRUST LIMITED**
## **REPORT OF THE TRUSTEES**
## **FOR THE YEAR ENDED 31ST MARCH 2023 (Cont.)**
## **King Lear – Summer 2022 - 33 performances, 15 venues, audience reach 7,105**
King Lear is an exquisitely dark tale about a family squabble that grows out of all proportion, blowing up into a storm of deadly force. Bill Scott’s fresh and fast-paced adaptation of Shakespeare’s text – pared down to its bare essentials – tells a shocking, yet tender, story of ageing and madness, fuelled by ambition and fired by betrayal.
With Rosie Hughes as King Lear, heading up a talented cast of 5 (Steve Jacobs, Charlotte Merriam, Catherine Lake, Ian Harris) the show received excellent critical acclaim.
The show toured to some unique wilderness location, with Bodmin Moor being a highlight: a remote farmland location, with a backdrop of the full moon over Brown Willy and Roughtor was a particularly apt setting for the production and appreciated by the very local audience who came out for the show.
## **What people were saying about King Lear:**
“Your production of 'King Lear' is one of the best I've seen, and that includes Ian McKellan/Romola Garai's Lear and Cordelia - and follows 35 years of working and directing Shakespeare's plays with children and teenagers - your cast deliver Shakespeare's words with clarity, rhythm and understanding - your production should be seen in some of our big theatres as a masterclass” Audience feedback
“It was wonderful; funny and terrible and felt like a play for today…The important elements of the play were intact and beautifully clear. Rosie Hughes enlightened us (blind but wide eyed) with Lear’s journey of self discovery. We travelled with the foolish king, through despair and madness, to the moment of acceptance and calm, before all Lear realised he cared about is lost. It was heartbreaking.”
“A creative adaptation breaking boundaries to allow understanding to all. Such talent & passion” Audience
feedback
“What an amazing performance! We had the best time, thank you : )” Audience feedback
“So much talent, and funny too. Come back to Bodmin Moor next year please!” Audience feedback
“Flippin fantastic performance tonight!!! Thank you!” Audience feedback from Tregrehan Garden performance “Thank you, watched this evening. As ever a creative adaptation breaking boundaries to allow understanding to all. Such talent & passion” Audience feedback
## **Sleeping Beauty – Winter 2022, 20 performances, 2 venues, 6,500 audience**
This re-imagining of Sleeping Beauty follows the adventures of a resourceful princess with insomnia, resulting from a resentful fairy’s wicked spell that went horribly wrong… Audiences are transported to the stage of the Cornwall Riviera Holiday Camp in 1959 where the legendary Yellowjackets are bursting to entertain the campers with their hilarious version of this classic story. Follow the adventures of a resourceful princess and the goblin, the fairy, and the piskie hiding in her attic. As she nears her 18th birthday, how will she avoid the spiteful spell set to put her to sleep for 100 years?!
“Thanks guys - your show was a total joy!!” Audience feedback (instagram) “Fantastic production, we laughed till we cried!” Audience feedback (video)
“The laugh I needed this Christmas!” Audience feedback (video)
“Fantastic show in Falmouth - you never fail to delight” Audience feedback (instagram)
“Absolutely brilliant! We came to see you last night at the Pavilion in Falmouth. My husband isn’t a big theatre fan, and our teenage kids were kinda dragged along, but we all absolutely loved it! A brilliant cast, lovely supporting yellow coats, a fab set, great performances, and jokes for everyone! So many laughs and a great way to kick start our festive fun. Thank you Miracle!” Audience feedback (instagram)
“Thank you for an awesome evening Miracle theatre!!! … one of the ‘best’ performances I have ever seen! We didn’t stop laughing all night! Just fabulous!!!” Audience feedback (instagram)
3
**MIRACLE THEATRE TRUST LIMITED**
## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST MARCH 2023 (Cont.)**
## **Structure & Management**
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 50 shows for the company. 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 33 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.
Miracle’s core management team is well supported by a new General Manager and a wider team of freelancers (artists, marketing, stage management, technical production) who come together to create each production – a record of 25 freelancers & artists for 22/23.
