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2021-03-31-accounts

CHARITY REGISTRATION NUMBER: 1173321

COMPANY REGISTRATION NUMBER: CE011003

Wisbech Theatre Trust

Unaudited Financial Statements

31 March 2021

STEPHENSON SMART (EAST ANGLIA) LIMITED Chartered Accountants

2 The Crescent

Wisbech Cambridgeshire PE13 1EH

Wisbech Theatre Trust

Financial Statements

Year ended 31 March 2021

Page
Trustees' annual report 1-5
Independent Examiner’s report to the trustees 6
Statement of financial activities 7
Statement of financial position 8
Cash flow statement 9
Notes to the financial statements 10-23

Wisbech Theatre Trust

Trustees' Annual Report

Year ended 31 March 2021

REFERENCE AND ADMINISTRATIVE DETAILS REFERENCE AND ADMINISTRATIVE DETAILS
Registered charity name Wisbech Theatre Trust
Charity registration number 1173321
Company registration number CE011003
Website www.anglestheatre.co.uk
Principal office Angles Theatre
4 Alexandra Road
Wisbech
Cambridgeshire
PE13 1HQ
The trustees Mrs A Nixon, Chairman
Mr K S N Shippey
Mr R M J Williams, Treasurer
Mr J C Salmon
Mr M Peploe
Mr A J Cooper
Mr A Ierubino (resigned 26 August 2020)
Independent examiner Stephenson Smart (East Anglia) Limited
Chartered Accountants
2 The Crescent
Wisbech
Cambridgeshire
PE13 1EH
Bankers Barclays Bank Plc
12 Old Market
Wisbech
Cambridgeshire
PE13 1NN
Solicitors Fraser Dawbarns LLP
1-3 York Row
Wisbech
Cambridgeshire
PE13 1EA

1

Wisbech Theatre Trust

Trustees' Annual Report

Year ended 31 March 2021

The trustees present their annual report together with the financial statements of Wisbech Theatre Trust (the Charity) for the year ended 31st March 2021. The Wisbech Theatre Trust (WTT) (registered Charity 1173321) is the successor body of the Wisbech Angles Theatre Council (WATC) (registered Charity 278240) and was incorporated to provide a modern structure for the charity. The WATC ceased trading on the 31st March 2019, with its activities transferred to the WTT on that date. Freehold properties are in the process of being transferred from WATC to WTT.

The annual report and financial statements comply with the requirements of the 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) (effective 1 January 2015).

STRUCTURE, GOVERNANCE AND MANAGEMENT

Constitution

The Wisbech Theatre Trust is constituted by a deed of trust dated 10th May 2017 for the purpose of fostering and promoting the performance arts in Wisbech and the surrounding area.

There have been no changes in the objectives since the last annual report.

Method of appointment or election of trustees

The management of the Charity is the responsibility of the Trustees who are elected and co-opted under the terms of the Trust Deed.

Policies adopted for the induction and training of trustees

New Trustees meet with the current board and are given copies of the last financial statements, constitution and budgets.

Organisational structure and decision making

A board of trustees of up to twelve members, who meet monthly, to administer the Charity.

The board of trustees is appointed by the members of the Wisbech Theatre Trust at each Annual General Meeting. Of the board so appointed, half retire each year and are eligible for re-appointment, those members retiring having served the longest time in office. Additionally, the Board may itself appoint members to fill any casual vacancy it has and these members offer themselves for re-election at the Annual General Meeting following their appointment.

The trustees' have had due regard to the guidance published by the Charity Commission on Public Benefit.

Related party relationships

The Charity has one related party, its educational subsidiary The Wisbech School of Performing Arts Ltd whose results are presented in note 19.

Trustees' indemnities

The Charity has taken out insurance for the trustees at a cost of £360 (2020 - £360).

Principal activities

The principal activities of the Charity are the furtherance of a community involvement in the performing, technical and creative arts and the production of theatrical shows and hire of its facilities in furtherance of its objectives.

2

Wisbech Theatre Trust

Trustees' Annual Report

Year ended 31 March 2021

OBJECTIVES AND ACTIVITIES

Policies and objectives

The Charity exists to foster and promote:-

a) the maintenance, improvement and development of the Angles Theatre in Wisbech;

b) the knowledge, understanding and appreciation of the arts amongst the inhabitants of Wisbech and its environs.

