##
|||||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|||||
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|||||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|||||
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##
|||||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|
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