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2021-12-31-accounts

Page
Trustees' report
Reference and administrative details
Structure, governance and management
Objectives and activities
Review of achievements and public benefit for the year 10
Financial
review and results for the year		 15
Reserves
policy		 17
Investment policy 17
Plans for future years 18
Statement ofTrustees' responsibilities 20
Statement ofdisclosure to auditor 21
Auditors'
report		 22
Consolidated
statement
of financial		 activities 26
Charity statement of financial activities 27
Consolidated
and		 charity balance sheets 28
Consolidated
and		 charity cash flows 29
Notes to the financial
statements		 30
2021 Season 45

CONSOLIDATED CONSOLIDATED STATEIvIENT OF STATEIvIENT OF STATEIvIENT OF STATEIvIENT OF FINANCIAL ACTIVITIES ACTIVITIES
incorporating
the income		 gt expenditure account for the year ended 31 December 2021
2021 2020
Unrestricted Restricted Total Total
Income and endowments from: Note 6
Voluntary
income
Donations,
legades
and		 Friends' subscriptions 18,044 18,044 58,271
Grants
receivable		 9 86,240 86,240 261,722
Charitable
activities
income from theatre 1&6
Ninack productions 2 471,004 471,004 125,635
Visiting companies 2 360,289 360,289 143,383
Education
income		 6 768 768 400
Booking charges 69,813 69,813 27,643
Visitor admissions 754,246 754,246 366,799
Theatre
and Visitor catering		 361,548 361,548 191,058
2,017,668 2,017,668 854,918
Other trad/ng
activities
Commercial
trading operations		 3 70,996 70,996 42,332
Investment
Income		 137 137 3,888
Other
Profit on the sale of fixed assets 750 750
Total 2,193,835 2, 193,835 1,221,131
Expenditure
on:
Raising funds
Commerdal
trading operations		 35,602 35,602 24,163
Charitable
octivities
I4inack productions 2,5&6 326,842 326,842 85,241
Education
projects		 2,5&6 42,827 42,827 37,778
Operating
the Theatre		 and Visitor 1,5,6&7 1,372,801 1,372,801 1,370,436
Centre 1,742,470 1,742,470 1,493,455
Total 1,778,072 1,778,072 1,517,618
Net income/(expenditure) 4 415,763 415,763 (296,487)
Transfers
between
funds
Net movement
in funds		 415,763 415,763 (296,487)
Total funds
brought
forward		 4,121,800 4, 121,800 4,4 I8,287
Total funds carried forward 21 4,537,563 4,537,563 4,121,800

incorporating
the income		 &expe nditure account far the year ended 3I Dec emb er 202 I
2021 2020
Unrestricted Restricted Total Total
Income and endowments from: Note E E
Voluntary
income
Donations,
fegades
and		 Friends' subscriptions 18,044 18,044 58,271
Grants
receivable		 9 86,240 86,240 261,722
Charitoble
activities
Income from theatre
Minack producdons 471,004 471,004 125,635
Visiting companies 360,289 360,289 143,383
Education
income		 768 768 400
Booking charges 69,813 69,813 27,643
Visitor admissions 754,246 754,246 366,799
Theatre
and Visitor catering		 361,548 361,548 191,058
2,017,668 2,017,668 854,918
Other trading octivities
Commerdal
trading operations		 19,334 19,334 16,117
Investment
income		 12,774 12,774 3,888
Other
Profit on the sale of fixed assets 750 750
Total 2,154,810 2,154,810 1,194,916
Expenditure
on:
Raising funds
Commercial
trading operations
Choritable
octivities
Minack productions 2,5&6 326,842 326,842 85,241
Educadon
projects		 1,2,5&6 42,827 42,827 37,778
Operating
the Theatre		 &Visitor Centre 1,5,6&7 1,369,676 1,369,676 1,368,086
1,739,345 1,739,345 1,491,105
Total 1,739,345 1,739,345 1,491,105
Net income/(expenditure) 415,465 415,465 (296,189)
Transfers
between
funds
Net movement
In funds		 415,465 415,465 (296,189)
Total funds
brought
forward		 4, 122,098 4, 122,098 4,418,287
Total funds carried forward 21 4,537,563 4,537,563 4,122,098