Activities for achieving objectives

The theatre produces an annual pantomime, various musicals and plays aimed at both the youth and adult market and puts on a variety of professional performances throughout the year. It hires its facilities to other local groups and a dance school. It also runs termly classes through its educational subsidiary, School of Performing Arts Ltd, and annual summer workshops for its youth membership.

Grant making policy

The Charity makes grants out of its restricted income fund for its subsidiary undertaking, The Wisbech School of Performing Arts Ltd, which runs educational courses. It makes no other grants.

ACHIEVEMENTS AND PERFORMANCE

Going concern

After making appropriate enquiries, the trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in note 3.

Review of activities

The entire of 2020/21 saw the theatre closed due to the COVID-19 pandemic. To ensure the survival whilst the building was closed, costs reduced to a minimum.

Through grant funding through the Governments Cultural Recovery Fund (£128,000), donations from the general public and local charities and grant funding administered through Fenland District Council, the Wisbech Theatre Trust have ensured that the organisation is in a position to reopen once the pandemic recedes. The funding has allowed the Trust to rebuild its reserves to 8 weeks pre-pandemic turnover.

Through the year, the Trustees have engaged with customers and volunteers to keep in touch, including the successful ‘Pledge a Panto Ticket’ fundraiser, which featured an advent calendar of pantomime memories.

3

Wisbech Theatre Trust

Trustees' Annual Report

Year ended 31 March 2021

FINANCIAL REVIEW

Financial and risk management objectives and policies

The trustees use QuickBooks accounting software and Sage forecasting software to generate regular reports and provide an up to date statement as to the financial position of the trust at any one time.

Principal risks and uncertainties

The trustees are continuing to review all of the Charity's operations and developing a strategic plan to set out the major opportunities available to the Charity and the risks to which it is exposed.

As part of this process, the trustees are reviewing the risk management strategy which comprises:

The trustees have identified certain major risks as follows:

The Charity considers that the most effective way to mitigate these risks is to reduce costs to an absolute minimum but not at the risk of comprising the provision of a quality facility to our customers, to grow the number of students in our educational subsidiary company The Wisbech School of Performing Arts Ltd and to earnestly seek funding and grants to maintain and improve our facilities.

Reserves policy

The trustees have examined the Charity's requirements for reserves in the light of the main risks to the organisation and have taken steps to substantially reduce expenditure in the short to medium term to turn the Charity's net current liabilities into net current assets. Once this has been achieved, the trustees will look at the level of reserves needed to run the Charity year on year.

4

Wisbech Theatre Trust

Trustees' Annual Report

Year ended 31 March 2021

PLANS FOR FUTURE PERIODS

The trustees plans in the next year to:-

STATEMENT OF TRUSTEES’ RESPONSIBILITIES

The trustees are responsible for preparing the Trustees Annual Report and the financial statements in accordance with applicable law and regulations and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The law applicable to charities in England and Wales requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that period. In preparing these financial statements, the trustees are required to:

The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charities SORP (FRS 102) and the provisions of the trust deed. They are also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The trustees’ annual report was approved on 31 January 2022 and signed on behalf of the board of trustees by:

R M J Williams J C Salmon Treasurer Trustee

5

Wisbech Theatre Trust

Independent Examiners Report to the Trustees of Wisbech Theatre Trust

Year ended 31 March 2021

I report to the trustees on my examination of the financial statements of Wisbech Theatre Trust (‘the charity’) for the year ended 31 March 2021 which comprise the Statement of Financial Activities, Balance Sheet, and Statement of Cash Flows with the related notes.

This report is made solely to the charity's trustees, as a body, in accordance with section 145 of the Charities Act 2011. My work has been undertaken so that I might state to the charity's trustees those matters we are required to state to them in this report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the charity and the charity's trustees as a body, for my work, for this report, or for the opinions I have formed.

Responsibilities and basis of report

As the trustees of the charity you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 (‘the Act’).

I report in respect of my examination of the charity's financial statements carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.

An independent examination does not involve gathering all the evidence that would be required in an audit and consequently does not cover all the matters that an auditor considers in giving their opinion on the financial statements. The planning and conduct of an audit goes beyond the limited assurance that an independent examination can provide. Consequently I express no opinion as to whether the financial statements present a ‘true and fair’ view and my report is limited to those specific matters set out in the independent examiner’s statement.

