REGISTERED COMPANY NUMBER: 1049211S (England and Wales) REGISTERED CHARITY NUMBER.. 1174253 Rè ort trf the Trustees and Audited Financial Statements for the Year End8d 31 Mareh 2022 THE BARN THEATRE PROJECT OMPANY LIMITED BY GUARANTEE Haines Watts BirThingham LLP 5-6 GrÉènfidd Crescent Edgbaston Bimingham Wesl Midlands B15 3BE
THE BARN THEATRE PROJECT nts IOT the f the Financlal Statements ear ended 31 March 2022 Page Reference and Adrninislr31ive Detail¥ Report of the Trustees Report of the Independent Auditors Statement of Finandal Activities Balance Sheet 10 Cash Row StalDent Notès tr) tha Cash Flow Statement 12 Notes to the Flnancial Statements 13 to 20
THE BARN THEATRE PROJECT Reference and Administrative Details for the ear ended 31 March 2022 Trustees I Carfing ICh8ir} C C3rfing S Thaekaberry J Haywaid M O'Keele C Woodd N Hornby & J Manasseh joined the TTusle8 Board after the year end and at the lime ol slgnlng 2 additional potential Trustees are being considered in order to strengthen the concentration on Fundraising activities. In addition, a new Fundraising Committee is bdng created. Reglstered office Springfield House 45 Welsh Back Bristol BS14AG Registered cornpany numbèr 10492115 (England and Wales) Règistèred eharty number 1174253 Indèpendent audltors Haines Waits Bimiingham LLP 5-6 Greenlidd Crescent Edgbaston Birmingham West Midlands B15 3BE Page 1
THE BARN THEATRE PROJECT Re ort of the Trustees for the ear ended 31 March Th8 trustees who are also directors of thè charity for the purposes of the Companies Act 2006, present their report with the financial statEment5 01 the charty lor the year end 31 March 2022. The trust88s have adopted the provisions of Accountin9 and Reporting by Charilies.. Statement of Recommended Pr8¢ti¢o app5icable lo charities preparing their accounts in accordance with the Finanaal Reporting Standard applicable in tha UK and Republic of Ireland IFRS 1021 (effective 1 January 20191. Objèctivès and aims Our charity's purptsses as set out In the 0.ectS contained in the companys Memorandum of Assoclation are as fdlows: 'The Charity's objects are restricted specificaly. in each case only for the public benefit to promote. maintain. improve and enhance access to all aspects of professional and amateur performing art and the devglopment of public appreciation of such art and lo advance public sducation in relation to it." Significant activities Our objectives for the year were to build on and consolidate our previous successes. to continue to develop and create bold and innovative professional theatre in Cirencesler (The Barn Théatre) and to further develop our ski118d teatlls by tiaining and recruitmenl of young people. This was tempered wth an over-riding commitment lo overcome the many hurdles created by Comd. not least the necessity lo modify seating ¢apaclty and add screens, as well as repeated varialions in programme to contintje a5 we came out of the pandemic. This resulted in a 50Yo reduction in seating capacitylor much of the year. The strategies we used to meet IhèsÈ objectives included further development, Iralning and recruItmt of our Proxluction, Technical and Artistic Teams and a key CrCentration on steering the financ8s of thè charity with the welcome help of Governrnent CRF funding (wa Arts Council England). Throughout we strived to continue to offer quality innovative theatre with new initiatives also including film and streamlng, both on our own and with partners. Al the dale of signing, we have annoUnd yet again a bold full year creative prograrnme- our best yet- for 2023 despite severe new finanoal headwinds following the Arts Coun¢il s surprisiro decision, despite previous CRF support and encouragement, lo decline our application for Portfolio Funding. This has caused a fundamental review of our fundraising actimties and bdd inveslmeril in a new fundraising team and other initiatives designed to dovelop additional revenue streams. This change of poliw by ACE has affacted many theatre5 throughout the UK. The Barn, as dways, bdieves In Itself and backs its proven ability lo succeed via ¢onstant innovation, positivity, and creativity. all delivered by the efforts of ils comrnitted and talènt8d young team under the measured leadership of an experienced executive and financid manag&t team. Publi¢ bÈnèfit Thè Trustees have due regard to the guidance on public benefit published by the Charities Ccmmission and believe thè objectives meet this guidance. Our man activities and who we ty to help are described below. All our ¢harit8ble aCtItIeS focus on furthering our charitatAe purposos for the wblle benefit. Who used and benÈflted from our seNlces7 The people of Cirencester, the Cotswolds and furiher afield who saw our pgrformancès. The young people who benefitèd from our Youth and training programmes, and the amateur and community groups vtho benefited from our outreach programmes. Aso people who saw and used our streaming services and filming skills developed during lockdown. Page 2
