2020-07-31-accounts - The Bull Theatre Ltd

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THE BULL THEATRE LTD

Charity No. 1106006

Company No. 05876568

Trustee's Report and Unaudited Accounts

31 July 2020

THE BULL THEATRE LTD Contents

	Pages
Trustee's Annual Report		1
Statement of Financial Activities		2
Summary Income and Expenditure Account		3
Balance Sheet		4
Statement of Cash flows		5
Notes to the Accounts		6
Detailed Statement of Financial Activities	7 to	17

Page 1

THE BULL THEATRE LTD Trustees Annual Report

The Trustee, who is also a director of the charity for the purposes of the Companies Act 2006, presents their report with the unaudited financial statements of the charity for the year ended 31 July 2020.

REFERENCE AND ADMINISTRATIVE DETAILS

Company No. 05876568

Charity No. 1106006

Principal Office

Address Line 5

Registered Office

68 HIGH STREET BARNET EN5 5SJ

Director and Trustee

The Director of the charitable company are its Trustee for the purposes of charity law. The following Director and Trustee served during the year:

S. EARNSHAW

Key Management Personnel

KMP Name 1 KMP 2 KMP Name 2 KMP 3 KMP Name 3 KMP 4 KMP Name 4 KMP 5 KMP Name 5

Accountants

NUMBERS ASSOCIATES LTD MAPLE HOUSE HIGH STREET POTTERS BAR HERTS EN6 5BS

Bankers

Address Line 5

Solicitors

Address Line 5

Investment Advisors

Address Line 5

Page 2

THE BULL THEATRE LTD Trustees Annual Report

ACHIEVEMENTS AND PERFORMANCE

A large charity must review its charitable activities undertaken, explaining performance achieved against objectives set ...

A large charity must include an explanation when material fundraising activities are undertaken, details of the performance achieved against fundraising objectives set ...

A large charity must provide an explanation when material investments are held, details of investment performance achieved against objectives set ...

A large charity must provide an explanation of any material expenditure occurred to raise income in the future...

A large charity must provide commentary on those significant positive and negative factors within and outside the charity's control which are relevant to the achievement of its objectives ...

PLANS FOR FUTURE PERIODS

A large charity must provide a summary of the charity's plans for the future including its aims and objectives and details of any plans to achieve them ...

A large charity's report should explain the trustees perspective of the future direction of the charity...

The Trustee is responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Companies Act 2006. The Trustee is also responsible for safeguarding the assets of the charity and hence taking reasonable steps for the prevention and detection of fraud and other irregularities.

The above report has been prepared in accordance with the provisions applicable to companies subject to the small companies regime as set out in Part 15 of the Companies Act 2006 and in accordance with the Charities SORP (FRS 102).

Signed on behalf of the board

S. EARNSHAW Trustee 23 April 2021

Page 3

THE BULL THEATRE LTD Statement of Financial Activities

for the year ended 31 July 2020

Unrestricted funds 2020 £ 45,823 61,269 11,250	Total funds 2020 £ 45,823 61,269 11,250	Total funds 2019 £ 36,723 95,548 22,500
118,342 31,992 10,177 63,159	118,342 31,992 10,177 63,159	154,771 79,163 8,673 68,955
105,328 -	105,328 -	156,791 -
13,014 -	13,014 -	(2,020) -
13,014	13,014	(2,020)
13,014 160,776	13,014 160,776	(2,020) 162,796
173,790	173,790	160,776

Page 4

THE BULL THEATRE LTD Summary Income and Expenditure Account

for the year ended 31 July 2020

Income Interest and investment income Gross income for the year Expenditure Depreciation and charges for impairment of fixed assets Total expenditure for the year Net income/(expenditure) before tax for the year Net income /(expenditure )for the year	2020 £ 107,092 11,250 118,342 104,532 796 105,328 13,014 13,014	2019 £ 132,271 22,500
		154,771
		156,791 -
		156,791
		(2,020)
		(2,020)

Page 5

THE BULL THEATRE LTD Balance Sheet

at 31 July 2020

Company No. 05876568 Notes 2020 £ Fixed assets Tangible assets 12 52,627 52,627 Current assets Debtors 13 104,797 Cash at bank and in hand 31,278 136,075 Creditors:Amount falling due within one year 14 (14,912) Net current assets 121,163 Total assets less current liabilities 173,790 Net assets excluding pension asset or liability 173,790 Total net assets 173,790 The funds of the charity Restricted funds 15 Unrestricted funds 15 General funds 173,790 173,790 Reserves 15 Total funds 173,790	2019 £ 49,443
	49,443 117,073 2,863
	119,936 (8,603)
	111,333 160,776
	160,776
	160,776
	160,776
	160,776
	160,776

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

For the year ended 31 July 2020 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.