Independent examiner's statement

I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

  1. accounting records were not kept in respect of the charity as required by section 130 of the Act; or 2. the financial statements do not accord with those records; or

  2. the financial statements do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a ‘true and fair' view which is not a matter considered as part of an independent examination.

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.

Christopher Goad BFP FCA Independent Examiner

2 The Crescent Wisbech Cambridgeshire PE13 1EH

31 January 2022

6

Wisbech Theatre Trust

Statement of Financial Activities

Year ended 31 March 2021

2021 2020
Unrestricted Restricted
funds funds Total funds Total funds
Note £ £ £ £
Income and endowments
Donations and legacies 4 183,719 600 184,319 27,528
Charitable activities 5 182 – 182 90,159
Other trading activities 6 103 – 103 3,031
Investment income 7 2 8 10 27
-------------------------------- ----------------------- -------------------------------- ----------------------------------
Total income 184,006 608 184,614 120,745
================================ ======================= ================================ ==================================
Expenditure
Expenditure on raising funds:
Fundraising expenses 8 – – – 850
Expenditure on charitable activities 9,11 99,661 22,773 122,434 107,332
Governance costs 10 33,160 450 33,610 6,585
-------------------------------- ---------------------------- -------------------------------- ----------------------------------
Total expenditure 132,821 23,223 156,044 114,767
================================ ============================ ================================ ==================================
-------------------------------- --------------------------------- -------------------------------- ------------------------
Net income 51,185 (22,615) 28,570 5,978
================================ ================================= ================================ ========================
Reconciliation of funds
Total funds brought forward 34,872 15,772 50,644 49,600
Fund transfers (16,769) 16,769 – (4,934)
-------------------------------- ---------------------------- -------------------------------- -------------------------------
Total funds carried forward 69,288 9,926 79,214 50,644
================================ ============================ ================================ =============================

The Statement of Financial Activities includes all gains and losses in the year and therefore a statement of total recognised gains and losses has not been prepared.

All of the above amounts relate to continuing activities.

The notes on pages 10 to 23 form part of these financial statements.

7

Wisbech Theatre Trust

Statement of Financial Position

31 March 2021

2021 2020
Note £ £
Fixed assets
Tangible fixed assets 18 48,354 46,279
Investments 19 1 1
---------------------------- ----------------------------
48,355 46,280
Current assets
Stocks 12,478 12,077
Debtors 20 34,175 14,250
Cash at bank and in hand 33,775 17,045
---------------------------- ----------------------------
80,428 43,372
Creditors: amounts falling due within one year 21 18,020 34,275
---------------------------- ----------------------------
Net current assets 62,408 9,097
---------------------------- ----------------------------
Total assets less current liabilities 110,763 55,377
Creditors: amounts falling due after more than one year 22 31,549 4,733
---------------------------- ----------------------------
Net assets 79,214 50,644
============================ ============================
Funds of the charity
Restricted funds 9,926 15,753
Unrestricted funds 69,288 34,891
---------------------------- ----------------------------
Total charity funds 23 79,214 50,644
============================ ============================

These financial statements were approved by the board of trustees and authorised for issue on 31 January 2022 and are signed on behalf of the board by:

R M J Williams Treasurer

J C Salmon Trustee

The notes on pages 10 to 23 form part of these financial statements.

8

Wisbech Theatre Trust

Statement of Cash Flows

31 March 2021

2021 2020
Note £ £
Cash flows from operating activities
Net income 28,570 5,978
Adjustments for:
Depreciation of tangible fixed assets 8,766 10,489
Other interest receivable and similar income (10) (27)
Changes in:
Stocks (401) 707
Trade and other debtors (19,925) (6,903)
Trade and other creditors (25,155) (2,753)
---------------------------- ----------------------------
Cash generated from operations (8,155) 7,491
Interest received 10 27
---------------------------- -----------------------
Net cash from operating activities (8,145) 7,518
============================ =======================
Cash flows from investing activities
Purchase of tangible assets (10,841) (3,275)
---------------------------- -----------------------
Net cash used in investing activities (10,841) (3,275)
============================ =======================
Cash flows from financing activities
Proceeds from borrowings 35,716 –
---------------------------- -----------------------
Net cash from financing activities 35,716 –
============================ =======================
Net increase in cash and cash equivalents 16,730 4,243
Cash and cash equivalents at beginning of year 17,045 12,802
---------------------------- ----------------------------
Cash and cash equivalents at end of year 33,775 17,045
============================ ============================

The notes on pages 10 to 23 form part of these financial statements.

