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2025-03-31-accounts

Marina Theatre Trust

Company limited by guarantee

Financial Statements For the year ended 31 March 2025

Company Registration Number 07824326

Charity Number 1149133

Marina Theatre Trust

Company limited by Guarantee

Contents

Year ended 31 March 2025

Page
Trustees Annual Report (incorporating the director's report) 1 - 7
Independent auditor's report to the members 8 - 10
Statement of financial activities (including income and expenditure account) 11
Balance Sheet 12
Statement of Cash Flows 13 - 14
Notes to the financial statements 15 - 24

Marina Theatre Trust

Company limited by guarantee

Trustees' Annual Report

Year ended 31 March 2025

The Trustees present their report and audited consolidated financial statements of the charity and group for the year end 31 March 2025 which are also prepared to meet the requirements for a director's report and accounts for Companies Act purposes.

The financial statements have been prepared in accordance with the accounting policies set out in notes to the accounts and comply with the charity's governing document, the Charities Act 2011 and Companies Act 2006 and 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 published in October 2019.

Reference and Administrative Details

Registered charity name Marina Theatre Trust
Charity registration number 1149133
Company registration number 07824326
Principal office and registered The Marina Theatre
office Marina Road
Lowestoft
Suffolk
NR32 1HH
The trustees
The trustees who served during the year and at the date of approval
Mr A J Gallant (Chair)
Mr N J Cullingford (Vice Chair)
Mr D Blyth
Mrs H M Clover
Mr M R Pinner
Mr R R Townley
General Manager Mrs S A Vallerius
Bankers Lloyds Bank
16 Gentleman's Walk
Norwich
NR2 1LZ
Auditor Lovewell Blake LLP
Chartered Accountants &
Statutory Auditor
Bankside 300
Peachman Way
Broadland Business Park
Norwich
Norfolk
NR7 0LB

The trustees who served during the year and at the date of approval were as follows:

1

Marina Theatre Trust

Company limited by Guarantee

Trustees' Annual Report (incorporating the director's report) (continued)

Year ended 31 March 2025

Objectives and activities

The Trust was established for the public benefit to advance the arts by the management and development of the Marina Theatre, Lowestoft and its audiences and programme.

Our vision and aim is to deliver an inclusive and entertaining cultural offer for the people of Lowestoft, Waveney and the immediate region, and to play an active role in the lives of everyone in our town, enabling all to realise their potential and feel part of our thriving community.

The Trustees confirm that they have reviewed the Charity Commission guidelines on public benefit and consider a public benefit is provided to the communities of Lowestoft and beyond as described in the objectives, aims, activities and achievement of the charity.

Aims

Service Aims

Strategic Aims

Achievements and Performance

Steep rises in the cost of living/inflation have meant the Marina Theatre has not been able to achieve quite as much progress in delivering its ambitions as the Trust would have liked. That is not to say it has been a bad year, far from it, more that the ripples of the covid years seem to have settled down and people have returned to the Theatre.

The year 2024-25 has still been a challenging one for the Marina, although much more settled than the previous years.

From April 2024 to March 2025, it should be noted that the Marina Theatre has:

2

Marina Theatre Trust

Company limited by Guarantee

Trustees' Annual Report (incorporating the director's report) (continued)

Year ended 31 March 2025

Achievements and performance (continued)

Programming

Programming continues to be done by Natalie Hewis and the theatre has tried booking new and varied content, which seems to be continuing the trend of high ticket sales for new shows like: Russell Howard, Jools Holland, Jasper Carrott, An Evening with Tony Blackburn and even a Taylor Swift Tribute show sold over 700 tickets.

Best-selling shows this year included Russell Howard, Rhod Gilbert, Jimmy Carr, Chris McCausland, Jasper Carrott, Al Murray and Jools Holland. As you can see there continues to be a lot of comedians touring again this year all of which proved very popular with our audiences.

Classical music concerts are still a struggle for the third year running and finding content to book has become incredibly hard as the programming strand still has very low-ticket sales despite considerable marketing activity. Due to this we have continued to look for content but have to ensure it is of good quality and cost effective when making the decision to book.

Pantomime this year was Beauty & The Beast, and although sales were slightly down on 2023 (just 402 tickets short of Aladdin) this was the second most financially successful pantomime that the Theatre has had in recent years. There was a lot of marketing activity which we duplicated from the 2023 financial year, and the sales pattern returned with people booking earlier than the previous year. There were 34 performances and whilst it didn’t quite hit the previous years figures it did show a continued support for this production. So far for the 2025 Pantomime Sleeping Beauty ticket sales are up on where Beauty & The Beast was at this point last year with financials just being slightly below the same point (approx. £400).

Lowestoft Players returned once again to the Marina with their annual amateur panto in January with the title of Goldilocks and the 3 Bears and it was one of their most well attended pantomimes. It was wonderful to be able to host them as always and the working relationship has much improved between our two organisations. By continuing to support the Players it enables us to give local people the chance to perform in one of the region’s biggest venues.

