2021-03-31-accounts

				Page
Reference and Administrative Advisers	Details ofthe Charitable	Company,	its Trustees and
Chair's Statement				2-3
Trustees' Report				4-9
Independent Auditors' Report	on the Financial Statements			10-14
Consolidated Statement of Financial Activities				15
Consolidated Balance Sheet				16
Charitable Company Balance	Sheet			17
Consolidated Statement ofCash Flows				18
Notes to the Financial Statements				19-36

Trustees			Professor Judith	Professor Judith	Elkin
			Richard Hastilow-Smith
			Maher Kazi
			Leslie Kinmond
			Simon Marks
			Sarah Rouse
			Professor Tamar		Thompson		OBE, Chair
Company	registered
number			00838245
Charity registered
number			241433
Registered		office	Malvern Theatres
			Grange Road
			Malvern
			Worcestershire
			WR14 3HB
Company	secretary		Leslie Kinmond
Chief executive officer			Nic Lloyd
Independent		auditors	Bishop Fleming	LLP
			Chartered Accountants
			Statutory Auditors
			1-3College Yard
			Worcester
			WR1 2LB
Bankers			Lloyds Bank PLC
			48 Belle Vue Terrace
			Malvern
			Worcestershire
			WR14 4QG
Solicitors			Harrison Clark Rickerbys			LLP
			5 Deansway
			Worcester
			Worcestershire
			WR1 2JG

				Unrestricted	Restricted	Total	Total
				funds	funds	funds	funds
				2021	2021	2021	2020
			Note	f.
Income from:
Donations and legacies				1,761,787	197,127	1,958,914	553,686
Charitable activities				70,527		70,527	5,236,547
Other trading activities				64,411		64,411	383,574
Investments				38,598		38,598	41,546
Total income				1,935,323	197,127	2,132,450	6,215,353
Expenditure on:
Raising funds				111,267		111,267	268,105
Charitable activities				1,467,852	132,624	1,600,476	5,597,522
Total expenditure				1,579,119	132,624	1,711,743	5,865,627
Net income before on investments		net gains/(losses)		356,204	64,503	420,707	349,726
Net gains/(losses)	on investments			372		372	(42,499)
Net income Transfers between	funds		18	356,576 (99,713)	64,503 99,713	421,079	307,227
Net movement in	funds			256,863	164,216	421,079	307,227
Reconciliation of	funds:
Total funds brought		forward		1,062,638	3,328,181	4,390,819	4,083,592
Net movement in funds				256,863	164,216	421,079	307,227
Total funds carried		forward		1,319,501	3,492„397	4,811,898	4,390,819

				2021	2020
			Note		E
Fixed assets
Tangible assets			12	2,664,289	2,861,550
Investments			13	504,182	530,345
				3,168,471	3,391,895
Current assets
Debtors			14	239,978	258,573
Cash at bank and in		hand		2,612,897	1,876,280
				2,852,875	2,134,853
Creditors: amounts	falling due within one
year			15	(784,448)	(1,135,929)
Net current assets				2,068,427	998,924
Creditors: amounts	falling due after more
than one year			16	(425,000)
Net assets excluding		pension asset		4,811,898	4,390,819
Total net assets				4,811,898	4,390,&19
Charity funds
Restricted funds			18	3,492,397	3,328,181
Unrestricted funds			18	1,319,501	1,062,638
Total funds				4,811,89&	4,390,819

					2021	2020
				Note	F	E
Fixed assets
Tangible assets				12	2,664,289	2,861,550
Investments				13	604,184	630,347
					3,268,473	3,491,897
Current assets
Debtors				14	275,806	275,522
Cash at bank and in		hand			2,471,925	1,746,136
					2,747,731	2,021,658
Creditors: amounts	falling		due within one
year				15	(775,219)	(1,122,736)
Net current assets					1,972,512	898,922
Total assets less current			liabilities		5,240,985	4,390,819
Creditors: amounts	falling		due after more
than one year				16	(425,000)
Net assets excluding		pension asset			4,815,985	4,390,819
Total net assets					4,815,985	4,390,819
Charity funds
Restricted funds				18	3,492,397	3,328,181
Unrestricted funds				18	1,323,588	1,062,638
Total funds					4,815,985	4,390,819