## **Board of Trustees & Governance**
Miracle Theatre has a strong Board of eight very engaged Trustees, with a wide cross section of artistic, cultural, commercial and financial experience, led by an exceptionally proactive and experienced Chair, Mandy Berry, with recent new members Sarah Ferrie (previously marketing at Hall for Cornwall and currently Events Manager at the Budock Vean Hotel) and Kamran Harandy (currently External Funding Manager at Falmouth University).
The full Board meets 4 times per year and in addition has one Away Day to consider in depth particular topics or issues. A permanent Finance Sub-Committee also meets quarterly, with ad-hoc working groups as needed. This sub-committee has met quarterly during late 22 and early 23 to ensure Miracle’s financial security during a challenging period.
Miracle Business Plan, Arts Council & Cornwall Council funding agreements are supported and upheld by the trustees. There is a Trustee attached to each Arts Council Investment Principle as Miracle moves into the next NPO funding agreement.
## **Finance & Fundraising**
After a year of losing all potential to earn income from ticket sales in 2020, Miracle regained stability as an organisation in 2021 with additional support from the government’s Cultural Recovery Fund. However, during 2022, alongside the sector nationally, we faced a difficult year financially.
The cost of living crisis started to make headlines at the start of the financial year, and we know - through conversations and statistics – that this has had a broadly impact – reducing audiences not only for Miracle but for theatre and the arts nationally.
Alongside this, while many people felt safe to return, Covid was still having an impact, continuing to impact audience confidence and how people entertain themselves. Many older audiences have still not returned, and now may not, representing up to 20% of traditional audiences for the arts.
While we have witnessed this at our own events and can see the reduction in our own ticket sales, we have also been engaged in work and carried out research to understand causes, again reminding us that this is not just affecting Miracle. This has been an important learning curve and will continue to inform our business and commercial strategies going forward.
Miracle’s board and finance sub-committee have worked even more closely with the management team during this year, meeting monthly to make sure we navigated our way through this period safely. By doing so, and with the help of an interim cashflow loan, we have ensured the company is secure and has stabilised for the future.
During 2023 and beyond, and with additional investment from the Shared Prosperity Fund, Miracle will build back for the future, sensibly and with ambition.
4
**MIRACLE THEATRE TRUST LIMITED**
## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST MARCH 2023 (Cont.)**
## **Arts Council NPO & Other Funding**
During 2022, Miracle was successful in securing core funding from both Arts Council England (it will be part of the ACE National Portfolio 2023-26) and also part of Cornwall Council’s Investment Programme 2023-26. This funding makes up approximately 25% of Miracle’s revenue.
In addition, we also secured a grant towards core costs from the Garfield Weston Foundation and smaller grants from The Sackler Trust and the Elmgrant Trust to support Sleeping Beauty.
## **Earned Income from Box Office**
This has been our main area of challenge for 22-23, with three consecutive tours losing money. This has been in part due to lower than expected ticket sales, but also impacted by a series of unexpected cancellations and disruptions caused by illness and family emergencies among the cast of Everyman and Sleeping Beauty.
Even with constant input from the management team, and with support from the Board with scenario planning, this unprecedented number of cancelled shows (5 for Everyman, 7 for Sleeping Beauty – including a whole week in the prime Christmas period) had a major negative impact on our income and ultimately has our previously healthy reserves.
## **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 2023.
At 31 March 2023 the balance sheet shows unrestricted free reserves of £26,171, equivalent to approximately 6 weeks running costs.
There are currently no designated funds.
The Trustees anticipate the reserves target will be achieved at March 2024, in line with the reserves policy.
## **ON BEHALF OF THE BOARD:**
Ms A Berry – Chair Trustee
> Date: 23/10/2023
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 2023.
