Tyne Theatre and Opera House Preservation Trust (A charitsble company limited by guaraniee) TRUSTEES, REPORT AND UNAUDITEDCONSOLIDATED FINANCIAL STATEMENTS for the year ended 31 March 2022 *A81807ITr1* 1212022 -COK4PANIES HOUSE A13 #52 Company ￿>". Charity no.. 03874271 1120746 Tyne Theatre and Opera House Preservation Trust TRUSTEES ANNUAL REPORT For the year ended 31 March 2022 REFERENCE AND ADMINISTRATIVE DETAILS TRUSTEES The TTu￿￿s serving during the year and since the year end were &$ follows: H Ging (Resigned I l NOVem￿r 2021) M J Wilmol R l Harri5 B N SpekerOBE DL G O-Brien IResi8ned I l November 2021 } A P Butland J W Lltsyd A V Schofitld {Resigne4J I l NovcmEer 2021 } J Richard50n R Dou8al J Lamb J J Dougal L S¢ott {AppOInt￿ I l Novemiw 2021) LOCAL AUTHORITY REPRESEKfATIVES Councillor S Rahman Councillor T Cairns SECRETARY H Ging {Resigned I l Noverni*r 20211 A P Builand (Ap￿)inted I l November 2021) TREASURER J Lamb COMPANY NUMBER 03874271 CHARITY NUMBER 1120746 REGISTERED OFFICE AND PRINCTPAL PLACE OF BUSINESS Tyne Theaire and OFera House 117 Wesigait Road Newca511¢ u5Jon Tyne Tyne and Wear NEI 4AG INDEPENDENT EXAMINERS RSM UK Tax and Accouniing Limiwl I St James, Gale Newc&sile u￿n Tynt NEI 4AD BANKERS HSBC 110 Grey Strtet Ntwcasile upon Tyne NEI 6JG SOLICITORS Sintons LLP The Cube, Barrack Ro*1 Nts¥castlt uw>n Tyne NE4 6DB Tyne Theatre and Opera House Preservation Trust TRUSTEES ANNUAL REPORT For the year ended 31 March 2022 The Trustees. who are also directors for ihe purwses of the Companies Act. present their report and the unaudited fInar￿la1 statements of the Charity for the year ended 31 March 2022. LEGAL STATUS Tyne Theatre and Opero House Preservation Tn￿t 15 a regislered Charity governed by its Mewnorandum and Articles of Association. The company is limited by guaraniee and is a registered Charity, number 1120746. Company number 03874271. PURPOSE To operate, own and resto￿ the Grade I limed unique Viriorian Theatre. the Tyne TIKatr¢ aTrJ Oper& House in Newcasile up)n Tyne. MISSION A theatre for everyone. VISION By 1he end of the 2020s to be a refurbished independeni 1heatre hosting a wariety of entertainment and ev¢nt5 Wlth wide op￿al to th¢ I(￿] crmmunity and beyond. OBJECTIVES OF TYNE THEA TRE AND OPERA HOUSE PRESERVATION TRUST The objects for which the Trust is established are= a) to acquire. restore and preserve for the ￿nefIt of the public at large the Grnde One Listed Building known ￿ The Tyne Theatre and Opera House. b) the advancemeni of public education in all ￿￿Ct$ of the drdmaii¢ arts by the presentation and production of play5 and other expTessions of drama including the commissioning of new works and the mounting of public perforniances and the mouniing of classes. exhibitions and demonstrations of dramaiic art5 and theatre technology. ¢) the advancement of public education in iheatre technology by ihe preservaiion, conservaiion and exhibition of machinery and ie¢hnolw of the Ferforming arts and the interpretation of such artefacts and iheir historical context- and d) the advan¢¢rneni of public education in all aspws of the arts tn¢ludin8 music and music theatre, drami deroralive and visual arts. dance. ballet. circus, music hall and Comedy and variety perforn]atKe. OUR VALUES • Welcoming . One Team Passionaie about perforniance CollatrM)rating with our communities True to our heritage Commilled to suslainabilily Innovative and forward thinking REVIEW OF DEVELOPMENTS, AcfiviTiES AND ACHIEVEMEN75 The year ended 31 March 2022 w&8 largely a very F￿ltIve year for the Trusi, with the Ttvtre re- reopening io in July 2021 following Ihe Governmeni enforced closure in March 2020. Tyne Theatre and Opera House Preservation Trust TRUSTEES ANNUAL REPORT For the year ended 31 March 2022 Property update We eoniinue io upgrnde the audiiorium seats. We have now upgrnded 82% of seats in the sialls and Grand Circle and w¢ will coniinue this project over the next few years as we addre￿ this importani area of comfort for our a￿llence memtxr5. All frorkt of house and dressing r￿rn lighis have changed to LED5 and rerfarwing works have iaken place in some backstage and front of house ￿eas. The Trusi wnlinue to develop their masterplan for refvrbishTnent and restoration of the Theatre. Tyne Theatre & Opera HO￿se Limited The Trust's subsidiary company. Tyne Theatre & Owa House Limited ('*he opeTating companyl. has enjoyed a succe55ful year, having reoF¢ned following the COVIt>l 9 enforced l¢xkdown in July 2021. Many shows originally scheduled during the COVID-19 lockdown period were deferred, resuliing in a healihy performance s¢hedule. The operaiing company generated rumover of £573,860 (2021.. £6,565) and profil of £227,011 (2021= £21,4￿). The excelleni meM￿r5 of the operdting company continue to