2022-12-31-accounts - The Minack Theatre Trust CIO

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minack 4£ PORTHCURNO CORNWALL The Minack Theatre Trust CIO (Registered Charity Nupnber 1166799) Trustees, Report and Financial Statemeiits 31 Decembei" 2022 The Mirb3ck Theaii-e Trust CIO A Ch31'ill£ ble Incorpoi-ared Oi ganis3tion wirli a i-egisLei-ed c1171-ity No.. 1166799 RegisLered in Englaiid & Wales. PriiicipRI Owice.. Minic1( Tliel¢ ti e, Poi'ihcurno. PenzRnce, Coriiwall. TRI 9 6IU

			Page
Trustees' report
Reference	and administrative details
Structure,	governance and management
Objectives	and activities
Review of	achievements	and public benefit for the year	IO
Financial review and results for the year			l5
Reserves policy			l7
Investment	policy		17
Plans for future years			18
Statement	ofTrustees'	responsibilities	20
Statement	of disclosure	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
2022 Season			45

CONSOLIDATED	CONSOLIDATED	STATEMENT OF	STATEMENT OF	STATEMENT OF	FINANCIAL ACTIVITIES	FINANCIAL ACTIVITIES	FINANCIAL ACTIVITIES	FINANCIAL ACTIVITIES
incorporating the income	& expenditure		account	for the year	ended 3/ December 2022
						2022		2021
			Unrestricted		Restricted	Total		Total
Income and endowments		from:	Note	f.		E
Voluntary income
Donations, legacies and	Friends'	subscriptlons		22,770		22,770		18,044
Grants receivable			9					86,240
Charitable activities
Income from theatre			I&6
Minack productions			2	436,821		436,821	471,004
Visiting companies			2	429,238		429,238	360,289
Education income			6	4,801		4,801		768
Booking charges				113,155		113,155		69,813
Visitor admissions				864,957		864,957	754,246
Catering				385,216		385,216	361,548
				2,234,188		2,234,188	2,017,668
Other trading activities
Commerdal trading operations			3	73,821		73,821		70,996
Investment income				7,898		7,898		137
Other
MPL Theatre Tax Relief Redaim			2	73,533		73,533
Profit on the sale of fixed assets								750
Total				2,4 12,2 I0		2,4 I2,2 10	2,	193,835
Expenditure on;
Raising fun ds
Commercial trading operations				41,772		41,772		35,602
Charitable activities
Minack productions			2,5&6	466,320		466,320		326,842
Education proiects			2,5&6	95,208		95,208		42,827
Operadng the Theatre	and Visitor		1,5,6&7	1,681,220		1,681,220	1,372,801
Centre
				2,242,748		2,242,748	1,742,470
Total				2,284,520		2,284,520	1,778,072
Net income			4	127,690		127,690		415,763
Transfers between funds
Net movement in funds				127,690		127,690		415,763
Total funds brought forward				4,537,563		4,537,563	4,	121,800
Total funds camed forward			21	4,665,253		4,665,253	4,537,563

CHARITY STATEMENT	CHARITY STATEMENT	CHARITY STATEMENT	CHARITY STATEMENT	OF	FINANCIAL ACTIVITIES	FINANCIAL ACTIVITIES	FINANCIAL ACTIVITIES	FINANCIAL ACTIVITIES
incorporating the income	&expenditure			account	for the year	ended 3/	December 2022
								2022		2021
				Unrestricted		Restricted		Total		Total
Income and endowments		from:		Note	E		E	f.
Voluntary Income
Donations, legades and	Friends'		subscriptions		22,770			22,770		18,044
Grants receivable				9						86,240
Charitable octivities
Income fram theatre
Minack productions					436,821			436,821		471,004
Visiting companies					429,238			429,238		360,289
Education income					4,801			4,801		768
Booking charges					113,155			113,155		69,813
Visitor admissions					864,957			864,957		754,246
Theatre and Visitor catering					385,216			385,216		361,548
					2,234,188			2,234,188	2,017,668
Other trading activities
Commeraal trading operations					21,200			21,200		19,334
Investment income					15,156			15,156		12,774
Other
Profit on the sale of fixed assets										750
Total					2,293,3 I4			2,293,3 I4	2,	154,8 10
Expenditure on:
Raising funds
Commerdal trading operations
Charltoble activities
Minack productions				2,5&6	395,572			395,572		326,842
Education projects				1,2,5&6	95,208			95,208		42,827
Operating the Theatre	&Visitor		Centre	1,5,6&7	1,674,844			1,674,844	1,369,676
					2,165,624			2,165,624	1,739,345
Total					2,165,624			2,165,624	1,739,345
Net income					127,690			127,690		415,465
Transfers between funds
Net movement in funds					127,690			127,690		415,465
Total funds brought forward					4,537,563			4,537,563	4,	122,098
Total funds canied forward				21	4,665,253			4,665,253	4,537,563

