Reglstered number- 00838245 Charity number: 241433 MALVERN THEATRES TRUST LIMITED (A COMPANY LIMITED BY GUARANTEE) TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 ishop Fleming MALVERN THEATRES TRUST LIMITED IA COMPANY LIMITED BY GUARANTEE) CONTENTS Page Reference and Admlnlstratlve Detalls of tho Charltable Company. Its Trustees and Advisers Chair's Slal¥m•nt Trust&os' Report Independent Auditor$' RÈport on the Flnan¢lal Statements Consolidat•d Statement of Financlal A¢tlvltles 3-10 Consolidal$d Balance Sheet 16 Charltable Company Balanco Sheet Con801Sdated Ststem&nt of Cash FIobv5 17 18 Notes to the Financlal Statements 19-37 MALVERN THEATRES TRUST LIMITED IA COMPANY LIMITED BY GUARANTEEI REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARrrABLE COMPANY. ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 MARCH 2022 Trusteès Professor Judith Elkin Richard HastlloW￿mlth hAaher Kazi Leslie Kinmond Simon Maths Sarah Rous8 Iresigne¢J 29 March 2022} Professor Tamar Thompson OBE, Chair Company registered number 00838245 Charity registèred number 241433 Registerod office Malvem Theatres Grangg Road Malvern Worcestershire WR14 3HB Company secretary Leslie Kinmond Chsef executivo officer Nic Lloyd Independent audltor5 8ishop Fleming LLP Chartered Accoijntsnts statutory Auditors 1-3 College Yard Worcester WR12LB Soll¢ltor8 Harrison Clark Rickerbys LLP 5 Deansway Worcester Worcestershire WR1 2JG Shakespeare Martineau Bridgeway House Bridgeway Slrafford upon Avon CV37 6YX Bank¢r$ Lloyds Bank PLC 48 Belle Vue Terrace MalveTn Worcestershire WR14 4QG Page 1 MALVERN THEATRES TRUST LIMITED IA COMPANY LIMITED BY GUARANTEEI CHAIR'S STATEMENT FOR THE YEAR ENDED 31 MARCH 2022 The chairman presents her slalement for the year. Our vlslon: To be a leading provider of Ihe arts in the UK., To be nationally ￿cognIZed for art151ic excellen¢e'. To make Ihe arts accessible to all., To celebrate the lifeuse, Hello Again.. The Story of Neil Diamond. One Night in Dublin. What's Love Gol to Do With 11, The Elvis Years al Chr¢slmas. Henning When, Thank You For The Music. Sir Ranulph Fiennes. Lost in Music, David Suchel, Kate Rusby, Midnight Train lo G8orgi3, The Classic Rock Show, Johnny Cash Roadshow, Friends! The Musi¢81 Parody, Lipstr"ck on Your Collar, F8sllove. UK Pink Floyd Experience. An Evening with Aggers & Tuffefs, That'ii Be The day, Ray Mears, Sensational 60s Experience, Coldplace, The ELO Experience. Numerous comedic act5 performed al the venue this past year including Jack Dee. Jasper Carrott, Josh Widdicombe. Sarah Millican. Stewart Lee, Andy Parsons. Menopause The Musical 2, Max 8oyce and Fascinating Aida. Once again, classical music was well-represented with a series of soloists and ensembles of nlemalional repute visiting the Forum Theatre including- Pavel Kol8snikov. Aronowilz Piano Trio, Armonico Consort, James Ehnes. Al,'bion Quartet, Takacs Quartet, The City of Bimiingham .Symphony .Orcheslra, Miloa Kafadagli? Chandos Symphony Orchestra. Rachel Podger. Martin Roscoe & Fernella Humphries, L17r Williams, Carducci String QLJartel. This year. saw the return of theatre company Frozèn Light who brought the multi-sensory production of 2065 to small audiencés of Six people with PMLD plus their companions with lots of 1..1 inl8ra¢lion between performers and audience members within a fully aGces5ible space. Our own Malvern Thealr&s Young Company, fomgd of talented pèrformer5 aged 14-25, produced and perforThed Sophoclas, Electra al the Forum Theatre 'in the mund, for six performances. The Forum Theatre was used for fllm screenings allowing us lo expand our programming for the Christmas period offering a selection ol titles on release date and prior to them being made available on Streaming platforms. Totèl audience numbers for the year.. 38.772. The Cinema June 2021 saw the cinema aLKSience gradijally begin to return as the easing of reslriclions slarted lo steadily lift with screenings of award•winning films.. Nomadland, Minari. The Dig. Judas and Th¢ Black Messiah, Ammonlte and The Father. Over the course of the year, we have screened 