## **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
James Pearce FCA Lang Bennetts Audit Limited The Old Carriage Works Moresk Road TRURO Cornwall TR1 1DG
> Date: 23/10/2023
6
**MIRACLE THEATRE TRUST LIMITED**
## **STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31ST MARCH 2023**
|Unrestricted
Restricted
funds
funds
Notes
£
£
**INCOME AND ENDOWMENTS FROM**
Donations and legacies
2
158,688
10,500
Other trading activities
3
4,667
-
Investments
4
-
-
**Charitable activities**
Productions
5
128,865
-
**Other income**
Job retention scheme grants
-
-
_______
______
**Total income and endowments**
290,220
10,500
**EXPENDITURE ON**
Raising funds
7,198
-
**Charitable activities**
Productions
6
359,529
10,500
_______
_______
**Total expenditure**
366,727
10,500
_______
_______
**NET INCOME/EXPENDITURE**
(76,507)
-
Transfers between funds
2,000
(2,000)
_______
_______
**Net movement in funds**
(74,507)
(2,000)
**RECONCILIATION OF FUNDS**
**Total funds brought forward**
17
113,767
2,000
_______
_______
**TOTAL FUNDS CARRIED FORWARD**
39,260
-|2023
Total
funds
£
169,188
4,667
-
128,865
-
______
300,720
7,198
370,029
_______
377,227
_______
(76,507)
-
_______
(76,507)
115,767
_______
39,260|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|
|---|---|---|
The notes form part of these financial statements
7
## **MIRACLE THEATRE TRUST LIMITED**
## **BALANCE SHEET AT 31ST MARCH 2023**
|Unrestricted
Restricted
Funds
funds
Notes
£
£
**FIXED ASSETS**
Tangible assets
12
13,088
-
Investments
13
1
-
______
______
13,089
-
**CURRENT ASSETS**
Debtors
14
85,948
-
Cash at bank
931
-
86,879
-
**CREDITORS**
Amounts falling due within one year
15
(60,708)
-
______
______
**NET CURRENT ASSETS**
26,171
-
**TOTAL ASSETS LESS CURRENT**
**LIABILITIES**
39,260
-
______
_____
**NET ASSETS**
39,260
-
**FUNDS**
17
**Unrestricted funds:**
General fund
Designated fund
**Restricted funds**
**NET ASSETS**
|2023
Total
£
13,088
1
______
13,089
85,948
931
86,879
(60,708)
______
26,171
39,260
______
39,260
2023
£
39,260
-
______
39,260
-
______
39,260||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|
|---|---|---|---|
|||
||
The notes form part of these financial statements
8
**MIRACLE THEATRE TRUST LIMITED**
## **BALANCE SHEET - CONTINUED AT 31ST MARCH 2023**
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 31st March 2023.
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;
- ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006; and
- preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company
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.
23/10/2023
The financial statements were approved by the Board of Trustees on ………………… 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 2023**
## **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 2023**
## **2. INCOME FROM DONATIONS AND LEGACIES**
|**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
Other grants
Donations and sponsorship
Cultivator grants
FEAST project|2023
£
96,748
-
10,000
-
50,776
9,164
-
2,500
169,188|2022
£
96,478
38,237
13,162
12,000
34,569
4,293
2,000
-|
|||201,009|
## **3.**
## **4.**
## **INCOME FROM OTHER TRADING ACTIVITIES**
|Sale of merchandise
Hire of equipment
Rehearsal space income
Profit on disposal of capital equipment
Miscellaneous income
**INVESTMENT INCOME**
Deposit account interest|2023
£
184
283
200
4,000
-
4,667
2023
£
-|2022
£
-
1,750
650
-
52|
|---|---|---|
|||2,452|
|||2022
£
-|
## **5. INCOME FROM CHARITABLE ACTIVITIES**
|**INCOME FROM CHARITABLE ACTIVITIES**|||
|---|---|---|
|**Activity**
Fees and box office takings for shows
Production
Commission
Production
Sales of programmes
Production
Income from workshops
Production|2023
£
121,187
1,248
755
5675
128,865|2022
£
89,154
10,380
206
5,750|
|||105,490|
11
**MIRACLE THEATRE TRUST LIMITED**
## **NOTES TO THE FINANCIAL STATEMENTS - CONTINUED**
## **FOR THE YEAR ENDED 31ST MARCH 2023**
## **6. CHARITABLE ACTIVITIES COSTS**
|Direct costs
Support costs
Totals
(See note 7)
£
£
£
Productions
241,559
128,470
370,029
**7.**
**SUPPORT COSTS**
Management
£
Governance costs
16,357
Productions
112,113
_______
128,470
**8.**
**NET INCOMING/(OUTGOING) RESOURCES**
Net resources are stated after charging/ (crediting):
2023
2022
£
£
Depreciation
9,635
5,895|Totals
£
370,029|Totals
£
370,029|
|---|---|---|
|||2022
£
5,895|
## **9. TRUSTEES' REMUNERATION AND BENEFITS**
There were no trustees' remuneration or other benefits for the year ended 31 March 2023 or for the year ended 31st March 2022.