Approved by the board on 23 April 2021

And signed on its behalf by:

S. EARNSHAW Trustee 23 April 2021

Page 6

THE BULL THEATRE LTD Statement of Cash flows for the year ended 31 July 2020

Cash flows from operating activities Net income/(expenditure) per Statement of Financial Activities Adjustments for: Depreciation of property, plant and equipment Dividends, interest and rents from investments Decrease/(Increase) in trade and other receivables Increase/(Decrease) in trade and other payables Net cash provided by/(used in) operating activities Cash flows from investing activities Payments for property, plant and equipment Dividends, interest and rents from investments Net cash used in investing activities Net cash from financing activities Net decrease in cash and cash equivalents Cash and cash equivalents at the beginning of the year Cash and cash equivalents at the end of the year Components of cash and cash equivalents Cash and bank balances	2020 £ 13,014 796 (11,250) 12,276 6,309 21,145 (32,433) 11,250 (21,183) - (38) 2,863 2,825 31,278 31,278	2019 £ (2,020) - (22,500) (4,522) (56,835)
		(85,877) (31,315) 22,500
		(8,815)

		-

		(94,692)
		97,555
		2,863

		2,863

		2,863

Page 7

THE BULL THEATRE LTD Notes to the Accounts

for the year ended 31 July 2020

1 Accounting policies

Basis of preparation

The financial statements have been prepared in accordance with 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 2015) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

Change in basis of accounting or to previous accounts

There has been no change to the accounting policies (valuation rules and method of accounting) since last year and no changes have been made to accounts for previous years.

Fund accounting

Unrestricted funds These are available for use at the discretion of the trustees in furtherance of the general objects of the charity.
Designated funds These are unrestricted funds earmarked by the trustees for particular purposes. Revaluation funds These are unrestricted funds which include a revaluation reserve representing the restatement of investment assets at their market values.
Restricted funds These are available for use subject to restrictions imposed by the donor or through terms of an appeal.

Income

Recognition of Income is included in the Statement of Financial Activities (SoFA) when the charity income becomes entitled to, and virtually certain to receive, the income and the amount of the income can be measured with sufficient reliability.
Income with related Where income has related expenditure the income and related expenditure is expenditure reported gross in the SoFA. Donations and Voluntary income received by way of grants, donations and gifts is included in the legacies the SoFA when receivable and only when the Charity has unconditional entitlement to the income.
Tax reclaims on Income from tax reclaims is included in the SoFA at the same time as the donations and gifts gift/donation to which it relates. Donated services These are only included in income (with an equivalent amount in expenditure) and facilities where the benefit to the Charity is reasonably quantifiable, measurable and material.

Volunteer help The value of any volunteer help received is not included in the accounts. Investment income This is included in the accounts when receivable. Gains/(losses) on This includes any gain or loss resulting from revaluing investments to market value revaluation of fixed at the end of the year. assets Gains/(losses) on This includes any gain or loss on the sale of investments. investment assets

Page 8

THE BULL THEATRE LTD Notes to the Accounts

Expenditure

Recognition of Expenditure is recognised on an accruals basis. Expenditure includes any VAT which expenditure cannot be fully recovered, and is reported as part of the expenditure to which it relates.
Expenditure on These comprise the costs associated with attracting voluntary income, fundraising raising funds trading costs and investment management costs. Expenditure on These comprise the costs incurred by the Charity in the delivery of its activities and charitable activities services in the furtherance of its objects, including the making of grants and governance costs.
Grants payable All grant expenditure is accounted for on an actual paid basis plus an accrual for grants that have been approved by the trustees at the end of the year but not yet paid.
Governance costs These include those costs associated with meeting the constitutional and statutory requirements of the Charity, including any audit/independent examination fees, costs linked to the strategic management of the Charity, together with a share of other administration costs.
Other expenditure These are support costs not allocated to a particular activity.