Cinema programming has continued to be hard work as there is still not a lot of films coming out that are suitable to our audience but we are trying. The films and screenings are a considerable part of the Marina’s offer, so we still tried to offer a wide range of versatile screenings. Best sellers included: Les Misérables - the staged concert live, Andre Rieu – Power of Love concert, Andre Rieu – Christmas Concert, The Phantom of the Opera, Kiss Me Kate, Wicked and Miss Saigon – 25th Anniversary Show.

Audience Behaviour

Like all entertainment and theatre venues we saw an increase in anti-social behaviour in our audiences after Covid lockdowns, and we are pleased to report that this now seems to be improving although some people sometimes arrive at the theatre intoxicated which can led to anti-social behaviour. Needless to say, this makes life more difficult for our staff and results in more complaint emails.

We have increased CCTV coverage across the building and will be adding more after the redevelopment. After discussing the issue with other venues this appears to be a widespread issue across the industry. In order to protect staff and volunteers from repeated abuse, last year we initiated a ‘3-strike and your out’ policy which has proved successful and has resulting in repeat offenders no longer being allowed in the venue.

3

Marina Theatre Trust

Company limited by Guarantee

Trustees' Annual Report (incorporating the director's report) (continued)

Year ended 31 March 2025

Government funding

The Marina has not received any government funding this year but continues to be grateful to Lowestoft Town Council as landlord and principal stakeholder for their management fee as a contribution to costs.

Com

Community outreach work is firmly embedded in Marina Life and in Lowestoft itself. The numbers for classes and groups has grown and it’s wonderful to see the effect on participants of all ages as they relax and blossom.

Regular groups this year included Youth Theatre groups; Samba Group, our 50+ Next Stagers, ukulele beginners and improvers and a Marina Monkey music which is for babies.

Lorna Pearce was off for part of the year on Maternity and returned to the helm in September 2024. It is clear that there is still an appetite and a need for creative outlets for the people of Lowestoft. We are looking forward to potentially being able to expand our offerings in coming years following the development of the cultural quarter being built very close to the venue which will offer studio spaces for rehearsals.

Lead

Sam Vallerius, General Manager, has now led the team for 3 years and under her leadership the team has come together in an incredible way, working hard to support each other, develop their skills and build strong links through the Trust’s operations and opened lines of communication with the community and other arts providers like First Light.

Towns Fund Capital Redevelopment Plans

Work on the Towns Investment Fund (TIF) is well underway as we write this report with the Theatre mid way through the works which will see the following:-

A Project Committee has been formed between ESC, LTC and MTT and they meet monthly to ensure the project goes smoothly.

4

Marina Theatre Trust

Company limited by Guarantee

Trustees' Annual Report (incorporating the director's report) (continued)

Year ended 31 March 2025

Reserves policy

It is generally accepted, and recognised by Arts Council England in their Cultural Recovery Fund 2021/21 guidelines, that charitable organisations such as the Marina Theatre Trust, should look to have three to six months of operational reserves. Trustees agree that this is the level of reserves the Trust is aiming for. For the Marina Theatre Trust this is £120,000 - £240,000.

The Trust's Reserves Policy aims to ensure that all contractual, legal, administration and personnel obligations can be honoured in the event of the Trust and/or Theatre being unable to function.

The Policy also ensures that customers can be fully refunded should the Theatre not be able to present events for which tickets have been purchased for.

Lowestoft Town Council acts as guarantors of the Trust, the arrangements of which are provided in the governing Management Agreement.

Provision for building repairs, maintenance and safety is managed as part of the Theatre's maintenance and investment programme and planning, H&S policy, local risk assessments and lease arrangements.

The live performance programme is procured on the basis of low risk against suitability and customer demand.

Together with the management of the Trust, the Trustees are actively seeking to increase income from all sources of the Trust's activities and to manage costs and efficiencies to enable it to increase its reserves to provide a stronger financial position to enable it to generate further cash flow to invest into the facilities and services for public benefit. The Trustees continue to develop the reserves policy of the Trust in terms of the future value of reserves required to be held and this will be concluded in the forthcoming year.

At the period end the group had net assets of £211,322 (2024: £141,065). The restricted funds of the group as at 31 March 2025 were in a net liability position of £48,133 (2024: £48,971). As at 31 March 2025 the group had free reserves of £250,134 (2024: £179,178).

Going concern

The trustees have a future financial plan in place to drive growth and sustainability. There are clear and robust budgets and forecasts in place to aid the financial strategy. Management accounts and budgets are reviewed at each board meeting with significant income and expenditure highlighted. The trustees also have put in place a suitable and experienced management team with additional finance support to drive the operational and business plan over the next year.

The Trust's relationship with Lowestoft Town Council has continued to develop throughout the year and conversations and agreements are coming to a close regarding the issuing of a Supplemental Management Agreement to enable to Trust to manage the theatre for the next 25 years.