9

Wisbech Theatre Trust

Notes to the Financial Statements

Year ended 31 March 2021

1. General information

The charity is a public benefit entity and a registered charity in England and Wales. The address of the principal office is Angles Theatre, Alexandra Road, Wisbech, Cambridgeshire, PE13 1HQ.

2. Statement of compliance

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

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through income or expenditure.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Going concern

The Trustees have produced budgets and cash flows for the year ending 31 March 2022. These indicate that the charity is still heavily reliant upon grant funding, donations and the support of the local community. The Trustees continue to pursue new sources of income and ways to further reduce expenditure.

Trustees are confident that the charity, with the support of grant funding and the Theatre’s stakeholders, including the local community at large, can continue in operational existence for the foreseeable future and therefore consider that it is appropriate to continue to adopt the going concern basis in preparing the annual financial statements.

Fund accounting

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

Designated funds are unrestricted funds earmarked by the trustees for particular future project or commitment.

Restricted funds are subjected to restrictions on their expenditure declared by the donor or through the terms of an appeal, and fall into one of two sub-classes: restricted income funds or endowment funds.

Incoming resources

All incoming resources are included in the statement of financial activities when entitlement has passed to the charity; it is probable that the economic benefits associated with the transaction will flow to the charity and the amount can be reliably measured. The following specific policies are applied to particular categories of income:

10

Wisbech Theatre Trust

Notes to the Financial Statements

Year ended 31 March 2021

Resources expended

Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is classified under headings of the statement of financial activities to which it relates:

All costs are allocated to expenditure categories reflecting the use of the resource. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs are apportioned between the activities they contribute to on a reasonable, justifiable and consistent basis.

Tangible assets

All assets costing more than £50 are capitalised.

All fixed assets are initially recorded at cost.

Depreciation on other fixed assets is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:

Fixtures & fittings - 20% to 33% per annum reducing balance

Investments

Investments are stated at market value at the balance sheet date. The Statement of Financial Activities includes the net gains and losses arising on revaluations and disposals throughout the year.

11

Wisbech Theatre Trust

Notes to the Financial Statements

Year ended 31 March 2021

Leasing and hire purchase

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the charity. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the Statement of Financial Activities so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Operating leases

Rentals under operating leases are charged to the Statement of Financial Activities on a straight line basis over the lease term.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. Costume stock is added to as costumes are acquired and then written off over a 10 year life.

Government grants

Government grants relating to tangible fixed assets are treated as deferred income and released to the Statement of Financial Activities over the expected useful lives of the assets concerned. Other grants are credited to the Statement of Financial Activities as the related expenditure is incurred.

Membership subscriptions

Members subscriptions are credited to income on a straight line basis over the year to which they relate.

Taxation

Corporation is not provided for in these financial statements as the Wisbech Theatre Trust is a registered charity.

Group accounts

Group accounts have not been prepared because the Charity, as a small reporting entity, is exempt from the requirement to prepare such accounts under Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2015).

12

Wisbech Theatre Trust

Notes to the Financial Statements

Year ended 31 March 2021

4. Donations and legacies

Donations and legacies
Unrestricted Restricted Total Funds
Funds Funds 2021
£ £ £
Donations
Donations 31,445 600 32,045
Grants
Grants receivable 149,708 – 149,708
HMRC Furlough 1,978 – 1,978
Subscriptions
Subscriptions 588 – 588
---------------------------- ----------------------- ----------------------------
183,719 600 184,319
============================ ======================= ============================
Unrestricted Restricted Total Funds
Funds Funds 2020
£ £ £
Donations
Donations 20,356 5,221 25,577
Grants
Grants receivable 1,000 – 1,000
Subscriptions
Subscriptions 951 – 951
----------------------------- ----------------------- -----------------------------
22,307 5,221 27,528
============================== ======================== =============================
Charitable activities
Unrestricted Total Funds Unrestricted Total Funds
Funds 2021 Funds 2020
£ £ £ £
Other – – 1,988 1,988
Professional Theatrical Performances – – 1,433 1,433
Bar, Ice Cream & Confectionary Sales 182 182 28,168 28,168
Facilities Hire - Auditorium – – 8,566 8,566
Facilities Hire - Other – – 8,768 8,768
Equipment Hire – – 4,942 4,942
Amateur Theatrical Performances – – 36,294 36,294
---------------------------- ---------------------------- ---------------------------- ------------------------------
182 182 90,159 90,159
============================ ============================ ======================== =============================