639 showings and 147 film li118S, several of which have been from their national reloase date. We have screened several foreign-language filffls which have been enjoyed by our audiences. Due to covid-19 reslriclions. we have been unable lo utilise the clnema during the day for young people's workshops and as a breakout space for national conferences as we have done in previous years. Fortunately, we were able lo host several special film-showin9s for sGhools during the ttay and have continued lo incorporate weekly moming screening and a fusion of matinees, earfy and late evening screenings. In addition, we have continued lo offer subliued screenings and monthly relaxed Cinema viewings lo make cinoma accessible lo all. Once again, we hosted the Borderlines Fllm Fgstlval for two weeks across the Cinema and Forum Theatre offering 81 screening5 of 32 differeni films in¢luding 10 previews prior lo gener81 release. as well as the silent film. Nanook of the North which had a live musical accompanimenl by Meg Morfey. A lolal of 4,962 people came lo the 8orderlines Film Festival over 17 days. Total cinema audience numbers for the year.. 39,590. Page 4 MALVERN THEATRES TRUST LIMITED IA COMPANY LIMITED BY GUARANTEE) TRUSTEES. REPORT {CONTINUEDI FOR THE YEAR ENDED 31 MARCH 2022 Engagement and Croative Learning Malvern Theatres has delivered weekly classes from autumn 20218nd offered October and Febwary half-term activities including.. Pumpkin Pattsh Ball. Draw. Thealrical Fun. Best of Broadway and th6 H8ppin&ss Project. PURPOSES AND ACTlbTIES The purposes of the Trust are.. To provide and enhance an artisllc exp8rience lo the publSc In all aspects of dramatic art, including drama, mime, opera. ballet. music, singing and dance. To provide education in the arts. particularly focused on young persons. To further build on the experience of the public by the provrsion of two Theatres and a cinema. Generally lo further the social and cultural welfare of Great Malvem and ils surrounding areas. Our objectives are set and our activities planned having ward lo the Charity Commission's guidan￿ on publi¢ benefit, including the guid8rice on admission charges lo programmes and events. The Theatres are however obliged to cover costs in selling overall admission charges with shortfalls in revenues being made up by grants. particularly those from Malvern Hills District Council. Admission ¢harge5 are kept as low as possible in order lo preserve the availability of the Theatres and the cinema to lower income groups and younger theatre￿OeTS In setting objectives and planning for actsvilies, th8 Trusteès have given due consideration to general gvidan¢e published by the Charity Commission relating to public benefit, including the guidance 'Public benefit: running a ¢harily IPB21'. STRATEGIES The strategies which are used lo achieve the Trust's aims and obje¢tives are-. To present a balanced programme of theatre productions, music and dance productions to gwe a real b￿adth of artistic opportunity lo residents of Malvem and the surrounding areas. To work with local artistic organisations sponsoring local artistic events. To locus particularly upon education in the arts, particularly performance based. To encourage programming involving artists of different cultural backgrounds. Generally lo offer opportunitles lo a broad range ol people to participate in arts activity thereby exploring their own creative pow&rs. Strategies condense into three major areas of acbvity.. Ed￿CatIonal programmes High Profi18 Cinema Productions Concerts arid stage performance8 Thus we focus on bringing the arts lo as wid8 a range of participants as possible, affeding all members of our community. VOLUNTEERS AND COMMUNITY RELATIONS The Trust's involvement in the community Is ¢Jemonslrated by the large number of volunteers who 8SS151 us with stewarding events and performances. This provides indispensable help in maximising Ihe use of the theatres and provide5 considerable savings in staff costs, without which the theatres could not survNe. We celebrate them annually on UK Volunteers. Week and