Rggistered number: 00355871 Charity numbèr: 234993 MADDERMARKET THEATRE TRUST LIMITED (THE) (A company limited by guarantee UNAUDITED TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
MADDERMARKET THEATRE TRUST LIMITED (THEI {A MpanY limited by guaranteg) CONTENTS Page Refefence and administrative details of the Company. its Tru8to0s and advisors Tru$teas' report Independent examinerfs report 9-10 Statement of financial activities 11 Balance sheet 12-13 Statement of cash flo 14 Notes to the financial statements 15-31
mADDERMAR1 THEATRE TRUST LIMITED ITHEI (A company limited by guarantee) REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY. ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 PAARCH 2024 Trustees Lesley Batts (resigned 2 April 2023) Sue Bergin (regned 2 April 2023) Dawn M Brindle lapwTrinled 2 April 20231 Caroline A Churchill Ireygned 2 April 20231 John Dixon, Chair larwnled 2 April 20231 Anthony FUl)0d Greg¢xy Hayman laptK)inted 1 April 2024. reygned 2 April 20231 lan R Henson Iresgned 2 April 20231 Laura Landamore (resigned 2 April 2023} Dr Christine M Lloyd Ireygr*d 2 April 20231 Joanne E Myers {resigned 2 April 20231 Thomas D Porteous lapwinled 2 April 2023} Phillip Ros%E laptM)inled 31 March 20241 Stephen W Scase lapKX)inted 2 April 20231 Paul Slimpson {apFL)inted 2 April 2023. resigned 26 June 2023} Nicholas Wright Ireygned 2 )[11 20231 Company registered number 00355871 Charlty reglstered number 234993 R¢gistered office The Maddemiarket Theatre St John's Alley NOlCh NR2 1DR Accountants Larking Gowen LLP Chartered Accountanls 1 st Floor, Pro$Cl House Rouen Road Nc¥wi¢h NR1 1RE Page 1
MADDERMARKET THEATRE TRUST LMITED ITHE) IA ¢ompany limited by guarantw) TRUSTEES, REPORT FOR THE YEAR ENDED 31 MARCH 2024 The Trustees present their annual report together wth the finanual 4alements of the Company for the 1 April 2023 10 31 March 2024. The Annual report serves the putpK)ses of both a Trustees, POrt and a directors, report under company law. The Trustees confimi that the Amnual report and financial 5talemenls of the charitable company comply wlh the current statutory requiremenls. Ihe requirements of the charitable company's governing document and the provisions of the Sl8lemenl of Recomrnended practi ISORPI applicable lo charities preparing their accounts in accordan with the Finan(ial ReFthing Stsndard applicable in the UK and Republi¢ of Ireland IFRS102) leffeclive 1 January 2019). The comparative figures are for the 16 months ended 31 March 2023 and therefore the results are not gntirety comparable. Since the Company qualifies as small under section 382 of the CLYnpanies Act 2rx)6, the Strategic report required of medium and large companies under the Companies Act 20 (Strategic Report and Dire¢tors' Report) Regulations 2013 has Ln omitted. Objectives and a¢tivitiOS a. Pollcles and objectives The 0.eCt$ of the Trust are the proviyon of activities that improve lives and nnect communities through creative arts, and for that Purpo to do any of the followng as are necewry.. (al To provide an indusive, safe, and caring environmenl by ensuriro deep, lasting and respectful partnerships th our community., Ibl To provide for the production of plays of Shakespeare. representative plays of other English dramalisls or authors including modem plays. and translations of represenlalive plays of fofeign dramab"sls, ancient or modern., Ic) To carry on a1 cOndL1 the Ma(klemiatket Theatre. Nwch. oi any other theat in or near Norwch. as a centre of education in the dramatic art. and for the erthuragemenl of public interest therein. Idl To do all such other things as are indents1 lo or necewry for the attainment of the said objective. The Trustees have given due regard to Ihe Charity C(Ynmisgon's guidance on public benefit and in settling the level of charges aTKI cOnCeonS the Trustees give careful consideialion to the acces5ibilily of the Theatre lo as wide a community as possible. Concessions a offered on individual lickels. Membership of the Company is entirely free. allowing acting training and experience, and the OPFOrtunity to gain experien fionl- of-house and backstage", this is available lo anyone who wshes lo be involved. The Theatre is regularly let, al a competitive rate, to a variety of local groups. primarily bul not excluwvely linked lo the Arts. b. Strategles for achieving oblectivgs The Vision and Mission Statements are as follows.. Vision Statement Enriching Norfolk lives thr(yJgh live performance and partiupation. Mission Ststgm9nt Our charitable mission is to enrich our region and the lives of those living and working within it, by providing the opportunity to expenence, participale in and be trained lowaids live perfomance. Our approach is lo engage by prcducing, hosting and educating. Page 2
mADDERmARK THEATRE TRUST LIMITED ITHEI IA company limited by guarantee) TRUSTEES. REPORT (CONTINUED} FOR THE YEAR ENDED 31 MARCH 2024 Oblectlves and activities {conlinu8d) We aim to do this accessibly a1 innovakn"vety. Our driving ambition is to SsElcome all lo our theatre and lo reach all through our work. To this end work both within and with our Eocal Community. c. Premlse8 The Theatre was acquired as a gift from the late W Nugent mOrk in 1939. The main complex 15 a grade11 listed building. The main auditorium is based on a chapel and dales from 1794. An exlension was added in 1 including a bar, a fully aFwinled wardrobe atMI costume store and an extended foyer. almost doubling the size of the building. The auditorium fulty iefurbi5hed in 2003 when new 5ea15 were installed Ihioughoul. The bar was refurbished in 2014. Outbuilding5 indude a VDrkshop and offi5 and small meeting rooms in an adjacent cottage building. Thefe are paved coutyards al both the ncth and soulh deS ol the building offering access by means of steps or a ramp. The property has been included in the financial statements at an eslimale of orvJinal co4 al the dale of receipt of the