at 3I Decem	ber 2022
				The Group		The	Charity
				2022	2021	2022	2021
Fixed assets			Note	6	6
Tangible assets			10	2,234,095	2,254,831	2,234,095	2,254,831
Investments						2	2
				2,234,095	2,254,831	2,234,097	2,254,833
Current assets
Stocks			1&12	26,868	28,711	9,321	11,879
Debtors			13	138,181	101,608	180,819	134,245
Short term deposits				2,453,146	2,322,631	2,453,146	2,322,63 1
Cash in hand	and at bank			71,937	40,151	41,420	21,584
				2,690,132	2,493,101	2,684,706	2,490,339
Creditors
Amounts falling due within		one year	14	(258,974)	(210,369)	(253,550)	(207,609)
Net current	assets			2,431,158	2,282,732	2,431,156	2,282,730
Total assets	less current	liabilities	16	4,665,253	4,537,563	4,665,253	4,537,563
Funds
Unrestricted	Designated		1&21	1,650,000	1,650,000	1,650,000	1,650,000
	Capital reserve		1&21	2,234,095	2,254,831	2,234,095	2,254,831
	General		1&21	781,158	632,732	781,158	632,732
Total funds			21	4,665,253	4,537,563	4,665,253	4,537,563

			The	Group		The	Charity
			2022		2021	2022		2021
			6		6	6		6
Cash flow from operating	activities		233,393		589,187	214,185		560,598
Cash flow from investing	activities
Investment income			7,898		137	15,156		12,774
Investment in Minack Productions		Ltd						(I)
Purchase of tangible fixed assets			(78,990)		(11,994)	(78,990)		(11,994)
Proceeds from disposal of tangible		fixed assets			750			750
			(71,092)		(11,107)	(63,834)		1,529
Net change in cash and cash equivalents			162,301		578,080	150,351		562,127
Cash and cash equivalents the year	at	the start of	2,362,782	1,784,702		2,344,2 1 5	1,782,088
Cash and cash equivalents year	at	the end ofthe	2,525,083	2,362,782		2,494,566	2,344,2 15

Reconciliation	Reconciliation	ofnet income to cash	ofnet income to cash	flow from operating activities	flow from operating activities	flow from operating activities
				The Group		The Charity
				2022	2021	2022	2021
				6	6
Net income	for the	year		127,690	415,763	127,690	415,465
Adjusted	(or:
Fixed asset	depreciation			99,726	108,464	99,726	108,464
(Profit) on	the sale	of fixed assets			(750)		(750)
Investment	income			(7,898)	(137)	(15,156)	(I2,774)
Movement	in stock			1,843	2,123	2,558	(1,0 16)
Movement	in debtors			(36,573)	(1,697)	(46,574)	(I4,334)
Movement	in creditors			48,605	65,421	45,941	65,543
Cash flow from		operating	activities	233,393	589,187	214,185	560,598

			2022	2021
			E	E
Rental	income due	to Minack Theatre Trust CIO	429,238	360,289
Minack	production	income (see note 2.2)	510,354	471,004
			939,592	831,293

				2022	2021
				E	E
Minack production		income		307,206	366,874
Minack productions		Limited Theatre Tax Relief redaim		73,533
Storytelling	income			129,615	104,130
				510,354	471,004
Minack production		expenditure		(454,451)	(302,172)
Storytelling	expenditure			(11,869)	(24,670)
				(466,320)	(326,842)
Net Minack	producdon		income	44,034	144,162

			2022	2021
			f.
Turnover			73,821	70,996
Cost of sales			(41,772)	(35,602)
Gross profit			32,049	35,394
Administrative	costs and interest	payable	(616)	(500)
Governance			(2,975)	(2,625)
Net income	from trading		28,458	32,269