they have ￿gUlar meetings with the Chief Executive in order lo put forward their ideas. We encoLtrage input from our audiences and we lake careful note of both compliments and complaints. seeking lo leam 2nd grow from both. We are currently researching more effeclive ways lo record feedback across events and workshops. so that we are able expand our responses in a consislenl and effective manner. Page 5 MALVERN THEATRES TRUST LIMITED IA COMPANY LIMITED BY GUARANTEE) TRUSTEES. REPORT {CONTINUED} FOR THE YEAR ENDED 31 MARCH 2022 As part of our charitsble commitment lo make the arts accessible lo all. we hold weekly sublilled cinema, audio described performances and monthly relaxed cinema s¢reenings. This year we were delighted lo install audio description in the cinema. making the cinema fully accessibl& lo those with visual impairments and we are in the process of doing the same in Ihe Forurn Theatre, whlch will mean all three 8udiloria will benefit from this lundarnentsl facility. Chlldren and Young People We believe that the arts are life-enhancing for children and young people, and that engagernenl Can enri¢h their wider learning. Participalion in the arts can unlock hidden tslenls and potential, as well as help develop essential skills such as communication. empathy. and teamwork. This year. we have encouraged theatre going for under 26-yeaf-olds with 10,000 £8 tickets. We have offer6d 180 workshops for young people, as well as 7 specialist workshops including a 2-day filmmaking session, The Happiness Project. Older People We are commltted lo playing a meaningful and significant iole in societys changing demographic. Whether Èngaged, fil and well, living with dementia or la¢ino isolation, the arts Can provide a safe and inspiring place for older people. We ar8 also eommitted to inlergeneralional work which has been shown to improve th8 lives of everyone involved, both young and old. Th1$ year, 96 workshops were facilitated for oldef people. across dance and visual arts. Our Sgnior Bronze membership is heavily discounted to assure affordable access lo live perfomiance and cinema. We host the Big Draw each year where you can come and make a drawing on that yeac's theme. whatever your agel Disabled Pèople We pledgg to make Malvem The8lr8s accessible for all. We understand the social model of disabilFty and by gxlonsion. our responsibility as a large cultural venue to rn8ke our building work for everyone who uses it. Thi5 year we have installed audio des¢riplion in the Cinema, offered 36 sessions for paople with leaming disabilities, as well 8$ 3 specialised workshop5. We hold regular relaxed and weekly subtitled cinema screenings and Frozen Light Theatre perfomied thèir mulli-sensory show, 2065, to an audi$n¢e living with profound and multiple disabilities. Environmental R$$ponsibility We aspire to be a leader in our community, promoting an environmentally reSt￿nSIble approach to Dur business and our building and inspiring others to make impadful changes for the good of our planet. ThSs year we have progr8mmed several shows with strong environmental rnessages. such as Steve Backshall and Kate Humble, as well as important environmental films such as River. By telling these stories we aim lo inspire our community lo make changes and have a deeper understanding of environmentsl issues and Climate change. We strive to ensure our work has a minimal impact on the environment and offer E-Ti¢kets (we now use 200,000 less paper ti¢kels than in 20151. Vegware compostable cups in our cafe. and self-closing tsps and an optimised water waste di8posal in all our toilets. MARKETING The imrnediale Challenge for markeb'ng and indeed for programming in 2021-22 was to rebuild audiences lo their pre-pandemic levels. So far this has not proved sporadic rather than lineady progressive. Panto sales. for example, Ornicron no￿lthStanding, reached 90 /0 ol their 2019 level although overall allendances for the fourth quarter onty reached 700/0 ol their five-year pre-covid average, much of the decline being seen in cinema audiences. More work still will be