## **Trustees' Expenses**
There were no trustees' expenses paid during the year ended 31st March 2023 or for the year ended 31st March 2022.
## **10. STAFF COSTS**
|Wages and salaries
Social security
Pension costs
The average number of employees during the year was as follows:|2023
£
106,144
11,322
3,253
120,719
2023
No
3|2022
£
92,547
5,155
1,427|
|---|---|---|
|||99,039|
|||2022
No
3|
No employee earned more than £60,000 in the year or in 2022.
12
**MIRACLE THEATRE TRUST LIMITED**
## **NOTES TO THE FINANCIAL STATEMENTS - CONTINUED FOR THE YEAR ENDED 31ST MARCH 2023**
## **11. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES**
|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
-
_______
______
**Total income and endowments**
268,714
40,237
**EXPENDITURE ON**
Raising funds
6,500
-
**Charitable activities**
Productions
6
289,521
38,237
**Total expenditure**
294,751
38,237
**NET INCOME/EXPENDITURE**
(27,037)
2,000
**Transfers**
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|
|---|---|---|
13
**MIRACLE THEATRE TRUST LIMITED**
## **NOTES TO THE FINANCIAL STATEMENTS - CONTINUED**
## **FOR THE YEAR ENDED 31ST MARCH 2023**
|**12.**|**TANGIBLE FIXED ASSETS**||
|---|---|---|
|||Plant and|
|||machinery etc.|
|||£|
||**COST**||
||At 1st April 2022|79,405|
||Additions|7,000|
||Disposals|(7,416)|
|||78,989|
||At 31st March 2023||
||**DEPRECIATION**||
||At 1st April 2022|58,198|
||Charge for year|9,635|
||Eliminated on disposal|(1,932)|
||At 31st March 2023|65,901|
||**NET BOOK VALUE**||
||At 31st March 2023|13,088|
||At 31st March 2022|21,207|
14
**MIRACLE THEATRE TRUST LIMITED**
## **NOTES TO THE FINANCIAL STATEMENTS - CONTINUED FOR THE YEAR ENDED 31ST MARCH 2023**
## **13. FIXED ASSET INVESTMENTS**
|**FIXED ASSET INVESTMENTS**||
|---|---|
||Shares in group|
||undertakings|
||£|
|**COST**||
|At 1st April 2022|1|
|Additions|-|
|At 31st March 2023|1|
|At 31st March 2022|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|2023
£
1|2022
£
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|2023
£
116,181
(165,084)
(48,903)
(22,896)
(71,799)
71,799
-|2022
£
112,559
(132,397)|
|---|---|---|
|||(19,838)
(6,718)|
|||(26,556)
26,556|
|||-|
15
**MIRACLE THEATRE TRUST LIMITED**
## **NOTES TO THE FINANCIAL STATEMENTS - CONTINUED FOR THE YEAR ENDED 31ST MARCH 2023**
## **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**
Bank overdraft
Trade creditors
Other creditors and accruals
Taxation and social security
Other loans
**OPERATING LEASE COMMITMENTS**
The following operating lease payments are committed to be paid within one year:
Expiring:
Within one year|2023
£
1,680
11,251
73,017
85,948
2023
£
8,190
17,792
4,781
4,945
25,000
60,708
2023
£
16,500|2022
£
2,100
15,770
27,914|
|---|---|---|
|||45,784|
|||2022
£
-
4,675
7,939
1,813|
|||14,426|
|||2022
£
16,500|
## **15. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
**16. OPERATING LEASE COMMITMENTS**
16
**MIRACLE THEATRE TRUST LIMITED**
## **NOTES TO THE FINANCIAL STATEMENTS - CONTINUED FOR THE YEAR ENDED 31ST MARCH 2023**
## **17. MOVEMENT IN FUNDS**
|||Net movement|Transfers||
|---|---|---|---|---|
||At 01/04/22|in funds|between funds|At 31/03/23|
||£|£|£|£|
|**Unrestricted funds**|||||
|General purpose fund|73,767|(36,507)|2,000|39,260|
|Production fund|40,000|(40,000)|-|-|
|**Restricted funds**|||||
|Cultivator grant|2,000|-|(2,000)|-|
|FEAST|-|-|-|-|
|Dales Central Motors|-|-|-|-|
|The Sackler Trust|-|-|-|-|
|Elmgrant Trust|||||
|**TOTAL FUNDS**|115,767|(76,507)|-|39,260|