Net income in the	year for the group	year for the group
Stated after chargingi(credi		ting):	2022	2021
				6
Auditors' remuneration	- audit		10,925	7,425
Depreciation			99,726	108,464
Profit on the sale of fixed assets				P50)

Cost ofoperati	Cost ofoperati	ng t	he Thea	tre, Educa	tion Progra	mme &V	isitor Centre
The Group							2022	2021
				Theatre	Education	Visitors	Total	Total
						f	6	6
Purchases				73,700		88,772	162,472	96,930
Visitor tour	costs					27,562	27,562	34,010
Wages				300,948	32,075	362,491	695,514	571,391
Salaries				48,880	32,000	58,876	139,756	113,788
Printing and	stationery			2,919	119	3,396	6,434	4,780
Promoting	the Theatre's		activities	15,789	646	18,372	34,807	23,724
Repairs and	maintenance			72,196	2,954	84,265	159,415	110,179
Light, heat,	rates and water			14,745	603	17,158	32,506	16,187
Insurance				9,276	380	10,794	20,450	14,186
Motor and	travel			1,720	70	2,001	3,791	1,553
Telephone	and postage			1,996	82	2,323	4,401	3,456
Sanitation				15,823	648	18,410	34,881	28,936
Miscellaneous				7,721	316	9,010	17,047	15,378
Bank charges				1,446		1,762	3,208	1,696
Credit &debit card		charges		29,914		36,031	65,945	52,441
VAT (Unrecovered		Input	Tax)	12,687		15,282	27,969	24,994
Depreciatio	n			45,237	1,851	52,638	99,726	108,464
				654,997	71,744	809,143	1,535,884	1,222,093
Management & administration
Salaries				46,400	8,500	47,388	102,288	106,524
Professional	fees			14,518	594	16,892	32,004	36,759
Trustee expenses				54	2	63	119
Governance	(note 7)			4,956	203	5,766	10,925	7,425
				65,928	9,299	70,109	145,336	150,708
				720,925	81,043	879,252	1,681,220	1,372,801

Cost ofoperati	Cost ofoperati	ng	the Thea	tre, Educa	tion Progra	mme &'V	isitor Centre
The Charity							2022	2021
				Theatre	Education	Visitors	Total	Total
				E	E		E	E
Purchases				73,700		88,772	162,472	96,930
Visitor tour	costs					27,562	27,562	34,010
Wages				300,948	32,075	362,491	695,514	571,391
Salaries				48,880	32,000	58,876	139,756	113,788
Printing and	stationery			2,919	119	3,396	6,434	4,780
Promoting	the Theatre's		activities	15,789	646	18,372	34,807	23,724
Repairs and	maintenance			72,196	2,954	84,007	159,157	110,179
Light, heat,	rates and water			14,745	603	17,158	32,506	16,187
Insurance				9,276	380	10,794	20,450	14,186
Motor and	travel			1,720	70	2,001	3,791	1,553
Telephone	and postage			1,996	82	2,323	4,401	3,456
Sanitation				15,823	648	I8,4 I0	34,881	28,936
Miscellaneous				7,721	316	8,984	17,021	15,378
Bank charges				1,107		1,334	2,441	1,196
Credit & debit card		charges		29,914		36,031	65,945	52,441
VAT (Unrecovered		Input	Tax)	12,687		15,282	27,969	24,994
Depreciation				45,237	1,851	52,638	99,726	108,464
				654,658	71,744	808,431	1,534,833	1,221,593
Management & administration
Salaries				46,400	8,500	47,388	102,288	106,524
Professional	fees			14,518	594	16,892	32,004	36,759
Trustee expenses				54	2	63	119
Governance	(note 7)			2,097	104	3,399	5,600	4,800
				63,069	9,200	67,742	140,011	148,083
				717,727	80,944	876,173	1,674,844	1,369,676

