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2020-12-31-accounts

Page
Trustees'
report
Reference and administrative details
Structure, governance
and management
Objectives and activities
Review of achievements and public benefit for the year
Financial
review and results for the year		 l3
Reserves
policy		 15
Investment policy 15
Plans for future years 16
Statement ofTrustees' responsibilities l8
Statement of disclosure to auditor l9
Auditors'
report		 20
Consolidated
statement
offinancial		 activities 24
Charity statement of financial activities 25
Consolidated
and		 charity balance sheets 26
Consolidated
and		 charity cash flows 27
Notes to the financial statements 28
2020 Season 43

CONSOLIDATED CONSOLIDATED STATEMENT OF STATEMENT OF STATEMENT OF STATEMENT OF FINANCIAL ACTIVITIES FINANCIAL ACTIVITIES FINANCIAL ACTIVITIES
incorporating
the income		 8 expenditure account for the year ended 3I December 2020
2020 2019
Unrestricted Restricted Total Total
Income and endowments from: Note 6 6
Voluntary
income
Donadons,
legacies and		 Friends' subscriprions 58,271 58,271 48,833
Grants
receivable		 9 261,722 261,722
Charitable
activities
Income from theatre 1&6
Minack producdons 2 125,635 125,635 244,509
Visiting companies 2 143,383 143,383 320,951
Education
income		 6 400 400 1,894
Booking charges 27,643 27,643 55,101
Visitor Centre admissions 366,799 366,799 742,379
Theatre
and Visitor Centre		 catering 191,058 191,058 562,842
854,918 854,918 1,927,676
Other trading activities
Commercial
trading operations		 42,332 42,332 120,761
Investment
income		 3,888 3,888 11,325
Other
Profit on the sale of fixed assets 1,072
Total 1,221,131 1,221,131 2,109,667
Expenditure
on:
Raising funds
Commercial
trading operations		 24,163 24,163 60,490
Charitable
activities
Minack productions 2,5&6 85,241 85,241 233,364
Education projects 2,5&6 37,778 37,778 81,123
Operadng
the Theatre		 and Visitor 1,5,6gi7 1,370,436 1,370,436 1,598,546
Centre
1,493,455 1,493,455 1,913,033
Total 1,517,618 1,517,618 1,973,523
Net (expenditure)/income 4 (296,487) (296,487) 136,144
Transfers
between
funds
Net movement
in funds		 (296,487) (296,487) 136,144
Total funds brought forward 4,418,287 4,418,287 4,282,143
Total funds canied forrvard 21 4,121,800 4,121,800 4,418,287
CHARITY STATEIvIENT CHARITY STATEIvIENT CHARITY STATEIvIENT OF FINANCIAL ACTIVITIES FINANCIAL ACTIVITIES FINANCIAL ACTIVITIES FINANCIAL ACTIVITIES
incorporating
theincome 4 expenditure		 account for the year ended 3/ December 2020
2020 2019
Unrestricted Restricted Total Total
Income and endowments from: Note 6 6 E
Voluntary
income
Donations,
legacies and Friends'		 subscriptions 58,271 58,271 48,833
Grants receivable 9 261,722 261,722
Charitable
activities
Intone from theatre
Minack producdons 125,635 125,635 244,509
Visidng companies 143,383 143,383 320,951
Educaion income 400 400 1,894
Booking charges 27,643 27,643 55,101
Visitor Centre admissions 366,799 366,799 742,379
Theatre
and Visitor Centre catering		 191,058 191,058 562,842
854,918 854,918 1,927,676
Other trading activities
Commercial
trading operations		 16,117 16,117 38,720
Investment
income		 3,888 3,888 30,376
Other
Profit on the sale offixed assets 1,072
Total 1,194,916 1,194,916 2,046,677
Expenditure
on:
Raising fun*
Commercial
trading operadons
Charitable
activities
Minack productions 2,5&6 85,241 85,241 233,364
Education projects 1,2,5&6 37,778 37,778 81,123
Operating
the Theatre &Visitor		 Centre 1,5,6&7 1,368,086 1,368,086 1,596,046
1,491,105 1,491,105 1,910,533
Total 1,491,105 1,491,105 1,910,533
Net (expenditure)/income 4 (296,189) (296,189) 136,144
Transfers
between
funds
Net movement
in funds		 (296,189) (296,189) 136,144
Total funds
brought forward		 4,418,287 4,418,287 4,282,143
Total funds canied forward 21 4,122,098 4,122,098 4,418,287