The redevelopment of the theatre will require a short period of closure to enable to the works to be completed. During this time the charity will be keeping costs to a minimum however there will be some costs which will be necessary and will be funded through additional funding and a loan from Lowestoft Town Council. In addition to this the charity considers it has sufficient reserves to manage the impact of this closure.

Plans for the future

The next year should see significant progress in the capital redevelopment works under the TIF scheme, we have had a success planning application and have progressed into the tender/procurement process for contractors.

The Marina and its team continue to look forward to a bright future at the heart of Lowestoft and are really looking forward to the lift!

Structure, governance and management

Governing document

The Marina Theatre Trust is a company limited by guarantee and does not have any share capital. The company was incorporated on the 26 October 2011 and is governed by its Memorandum and Articles of Association. The company also gained registered charitable status on 27 September 2012.

5

Marina Theatre Trust

Company limited by Guarantee

Trustees' Annual Report (incorporating the directors report) (continued)

Year ended 31 March 2025

Recruitment and appointment of Trustees

Trustees shall be persons through residence, occupation, employment or otherwise have special knowledge of the area of benefit or who are otherwise able by virtue of their personal or professional qualifications to make a contribution to the pursuit of the objects of the charity.

Under the Memorandum and Articles of Association the Board shall consist of at least three individuals and up to eleven. The Board should be comprised of up to nine Community Trustees plus two individuals nominated by the Local Authority. Following the transfer of the property to Lowestoft Town Council there have been no Trustees appointed by East Suffolk Council. During the year ended 31 March 2023, Lowestoft Town Council made the decision to no longer appoint Trustees to the board therefore at the year end there were no representatives of the Local Authority on the board of Trustees.

The Trustees are required by the Memorandum and Articles of Association to serve for a period of four years except for Local Authority Trustees, whose period of appointment is determined by the Local Authority.

Trustees are directors of the company for the purpose of company law. All Trustees who served during the year and remain in post as at the date of this report are shown on page 1.

Trustee training and induction

On appointment the Trustees are provided with:

In addition, Trustees are encouraged to read Charity Commission and other newsletters and to attend courses designed to keep them abreast of their duties and responsibilities.

Risk assessment

The Trustees have reviewed the major risks to which the Trust is exposed, in particular those associated with the operation of the Trust.

Organisational structure

The Trust has a board of Trustees who meet every two months and are responsible for the strategic direction and operational policies of the Trust.

The day to day operations of the Trust are managed by the Chief Executive and the senior management.

Key management remuneration policy

The trustees set the Chief Executive and management teams' salary in line with industry expectations for the theatre's current scale and operation. These salaries are reviewed yearly by the trustees.

Related parties

On 26 January 2017 the Trust incorporated its wholly owned trading company, Marina Theatre Trading Limited, which carries out the operation of the café and bar within the theatre.

East Suffolk Council provided funding and facilities to the Trust under the provision of The Management Agreement, The Support Services Agreement, The Business Transfer Agreement and the Property Lease. As of 1 April 2017, East Suffolk Council transferred ownership of the property, which continues to be occupied by the Trust, to Lowestoft Town Council. The Management Agreement, The Support Service Agreement and The Business Transfer Agreement are currently under discussion between East Suffolk Council, Lowestoft Town Council and Marina Theatre Trust and are expected to be finalised early in 2025.

Under the Memorandum and Articles of Association East Suffolk Council have the right to appoint two Trustees however these Trustees no longer attend. As Lowestoft Town Council own the buildings and pay the management fee of £150,000 per annum, we invited two appointees from Lowestoft Town Council to attend however during the year ended 31 March 2023, Lowestoft Town Council decided they no longer needed representation on the board.

6

Marina Theatre Trust

Company limited by Guarantee

Trustees' Annual Report (incorporating the directors report) (continued)

Year ended 31 March 2025

Trustees responsibilities statement

The Trustees (who are also directors of Marina Theatre Trust for the purposes of company law) are responsible for preparing the Trustees' Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Account Practice).

Company law requires the Trustees to prepare financial statements for each financial year. Under company law the trustees must not approve the financial statements unless they are satisified that they give a true and fair view of the state of affairs of the charitable company and the group and of the incoming resources and application of resources, including income and expenditure, of the charitable company and the group for that period.

In preparing these financial statements, the trustees are required to:

The trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Auditor

Each of the persons who is a trustee at the date of approval of this report confirms that:

The auditor is deemed to have been re-appointed in accordance with section 487 of the Companies Act 2006.

Small company provisions

This report has been prepared taking advantage of the small companies' exemption of section 415A of the Companies Act 2006.