required lo re-build our membership base. On 31st March 2022 there were 3094 membecs, compared with 3828 fv40 years earlier. The planned inlroduclK)n of a dedicated cinema membership will tackle some of this decline. Even though there has a been a relum to print marketing throughout the industry the progress made in our digital strategy both pre- and during Covid was reiained and built upon in 2022-3. The department needs to retsin and consolidats these new skills and a challenge will be to recruit or train to this level. Specifically, there needs lo be a sustainable balan￿ be￿een digital services Page 6 MALVERN THEATRES TRUST LIMITED IA COMPANY LIMITED BY GUARANTEEI TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 MARCH 2022 delivered in-house anoost lo this largely rural economy. Malvem Theatres is ideally poised to help the rggion 'level up, arts ac¢$ss and opportunity. but this cannot be done within the Ihealre's existing footprint which is al capacity in every way. The investrnenl will IransforTn the current offering. creating life-ch8nging opportunities for young people and specifically those from deprived backgrounds, as well as people with severe disabilities. Pag8 8 MALVERN THEATRES TRUST LIMITED IA COMPANY LIMITED BY GUARANTEEI TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 MARCH 2022 TRUSTEES The Trustees who served during the year were.. Professor Judith Elkin Richard Hastslow-smilh Maher Kazi Leslie Kinmond Rithard Marks Sarah Rouse (resigned 29 March 2022) Professor Tamar Thompson OBE. Chair GOVERNING DOCUMENT The Charity is registered as a charitable company limited by guar2ntee sel up by a Memorandurn of Associakn'on on 19 February 1965. 11 is reg¢stered as a charity wilh the Charity Commission No. 241433 APPOINTMENT OF TRUSTEES The management of the Charity and the Group is the responsibility of the Trustee5 who are elecled and co-opted under the terms of the Mernorandum and Articles of Association. Particular effort is madg lo re¢iuil Trustees who wll benefit the Charlty by bfinging a balanced set of skills. Efforts are also made lo manage future retirem8nts of Trustees, so as to enable th8 appointment of successors without undue haste. TRUSTEE INDUCTION AND TRAINING Every Trustee on appointment is provided with a pack of docurnenls setting out key information on the Trust and the Charity. New Trustees are required lo conlimi Ih8t they have studied these documents and raised any queries or obtained any further information which they may need. Developments in Charity Law and practice ale monitored and important developments are brought to the notice of Tnsstees. TRUSTEES. RESPONSIBILITIES The Trustees (who a￿ also directors of Malvem Thèatres Trust Limited for the purposes of company lawl are responsible for preparing the Trustees, report and the financial stalemenls in accordance with applicable law and United Kingdom Accounting Standards (Unileil Kingdom Gonerally Accepted Accounting Practice). Company law requires the Tiustees to prepare financial statements lor each financial year. Under ¢ompany18w the Tru51ees must not approve the financial statements unless they a￿ satisfied that they give a true an¢J fair view of the stale of affairs of the Charilable company and the group and of the incoming resources and application of resources, including the income and expenditure, of the charitable group for that period. In preparing these financial slatemenls, the Trustees are required to: select suStable accounting policies and then appty them consistently: observe the methods and princyplès in the Charities SORP: make judgments and accounting eslimales that are reasonable and prudent. prepare the financial statements on Ihe going concem basis unless il is inappropriate lo presume that the charitable group will continue in operation. The Trustee5 ale responsible for keeping adequate accounting records that are sufficient lo show and explain the charitable company and the group's transactions and disclose with reasonable accuracy at any time the fin8ncial position ol the charitable group and enable them lo