5. Charitable activities

13

Wisbech Theatre Trust

Notes to the Financial Statements

Year ended 31 March 2021

6. Other trading activities

Other trading activities
Unrestricted Restricted Total Funds
Funds Funds 2021
£ £ £
Fundraising events 103 – 103
======================= ======================= =======================
Unrestricted Restricted Total Funds
Funds Funds 2020
£ £ £
Fundraising events 1,124 1,907 3,031
======================= ================= =======================
Investment income
Unrestricted Restricted Total Funds
Funds Funds 2021
£ £ £
Bank interest received 2 8 10
======================= ======================= =======================
Unrestricted Restricted Total Funds
Funds Funds 2020
£ £ £
Bank interest received – 27 27
======================= ================= =======================
Costs of other trading activities
Unrestricted Restricted Total Funds
Funds Funds 2021
£ £ £
Fundraising expenses – – –
============== ============== ==============
Unrestricted Restricted Total Funds
Funds Funds 2020
£ £ £
Fundraising expenses 178 672 850
============== ============== ==============

7. Investment income

8. Costs of other trading activities

14

Wisbech Theatre Trust

Notes to the Financial Statements

Year ended 31 March 2021

9. Expenditure on charitable activities by fund type

Unrestricted Restricted Total Funds
Funds Funds 2021
£ £ £
Professional performances – – –
General theatre expenses 5,925 17,860 23,785
Refreshment sales 3,146 – 3,146
Other premises hire 28 – 28
Equipment hire – – –
Amateur performances 6,542 – 6,542
Unrecovered VAT 13,298 – 13,298
Other 70,723 4,912 75,635
-------------------------------- -------------------------- --------------------------------
99,662 22,772 122,434
================================ ========================== ================================
Unrestricted Restricted Total Funds
Funds Funds 2020
£ £ £
Professional performances 680 – 680
General theatre expenses 4,522 595 5,117
Refreshment sales 18,211 – 18,211
Other premises hire 36 – 36
Equipment hire 705 – 705
Amateur performances 17,154 305 17,459
Unrecovered VAT – – –
Other 65,124 – 65,124
---------------------------------- -------------- ----------------------------------
106,432 900 107,332
================================== ============== ==================================

Costs of charitable activities by expenditure type

Total Funds Total Funds
Staff costs Depreciation Other costs 2021 2020
£ £ £ £ £
Other 5,307 7,953 62,375 75,635 65,124
Unrecovered VAT – – 13,298 13,298 –
Professional
performances – – – – 680
General theatre expenses – 785 23,000 23,785 5,117
Refreshment sales – – 3,146 3,146 18,211
Other premises hire – 28 – 28 36
Equipment hire – – – – 705
Amateur performances – – 6,542 6,542 17,459
------------------------------- ------------------------------- ------------------------------- ------------------------------------- ------------------------------------
5,307 8,766 108,361 122,434 107,332
=============================== =============================== =============================== ===================================== =================================