Taxation

The charity is exempt from corporation tax on its charitable activities.

Freehold investment property

Investment properties are measured initially at cost and subsequently at fair value at each balance sheet date and are not depreciated. All gains or losses are taken to the Statement of Financial Activities as they arise.

Stocks

Stock is included at the lower of cost or net realisable value. Donated items of stock are recognised at fair value which is the amount the charity would have been willing to pay for the items on the open market.

Trade and other debtors

Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and on hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. In the statement of financial position, bank overdrafts are shown within borrowings or current liabilities. In the Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the company's cash management.

Trade and other creditors

Short term creditors are measured at the transaction price. Other creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

Page 9

THE BULL THEATRE LTD Notes to the Accounts

Research and development

Expenditure on research and development is written off in the year in which it is incurred.

Foreign currencies

Monetary assets and liabilities denominated in currencies other than the functional currency of the charity are translated at the rates of exchange prevailing at the end of the reporting period.

Transactions in currencies other than the functional currency of the charity are recorded at the rate of exchange on the date that the transaction occurred.

All exchange differences are are taken into account in arriving at net income/expenditure.

Leased assets

Where the charity enters into a lease which entails taking substantially all the risks and rewards of ownership of an asset, the lease is treated as a finance lease.

Leases which do not transfer substantially all the risks and rewards of ownership to charity are classified as operating leases.

Assets held under finance leases are initially recognised as assets of the charity at their fair value at the inception of the lease or, if lower, at the present value of the minimum lease payments. The corresponding liability to the lessor is included in the balance sheet date as a finance lease obligation. Lease payments are apportioned between finance expenses and reduction of the lease obligation so as to achieve a constant rate of interest on the remaining balance of the liability. Finance expenses are recognised immediately, unless they are directly attributable to qualifying assets, in which case they are capitalised in accordance with the charity's policy on borrowing costs.

Assets held under finance leases are depreciated in the same way as owned assets.

Operating lease payments are recognised as an expense on a straight-line basis over the lease term. In the event that lease incentives are received to enter into operating leases, such incentives are recognised as a liability. The aggregate benefit of incentives is recognised as a reduction of rental expense on a straight-line basis.

Pension costs

The charity operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payments obligations. The contributions are recognised as expenses when they fall due. Amounts not paid are shown in accruals in the balance sheet. The assets of the plan are held separately from the company in independently administered funds.

Receipt of donated goods, facilities and services

All donated goods, facilities and services received are recognised within incoming resources and expenditure at an estimate of the value to the charity.

2 Company status

The company is a private company limited by guarantee and consequently does not have share capital.

Page 10

THE BULL THEATRE LTD

Notes to the Accounts

3 Statement of Financial Activities - prior year

Income and endowments from: Donations and legacies Other trading activities Investments Total Expenditure on: Raising funds Charitable activities Other Total Net income Net income before other gains/(losses) Other gains and losses: Net movement in funds Reconciliation of funds: Total funds brought forward Total funds carried forward 4 Income from donations and legacies 5 Income from other trading activities	Unrestricted £ 13,323 32,500 45,823 Unrestricted £ 61,269 61,269	Unrestricted funds 2019 £ 36,723 95,548 22,500 154,771 79,163 8,673 68,955 156,791 (2,020) (2,020) (2,020) 162,796 160,776 Total 2020 £ 13,323 32,500 45,823 Total 2020 £ 61,269 61,269	Total funds 2019 £ 36,723 95,548 22,500
			154,771 79,163 8,673 68,955
			156,791
			(2,020)
			(2,020)
			(2,020) 162,796
			160,776
			Total 2019 £ 36,723 -
			36,723
			Total 2019 £ 95,548
			95,548