The trustees' annual report was approved on 22 November 2025 and signed on behalf of the board of trustees by:

Mr A J Gallant (Chair) Trustee

7

Marina Theatre Trust

Company limited by Guarantee

Independent Auditor's Report to the Members and Trustees of Marina Theatre Trust

Year ended 31 March 2025

Opinion

We have audited the financial statements of The Marina Theatre Trust (the ‘parent charitable company’) and its subsidiary (the ‘group’) for the year ended 31 March 2025 which comprise Consolidated Statement of Financial Activities (including income and expenditure account), Consolidated Balance Sheet, Consolidated Statement of Cash Flow, parent charitable company's Statement of Cash Flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group and parent charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The trustees are responsible for the other information. The other information comprises the information included in the trustees’ annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

8

Marina Theatre Trust

Company limited by Guarantee

Independent Auditor's Report to the members of Marina Theatre Trust (continued)

Year ended 31 March 2025

Matters on which we are required to report by exception

In the light of our knowledge and understanding of the group and parent charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the directors' report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 require us to report to you if, in our opinion:

Responsibilities of the trustees

As explained more fully in the trustees’ responsibilities statement, the trustees (who are also the directors of the parent charitable company for the purposes of company law) are responsible for the preparation of financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the group and parent charitable company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the group or the parent charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/OurWork/Audit/Audit-and-assurance/Standards-and-guidance/Standards-and-guidance-for auditors/Auditors-responsibilities-foraudit/Description-of-auditors-responsibilities-for-audit.aspx. This description forms part of our auditor’s report

9

Marina Theatre Trust

Company limited by Guarantee

Independent Auditor's Report to the members of Marina Theatre Trust (continued)

Year ended 31 March 2025

Use of our report

This report is made solely to the charitable company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Mark Proctor FCA DChA (Senior Statutory Auditor)

For and on behalf of

Lovewell Blake LLP Chartered Accountants & statutory auditor Bankside 300 Peachman Way Broadland Business Park Norwich NR7 0LB

17 December 2025

10

Marina Theatre Trust

Company limited by Guarantee

Consolidated statement of financial activities (including income and expenditure account)

Year ended 31 March 2025

----- Start of picture text -----
Notes General Restricted 2025 2024
Funds Funds Total Total
£ £ £ £
Income and endowments
Donations and legacies 5 8,973 838 9,811 24,416
Charitable activities 6 1,934,036 - 1,934,036 1,588,692
Other trading activities 7 231,496 - 231,496 206,368
Investment income 8,937 - 8,937 -
Total income 2,183,442 838 2,184,280 1,819,476
Expenditure
Raising funds 8 (207,428) - (207,428) (179,739)
Charitable activities 9 (1,906,595) - (1,906,595) (1,686,675)
-
Total expenditure (2,114,023) (2,114,023) (1,866,414)
Net income before transfers 69,419 838 70,257 (46,938)
Transfers between funds - - - -
Net income and net movement in funds 69,419 838 70,257 (46,938)
Reconciliation of funds
Total funds brought forward 190,036 (48,971) 141,065 188,003
Total funds carried forward 19 259,455 (48,133) 211,322 141,065
----- End of picture text -----

The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.

The notes set out on pages 15 - 24 form an integral part of the accounts

11

Marina Theatre Trust

Company limited by Guarantee

Consolidated Balance Sheet

Year ended 31 March 2025

----- Start of picture text -----
Notes 2025 2025 2024 2024
Charity Group Charity Group
£ £ £ £
Fixed Assets
Tangible fixed assets 13 4,623 9,321 6,884 10,858
Investments 14 1 - 1 -
4,624 9,321 6,885 10,858
Current Assets
Stock 15 - 4,476 - 5,101
Debtors 16 135,044 27,312 166,307 64,956
Cash at bank and in hand 581,792 692,219 629,001 728,362
716,836 724,007 795,308 798,419
Creditors: amounts falling due
within one year 17 (510,138) (522,006) (661,128) (668,212)
Net current assets 206,698 202,001 134,180 130,207
Net assets 211,322 211,322 141,065 141,065
Funds of the charity
Unrestricted funds 20 259,455 259,455 190,036 190,036
Restricted funds 20 (48,133) (48,133) (48,971) (48,971)
Total charity funds 211,322 211,322 141,065 141,065
----- End of picture text -----

During the year, the charity reported a surplus of £70,257 including gift aid from subsidiary of £5,908 (2024: deficit of £46,938).

These financial statements have been prepared in accordance with the provisions applicable to companies subject to small companies regime.

