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|---|---|---|---|
|Report ofthe|Trustees||1-13|
|Independent|auditor's|report|14-18|
|Consolidated|statement|offinancial activities|19|
|Consolidated|balance sheet||20|
|Parent charity balance||sheet|21|
|Consolidated|statement|ofcash flows|22|
|Notes to the financial statements|||23-35|
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|||||Target|22/23|21/22|
|---|---|---|---|---|---|---|
|Contribution||||n/a|6581,731|6393,978|
|Tickets sold||||n/a|75,824|60,330|
|Occupancy||||65%|57%|57%|
|Increase social media following||by||20%|12%|n/a|
|Increase newsletter|subscribers|by||15%|72,000|n/a|
|New booker returns|/ second time bookers||within one year|60|59|n/a|
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|||Unrestricted|Restricted|Total|Total|
|---|---|---|---|---|---|
||Note|Funds|Funds|2023|2022|
|||f|E|E|E|
|Income from:||||||
|Donations
and legacies||340,594|19,623|360,217|509,752|
|Charitable
activities:||||||
|Operation of music venue|4|1,739,806|192,242|1,932,048|2,348,152|
|Other trading activities|5|2,372,035||2,372,035|938,039|
|Total Income||4,452,435|211,865|4,664,300|3,795,943|
|Expenditure
on:||||||
|Trading activities|6|1,119,590||1,119,590|461,723|
|Charitable
activities|7|3,233,320|367,342|3,600,662|2,929,489|
|Total Expenditure||4,352,910|367,342|4,720,252|3,391,212|
|Transfer offunds|19|30,000|(30,000)|||
|Net movement
in funds||129,525|(185,477)|(55,952)|404,731|
|Total funds brought forward||319,900|202,552|522,452|117,721|
|Total funds carried forward||449,425|17,075|466,500|522,452|
##
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||||2023||2022||
|---|---|---|---|---|---|---|
||||f||f||
|Fixed Assets|||||||
|intangible
assets||12||47,623||24,328|
|Tangible assets||13||507,763||380,386|
|||||555,386||404,714|
|Current Assets|||||||
|Debtors||15|499,069||564,881||
|Cash at bank and in|hand||331,518||370,093||
||||830,587||934,974||
|Creditors: Amounts|falling due|16|(919,473)||(817,236)||
|within one year|||||||
|Net current
liabilities||||(88,886)||117,738|
|Total assets less current liabilites||||466,500||522,452|
|Income funds|||||||
|Unrestricted
Funds||19||449,425||319,900|
|Restricted
Funds||19||17,075||202,552|
|||||466,500||522,452|
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|||||2023||2022||
|---|---|---|---|---|---|---|---|
|||||f||f||
|Cash flows from operating|activities|||||||
|Cash generated
from/(absorbed
by) operations|||24||190,810||251,462|
|Investing activities||||||||
|Purchase ofintangible
fixed assets||||(37,790)||(51,030)||
|Purchase oftangible fixed|assets|||(191,595)||||
|Net cash used in investing|activities||||(229,385)||(51,030)|
|Net decrease in cash and|cash equivalents||||(38,575)||200,432|
|Cash and cash equivalents|at beginning|ofyear|||370,093||169,661|
|Cash and cash equivalents|at end ofyear||||331,518||370,093|
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|3.|Donations an|d|legaci|es||||||
|---|---|---|---|---|---|---|---|---|---|
|||||||||2023|2022|
|||||||||f|E|
|||||||||360,217|509,752|
||E19,623from||charitable|||activities was restricted|in 2023 (Enil- 2022).|||
|4.|Income on Charitable|||activities||||||
|||||||||2023|2022|
||Operation|of|music|venue||||f|f|
||Ticket sales|||||||1,488,565|1,035,232|
||Other programme|||related income||||251,241|180,250|
||Government||grant|income|||||87,737|
||Cultural
recovery fund|||||||90,638|986,233|
||Other grant|income||||||101,604|58,700|
|||||||||1,932,048|2,348,152|
||Analysis
by|fund||||||||
||Unrestricted||funds|||||1,739,806|1,303,219|
||Restricted funds|||||||192,242|1,044,933|
|||||||||1,932,048|2,348,152|
||In 2022 Government||||grant income comprises monies received under the UK coronavirus|||job retention|scheme (2023-|
||Enil).|||||||||
|5.|Income on other trading|||||activities||||
|||||||||2023|2022|
|||||||||f|f|
||Desk income|||||||190,929|158,110|