THE BARN THEATRE PROJECT Re ort of the Trustees for the ear ended 31 March 2022 Strategic report Financial review Ticket sales remained depressed during 2021 due to restrictions on number of seats and audience confidence. The costs of production could not be reduced proportionately and management again did w911 in keeping the overheads at a manageable level. Towards the end of the year ti£et sales recovered substantially due lo the quality and popularity of the productions staged and the audiences willingness lo re-embraee with theatre following Covid. Due tr) the effect of Covid during the first part of the year, audience income was seriously restricted. The Charity had to rdy on grants and donations from local businesses and authorities, induding Govemmenl grants via the Arts cou11. Overall the charity registered a modest surplus for the period of £2.550. This Is an Improvement on the deficit last year of £8,452 but is still less than the surplus of year ended 31 March 2020 01 £19,333 which was pie-covid. In the circumstances this is considered a creditable outcome albeit, it would have been impossible without the supp)rt of Arts Council England. We continue to strive to repay this ¢onfidence in the Barn via trId cre81ivè programming, cornmilrnent. and light management. Unlll mid-November 2022 the Trustees were confident, given previous Government CRF support (via Arts Council England) and a flourishing reputation despite Covid. of recving substantia1 support from the Arts Council as a N8lional Portfolio Organisation, however this was not lo b8, $0 yet again Ihe Barn Theatre is faced with new challenges which we 11 ovgrcom& in our usual innovative and uncompromising approach. The Founders rx)ntlnu8 to offer actual and contingency support to the Charity during these challenging times. Investment policy and obièctlves Aside frorn retaining. whèrè possible, a prudent amount in reserves each year most of the charitl5 funds are to be spent in the short term so there are currently limited funds available for reserves and long lem investment. Covid has obviously made thb far more dSfficult. Reserves pollcy The Management Committee has exarnined th8 chariils requirements for reserves In light of the main risks to the oryanisation. Until satisfa¢tory ongoing charitable funding has been obtained this Is not an area that can bè addressed as concentration has lo be on funding CUTrenl opgrations and aims. Future plans The Charity plans to continue and devdop its activities in the foth¢oming years subject lo salisfaclory funding arrangements. The Trustees condnue to look at CO¥operalive arrangements wth commeraal producers in order lo capitalise on the future life of its crèations. Much effort is also being expended on developing the sales footprint of the Theatre outside its imm&lie a0 where its traction is good. The Calendar Year 2022 Progr8mtne has been the best yet both financially and ¢ritically. Ticket sales in the ¢urr8nt year are up substantially ntInuing to consolidate the Barn's popularty and reputatlon ltsr innovative theatre. Othèr thealres in the region report continuod shortfa115 in ticket sales compared with pre-covid results. This bodes well for the Barn Theatre and together wlh the new focus on furKJrasing makes the challenge of funding the theatre wilhoul Art$ Centre England Portfolio support a¢higvable. structure, governan¢• and managémènt Governing document The organisation is a charitable (x)mp8ny limlted by guarantee, incorForaled M 22 November 2016 and rjIStered as a charity on 15 August 2017. The Gompany was established under a Memor8ndum of Assoaation which estsblished the objects and powers of the charitable company and is governed under its Articles of Association. In the ovent of the QpanY boing wound up members are iequired to contribute an amount not gxceeding £10. Page 3
THE BARN THEATRE PROJECT ort of the Trustees f r the ear ended 31 March 2022 Structure, governance and management Recruitment and appointment of new trusto•s The directors ol the company are also charity truslees for the purposes of charty law and under the company's Article5 are known as members ol the Management Committee. Under the requirernenls of the Memorandum and Artides of Assoaation the manbers of the Management Committee are required to retire by r(>tation. lan Carling and Chrislintr Carling have so retired and have been unanimously rdeCI&ll. All mtsmbor of the Management Committee give their time voluntarily and received no benefits from the charity. Any expenses reclaimed from the charity are sel out in th8 notes to thè accounts. Dufy to the nature of the charity. much of the charities work focuses on young people. The Managèment Committee seeks to ensure that the needs of this group are appropriately reflected in its policies. Young people form a large part of the Barn Theatre's management and support teams and these highly involved people are d05dy eonsuSted reoarding Ihe decisions of the Management Team. Organlsational structure The Theatre has a Management Committee that is reSponsie for the strategic dire¢tion and pollcy of the charity. At the date of slgning the Commlttee has been enhanced by 2 more members with others under consideration having due regard to itnprove diversity as well as bringing in additional fundraising expertise and experience to the wide variety of professional backgrounds aladY on the committee. A scheme of delegation is in place and day to day responsibility for the provision of the services rest wth the CEOIArtistic Director and Exe¢utlve Diie¢tor supported by Productiim, Technical, Marketing and Financ&lAdminislralion staff. Thè CEOIArtistic Director is responsible for ensuring Ihat the charity delivers the services specified and that key perforrnance indicators are mel in line with good pradce and artistic excellence. He is also responsiblg for diiving the important n8w fundraising initiativa. Induction and tralnlng of now trustoas Trustees are already familiar with the practical work of the charity. Additionally, trustees are invited and encouragèd to attend meetings to faTniliarise thnselVeS wth the charity and the context wthin which it operates. These arelgd by the Chair ofthe M8nagemenl Committee and ¢ov8T'. Thè obligations of Managemènt Committee members. The main documents which sel out the operational framework f¢X the charity Including the Memorandum and