The Group The Group The Charity
2020 2019 2020 2019
Fixed assets Note 6 6 6
Tangible assets 10 2,351,301 2,392,102 2,351,301 2,392,102
Investments II I
2,351,301 2,392,102 2,351,302 2,392,103
Current assets
Stocks 1&12 30,834 34,569 10,863 12,831
Debtors 13 99,911 34,367 119,911 53,334
Short term deposits 1,768,119 2,113,376 1,768,119 2,113,376
Cash
in hand and at bank		 16,583 39,619 13,969 35,873
1,915,447 2,221,931 1,912,862 2,215,414
Creditors
Amounts
falling due within one		 year 14 (144,948) (195,746) (142,066) (189,230)
Net current assets 1,770,499 2,026,185 1,770,796 2,026,184
Total assets less current liabilities 16 4,121,800 4,418,287 4,122,098 4,418,287
Funds
Unrestr Icted Designated 1&21 1,350,000 1,350,000 1,350,000 1,350,000
Capital reserve 1&21 2,351,301 2,392,102 2,351,301 2,392,102
General 1&21 420,499 676,185 420,797 676,185
Total funds 21 4,121,800 4,418,287 4,122,098 4,418,287

The Group The Group The Charity
2020 2019 2020 2019
6 6 6
Cash flow from operating activities (302,457) 276,997 (301,325) 265,582
Cash flow frvrm investing activities
Investment
income		 3,888 11,325 3,888 30,376
Purchase of tangible
fixed assets		 (69,724) (127,682) (69,724) (I27,682)
Proceeds from disposal of tangible fixed assets 1,072 1,072
(65,836) (I I5,285) (65,836) (96,234)
Net change
in cash and		 cash equivalents (368,293) 161,712 (367,161) 169,348
Cash and cash equivalents
the year		 at the start of 2,152,995 1,991,283 2,149,249 1,979,901
Cash and cash equivalents
the year		 at the end of 1,784,702 2, 152,995 1,782,088 2, 149,249
Reconciliation ofnet income to cash flow from operating
activities
The Grtsup The Charity
2020 2019 2020 2019
it 6
Net (expenditure)/income for the year (296,487) 136,144 (296,189) 136,144
Adjusted for.
Fixed asset depreciation 109,725 93,330 109,725 93,330
Loss/(profit)
on the sale offixed		 assets 800 (1,072) 800 (1,072)
Investment
income		 (3,888) (11,325) (3,888) (30,376)
Movement
in stock		 3,735 (14,466) 1,968 (7,423)
Movement
in debtors		 (65,544) 6,867 (66,577) 11,426
Movement
in creditors		 (50,798) 67,519 (47,164) 63,553
Cash flow from operating activities (302,457) 276,997 (301,325) 265,582

2.1 income
2020 2019
6 6
Rental income due to Minack Theatre Trust CIO 143,383 320,951
Minack production income (see note 2.2) 125,635 244,509
269,018 565,460
2.2 I9(inock Productions
2020 2019
6
Minack production income 78,986 183,473
Storytelling income 46,649 61,036
125,635 244,509
Minack producdon expenditure (60,117) (212,270)
Storytelling expenditure (25,124) (21,094)
(85,241) (233,364)
Net Minack producdon income 40,394 11,145

2020 2019
E
Turnover 42,332 120,761
Cost of sales (23,633) (59,754)
Gross profit 18,699 61,007
Administrative costs and interest payable (530) (736)
Governance (2,350) (2,500)
Net income from trading 15,819 57,771
4. Net (expenditure)/income in the year for the group
Stated after chargingl(crediting): 2020 2019
Auditors'
remuneration
-audit		 6,950 6,950
Depredadon 109,725 93,330
Profit on the sale offixed assets (1,072)

