Tyne Theatre and Opera House Preservation Trust (A charitable coinpany limited by guarant¢¢) TRUSTEES. REPORT AND UNAUDITED FtNANCIAL STATEMENTS for the year ended 31 March 2021 Company Tho: ChHrity no: 03874271 1120746
Tyne Theatre and Opera House Preservation Trust TRUSTEES ANNUAL REPORT For the y¢ar ended 31 March 2021 REFERENCE AND ADMINISTRATIVE DETAILS TRUSTEES I'he TNstKS 5¢rvittg duringlhe year amd sin¢6 the y¢ar etKt w¢r¢ 05 follow5.' H Ging I R Harri8 B N Sp¢k¢r OBE DL G O'Brien A P Butland J W Lloyd M J WilTnOt (Chair) A V Schoficld J Rt¢haritson R l)ougal J Lamb J J Dougal P W ChaTnock (Tesigned 31 Marrh 2021) LOCAL AUTHORITY REPRESENfA TIVES Coun¢illor S Rahma Councillor T Cas1Th$ SECRETARY H Ging TREASURER J Lamb COMPANY NUMBER 03874271 CHARITY NUMBER 1120746 REGISTERED OFFICE AND PRINCIPAL PLACE OF BUSINESS Tyne Theatr¢ and Op¢r& House 117 Westgate Road Ne1¥11¢ upon Tyne Tyn¢ 8T W NEI 4AG tNDEPENDENT EXAmERs RSM UK Tax Accountsng Limit¢d I St Jomes, Gate Neivcastle u]Jon Tyn6 NEI 4AD BANKERS HSBC 110 Grey Sircet Newcasue upon Tyne NEI 6JG SOLICITORS Sinrons LLP The Cub¢, Barya¢k Road N¢ivcast]e un Tync NE4 6DB
Tyne Theatre and Opera House Preservation Trust TRUSTEES ANNUAI. RF.PQRT For th¢ year ended 31 March 2021 The Trustee5, i¥ho are 21so dir¢rlor5 for thr ptsrp0s¢5 of th¢ Q)mpwii¢s A¢L preserÈtth¢ir r¢[rt a1 The unaudited fu¢1a[ sla(¢m¢nts of the chaTity foi th¢year ¢nded 31 March 2021. LFGAL STATUS Tyn¢ Theatre and Opera House Prcservation Trust is a registered Charity gov¢med by its Memorandum 8nd Arti¢le$ of Assocwiion. The 15 limitd by gugranl¢r and is a tegi$tered Choyity. number 1120746. Company number 03874271. PURPOSE To op¢rate. own and r¢5tore the Gr8d¢ I listed [ue VictorTraD Theatr4 the Tync Theatr6 #t Op¢ra House in NewcHsdc upon Tyne. MISSION A ih¢atre for evtryon VISION By th¢ end of the 202Qs to be a refurbith¢d ind¢pend¢nt theatre ISting a variety of ¢teTt81¢T11 and ev¢5 with wiik app¢al ID the lo¢&1 community and beyond. OBJECTIVES OF TYNE THEA'fRE AND OPERA HOUSE PRESBRVATION TRUST Th¢ objects foi'whicli the Trust ¢stablish¢d aTe'. a) io acquire, Ttstore at preserve for the benefit of the publi¢ at large the Grade Onc Listed Buildii known The ryne Theatr6 Op¢ra Hous¢. b) the advanrxmenl of public cduLatioJ in all gspe¢ts of the dMatIc arts by thc pre5¢ntalioTi dtwj production of play5 and othtr cxpirssions of drattla including the commissiojing of new works and the Inoun¢ing of publio pcrfoLThan¢e5 and the m()untin8 of ¢188ses. exhibition8 ar demonstrations of drarnatic arfs and thvul l¢chnology', ¢} the ddvanc¢ment of public education in th¢alr¢ t¢dJnology by the pr&iVatIOn, nSerVation atxl exhibition ofmachinery and technology of th¢ p¢rforming arts and the interpretation of surh art¢fa( their historical ront¢xl' d) the advan¢ement of public edu¢ailon in all asp¢¢ts of th¢ 8lt$ including music and musi¢ th¢Atr< drwna, d¢wL?tive and visual arts, donte, b&llet, circu5, music hall and comedy and vari¢ty p¢rforman¢¢. OUR VALUES Welcoming One Teaffl Pa55ionat¢ about performance Collaborating with OUT fotnrnunities Trueto our herilage Committed lo sustainability Innovative and forward thinking REVIEW OF DEVELOPMENI'S Acrivi'i'ir8 ACHIEVF.MF.NTS I'he ycar cnded 31 Match 2021 w&8 largely a challenging yeaT for th6 Trust to th¢ impact of COVID-19. The Theatre was ¢los¢d to audienee5 froni MyTLh 2020, and dut lo Govtmment enforced lockdowns. IheT¢ was a swiÈficanl rrdu¢iion it) oulreach and fundraising a¢iiviti¢s. Th¢ Trust r¢Snded by offering a limil¢d number of Iivc-.8lrcamed events. In rcccnt years theoper&ting ohmpany hgs gelleia*d Ix)th sth)ng finan¢ial and operational performance resulting n con501idatsd ann[ fmancial surpluses for the Trust alld attracling large audi¢n¢¢ nurnbeis into our histori¢ building. Thi$ had up to this poknt PTOV¢tI th¢ su51aitsabilily of the thcalrc and prov&d¢d soine funding for reinvegtment into the buildin