gift covering land and buildings. Achievements and perforniance . Review of activities The AGM on 02 April 2023 saw members elect new trustees and not InStale co-opted Iruslees which culminated in the resgnalion of the majority of previous trustees. the General Manager and all part-lime staff, except one. Finances being the prime concern. the new trusls ifflmedialety engaged an accountancy firm to ensure diligence in the Manament of the Ihealre's finances and then Commen ensuring that the theatre remained viable. The Iruslees, focus was keeping the Ihealre orralional. lressing legal and health & safely requirements, resolving the financial po%lion, volunteer wuitrnenl and completing the workshop renovation Ung allocated grant monies With a vISed business model. well-cKdered administrabon, astute prcoramming, disaplined finances and dedicated volunteers this has been achieved," the theatre has thankfully returned to full operation. The trustees, part lime staff and volunteers have all gnIfIcanY contributed lo ensuring the ongoing financial stability of the organitIon in fulfilling our charitable obJ"ectives. The resident theatre company delivered 48 perf0mlanS of six different plays in meeting our charitable objective to provide for the production of plays and. where required. providing education to support volunteer roles. Alhough the theatre does not rrentlY have a youth theatre there have been perfomiances from four drfferenl external youth companies. in¢luding involvement in the resident company Christmas show. The remainder of the progiamme was an eclectic mix.. from poetry. jazz. and recitals in the bar lo tribute bands, light opera. magic, comedy, story-telling and presentations in Ihe auditorium. Overall, the thealre oversaw 99 productions. accounting for more than 200 performances and selling in excess of 28,000 seals. All this fai exedIng expectalions from the poglion inherited from 31 March 2023. Page 3
MADDERmARlT THEATRE TRUST LIMITED (THEI (A company limited by guarantee) TRUSTEES. REPORT {CONTINUEDI FOR THE YEAR ENDED 31 MARCH 2024 Financlal revlew a. Going concèrn After making appropriate enquiries, the Trustees have a rea$able expEclalion Ihat the cornpany has adequate resources to continue in operational existen for the foreseeable future. For this reason, they continue to adopt the g)ing cDncÉm basis in preparing Ihe financial stslemenls. Further detsils regarding the adoption of the going concern basis can be found in the aoUnting pjliues. b. Financial review Results for the peTlOd'. A net surplus of £233,624 was made in the year {16 months to 31 March 2023.. £168,679 deficit}. In the year to 31 March 2024 grants, stM)nsorship, legaaes and donations brought in £110,422116 months to 31 March 2023." £46,348> Total expenditure for the year was £531,033 {16 months to 31 March 2023". £713,160>, included wlhin lotsl costs are outside show costs of £268.127116 momlhs lo 31 March 2023.. £269,765). The year to 31 March 2024 was the secornl full post COMD peri1 of c4)eration and follows the significant changes made in the prior period as noted in the gcmng concem review above. c. Material investments policy The investment policy is to invest a proportion of the trust's cash resee$ that it considers lo be available withoLJt depriving il of working capital over the medium temi, which is assessed as 3 to 5 years, in order to maximise ils investment return and in particular its capital grO%_ Any such inve5trnent musi however allow prompt acce&8 to incL¥ne caiytal if required. il must nol be of undue speculative risk and il must be judga lo be a safe h(wse for iTrvestment. The over811 investment return musl be expected to exce&l the relevant rate of inflation, net of costs, and must be paid gross of tax in reccyJnition of the trust's charitae status. The Theatre is looking to move g)me investments lo achieve the ixl rates of interest available with consideration given lo the legislated deposit guarantee levels. d. Reserves policy The reserves fund represen15 both unfestricled funds arising from past operating results and designated funds sel aside by the trustees for future ptojects. Restricted fund5 are fuThJs received for a specjfic purpose and are ulilisecl accordingly. The trustees wognise that reseryes are required to be available lor repairs lo the Ihealre, and any sudden drop in funding. The current reserve position is a surplus of £226,130, induding Teslricled funds of £105.600, and the trustees are comfortable wth this postion. Structure, govornance and management Page 4
mADDERPAAR1 THEATRE TRUST LIMITED (THE) {A company limitgd by guarnntso) TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 MARCH 2024 Structure, governanc¢ and management Icontinuedl a. Constitution The Maddemiarkel Theatre Trust Limited Wds established urKler the goveming document, the Memorandum and Artides of Asswialion dated 5 August 1939. and subsequently amended by special resolutions 0130 Mah 1955, 30 Novembe¥ 1997 and 30 March 2021. The charity is registered with the Charity Commission and incorpofaled as a company limited by guarantee. All the Trust's members are liable to contribute a sum not exceediThJ one pound eath, if required, in the event of the Trust Ing wound up. b. Methods of appointment or 01g¢tion of Twstees The lolal number of trustees shall be determined by the Injst al a general meeting but should not be less than three. As sel out in the Memorandum and Articles of Assctiation the Iruslees shall have power al any time to appoint any person as a Iruslee. either lo fill a casual vacancy or as an addition lo the existing Board of Trustees. Any trustee so appointed shall hold Offi only until the next following annual general meeting and after th shall eligible for redeth"on. Trustees are recruited through open adverts'sing in the Iwal area. specifying desiied skills when gaps in the existing Board are identified. ¢. Organisational structure and de¢ision-maklng