at 31 Dece mber 202 I
The Group The Charity
2021 2020 2021 2020
Fixed assets Note
Tangible assets 10 2,254,831 2,351,301 2,254,831 2,351,301
Investments 2
2,254,831 2,351,301 2,254,833 2,351,302
Current assets
Stocks 1&12 28,711 30,834 11,879 10,863
Debtors 13 101,608 99,911 134,245 119,911
Short term deposits 2,322,631 1,768,119 2,322,631 1,768,119
Cash
in hand		 and at bank 40,151 16,583 21,584 13,969
2,493, 101 1,915,447 2,490,339 1,912,862
Creditors
Amounts
falling due within one year		 14 (210,369) (144,948) (207,609) (142,066)
Net current assets 2,282,732 1,770,499 2,282,730 1,770,796
Total assets less current liabilities 16 4,537,563 4,121,800 4,537,563 4,122,098
Funds
Unrestricted Designated 1&21 1,650,000 1,350,000 1,650,000 1,350,000
Capital reserve 1&21 2,254,831 2,351,301 2,254,831 2,351,301
General 1&21 632,732 420,499 632,732 420,797
Total funds 21 4,537,563 4,121,800 4,537,563 4,122,098

The Group The Charity
2021 2020 2021 2020
E, E E
Cash flow from operating activities 589,187 (302,457) 560,598 (301,325)
Cash flow from investing activities
Investment income 137 3,888 12,774 3,888
Investment In Mlnack Producdons Ltd (I)
Purchase of tangible
fixed assets		 (11,994) (69,724) (11,994) (69,724)
Proceeds from disposal of tangible fixed assets 750 750
(11,107) (65,836) 1,529 (65,836)
Net change
in cash and cash equivalents		 578,080 (368,293) 562,127 (367,161)
Cash and
the year		 cash equivalents at the start of 1,784,702 2, 152,995 1,782,088 2, 149,249
Cash and
year		 cash equivalents at the end ofthe 2,362,782 1,784,702 2,344,215 1,782,088
Reconciliation
ofnet income to cash		 flow from operating
activities
The Group The Charity
2021 2020 2021 2020
E E E
Net income/(expenditure)
for the		 year 415,763 (296,487) 415,465 (296,189)
Adjusted
for.
Fixed asset depredadon 108,464 109,725 108,464 109,725
(Profit)/loss on the sale of fixed assets (750) 800 (750) 800
Investment income (137) (3,888) (12,774) (3,888)
Movement in stock 2,123 3,735 (1,016) 1,968
Movement in debtors (1,697) (65,544) (14,334) (66,577)
Movement In creditors 65,421 (50,798) 65,543 (47,164)
Cash flow from operating activities 589,187 (302,457) 560,598 (301,325)

2. Income f rom t hea tre
2. / Income
2021 2020
6
Rental income due to Minack Theatre Trust CIO 360,289 143,383
Minack production income (see note 2.2) 471,004 125,635
831,293 269,018
2.2 Minock Productions
2021 2020
Minack producdon income 366,874 78,986
Storytelling income 104,130 46,649
471,004 125,635
Minack production expenditure (302,172) (60,117)
Storytelling expenditure (24,670) (25,124)
(326,842) (85,241)
Net Minack production income 144,162 40,394

2021 2020
E E
Turnover 70,996 42,332
Cost of sales (35,602) (23,633)
Gross profit 35,394 18,699
Administrative costs and Interest payable (500) (530)
Governance (2,625) (2,350)
Net income from trading 32,269 15,819
4. Net incomel(expenditure) in the year for the group
Stated after chargingl(crediting): 2021 2020
E
Auditors'
remuneration
- audit		 7,425 6,950
Depreciation 108,464 109,725
Profit on the sale of fixed assets (750)