These financial statements were approved by the board of trustees and authorised for issue on 22 November 2025 and are signed on behalf of the board by:

Mr A J Gallant Chair

Mr N J Cullingford (Vice Chair)

Company registration number: 07824326

The notes set out on pages 15 - 24 form an integral part of the accounts

12

Marina Theatre Trust

Company limited by Guarantee

Consolidated statement of cash flows

Year ended 31 March 2025

----- Start of picture text -----
2025 2024
£ £
Cash flows from operating activities
Net (expenditure)/income for the year 70,257 (46,938)
Adjustments for:
Depreciation of tangible fixed assets 5,123 4,112
Investment income (8,937) -
Changes in:
Stock 625 (1,232)
Trade and other debtors 37,644 (52,162)
Trade and other creditors (146,206) 140,134
Net cash (used in) provided by operating activities (41,494) 43,914
Cash flows from investing activities
Purchase of tangible assets (3,586) (9,022)
Investment income 8,937 -
Net cash (used in) investing activities 5,351 (9,022)
Net increase in cash and cash equivalents (36,143) 34,892
Cash and cash equivalents at beginning of year 728,362 693,470
Cash and cash equivalents at end of year 692,219 728,362
----- End of picture text -----

The notes set out on pages 15 - 24 form an integral part of the accounts

13

Marina Theatre Trust

Company limited by Guarantee

Statement of cash flows

Year ended 31 March 2025

----- Start of picture text -----
2025 2024
£ £
Cash flows from operating activities
Net income/(expenditure) for the year 70,257 (46,938)
Adjustments for:
Depreciation of tangible fixed assets 3,355 2,563
Investment income (8,195) -
Changes in:
Trade and other debtors 31,263 (103,758)
Trade and other creditors (150,990) 138,939
Net cash (used in) / provided by operating activities (54,310) (9,194)
Cash flows from investing activities
Purchase of tangible assets (1,094) (6,524)
Investment income 8,195 -
Net cash (used) in investing activities 7,101 (6,524)
Net increase in cash and cash equivalents (47,209) (15,718)
Cash and cash equivalents at beginning of year 629,001 644,719
Cash and cash equivalents at end of year 581,792 629,001
----- End of picture text -----

The notes set out on pages 15 - 24 form an integral part of the accounts

14

Marina Theatre Trust

Company limited by Guarantee

Notes to the financial statements

Year ended 31 March 2025

1 General information

The charity is a private company limited by guarantee, registered in England and Wales and a registered charity in England and Wales.

The address of the registered office is The Marina Theatre, Marina Road, Lowestoft, NR32 1HH, Suffolk.

The nature of the charity's operations and principal activities are outlined within the trustees report.

2 Statement of compliance

These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', 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) (Charities SORP (FRS 102) issued in October 2019 and Companies Act 2006 and the Charities Act 2011.

The charity constitutes a public benefit entity as defined by FRS 102.

3 Accounting policies

(a) Basis of accounting

The financial statements have been prepared under historical cost convention.

The presentation currency of the charity is sterling.

(b) Going concern

The financial statements have been prepared on a going concern basis as the trustees believe that no material uncertainties exist. The trustees have considered the level of funds held and the expected level of income and expenditure for 12 months from authorising these financial statements. The budgeted income and expenditure is sufficient with the level of reserves for the charity to be able to continue as a going concern.

The trustees have a future financial plan in place to drive growth and sustainability. There are clear and robust budgets and forecasts in place to aid the financial strategy. Management accounts and budgets are reviewed at each board meeting with significant income and expenditure highlighted. The trustees also have put in place a suitable and experienced management team with additional finance support to drive the operational and business plan over the next year.

The Trust's relationship with Lowestoft Town Council has continued to develop throughout the year and conversations and agreements are coming to a close regarding the issuing of a Supplemental Management Agreement to enable to Trust to manage the theatre for the next 25 years.

The redevelopment of the theatre will require a short period of closure to enable to the works to be completed. During this time the charity will be keeping costs to a minimum however there will be some costs which will be necessary and will be funded through additional funding and a loan from Lowestoft Town Council. In addition to this the charity considers it has sufficient reserves to manage the impact of this closure.

(c) Fund accounting

Unrestricted funds are available for use at the discretion of the trustees to further any of the group's purposes.

Restricted funds are subjected to restrictions on their expenditure declared by the donor or through the terms of an appeal.

(d) Income

All income is included in the Statement of Financial Activities when the charity is entitled to the income and the amount can be quantified with reasonable accuracy. The following specific policies are applied to particular categories of income:

• Donations and legacies are received by way of grants, donations and gifts and is included in full in the Statement of Financial Activities when receivable. Grants, where entitlement is not conditional on the delivery of a specific performance by the charity, are recognised when the charity becomes unconditionally entitled to the grant.

15

Marina Theatre Trust

Company limited by Guarantee

Notes to the financial statements (continued)

Year ended 31 March 2025

3 Accounting policies continued

(e) Expenditure

Expenditure is recognised on an accrual basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered under partial exemption, and is reported as part of the expenditure to which it relates:

• Charitable activities comprise those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. The cost of performances is recognised at the date of the performance. Charitable activity costs includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.

• Governance costs include those costs associated with meeting the constitutional and statutory requirements of the group and include the audit fees and costs linked to the strategic management of the group.

• All costs are allocated between the expenditure categories of the Statement of Financial Activities on a basis designed to reflect the use of the resource. Costs relating to a particular activity are allocated directly, others are apportioned on an appropriate basis e.g. floor areas, per capita or estimated usage as set out in the notes to the accounts.