Tyne Theatre and Opera House Preservation Trust TRUSTEES ANNUAL REPORT For the year ended 31 March 2021 COVID-19 Impact Dibappointingly. we werc required to close the theatre fn)m March 2020 for thc first time sirtcc the 198S fifc duc to the COVID-19 UK ttaiional lockdown. This has had a v¢ry significant impact on tht financ¢s of the operating ¢ompttny. The operating company h&$ uiilised th¢ Job Ret¢ntion Scheni& the Bounce Back Loan SchEtn¢ ar dcf¢rred VAT and PAYE payrnents in order to 511ry1Vf tliis P(L Th4nkfullyy di¢ upuating company was aW.dd a 8rant through the Arts Council's Lknltur¢ R¢wvery l.-Lknd t<)r th¢ period l OctobeT 2020 to 31 M8TGh 2021. All of thi8 tunding has been a Yiial lif¢lith¢ for the Ihearre and the Clllbjre Recovery Fund has allowed it to stage socially distaTtc¢d ¢v¢nts and helped to fund a busines5 plan rtvirw which giv¥n Cleav direction as we move outortht pthnd¢mic. Throughout the pand¢mi¢ we h&v¢ hosted online performall¢es. Ov¢r th¢19s1 s¢veral years, the Trust h35 rclicd hcavily on the performance of the operdting Lmphny tts fvnd the Th]st's costs and to build reserve5. Given ih¢ itnpact of COVID-19 no ¢oJtribulion$ were received from the op6rating InpanY in 2021, <hough re¢¢nt inditrdtiuns suggesl contribution5 are likely to resumE in 2022. The rrust had built up sUbsnti&l cash irseTves prior ID thr imp¥t of the p3ndcmic and so 18 cxpected to continue as 8 8DIiI8 concern foL' the for¢s¢eable fuiure even without 8ny conlribution th¢ operating ¢omp4ny in the n¢oS future. Property updst¢ We continue to upgrade th¢ Buditoriuin seats. We hav¢ now upgTaded 60% of seats in the stalls attd Grand Circle and ive will tontinu¢ this PTOj¢Ct over ihe next few y¢ars &8 w¢ addre59 this imwrtant Df comfort frjr our audience manbw5. We are d¢light¢d io have bctn awarded a gran¢ from the Theatres Tru$1 to improve acc¢88Èbility of the the8Ére. This has b US to r¢fvrbish the disabled toilet at the ba of the siilLs and iTttprove Ècctssibility to other toilets withirt the buildifig. The l¢ase of the'blue rooms" seeiion of the building to a locel cljarity CaTFL6 to end. W¢ are now ¢xploring fundingopportuniliw ¢0 red¥velop this gJta to asslst with our ¢haritabl¢ aims. We have b¢en able to itnnicdiately reopen the link to tliis arca at Gtand Circle lev¢1 in order to r¢instate ihe GetJil¢men'$ toilets at this level. Tym¢ Theatre & OpEfa House Limlted Th¢ Trust's subsidiary compafiy Tyne Th¢atr¢ & Op¢ro House Linjited I'lhc operating company"), Ivas ini(ially unable to operatc apy live sknws due to the first COVID-19 lockdown. A Small number orclS W¢TC lsve streamed onlin4 and a nurDbeT of socially dÉstanccd events were held towards the end of the ye9r. Th¢ Theatre fijlly reopened io audiences in July 2021 and mony thows ori8llwlly scheduled during the COVID-19 loGkdvivft p¢riod have been dtferrd, resulting in a healthy fvttjre p¢rfomiwJ¢e s¢hedul& The operating conipaThy B¢n¢Yatd turnover of £6,565 12020-. £730,423) 8nd pmfit of f21.490 12020.. £60.618). No gift aid 12020.. £140.370) was paid to the Trust from ihe opcratlTrg company profit& The exccllertt team members of th¢ operating comp0t)y hav¢ beth 8maxin8 durin8 the pandmiic and it 15 bL'illÈaiit lo s¢e thern w'eleomlng ¢u$tQJDers into the theatrc again. Due to the cov119 lockdown, 14 8hows took piaGE iti th¢ y¢ar end¢d M8r¢h 2021 (2020: 211). The operatin8 C4mLpany employed an av¢rage of 114 teArn mtmbers during the year (2020.. 131}, although m¢Ysl staff w¢r¢ placed on fitrlough. The fitLArt¢ials of th¢ trust and the operating company dre Consolidatcd. Should these results b¢ ¢onsolid&t¢d they woiild show.. 2021 2020 Turnov¢r Net (deficit) Isurplus 71,775 169.974) 8J3,299 72,594 Tyne Thtre PToductltyM$ A prodllction Df RENTw&s Élliti&lly plawi¢d for March 2021 bt has now bc¢n d¢ferr¢d to mh 2022 du¢ to the impact of COVID 19. The Tyne Theatre Produclton& letmi h8ve h6Jd a numbcrofonliA¢ events.