			2021	2020
			E
Cash flows from operating activities
Net cash	used in operating activities (Note 20)		673,036	244,735
Cash flows from investing activities
Dividends, interests and rents from investments			38,598	41,546
Purchase	oftangible fixed assets		(1,552)	(34,295)
Proceeds	from sale of investments		200,000	101,040
Purchase	ofinvestments		(173,465)	(80,055)
Net cash	provided by investing activities		63,581	28,236
Change	in cash and cash equivalents in the year		736,617	272,971
Cash and	cash equivalents at the beginning	ofthe year	1,876,280	1,603,309
CASH AND CASH EQUIVALENTS AT THE END OF THE YEAR (Note 21)			2,612,897	1,876,280
The notes on pages 19to 36form part ofthese financial statements

				As restated
	Unrestricted	Restricted	Total	Total
	funds	funds	funds	funds
	2021	2021	2021	2020
	E			E
DONATIONS
Tomorrow Fund donations		194,975	194,975	163,248
Restoration Fund donations		2,152	2,152	171,070
Other donations	237,179		237,179	76,252
GRANTS
The Elmley Foundation	2,000		2,000	12,000
Support grant from MHDC	56,810		56,810	56,800
Covid grant from MHDC	71,759		71,759	61,000
Rent grant from MHDC	61,000		61,000	500
Other grants	35,750		35,750
Culture Recovery Fund grant	845,703		845,703
Job Retention Scheme	451,586		451,586	12,816
TOTAL 2021	1,761,787	197,127	1,958,914	553,686
TOTAL 2020AS RESTATED	219,368	334,318	553,686

							As restated
					Unrestricted	Total	Total
					funds	funds	funds
					2021	2021	2020
					F		E
Festival Theatre income					21,773	21,773	3,194,469
Forum Theatre income					12,917	12,917	889,809
Engagement	and Creative		Learning	income	(746)	(746)	32,961
Cinema income					20,256	20,256	451,505
Theatre membership		fees	and income		6,465	6,465	307,468
Other income					9,862	9,862	360,335
TOTAL 2021					70,527	70,527	5,236,547

				Unrestricted	Total	Total
				funds	funds	funds
				2021	2021	2020
				F		F
	income	from catering contract		33,806	33,806	147,073
	Trading	company	income	30,605	30,605	236,501
	TOTAL	2021		64,411	64,411	383,574
6.	INVESTMENT INCOME

		Unrestricted	Total	Total
		funds	funds	funds
		2021	2021	2020
			F	F
Investment	income	38,598	38,598	41,546

			Unrestricted	Restricted	Total	Total
			funds	funds	funds	funds
			2021	2021	2021	2020
			F		F	E
Shows			1,427,349	132,624	1,559,973	5,519,164
Engagement	and Creative	Learning	40,503		40,503	78,358
			1,467,852	132,624	1,600,476	5,597,522
TOTAL 2020			5,446,420	151,102	5,597,522

			Activities
			undertaken	Support	Total	Total
			directly	costs	funds	funds
			2021	2021	2021	2020
			E	E		E
Shows			1,245,696	314,277	1,559,973	5,519,164
Engagement	and	Creative Learning	40,503		40,503	78,358
			1,286,199	314,277	1,600,476	5,597,522
TOTAL 2020			5,239,140	358,382	5,597,522
ANALYSIS OF DIRECT COSTS
				Engagement
				and Creative	Total	Total
			Shows	Learning	funds	funds
			2021	2021	2021	2020
			E
Staff costs			672,486	39,134	711,620	856,247
Depreciation			198,815		198,815	208,985
Show production costs			37,227	1,369	38,596	3,150,632
Cinema production		costs	7,987		7,987	160,975
Irrecoverable	VAT		32,262		32,262	46,386
Covid Costs			9,336		9,336
Advertising and marketing			10,752		10,752	346,958
Equipment and small tool costs			1,497		1,497	7,755
Property costs			70,751		70,751	145,565
General property costs			39,688		39,688	92,805
Other staff costs			10,776		10,776	23,997
General expenses			84,834		84,834	128,605
Operating leases			69,285		69,285	70,230
			1,245,696	40,503	1,286,199	5,239,140
TOTAL 2020			5,160,782	78,358	5,239,140