Page 11

THE BULL THEATRE LTD

Notes to the Accounts

6 Income from investments

7 Expenditure on raising funds Fundraising trading costs 8 Expenditure on charitable activities Expenditure on charitable activities Governance costs 9 Other expenditure Amortisation, depreciation, impairment, profit/loss on disposal of fixed assets Legal and professional costs 10 Net income/(expenditure) before transfers This is stated after charging: Depreciation of owned fixed assets 11 Staff costs No employee received emoluments in excess of £60,000.	Unrestricted £ 11,250 11,250 Unrestricted £ 31,992 31,992 Unrestricted £ 10,177 10,177 Unrestricted £ 61,163 796 1,200 63,159 2020 £ 796	Total 2020 £ 11,250 11,250 Total 2020 £ 31,992 31,992 Total 2020 £ 10,177 10,177 Total 2020 £ 61,163 796 1,200 63,159	Total 2019 £ 22,500
			22,500
			Total 2019 £ 79,163
			79,163
			Total 2019 £ 8,673
			8,673
			Total 2019 £ 67,755 - 1,200
			68,955
			2019 £ -

Page 12

THE BULL THEATRE LTD Notes to the Accounts

12 Tangible fixed assets

Cost or revaluation At 1 August 2019 Additions At 31 July 2020 Depreciation and impairment Depreciation charge for the year At 31 July 2020 Net book values At 31 July 2020 At 31 July 2019 13 Debtors Trade debtors 14 Creditors: amounts falling due within one year Trade creditors Accruals and deferred income		£ - 28,453 28,453 - - 28,453 - 2020 £ 104,797 104,797 2020 £ 11,007 3,905 14,912	£ 20,990 3,980 24,970 796 796 24,174 20,990	£ 20,990 32,433
				53,423
				796
				796
				52,627
				20,990
				2019 £ 117,073
				117,073
				2019 £ 6,203 2,400
				8,603

15 Movement in funds Restricted funds: Unrestricted funds: General funds Revaluation Reserves: Total funds	At 1 August 2019 160,776 160,776	Incoming resources (including other gains/losses ) £ 118,342 118,342	Resources expended £ (105,328) (105,328)	At 31 July 2020 £ 173,790
				173,790

Page 13

THE BULL THEATRE LTD Notes to the Accounts

16 Analysis of net assets between funds

16 Analysis of net assets between funds
Fixed assets Net current assets 17 Reconciliation of net debt Cash and cash equivalents Net debt	Unrestricted funds £ 49,443 136,075 185,518 At 1 August 2019 £	Restricted funds £ 3,184 (14,912) (11,728) Cash flows £	Total £ 52,627 121,163
			173,790
			At 31 July 2020 £
	2,863	28,415	31,278
	2,863 2,863	28,415 28,415	31,278
			31,278

18 Related party disclosures Controlling party

The company is limited by guarantee and has no share capital; thus no single party controls the company.

Page 14

THE BULL THEATRE LTD Detailed Statement of Financial Activities

for the year ended 31 July 2020

Income and endowments from: Donations and legacies Other trading activities Investments Total income and endowments Expenditure on: Costs of other trading activities Total of expenditure on raising funds Charitable activities Total of expenditure on charitable activities Other expenditure General administrative costs, including depreciation and amortisation Depreciation of Legal and professional costs Accountancy and bookkeeping Total of expenditure of other costs Total expenditure Net gains on investments	Unrestricted funds 2020 £ 13,323 32,500 45,823 61,269 61,269 11,250 11,250 118,342 31,992 31,992 31,992 10,177 10,177 10,177 61,163 61,163 796 796 1,200 1,200 63,159 105,328 -	Total funds 2020 £ 13,323 32,500 45,823 61,269 61,269 11,250 11,250 118,342 31,992 31,992 31,992 10,177 10,177 10,177 61,163 61,163 796 796 1,200 1,200 63,159 105,328 -	Total funds 2019 £ 36,723 -
			36,723
			95,548
			95,548
			22,500
			22,500
			154,771 79,163
			79,163
			79,163 8,673
			8,673
			8,673 67,755
			67,755
			-
			-
			1,200
			1,200

			68,955
			156,791 -

Page 15

THE BULL THEATRE LTD Detailed Statement of Financial Activities

Net income/(expenditure) Net income/(expenditure) before other gains/(losses) Other Gains Net movement in funds Reconciliation of funds: Total funds brought forward Total funds carried forward	13,014 13,014 - 13,014 160,776 173,790	13,014 13,014 - 13,014 160,776 173,790	(2,020)
			(2,020) -
			(2,020)
			162,796
			160,776

Page 16