policles The Theatre is managed by the board of trustees. wpwted by volunteers and staff members as required. The trustees are in regular contact and meet once a month to discuss activities. Any decisons are then aclioned appropfialety. d. Policies adopted for the induction and training of Trustees Prospective Iruslees are invited to m1 existing Iruslees and senior offirS and to see first-hand the work carried out al the theat. They are provided with relevant documents relating to the govemance of the charity and the lalesl financial statements and management aonIS. The infom)alion and advice available from the Chaiily Commission is also made available to any prO$¢t1Ve trustee who does not have previous experience of the duties and responsibilities placed on a Gharity Iru51ee. e. Key management P¢f8onnel There is no pay policy for key management rsonnel. as from April 2023 no member of management is salaried. Page 5
mADDERMAR1 THEATRE TRUST LIMITED (THE) (A company limited by guarantee} TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Structure, gov•rnance and management (continued} f. Rlsk management The trustees have identified and considered the maj'or risks to vthith the twst is exposed. Systems have been established as far as is practical arKI possble lo mitig*e those risks a1 the risk policies that have been developed are gUlarlY reviewexl and updated as circumstances require. The major extemal risk to Ythich the Tfusl is exposed is: Health & Safety - Regular health & safety reviews have been undertaken and all departments are lully aware of the implications. Included in this is fire prevention. There is a risk register which is updated at least annually. Procedures are in pla lo ensu compliance wth health and fety of staff. volunteers and visitors. and procedu$ are periodically reviewed to ensure their relevan to the neS of the theatre. Internal financial controls are in place and are continually under review. Internal risks are considered carefully by the trustees and minimised by a prctess of authorisalion of tran58¢tions and prsses. In the areas of governance. finarbcbal arHI Lx)mpliance risk the tnjstees have considered both the systems controlling nsk and the senior staff vtho implement and Monit the risk control systems. The Iruslees consider that the risk systems in place u)mbined wlh the skills of those responsible for implementing the policies minimise the exrK)sure lo risk as far as is practical and tKMble. lThJemnity Insuran is paid on behalf of the Iruslees. Page 6
MADDERMARKET THEATRE TRUST LIMrrED ITHEI (A company limitgd by guarantso) TRUSTEES. REPORT (CONTINUED} FOR THE YEAR ENDED 31 MARCH 2024 Plans for future periods Our prime COnM was to keep the theatre oFen and all prcluclions, inlemal and external. were adequately resourced to run. Future trKiokings were (onfim)ed lo enable a ne brochure to k developed and pr(oled by our Marketing team al minimal cost. A professional accountancy firm were immediately engaged to assisi in resolving the finanaal concems and by Augiist we became self-sufficienl. The resignation of staff, except one, proved benefiual as the staff payroll costs were effectively removed conlfibuting significanUy to reducing outgoings. Our resident company has thrived,. we have deliveied 6 main house prcmyuctions including the Christmas show which returned signrficantly more than the pVIouS year. Amost all the roles required in planning, prodkJ¢ing arKI operating the perfomiances tre undertaken by voiunlew5 and aside from prcKlu¢lion costs retumed 100% of lickel sales lo the theatre. External prcrfluclions required rtain paid roles 1¢h were kept lo a minimum, offering 4hours of free technical assisiance wlh the remainder being paid for by the visiting company." again reducing the oulgoings. As new contracts were established all externals were also charged for PRS and box office administration amounting lo 9% of lickel sales, which the theatre h1 previousty picked up. The fwus on bookings ntrnUed beci)ming more selective. building relationships wth local groups and promoters. and determining the $t income sIaM$ for the Ihealre. Bookings are now being tsken provisionally for 2025. Concurrently, we have mel with the lCe, I1ng authority, environmental health l¥thich includes health & safety) and fire safely officer to ensure all legal obligatsons and best pr&tice are fuKilled. Our volunteer base has steadily grown through self-prrMnotion and volunteer organisations. The volunteers are critical to the success of the Ihealre. We have also completed 8 WOtksh(y renovation, SUKPOrted by grant funding. and have signed a lease agreement for new occupants who ale in leden. The most 51gnificant change has been to utilise Ihe 'uneamed income. a(£ount. This has taken almost a year lo irllplement, but we are now In a w)silion whwe ticket sale5 for future shows a ring-fenced until the show completes and monies are then released to pay the promoter and transfer oui %profil lo the Iheatie's cuirenl account. The future now looks powlive. The resident company has a publish season and will continue to be volunteer led., the basis of Ihe'communiV theatre. This will also afford educab.onal opportunities in all aspects of theatre. We will continue lo recruit volunleers and a looking lo streamline a prctess lo ensure that all volunteers are adequately informed. educated and trained in the roles they are performing. Health and safety continues to be a fwus aa for the Board and we will complete the outstanding ilems that we have committed to resolve and will continue lo improve as best piath"ce. External productions bwkings will continue to provide an eclecti¢ mix of genres and altracl new audiences, but also continue becoming more selective lo derive the best income streams for the theat. Our prqeclions for 2024-2025 are conservative in the number of external productions we target. bul our ambition is to use income from visiting companies lo operate a small piofewonal adminislralive team_ Additional income starn$ are provided by barlfronl of house, property rental and Swdrdrobe & props hire. plus fundraising opportunities that arise along&de our own initiab.ve Page 7