||Event income|||||||2,064,591|628,093|
||Room hire|||||||90,995|149,461|
||Sponsorship|income||||||22,000|57,500|
||Other income|||||||3,520|2,375|
||Total|||||||2,372,035|995,539|
||All income from trading|||||activities was unrestricted|in both 2022 and 2023.|||
|6.|Expenditure|on Trading|||activities|||||
|||||||||2023|2022|
||||||||||f|
||Commission|||||||447,663|96,266|
||Property||||||||66,883|
||People|||||||280,411|98,062|
||Support cost||(see note|||8)||391,516|200,512|
||Total|||||||1,119,590|461,723|
##
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|||Total|Total|
|---|---|---|---|
|||2023|2022|
|||E|E|
|People||1,575,574|1,448,464|
|Artists||946,549|691,100|
|Marketing||220,494|176,916|
|||2,742,617|2,316,480|
|Share ofsupport costs (see note 8)||842,850|601,559|
|Share ofgovernance|costs (see note 8)|15,195|11,450|
|Total||3600662|2929489|
##
|||Support cost|Governance|||Basisof|
|---|---|---|---|---|---|---|
||||cost|2023|2022|allocation|
|||E|E|E|E||
|Property||1,093,420||1,093,420|652,306|Direct|
|Finance/Professional||132,701||132,701|131,482|Direct|
|Governance|||23440|23440|29733|Governance|
|||1226 121|23440|1 249561|813521||
|Analysed|between||||||
|Trading||383,271|8,245|391,516|200,512||
|Charitable|activities|842,850|15,195|858,045|613,009||
|||1,226,121|23,440|1,249,561|813521||
||||||2023|2022|
|---|---|---|---|---|---|---|
||||||E|E|
|Net movement||in funds
is|stated after charging||||
|Fees payable|to|the group's|auditor forthe audit ofthe company's|financial statements|19,680|17,025|
|Fees payable|to|the group's|auditor for tax compliance||990||
|Fees payable|to|the group's|auditor for accountancy||4,290|3,900|
|Depreciation|of|owned tangible fixed assets|||64,218|81,059|
|Amortisation|of|intangible|assets||14,495|14,490|
|Operating
lease||charges|||26,400|25 000|
##
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##
|Number ofemployees|Number ofemployees||||||||
|---|---|---|---|---|---|---|---|---|
|The average|monthly
number of||||||||
|employees|during the year|was:|||2023|2022|2023|2022|
||||||FTE|FTE|Number|Number|
|Permanent|staff||||28|22|28|22|
|Casual staff|||||25|16|81|63|
|Total|||||53|38|109|85|
|Employment|costs||||||2023|2022|
||||||||E|E|
|Wages and|salaries||||||1,629,126|1,404,744|
|Socialsecurity
costs|||||||138,421|106,393|
|Other pension costs|||||||28,271|24,991|
||||||||1,795,818|1,536,128|
|The number|ofemployees|whose annual|remuneration|was|E60,000or more were:||2023|2022|
||||||||Number|Number|
|E60,000-E70,000|||||||1|1|
|E70,000-E80,000|||||||1|1|
|Total pension costs paid on behalf ofthe|||above employees||were E2,642 (2022:E2,642).||||
##
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|||||||||Website||
|---|---|---|---|---|---|---|---|---|---|
|Group and charity|||||||Software|development|Total|
||||||||f|f|f|
|Cost||||||||||
|At 1April 2022|||||||24,571|47,889|72,460|
|Additions|||||||37790||37,790|
|At 31March 2023|||||||62,361|47889|110,250|
|Amortisation
and impairment||||||||||
|At 1April 2022|||||||9,828|38,304|48,132|
|Amortisation
charged|for the year||||||4,914|9,581|14,495|
|At 31March 2023|||||||14,742|47,885|62,627|
|Net BookValue||||||||||
|At 31March 2023|||||||47,619||47,623|
|At 31March 2022|||||||14743|9585|24 328|
|The amortisation
charge||is recognised|in expenditure|on charitable||activities.||||
|There are no contractual||commitments|to acquire intangible||assets|at 31March 2023||(2022:fnil).||
|Tangible fixed assets||||||||||
|||||Office||||||
|||Leasehold||furniture||||||
|||property||and|||Computer|Performance||
|Group and charity||improvements
f||equipment
f|||equipment f|equipment
f|Total
f|
|Cost||||||||||
|At 1April 2022|||123,786|145,567|||168,249|897,511|1,335,113|
|Additions|||||||5062|186533|191,595|
|At 31March 2023|||123786|145,567|||173,311|1,084,044|1,526,708|
|Depreciation
88impairment||||||||||