Cost ofoper Cost ofoper ati ng t he Thea tre, Educa tion
Progra		 mme
gt V		 isitor Centre
The Group 2021 2020
Theatre Educado n Visitors Total Total
6 6
Purchases 53,020 77,920 130,940 64,741
Wages 240,668 20,663 310,060 571,391 637,311
Salaries 50,973 21,177 41,638 113,788 138,706
Printing
and		 stationery 2,089 60 2,631 4,780 4,388
Promoting the Theatre's activities 10,367 299 13,058 23,724 31,437
Repairs
and		 maintenance 48,148 1,389 60,642 110,179 143,890
Light, heat, rates and water 7,074 204 8,909 16,187 14,025
Insurance 6,199 179 7,808 14,186 14,721
Motor and travel 679 20 854 1,553 956
Telephone and postage 1,510 44 1,902 3,456 8,182
Sanitadon 13,235 382 15,319 28,936 25,079
Miscellaneous 5,671 164 9,543 15,378 14,081
Bank charges 750 946 1,696 2,850
Credit &debit card charges 23,209 29,232 52,441 21,644
VAT (Unrecovered Input Tax) 11,062 13,932 24,994 23,896
Depreciation 47,399 1,367 59,698 108,464 109,725
Loss on disposal of fixed assets 800
522,053 45,948 654,092 1,222,093 1,256,432
Management fk administration
Salaries 46,551 3,000 56,973 106,524 99,292
Professional fees 16,064 463 20,232 36,759 7,223
Trustee expenses 539
Governance (note 7) 3,452 100 3,873 7,425 6,950
66,067 3,563 81,078 150,708 114,004
588,120 49,511 735,170 1,372,801 1,370,436

The Charity The Charity 2021 2020
Theatre Education Visitors Total Total
6 f 6
Purchases 53,020 77,920 130,940 64,741
Wages 240,668 20,663 310,060 571,391 637,311
Salaries 50,973 21,177 41,638 113,788 138,706
Printing
and		 stationery 2,089 60 2,631 4,780 4,388
Promoting the Theatre's activities 10,367 299 13,058 23,724 31,437
Repairs
and		 maintenance 48,148 1,389 60,642 110,179 143,890
Light, heat, rates and water 7,074 204 8,909 16,187 14,025
Insurance 6,199 179 7,808 14,186 14,721
Motor and travel 679 20 854 1,553 956
Telephone and postage 1,510 44 1,902 3,456 8,182
Sanitadon 13,235 382 15,319 28,936 25,079
Miscellaneous 5,671 164 9,543 15,378 14,081
Bank charges 529 667 1,196 2,850
Credit &debit card charges 23,209 29,232 52,441 21,644
VAT (Unrecovered Input Tax) 11,062 13,932 24,994 23,896
Depredation 47,399 1,367 59,698 108,464 109,725
Loss on disposal of fixed assets 800
521,832 45,948 653,813 1,221,593 1,256,432
Management
& administration
Salaries 46,551 3,000 56,973 106,524 99,292
Professional fees 16,064 463 20,232 36,759 7,223
Trustee expenses 539
Governance (note 7) 2,097 61 2,642 4,800 4,600
64,712 3,524 79,847 148,083 111,654
586,544 49,472 733,660 1,369,676 1,368,086

Net income by char itable
acti		 vity
The Group 2021 2020
Theatre Education Visitors Total Total
Note E E E
Direct income 2 831,293 768 754,246 1,586,307 636,217
Booking charges 30,508 880 38,425 69,813 27,643
Theatre
and Visitor catering		 160,013 201,535 361,548 191,058
1,021,814 1,648 994,206 2,017,668 854,918
Direct Expenditure 2 (3 15,699) (42,827) (11,143) (369,669) (123,019)
Charitable
Expenditure		 5 (588,120) (49,511) (735,170) (1,372,801) (1,370,436)
(903,819) (92,338) (746,313) (1,742,470) (1,493,455)
Net income/(expenditure) by activity 117,995 (90,690) 247,893 275,198 (638,537)
The Charity 2021 2020
Theatre Education Visitors Total Total
Note E E E E L
Direct Income 2 831,293 768 754,246 1,586,307 636,217
Booking charges 30,508 880 38,425 69,813 27,643
Theatre
and Visitor catering		 160,013 201,535 361,548 191,058
1,021,814 1,648 994,206 2,017,668 854,918
Direct Expenditure 2 (315,699) (42,827) (11,143) (369,669) (123,019)
Charitable
Expenditure		 5 (586,544) (49,472) (733,660) (1,369,676) (1,368,086)
(902,243) (92,299) (744,803) (1,739,345) (1,491,105)
Net income/(expenditure) by acdvity 119,571 (90,651) 249,403 278,323 (636,187)

The Group The Charity
2021 2020 2021 2020
E E. E E
Auditor's remuneration 7,425 6,950 4,800 4,600
7,425 6,950 4,800 4,600