Tyne Theatre and Opera House Preservation Trust TRUSTEES ANNIJAL REPORT or the year ended 31 March 2021 CoThmunlty and fundrgtstng The Trust Gontinued lo ttdd a resroration dollation pertick¢t which ha5 been very sucCr1 in raising vital fvnd5 lo restore the theatre. Wc TW have 84 n8rned Scats iij the auditoriwn and So"frids, memb¢rship& I'ours ivEr¢ sU5pded duriÈ)g Ihc Theatre closure. During lockdown ive fLI]n¢d a Ghtsst Lighi Tour which wa5 Posted to You Tubc in July 2020. Live tours restarted in July 2021. These tnclude publiE group and Heritage 0 Day tours. Duri#g the year, Iht theatre produced s¢v¢ral s¢ri¢s of liv¢ stream¢d ¢v¢nts from th¢ tkeatr¢'s Bistro b8r in ¢0112boration with lo1 rTlat]cE arttsts and event induslry prorS1onals. raising filnds for the Tyne Theatre & Opera House Preservation Trust and oih¢r rhariti¢$ in¢luding Th¢ A¢¢tsrs' Benevol¢n¢ Fund. th¢ NHS and th¢ Royal Briiish ttglon. A $uc¢essful Crowdfutjder can]paigTh was und¢rt¥k¢n as a part of th¢ national #Sav¢OurTh¢atr¢s ¢ampèign. which i'ai8ed a total of £10,192. Thc Trust continue to be Intmbers ofiocal working group5 seekillg the dcvclopmentof the city atMI promotion of Jrt5 and ¢duc8tion in the region. PUBLIC BENEFIT Thc Trust's a¢iivitie$ wntinue to develop and foGus on the preservation of thB GTade Lisltd theatre fot the ¢nioyment of the publi¢. The Tru5tC¢5 hav¢ had r¢gard$ to the Charaty Cornmi5sion guidance on publiG ben¢fit. GOVERNANCE Thc Trusl IJ88 to have six full board m¢¢tin8s p¢r ivilh d¢lewdted ¢ommittees and smaller WOrku groups meeting a5 and whm r¢quir¢d. RECRUITMENT AND APPOINTMENT OF TRusfEES The directors of lhc compotw ar¢ also chai'ity Tru8tees for the PULyoses of chariiy law and appoirfed as sy¢h under the rcquirements of th6 M¢mor8ftdum and Articles of Association. In accordance wilh Article5 of Associatson. new aPltMentS are subjectto confirmation at th¢ Anouol General M¢eAing of the Company. TRUSTEE tNDUCTION AND TRAtNtNG 1rustee5 given appropriat¢ indu¢iM>n on appoiniment and will be PTovide41 wlth A¢C¢SS approprfaie ¢r8i*ing uring their appointment to the board. riNANCIAL REVIBW The total in¢orne ihis year wa8 £65,210 {2020- £243,246) and Ihe n¢t mov¢m¢nt in Funds was1£91.464)12020- £152,346). Th¢ ¢xpettditurt Dtt iaisÉng fund5 Wk15 £2,841 (2020.. £7,826) and clwiithle ¢xpendiiur¢ was £153,833 (2020: £83,074). At Jl Marth 2021. the Tn]st h8d fr¢¢ Irs¢rve8 of £218,373 (2020: £317.419) (excluding fixed a85els). After the year the Trtl re¢eived no fijrther gift atd payments from Tyne Theatre and Op¢ro Hous¢ Limit¢d12020.' £nil). The Trnst has previously widerlaken to budgd for a1Ual surplu$ lis operating a¢¢oun¢ in order to build fmancia] reseives to amelioTate the financial risks a5sociaied W¢h loss of tenants or other operational iTApacts on it5 fanCial $e¢urity and lo act &8 seed thnding foT th¢ restol0 Dnd dev¢lopm¢nt programm& Although th Trust has had to utslis¢ 11$ reserves in the last fInancial y¢#r, the Trust ¢xpe¢is to budget for annual surplus in th¢ financi21 year ended 31 M8rrh 2024. INVEsfMENf POWERS AND RESTRIcfioNS In furtlier8n¢¢ ot the atorem¢ntioned objtcts but not furth¢r or oth¢rwis¢ th¢ TnEst shall hav¢ the pow¢rs as detailed within th¢ Memorartdum of Association.
Tyne Theatre and Opera House Preservation Trust TRUSTEES ANNIIAI, REPORT For tELe year ended 31 March 2021 GOtNG CONCERN The Trusiets are salisfird that th¢ Charity is able to op¢rate for the foreseeable fi]ture, on the basis of reserve balJn¢e5. RJSK MANAGEMENT The Trust has identif1 ky ri5k5 as follow8 and developed a management pian to 8meliorate th08e risks.. Sever High Risk eM¢t ArtiLbn$ Licence to op¢rate is in place with pepperthrn rcnt. Reliance on annual swplu5Es from th¢ opeialin8 company for financial sustainabklity Better than anlicipal¢d financial perfomiance to date by tke optrraling company iyhieh makes reglaT contrÈbution5 to thc Trust. ID th¢ pgnd¢ttLiC pBriod il may tskn some time for ihe operaling cotnpaay lo rcach its norjnal oper4ting PBI'furtnance and make subsiatttial contributions to the 'l'rust. 'I'h¢ 'l'rust l5 aclÈvc in tlmdi?ising aciiviii¢$ w bridge the gap. Los5 of thth lic¢[ or limitaiion on usage. M¢dium D¢v¢lop improved re1l0j1IpS with SUJTOUtMling n¢ighbouTS. Maintain and Pdde h1th yd s&f¢ty poliries. roi*dures and infraslructWE as a riate. Numcrotts fiJt)draisin8 ineomc strc8ms are in operatiott. including TY Th¢alr¢ Production rE51oralion levy on Itckels, friends income, name a scat incom¢, collection bucket5 in (he thralr6 0d th¢ Theatre's Trtjst Kickstgrter scheme. Routine maiDtenon¢¢ and r¢gular ¢hecks carried out. Limited futJdr&tsin8 opporlunities for niajoi. refvrbi5hment of theatr Medium Majo¥ mainienatsce emergency requirement discovcred thethcatre. High A prOgrikn¢ of ¢api181 ¢xpeNliiure and iEpairs continues to evolv¢ to ensure lugh priol'ity uir6m¢nts are addres$¢d on a cfyse b ¢gs¢ basis.