PAADDER1AARl THEATRE TRUST LIMITED ITHEI (A Company limited by guarante•} TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Plans for future perfod8 (continued) Directed appropriately we patently have the me$ to 0rate and maintsin the theatre as has been demonslraled this year. Having secured a sound financial base are lookin9 to establish rdationships wlh local colleges and schools, arts and well-being charities, together wlh promoting the historical sgnificance of the theatre and establishing a pr(xJramme lo maintaintimprove the building. ststement of Trustees, r•$ponsibilities The Trustees (who are a150 the directors of the Company for the purposes of o)mpany lawl are responsible for pparIng the Trustees. report and the finanual *atements in a¢xordan¢e wth applicable law and United Kingd(¥n Accounbng Siandards (United Kingjom Generally ACpted Accounbng Practice}. Company law requires the Trustees to prepare financial statements lor each financial . Under company law, the Trustees must not approve the financial statements unless they are sakn'sfied that they give a true and fair view of the slate of affairs of the Company and of its ino)ming resources and application of resources, including ils income and expenditure, for that perbod. In preparing these finala1 slalements, the Trustees are required to. select suitable acwunling policies and then apply them consstenlly." observe the melhcKls and principles of the Charities SORP IFRS 1021.. make judgments and accounting eslimales Ihat ale reasonabje aThY prudent,. state whether applicable UK Accounting Standards IFRS 1021 have been followed. subject to any maleriaS departures disclosed and explained in the financial statements,. prepare the financial stslements on the going cOnM bags unless it is inappropriate to presume that the Clxnpany wll continue in busness. The Trustees are restK>nwble for keeping adequate w)unting Tld5 that are sufficient lo show and explain the Company's transactions and disclose wth reasonable accuracy at any lime the financial position of the Company and enable them lo ensure that the financial slalements (x)mply with the CompanEs Act 2006. Thèy are also responsble for safeguarding the assets of the Cornpany arKI hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Approved by order of the members of the board of Trustees and on their behalf by". John Dlxon Dale.. Page 8
PIADDERAIARKET THEATRE TRUST LIMITED (THE) A company limited by guaranteè> INDEPENDEr EXAMINER'S REPORT FOR THE YEAR ENDED 31 MARCH 2024 Independent examinerfs report to the Trustees of Madderniarket Theatre Trust Limited (The) {'the Company'l I report lo the charity Trustees on my examination of the CnIS of the Company for the year ended 31 March 2024. Respon81bllitie$ and basis of report As the Trustees of Ihe Company ils directors for the purposes of company law} you are responsible for the preparabon of the accounts in aCCL¥dan with the requirements of the Companies Act 2006 {Ihe 2006 Act.). Having satisfied myselF that the 0nts of the Company are not required lo be audited under Part 16 of the 2006 Act alld are eligible for independent examination, I rerx)rt in respect of my examination of the Companys accounts carried out urKler section 145 of the Charities Act 2011 ('Ihe 2011 ACVI. In carrying out my examinalion I have followed the Directions given by the Charity Commission under section 14515}Ib} of the 2011 Act Independent •xamine¢8 statement Since the Company's gross income exeded £250.000 your examinet musl be a member of a iK¥Jy listed in section 145 of the 2011 Act. I confim that l am qualrfied to undertake Ihe examination because l am a member of the Inslilule of Chartered Accountants in England and Wales, is one of the listed Ixdies. I have completed my examination. I mifirm that no matters have come lo my attentKJn in connection wth the examination giving me Cause lo believe". accounting records re not kept in respect of the CLynpany as required by section 386 of the 2006 Act; or the accounts do nol accord w71h those records.. or the accounts do not compty with the accounting requirements of section 3 of the 20(6 Act other than any requirement thal the accounls give a 'true and fairf view which is not a matter considered as part ol an independent examination," or the accounts have not b&n prepared in accordan vrith the methods and principles of the Slalemenl of Recommended practi for accounting and rewrting by charities lapplicable lo charities pieparing their accounts in accordan whlh the Financial Reporting Standard apicable in the UK and Republic ol Ireland IFRS 10211. I have no concerns and have come acr0&8 no other matters in connection with the examination lo which allenbon should be drawn in this report in ordei lo enable a propef understanding of the accounts to be reached. Larking Gowen LLP have provided services lo the charity that indude assistan with compiling figure5 101 these finanoal statements, and bookkeeping and payroll proce&8ing In the period In conducting the independenl examination, we have applied exemplions for small enlilies in the FRC'S Ethical Standard. Page 9
mADDERmARK THEATRE TRUST LIMITED ITHEI IA company Ilmitgd by guarantso) INDEPENDENT EXAMINER'S REPORT ICONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 This report is made solely to the Companls Trustees, as a t(Kly, in accordance wth Part 4 of the Charities (Accoun15 and Reports) Regulations 2008. My work has been undertaken so that I might Stale lo the Company's Trustees Ih05e mallers l am required to stsle lo them in an Independent examinerfs report and for no other purpose. To the fullest extent pemiitted by law. I do not pt or assume responsibility lo anyone other than the Company and the Company's Trustees as a body, for my work or for this report. Signed.. Giles Kerkham ¢(LL D81ed 15 March 2025 FCA DChA Larklng Gowen LLP Chartered Accountants 1st Floor. Prow House Rouen Road Norwch NR1 1RE Page 10