|At 1April 2022|||61,811|144,355|||88,429|660,132|954,727|
|Depreciation
charged|in|the year|10,626||242||12040|41,310|64218|
|At 31March 2023|||72,437|144,597|||100,469|701,442|1,018,945|
|Net BookValue||||||||||
|At 31March 2023|||51,349||970||72,842|382,602|507,763|
|At 31March 2022|||61,975||1,212||79,820|237,379|380,386|
##
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|The aggr|egate|ofth|e assets, liab|ilities
and funds was|:||||
|---|---|---|---|---|---|---|---|---|
||||||||2023|2022|
||||||||f|f|
|Current|assets||||||1,302,190|376,168|
|Current|liabilities||||||(72,692)|(93,503)|
|Total net assets|||||||1229498|282 665|
|The financial assets|||were as follows:||||2023|2022|
||||||||f|f|
|Turnover|||||||2,482,927|1,048,919|
|Cost ofsales and administration||||expenses|||(1,253,439)|(649,713)|
|Result for the||year|||||1229 488|399206|
|15.Debtors|||||||||
||||||Group||Charity||
||||||2023|2022|2023|2022|
|Amounts|falling due within one|||year:|f|f|E|E|
|Trade debtors|||||388,706|288,341|57,259|35,698|
|Amounts|due|from|group undertakings|||||54,897|
|Prepayments||and accrued income|||110,363|276,540|101,486|217,503|
||||||499,069|564,881|158,745|308,098|
|16.Creditors|||||Group||Charity||
||||||2023|2022|2023|2022|
||||||||f|f|
|Trade creditors|||||288,713|203,696|253,818|201,859|
|Amounts|due|to fellow group undertakings|||||871,190||
|Other taxation||84social security|||62,742|38,032|62,742|37,246|
|Other creditors|||||60,386|139,123|60,386|139,123|
|Accruals|||||229,510|147,745|186,413|112,683|
|Deferred|income||||278,122|288,640|277,422|287,719|
||||||919473|817236|1711971|778630|
|17.Deferred|income||||||||
||||||Group||Charity||
||||||2023|2022|2023|2022|
||||||f|E|E|E|
|Balance|at 1April||||288,640|212,312|287,719|191,391|
|Amounts|released||to income||(288,640)|(1,292,115)|(287,719)|(1,261,695)|
|Amounts|deferred||in the year||278,122|1,368,443|186413|1,358,023|
|Balance|at 31|March|||278 122|288640|186413|287719|
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|Charitable
funds
For the year ended 31March 2023|||||||||
|---|---|---|---|---|---|---|---|---|
|||Balance at|Movement
in funds||||Balance at||
|Group||1April 2022
f|Income
f|Expenditure
f|Transfers
f||31|March 2023
f|
|General funds|||||||||
|General funds||319,900|4,452,435|(4,352,910)|30,000|||449,425|
|||319,900|4,452,435|(4,352,910)|30,000|||449,425|
|Restricted funds|||||||||
|Culture
Recovery Fund||199,052|135,957|(305,009)|(30,000)||||
|Other Funds||3,500|56,285|(59,785)|||||
|Audience
Fund|||19,623|2,548)||||17075|
|||202,552|211,865|(367,342)|(30,000)|||17,075|
|Total funds||522,452|4,664,300|4,720,252)||||466,500|
|Company||Balance at|Movement
in funds||||Balance at||
|||1April 2022|Income|Expenditure|Transfers||31|March 2023|
|||f|f|f|f|||f|
|General funds|||||||||
|General funds||37,245|2,502,892|3,344,200|3D,ODO||~774,063||
|||37,245|2,502,892|(3,344,200)|30,000|||(774,063)|
|Restricted funds|||||||||
|Culture Recovery fund||199,052|135,957|(305,009)|(30,000)||||
|Other Funds||3,500|56,285|(59,785)|||||
|Audience
Fund|||19,623|(2,548)||||17,075|
|||202,552|211,865|(367,342)|(30,000)|||17,075|
|Total funds||239,797|2,714,757|(3,711,542|||~756,988i||
|Transfers:|||||||||
|The transfer
in the year represents to|the acquisition offixed assets using restricted funds as||||the funds|have been used|||
|for the purpose for which it was given.|||||||||
|Cultural
Recovery Fund: This fund represents||monies received|from the DCM5|Cultural
Recovery Fund||for|the||
|sustainability
grant.|||||||||
|Audience Fund: This fund represents|monies|received to subsidise concessions||tickets at Kings Place.|||||
|Forthe year ended 31March 2022|||||||||
|||Balance at|Movement
in funds||||Balance at||
|Group||1April 2021|Income|Expenditure|Transfers||31|March 2022|
|||||f|f||||
|General funds|||||||||
|General funds||117,721|2,751,010|2,583,831)|35,000|||319,900|
|||117,721|2,751,010|(2,583,831)|35,000|||319,900|