Tyne Theatre and Opera House Preservation Trust TRUSTEES ANNUAL REPORT For the year ended 31 Matrh 2021 STATEMENT OF TRUSTEES, RESPONSIBILITIES Th¢ Tru$t¢¢s, who are also the dir¢ctOTS of Tyne Th¢alr¢ and Opera Hou5¢ pserVation Trust for ih¢ purp05E5 of company law, are responsible for preparing the Tn]stees' Report and Ilje fIn}cial statements in accoj'dance ivslh kppl1b1¢1oW ond United Kingdom Accounting StaT5 (UTrit¢d Kingdom G¢ncTally Acrrpid Arrounling PractLcel. Company law requires the ¢harity Trustee8 to prepare firwicial ststemenis for each y¢ar which give 8 true and fail. view of th¢ slat¢ of affairs of the ¢h&ritable company and of the incomtng resources and application of soutK5, in¢luding th¢ incomc and ¢xp¢nditUFf. of the chal'jtable ¢ompany foi. thaty¢ar Ill PTcparing thr financiÈl ststements. the fiust¢¢s required to.. select suitable accounting poli¢i¢s and ihen apply ib¢m ¢onsist¢n¢ly: obKrve the B)¢thi)&% ortd principle8 in the Charitics SORP. make judgements ai?d e5timatr6 th&t ar¢ re850n•bl¢ oDd prudent.. Blate whether applirTible UK accounting stsndatds have bttn followed, 5ttbject to any material d¢p8rniiEs disclosed and explained in thE financial statemertt*', and prepare th¢ fiDattcial statements on the going concern basis ull1 it 15 inappropriate lo pre8urne thatthe chority will continue in op¥r?tion. Th¢ Tnjstees are irsponsible for k¢epSng proper accounting recoft18 thai disclose ivith reasonable accuracy at any tlme tli¢ finat)¢ial posiiton of the charitabl¢ company and ID ¢nabl¢ thEm lo ensure Ihat thr fITnCIal statements comply with the Companies Act 2006. They are also rcswjnsible for safeguardillg the assets of the charilable company and h¢n¢e taking I?nable Steps for the pr¢v¢ntiory and d¢t¢ttion vf frwd and Dttxer irregtslBTiti¢s. Thr Trust¢48 are re5ponsibl¢ for the m8in1¢Jwi and inieErity of th¢ ¢orporate 8nd fiACial inforn)ation included on the ¢hariiable company's website. Lrgi¥lation in ¢h¢ Unil¢d Kingdum governing tht pr¢parntion and dissemination of fiiwicia] statements m8y dstTer from leEl51ation in othey jurisdictions. INDEPENDENT EXAMINER A resolution to rtrappoint RSM UK Tax and Aceounting Limit¢d Indepentht Examiner for the ensuing year will bc Proposed at the forth¢oming annual gEneral meeiing. SMALL COMPANY PROVISIONS This report has becn prewed in a¢cordance with the provL8ions applicablc to coinpanies et)titled to the small ¢vThpani¢s' exetnption. On behalf of th¢ Trustecs M J Wilmoi TrStee Approved by the on I l November 2021
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF TYNK THEATRE AND OPEIL4 HOUSE PRKSERVATION TRUST I to the 11115teE5 on my ¢wnination of the accounts of the Tyne '[htre and Opera Housc PrGwvation Trust for the year elided 31 March 2021. whi¢h are set out on pages 8 to 18. R¢spoDslbilitie5 And bAs15 of r¢porf As the mjstees of the company (and also its directors for the purposes of ¢ompany lawl you are rponsIbl¢ for thepr6pai?lioD of the acLxiunts in aCK0rdat¢ wilh the JYquireJnents of the Cotnpani¢s A¢t 2006 {'the 2006 Act,). Having saitsfied myself that the aecthurtts of the MPaThY Tt requiTed ¢0 be audited under Part 16 of the 2Q06 Act and at¢ ¢liBible for independent ¢xamioaiion. I r¢port in respect of niy examination ofyour charity's ccounts as wried out undcr S1]0 145 of the Charilies A¢t 2011 {'the 2011 Act'l. In carrying out ffly examiThaÉion I have followed the Directions giv¢n by th¢ Chwity thmmission under stttlon 145 15)Ib) of the 2011 Ad. All indcpcndellt examination does ]t Tnvolvc gathering all th¢ ¢vid¢nce that would br required in an oudit and consequefttly does not coyer all the mer$ iliat an auditor consiikrs in giving their opinion on the gccounts. The planning alld conduct of en audit goe8 beyond lh¢ limited as%uran¢c that an Indendent ¢xaminatioo can provid¢. Consequcntly. I cxpre55 no opiniDn as to 1vhet1r the accounts present a 'ttuG and fair vi¢w' and my Irport 18 limited to tl?oK $p¢¢ifi¢ matters s¢t out in lh¢ i¥wl¢pelldenl ex1£'S statement. Indeppndext ex•rnin*r'8 $latemeDts I have mpleld my examination. I confirm thBt no mat¢rial Jnattcrs hav¢ com¢ to my att¢n¢ioJ in connection with the exaniination giving m¢ reasonable cause belleve that in any in8(eri21 respect: ccounliDg recoTds were not kept in of th¢ company as required by scction 386 of th¢ 2006 A¢t,' or th¢ a¢counts th not accordwiih those rec4Nds' or the accounts d(b ntst Clp]Y with the a¢etsunting reouit¢m¢nts of s¢ctiOFJ 396 of thc 2000 Act othm thon ny requiremenl that th¢ acc4Junts 8IV¢ 4 