Strengthened and are fully committed io the aims and objectives of the Trust. and to develop the rnnge and quality of the produ¢1 under the leadership of Ihe theaire direcior and the cornpany direclors. The￿ We￿ 81 events booked in the year ended March 2022 (2021.. theatre closed due to covir%19). attracting total audien¢¢ nUrn￿r$ of 67,360. The 01￿[alIng company employed an av¢rag¢ of 75 t¢am members during ihe year (2021= 114). Tyne Theatr¢ Productions A very su¢cessful production of RENT was presente(l in March 2022. This involved participation of around 50 volunteers Inc1￿]ng casi crew, orchestrn and production team and a(tra¢t¢d audien￿ of 2.242. A prtsjuction of Sch￿1 of R￿k is planned for March 2023. Community aThd f￿nd￿lsIng The Theatre had its most successfttl year for fundraising since the theatre became independent, generaiiT)g individual fundrdising of £37.108. The Tntst conlinL*d to add a restordtion donalion per ticket which has been very successful in raising vitsl funds io restore tFLe theatre. We now have 93 named seats in the aUdi￿riUM athl end￿ financial year wilh 55 "friends" mernberships. Tours were 5U5pended during the COVIt%19 enforced Theaire closure. Live lou￿ restarted on 3rd Jvly 2021. al￿ in the ￿riod to 31 March 2022. we have Tun 19 iouTS of the theatre, which anrdcted around 265 attendees. Eight of ih¢se tOUTS We￿ run as Herttsge Owi Days, (which anrarted around 170 attendees). Public tours are held on the firsi Saturday of every month. Tyne Theatre and Opera House Preservation Trust TRUSTEES ANNUAL REPORT For the year ended 31 March 2022 Outreach in the y¢ar invited three local schwls visiied Ihe set of Tyne Theatre Produciions show Rent in March 2022. The feedback WdS very r*Jsitive. and the s￿iety will continue ro work with schools to give technical tours of the stage and advise on drama Yudi¢s and carttrs in perforniing arts. The Trust continue to be members of I￿81 w￿kIllg groups seeking ihe development of the city and promotion of arts and education irt the region. In particular. the North of Tyne combined authority has laU￿hed a new CultUTe and Creative Zone scheme, whi¢h includes -Cla￿Ort Sireei Corridor" Initi￿1Ve around the West End of New¢astl¢. An estimated £1.7 million will be invested in creating work spaces and oppx)rtunities for ihe freelance and gra￿ mots artists artd ¢ommurrities. The Tyrte Theaire & 0￿ffd House is a part of the advisory board. forned by venues already ex1￿1ng in the are& Post year end. the Trust was successful in being granted an award of £242,000 by the National Lottery Heritage Fund. which will help the th¢atre ￿ develop a numt¢r of key elements within lis propx)sed restoration of the grade I listed building. As part of the work the theatre will be engaging with the community to restore ils Vi¢iorian sthge machinery as well as develop a performance ¢8lendar database by researching all the perforniances that took place bdween 1867, when the tk£atre first opened, and 1919 when the ihe2tre was ¢onverted for ¢inema ￿. The project also involves inv¢stiEating the options for remoring the origtnal ￿rand Salon" which was built as an extension to ihe rhedtre in 1892 by the owner Joseph Cowen for the lessee Sir Augusius Harris- the owner of the Theatre Royal, Drury Lane. This space was originally a large front of house space with balconies and was also known fot a while as the Westgate Music Hall. The project will run for Nelve monihs during which rime ihe work will encom￿5 not only ihe restoration of the existing stage machinery bui also acquisilion of "missing" machinery which has been in store for over forty years. The theatre will be looking for community involvement from ca￿nter5 and joiners interesied in helping this exciting restoraiion work. PUBLIC BENEFIT The Trust's activities ¢oniinue io develop and focus on the preservation of rhe Grade One Listed theatre for the enjoyment of ihe public. The Trustees have had regard5 to ihe Charity Commission gUIda￿e on public benefit. GOVERNANCE The Trust has to have six full EM)ard meeting5 Fer annum with deleg￿ed ¢ornmittees and smaller working gmups meeting as and when required. RECRUITMENT AND APPOINTMENT OF TRUSTEES The directors of the company are a150 charity Tntsiees for the purposes of charity law and appointed as such under the requirements of the MemoTandum and Articles of Association. In accordance wilh Articles of Association. new aprM)intmenis are subject to confiTmaTion at the Annual General Meeting of the Company. TRUSTEE INDUCTION AND TRAINING TTUSiees are given appropriate induciion on appoiniment and will be provided with access to appropriate trdining during their apwintmeni to the b￿rd. Tyne Theatre and Opera House Preservation Trust TRUSTEES ANNUAL REPORT For the year ended 31 March 2022 