Artides. Resourcing and the current financ4al pjsilion a5 set out in the18test published accounts. Future plans and obJ'8¢1ives. Related parties The Trustees are satisfied that transadions wlth rèlated parties are on advantageous arm5-length terms and materially benefit the charity. Independent Trustees ovetsee any such arrangements. All transactions with rdated parties are disclosed in the notes lo the accounts. Risk management The Management C<Knmitt8e has conducted a revlew of the major risks to which the charity is exposed. A risk Tister is established and will be updated * least 8nnu8lly. Whèrè appropriate. systems or procedures have been established to mitigate the risks the charity faces. Significant ext¥nal risks to st*utory fundlng have led to the development of a strategic pl8n which will allow the Management Committee to Concentrate on developing donafjons from Trusts and Foundalions, individuals and businesses in addition to other plans to diversify funding and activities. Internal control risks are minimised by the implementatK)n of procedures for authorisation of all transactions and projects. Procedures are in place to ensure compliance 1th health and safety of Staff, vdunteers. clients and visf(ors to the theatre. Statamènt of trusteès. r•sponslbllltlès The trust8es (who are also th8 dir8Ctor5 of Th8 Barn Theatre Project for the purposes of MpanY lawl are responsible for preparing the Report of the Trustees and the financial staternents in accordance with applicable law and United Kingdom Accounting Standards (unit lthngdom Generally Accepted Accounting FaCtiCe1. Page 4
THE BARN THEATRE PROJECT Re rt of the Tnjstees or the ear ended 31 M8reh 2022 Statement of trustees, responslbllltlès - contlnued Company law requires the trustees to prepare financial slalements for each financial year whlch give a true and fair wew of the state of affairs of the charitable company and of th8 incoming resources and application ol resources, including the income and expenditure. of the oharitsble Gomp8ny for that period. In preparing those financial statements, the trustees are required to select suitable accounting policies and then apply them con$islenlly,' observe the methods and princie$ in the Charity SORP., make judgements and estimates that are reasonable and prudent., prepare the financial statements on the going concern basis unless il is inappropriate to FY&sume that the charitable company wi15 ci)ntinue in business. The trustees are responsible for keeping proper accounling records which disclose tsrith reasonable accuracy al any lime the financial position of the charitable company and to enable them to en$ure that the financial statements cJ)mply wlh the Companies Act 2006. They are also respOnsie for safeguarding the assets ol the charitable company and hence li* taking reasonable steps for the prevention and detection of fraud and other irregularities. In so far as the trustees are aware.. there is no relevant audit infomiation of which the charitable companys auditors are unaware., and the trustees have taken all steps that they ought to have tsken lo Make themselves aware of any relevant audf( information aTrJ to establish that the auditors are aware of that information. Auditors The auditors, Haines Watts Bimiingham LLP, we're aFpoinled during the year and wll ba proposed for re-appointment at the forthcoming Annual General Meeting. Report of thè trustee directors. on incorporating a stratagic report, approv by order of the board of trustees, as thè company -2-.}-.-............... arKJ signed on the board's behajf by.. Page 5
Re ort of the Inde ndent Auditors to the Members of The Barn Theatre Pro ect Opinion We have audited the financial siatements of The Barn Theatre Project Ith8 'charitable companll for the year ended 31 March 2022 which comprise the Statement of Financial ktivities, the Balae Sheet. the Cash Flow Sl8temÉnt and notes to the financial statements, induding a summary of signthcanl a¢¢ounting pclicies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Pra¢U¢el- In our opinion the finèneial at¢m¢nl$- give a true and faSr wew of thè state ol the charitable company's affairs as al 31 March 2022 and of its incoming resources and application of resources. including ils income and expenditure. for the year then ended.. have been properly prepared in accordance wth United Kingdorn Gen8r8lly Aeeepted Accounting Practice; and havè been prepared in accordancè with thè requirements of the Companies Act 2006. Basis for opinlon We conducted our aLkYrt in accordance with International Standards on Audthng IUKI IISAS IUKII and applicable law. Our responsibilities under those standards are further described in the Audltors, responsibilities for the audit ol the financial statements section of our reporL We arg ind8p8ndènt trl the charitable company in accordance with the ethical requirements that are relevant lo our audit ot the financlal statements in the UK, including the FRC'S Ethical Standard, and wo hav& fulfilled our other elhi¢al responslbllitlès In accordance with these requiTernenls. 