ensure that the financial statements comply with the Cornpanies Act 2006 They are also responsible for safeguarding the assets of the charitable company and the group and hen￿ for tsking reasonable steps for the prevention and detection of fraud and other irregularities. Page 9 MALVERN THEATRES TRUST LIMITED IA COMPANY LIMITED BY GUARANTEEI TRUSTEES. REPORT {CONTINUEDI FOR THE YEAR ENDED 31 MARCH 2022 ORGANISATION The Board of Trustees. which currenuy has 6 members, administers the Charity. The Board mee15 bi-monthly and the￿ are sub-committoes covering fundraising. audit 8nd governance and remuneration. These sub- committees meet on an ad-hoc basis whenever necessary. The Chief ExeGulive is appointed by the Trustees to manage the day to day operations of the Charity. To facililale effective operation, the Chief Executive has delegated authority within terms ol ￿ference approved by the Trustees for some operallonal matters. including rinance. RELATED PARTIES None of the Trustees receive remuneration or any other benefit for their work with the Charity. Any connection be￿een any Trustee and any production company. ¢onlra¢led actor or performer of any sort, musl be disclosed lo the full Board of Trustees in the same way as any contractual relationship with a related paty- The Charity has a dose relationship with Malvern Hills District Council. wha provide grant aid. Receipt of these granl monies 15 crucial for the ongoing operations of the Theatres. The Charitys wholly owned subsidiary, Malvern Theatres Trading Llmiled, was established to operate hiie, conferences, et¢. and all other activities ancillary lo the main activity of the group. The profits of the subsidiary are Gfft Aided to the Charity Isee Note 13 to the financial Statements). The Charitys wholly owned subsidiary, Malvern Theatres Productions Ltd. was established to produce theatre producligns. The profits of the subsidiary are Gift Aided to the Charity (see Note 13 to the financial slalemenlsl. DISCLOSURE OF INFORMATION TO AUDITORS Each of the persons who a￿ Trustees al Ihe time when this Trustees, report is approved has confirmed Ihal.. so far as Ihal Trustee is aware, Ih8re is no relevant audit information of which the charitable group's auditor5 are unaware. and that Trustee has taken all the steps that ought to have been taken as a Trustee in Order to be aware of any information needed by the charitable group's auditors in connection with preparing their report and lo establish that the charitsble group's auditors are aware of that inforniation. Approved by Order of the members of e board of Trustees and signed on their behalf by.. Professor Tamar Tho Chair Dale= 2S jioiz Page 10 MALVERN THEATRES TRUST LIMITED IA COMPANY LIMITED BY GUARANTEE) INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF MALVERN THEATRES TRUST LIIAITED OPINION We have audited the financial statements of Malvern Theatres Trust Limited Ilhe 'parenl charitable companVI and ils subsidiaries Ithe 'group'l for the year 8nded 31 March 2022 which comprise the Consolidated Statement of Financial Activities. the Consolidated Balance Sheet. the Charitable Company Balance Sheet. the Consolidated Stslemenl of Cash Flows and the related notes, including a summary of signilicanl a¢counting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdoffl Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland, Iunited Kinodoffl Generally Accepted Accounting Praclicel. In our opinion the financial statements.. glve a true and fair view of the stale of the Group's and of the parent charitable company's affairs as at 31 March 2022 and of the Group's incoming resouiees and application of ￿SoUrCes. including ils income and expenditure lor the year then ended-. have been propeHy prepared in ac￿rdanCe with United Kingdom Generally Accepted Accounting Practice.. and have been prepared In accordance with the requirements of the Companies Act 2006. BASIS FOR OPINION We conducted our audit in accordance with Inlamalional Standards on Auditing IUKI IISAS IUKII and applicable law. Our responsibilities under those standards