15

Wisbech Theatre Trust

Notes to the Financial Statements

Year ended 31 March 2021

10. Governance costs

Governance costs
Unrestricted Restricted Total Funds
Funds Funds 2021
£ £ £
Accounts fees 450 – 450
Independent examiners fees 2,250 – 2,250
Professional fees 30,100 450 30,550
Trustee insurance 360 – 360
-------------------------------- ----------------------- --------------------------------
33,160 450 33,610
================================ ======================= ================================
Unrestricted Restricted Total Funds
Funds Funds 2020
£ £ £
Accounts fees 850 – 850
Independent examiners fees 2,250 – 2,250
Professional fees 1,962 1,163 3,125
Trustee insurance 360 – 360
-------------------------- ----------------------- -----------------------
5,422 1,163 6,585
======================= ====================== ====================
Direct costs
General
Fundraising Professional
theatre		 Refreshment
Other
expenses performance
expenses		 sales
premises hire
£ £ £ £ £
Production costs – –
4,769		 2,340
–
Repairs and renewals – –
18,231		 –
–
Office and box office
costs – – – –
–
Cleaning – – – –
–
Sundries – – – 806
–
Insurance – – – –
–
Depreciation – –
785		 –
28
------------------------------- ------------------------------- ------------------------------- ------------------------------- -------------------------------------
– –
23,785		 3,146
28
=============================== =============================== =============================== =============================== =====================================
Equipment Amateur Total Funds
Total Funds
hire performance 2021
2020
£ £ £ £
Production costs – 6,542 13,651
39,597
Repairs and renewals – – 18,231
737
Office and box office
costs – – –
–
Cleaning – – –
78
Sundries – – 806
513
Insurance – – –
1,113
Depreciation – – 813
1,020
------------------------------- ------------------------------- ------------------------------------- -------------------------------
– 6,542 33,501
43,058
=============================== =============================== ===================================== ===============================

11. Direct costs

Direct costs have been allocated on a directly attributable cost type basis.

16

Wisbech Theatre Trust

Notes to the Financial Statements

Year ended 31 March 2021

12. Support costs

Total Funds Total Funds
Other 2021 2020
£ £ £
Rent 600 600 5,604
Water rates 766 766 1,205
Electricity and gas 3,833 3,833 10,319
Repairs and renewals 10,261 10,261 1,740
Motor and travel expenses – – 168
Advertising 11,976 11,976 2,444
Office and box office costs 9,696 9,696 8,938
Health & safety 8,241 8,241 –
Insurance 6,119 6,119 6,042
Cleaning 4,797 4,797 2,831
Sundries 3,984 3,984 3,126
Bank and credit card charges 268 268 1,342
Interest payable 1,834 1,834 1,313
Wages and salaries 5,307 5,307 7,583
Depreciation 7,953 7,953 9,469
Unrecovered VAT 13,298 13,298 –
------------------------------------- ------------------------------------- ------------------------------
88,933 88,933 65,124
===================================== ===================================== =============================

13. Resources expended by expenditure type

Total Funds Total Funds
Staff costs Depreciation Other costs 2021 2020
£ £ £ £ £
Fundraising expenses – – – – 850
------------------------------- ------------------------------- ------------------------------- ------------------------------------- -------------------------------------
Cost of generating funds – – – – 850
------------------------------- ------------------------------- ------------------------------- ------------------------------------- -------------------------------------
Professional performance – – – – 680
General theatre expenses – 785 23,000 23,785 5,117
Refreshment sales – – 3,146 3,146 18,211
Other premises hire – 28 – 28 36
Equipment hire – – – – 705
Amateur performances – – 6,542 6,542 17,459
Other 5,307 7,953 62,375 75,635 65,124
Unrecovered VAT – – 13,298 13,298 –
------------------------------- ------------------------------- ------------------------------- ------------------------------------- -------------------------------------
Charitable activities 5,307 8,766 108,361 122,434 107,332
------------------------------- ------------------------------- ------------------------------- ------------------------------------- -------------------------------------
Governance – – 33,610 33,610 6,585
------------------------------- ------------------------------- ------------------------------- ------------------------------------- -------------------------------------
5,307 8,766 141,971 156,044 114,767
=============================== =============================== =============================== ===================================== =====================================

17

Wisbech Theatre Trust

Notes to the Financial Statements

Year ended 31 March 2021

14. Costs of charitable activities by activity type

Activities
undertaken Support Total Funds Total Funds
directly costs 2021 2020
£ £ £ £
Other – 75,635 75,635 65,124
Unrecovered VAT – 13,298 13,298 –
Professional performances – – – 680
General theatre expenses 23,785 – 23,785 5,117
Refreshment sales 3,146 – 3,146 18,211
Other premises hire 28 – 28 36
Equipment hire – – – 705
Amateur performances 6,542 – 6,542 17,459
------------------------------- ------------------------------- ------------------------------------- -------------------------------
33,501 88,933 122,434 107,332
=============================== =============================== ===================================== =============================
Net incoming resources for the year
This is stated after charging:
2021 2020
£ £
Depreciation of tangible fixed assets
-
owned by the charity		 8,766 10,489
Independent examiner’s fee 2,250 2,250
=============================== ===============================

15. Net incoming resources for the year

16. Trustees remunerations and expenses

No remuneration or other benefits from employment with the charity or a related entity were received by the trustees.