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 ststements, we have eonduded that the trustees. use of the gosng con¢ern basis of accounting in Ihe preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any materi81 uncèrtainties rdating lo events or conditions that, individually or collectively. may cast Signifint doubt on the charitable company's ability lo continue 8$ a going concem for a period of at least twelve months from when the finanaal slalemenls aré aLJthorisÉd for issue. Our responsibilities and the responsbilities Df the trustees with respect to going ¢oncern are described in the relevant sections of this report. other infomiation The Iruslees are responsible for the other infomialion. The other infomation comprises the information included in the Annual Report. other than the financial slalements and our Report of the Independent Auditors Ihereon. Our opinion on the financial statements does not cover the other information and, except lo the e)rtent otherwise explicitly stat&J in Dur report. we do not express any form of assurance condusion theretrn. In connection wrth our audrt of the financial statements, our responsibility Is lo read the other infomiation and, in doing so. consider whether the other infomiation is materially incon51slent with the finanrial statements or our knowledge obtained in the audit or otherwise appears to be maleTially misstated. If we identify such material inconsisten¢ies or apparent material misstalwnents, we are required to dotemine whether this gives rise to a materid misstatemont in the rinancial ststernent5 themselves. If, based on the work we have perfomed, we condude that there Is a material misstatement of this other information, we are required io report that fa¢t. Wè have nothing to report in this regard. Opinions on other mattèrs près¢rib¢d by the Companles Act 2006 In our opinion, based on the work unclertaken in the course of the audit- the information given in the Report of the Trustees for the financial year for which the financial statements are prepar8d is consistent with the fin8nc481 atements,' and the Report of the Truste8s has been prepared in accordance with applicable legal requirements. Matter5 on which we are required to report by exception In the light of the knowledge and Ljnderstanding of the charitable company its environment obtained in the course of tho audit, we have not identified m*erial misstatements in the Report of the Trustees. We have nothing to report in respect of the followng matters where the Companies Act 2006 reqUIS us to report to you if, in our opinion.. adequate accounting records have not been kept or retums adequate for our audit have not been received from branches not visited by us., or the financial statements are not in 8greement wth the accountlng records and returns,. or certain disclosures of tru¥tees' rernuneration speclfied by law are not made., or W9 have not rèceivgd 811 the informab.on and explanations w& raquire for our audit. Page 6
Rè ort of the Inde ndenl Auditors to the M The Barn Theatre Pro ert Responsibilities of trustee$ As expl8in8d more fully in the Statwnenl of Trustees. Responslbillties. the trustees (who are also the directors of thè charitable company for the purposes of company lawl are responsible lor the pr8paration ol the financial statements and for being satisfied th8t they giv8 a Inje and fair view, and for such internal control as the trustees detemine is necessary to enablè th& preparats.on of fin8nual statements that are free from material misStateMt, whether due to fraud or error. In preparing the linanclal stalemenls. the trustees ar& responsible for assessing the charitsble companls ability to continue as a going conceTn. disdosing, as applicable, matters related to going concern and using the golng concern basis of accounting unless the trustees either intend lo liquidate the charitable company or lo ¢easg opèrations, or have no realistic aK8rnativè but to do $0. Our responsibi1Stl?s for the audit of the financial stat¢m¢nt$ Our objectives are to obtain reasonable assurance about whether th8 financial statements as a whole are free from material misstatement, whether due to fraud or err. and lo issue 8 Report of the Independent Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guaianlee that an audit conducted in accordance with ISAS IUK} will always delecl 8 rnaleri81 misststement when It exists. Misstatements can 8rise from fraud or èrror and ara considered material if, individually or In the aggregale, they could reasonably be expected to infiuen the economic decisions of users taken on the basis ol these financial statements. The eXtt to which our proureS are capable of detecting irregularities, including fraud is detailed below.. Irregularitie5, including fraud, are instances of non-compliance with laws and regulations. We design procedures in lire with our responsibilities, outlined above, lo delecl rnaleri81 misslalements in respect of irregularities, inclu(fjng fraud. The extent lo which our procedures are capa8 of detecting irregularillos, induding fraLJd is delailed below.. W8 obtained an understanding of the legal and regulory framework applicable to both the CharItae company itself arKI the sector in which it operates. We identified areas of laws and regulation5 th could r8asonably be expected lo have a material effect on the finanaal statements from our sector experience and through discLJssion wilh the trustees and other management. The most significant were identified as he Companies Act 2006. tha Charities Act 2011 and the Charitie5 SORP IFRS1021. We considered the extent of compliance with those laws and regul*ions as part of our procedures on the related financial statements. Our audit prOdureS included.. making enquirie5 of management as lo where they Congder there to be a susceptibility ID fraud and wh&ther they have any knowledge or suspicion of fraud,- obtaining an understanding of the internal controls established lo mitigate risk rdated to fraud or non-compliance with laws and regulations., assessing tre design effectiveness of the controls in plac8 tts prwènt and detect fraLYJ', assessing the risk of management overridè including identifying and testing joumal entries-, challenging the assumptions and judgements made by management in its significant