Cost ofoperati Cost ofoperati ng
 the Thea tre, Educa tion
Progr		 amme
&V		 isitor Centre
The Gmup 2020 2019
Theatre Education Visitors Total Total
E E E
Purchases 25,479 39,262 64,741 183,866
Wages 246,077 12,033 379,201 637,311 636,886
Salaries 47,571 17,829 73,306 138,706 120,534
Printing
and		 stadonery 1,727 21 2,640 4,388 13,050
Promoting the Theatre's activities 12,372 151 18,914 31,437 34,342
Repairs and maintenance 56,628 691 86,571 143,890 222,990
Light, heat, rates and water 5,520 67 8,438 14,025 22,157
Insurance 5,793 72 8,856 14,721 16,066
Motor and travel 376 5 575 956 3,936
Telephone and postage 3,220 39 4,923 8,182 15,156
Sanitation 9,870 120 15,089 25,079 34,767
Miscellaneous 5,542 68 8,471 14,081 18,341
Bank charges 1,122 1,728 2,850 4,509
Credit &debit card charges 8,518 13,126 21,644 30,661
VAT (Unrecovered Input Tax) 9,404 14,492 23,896 34,972
Depreciation 43,182 527 66,016 109,725 93,330
Loss on disposal of fixed assets 314 4 482 800
482,715 31,627 742,090 1,256,432 1,485,563
Management
gr administration
Salaries 37,896 3,000 58,396 99,292 103,156
Professional fees 2,842 35 4,346 7,223 2,538
Trustee expenses 213 3 323 539 339
Governance (note 7) 2,735 33 4,182 6,950 6,950
43,686 3,071 67,247 114,004 112,983
526,401 34,698 809,337 1,370,436 1,598,546

Cost ofoperati Cost ofoperati ng t he Thea tre, Educa tion
Progra		 mme
gt V		 isitor Centre
The Charity 2020 2019
Theatre Education Visitors Total Total
E E E
Purchases 25,479 39,262 64,741 183,866
Wages 246,077 12,033 379,201 637,311 636,886
Salaries 47,571 17,829 73,306 138,706 120,534
Prindng
and		 stationery 1,727 21 2,640 4,388 13,050
Promoeng the Theatre's acdvides 12,372 151 18,914 31,437 34,342
Repairs and maintenance 56,628 691 86,571 143,890 222,990
Light, heat, rates and water 5,520 67 8,438 14,025 22,157
Insurance 5,793 72 8,856 14,721 16,066
Motor and travel 376 5 575 956 3,936
Telephone and postage 3,220 39 4,923 8,182 15,156
S aniaad
on		 9,870 120 15,089 25,079 34,767
Miscellaneous 5,542 68 8,471 14,081 18,341
Bank charges 1,122 1,728 2,850 4,509
Credit &debit card charges 8,518 13,126 21,644 30,661
VAT (Unrecovered Input Tax) 9,404 14,492 23,896 34,972
Depreciation 43,182 527 66,016 109,725 93,330
Loss on disposal of fixed assets 314 4 482 800
482,715 31,627 742,090 1,256,432 1,485,563
Management
8c administration
Salaries 37,896 3,000 58,396 99,292 103,156
Professional fees 2,842 35 4,346 7,223 2,538
Trustee expenses 213 3 323 539 339
Governance (note 7) 1,810 22 2,768 4,600 4,450
42,761 3,060 65,833 111,654 110,483
525,476 34,687 807,923 1,368,086 1,596,046

Net income by cha ritable
acti		 vity
The Group 2020 2019
Theatre Education Visitors Total Total
Note E
Direct income 2 269,018 400 366,799 636,217 1,309,733
Booking charges 27,643 27,643 55,101
Theatre
and Visitor Centre		 catering 75,191 115,867 191,058 562,$42
371,852 400 482,666 854,918 1,927,676
Direct Expenditure 2 (85,241) (37,778) (123,019) (314,487)
Charitable
Expenditure		 5 (526,401) (34,698) (809,337) (1,370.436) (1,598,546)
(611,642) P2,476) (809,337) (1,493,455) (1,913,033)
Net (expenditure)/income by activity (239,790) (72,076) (326,671) (638,537) 14,643
The Charity 2020 2019
Theatre Education Visitors Total Total
Note E E
Direct in«ome 2 269,018 400 366,799 636,217 1,309,733
Booking charges 27,643 27,643 55,101
Theatre
and Visitor Centre		 catering 75,191 115,867 191,058 562,842
371,852 400 482,666 854,918 1,927,676
Direct Expenditure 2 (85,241) (37,778) (123,019) (314,487)
Charitable
Expenditure		 5 (525,476) (34,687) (807,923) (1,368,086) (1,596,046)
(610,717) (72,465) (807,923) (1.491,105) (1,910,533)
Net (expenditure)/income by activity (238,865) P2,065) (325,257) (636,187) 17,143

The Group The Charity
2020 2019 2020 2019
E E E E
Auditor's remuneration 6,950 6,950 4,600 4,450
6,950 6,950 4,600 4,450