17. Staff costs and emoluments

Total staff costs were as follows:

2021 2020
£ £
Wages and salaries 5,307 7,583
=============================== ===============================
Particulars of employees:
The average number of employees during the year, was as follows:
2021 2020
No. No.
Administration – –
Cleaner – 1
Technician 1 1
Bar 1 1
-------------- ----------------
2 3
============== ==============

No employee received remuneration of more than £60,000 during the year (2020 - Nil).

18

Wisbech Theatre Trust

Notes to the Financial Statements

Year ended 31 March 2021

18. Tangible fixed assets

18. Tangible fixed assets
Fixtures and
fittings
£
Cost
At 1 April 2020 56,768
Additions 10,841
----------------------------
At 31 March 2021 67,609
============================
Depreciation
At 1 April 2020 10,489
Charge for the year 8,766
----------------------------
At 31 March 2021 19,255
============================
Carrying amount
At 31 March 2021 48,354
============================
At 31 March 2020 46,279
============================
19. Investments
Shares in
group
undertakings
£
Cost or valuation
At 1 April 2020 and 31 March 2021 1
==============
Impairment
At 1 April 2020 and 31 March 2021 –
==============
Carrying amount
At 31 March 2021 1
==============
At 31 March 2020 1
==============
All investments shown above are held at valuation.

19

Wisbech Theatre Trust

Notes to the Financial Statements

Year ended 31 March 2021

Subsidiary undertakings

The following were subsidiary undertakings of the charity:

Name

The Wisbech School of Performing Arts Ltd

Holding 100%

The aggregate of the share capital and reserves as at 31 March 2021 and the profit or loss for the year ended on that date for the subsidiary undertakings were as follows:

Aggregate of
share capital
and reserves Profit/(Loss)
£ £
Name
The Wisbech School of Performing Arts Ltd (2) 8,759
==== ======
Investments at market value comprise:
2021 2020
£ £
Shares in subsidiary company 1 1
================ ================

All the fixed asset investments are held in the United Kingdom.

Income from subsidiary’s trading

The principal activity of The Wisbech School of Performing Arts Ltd is the supply of educational services, and its results for the year are summarised below:

services, and its results for the year are summarised below:
2021 2020
£ £
Turnover 660 12,559
Cost of sales (6,802) (16,270)
-------------------------- --------------------------
Gross loss (6,142) (3,711)
Other income 15,856 -
Administrative expenses (955) (878)
-------------------------- --------------------------
Net profit / (loss) 8,759 (4,589)
========================== ==========================
Subsidiary’s balance sheet
2021 2020
£ £
Debtor 231 45
Cash at bank 6,395 16
Creditors within one year (6,628) (8,822)
-------------------------- --------------------------
Total assets less current liabilities, being shareholder funds (2) (8,761)
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Wisbech Theatre Trust

Notes to the Financial Statements

Year ended 31 March 2021

20. Debtors

Debtors
2021 2020
£ £
Trade debtors 225 2,728
Amounts owed by group undertakings 823 4,923
Prepayments and accrued income 10,040 1,536
Other debtors 23,087 5,063
---------------------------- -----------------------
34,175 14,250
============================ =======================
Creditors: amounts falling due within one year
2021 2020
£ £
Bank loans and overdrafts 5,167 3,674
Trade creditors 2,674 12,210
Accruals and deferred income 7,861 12,411
Other creditors 2,318 5,980
---------------------------- ----------------------------
18,020 34,275
============================ ============================
Creditors: amounts falling due after more than one year
2021 2020
£ £
Bank loans and overdrafts 31,549 4,733
========================== =======================