(f) Tangible assets

Tangible assets are initially recorded at cost

(g) Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Fixtures, fittings and equipment - 25% straight line

(h) Investments

Unlisted equity investments are initially recorded at cost, and subsequently measured at fair value. If fair value cannot be reliably measured, assets are measured at cost less impairment.

(i) Stock

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

(j) Operating lease agreements

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profits on a straight line basis over the period of the lease.

(k) Pension

The Group operates a defined contribution scheme for employees, the assets of which are held separately from those of the Group in an independently administered fund. The pension costs in the accounts reflect the contributions made in the year.

(l) Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the amount receivable or payable including any related transaction costs, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Current assets and current liabilities are subsequently measured at the cash or other consideration expected to be paid or received and not discounted.

(m) Termination payments

Where an obligation to make a redundancy or termination payment exists, the costs incurred by the Trust are accounted for on an accruals basis and within employee benefits.

16

Marina Theatre Trust

Company limited by Guarantee

Notes to the financial statements

Year ended 31 March 2025

4 Limited by guarantee

The Trust is a company limited by guarantee. Each member of the Trust undertakes to contribute such an amount (not exceeding £1) as may be required in the event of winding up.

5 Donations and legacies
Donations
East Suffolk Council - Feasibility
East Suffolk Council - Flooding Back
6 Charitable activities
Management fee
Box office income
Film box office income
Ticket levy and postage charges
Stage and room hire income
Artists recharges
Community and education work
Other income		 £
£
£
£
£
£
8,973
-
8,973
12,455
-
12,455
-
792
792
-
7,980
7,980
-
46
46
-
3,981
3,981
8,973
838
9,811
12,455
11,961
24,416
Unrestricted
Funds
Restricted
Funds
Total Funds
2025
Unrestricted
Funds
Restricted
Funds
Total Funds
2024
£
£
£
£
£
£
150,000
-
150,000
150,000
-
150,000
1,422,877
-
1,422,877
1,099,348
-
1,099,348
24,537
-
24,537
24,236
-
24,236
111,067
-
111,067
101,141
-
101,141
7,965
-
7,965
9,233
-
9,233
188,518
-
188,518
151,118
-
151,118
20,053
-
20,053
37,005
3,000
40,005
9,019
-
9,019
13,611
-
13,611
1,934,036
-
1,934,036
1,585,692
3,000
1,588,692
Total Funds
2024
Unrestricted
Funds
Total Funds
2025
Restricted
funds
Unrestricted
Funds
Restricted
Funds

During the year ended 31 March 2025 £150,000 (2024: £150,000) of government funding was received or due in accordance with the management agreement.

7 Other trading activities
Programmes and merchandise income
Food and beverage income		 Unrestricted
Funds
Restricted
Funds
Total Funds
2025
Unrestricted
Funds
Restricted
Funds
Total Funds
2024
£
£
£
£
£
£
6,668
-
6,668
3,017
-
3,017
224,828
-
224,828
203,351
-
203,351
231,496
-
231,496
206,368
-
206,368

17

Marina Theatre Trust

Company limited by Guarantee

Notes to the financial statements (continued)

Year ended 31 March 2025

8 Costs of other trading activities
Unrestricted
Funds
Restricted
Funds
Total Funds
2025
£
£
£
Food and beverage costs
85,787
-
85,787
Food and beverage wages and salaries
120,733
-
120,733
Programme and merchandise costs
908
-
908
207,428
-
207,428
9 Expenditure on charitable activities
Unrestricted
Funds
Restricted
Funds
Total Funds
2025
£
£
£
Costs of theatre production
1,098,128
-
1,098,128
Film costs
17,990
-
17,990
Wages and salaries
440,080
-
440,080
Marketing and advertising
59,833
-
59,833
Depreciation
5,123
-
5,123
Support costs
254,910
-
254,910
Governance costs
30,531
-
30,531
1,906,595
-
1,906,595
Analysis of support costs
Unrestricted
Funds
Restricted
Funds
Total Funds
2025
£
£
£
Other Staffing costs
6,065
-
6,065
Premises and maintenance costs
89,972
-
89,972
Project costs
31,262
-
31,262
Administration costs
116,737
-
116,737
Legal and professional fees
10,874
-
10,874
254,910
-
254,910
Analysis of governance costs
Auditors remuneration - audit services
Auditors remuneration - non audit services
10
Depreciation of tangible fixed assets
Operating lease costs
Net income
Net income is started after charging/(crediting)		 Unrestricted
Funds
Restricted
Funds
£
£
73,935
-
104,294
-
1,510
-
179,739
-
Unrestricted
Funds
Restricted
Funds
£
£
817,000
-
15,561
-
390,517
-
60,775
-
4,112
-
290,252
84,731
23,727
-
1,601,944
84,731
Unrestricted
Funds
Restricted
Funds
£
£
15,582
-
102,754
-
29,247
84,731
140,376
-
2,293
-
290,252
84,731
2025
£
21,683
8,848
30,531
2025
£
5,123
20,000		 Total Funds
2024
£
73,935
104,294
1,510
179,739
Total Funds
2024
£
817,000
15,561
390,517
60,775
4,112
374,983
23,727
1,686,675
Total Funds
2024
£
15,582
102,754
113,978
140,376
2,293
374,983
2024
£
14,285
9,442
23,727
2024
£
4,112
20,000