MADDERMARKET THEATRE TRUST LIMITED (THEI (A company limited by guarantse} STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNTI FOR THE YEAR ENDED 31 MARCH 2024 Total funds 16 months ended 31 March 2023 Unrestricted funds Restrictsd funds Totsl funds 31 March 2024 31 March 2024 31 March 2024 Note Income from: Donations and legacies Charitable activities Investments 4.822 653.271 105.600 110,422 653,271 964 46,348 496,533 1.600 Total income 659.057 105.600 764,657 544,481 Expenditure on- Charitable activities $31.033 $31.033 713. f 60 Total expanditure 531.033 $31,033 713, f 60 Net incomellexpenditure} Transfers bet¥%een funds 128.024 93.377 105,800 193.3771 233.624 (168.679) 15 Net movement in funds 221,401 12.223 233,624 (168, 679) Reconciliation of funds: Total funds brought forvrard Nel movement in funds {7.494) 221,401 {7,494) 233,624 161, 185 (168,679) 12.223 Total funds ¢arri9d foThvard 213.907 12.223 226.130 (1,494) The Slalemenl of financial activitie5 indudes all gains and losses recognised in the year. The notes on pages 15 10 31 form part of these finanual statements. Page 11
MADDERMARKEf THEATRE TRUST LIMITED ITHE) {A mPanY limited by guarantee} REGISTERED NUMBER: 00355871 BALANCE SHE AS AT 31 MARCH 2024 2024 2023 Nole Fixed assets Tangible assets 10 133.877 46, 764 133,877 46. 764 Current ass•ts Stocks Debtors Cash at bank and in hand 11 12 6.184 31.084 202.534 2.000 13,246 135,975 239.802 151,221 Creditors.. amounts falling due within one year 13 (117,448) (169,415) Net current assets I liabilites 122,354 (18, 194) Total assets 16ss currgnt liabilities 256.231 28,570 Creditors. amounts falling due after more than one year 14 (30,101) [36.064) Totsl net assets 226.130 (7,494) Charity funds Reslricled funds Unreslricled funds 15 12.223 213.907 15 (7,494) Total funds 226.130 (7,494) Page 12
MADDERMARKEf THEATRE TRUST LIMITED (THE) IA company limited by guarantee} REGISTERED NUMBER: 00355871 BALANCE SHEET IcoKfiNUEDI AS AT 31 MARCH 2024 The Company was entitled to exemption from audit under secbon 477 of the C(#mpanies Act 2. The members have not required the c(Knpany to obtain an audit for the year in question in 8ccordan¢e wlh lion 476 of Companies Act 20(E. The Trustees aCr)WIeJe Iheir req)onsibililies for comptying %wth the requirements of the Act with fespecl lo accounb.ng records and preparation of finanual slatements. The financial slalemenls have beerb prepared in cordanCe wth the provisions applicate to enb.lies subject lo the small companies regime. The financial statements were approved and aulhorised for issue by the Trustees and gned on their behalf by.. John Dixon Dale.. Iy. . The notes on pages 15 to 31 form part of these financial statemen Page 13
MADDERMARKET THEATRE TRUST LIMITED (THE} IA MpanY limited by guarante8} STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2024 16 months ended 31 March 2023 31 March 2024 Cash flows from operating actrvities Nel cash used in wraling activities 171.176 (34,216) Cash flows from investing actlvltlos Pred$ from the sale of intsngible assets Purchase of tangible fixed assets 176 (2,287) 198.063) Net cash used in investing actlvltles 198.0631 (2,1111 Cash flows from financlng activities Repayments of bOo1ng 16,540) (6,819) Not cash used in financing activities 16,5401 16.8191 Change in cayh and cash equivalents in the year Cash and cash equNalentS at the beginning of the year 66,573 143,1461 179, 107 135,961 Cash and cash equivalents at the end ofthe yr 202.$34 135,961 The notes on pages 15 to 31 form part of these finanual statements Page 14
mADDERMAR1 THEATRE TRUST LIMITED (THE) (A company limited by guarantee NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 General infomiion The Maddermarkel Theatre Trust Limited is a registered charity limited by shares domiciled in England and Wales, charity wistralion number 234993 and company regislfation number 00355871. The registered office is The Mad(rniarkel Theatre. Sl John'sAley, Norwch. NR2 1 DR. A¢¢ounting policies 2.1 Basis of preparation of financial statements The financial statements have been prepaied in 8ctordan¢e wth the Charities SORP IFRS 1021- Accounting and Reporting by Charities." Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Finanaal Reporting Standard applicable in the UK and Republic of Ifeland IFRS 1021 (effective 1 January 20191. the Financial Reporting Standard applicable in the UK and Rewblic of Ireland IFRS 1021 and the Companies Act 2006. The financial ststements are presenled in Steding {£) and rounded to the nearest £. Maddermarkel Theatre Trust Limited IThe) meets the definition of a public benefit enlily under FRS 102. Assets and Iiabilitses are initially rec(KJnised al historical cost 01 transaction value unless olherwse slated in the relevant aontIng policy. 2.2 Going concern In approving these accounts, the Trustees have assessed whether the use of going concern is appropiiate and whether Ihete are any malerial nrtaInlieS related lo events 01 conditions that may cast significant doubt on the ability of the Charity to continue as a going concem. The Trustee5 make this assessment in respect of a (1 off one year from the dale of approval of the financial slatemenls. Taking into account the expecled level of inc(me and exttnditure, and the levels of unrestricted funds and liquid assets, the Trustees consider the organisalion is in a stable finanoal position. The Trustees consider that the bthlgeted cashflow and the level of unrestricted reserves are sufficient for Maddermarkel Theat Trust Limited lo be able lo meet Ils liabilities as they fall due for al least 12 months. For thi5 reason, the Tiuslees consider il appropriate for the financial slalemenls to continue lo be prepared on a going con basis and that there are no material uncertainties. Page15