						Theatres	Total	Total
						income	funds	funds
						2021f	2021 E	2020 E
Staff costs						275,618	275,618	292,966
Bank and credit card charges						3,009	3,009	26,326
Consultancy	costs					20,659	20,659	24,333
Audit fees						14,779	14,779	14,250
Legal and professional		fees				212	212	507
						314,277	314,277	358,382
AUDITORS'	REMUNERATION
							2021	2020
Fees payable	to the Charitable		Company's		auditor	for the audit ofthe
Charitable	Company's	annual	accounts				11,750	14,250
Fees payable	to the Charitable		Company's		auditor	in respect of:
All non-audit	services not included			above			3,029	455

						Charitable	Charitable
				Group 2021f	Group 2020 F	Company 2021	Company 2020
Wages and	salaries			945,577	1,095,392	945,577	1,095,392
Social security costs				69,920	83,690	69,920	83,690
Contribution	to defined	contribution	pension
schemes				39,322	42,787	39,322	42,787
				1,054,819	1,221,869	1,054,819	1,221,869

			Charitable	Charitable
	Group 2021	Group 2020	Company 2021	Company 2020
	No.	No.	No.	No.
Employees	73	71	73	71

						Group	Group
						2021	2020
						No.	No.
In	the	band	F100,001	-	6110,000	1	1

	Long-term
	leasehold	Fixtures and
	property	fittings	Total
	E		E
COST OR VALUATION
At 1 April 2020	7,253,205	958,460	8,211,665
Additions		1,552	1,552
At 31 March 2021	7,253,205	960,012	8,213,217
DEPRECIATION
At 1 April 2020	4,822,716	527,399	5,350,115
Charge for the year	97,220	101,593	198,813
At 31 March 2021	4,919,936	628,992	5,548,928
NET BOOK VALUE
At 31 March 2021	2,333,269	331,020	2,664,289
At 31 March 2020	2,430,489	431,061	2,861,550

The financial	resul	ts ofthe	sub	sidiaries for	the year were:	the year were:
Names					Income Expenditure E		Surplus/ (Deficit) for	Net assets E
							the period
Malvern Theatres Malvern Theatres		Trading Limited Productions Limited			605 30,000	(1,542) (33,150)	(937) (3,150)	2 100,000
DEBTORS
							Charitable	Charitable
					Group 2021	Group 2020	Company 2021	Company 2020
							f.	F
DUE WITHIN	ONE	YEAR
Trade debtors					8,751	72,530	8,751	63,207
Amounts owed by group undertakings							36,828	57,272
Other debtors					3,603	32,200	2,603	1,200
Prepayments	and accrued		income		227,624	153,843	227,624	153,843
					239,978	258,573	275,806	275,522

					Charitable	Charitable
			Group 2021 F	Group 2020	Company 2021f	Company 2020
Bank loans			75,000		75,000
Trade creditors			47,222	107,489	43„889	105,881
Other taxation	and social security			34,691		34,691
Accruals and deferred		income	662,226	993,749	656,330	982,164
			784,448	1,135,929	775,219	1,122,736

							Charitable	Charitable
					Group 2021	Group 2020	Company 2021	Company 2020
					E		E
Deferred	income at		1 April 2020		745,215	851,243	745,215	853,227
Resources deferred			during the year		613,910	623,755	613,910	623,755
Amounts	released	from previous		pedods	(745,215)	(729,783)	(745,215)	(731,767)
					613,910	745,215	613,910	745,215

				Charitable	Charitable
		Group 2021	Group 2020	Company 2021	Company 2020
			E	E
Bank loans		425,000		425,000
Included within the above	are amounts	falling due as follows:
				Charitable	Charitable
		Group 2021	Group 2020	Company 2021	Company 2020
		F	F	E
BETWEEN ONE AND TWO YEARS
Bank loans		100,000		100,000
BETWEEN TWO AND FIVE YEARS
Bank loans		325,000		325,000
FINANCIAL INSTRUMENTS
				Charitable	Charitable
		Group 2021f	Group 2020	Company 2021	Company 2020
FINANCIAL ASSETS
Financial assets measured	at fair value
through income and expenditure		2,612,897	1,876,280	2,471,925	1,746,136