are further described in the Auditors, responsibilitie5 for the audit of the financial slalemenls section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant lo our audit of the linancial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard, and we have fulfilled our other ethical responsibilities Sn accordance with these requirements. We beliavg that the audit evidence we havo obtained is sufficient and appropriate to provide a basi5 for our opinion. CONCLUSIONS RELATING TO GOING CONCERN In 8udiling the financial statements, we have conduded that the Trustees. use of the going concem basis of accotjnting in the preparab'on of the financial statements is appropiiale. Bas&d on the work we have performed, we have not identified any malerial uncertainties relating to events or Conditions that, individually or collectlvely. may cast signifi¢anl doubt on the Group's or thé parent charitsble company's ability lo continue as a going concern for a perio¢J of al least twelve months from when the financial statements are aulhorised for issue. Our ￿SponSibl1111es and the responsibilities of the Trustees with respect lo going concem are described in the felevanl sections of Ihls report. OTHER INFORMATION The other information comprises the infom8tion included in the Annual Report other than the financial slalemenls and our Auditors, Report thereon. The Trustees are ￿spOnsIble for the other infomalion contained within the Annual Report. Our opinion on the financial statements does not cover the other information and. except lo the exlenl olhernise explicitly staled in our report, we do not express any form of 85surance conclusion thereon. Our responsibility is to read th& other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appeals lo be materially misslaled. If we identify such material inconsistencies OT apparent material misstatements, we are required lo determine whether thi5 gives rise to a material misslalemenl in the financial slalemenls themselves. If. based on the work we have perforrned, we conclude that there is a material misslalement of this other information. we are required lo report that fact_ We have nothin9 to report in this regard. Page 11 MALVERN THEATRES TRUST LIMITED {A COMPANY LIMITED BY GUARANTEEI INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF MALVERN THEATRES TRUST LIMITED (CONTINUED) OPINION ON OTHER MAThERS PRESCRIBED BY THE COMPANIES ACT 2006 In our opinion. based on the work undertaken in the course of the audit.. the information given in the Trustees, Report induding the Strategic Report for the financial year for which the finan¢i81 statements are prepared is consistent wth the financial statements. the Trustees, Report and the Strategic Report hav& been prepared in a¢cordanc8 with applicable legal requirements. MATTERS ON WHICH WE ARE REQUIRED TO REPORT BY EXCEPTION In the light of our knowledge and understanding of the chaThlable company and its environment obtained in the course of the audit. we have not identified material ffiisslalements in the TnJst&es' Report induding th8 Strategic Report. We have nothing lo report in respect of the following matters in relation lo which Companies Act 2006 requires us to report to you if. in our opinS0n.' the parent charitable company has not kept adequate and sufficlenl accounting records. or reluins adequate for our audit have not been received from branches not visited by us., or the parent charitable company financial statements a￿ not in a9reement with the accounting records and returns., or certain disclosures of Trustees, remuneration specified by law are not made. or we have not received all the information and explanations we require for our audit. RESPONSIBILITIES OF TRUSTEES As explained mole fully in the Trustees, Responsibilities Slalement, the Truslees (who are also the directors of the ¢haritsble company for the purpose5 of company lawl are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such inlemal conlrol as the Trustees detemiine is necessary lo enable the preparation of financial statements that are free from material