MADDERMARKET THEATRE TRUST LIMITED ITHEI (A company limited by guarantsel NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Accounting policies (continued} 2.3 Incom• l income is reccgnised once the Company has entitlement to the income, it is prL8ble that the income wll be received and the amount of income receivable can LE measured reliably. The recognition of income from lewes is dependent on esiablishing entitlement, the probability of recP1 and the ability to estimate with suffiaent accuracy the amount receivable. Evidence of enbllement to a legacy exists vthen the Company has suffiuent eviden that a gift has been left to them (through knowledge of the existen of a valid wll and the death of the benefaclorl and the executor is 5ali5fied that the propety in queth.on wll not be required lo satisfy claims in the eslale. Receipt of a IwJacy musl be rec(NJnised when it is probab that il wll be receivecl and the fair value of the amount receivable, whicl) wll generally t the expected cash amount to be distributed lo tho Company, can be reliably measured. Grants are Includ in the Slatement of financial aclivities on a weivable basis The balan of inwme received for specific purposes but tKJt expended during the period is shown in the relevant funds on the Balance sheet. Where income is received in advan of enlitlemenl of receipt, ils recognition 15 deferred and included in creditors as deferred income. Vvhere entitlement wcurs before income is reived. the Incne is acuufyl. Income from ticket sales is recognised at the date of the relevant performan. In accordance wlh the Charities SORP IFRS 1021, the general volunt[ lime is not rewgnised. The trustees, annual report provides more infomiation about thr conlribuliLX). 2.4 Interest receivable Interest on funds held on depOt is IndUd when receivable and the amount Can be measured reliably by the Company, thss Is nomially UFon nOtrflty.0n of the inlerest paid or payable by the inslilulion with whom the furKls are depogted. 2.5 Expenditure Expenditure is recognised on an 8rual$ ba&s once there is a legal or constructive obligation lo transfer economic benefit to a third patty. il is probable that a transfer of economic benefits will l)e required in selllemenl and the amount of the obligation can measured reliably. Expenditure is clasglied by activity. The costs of each acts.vity are made up of the lolal of direct costs and shared sls, including support cos15 involved in undertaking each activity. Direct costs attributable lo a ngle activity are allwated directly lo that activity. Shared cosis which contribute lo more than one aclivily and support costs which are not attributable lo a gngle activity are apFK)rtioned between those aclivilies on a basis consistent wth the use of reSOuS Central staff costs are allocated on the basis of lime snI. and deprEriatson Gharges allocated on Ihe rtiOn of the asset's use. Expend1ture on charitable activities is incurred on directly undertaking the activities which further the Company's objectives, as well as any 8s80cialed support costs. All expenditure is inclugve of irrecoverable VAT. Page 16
MAODERMARIT THEATRE TRUST LIMITED ITHEI (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMEs FOR THE YEAR ENDED 31 MARCH 2024 Accounting policies (continued) 2.6 Pensions The Company 0rateS a defined contribution pnsion scheme and the pengon charge represents the amounts payable by the Company lo the fund in respecl of Ihe year. 2.7 Tangible fixed ass•ts and depreciation Tangible fixed asset5 are initially rwnis&J al cost After recognition, under the cx)st model, tangible fixed assets are measured at cost accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be induded in the MeaSurnent of cosL DepTlatIOn is charged so as lo allocate cost of tsngIb fixed assets less their residual value over their eslimaled useful lives. Dep{latIOn is providgj on the followng bases Freehold property Plant and machinery Fixtures and fittings Compulef equipment Menscfaft workshop - 25 years straight line 15% reducing balance 15% reducing balan 33% straight line ba$ 25 years straight line 2.8 Stocks Stocks aTe valued at the lower of cost and net realisable value after making due allowan for obsolete and slow-moving slod(& Cost includes all direct costs atxl an appropriate pr(portion of fixed and variable overheads. 2.9 Debtors Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amounl prepaid net of any trade discounts due. 2.10 Cash at bank and in hand Cash at bank and in hand includes cash and short-lerm highly liquid investments with a short malurily of three months or less from the dale of acqui511ion or opening of the deposit or similar 8c¢ounl. 2.11 Liabilities and provisions Liabilities are recognised en there is an obligation al the Balance sheet date as a result of a past evenl, il is probable that a transfer of economic benefit will be required in settlement. and the amount ol the settlement can be estimated reliably. Liabilities are recognised at the amount that the Company anticipates il will pay lo sellle the debt or the amount il has received as advanced payments for the goods or servi$ il musl provide. Page 17
MADDERmARlT THEATRE TRUST LIMITED {THE) IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Accounting policies {continuedl 2.12 Flnanclal Instryments The Company only has finanual assets and financAal liabilities of a kind that qualify as basic financial instruments. BaC financial instwments are inrtialty recryJnised at transaction value and subsequently measured at their 5etdemenl value. 2.13 Fund accounting General funds are unreslricted funds which are availabte for use al the discretion of the Trustees in furtherance of the general 04"ectives of the Company arml which have not been designated for other purposes. Designated funds comprise unrestri(aed funts that have en set aside by the Trustees for particular pur[$. The aim and use of each designated fund is sel out in the notes to the financial statements. Reslricled funds are funds which are lo be used in accordan wth specrfic restridions imposed by donors or which have been raised by the Company for particular purposes. The costs of raisng and administering such funds a charged against the specific fund. The aim and use of each restricted fund is sel out in the notes lo the financial statements. Incom• from donations and legacies Unrestricted Restricted funds funds Total funds 31 March 2024 31 Mareh 2024 31 March 2024 tlonalions Grants 4.822 10,252 95.348 15,074 95.348 4,¥22 105,600 110,422 Page 18