FINANCIAL REVIEW The ioial Consolid￿ed income this year was £912,419 {2021.. £511,889) and the net movement in funds was £150.117 {2021= £69.974)- The expenditure on raising fuThJs was £69257 (2021.. £12,215) and charitable expenditure wa5 £693.058 {2021.. £570.399). At 31 March 2022. the Trust had ¢onsolid*ed free reserves of £424.977 (2021.. £272.656) (excluding fixed assets). The TTUSI has previously undertaken to budget for an annual surplus from its OFerdting account in order io build finan¢io1 reseryes io amelioraie the financial risks associated with loss of tenanis or other operational impacts on lis flnancial security and to aci as seed funding for the restoration and developmeni programme. INVESTMENT POWERS AND RESTRICTIONS In furtherance of the aforemeniioned objects but not funkr or otherwise the T￿￿t shall have the powers as detailed within the MeTnordndum of Ass(Kiaiion. GOING CONCERN The Trustees are satisfieil ihat the Charity is able to O￿ate for the foreseeable future. on the basis of reserve balances and forecasi SUTpluses. RISK MANAGEMENT The Trust has identified key risks as follows and develop￿d a management plan to ameliornte those risks.. Key Risk Reliance on annual surpluses from the operating company for financial $￿Sia]nabl]lty Severityllmpact High Risk Managemenl Actions A licence to operdte is in place with Fcppercorn rent. Better than anticipaied financial rfomiance to dale by the operating company has been observed. To red￿ relian¢e on the operating comFOny. the Trust is auive in its own fU￿{raISing activities. Loss of iheaire license or limitation on L￿ge. Mediwn Continue io develop and expand relationship5 with surrounding neighE&Trurs and communiiies. Maintsin and upgrade health and safety policies, Pr{K￿u[e5 and infrasiruciure &s appropriate. Numerou5 ru￿1rd￿51ng income streams are in operniion, including Tyne Theatre Productions, restoration levy on ti¢kets, frie5K15 income, name a seal income Limited OPFX)rtunitie5 refurbishment of il*atre. fundraising major Medium Tyne Theatre and Opera House Preservation Trust TRUSTEES ANNUAL REPORT For the year ended 31 March 2022 Collection buckets in ihe theatre and the atre'5 Trust Kickstarter scheme. Tr￿t is also successfully working wilh a third-rATty consultant to ideniify grant funding opportunities aligned io buildin -related ro ects. Routine maintenance and regular checks are carried out. Major maintenance emergency requir¢meni discovered in the theatTe. High A pmgramme of capital expenditUTe and repairs continues to evolve to ensure high priority requirements are addressed on a c￿.by.¢￿ b&sis. Tyne Theatre and Opera House Preservation Trust TRUSTEES ANNUAL REPORT For the year ended 31 March 2022 STATEMENT OF TRUSTEES, RESPONSIBILITIES The Trustees, who are also the directors of Tyne Theatre and Operd House Preservation Trust for ihe purposes of company law, are responsible for Pre￿ring the Trustees, Report and ihe financial statements in accordance with applicable law and United Kingdom A¢¢ouniing Standards {Unii¢d Kingdom Generdlly Accepted Accounting Practice). Company law requires ihe charity Trusiees to prepare financial sthiements for each year which give a true and fair view of rhe state of affairs of the chariiable company and of ihe incoming resources and application of resourtts, in¢1￿11n% ihe inwne and expenditure. of ihe charitable company for that year. In preparing the finarKial sthtements. the Trustees are required io: select suitable accounting wlicies and then apply them ¢ortsist¢ntly' observe the methods and Principles in the Charities SORP- make judgernenis and estimates thar are reasonable and prudeni. state whether applicable UK accounting standards have been followrf subjert lo any material departures disclosed and explained in the financial statements. and prepare the financial stai¢TheniS on the £oing concern basis unless it is inappropriate to presume that the charity will continue in operation. The Trustees are responsible for keeping proFtT accounting records ihai disclose with re￿nable a¢¢ura¢y at any time the financi21 position of ihe charitable cornpany aThJ to enable them to ensure th the financial staiements comply with the Companies Aci 2(K)6. They are also responsible for safeguarding the &ssets of the charitable comydny aiid hen¢e taking r¢asonable steps for the prevention and detection of fraud and other irregularbties. The Trustees are responsible for the maintenartt and iniegriry of the corwrdte and financial inforniation included on ihe charitable company's web52t¢. L¢gislation in the United Kingdom governing the prepardtion and dissemination of financial ststemenLS may differ from legislation in other jurisdictions. INDEPENDENT EXAMINER A re501ution to re-app)int RSM UK Tax and Accounting