|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|290,220|(326,727)|-|(36,507)|
|Production fund|-|(40,000)||(40,000)|
|**Restricted funds**|||||
|FEAST|2,500|(2,500)|-|-|
|Dales Central Motors|2,500|(2,500)|-|-|
|The Sackler Trust|5,000|(5,000)|-|-|
|Elmgrant Trust|500|(500)|-|-|
|**TOTAL FUNDS**|300,720|(377,227)|-|(76,507)|
17
**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 01/04/21|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)|
18
**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
Dales Central Motors
The Sackler Trust
Elmgrant Trust|01/04/21
Net
£
65,652
65,000
325
527
9,300
-
-
-
140,804|movement
in funds
Transfers
between funds
At
£
£
(63,544)
37,152
(40,000)
(25,000)
2,000
(2,325)
-
(527)
-
(9,300)
-
-
-
-
-
-
(101,544)
-|31/03/23
£
39,260
-
-
-
-
-
-
-
39,260|
|---|---|---|---|
## **TOTAL FUNDS**
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
Production fund
**Restricted funds**
Cultivator grant
Cultural recovery fund
FEAST
Dales Central Motors
The Sackler Trust
Elmgrant Trust
**TOTAL FUNDS**|Incoming
resources
£
558,934
-
2,000
38,237
2,500
2,500
5,000
500
609,671|Resources
expended
£
(622,478)
(40,000)
-
(38,237)
(2,500)
(2,500)
(5,000)
(500)
(711,215)|Gains and
losses
Movement in
funds
£
£
-
(63,544)
-
(40,000)
-
2,000
-
-
-
-
-
-
-
-
-
-
-
(101,544)|
|---|---|---|---|
## **Purpose of restricted funds**
**Cultivator grant:** Funds received towards a technical assistant internship. **FEAST:** Funds received for the production of Sleeping Beauty 2022. **Cultural Recovery Fund:** Funds received to aid post pandemic recovery. **Dales Central Motors:** Funds received for the production of Sleeping Beauty 2022. **The Sackler Trust:** Funds received for the production of Sleeping Beauty 2022. **Elmgrant Trust:** Funds received for the production of Sleeping Beauty 2022.
## **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.
During the year the charity received a loan of £25,000 from The Percy and Lily Reed Williams Charitable Trust. Mr P R Williams is a Trustee of the Trust.
19
**MIRACLE THEATRE TRUST LIMITED**
## **DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31ST MARCH 2023**
|**INCOME AND ENDOWMENTS FROM**
**Donations and legacies**
Arts Council of England – core funding
Arts Council England – cultural recovery fund
Cornwall Council – core funding
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
Profit on disposal of capital equipment
Miscellaneous income
**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||2023
£
96,748
-
10,000
-
-
2,500
50,776
9,164
169,188
184
283
200
4,000
-
4,667
-
121,187
1,248
755
3,675
126,865
300,720
7,198
7,198
113,679
-
54,133
18,455
186,267|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|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|
|---|---|---|---|---|
||||||
|||||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||
20
**MIRACLE THEATRE TRUST LIMITED**
## **DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31ST MARCH 2023**
|**Charitable activities**
Brought forward
Promotional costs
Venue costs
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
Loss on disposal of capital equipment
Governance costs
**Total expenditure**
**Net (expenditure)/income**|2023
£
186,267
8,854
40,497
9,126
5,583
87
241,560
31,751
34,135
9,330
1,664
608
411
1,528
933
3,880
1,155
673
2,926
13,000
9,635
484
16,357
128,469
377,227
(76,507)|2022
£
179,831
**3**3**,6**14
5 22
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)1|
|---|---|---|
This page does not form part of the statutory financial statements
21