acctsunling ostimatas. Whilst our audr( did not identfy any ggnificant matters relating to the dètection of irregularlfjes Including fraud, and despite the audit being planned and ¢onduetÉd in accordance with ISAS {UKI, there remains an unavoidabl8 risk that material misstatements in the financial statements may not be detected owing to inherent limitations of the audit. and that by their very nature. any such instanc&s of fraud or irregularity would likely involve ¢cAlusion, forggry, intantional misrepresentations. or the override of intemal controls." A further description of our responsibililies for the audit of the finawial slalemenls 15 located on the Finanaal Reporting Council's websrte at ww.froorg.uklauditorsresponsibilities. This description fomis part of our Réport of the Independent Auditors. Other matters The fironcial statements of the Charily for Ihe year ended 31 March 2021 were unaudited. Page 7
Re the Inde endent Auditors to the Members The Barn Theatre Pro ecl Use of our report This report is made solely to the charitable company's mwnb&rs, as a body, in accordance wth Chapter 3 of Part 16 of the Companies Act 2006. Our audlt work has been undertaken so that we might state to the charitable companls members those matters we are requir to state to thn in an auditors, report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility lo anyone other than the charitable company and thè charitable cotnpany's members as a btsdy. tyjr audit work, lor this report, orfor the opinions we have formed. Andrew Hughes FCA Isenior Slalutory Audilul for and on behalf of Haines Watts Birmingham LLP 5-6 Greenfield Crescent Edgbaston Birmingham West Midlands B1538E 30-01-2023 Date.. Page 8
THE BARN THEATRE PROJECT Statement of Financial Aclivtties for the ear ended 31 March 2022 2022 Unrestricted funds 2021 Total funds Notes Incomè and èndowm&nts Irom Donations and legacies 751,832 541.322 Charitable activitses - productior Investment income 372.294 305,068 Total 1124133 846.390 Expendlture on Fund raising costs 54.050 42.581 Charitable activit$ Charitable activities overheads Charitable activities - proJuction5 163,579 903 954 152,205 660.056 Total 1.121583 854,842 NET INCOMEIIEXPENOITURE) 2,550 18,452) Reconciliation of funds Total funds brought forward 47.511 55,963 Total fund5 carried forward 50.061 47.511 Th8 notes fomi part of these financAal statents Page 9
THE BARN THEATRE PROJE Balance Sheet 31 March 2022 2022 Unrestricted funds 2021 Total funds Notes Fixèd assèts Tangible assets Investments 12 13 1,095 2.901 2,095 2,901 Current assets Debtors Cash at bank and in hand 14 169,397 49,857 53,860 160.726 219.254 214,586 Creditors Amounts falling due wlhin one year 15 1171.2881 {169.9761 Net ¢urrent assets 44,610 Total ass•ts lèss currènt Ilabllitlès 50,061 47,511 NET ASSETSIILIABILITIESI 50,061 47.511 Funds UnreslTiCted funds 16 50.061 47,511 Total funds 50,061 47.511 The finartcial statements were approved by the Board of Trustees and authorised for i55Ug on and were signed on ils behalf by.. I Carling- Trustee Tho notes fomi part of these finanaal statents Page 10
THE BARN THEATRE PROJE Cash Row Statent ren 1 March 2022 ort 2022 2021 Notes Cash flows from oper¥tin9 a¢tiviti¥$ Cash gènérated from op8rations Interest paid 1109,8751 140,618 Net cash (used inllwowded by operating activities 109,876) 140.618 Cash flow$ frorn investing activities Pur¢hase of18ngible fixed assets Purchase of fixed asset investments Interest received 11,8031 11,0001 Nel cash used in Investing activ08 1.803 Change in cash and cash equival¢nts in the reporting period Cash and cash equivalents at th? beginning of thè rèporting period 1110.8691 138.815 160,726 21.911 ash and cash equivalents at the end gf the reporting period 49.857 180.726 The notes forni part of these finanaal slalements Page11
THE BARN THEATRE PROJECT Notes to the Cash Flow Stslemen for the ear ended 31 March 2022 Reconciliation of net incomellexpenditure) to not ¢a$h flow from op•ratlng activitles 2022 2021 Net incornellexpenditu) for the reporting period las per the statement of Financial Activities) Adjustm¢nts for= Depreciation charges Interest re¢eived Interest paid {Increaseydecrease in debtors Increase in creditors 2,550 {8.452} 1.806 171 2.819 1115.5371 1,312 102.562 43.689 Net cash Iused in}Ipro¥ided by operations 109 8751 140.618 Analysls of changès in nèt funds At 114121 Cash flow At 3113122 Nèt cash Cash at bank and in hand 160,726 110,8691 49.857 160 726 110.869 Total 110,869 The notes form part of these financial stst8m&nts Page 12
THE BARN THEATRE PROJE Notes lo the Financial Statements for the ear ended 31 March 2022 Accounting policie¥ Basis of preparing the financial statements The financial statements of the charitable company. whi¢h is a public benefit entity under FRS 102. have been prepared in accordance with the Charities SORP IFRS 1021 'Aecounting and Reportin9 by Charities.. Statement of Recommended Practice applicable to charities preparing théir accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Irdand IFRS 1021 leffeclive 1 January 20191,, Financial Reporting Standard 102 'The Financial Reporting Standard applicable In the UK and Republic of Ireland, and the Companies Act 20C6. The financial slalements have been pr8pared under the historical cost convention, wth the exception of InvestmlS which are included at market value. Golng eonc•rn The trustees continue to adopt the going concern assumption as the basis of preparation of th8 charity's financlal statements. In doing so, the trustees confirm they believe that no material uncertainties e$t in th8 foreseeable future regarding the charity's ability to continue as a 90ing concem. In addition. the