Limiied ￿ Independent Examiner for the ensuing year will be proposed at the fonhcoming annual genernl meeting. SMALL COMPANY PROVISIONS This report has Ecen prep￿ed in accOrd8￿C with ihe provisions applicable to fA)mpanies entitled io the small companies, exemoion. On beh￿f of the Trusiees M J Wilmot Trustee Approved by the Trusiees on 02112122 INDEPENDENT EXAMINER'S REPORT TOTHE TRUSTEES OF TYNE THEATRE AND OPERA HOUSE PRESERVATION TRUST rewrt io the irusiee5 on my examination of ih¢ a¢counis of ihe Tvne Theatre and House Preser¥pation Trusi for the year en(Sed 31 March 2022: which are sei oui on page5 8 to 23. R¢sptshsibbliti¢s and bASi$ of report A5 Lhe iru5ttts of the cornpany land also its directors for the pU￿￿se$ of company law) you are rttwnsible for the preparation of the a¢counts in accordance with ihe requIrernen￿ of the Companie5 Act 2006 {'Ihe 2006 Aa'l. Havirb8 satisfied myself that thc acownts of ihe company are not rcquired ￿ be audiied under Part 16 of ihe 2006 Aa and are cligible for indwndeni examinaiion, I repon in T¢spe¢t of my examination of your ¢harity'S 2ttounts as carried oul under section 145 of the Chariiits Ad 2011 ('Ihe 201 l Aci,). In carryin8 Out my eAaminaiion I have followed the Directions 8iven by the Charity Commission uThJer seciion 145 (51(b) of ihe 2011 Act. An indryendeni examination docs noi involve 8aihcTing all ihe evidcnce ihat would be required in an audit and consequently dtses no¢ cover all the matter5 thai aTh aL￿110r considers in giving their opinion on the accounts. The planning and conduci of an audit 8Ots beyond the limited assurance ihaL an independent examination can provbde. Consequenily, l expres5 no opinion as io wheiher ihe accounts pre￿nI a 'trne and fair view" and my reFX>rt is lirnited to those 5pccific rnallers sei out in the in(kpend¢nt cxaminer's sthiement. Independent examiuer'5 $¢4tewtnts Since the company's gr055 incI)me exceeded £250.(XM> YOUT exarnir￿r must be a member of a Ix)dy listed in se¢titsD 145 of the 2011 A¢1. I Ix)nfiTm ihai l arn qualified tts und¢rt8ke the examination be¢ause l am a member of The Insiiltsie ofchartered Accountants in England and Walts which is one of th¢ listed tx)dies. I have completed my examinaiion. I tonfimi thal m material matters have come io my alleniion in connection with ihe exarninaiion givirbg me reasonable cause io believe thai in any maTerial Tesr*ct.' accountin8 records wcrt not k¢pi in res￿￿ of the c¢Nnpany &5 required by section 386 of the 2006 Aet., or the accounis do noi aecord with those reeords,. or Ihe a¢¢ounts do not Cotrtply with The x¢ounling requireme[￿ of seciion 396 of the 2￿ Act oiher than any requirem￿1 that the accounts give a 'true and fair v￿w, which is rtoi a maner considered a5 part of an ind¢pend¢n¢ wrninalion,. or the accounts have not beerb prq#red in a(wrdance with the meihcwjs and principles of the Stsiemeni of Re£omm¢nded Prdciice.. Accounting and Re￿)rting by Chariiie5 applicable ￿ chariiie5 preparing their accounts in accordanee with the Financial ReKX)rtin8 Stsndard applicable in the UK and Ireland IFRS 102). I have no concern5 and have come across no ￿her matters in conn￿liOn with the exarnination to which attention should be drawn in this in order w enable a woptr understanding of the ac¢ounts to be Tea¢h¢d. Signed.. Name.- Lucy Robson Name of applicable listed tM)dy- The In51iiute of Chan¢TCtI Accountants in E#gland and Wale5 Fi¢levani professional qualifjcaiion or membership of professional tA)dy'. Chartertd AcCourt￿nI ON BEHALF OF RSM UK TAX AND ACCOUNTING LIMITED Chanered Accounian15 I St Jamc5' Gat¢ Newcastle upon Tyne NEI 4AD DATE 05112122 Tyne Theatre and Opera House Preservation Trust CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (tNCLUDING INCOME AND EXPENDITURE ACCOUNT) For the ear ended 31 March 2022 Unrestricied Fun(Ls Restri¢trA Fund5 ToLal 2022 Totsl 2021 Nole INCOME FROM: Donolions ond l£gacies ljvvesimenis Oiher income 117,701 117,701 60 794,658 912.419 493.085 102 18,702 794.658 TOTAL INCOME 912.419 511.889 EXPENDITUREON: Raising funds Charitable activiiie5 69,257 693.058 69.257 693,058 12,215 570,399 582,614 TOTAL EXPENDITURE 762.315 762,315 Taxaiion 13 751 NET MOVEMENf IN FUNDS 150.117 150.117 {69,974) RECONCILIATION OF FUNDS Tothl funds brou8hi forward Totsl fvnds carTicd forward 901.517 1.051.634 901.517 971,491. 