'trye and fa vieiv, which 15 Tivt a fflalter tonsidered 8s part of n ind¢pend¢n¢ exominalion. or Recommended Pr8¢ti¢e: A¢couThting aj Reporting by Charities appliceble to charitie5 PFeparing their accounts wcordance with the Finan¢io1 Reportin8 Standard applicable in th¢ UK a]]d Ircland IFRS 1021. I hav¢ no concerns an& have £ome across no other matt¢r$ in ¢onnection with the examinatiOD to which att¢tition sknuld b¢drwn in thi8 rert in ordcT to ¢nable a proper understath(lingof ih¢ a¢counis to be reached. Sign.. Lu6yFobso N8m¢.. Lucy Robson Name of applicable listed body: The Jnstitutc of Chart¢red A¢¢ouJtant8 in Eng]and and Wales Relevant professional qualification or Jn¢tnh¢T5hip of professional body= Chart¢r¢d A¢¢ow)t¥nt ON BEHALF OF RSM UK TAX AND ACCOUr[NG LIMITED Chdrtered Accountants 18t Jamcs. Qate Neivcastle UPDn Tyn¢ NEI 4AD DATE 17111121
Tyne Theatre and Opera House Preservation Trust s'rATEMENT OF FINANCIAL ACTIVITIES (INCLUDING COmE AND EXPENDITURE ACCOUNT) For the ear ended 31 March 2021 Unrestri¢ied Funds Resiri¢t¢d Ilunds Total 2021 Total 2020 Nole INCOME FROM.. Donalions artdl*gaGles 39,607 102 25,501 39,607 102 25,501 12.452 322 230872 Other 1p1cme TOTAL tNCOME 65,210 65.210 243,246 EXPENDITURE ON.. R8iSirtg funds Charitable aGtiYlties 2,841 153,833 2,841 153.833 7.826 83,074 TOTAL EXPENDrruRE 156.674 156,674 90.900 NBT MOVEMEKf IN FUNDS 15 191,464} (91.464) 152.J46 RECONaLIATION OF FUNDS Totsl ti]nds brought forward 'lot&l funds ¢aryi¢d fOard 928,468 928,468 776,122 837,IKk4 837,004 928,468 The Statement of FinanGial Activities inCldeS all gains and losses rew8nise41 th¢ y¢8r. All ittcome expen01re derive from the charity'5 Continuing op¢ratiON8.
Tyne Theatre and Opera House Preservation Trust STATEMENT OF FtNANCIAL POSITION 31 mah2o21 2021 2020 Nolg FIXE,D ASSETS Tangibl¢ Assets Investments 618.629 611,047 iu 618.630 611,048 CURRENT ASSETS D¢bto Cash at bank ond in tTrand 60 J18 221,541 69,278 323.581 282.059 392.859 CREDITORS Amounts falling du¢ within one year 12 {63,6851 (75,4391 NEI. CURRENT ASSETS 218,374 317.420 NET ASSETS 837,004 928,468 THE FUNDS OF THE CHARITY R¢5trid¢d funds Unrestrlcd funds Is Is 837,004 928.468 TOTAL CFIARITY FUNDS 837.004 928,468 The company is ¢ntitled tD th¢ ¢xemption from the &udit requirement contained in s¢¢tion 477 of th¢ Companie5 Act 20116 T¢latitJg to small companie& for thr ended 31 March 2021. No member of the ¢ompfyny has deposiied a notice> pursuant to seclton 476, requiring an audit of thuc f5nan¢io1 stst¢m¢nts. Th¢ responsibililt¢$ forensuTing that the tharity keq>s accounting records which comply with section 386of the Act atyd for Wep.ing acrollnt% which giv¢ a true and fair view of the 8tate of affBirs of the company a8 at the end of the fJnan¢ia] ye8r and ofit5 LnwmiD8 resourcEs and appli¥Jliun ofre&otuces. includsng its income 8nd ¢xp¢nditure, foT the finaJaI year in accordw¢e with th¢ requiirmrnls of.%cttions 394 2nd 395 and which oth¢rwise ¢otnply with lh¢ Tcquir¢ments of the Comparties Act 2006 lating lo accounts, so far as applic&ble to the ¢ompany. Thc8e fknancial 8ts¢¢menls were approved and authoL'iS¢d for issue by the Truste¢s on I l Novemb 2021 and ar¢ signed on thelr behalf by: M J Wilmot Trustce Tyne Theatre and Opera H0118e PIYSErvatton Tjust Ilrgisl¢r¢d Company No. 03874271 J Lamb Twstee
Tyne Theatre and Opera House Preservation Trust NOTES TO THE FINANCIAI. STATEMENTS For the ear ¢ndin 31 March 2021 AcCOuNTG POLICIES BASIS OF ACCOUNTING These financial statetnents have b¢¢n prepar¢d in I¢rdance with "AccountTrttg 82]d RertIng by ChaTltie5": Stal¢rneni of Rccommcnded Practic¢ applicabl¢ to charities preparing their a¢couois accordance with the Financial R¢pc>rting Standard *ppli¢abl¢ itt the UL and Republic of li'eland {FRS 102) (effective l J&nuary 2015)- (Charities SOIiP (FRS 1021), and the Companies Act 2(6. Tyn¢ Theatre ajid Opera Hou86 Preservwtion Twst is a Charitable Company limited by Guarallle4 rcgist¢¥ed in nglld. The addre85 of the Charity's rcgistered oifict and principal pla¢e of business i& Tytt¢ Theatre and Opeix Hous4 117 Westgaie Rood. N¢w¢astle Upon Tyn¢, Tyne Wear. NEI 4AG. A8Ms snd liabilities are initSally TetQ8niscd at hisloric&l cost of tr18Cti0Th vaIue unless otherwi8e stated n the r¢levaoi a¢¢Ountng policy notc. The fJnwLrial slatem¢nts ar¢ prrp8r¢d in stsrling. whi¢h 1$ the function81 currency of th¢ thJTity. Monetary amowits are rounded 10 thc nearest £. In aceordanc£ with FRS102 la$ revised by Update BulletiR I) the Charity not prcKTht¢d a 5tatefflcnt