21. Creditors: amounts falling due within one year

22. Creditors: amounts falling due after more than one year

23. Analysis of charitable funds

Unrestricted funds

Unrestricted funds
At 1 April At 31 March
2020 Income Expenditure Transfers 2021
£ £ £ £ £
Unrestricted fund -
General funds 34,872 184,006 (132,821) (16,769)
69,288
============================ ================================ ================================ ======================= ============================
At 1 April At 31 March
2019 Income Expenditure Transfers 2020
£ £ £ £ £
Unrestricted fund -
General funds 37,762 113,590 (112,032) (4,448)
34,872
========================== ============================== ============================== ============================ ============================

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Wisbech Theatre Trust

Notes to the Financial Statements

Year ended 31 March 2021

Restricted funds

Restricted funds
At 1 April At 31 March
2020 Income Expenditure Transfers 2021
£ £ £ £ £
Air Conditioning Fund 8,282 4 – – 8,286
Auditorium Seating Fund 5,388 602 – (5,990) –
Almary Green 18 – – – 18
Colour Run 605 – (605) – –
Robert Hall 1,479 2 (22,618) 22,759 1,622
---------------------------- ----------------------- --------------------------------- ----------------------------- ----------------------------
15,772 608 (23,223) 16,769 9,926
============================ ======================= ================================= ======================== ============================
At 1 April At 31 March
2019 Income Expenditure Transfers 2020
£ £ £ £ £
Air Conditioning Fund 8,217 65 – – 8,282
Auditorium Seating Fund 3,300 2,088 – – 5,388
Almary Green 16 2 – – 18
Beanstalk 305 – (305) – –
Colour Run – 1,907 (1,085) (217) 605
Robert Hall – 3,093 (1,345) (269) 1,479
-------------------------- ------------------------ ----------------------------- ---------------------------- ----------------------------
11,838 7,155 (2,735) (486) 15,772
========================== ======================== ============================= ============================ ============================

24. Analysis of net assets between funds

Unrestricted Restricted Total Funds
Funds Funds 2021
£ £ £
Tangible fixed assets 48,354 – 48,354
Investments 1 – 1
Current assets 70,333 10,095 80,428
Creditors less than 1 year (18,020) – (18,020)
Creditors greater than 1 year (31,549) – (31,549)
------------------------------ ---------------------------------- ----------------------------------
Net assets 69,119 10,095 79,214
============================== ================================ ================================
Unrestricted Restricted Total Funds
Funds Funds 2020
£ £ £
Tangible fixed assets 46,279 – 46,279
Investments 1 – 1
Current assets 27,517 15,855 43,372
Creditors due less than 1 year (34,275) – (34,275)
Creditors due greater than 1 year (4,733) – (4,733)
---------------------------- ---------------------------- ----------------------------
Net assets 34,789 15,855 50,644
============================ ============================ ============================

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Wisbech Theatre Trust

Notes to the Financial Statements

Year ended 31 March 2021

25. Pension costs

The charity operates a defined contribution pension scheme on behalf of its employees. Contributions payable to the scheme are charged to the statement of financial activities in the period to which they relate.

2021 2020
£ £
Employer contributions – 15
================ ================

26. Operating lease commitments

At 31 March 2021 the charity had annual commitments under non-cancellable operating leases as follows:

follows:
2021 2020
Expiry date: £ £
Between 2 and 5 years 6,000 6,000
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27. Related party transactions

During the year the charity had the following transactions with Wisbech School of Performing Arts Ltd:

2021 2020
£ £
Expenses received from The Wisbech School of Performing Arts Ltd 523 7,337
Expenses paid to The Wisbech School of Performing Arts Ltd – –
Donation paid by The Wisbech School of Performing Arts l Ltd – –
=============================== ===============================

At 31 March 2021 the amount owed by The Wisbech School of Performing Arts Ltd was:

2021 2020
£ £
Amount owed by subsidiary 823 4,923
=============================== ===============================

The charity purchased services from Tin Fish Creative Communications Limited, a company owned by Mrs A Nixon, amounting to £15,000 (2020: £Nil). At the 31 March 2021 the amount owed to Tin Fish Creative Communications Limited was £Nil (2020: £Nil).

The charity purchased goods from MP Audio Ltd, a company owned by Mr M Peploe, amounting to £6,473 (2020: £Nil). At the 31 March 2021 the amount owed to MP Audio Ltd was £7,767 (2020: £Nil) which is repayable interest free over 24 months.

28. Controlling party

The charity has no overall controlling party.

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