MADDERMARKET THEATRE TRUST LIMITED ITHEI (A Company lifflited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Income from donations and legacies {continued) Unr&stricf8d lund 16 months ended 31 March 2023 Reslricted funds 16 months ended 31 Mah 2023 Tolal funds 16 months ended 31 March 2023 Donations 9. 100 8.548 8.200 10,5L 19,600 8,548 18,200 Legacies Grants 10.000 25,848 20.500 46.348 Income from charitsble activities Total fuTKI$ 16 months ended 31 March 2023 Unrestricted funds Total funds 31 March 2024 31 March 2024 Thealre Front of house 525,123 128,148 525,123 128.148 362, 777 133, 756 653,271 653,271 496, 533 Investment Income Total funds 16 months ended 31 March 2023 Unrestri¢ted funds Total funds 31 March 2024 31 March 2024 Interest reVed 964 1, 600 Pa9e19
MADDERMARIEf THEATRE TRUST LIMITED (THEI (A company l•mited by guarantgel NOTES TO THE FINANCIAL sTATEmEs FOR THE YEAR ENDED 31 MARCH 2024 Charitable expenditure Actlvltios undertak•n directly Support costs Total funds 31 Mar¢h 2024 31 March 2024 31 March 2024 Theatre in-house Outside shows Training & education Front of House cost of sales Governance 77,581 268.127 1,199 48,301 76,982 154,563 268.127 1,199 48.301 $8,843 58,843 395.208 135,825 531,033 Acl1vilS undertaken d1cl1Y 16 months ended 31Ma 2023 Support costs 16 months ended 31 March 2023 Total funds 16 months ended 31 March 2023 Theatre- in house 180.809 269, 765 14,498 55,343 133, 137 313,946 269, 765 14,498 55,343 59,6Q8 Outside show5 Training & education Front of House cosl of sales Governance 59,608 520,415 192, 745 713, t60 Page 20
MADDERmARlT THEATRE TRUST LIMITED (THEI (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Charitable expenditure (continued) Analysls of dirn¢t ¢osts Outside Training & shows education Ancillary sales Total funds Theatre 31 March 2024 31 March 2024 31 March 2024 31 Mah 2024 31 March 2024 Irrecoverable VAT staff costs Inole 81 Cost of visiting companies Production Cost of theat ancillary sales Cost of education 23.213 13.777 23,213 22,510 259,394 40,591 48,301 1.199 8.733 259,394 40,591 48,301 1.199 77.581 268.127 1.199 48,301 395,208 Oulside shows 16 months ended 31 March 2023 Trnining & education 16 months ended 31 March 2023 Ancillary S81es 16 months ended 31 March 2023 Total funds 16 months ended 31 March 2023 Theatre 16 months 31Ma 2023 Irrecoverable VAT Staff costs (note 8) Cost of visiting companies Production Cost of theatre ancillary sales Cost of education 11,077 131. 104 11,077 147, 644 253,225 38.628 55,343 74,498 16,540 253.225 38.628 55,343 14.498 180,809 269.765 14,498 55,343 520,415 Page21
MADDERmARlT THEATRE TRUST LIMITED (THE) (A company limited by guarantee) NOTES TO THE FINANCIAL sTATEMErs FOR THE YEAR ENDED 31 MARCH 2024 Charitable oxpondlturo (¢ontinued) Analysis ofsupport Costs Total funds Theatre Governance 31 March 2024 31 March 2024 31 March 2024 Accountancy costs Premises Costs Establishment costs 30,386 30,366 19,741 20,294 19,873 5.018 28,477 9.671 1.106 1.279 19.741 20,294 19.873 5,018 General Offi costs Communications Legal & professional Depreciation Bank and ¢redil rd charges Loss on disposal of awts 28,477 9.671 1.11 1.279 76,982 58,843 135,825 Page 22
MADDERMARKET THEATRE TRUST LIMITED (THE) (A Company limited by gvaranteel NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Charftable expendFture (continued) Analysis of support costs Icontlnued) Total funds 16 months ended 31 March 2023 The81 Goveman 16 months 16 months ended 31 March 2023 31 March 2023 Bad debts Accountancy wsts Premises costs Estsblishmenl costs General Offi costs Communications Legal & professional Depreciation Bank and credit card charges Profil on disposal of assets 1,401 28.527 1,401 28.527 21.939 53, 127 2g,036 15,087 29,680 11,428 3,044 (524) 21,939 53,127 29,036 15.087 29,680 11,428 3,044 (524) 133, 137 59,608 192,745 Indepèndent examinerfs remuneration The independent examinerfs remuneration amounts lo an independent examiner fee of £6,500 (2023 - £5.500). and other bookkeeping a1 adviry servi$ of of £23,615 {2023- £5,038>. Page 23
mADDERMARlT THEATRE TRUST LIMITED {THEI (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Staff costs 16 months ended 31 March 2023 31 March 2024 Salaries and wages Social security costs Other wages costs 13.1SO 128,340 1,285 1,479 379 13,777 131, 104 The 8ver*Je number of persons employed by the Company during the year was as follows.. 16monlhs ended 31 Msrch 2023 No. 31 March 2024 No. Employees 10 No employee received remuneration amounting lo more than £60.000 in erther year. The charity consders its key management personnel in the year lo comprise the trustee& The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently adTninislered fund. The pension cost charg represents contributions payable by the cMpanY to Ihe fund and amount to £379 (period ended 31 March 2023- £1,479). Trustees, remuneratlon and expense During the year, no Trustees received any remuneration or other benefits (223- £NIL). During the year ended 31 March 2024, expenses totaling £NIL were reimbursed or paid directly lo Trustees (2023- £237 to l Twstee). These expenses reimbursed were in relation to costs incurred for a Trustees meeting. Page 24