or G&$h tlows. a$ the Charity is Si&11. Tyn¢ Theatre and Opera Hou$¢ Pr¢s¢rvation Twst meets the defjnition of a public benefit Cntily unthr FRS 102. Th¢ ¢harity extsts for the knefjl of the publÈo through the provision of fa¢ilitic&. CONSOLIDATION Th¢ group qualifieB as a Small group and has taken the excmplion under the Companie6 A 2006 from ttLe r¢quir¢tnent to pr¢pare consolÉdated financial 51alrfft¢nts. CoR5¢quentlys these fin3nciaJ ststemeThts pres¢nt the financsal position and fjnfjncial p¢rfoirnance of the Company 85 a single entity. GOtNG CONCERN FRS 102 Te4uir¢s thaL if appropriate, Ihe Charity's finan¢ia] statem¢ni$ are prepared on the 8offing con¢em basis. which means that th¢ organisatloll l8 able to op¢raie for th¢ foJEseeable future on the basi8 of known and reasonable projected rUrteS. The Charity ¢oniuJues to Eenerai¢ fvnds fmm rents, donalions and production5. Th¢rE is suffi¢i¢nt ¢&sh to fwid the Charity's txpenses for the fore5reable future. Ag a wnscquence. the Triislees beli¢v¢ th¢ aJar£ty is well pled io manage its busitjess rLSks successti]Ily and thus Ih¢y hav¢ adopt¢d ¢hc 80ing concern b&8i$ of ac¢owJting in pieparing the finartcial sthi¢menLS. INCOME Itjcome is Y¢co8nised in the period in ivhi¢h the Charttable ComnY h8$ ¢ntitlem¢nl io the funds, any condition5 attaGh¢d tD ihe income have bc¢n met. it is probable that the income will b¢ re¢eivcd and ihe Aniouni ¢an be me8sured liably. Voluntary incoTh¢ is rtvived by way of 8raThts and donation5 snd is included in full in the Stalem¢nt of Financial ActiYili¢s ivhen Teceivable. Invesbnet)t Olrne is included when rE1VablE. R¢Dlai 5Come is recorded wlKn it i5 r¢cclvabl Incoming resources fM grants, where related ¢0 p¢rlorn&nce 8nd SpecrIe deliverables, aye accounted for as the Charity e4ms the right to consid¢ratioll by its perftsrn1a1e.
Tyne Theatre and Opera House Preservation Trust NOTES TO THE FINANCIAL STATEMENTS For th¢ ear ¢tLdin 31 March 2021 ACCOUNTtNG POLICIBS (¢ontimied) PUNDS AcCOuNTG FuThJs held by the Charily are 6ith¢r: urtriCted gen¢ral funds Thes¢ are fund5 which ¢oD be used in acCOrdall with the charitable objects at thc dTrs¢retion of th¢ Tru5te¢5. R¥5tyiGt¢d funds These are fijnds that ¢an ¢)nly be uscd for PBrticuitr restrictcd purposes within th¢ obj¢cls of lh¢ Charity. R&%tricliot)S 8ris¢ when spIfted by Ihe donor or when funds ar¢ raised for rArti¢ulèr ItrICted purpose5. EXPENDITURE Expendilur¢ is all cansidered as exp¢Nliiwe on ch&rit&ble activities. r.xpNltUr¢ is r¢c4wJiscd oncethcre legal or construGtiv¢ ol>liga¢ion to make a paym¢thi tsi a third paty,. ht is probabl¢ that s¢ttl¢m6nt will b¢ requiitd and Ihe amounl of the obligation e&n be measured lIablY. Resourcts ¢xp¢nd¢d or¢ included the StatemeDt of Financial Activities on accruals exclusiv¢ of VAT. They include: Charitttblc expcaditULE ¢ompris¢s Iliose costs tncuTred by the Chwity i¥ th¢ delivery of its aotivities and s¢rv¢es for its ben¢firiari¢s. li includts bolh costs that can b¢ allocated dir¢ctty to such activities and tlK)s¢ costs of an indireGI nature nc¢usary to support them. Governance costs in¢lude those costs as8ociat¢d with th¢ m¢¢ting th¢ wns1itutionaJ 8d 51atutory T¢quir¢m¢nts of the ChaTity and incltsdc accountancy fees aRd costs Isnked to the strategic m2tta8¢ment of the Charity. All cost8 are allo¢ated between thc cxp¢nditur¢ ¢ateg0ri¢3 of the Statement of wITn(la1 Activiti¢5 tsn a basis designed to T¢flect thc usc of the r&80uJre. Co$ts r¢laiing lo a particular activity are alloc&ted dire¢ily. oihers aTC apportlDned based on staff tim¢ acro55 PTOjECt worK genw#ting funds ond goveimance. TANGIBLE FIXED ASSETS AND DEPRBCIAfioN Tw]gible fixed asset5 costing £50 or more ar6 rapit4lis¢d. Tangibl¢ fix¢d a$8ets are initb#lly measured ai costand subwu¢ntly measured cost le88 accumulated deprecÈation and ¢Umulated impairn)ent10sse8. DepreGj&tion 1$ provided tsngtbk fjxed assets other th fre¢hold lond and buildin8B, at rates calculated so as to write off the ¢o$t of an 853e(1¢55 its estimÈtcd residual value. overth¢ e¢oTh)mi¢ life of thal 1155tt &5 ftsll<)ws: Fixlures and fittiiJgs- 15% reducing balo Buildings not (kpreciated &5 lh¢ ¢stimatrd residual value 18 greater the net book value. Subsequent Gosts, including rq)lacem¢nt paEts are capitali%ed only when it 15 probabl¢ Ihat su¢h costs will g¢nEratt ture economi¢ benefjts. Arhy T¢plattd port5 or r¢mainiJ8 e4Trying amounts are Ihen delognIsrd. All othei. costs of repairs and maintcnance ar6 cha¢d the Stament of Financi41 Activili¢s a8 in¢urr¢d.