		Balance at 1			Transfers	Gains/	Balance at 31 March
		April 2020	Income	Expenditure	in/out	(Losses)	2021
					E	F
UNRESTRICTED
FUNDS
General Funds		1,062,638	1,935,323	(1,579,119)	(99,713)	372	1,319,501
RESTRICTED
FUNDS
Restricted
Theatre
Refurbishment
Fund		2,330,776		(97,220)	99,713		2,333,269
Restricted
Tomorrow	Fund	523,054	194,975	(34,424)			683,605
Restricted
Restoration
Fund		474,351	2,152	(980)			475,523
		3,328,181	197,127	(132,624)	99,713		3,492,397
TOTAL OF
FUNDS		4,390,819	2,132,450	(1,711,743)		372	4,811,898

		Balance at 1 April 2019 F	Balance at 1 April 2019 F	Income	Expenditure E	Transfers in/out	Gains/ (Losses)	Balance at 31 March 2020 F
UNRESTRICTED
FUNDS
General Funds		942,615		5,881,035	(5,714,525)	(3,988)	(42,499)	1,062,638
RESTRICTED
FUNDS
Restricted
Theatre
Refurbishment
Fund		2,424,008			(97,220)	3,988		2,330,776
Restricted
Tomorrow	Fund	397,896		163,248	(38,090)			523,054
Restricted
Restoration
Fund		319,073		171,070	(15,792)			474,351
		3,140,977		334,318	(151,102)	3,988		3,328,181
TOTAL OF
FUNDS		4,083,592		334,318	(5,865,627)		(42,499)	4,390,819

		Balance at 1			Transfers	Gains/	Balance at 31 March
		April 2020	Income	Expenditure f.	in/out	(Losses) E	2021
General funds		1,062,638	1,935,323	(1,579,119)	(99,713)	372	1,319,501
Restricted	funds	3,328,181	197,127	(132,624)	99,713		3,492,397
		4,390,819	2,132,450	(1,711„743)		372	4,811,898

						Balance at
	Balance at			Transfers	Gains/	31 March
	1 April 2019	Income	Expenditure	in/out	(Losses)	2020
	F		F		F
General funds	942,615	5,881,035	(5,714,525)	(3,988)	(42,499)	1,062,638
Restricted funds	3,140,977	334,318	(151,102)	3,988		3,328,181
	4,083,592	6,215,353	(5,865,627)		(42,499)	4,390,819

	Unrestricted	Restricted	Total
	funds	funds	funds
	2021	2021	2021
	F
Tangible fixed assets		2,664,289	2,664,289
Fixed asset investments	504,182		504,182
Current assets	2,024,767	828,108	2„852,875
Creditors due within one year	(784,448)		{784,448)
Creditors due in more than one year	(425,000)		(425,000)
TOTAL	1,319,501	3,492,397	4,811,898

		Unrestricted	Restricted	Total
		funds	funds	funds
		2020	2020	2020
		F	F
Tangible	fixed assets	179,175	2,682,375	2,861,550
Fixed asset investments		530,345		530,345
Current	assets	1,489,047	645,806	2,134,853
Creditors	due within one year	(1,135,929)		(1,135,929)
TOTAL		1,062,638	3,328,181	4,390,819

							Group	Group
							2021	2020
							F
	Net income for the year (as per Statement				of Financial Activities)		421,079	307,227
	ADJUSTMENTS FOR:
	Depreciation charges						198,813	208,985
	Dividends, interests	and rents from investments					(38,598)	(41,546)
	Decrease/(increase)	in debtors					18,595	(11,278)
	Increase/(decrease)	in creditors					73,519	(261,152)
	Net (profit) / loss on	sale and revaluation		of investments			(372)	42,499
	NET CASH PROVIDED BYOPERATING				ACTIVITIES		673,036	244,735
22.	ANALYSIS OF CASH AND		CASH EQUIVALENTS
							Group	Group
							2021f	2020 F
	Cash in hand						2,612,897	1,876,280
23.	ANALYSIS OF CHANGES		IN NET DEBT
						At 1 April		At 31 March
						2020 E	Cash flows f	2021
	Cash at bank and in	hand				1,876,280	736,617	2,612,897
	Debt due within 1 year						(75,000)	(75,000)
	Debt due after 1 year						(425,000)	(425,000)
						1,876,280	236,617	2,112,897

					Charitable	Charitable
			Group 2021	Group 2020	Company 2021	Company 2020
Not later than		1 year	69,871	69,871	69,871	69,871
Later than	1 year and not later than 5years		246,795	255,451	246,795	255,451
Later than	5 years		1,952,000	2,013,215	1,952,000	2,013,215
			2,268,666	2,338,537	2,268,666	2,338,537