Net income	Net income	by ch	aritable acti	vity
The Group							2022	2021
				Theatre	Education	Visitors	Total	Total
			Note	E	E		E
Direct income				866,059	4,801	864,957	1,735,817	1,586,307
Booking	charges	Minack	events	44,485	1,820	51,763	98,068	60,435
Booking	charges	external	events	15,087			15,087	9,378
Catering				174,741		210,475	385,216	361,548
				1,100,372	6,621	1,127,195	2,234,188	2,017,668
Direct Expenditure			2	(466,320)	(95,208)		(561,528)	(369,669)
Charitable	Expenditure		5	(720,925)	(81,043)	(879,252)	(1,681,220)	(1,372,801)
				(1,187,245)	(176,251)	(879,252)	(2,242,748)	(1,742,470)
Net income/(expenditure)			by activity	(86,873)	(169,630)	247,943	(8,560)	275,198
The Charity							2022	2021
				Theatre	Education	Visitors	Total	Total
			Note	E	E.	E	E	E.
Direct income			2	866,059	4,801	864,957	1,735,817	1,586,307
Booking	charges	Minack	events	44,485	1,820	51,763	98,068	60,435
Booking	charges	external	events	15,087			15,087	9,378
Catering				174,741		210,475	385,216	361,548
				1,100,372	6,621	1,127,195	2,234,188	2,017,668
Direct Expenditure			2	(395,572)	(95,208)		(490,780)	(369,669)
Charitable	Expenditure		5	(717,727)	(80,944)	(876,173)	(1,674,844)	(1,369,676)
				(1,113,299)	(176,152)	(876,173)	(2,165,624)	(1,739,345)
Net income/(expenditure)			by activity	(12,927)	(169,531)	251,022	68,564	278,323

		The		The
		2022	2021	2022	2021
		E	E	E	E
Auditor's	remuneration	10,925	7,425	5,600	4,800
		10,925	7,425	5,600	4,800

	2022	2021
Wages and salaries	845,679	716,177
Social security costs	62,839	49,825
Pension costs	29,040	25,701
	937,558	791,703

				2021
				6
Coronavlrus	lob	retention	scheme	61,490
Covid19 business		grant funding		24,750
				86,240

(the Group and the Charity)	(the Group and the Charity)	Land & Buildings	Fixtures & Fittings	Total
Cost		E	E	E
At 1stJanuary 2022		2,847,199	531,349	3,378,548
Additions			78,990	78,990
Disposais			(25,817)	(25,817)
At. 31st December	2022	2,847,199	584,522	3,431,721
Depreciation
At 1stJanuary 2022		669,243	454,474	1,123,717
Disposals			(25,817)	(25,817)
Charge for the year		54,806	44,920	99,726
At 31st December	2022	724,049	473,577	1,197,626
Net book value
At31stDecember 2022		2,123,150	110,945	2,234,095
At 31st December	2021	2,177,956	76,875	2,254,831

vestments
						The Group		The Charity
						2022	2021	2022	2021
1009' investment	in The Minack Theatre			Limited	and	E	E
Minack Productions		Limited,	companies	incorporated
in England and Wales
At 31"December		2021 and	31*' December 2022

A summary ofthe trading	A summary ofthe trading	results of The Minack Theatre Limited	results of The Minack Theatre Limited	is shown	below:-
			2022	2021
			E	E
Turnover			73,821	70,996
Cost of	sales and administradve	expenses	(66,363)	(57,857)
Interest	payable		(200)	(204)
Amount	gifted to the charity		(7,258)	(12,637)
Retained	in the subsidiary			298
Current	assets and liabilities of	the subsidiary	were;
Current	assets		32,186	35,399
Creditors: amounts due within		one year	(32,185)	(35,398)
Total net assets
Aggregate	share capital and reserves
A summary of the trading		results of Minack Productions Limited		is shown	below:-
			2022
			E
Turnover			284, 162
Cost of sales and administrative		expenses	(357,695)
Taxatlo n			73,533
Retained	in the subsidiary
Current	assets and liabilities of	the subsidiary	were:
Current	assets		121,095
Creditors; amounts due within		one year	(121,094)
Total net assets
Aggregate	share capital and reserves

			The		The
			2022	2021	2022	2021
			E		E	E
Goods	for	resale	26,868	28,711	9,321	11,879
			26,868	28,711	9,321	11,879

						The Group		The Charity
						2022	2021	2022	2021
						f.	E	E	E
Accrued	income	and prepayments				138,181	101,608	32,964	101,608
Amount	due from		Minack Productions		Limited			118,744
Amount	due from		Minack Theatre	Limited				29,111	32,637
						138,181	101,608	180,819	134,245