Tyne Theatre and Opera House Preservation Trust NOTES TO THE FINANCIAL STATEMENTS Forthe Qar ¢ndin 31 March 2021 ACCOUNTING POLICIES (COllflrtedj rNVESTMENTS Inv¢8tments are stated ai c4)sl less any provision foT diipinulion in value. FINANCIAL INSTRUMENTS Th¢ Chavity has ¢lect¢d to &pply the rffovisions of Section I I "Basie Winanciol IDstrnJm¢nts" of FRS102, in full to all of its fTrnan¢ial instruments. All of the chity'S finan¢ial assets snd fir)¢11 liabilities qualify &8 bg3ic finattcial Instrumen Basic rinancial instruments are initially r¢¢ogniseAI at tran$adion volue al subsequently mea4wed at th¢ir 8ettlem¢nt value. DEBTORS Trade atst otherdebtors arc reixbgn15ed at th¢ settlement amounL CASH AT BANK AND JN HAND Cash at bank and hatjd inclTMtcs cash in hand and dep)sits held at call with bank& CREDITORS Cr¢ditoJs are reglSe where the Charity ha8 a pre5cnt obligation rc5ulting froEll a past ¢v¢nl that will probably reBuIt it] the transfer of all fu]M]s to a ihird p8ily and ihe amotsnt due to settle the obligation Can bc e4sur¢d or estimated reliably. CTEditOT5 arc TU)rmally rOgniSed at th¢ir $¢ttl¢mcn¢ amount. CRITICAL ACCOUNI'ING ESTIMATES AND AREAS OF JUDGEMENT E5timat¢s and jlldgemen18 ar¢ Continually ¢YaiuAied wjd are based on historical experience and other f8Ctors, including ¢xpectalion of fjJiuTe cvtnts that aTe b¢li¢ved io be r¢gsonable undeT circuin5tartres. DONATEONS AND LEGACIES Unrestricted Fund5 Restricted Fut5 Totsl 2021 Total 2020 Do[tiONS Grants 22.831 16.776 22,83 I 16,776 12,452 39,607 39.607 12,452 Th¢ inwme from donations and leEacies was £39,60712020: £12,452) of whtch £39,607 (2020.. £12,452) was unre8tri¢t¢d and £nil (2020- £nill w95 $tried.
Tyne Theatre and Opera House Preservation Trust NOTES TO THE FtNANCIAI. STATEMENTS For the ear ¢ndin 31 mah2O21 JNVESTMENTS Unirstricted Funds Rcstricted Funds Toto] 2021 Total 2020 Interest re¢eivoble 102 102 322 The incomE from ittv¢slm¢nts w&8 £10212020.. £3221 of which £102 (2020: £322) was unrestricted. OTHER INCOME Unrestri¢ted Funds R¢stri¢t¢d Fund Tot81 2021 Totsl 2020 R¢chaYges of insurance and oth¢r costs Produ¢tion s¢ttlemetLts Theatre IOUTS R¢nlal in¢ome GÈft#id Dtlapidation5 18,074 1.126 1,224 1.355 3,722 18.074 1,126 1.224 ,355 3.722 9,364 36,096 2.354 11,988 141,283 29.387 25,501 25,501 230,472 Oth¢r inwmc was £25.501 {2020- £230,472) of whi¢h£25,50112020.. £230,472) was unr&%tt'icted. EXPENDITURE ON CHARITABLE Acf(VlTIES Unrestricted FuThd8 Restrict FuTTrds Total 2021 Tothl 2020 SalaTle6 Prof¢sSiODal f¢¢$ Rent and l'ates Light and heat Insurance Rcpairs and ma2nt¢D&n¢e Printing, postag¢ and 51atiottcry Cl¢ening Sundrie8 'relEphone Mhoa8em¢ni eharges Bank charges D¢preci41ion AccountsTrcy fcc5 35,474 2.798 2,117 1.166 61,544 44,335 872 333 35,474 2.798 2,117 1.166 61.544 44,335 872 333 4.751 10,370 2,647 38,055 21,414 183 449 605 661 (402) (10) 2,445 2,500 661 (402) (10} 1445 2.5(N) 1.950 2,650 153.833 153,833 83,074 Expenditure on chwitsblc aclivities ivas £153,833 (2020: £83,074) ofwhich £153,83312020.. £83,074) was unrestri¢t¢d 8nd £nil {2020.. thil) wos r¢stri¢ted.