1.051,634 901.517 The S¢at¢meni of Finaneiaj Activitie5 incluth5 all gains and losses recognised in ihe year. All income and expendilure derivt from the ch¥ity'5 continuin8 0[￿￿lOns. Tyne Theatre and Opera House Preservation Trust CONSOLIDATED STATEMENT OF FINANCIAL POSITION 31 March 2022 2022 2021 N￿e FIXED ASSErs Tangibl¢ Assets 626.657 628.861 626.657 628.861 CURRENT ASSETS Debtor5 Cash at bank and in hand 316_749 321.670 83.433 396.829 638.419 480,262 CREDITORS Amounts fallin8 due within one year 12 {179,8441 {158.162) CURRENT ASSETS 458,575 322.100 TOTAL ASSETS LESS CURRENT LIABILITIES 1,085,232 950,961 CREDITORS Due after one ycar 14 131.667) 147,51K)I PROVISION FOR LIABILITIES (1.931) 11,9441 NET ASSETS 1.051,634 901,517 THE FUNDS OF THE CHARITY Restricied funds Unrestricied funds Is 15 .051.634 901,517 TOTAL CHARITY FUNDS 1.051,634 901.517 The parent company has a totrl 8ross ineom¢ of £281,810 {2021 - £65210) and a SUTplus in the year of £85,730 (2021 - defi¢ii £91:464). Th¢ ¢ornpany is entitled io the exemwion from ihe audii requiTemenr conuincd in se¢tion 477 of1he Companies Act 2006 relaiing io small ¢ompanies, for the year ended 31 March 2022. No member of ihe ¢ompany has deposited a noiict. pursuani io seciion 476. requiring an audii ofihese fjnancial sthiements. The resrM)n5ibilities for ensuring thai th¢ charity keeps a¢countin8 records which comply wilh section 386 ofthe Act and for pr¢p3ring accounis which give a irue and fair view of the stste of"affairs of ihe company as ai ihe tnd of the financial year and ofits incory)ing resourc￿ and applio¢ion of T¢Sources, including its income and expendiiurt: for iht financial y¢ar in acwdante with the requir¢ments of sedion$ 394 and 395 and which oth¢n¥i5e comply with the requirtmenLS ofiht Companie5 Aci 2(M16 Telatin8 10 aceounw so far applicable io the ¢ornpany. These financial siatemenis were approved and authorised for issue by the Trn5tre5 on 021121.22 signed on th¢ir behalf by.. . anda MJ Wilmol TTUStee Tyne Thea¢re and 0￿ra House PreServ￿10Th Tru Re8iyered Company No_ 03874271 Truste¢ 10 Tyne Theatre and Opera House Preservation Trust CONSOLIDATED STATEMENT OF CASH FLOWS 31 March 2022 2022 2021 ￿￿e FIXED ASSETS Tangible Assets Investments 618.932 618.629 io 618,933 618,630 CURRENT ASSETS Deb￿rS Cash at bank and in hand 186.274 143.097 60.518 221.541 329.371 282.059 CREDITORS Arnounts falling due within year 12 125.590) {63.6851 NET CURRENT ASSETS 303,781 218,374 NET ASSETS 922.714 837.004 THE FUNDS OF THE CHARITY ReSlTicied funds UnTestricied funds 15 15 922.714 837,004 TOTAL CHARITY FUNDS 922,714 837,004 The cornpany 15 cntiiled ¢0 the exemption from thc audit Tequiremeni Con￿l￿ed in section 477 of ihe Companie5 Act 2006 relaiin8 to small companits: for tht year ended 31 Marth 2022. No rnernbeT ofihe company has deposited a notice. Pursuant 10 5caion 476, requiring an audii of these financial stsLemenis. The resw)nsibiliiies for en5urin8 ihat ihe charity keeps accourbling records which comply with seetion 386 of the Aci and for Preparing whith give a ivue and fair view of Ihe swe of affairs of the Company os ai the end of the finaneial year and of ils ineomin8 resources and application of tesources, irttluding its income a*d expendiiuTC, for Lhe financial year in accordance with the requirements of seciions 394 and 395 and which oiheTwise cotnply with the Tequitements ofthe Companies Aa 2006 relaiing io accounts, ￿ far as applicable to the cornpany. Th¢se financial siatements were aN)roved and authorised for issu¢ by the Truaees on signed on iheir behalf by.. 02112122 and ar¢ M J Wilmo( Tru5tcc ryne Theaire and Opera House Preseryaiion Tru Regisiered Company No. 03874271 JLamb Trustre Tyne Theatre and Opera House Preservation Trust CONSOLIDATED STATEMENT OF CASH FLOWS 31 March 2022 2022 r4oie5 C*$h nows trn￿ optrAting attivilits CAsh generoied from operations 20 62.899 Net t8$h innow fTom oper•ting 8ctivi¢ie5 162 8991 Invtsting #ttivitics Purchase of thngibk fixed assets Net cgsh y5¢d in investing •¢tivi¢ies Net tash used in fingnti¥Jg a¢tiwitits {8,333) Jytt intrtAse ih t*$h #Nd ¢*sh tquivaltThts Cash and cash equivalents w b¢ginniThg of year {75.159) 396 829 Cash ind cash e4uivalents at end of ye*r 321670 12 Tyne Theatre and Opera House Preservation Trust NOTES TO THE FtNANCIAL STATEMENTS For the ear endin 31 March 2022 ACCOUNTING POLICIES BASIS OF AccouKfiNG Thcse financial staiements have been prepared In accordance wilh . Accounting and Fitp)rtin8 by Charitie5": s￿lement of Recommended Praciice applicable io charilits preparing their accounts in a¢¢ordante with the Financial R¢poninB Standard applicabl¢ in the UK and Republic of ITeland {FRS 102) {effeetive l January 2015>- (Charities SORP (FRS 102)): and the Companies Act 20(kS. Tyne Theatye and Opera House Pr¢5ervation Tru51 is a Chari¢¥ble Company litniied by Guarantee, registered in England. Th¢ athl￿55 of the Charity's rtgistered oifite and prineipal plate of bu5ine5s is Ty Theatre and Opeta House: 117 WesL8ait Road: Ntwcamle Upon TynL Tyne and Wear. NEI 4AG. Asseis and liabililics are initially rtcognis¢d at hisiorical coa of transatliot) value unless othcnvise 513¢¢d in the relevant accountin8 p)licy noie. The