charity has the support of Mr I Carfing who has indicated that where required, support wll be provided to enable the Charity lo meet thelr Ilatj'lities as they fall due and wlll not be thdrawn within 12 monlhs from th8 date of approval of these finanaal stalements. Pr8paratlon of Consolidatèd flnanclal statements The financsal statements contain infomiation about The Barn Theatre Project as an indiiridual charity and do not contain consolidated financial information as the parent of a group. The charily Is exempl undw Se¢tion 24.13A of the Charities SORP IFRS 1021 from the requiremen15 to prepare consdidated financial statement5 as the subsidiary is not material for the purpose of giving a true and fair view. Income All incoming resources are indui5èd in the Statement of Financial Activities {SoFAI when the charity is legally antitled tts the Incomè aftèr any performance condttions have been met, the amount can be measured reliably and it is probable that the income bMII be received. FOT donations to be recognised the charity have been nolthed of the amounts and the settlement date In writing. If there are conditions attached lo the donation and this requires a level of perforrnancè before tiilement can be obtained then incchne is deferred unb"I those conditions are fully met or the fulfilment of those conditions is knrithin the Control of Ihe charty and it is probable that they will be fulfilled. Income from trading activities includes income earned from ftjnthaising events and trading acti.S to raise funds for the charity. Income is received in exchange for suppl54ng goods and services in order to raise funds and is recognised when enlillemenl has occurred. Expenditure Liabilities are rognIsed as expenditure as soon as there is a legal or constTU¢tive oNigation committing the charity to that expenditure, it is probable that a transfer of e¢onomlc benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been dassified under headirvJs that aggregate all cost related to the category. Whère costs cannot be directly attributed to particulw headings they havg been allocated to activitie5 on a basis consistent wth the use of resources. Irrecover8ble VAT is charged a3 an expense against the actimty for which expenditure arose. Allocation and apportionment of costs Support costs are those that assist the work of the charity but do not directly represent charitable actiwties and include office costs, governance costs, adrninistrative payroll cosls. They are incurred dir8dy in support of expenditure on the objects of the charity and indude project management carried out at Headquarters. Where support costs cannot be dirertly attributéd to paCUlar headings they have b8en allo¢at6d to cost of raising funds and expenditure on charitable activitiés on a basis consistent with use of the resource5. Premises costs and other overheads have been allocated as appropriate.. Fund-raising costs are those incurred in seeking voluntary contribution3 and do not include the costs of disseminating infom8tion in 8UPPOrt of tha d)aritable activities. The 8ll8lysis of these costs is induded in the notes. Page13 continued...
THE BARN THEATRE PROJECT Notes to the Financial Statements- continued for the ear ended 31 March 2022 Accounting policie5- Continued Tangible fixed assets Depreciation is provided at the following annual rates In or<ler to wrile off each asset over its estimated useful life. Fi*cures and fittings Computer equipment 200k on cost 33CA on cost Taxation The charity is exempt from Coration t8x on ils charitable activities. Fund accounting Unrestricted funds can be used in accordance with the chaTitable objectives at the discretion of the Iruslees. Restricted funds can only be used for parbcular restricted purposes wthin the objects of the ¢h8rity. Restrictions arise when specified by the donor or when funds a raised frlr particular restricted purposes. Further explanation of the nature and purpose of each fund is Included in the note5 to the finanaal statements. Investments Fixed asset investments are a fomi of finan¢i81 instrument and are initially recognised at their transaclion cost and subsequently measured al lair value * the Balance sheet date. unless fair value cannot be measured reliably in which case it is measured at cost less impalrmenl. Investment gains and losses, whether realised or unieallsed, are combined and shown in a separate heading in thè Statement of financial activities. IntèT•St r•cèivèblè Intérast on funds hèld on daposit is included when receivable and the amount can be rneasured rdiably by the company.. this is n¢Jmially upon notffication of the interest paid or payable by the Bank. Pensions The company operates a definwj contribution pènsion scheme. The assets of tho scheme are held separately from th958 ol the company in an independently administered fund. The pension cost charge represents contrlbutions payable by the company to the fund. Cf employe8s' personal penslon schemes. as appropriatè. Debtors and creditors receivablelpayabla wlthln one year Debtors and creditors with no stated intarest rate and receivable or payable within cffta year are recorded at transaction price. Any losse5 from impaimient are rec£Jgnised in expenditure. Cash at bank and in hand Cash at bank and in hand indudes cash and short terin highly liquid Invèstments with a short maturity of thr8e months or less from the date of acquisibon or opening of the dgposit or similar account. Donatl¢n$ and l¢ga¢l¢s 2022 2021 Donations Grants Donated servlceg and fadlltles 186,308 565,524 168,184 374.174 751832 541,322 Grants reiVed, inc118d In the above. are as follows.. 2022 2021 Other grants 565.524 374,174 Page 14 continued...