Tyne Theatre and Opera House Preservation Trust NOTES TO TFIE FANCIAL STATEMENTS For the ear endin 31 March 2021 co&rs OF GENERATING FUNDS Tota] 2021 Total 2020 Productton costs Fundraising ¢osts 7,716 iio 2,841 2.841 7.826 Costs of generating fuTMLs wa5 £2,841 (2020- £7,826) of which £2,84112020: £7,826) was unrestri¢ted. NET MOVEMENT tN FUNDS ThEs is 51alEd aft¢r ¢hargiDg'. 2021 2020 Battk inleresi receivable Rcmujeration paid to RSM UK Tax A¢u)unting Limited: Independent examination AoLuunting 5¢TVlCts D¢preciatiott of owned fixrd sssels (1021 (322) 1,250 1.250 2,445 1,350 1,30 1,950 TAXATION Th¢ is ¢xempt from fax on itKome and gaiDs fallipg iviihÉth Seuion 505 ofihe Te8 Act 1988 or Section 252 of the TaKatKon tsf Ch8r8¢able Oains Act 1992 to the extent that thes¢ applied to its haritablB objccts.
Tyne Theatre and Opera House Preservation Trust NOTES TO THE FINANCIAI, STATEMENTS For the ear ¢ndin 31 March 2021 TANGIBLE FIXED ASSETS Fr¢¢hol(I buildings Fixiur¢s fitting8 Total Cost At l April 2Q20 Additions 600,000 22.215 10,027 622.215 10,027 At 31 M8rch 2021 600,0¢)0 32,242 6J2242 tkpreci8tion At l ApTiI 2020 Cliarge forthc year 11,168 2,445 11,168 2,445 At 31 Mar¢h 2021 13.613 Net book value At 31 March 2021 600,000 18,629 11,047 618,629 611,047 At 31 MaLKh 2020 600.000 All tangible assets are h¢ld for clHritable purposes. 10 INVESTMF,NTS Shares in Subsidiary undeFtsking Co8t Ai 31 March 2020 and 31 Mar¢h 2021 Net book vs]y¢ At 31 2020 and 31 M8rch 2021 The Charily is a small 8roup thjd 8s such is excmpt fi'om pr¢pBrin8 LX)nsolidated accounts. Subsidlary und¢rtakinE Cofftpany number Prin¢ipal a¢livity Tyne theatre & Opera Hou% LKmited 09330825 Th¢ operation of a theatr
Tyne Theatre and Opera House Preservation Trust NOTES TO THE FINANCIAL STATEMENTS F'or the ear endin 31 March 2021 I I DEBTORS 2021 2020 Trad¢ d¢btors Other debtors and pr¢paym¢nts 3,661 65,617 60,518 60,518 69.278 12 CREDJTORS: Amounts Falling duewithin one year 2021 2020 Trade creditors A¢¢ruals aod deferred income T¢& and Social secui'ity 60,RRO 2,805 66,465 7,229 1,745 63.685 75.439 13 FJNANCIAL INSTRUMENTS 2021 2020 Financial assets m¢b8ured at amorti8¢d cost.. Equity inséNmcHts Il com less imp8irm¢nl 7,669 FiEJan¢ial liabiliis¢s m¢48ured at amortised cost.. 63,685 73,694 14 DEFERRED INCOME 2021 2020 Balance at l April Amount8 released to incoming r¢sovw¢s Amounts def¢rr¢d in the year 5,083 (5,083) alan¢¢ a¢ 31 March
Tyne Theatre and Opera House Preservation Trust NOTF.S TO THE FtNANCIAL STATEMENTS For the ear endin 31 March 2021 15 ANALYSIS OF CHARITABLE FUNDS Asat l Apr 2020 Agat Expenditure 31 Mar 202 ItKome irNRESTRJcfED FUNDS General 928.468 65,210 (156,674) 837.004 RESTRICTED FUNDS TOTAL FUNDS 928.468 65,210 (156,674) 837.004 Asat Apr 2019 Asat ExtitU 3 1 Mar 2020 Income UNRESTRICTED FUNDS G¢ncrn 776,122 243.246 (90,900) 928,468 RESTIUCTED FUNDS TOTAL FUNDS 776.122 243246 {90.9001 928,468 16 ANALYSIS OF NET ASSETS BETWEEN FUNDS 2021 Net curr¢rat assets Fixed assets Total Unr¢stricied income fi]nd8 618,630 218,374 837,004 618,630 218.374 837,004 2020 Net ¢urtent Fixed as8ets Total ur¢Stricted in¢om¢ funds 61 1.048 317,420 928,468 611,Q48 317.420 928,468
Tyne Theatre and Opera House Preservation Trust NOTES TO THE FINANCIAL STATEMENTS For the year ending 31 March 2021
17 COMPANY LIMITED BY GUARANTEE
The Charitable Company does not have a share capital and is limited by guarantee. Each member of the Charitable Company undertakes to contribute to the assets of the Charitable Company, in the event of it being wound up such amounts as may be required will not exceed one pound.
18 RELATED PARTY TRANSACTIONS
The charity had the following transactions /balances with related parties:
| Debtor/(Creditor) | balance at | |||
|---|---|---|---|---|
| Income/(Expenditure) | year-end | |||
| 2021 | 2020 | 2021 | 2020 | |
| £ | £ | £ | £ | |
| Tyne Theatre and Opera House Limited | 18,074 | 149,734 | - | (27) |
| _ | _ | _ | _ |
19 VOLUNTEERS
“The Charity places great value on the contributions that volunteers make to the organisation. We benefited greatly not only from the considerable time, energy and expertise given by the Board of Trustees, but other volunteers as well, including assistance with repairs and decoration of the theatre building.”