financial sts*menis are Prepared in sterling: which Is iht funetional currcncy of th¢ charity. Mtsnctsry amtsunES are rtsunded io ihe neaTest £. TY￿ Th¢atTt and Operd House Pre5ervaiion Trust meets Ihe definition of a public bEnefit cnlity under FRS 102. Tht thaTity ¢XiST5 for the b¢ntfiL of th¢ public Ihrough the pmvision of facilities. CONSOLIDATION The consol¢daLed financial miements incor￿rat¢ of the Company. Tyne Theatre and Opcra House Preservation Trust and th¢ charitsble cornpany: Tyne Theatre Opera House Limit¢d. All financial 5taternents are made up TO 31 MaT¢h 2022. Where ne¢¢ssaryJ adJu￿Ments are made to the financial siaiements of the subsidiary to bring the accountin8 tnlicies used inw line with those used by her members of ihe group. All intra-group Iransacrion5. FAlances, and unrealised 8ains on trdnsaciions betwe¢Th 8roup cornpanie5 are elimina¢ed on consolidation. Unreali5ed Ios5e5 aTe also Clirninaied ￿nIt$S the trnnsa¢Tion providc5 evidence of an irnpaimieni of ihe transferred. GOING CONCERN FRS 102 tequiTes thal if appropriate, Ihe Group's financial ststements are prepared on the Boing contem bllsis, which means thai ihe organi5aiion is able ¢0 op¢raie for the ftsresreable future on the basis of known nd reasonable projecied resouiees. The Group coniinues to 8eneraie fvnds from renis: ¢k)naiions and produciions. There is sufficieni c&sh Lo fund ihe Group's expe05es for the fores￿able fuiure. As ¢onseqLLen¢e, The Trusiees believe the Group is well plac¢d to manage its business risks su¢¢es5fully and thu5 Lhey have thptrd the 80in8 concern basis of accouniing in preparing the financial S￿ements. INCOME Income ks recognisd in the peri(>d in whi¢h the Charitable Company has entitltmeni to Ihc fuDd% any conditions aitscheo to the income have been ma: it is prolrdblt ihai the I[￿Me will received and ihe amount can be measured reliably. Voluniary incorne is reteived by way of 8rants and donations and is included in full in th¢ Statement of Financial Activities when receivable. Invcstrnent income 15 included when receivable. Rentsl incornt 15 recorded w￿n il is rtteivable. Incoming resour¢es from gran￿ where related io perfomiance and specific delivernbles, are aceounied lor as the Chatity ean)s the ri8hi ￿ considerdtion by its performance. Tyne Theatre and Opera House Preservation Trust NOTES TO THE FtNANCIAL STATEMENTS For the earendin 31 March 2022 ACCOUNTING POLICIES IcopNin¥edJ FUNDS ACCOUNTING Funds held by the Charity are either.. Unrestricted general ￿ndS These are funds which can ￿ used in accordatt¢e with th¢ ¢harithble objetts at the distreiion of th¢ Trustees. Restr)e￿d funds These are funds ihat Can only bc used for particular resirietrd putposes wiihin iht objects of tht Charity. RestrTrdions arise whcn 5prcified by the tkntK)r or when funds are rdiSed for particular remricied purwTrses. EXPENDITURE Expenditure is all conSide￿d as exrrnditUTe on Charl￿ble activitits. Expendirtsrt is rtCO8nised once ihtre is a legal or ¢onstru¢tTve obligaiion to make a payment ￿ a third party. it is probable thar 5¢lllemeni H'ill be required and the am￿nI of ihe obli8aiion can be measured rtliably. Resources expended ￿e irtclwled in ihe SthLemeni of Financial Activities on an ac¢Tuals basis. exclusive of VAT. They Incl￿.. Chariiable expendiiijrt comprises ihose costs inrurred by the Ch¥ity in ihe delivery of ils acriviiies and services for its beneficiarie5. li includes trx)ih ￿sts that can be allocaied dirtetly io such actlvllits ￿]d Ihose costs of an indirc¢t no¢ure Th￿*$ary ¢0 SUPPOrt them. Govcrnance c05ts include those c0515 asS￿la￿d wilh the mttiin8 iht con5111Utional and staiuthry requirements of the Charity and include accounthDcy fee5 and c05[5 linked kn the 5tTate8lC mana8emeni of ihe ChaT)ty. All costs allocated beiwten the txptndiwTe c2tcgori¢5 of the Statement of Financial Adivitie5 OTh a basis designed to refled the use of ihe resource. Costs relaiin& ￿ a particular aciiyiiy are allocated directlyi oihers are aw)rtioned bas￿ on staff titne acr055 project work. 8eneratin8 funds and 8OVtrnance. TANGIBLE FIXED ASSETS AND DEPRECIA TION Tangible fixed assets costin8 £50 OT more are eapitslTs¢d_ Tangible ftxed assets are initially measured at ¢osi and subsequently measuffd ai cosi less accumulated depreeiaiion and accumulated impairment 1058es. Depreeiaiion is provided on t8n8iblt fixed &ssas oiher than fre¢TrKJld Iw)d and buildings, at rates ¢al¢ulate 50 a5 to writ¢ off th¢ w51 of an as￿ I¢s5 its e51imawl residu￿ value: over tht useful economic life of ihai ¥sei as follows-. Filitiirr5 and fitting5- 15% reducing balance in th¢ charity 125% stfai8hr linc in the comrAny Buildin8s art not depreciatrd as ihe esiim*ed residual value is Breater than the net book value. Subsequertt tosis including