MADDERMARKET THEATRE TRUST LIMITED (tHE) IA company limited by guarantee) NOTES TO THE FINANCIAL STATEmETrs FOR THE YEAR ENDED 31 MARCH 2024 10. Tangible fixed assets Fr•¢hold Plant and Fixtures Computer property machinery and ffftings equipment Kemps Rost Total Cost Al 1 April 2023 Additions 69.750 221.014 3.367 13,201) 13,860 1.319 312,624 98,083 16,221) 93.377 Disposals (3,0201 Al 31 March 2024 66.730 221,180 15.179 93,377 404,466 Depreciation At 1 April 2023 Charge for the year On disposals 2.667 427 63.045 1,129 12.2451 187.848 7,033 12.6971 12.300 1.082 265,860 9,671 14,9421 Al 31 March 2024 61,929 192,184 13.382 270.589 Net book value Al 31 March 2024 4.801 28.996 1,797 93.377 133,877 At 31 March 2023 5,333 6.705 33,166 1.560 46, 764 Kemps Rest is a prr4)ety asset in the course of conlwction al the year end, and therefore no depreciation has been charged for the year ended 31 March 2024. stocks 2024 2023 Finished g%yxls and go(Kts for resale 6.184 Page 25
MADDERmAR1 THEATRE TRUST LIMITED ITHEI IA Company limit by guaranto•) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 12. Debtors 2024 2023 Due within one year Trade debtors Prepayments and accrued income Tax recoverable 14,113 4.457 5,025 3, 764 7.023 31.084 13,246 13. Creditors: Amounts falling due within on• year 2024 2023 Bank overdrafts Bank loans 14 7.117 14,270 1,668 23,399 122,947 6.540 25,352 Trade creditors Other laxalion and social security Other creditors Accruals and deferred income 11,951 73.60S 117,448 169,415 2024 2023 Deferred InCe al 1 April 2023 Resources deferred during the year Amounts released frcyn previous periods 122.947 73,605 {122,947 34, 774 122,947 (34, 774) 73,605 122,947 Deferred income is in relation lo lickel sales in the period for shuws being held in future years. Page 26
MADDERMARKEf THEATRE TRUST LIMITED (THE) (A company limited by guarantee) NOTES TO THE FINANCIAL STATEmE1s FOR THE YEAR ENDED 31 MARCH 2024 14. Credttors: Amounts falling due aft•r more than one year 2024 2023 Bank loans 30,101 36.064 The bank loans relate lo a Coronavirus Boun W Loan. The loan of £50.Crf)O was granted in year ended 2021 with a 12 month capitsl payment holiday, Whe the Inte$1 is paid by the Govemmenl. The loan is then repayable over a 120 month period wth repayments of £600 monthly. Inte$1 is charged al 2.5% per annum. Repayments started January 2022. 15. Statement of funds Statement of funds - Current year Balance at 31 March 2024 Balance at 1 April 2023 Transfers inlout Income Expendlture Unrestricted funds Designated funds Designated Funds 33,167 {7.537) 3.366 28,996 General funds General Funds 140,6611 659,057 1523.496) 90,011 184,911 Total Unrestricted fund5 17.4941 659,0S7 1531.0331 93,377 213.907 Restricted funds Kemps Rest property 105.600 {93,3771 12,223 Total of funds 17,494) 764.657 1531,033) 226,130 The year end de&gnated fLtrrKls reprnts Ihe bocA( value of fixtures and filtings. The resliicled Menscraft Workshop fund has been funded from grants and ¢Jonalions for conlruction of Ihe workshop The transfer of £93,377 made from reslricled lutNYs lo unresiricled funds represents the capital spend made in the year. Page 27
MADDERmAR1 THEATRE TRUST LIMITED ITHEI (A company limited by guaranteo) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 IAARCH 2024 15. Statement of fvnd$ Icontinuedl Statement of funds - prlor year Balan al l Dember 2021 Bal8nce al 31 March 2023 TTrnsfe in/oul Income ExndItUre Unrestri¢tgd funds Designated funds Designated Funds 274,660 (299) (241,194) 33, 167 General funds General Funds (131.475) 523,981 (664.945) 231, 778 (40,663) Total Unrestricted funds 143, 185 523,981 (665.244) (9,416) (7,494) Restricted funds Norwich Consolidated Charities - Keeping Company Boiler Repairs Cottage refurbishment 18, (18.000) fO.500 iO,(kKJ (19,416) 9,416 18.C 20.500 {4T.916) 9,416 Total of funds 161, 185 544,481 (713. 160) (7.494) Page 28
MADDERmAR1 THEATRE TRUST LIMITED (THE) (A Company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 16. Analy818 of net assets between funds Anatysis of net assets tWeen fund8- currnnt period Unrestricted Restrict funds funds 2024 2024 Total fund5 2024 Tangible fixed a&8ets Current assets Creditors due within one year Creditors due in more than one year 133,877 227.579 1117.4481 (30.1011 133,877 239,802 {117,4481 {30,1011 12,223 Total 213,907 12,223 226.130 Analysis of net assets between funds- prior period UnTrstrKted funds 2023 Tolal funds 2023 Tangible fixed assets Current assets Creditors due wthin one year Creditors due in more than one year 46. 764 46, 764 151,221 151,221 {169.415) (169,415) (36,064) {36,064J Total (7,494) (7,4g4) Page 29
MADDERmARlT THEATRE TRUST LIMITED ITHEI (A Company Ilmlt•d by guarnntee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 17. Reconclliation of net movement in fund8 to net cash flow from operating activities 16 months ended 2023 2024 Net inc0melexpendltu for the twi1 las Fer Slalement of Finanryal Activities} 233,624 (168,679) Adjustments for: Depreciation charges Loss on the sale of fixed assets Increase in stocks Decreasellincre8sel in debtors Increasel{decreasel in creditors 9.671 1.279 {4,1841 {17.8381 {51.376) 11.428 (2,OOQ) 9,476 115,559 Net cash provided byllused in) operating actlvltles 171.176 (34,216) 18. Analysis of cash and cash equivalents 2024 2023 Cash in hand Overdraft facility repayable on demand 202,534 135,975 (14) Total cash and cash equivalents 202,534 135,961 19. Analysis of changes in net debt Other non- cash At 31 March chang&s 2024 At 1 April 2023 Cash flows Cash al bank and in hand Bank overdrafts repayable on demand Debt due wlhin 1 year Debt due after 1 year 135,975 66,559 14 202.534 17.117} 136,064) 15,963) 5.963 16,$40} 130,101 92.780 73.113 165,893 Page 30
MADDERMARKET THEATRE TRUST LIMITED ITHEI (A company limitad by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 20. Relatod paity transa¢tlons The Company has not entered into any related paty transaction during the year, nor a there any outstanding balances owng bets%Een related parties and the Company al 31 March 2024. Page 31