misslalemenl. whether due lo fraud or eJTQr. In preparing th& financial slalements, the Trustees are responsible for assessing the Group's and the parent charitable companys ability lo Continue as a going concern, disclosing, as applicable. matters related to going concem and using the going concem basis of accounting unless the Trustees either intend to liquidate the Group or the parent charitsble company or to cease operation5, or have no rgalislic alleinative but lo ¢Jo so. AUDITORS. RESPONSIBILITIES FOR THE AUDIT OF THE FINANCIAL STATEMENTS Our objectives are to obtain reasonable assurance about whether the financial slalements as 8 whole are free from material misslatemenl, whether due lo fraud or error. and to issue an Auditors, Report that includes our opinion. Reasonable assurance is a high level of assurance. bul is not a guarantee that an audit cc>nducted in accordance with ISAS IUKI will always delecl a material misstatement when il exists. Misslalemenls can arise from fraud or error and are conside￿d material if, indiwdually or in the aggregate, they could reasonably be expected lo influence the economic decisions of users taken on the basis of these financi81 slalements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilf(ies. outlined above, lo delecl material misslalemen15 in respect of irregularities, including fraud. The extent to which our procedure5 are capable ol deleclin9 irreg*Jlarilies, includirvJ fraud is detailed below.. P8ge 12 MALVERN THEATRES TRUST LIMITED {A COMPANY LIMITED BY GUARANTEEI INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF MALVERN THEATRES TRUST LIMITED ICONTINUEDI Identifwng and assessing potential rlsks related tr) irregularilles,. The procedures undertaken Sn order lo identify and assess risks of material misstatement in respect of irregulaTilies, including fraud and non that we might stat8 Ir) the Charit8ble Companls IrLJslees those matters we arè requi￿d to slate lo them in an Auditors. Report and for no other purpose. To the fullèst exlenl permilleé by law, we do not ac¢ept or assume responsibility lo anyone other than thg Charitable Company and its Iruslees, as a body, for our auttil work. for this report, or for the opinions we have formed. /Oa Andrew Wood FCCA Isenior Statutory Auditor) for and on behalf of Bishop Fleming LLP Chartgred Accounlanls ststulory Auditors 1-3 College Yard Worcester WR12LB Dale.. 8th December 2022 Page 14 MALVERN THEATRES TRUST LIMITED A COMPANY LIMITED BY GUARANTEEI CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENOITURE ACCOUNTI FOR THE YEAR ENDEO 31 MARCH 21J22 Unrestricted funds 2022 Rostricted funds 2022 Total funds 2022 Total funds 2021 Note INCOME FROM: Donations and legacies Charitable activities Other trading activities Investments 597.431 3.252.745 134,347 43,219 225,449 822,880 3.252,745 134,347 43.219 1,958.914 70.527 64,411 38,598 TOTAL INCOME 4,027,742 225.449 4.253,191 2.132.450 EXPENDITURE ON: Raising funds Charitable activities 173.457 3.969,071 173,457 4,105,715 111.267 1.600,476 136,644 TOTAL EXPENDITURE 4,142,528 136,644 4279.172 1.711.743 NET IEXPENDITUREIIINCOIIIE BEFORE NET ILOSSES)IGAINS ON INVESTMENTS Nel Ilossesygains on investments 1114,7861 16,2611 88.805 (25.9811 16,2611 420,707 372 13 NET MOVEMENT IN FUNDS {121,047} 88,805 132,242) 421.079 RECONCILIATION OF FUNDS: Total funds bfought fotward Nel movement in funds 1,319.501 1121,047} 3,492,397 88,805 4,811.898 {32,2421 4.390,819 421,079 18 TOTAL FUNDS CARRIEO FORWARD 1,198.454 3,581.202 4.779,656 4,811,898 The Consolidaled Statement of Financial Activities includes all gains and losses recognised in the year. The notes on pages 21-34 fomi part of these financial statements. Page 15 MALVERN THEATRES TRUST LIMITED IA COMPANY LIMITED BY GUARANTEEI REGISTERED NUMBER:00838245 CONSOLIDATED BALANCE SHEET AS AT 31 MARCH 2022 2022 2021 Note FIXED ASSETS Tangible assets Investments 12 2,510,177 656,950 2,664,289 504.182 13 3.167.127 3.168,471 CURRENT ASSETS Debtors Cash al bank and in hand 14 174,956 2.946,477 239,978 2,612,897 3,121.433 2.852.875 Creditors: amounts falling due