Teplacemertt Fxrts are capitalised orbly when li is probable ihat such costs will 8eneraie fviure eLYTrnomic benefits. Any replaced parts or rtmtyining Carrying amounts are then derecognised. All other costs of r¢paiT5 and mainonance are char8ed io the Staiemeni of Financial A¢iivilies as in¢U￿¢d. Tyne Theatre and Opera House Preservation Trust NOTES TO THE FINANCIAL STATEMENTS For the ear endin 31 March 2022 ACCOUKnNG POLICIES (conlirnied) INVESTMENTS Inves¢men¢s are $￿ed at cosi less any Fyovision for diminution in value. FINANCIAL INSTRUMEvrs The Charity has elecwd to apply the provisions of Section I I "B￿1¢ Financial Instruments" of FRS102, in fvll io all of its fjnancial instruments. All of the Chariiy's r)nan¢ial assets and financial liabiliiies qualify a5 b&sic financial inslruments. B&sic rinancial insiruments art inilially re¢ogntsed ai trdn5aclion valve and subsequently rn¢a5ured at their setilemeni value. DEBTORS Trade and other debior5 art reco8nised ai ihe settlemeni a]Th)unL CASH AT 8ANK AND IN HAND Cash at bank and cash in hand includes cash held * bank and cth in hand. CREDITORS Creditors are reeo8nised where the Charity has a pr￿￿1 obligatioo resuliing from a pth eveni thai will probably result in the trdnsfer of all funds to a third party and ihe amouni due ￿ seule the obl18￿10n can be measured or c5tirnaied reliably. Credrtors art normally r¢cogni%d al Iheir ￿ttIment amouni. CRITICAL ACCOUNTING ESTIMATES AND AREAS OFJUDGEMENT Esiimaies and Jud8emenLS are continually evaluated artd art based w hiYWiCAI experiente and (piher fa¢iors, including expe£￿tiOn of future events thai are believed io be reasonable under circumsthnces. DONATIONS AND LEGACIES Unrestriaed Funds Restric*d Funds Total 2022 Total 2021 Donations Grdnts 17,469 100,232 17.469 100.232 22.831 470.254 17.701 117.701 493.085 The incorne from donations and grants was £117:701 (2021.. £493,085) of which £117:701 (2021= £493,085) was unrestricitd and £nil (2021.. £nil) was re￿riC*d. INVESTMENTS Unrestricted Fund5 Re5tric*d Funds Totsl 2022 To&1 2021 Inierty receivable 60 102 Tyne Theatre and Opera House Preservation Trust NOTES TO THE FINANCIAL STATEMENTS For the ear endin 31 March 2022 OTHER INCOME Unrestricied Funds Remricted Funds Total 2022 Toial 2021 Rechar8e5 of insurydnce and tsther cos Produ¢iion s¢ll]em¢n Theatre iours Rental income Gifi aid (Xher revenues Settlerneni recovtrie5 1¢¢ ¢i¢am sal¢$ Tuck Shop sales Show incorne Merchandise sales Insurance ￿ttlement 4,583 26,368 15.404 ,179 4,583 26,368 15.404 1,179 4,710 -126 1,224 lJ55 3,722 4.389 42.943 18.403 65.902 298.734 143.489 173.264 4.389 42.943 18.403 65.902 298.734 143.489 173.264 2.736 371 2.300 794,658 794.658 18,702 Other income w&5 £794.65812021.. £1 &702) of which £794.658 (2021= £18.7021 was unrtstricted. t6 Tyne Theatre and Opera House Preservation Trust NOTES TO THE FtNANCIAL STATEMENTS For ihe ear endin 31 March 2022 EXPENDITURE ON CHARITABLE ACTIVITIES U￿re￿riC1td Fund5 Re5tTiaed Funds Towl 2022 Totsl 2021 Salaries Pension costs Staff iraining Profe55ional fees Travel 411,154 7.934 308 59.¢198 120 22.IYJ9 37,067 .68.703 40,647 1.485 7.499 411,154 7.934 308 59.098 120 22.017) 37.067 68_703 40.647 1,485 7.499 8,996 446 779 1,361 4.197 19 393,86) 7,558 15.000) 9.736 Rent aod fdies Light and he41 Insurance Rewdirs and maintenan¢e Printing, wstage and Sts¢ionery Coinpu¢er running ¢0sts Cleaning Sundries Subscriptions Telephone Advertisin8 Hospitslity Meeting costs ManaRemeni ¢h¥ges Bank ¢haT8t5 D¢pTeciaiion Accountsncy fees Inierest P2y0bl¢ 4.628 15,962 63,275 49,799 lJ93 8265 1,289 153 2,783 2.021 444 779 1361 4,197 19 (402) 6,799 6.131 7.190 6.799 6,131 7,190 I,(rt)O 8.635 5.000 693.058 693.058 570.399 EX￿nditUrt charitable aaivities was £693,058 (2021= £570,39J) of whi¢h £693,058 {2022.. £570,399) wa5 unrestricied and £nil (2021.. £nil) w&$ rewicted. Analysis of governance ￿. Totsl 2022 Total 2021 Accountan¢y fees 7.190 5.000 7.190 5,000 Tyne Theatre and Opera House Preservation Trust NOTES TO THE FINANCIAL STATEMENTS For The ear endin 31 March 2022 COSTS OF GENERATING FUNDS Total 2022 Total 2021 Fundrdising costs 69.257 12,215 69,257 12,215 Costs of geneMin8 fund5 Wd5 £69.257 12021.. £12:215) of which £69:257 (2021= £12.215) was unrestrided. NET MOVEMENT IN FUNDS Thbs IS 51ateil after charging.. 2022 2021 Bank in1¢r￿1 r¢ttivabl¢ Remuneiation paid io RSM UK Tax and Accotsniing LimI￿l- Ind¢p¢ndenr ¢xaminaEion Accountin8 serviees Depreciation ofowned fixed asse {60} (1021 1,350 5.840 6.131 1.250 3,750 8,635 TAXATION Th¢ Charity is exempt from tax on iTthrne and gains falling within S¢ction 505 orth¢ Taxe5 Aa 1988 or Stclion 252 of tht Taxation of Char8eable Gains Act 1992 10 the extent ihai these are applied io 115 charitable objetts. 