THE BARN THEATRE PROJECT Notes to the Financial Statements- continued for the ear ended 31 March 2022 CharStable aetivlties- productions 2022 2021 Ticket Sal&8 Other incom8 AdvertisirKJ Income 299,321 71,162 1.811 304,851 217 372.294 305.068 Inve$tmttTrt income 2022 2021 Deposit account interest Fund raising costs Ra5slng donatlons and l•gacl&s 2022 2021 Fund raising costs 54.050 42.123 other trading activities 2022 2021 Bad debts Support costs 489 458 Aggregatg amounts 42.581 Charitable aetivitltrs eosts Support costs (see note 71 Direct Costs Totals Charitable aLtivities - overheads Charitable a¢tivlties - prodLJCtSons 155,776 903,954 7,803 163,579 1059,730 7,803 1,067 533 Page15 continued...
THE BARN THEATRE PROJECT Notes lo the Financial Statements- continu8d for the ear ended 31 MaT 22 Support costs Governance cosis Finance Totals Charita& activilig5- ov8rh8ads 6.000 7,803 Support costs. Included In the obove. are as follows.. Finance 2022 Charitable activities overheads 2021 Totsl activities Bank charges Bank int8rest 1.802 3,556 Gov8rnan¢o costs 2022 Charitable activities - overheads 2021 Totsl activit185 Auditors Remuneration Independent examlnallon fee 6,000 Net in¢omellexpenditurel Net incomel{expenditurel is staled after chargingllcreditingl: 2022 2021 Auditors Remuneration Independent examination fee Depreciation- owned assets 6,000 1,400 2,819 1,806 Trustoe$' remuneration and benefits There werè no truste8s' remuneration or other benefits for the year ended 31 Marth 2022 nor for the year ended 31 March 2021. Tru5tees' expenses There were no trustees. expense5 paid for the year ènded 31 M8rch 2022 nor for the year ended 31 Mar¢h 2021. 10. Staff costs Staff costs were as follows.. 2022 2021 Wages and salaries Social security costs Other pension costs 335.573 27.966 5,283 164,010 10.914 1,645 368.822 176.569 Page 16 continued...
THE BARN THEATRE PROJECT Notes lo the Financial Statements- conlnued for the ear ended 31 March 2022 qo. Stsff cost$ - continugd The average monthly number of employee8 dunno the year as follows= 2022 15 2021 10 Theatre based No employees received emoluments in èxcess of £60.000. 11. Comparatives for the statement of financial actlvltlas Unrestricted funds Income and endowments from Donations and legacies 541.322 Ch8Tilable activities produ¢tions Totsl 846,390 Expenditure on Fund raising costs 42.581 Charitable al¥ll1e$ Charitable activities ovèrhèads Charitable activities pr(UCtionS 152,205 660,056 Total 854.842 NET INCOMEIIEXPENDITURE) {8.452) Reconciliation ot funds Told funds bTought f<mrd 55,963 Total fund$ ¢arri•d forward 47,511 12. Tangible flxad assets Fixttjres and frttings Computer equipment Tol85s Cost At 1 April 2021 and 31 March 2022 1.064 8,414 .478 D¢preclation At 1 April 2021 Charge for year 205 213 6.372 6,577 1.806 Al 31 March 2022 418 8,383 Net book valu• At 31 March 2022 646 1.095 At 31 March 2021 859 2,042 2.901 Pag& 17 Continued...