2021 2020
6 6
Wages and salaries 716,177 800,475
Social security costs 49,825 49,243
Pension costs 25,701 25,591
791,703 875,309

2021 2020
6
Coronavirus job retention scheme 61,490 234,722
Covid19 business grant funding 24,750 27,000
86,240 261,722
(ihe Group ond the Charity) the Charity) Land 8
Buildings		 Fixtures
lk
Fittings		 Total
Cost 6 6
At Istlanuary 2021 2,847, 199 574,973 3,422,172
Addidons 11,994 11,994
Disposais (55,618) (55,618)
At 31st December 2021 2,847, 199 531,349 3,378,548
Depreciation
At 1stjanuary 2021 614,437 456,434 1,070,871
Disposais (55,618) (55,618)
Charge for the year 54,806 53,658 108,464
At 31st December 2021 669,243 454,474 1,123,717
Net book value
At 31stDecember 2021 2,177,956 76,875 2,254,831
At 31st December 2020 2,232,762 118,539 2,351,301

vestments
The Group The Charity
2021 2020 2021 2020
100%%u investment in The Minack Theatre Limited and E E E E
Minack productions
Limited, companies		 incorporated
in England
and Wales
At 31"December 2020 and 31"December 2021
2021 2020
E E
Turnover 70,996 42,332
Cost of sales and administrative expenses (57,857) (42,530)
Interest payable (204) (100)
Amount gifted to the charity (12,637)
Retained In the subsidiary 298 (298)
Current assets and liabilities of the subsidiary were:
Current assets 35,399 22,585
Creditors: amounts due within one year (35,398) (22,882)
Total net assets (297)
Aggregate share capital and reserves (297)

The Group The Charity
2021 2020 2021 2020
E E
Accrued income and prepayments 101,608 99,911 101,608 99,911
Amount due from subsidiary 32,637 20,000
101,608 99,911 134,245 119,911

Amounts falling due within
one y		 ear
The Group The Charity
2021 2020 2021 2020
E E E E
Trade creditors 30,313 20,173 30,313 20,081
Taxadon and social security 14,384 1,760 14,384 1,520
Other creditors 22,909 12,282 22,909 12,282
Amount owed to Mlnack Productions Limited
Accruals and deferred income 142,763 110,733 140,002 108,183
210,369 144,948 207,609 142,066

The Group The Charity
2021 2020 2021 2020
E E E
Brought forward 103,418 129,189 103,418 129,189
Amount released to income (28,489) (80,230) (28,489) (80,230)
Amount deferred in year 44,888 54,459 44,888 54,459
Carried forward 119,817 103,418 119,817 103,418
As at 3
1n Decem
ber 202		 1
Unrestricted Re st ricted 2021
fund fund Total 2020
E E E
Tangible fixed assets 2,254,831 2,254,83 I 2,351,301
Net current assets 2,282,732 2,282,732 1,770,499
At 31st December 2021 4,537,563 4,537,563 4,121,800

The Group The Charity
2021 2020 2021 2020
Operating leases commitments E E E E
Payable within one year 349 1,415 349 1,415
Payable within one to two years 349 349
349 1,764 349 1,764

The Group Bahnce at Incoming Resources Transfers Balance at
31 Dec
I)an 2021 Resources Expended 2021
Unrestricted
Designated
Winter cash outflow 150,000 150,000
Losses from poor weather 300,000 100,000 400,000
Unexpected repairs 300,000 200,000 500,000
Producdons & education 600,000 (90,690) 90,690 600,000
Capital reserve 2,351,301 (96,470) 2,254,83 1
General 420,499 2,193,835 (1,687,382) (294,220) 632,732
4,121,800 2,193,835 (1,778,072) 4,537,563
The Charity Balance at Incoming Resources Transfers Balance at
31 Dec
I lan 2021 Resources Expended 2021
Unrestricted
Designated
Winter cash outflow 150,000 150,000
Losses from poor weather 300,000 100,000 400,000
Unexpected repairs 300,000 200,000 500,000
Producdons 8 education 600,000 (90,651) 90,651 600,000
Capital reserve 2,351,301 (96,470) 2,254,83 1
General 420,797 2,154,810 (1,648,694) (294,181) 632,732
4,122,098 2,154,810 (1,739,345) 4,537,563