2020 2019
6
Wages and salaries 800,475 783,803
Social security costs 49,243 51,725
Pension costs 25,591 25,048
875,309 860,576

2020 2019
6
Coronavirus job retention scheme 234,722
Covid I9 business grant funding 27,000
261,722
(the Group and the Charity) Land &
Buildings		 Ftxtures &
Fittings		 Total
Cost 6
At 1stJanuary 2020 2,813,338 554,499 3,367,837
Addiuons 33,861 35,863 69,724
Disposals (15,389) (15,389)
At 31stDecember 2020 2,847,199 574,973 3,422,172
Depreciation
At Istjanuary 2020 560,146 415,589 975,735
Disposals (14,589) (14,589)
Charge for the year 54,291 55,434 109,725
At 31stDecember 2020 614,437 456,434 1,070,871
Net book value
At31stDecember 2020 2,232,762 118,539 2,351,301
At 31stDecember 2019 2,253,192 138,910 2,392,102

vestments
The Group The Charity
2020 2019 2020 2019
IOOX investment in The Mlnack Theatre
Limited a		 E E E
company
incorporated
in England		 and Wales
At 31*' December 2019and 31"December 2020
A summ ary
ofth		 e trading results ofThe Minac k Theatre
Limi		 ted
is shown
2020 2019
E E
Turnover 42,332 120,761
Cost of sales and administrative expenses (42,630) (101,710)
Interest payable
Amount gifted to the charity (19,051)
Retained in the subsidiary (298)
Current assets and liabilities of the subsidiary were:
Current assets 22,585 25,567
Creditors: amounts due within one year (22,882) (25,566)
Total net assets (297) I
Agy'egate share capital and reserves (297) I

The Group The Charity
2020 2019 2020 2019
E 6
Accrued income and prepayments 99,911 34,367 99,911 34,283
Amount due from subsidiary 20,000 19,051
99,911 34,367 119,911 53,334
Amount s
falling du		 e within one year
The Group The Charity
2020 2019 2020 2019
6 6 E
Trade creditors 20,173 18,198 20,081 14,282
Taxadon and sodal security 1,760 14,658 1,520 14.658
Other creditors 12,282 25,994 12,282 25,994
Accruals and deferred income 110,733 136,896 108,183 134,296
144,948 195,746 142,066 189,230
Deferred income
The Group The Charity
2020 2019 2020 2019
E 6 6 6
Brought forward 129,189 83,109 129,189 83,109
Amount released to income (80,230) (41,832) (80,230) (41,832)
Amount deferred
in year		 54,459 87,912 54,459 87,912
Carried forward 103,418 129,189 103,418 129,189


As at 31"December 202		 0
Unrestricted Restricted 2020
fund fund Total
E 6
Tangible fixed assets 2,351,301 2,351,301
Net current assets 1,770,499 1,770,499
At 31stDecember 2020 4,121,800 4,121,800
The Group The Charity
2020 2019 2020 2019
Operating
leases cornmitmenis		 6 E
Payable within one year 1,415 3,566 1,415 3,566
Payable within one to two years 349 1,415 349 1,415
Payable within two to five years 349 349
1,764 5,330 1,764 5,330

The Group Balance at
I Jan 2020		 Incoming
Resources		 Resources
Expended		 Transfers Balance at
31 Dec
2020
Unrestricted
Designated
Winter cash outflow 150,000 150,000
Losses from reduced visitors 300,000 (300,000) 300,000 300,000
Unexpected repairs 300,000 300,000
Productions &education 600,000 (37,778) 37,778 600,000
Capital reserve 2,392,102 (40,801) 2,351,301
General 676,185 1,221,131 (I,179,840) (296,977) 420,499
4,418,287 1,221,131 (1,5 I 7,6 1 8) 4, 121,800
The Charity Balance at
Istian
2020		 Incoming
Resources		 Resources
Expended		 Transfers Balance at
31 Dec
2020
6
Unresu icted
Designated
Winter cash outAow 150,000 150,000
Losses from poor weather 300,000 (300,000) 300,000 300,000
Unexpected repairs 300,000 300,000
Productions &educadon 600,000 (37,778) 37,778 600,000
Capital reserve 2,392,102 (40,801) 2,351,301
General 676,185 1,194,916 (1,153,327) (296,977) 420,797
4,418,287 1,194,916 (1,491,105) 4,122,098