THE BARN THEATRE PROJECT Notes to the Financial Statements- for the ear ended 31 March 2022 13. Fixed asset investments Shares in group undertakings Market value Additions Net book value At 31 March 2022 At 31 March 2021 There were no investment assets Dutsde the UK. The cornpany's investments al the b818n¢e sheet date In the share catal of companies include the followlng.. On 5th May 2021. The Barn Theatre Project acquired fjOOVo shareholding in Barn Theatre Enterprises Limlted at par value. The net assets at the date of acquisition wer$ £19.409. Barn Theatre Enterprises Limited Registered office.. Sprir)gfield House, 45 Welsh Baek, Bristol. United lfjngdom. BS14AG Nature of business.. Support adivities to performing arts Class of share.. Ordinary holding 100 2022 2021 Aggregate capital and reserves 1.000 14. Dèbtors: amounts falling due withln one year 2022 2021 Trade debtors Other d6btors Prepayments 22,373 75,281 71.743 3.549 33,692 16,619 169.397 53.860 15. Credltors: amounts fallln9 due wtthln one year 2022 2021 Trade creditors SoGi81 security and other taxes Other creditors A¢¢ruals and deferred Income 54,056 7.277 1.153 108802 11.389 5,335 967 152,285 171,288 169.976 Page 18 continued...
THE BARN THEATRE PROJE th Financial Statements- continu&J for the ear ended 31 KQarch 2022 15. reditor$- amounts falling due within one year- continu DeferTed Income Released to Incomlng resources Asat1 Aprll 2021 D¢ferred in the year Asat31 Mareh 2022 Ticket Sale Donation 102,802 102,802 150.000 150.0001 Total 150.000 150,0001 102,802 102.802 At the balance sheet dale, the charity was holding funds received in advance for services due to be delivere after the year end and for which enliuement lo the income is not received until the service is delivered. 18. Funds Balance blf Incorning resour¢e$ Resoureès ¢xp•ndèd Balance Transfers If Unrestricted funds General fund 47,511 1,124.133 1.121.583) 50,061 47.511 1,124,133 1.121.5831 50.061 17. Related party disclosures During thè year s8le5 of £4.77812021 £291 and purchases of £130,136 12021 £118,931) were made tolfrom InglesSde HerStage Llmlted, a c(mpany in which a trustee of The Barn Theatre Proje¢l is a dlrector. At the year-end there was £38612021 £nill due from this company within trade debtors and £6,48812021 £nill due lo this company wf(hln Iwde creditors. During the year sales of £10,015 12021 £5.68618nd purchases ol £nil {2021 £9001 were made tolfrom Barn Theatrè Enterprises Limited. 8 Company in whi¢h a trustee of The Barn Theatre Project is a director. At the year*nd thèra w8s £nil12021 £5.3251 duè from this company within trade debtor5 and a loan rÈceivable in other debtors of £13.50012021 £15.5001. During the year sales of £3,80812021 £15,284) were made to Associated Theatres Limited. a company in which a trustee Of The Bam Theatre Prolect Ss a director. At the year-end there was £nil12021 £13,646) due from this company wthin trada debt¢rs. During the year sales of £5.000 12021 £nill and purchases 01 £76,500 {2021 £82,497) wara made tolfrc Techsmart Theatre Services Limited. a company in which a trustee of The Barn Theatre Pr(4e¢t is a director. At the year-end there were no outstandlng balances with this company12021 £nill. During the year sales of £8.000 {2021 £nil) were made to 8am Digital Media mi, a ¢ompany in which a trustoè ol The Bam Theatre Proje¢t is a dir8¢tor. At the year-ond there was £10,000 12021 £10,000) loan receivable frotn this corllpany Vvithin other debtors. During the year sales of £16Q12021 £nill were made to Cirencester Light Opera knmit8d, a eompany in wch a trustee of The Barn Theatre Project is a director. At the year-end there were no outstanding balances with this company12021 £nill. During the year purchases of £12.000 {2021 £12,000) were made from Fosseway Properties Ltd, a company in which a trustee of The Barn Theatre Projecl is a diredor. At the year-end there were no outstanding balances with this company12021 £nill. During the year purchases of £17,800 12021 £3,200) were made from Oldfield Business Services Limited. a company in which a trustee ol The Barn Theatre Project is a director. At the year-end there was £51,781 12021 £nill due from this wmpany tn other debtors. relating to ticket sales held on account. Pag& 19 continued...
THE BARN THEATRE PROJECT Notes lo the Financial Statements - continued nded 31 March 2022 17. Related party diselosurè$ - eontinu•d During the yèar purchases of £nil 12021 £1.1001 were made from Newfidd Business Servws Limited. a company in which a trustee of The Barn Theatre Project IS 8 direotor. At the year-end there were no outstanding balances wth this company12021 £nill. Ouring the year a donation of £15.OQKJ12021 £20,000) was received from St James's Place Wealth Management, a company in which a trustee of Th8 Bam Th6atre Project is a director. Al the year-end there were no outstanding balanc wlh this company12021 £nill. During the year donations were reiVed of £55.28212021 £nill from Te¢hsmart Theatre Swvices Limited. At the year-end there were no outstanding balances wlh this corNpany12021 £Th11. Page 20