18

Marina Theatre Trust

Company limited by guarantee

Notes to the financial statements (continued)

Year ended 31 March 2025

11 Staff costs

The total staff costs and employee benefits for the reporting period are analysed as follows:

Wages and salaries
Social security costs
Employer contributions to pension plans		 2025
2024
£
£
522,184
457,392
27,867
29,505
9,130
7,914
559,181
494,811
Theatre staff (including front and back of house)
Management and administration staff
Food and beverage
Throughout the period the Trust employed the following number of employees		 2025
2024
24
20
7
6
13
12
on either a full time or part time basis.
44
38

No employee received employee benefits of more than £60,000 during the year (2024: no employee).

One termination payment of £6,360 was due in relation to the year ending 31 March 2025 (2024: £Nil).

Key Management Personnel

The Key Management Personnel include the Chief Executive and General Manager.

The total value of remuneration and benefits received by Key Management Personnel was £288,863 being nine individuals (2024: £44,167 being two individuals).

12 Trustee remuneration and expenses

No Trustees received remuneration or expenses during the year (2024: £Nil).

13 Tangible Fixed Assets - Group

Cost
As at 1 April 2024
Additions
As at 31 March 2025
Depreciation
As at 1 April 2024
Charge for the period
As at 31 March 2025
Net book value
As at 31 March 2025
As at 31 March 2024		 Fixtures,
fittings and
equipment
£
178,737
3,586
182,323
167,879
5,123
173,002
9,321
10,858		 Total
£
178,737
3,586
182,323
167,879
5,123
173,002
9,321
10,858

19

Marina Theatre Trust

Company limited by Guarantee

Notes to the financial statements (continued)

Year ended 31 March 2025

13 Tangible Fixed Assets - Charity
Cost
As at 1 April 2024
Additions
As at 31 March 2025
Depreciation
As at 1 April 2024
Charge for the period
As at 31 March 2025
Net book value
As at 31 March 2025
As at 31 March 2024
14 Investments - Shares in group undertakings
Cost
As at 1 April 2024 and 31 March 2025
Impairment
As at 1 April 2024 and 31 March 2025
Net book value
As at 31 March 2025
As at 31 March 2024		 Fixtures,
fittings and
equipment
Total
£
£
165,798
165,798
1,094
1,094
166,892
166,892
158,914
158,914
3,355
3,355
162,269
162,269
4,623
4,623
6,884
6,884
2025
2025
Charity
Group
£
£
1
-
-
-
1
-
1
-

All investments shown above are held at valuation.

The Charity holds 1 share of £1 in its wholly owned subsidiary company Marina Theatre Trading Ltd (company number 10584566) which is incorporated in the United Kingdom. The company operates the café and bar within the Marina Theatre. The profits of the company are donated to the Marina Theatre Trust by Gift Aid.

The summary financial performance of the subsidiary alone is:

Turnover
Expenditure
Profit
Amount donated to Marina Theatre Trust by Gift Aid
Net assets		 2025
2024
£
£
224,104
203,389
(218,196)
(187,422)
5,908
15,967
5,908
15,967
1
1

20

Marina Theatre Trust

Company limited by Guarantee

Notes to the financial statements

Year ended 31 March 2025

----- Start of picture text -----
15 Stock
2025 2025 2024 2024
Charity Group Charity Group
£ £ £ £
Raw materials and consumables - 4,476 - 5,101
Stock is held for resale in the Trust's café, bar and kiosk.
2025 2025 2024 2024
Charity Group Charity Group
16 Debtors £ £ £ £
Trade debtors 5,119 5,239 47,070 47,232
Prepayments and accrued income 20,708 20,708 16,359 16,359
Other debtors 1,365 1,365 1,365 1,365
Amounts owed by group undertakings 107,852 - 101,513 -
135,044 27,312 166,307 64,956
2025 2025 2024 2024
Charity Group Charity Group
17 Creditors: Amounts falling due within one year £ £ £ £
Trade creditors 82,898 85,063 39,620 39,734
Accruals and deferred income 350,811 360,514 550,999 557,969
Other creditors 76,429 76,429 70,509 70,509
510,138 522,006 661,128 668,212
2025 2025 2024 2024
Charity Group Charity Group
£ £ £ £
Deferred income brought forward 524,841 524,841 352,109 352,109
Released during the year (524,841) (524,841) (352,109) (352,109)
Deferred during the year 319,010 319,010 524,841 524,841
Deferred income carried forward 319,010 319,010 524,841 524,841
----- End of picture text -----

Deferred income represents funds received from the sale of tickets in advance of future performances or films.