Amounts	falling due	within one y	ear
				The	Group		The Charity
				2022		2021	2022	2021
				E		E	E	E
Trade creditors				46,661		30,313	36,301	30,313
Taxation	and social security			60,551		14,384	70,608	14,384
Other creditors				19,426		22,909	19,605	22,909
Amount	owed to Minack Productions		Limited
Accruals	and deferred	income		132,336		142,763	127,036	140,002
				258,974		210,369	253,550	207,609

				The Group		The Charity
				2022	2021	2022	2021
				E		E	E
Brought	forward			119,817	103,418	119,817	103,418
Amount	released	to	income	(46,152)	(28,489)	(46,152)	(28,489)
Amount	deferred	in	year	41,108	44,888	41,108	44,888
Carried	forward			114,773	119,817	114,773	119,817

Analysis	ofgroup net assets between	ofgroup net assets between	funds
As at 31	December 2022
		Unrestricted	Restricted	2022
		fund	fund	Total	2021
		E	E	E	E
Tangible fixed assets		2,234,095		2,234,095	2,254,831
Net current	assets	2,431,158		2,431,158	2,282,732
At 31st December 2022		4,665,253		4,665,253	4,537,563

The Group				Balance at I Jan 2022	Balance at I Jan 2022	Incoming Resources	Resources Expended	Transfers	Balance at 31 Dec 2022
Unrestricted
Designated
VVInter	cash	outflow			150,000				150,000
Losses	from	reduced	visitors		400,000	(29,065)		29,065	400,000
Unexpected		repairs			500,000				500,000
Productions		& education			600,000		(256,503)	256,503	600,000
Capital	reserve				2,254,83 1			(20,736)	2,234,095
General					632,732	2,441,275	(2,028,017)	(264,832)	781,158
					4,537,563	2,412,210	(2,284,520)		4,665,253
The Charity					Balance at	Incoming	Resources	Transfers	Balance at 31 Dec
				I Jan 2022		Resources	Expended		2022
Unrestricted
Designated
Winter	cash	outflow			150,000				150,000
Losses	from	reduced	visitors		400,000	(29,065)		29,065	400,000
Unexpected		repairs			500,000				500,000
Productions		& education			600,000		(182,458)	182,458	600,000
Capital	reserve				2,254,831			(20,736)	2,234,095
General					632,732	2,322,379	(1,983, 166)	(190,787)	781,158
					4,537,563	2,293,314	(2,165,624)		4,665,253

Dates	Dates	Production			Author	IComposer	IComposer	IComposer	IComposer	Company	Company
Sept	5 —8	Cranford			Elizabeth Gaskell adapted by Robert Alderman					Theatre Square	in	the
Sept	I I —15	A Room with a View			E.M. Forster Ben Oldgeld		adapted		by	Bodkin Theatre
Sept	22 —Oct 6	Pride & Prejudice +(Sort		Of)	Jane Austen adapted Isobel McArthur				by	David Pugh
Oct	10 —20	Superstition Mountain			Carl Grose					Minack and Ah Theatre		Ha Hum
Oct	22 —26	Horrible Histories: Terrible Tudors			nla					Birmingham		Stage
					Music & lyrics by			Lin-
Oct	28 —29	Moana Junior			Manuel Miranda, Opetaia Foa'I & Mark Mancina. Book adapted by Susan					British Theatre Academy and Minack
					Soon He Stanton
Dec	13 —21	Mayvern Festival			Various					Scary Little		Girls
Music and		Comedy Events		2022
Dates		Band
April	15	People's String Foundation
April	23-24	Russell Brand
May	7	InTune Choir
May	13	The Fisherman's Friends
May	14	Mevagissey Male Voice	Choir
May	20	Sea Dreaming
May	27	Show of Hands
July	8	Music for a Summer's	Evening		from the	Cornish		Sinfonia
July	16	Gigspanner Big Band and Raynor VVinn
July	29	Songs Under the Stars
August 12		The Oggymen
August 26		Martha Tilston
Sept	2	Leskyn Kernow Big Band
Sept	9	Molly Hocking and Friends
Sept	17-18	Proms (Mount Charles		Band)