|Restricted funds|||||||||
|Other Funds|||43,700|(40,200)||||3,500|
||||986,233|(752,181)|(35,000)|||199,052|
|Culture
Recovery Fund|||||||||
|Arts Council England|||15,000|15,000|||||
||||1,044,933|(807,381)|(35,000)|||202,552|
|Total funds||117,721|3,795,943|3,391,212)||-||522,452|
##
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|Forthe year ended 31Ma|rch 2|023|||||||||
|---|---|---|---|---|---|---|---|---|---|---|
||||||||General||Restricted||
||||||||Funds||funds|Total|
|Group|||||||f|||f|
|Intangible
fixed assets|||||||47,623|||47,623|
|Tangible fixed assets
Net current
liabilities||||||507,763
~105961|||17075|507,763
~00,006)|
||||||||449 425||17075|466 500|
||||||||General||Restricted||
||||||||Funds||funds|Total|
|Charity|||||||f.|||f|
|Intangible
fixed assets|||||||47,623|||47,623|
|Tangible fixed assets
Net current
liabilities||||||507,773
~1,329,459)
~(774,060|||17,075
17,075|507,773
~(1,322,384
~756,900)|
|For the year ended 31March 2022|||||||||||
||||||||General||Restricted||
||||||||Funds||funds|Total|
|Group|||||||E|||E|
|Intangible
fixed assets|||||||24,328|||24,328|
|Tangible fixed assets
Net current
liabilities||||||380,386
~84,814|||202,552|380,386
117,738|
||||||||319900||202 552|522 452|
||||||||General||Restricted||
||||||||Funds||funds|Total|
|Charity|||||||E|||f|
|Intangible
fixed assets|||||||24,328|||24,328|
|Tangible fixed assets
Net current
liabilities||||||380,386
~(367,478|||202,552|380,386
~164,926)|
||||||||37,236||202,552|239,788|
|Operating
lease commitments|||||||||||
|Group and Charity|||||||||||
|The charity as a lessee:|||||||||||
|The total future
minimum|lease payments||under non-cancellable|||operating|leases are|set out below:|||
||||||||||2023|2022|
|||||||||||f|
|Within one year|||||||||22,808|26,449|
|Between one and five years|||||||||43,492|56,617|
|Over five years|||||||||18,834|25,517|
||||||||||85,134|108,583|
|The operating
leases represent||leases of|equipment.||The average|lease length
is five years.|||||
|The charity as a lessor:|||||||||||
|At 31March 2023,the charity||had contracted||with|tenants for the following||minimum|lease|payments,|which fall due|
|as follows:|||||||||||
||||||||||2023|2022|
||||||||||E|f|
|Within one year|||||||||102,473||
|Between one and five years|||||||||88,435||
||||||||||190,908||
##
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|||||Income||Expenditure||
|---|---|---|---|---|---|---|---|
|||||2023|2022|2023|2022|
|||||E|E|E|E|
|Green &|Fortune Limited|||1,722,279|538,824|32,513|3,252|
|Pangolin||||15,926|11,940|||
|Parabola|Foundation|||290,000|475,000|||
|Parabola|Real Estate Investment|Management|LLP|10,080|6,934|||
|||||2,038,285|1,032,698|32,513|3,252|
|||||||Amounts|owed to related|parties|
|---|---|---|---|---|---|---|---|---|
||||||||2023|2022|
||||||||E|E|
|Green &|Fortune|Limited|||||33010||
||||||||33,010||
|The following amounts|||were outstanding|atthe reporting|end date||||
|||||||Amounts|owed by related|parties|
||||||||2023|2022|
||||||||E|E|
|Green &|Fortune|Limited|||||330,197|229,079|
|Pangolin|||||||2,563|1,200|
|Parabola|Foundation|||||||25,000|
||||||||332,760|255,279|
##
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##
|24.Cash generated
from operations||||||
|---|---|---|---|---|---|
|||||2023|2022|
|||||f|f|
|5urplus/
(deficit) for the year||||(55,952)|404,731|
|Adjustments
for:||||||
|Amortisation
and impairment
of|intangible|assets||14,495|14,490|
|Depreciation
and impairment
of|tangible fixed assets|||64,218|81,059|
|Movements
in working capital:||||||
|Decrease /(Increase)
in debtors||||65,812|(174,735)|
|Increase/ (Decrease)
in creditors||||102,237|(74,083|
|Cash generated
from / (absorbed|by) operations|||190,810|251,462|
|25.Analysis ofchanges
in net debt||||||
|Cash at bank and in hand|||370,093
1April 2022
f
370,093|~I38,575
Cashflows
f
~38,575)|331,518
31March 2023
f
331,518|
##