18 Tyne Theatre and Opera House Preservation Trust NOTES TO THE FINANCIAL sTATEME￿rs For ihe ear endin 31 March 2022 TANGIBLE FIXEDASSETS Group Frtthold buildings Fixiure5 & rittings Totsl Cost At l April 2021 Additions Disp)sals At 31 March 2022 66.314 3,927 (1,662) 666,314 3,927 11.662) 668,579 68.579 Depreciation AL I ApTiI 2021 Charge for ihe year Disp)sa15 37.453 6.131 11,662} 37.453 11.662) Al 31 MaT¢h 2022 41,922 41,922 Net botsk value Ai 31 March 2022 6c￿.￿o 26,657 626,657 Al 31 March 2021 28.861 628,861 TANGIBLE FIXED ASSETS Charity Freehold Jildings Fixtures & fittings Total Cost At l April 2021 Additions 32.242 3.517 632.242 3,317 At 31 MaTth 2022 35.559 635.559 Depreciation Al l April 2021 Charge for tht yfdr 13.613 3.014 13.613 3.014 At J l Marth 2022 16,627 16,627 Net book val Ai 31 Mareh 2022 18.932 618.932 Ai 31 March 2021 J8.629 618.629 All trngible assets are held for Charitable wr￿SeS. 19 Tyne Theatre and Opera House Preservation Trust NOTES TO THE FINANCIAL STATEMENTS For the ear endin 31 March 2022 10 INVESTMENfs- CHARITY Shares in subsidiary undcrtakin8 C05t At 31 Malch 2021 and 31 March 2022 Net tM)ok value At 31 March 2021 and 31 Marth 2022 On 27 Novembtt 2015, the charity obrained 10(Ph of the issued share capitsl of Tyne Th￿re & Opera House Limited. a company incorF4)fdid in the United Kingdom. Subsidiary undertakin8 Company number Prineipal iviry Tyne The*re & OF¢Ta House Limitrd The opemion of a theatre 09330825 I I DEBTORS GtOUP 2022 Charity 2022 Group 2021 Chariiy 2021 Stock Trade d¢bLors Other debt0￿ and prcpayments 14_634 85.288 216.827 4,952 7.617 3.654 182.620 70.864 60.518 316.749 186.274 83,433 60.518 12 CREDITORS.. AnN)unts falliTrg due wiihin one year GT(IUP 2022 Charity 2022 Group 2021 Charity 2021 Bank loan Trade Creditors Accruals and deferred income Taxes and Social security htr crediEors 10,0 71.557 74.143 1,555 22.589 2,500 65.910 35,939 13,779 40,034 7ffj26 16.409 60.880 2,805 ,555 179,844 25,590 158,162 63.685 20 Tyne Theatre and Opera House Preservation Trust NOTES TO THE FtNANCIAL STATEMENTS For ihe ear endin 31 March 2022 13 DEFERRED INCOME Group 2022 Chariiy 2022 Group 2021 Chariry, 2021 Balance ai l April AmounLS released io incomin8 Te501Jrces Amoun15 deferred in the year 25,843 (25,843) 48.251 25.089 (25.089) 25.843 9.785 Balan¢e at 31 March 48251 9,785 25,843 Income h&s been deferred as it was receivcd in thance of eniiilemenl. It is expECted ￿ be rtCO8nised within the next financial year 14 CREDITORS. Amounrs duc falling afttr Me year Group 2022 Charity 2022 Group 2021 ChaTity 2021 Bank loan 31.667 47,51X) Tht bank loan is securèj on the assets of the company and is due io be repaid May 2026. Tht loan is at a nominal raie of bnkrtst of2.5%. 21 Tyne Theatre and Opera House Preservation Trust NOTES TO THE FINANCIAL STATEMENTS For ihe earendin 31 March 2022 15 ANALYSIS OF CHARITABLE FUNDS GTOUP Asai l Aw2021 Asai Expendiiure 31 Mar 2022 Income UNRESTRicfED FUNDS Gcntrdl 901.517 912.432 (762.315) 1,051,634 RESTRICTED FUNDS TOTAL FUNDS 901,517 912.432 (762,315) 1.051.634 Group Asai I ApT 2020 A5al Expenditure 31 Mar 2021 Income UNRESTRicfED FUNDS General 971,491 526.¢XH 1595.978) 901,517 RESTRICTED FUNDS TOTAL FUNDS 971.491 526.(X)4 {595,978) 901.517 Charity Asai l Apr2021 Asai Ex￿ndIv￿re 31 Mar 2022 Income UNRESTRICTED FUNDS Gen¢Tal 837.&)4 281.810 1196,100) 922.714 RESTRICTED FUNDS TOTAL FUNDS 837.lx 281.810 {196.100} 922,714 Charity Asal I ApT 2020 Asat Exsxndiiure 31 M2r 2021 Inc(Jme UNRESTRICTED FUNDS Generdl 928,468 65210 (156.674) 837,004 RESTRICTED FUNDS TOTAL FUNDS 928.468 65210 {156:674) 837,004 22 Tyne Theatre and Opera House Preservation Trust NOTES TO THE FINANCIAL STATEMENTS For th¢ ear endin 31 March 2022 16 ANALYSIS OF NET AssEfs BETWEEN FUNDS Group 2022 Net CUTrenl assets Fixed assets Total Urtrestrict&J income funds 626.657 424,977 I.OSl.634 626,657 424,977 1.051,634 Group 2021 Ne¢ Current Isseis Fixed assets Totsl Unrcstricled incorne fvnds 628.861 272.656 901,517 628_861 272.656 901,517 Charity 2022 current assets Fixed assds Totsl Unrcsiricied income fund5 618.933 303.781 922.714 618.933 303.781 922.714 2021 Net currenl as5e15 Fixed assets Total Unresiricted income fvnds 618.630 218.374 837.Q04 618.630 218.374 837,004 J7 COMPANY LIMITED BY GUARANTEE The Charitsble ComrAny th)es not have a share capital and is Itmitrd by guatantre. Each member of ihe Charitable Company undertake5 to conrribute to The assets of ihe Chariiable Company. in thc eveni of it being wound up such amounts a5 may bc requira will not ex¢¢¢d on¢ p)und. 23 Tyne Theatre and Opera House Preservation Trust NOTES TO THE FINANCIAL STATEMENTS For the ear endin 31 March 2022 18 RELATED PARTY TRANSACTIONS The eharity had the following transa¢tions trdlarw with rela*d partits: Lkbtor/{Crtdiiorl balanct ai y¢ar