18 Pension and other post retirement benefits

The amount recognised in the statement of financial activities in relation to then defined contribution plan is £9,069 (2024: £7,914).

21

Marina Theatre Trust

Company limited by Guarantee

Notes to the financial statements (continued)

Year ended 31 March 2025

19 Analysis of charitable funds

Year ended 31 March 2025
General funds
Restricted funds
Feasibility project
Flooding Back
Year ended 31 March 2024
General funds
Restricted funds
Property repairs
Feasibility project
Flooding Back		 At 1 April
Income
Expenditure
Transfers
At 31 March
2024
2025
£
£
£
£
£
190,036
2,183,442
(2,114,023)
-
259,455
(49,041)
792
-
-
(48,249)
70
46
-
-
116
(48,971)
838
-
-
(48,133)
141,065
2,184,280
(2,114,023)
-
211,322
At 1 April
Income
Expenditure
Transfers
At 31 March
2023
2024
£
£
£
£
£
167,204
1,804,515
(1,781,683)
-
190,036
-
3,000
(3,000)
-
-
(4,080)
7,980
(52,941)
-
(49,041)
24,879
3,981
(28,790)
-
70
20,799
14,961
(84,731)
-
(48,971)
188,003
1,819,476
(1,866,414)
-
141,065

Property repairs: represents funding received in the previous year regarding electrical and plumbing works.

Feasibility project: represents funding recevied to support the costs relating to the feasibility studies of the Towns Fund Capital Redevelopment Plans. The deficit in the fund at the year end may be covered by funding due to be received in the year ended 31 March 2026.

Flooding Back: represents funding recevied to support the costs of commissioning and producing a play in response to the East Coast flooding events of 1953 and 2013.

22

Marina Theatre Trust

Company limited by Guarantee

Notes to the financial statements (continued)

Year ended 31 March 2025

20 Analysis of net assets between funds

As at 31 March 2025
Fixed assets
Current assets
Creditors less than 1 year
Net assets
As at 31 March 2024
Fixed assets
Current assets
Creditors less than 1 year
Net assets
Operating lease commitments
No later than 1 year
Later than 1 year and not later than 5 years
More than 5 years
The total future minimum lease payments under non-cancellable operating leases are		 Unrestricted
funds
Restricted
funds
Total Funds
2025
£
£
9,321
-
9,321
772,140
(48,133)
724,007
(522,006)
-
(522,006)
259,455
(48,133)
211,322
Unrestricted
funds
Restricted
funds
Total Funds
2024
£
£
10,858
-
10,858
847,390
(48,971)
798,419
(668,212)
-
(668,212)
190,036
(48,971)
141,065
2025
2024
£
£
20,000
20,000
80,000
80,000
175,726
195,726
275,726
295,726
as follows:

21 Operating lease commitments

The amount of lease payments recognised as an expense in charitable activities during the year is £20,000 (2024: £20,000).

23

Marina Theatre Trust

Company limited by Guarantee

Notes to the financial statements (continued)

Year ended 31 March 2025

22 Related parties

During the period the Trust received £150,000 (2024: £150,000) from Lowestoft Town Council in accordance with the management agreement. At the year end the Trust was owed £Nil (2024: £45,000) regarding quarter one of the 2025/26 management fee invoiced before the year end. During the year the Trust also received £6,507 (2024: £2,523) towards costs incurred by the Trust from Lowestoft Town Council.

The property occupied by the Trust is owned by Lowestoft Town Council and during the year rent was paid to the Council of £20,000 (2024: £20,000).

At the period end the Trust owed £Nil to Lowestoft Town Council.

During the year the Trust received £Nil (2024: £10,980) of grant funding from East Suffolk Council. During the year the Trust received £517 (2024: £2,098) towards facility hire from East Suffolk Council. The Trust paid East Suffolk Council for non-domestic rates and licences of £2,530 (2024: £1,377). The Trust paid East Suffolk Council for car park spaces of £625 for the year (2024: £295 - premises licence). The Trust paid East Suffolk Council for miscellanous fees of £760 (2024: £Nil). At the year end the Trust owed £2,900 (2024: £1,054) to East Suffolk Council.

The father of a member of the management team received remuneration during the period of £3,069 (2024: £79). No amounts were outstanding at the year end.

The mother of a member of the management team received remuneration during the period of £10,788 (2024: £4,196). No amounts were outstanding at the year end.

During the year the Trust incurred expenditure of £Nil (2024: £250) which relates to membership fees for the Association of British Theatre Technicians of which R Townley is a part of the key management personnel.

23 Results of Marina Theatre Trust

During the year, the charity made a surplus of £70,257 including gift aid from subsidiary of £5,908 (2024: deficit of £46,938). The charity is not required to produce their own Statement of Financial Activities because of the exemption provision in Section 408 of the Companies Act 2006.

24