wilhln one year 15 {1,506,904> 1784,4481 NET CURRENT ASSETS 1,612,529 2.068.427 Creditors.. amounts falling due after more than on8 year 16 1425,0001 TOTAL NET ASSETS 4,779,656 4.811,898 CHARITY FUNDS Restricted funds Unrestricted funds 18 3,581.202 1,198,454 3.492,397 1,319,501 18 TOTAL FUNDS 4.779.656 4.811.898 The Trust8e8 acknowledge their respon5ibililies for complying with the requirements of the Act with r6spé¢t to accounting records and preparation of financi21 statements. The financial statements were approved and authorised for issue by the Trustees and signed on Ih8ir behalf by.. Professor Tamar Thompson OBE Chair Date.. The notes on pages 19 10 37 form part of these financial statements. Page 16 MALVERN THEATRES TRUST LIMITED IA COMPANY LIMITED BY GUARANTEEI REGISTERED NUMBER:0083B245 CHARITABLE COMPANY STATEMENT OF FINANCIAL POSITION FOR THE YEAR ENDED 31 MARCH 2022 2022 2021 Nots FIXED ASSETS Tangible assets Investments 12 13 2,510.177 756.952 2.664.289 604,184 3.267,129 3.268.473 CURRENT ASSETS Debtors Cash al bank and in hand 14 247.784 2,786.127 275.806 2,471,925 3,033,911 2,747.731 Creditors.. amounts falling due wllhin one year 15 11.497.674) 1775,219) NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES 1.536.237 1.972,512 4.803,366 5,240.985 Creditors.. amounts falling due after more than one year 16 1425.1]00) TOTAL NET ASSETS 4,803.366 4,815,985 CHARITY FUNDS Restricted fijnds Unrestricted funds 18 18 3.581.202 1,222.164 3,492,397 1.323.588 TOTAL FUNDS 4,803,366 4,815,985 The TrLFStèes acknowledge their responsibllilies for complying with the requirements of the Act with respect to accounting records and pr8pa¥alion oi financial statements. The financial stalemenls were approved and aulhorised for issug by the Trusteès and signgd on their behalf by.. Professor Tamar Thompson OBE Chair Date.. The notes on pages 19 to 37 fomi part of these financial statements. 2SIiuizE Page 17 MALVERN THEATRES TRUST LIMITED {A COMPANY LIMITED BY GUARANTEEI CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2022 2022 2021 Note CASH FLOWS FROM OPERATING ACTIVITIES Nel cash used in operaling activities 21 463,285 673,036 CASH FLOWS FROM INVESTING ACTIVITIES Investrnenl income PuT¢hase of tangible fixed assets Proceeds from sale of investments Purchase of investments 43,217 38,598 113,8951 11.5521 283,975 200.000 1443.0021 1173,4651 NET CASH (USED IN)IPROVIDED BY INVESTING ACTIVITIES 1129,7051 63,581 CHANGE IN CASH AND CASH EQUIVALENTS IN THE YEAR Cash and cash equSvalents al the beginning ol the year 333,580 736.617 2,612,897 1.876,280 CASH AND CASH EQUIVALENTS ATTHE END OF THE YEAR 22 2,946.477 2.612,897 The notes on pages 19 10 37 form part of these financial slalemènls Page 18 MALVERN THEATRES TRUST LIMITED IA COMPANY LIMITED BY GUARANTEEI NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 GENERAL INFORMATION Malvern Theatres Trust Limited is a private charitable Company limited by guarantee incorporated in England and Wales. The ￿gIStered office is Grange R08d. Malvem, Worcestershiie, WR14 3HB. ACCOUNTING POLICIES 2.1 BASIS OF PREPARATION OF FINANCIAL STATEMENTS The financial stalemenls have been prepared in accordance with the Charitie5 SORP IFRS 1021 Accounting and Reporting by Charities.. Statement ol Recommended Practice applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 {effective 1 January 20151. the Financial Reporting Standard applicable in the UK and Republi¢ of Ireland {FRS 1 Q21 and the Companies Act 2006. Malvern Theatres Trust Limited meets the definition of a public b8nèfit entity under FRS 102. Assets and liabilities are initially recognised at histOriC81 cost or transaction value unless otherwis8 slal8d in the relevant accounting policy. The Consolidated Statetnenl of Financial Activities ISOFAI and Consolidated Balance Sheet consolidate the financial statements of the Group and its subsidi8ry undertakings. The results of the subsidiartes a￿ wnsolidated on a line by line basis. The Group has taken advantsge of the exemption allowed under section 408 of the Companies Act 2006 and has not presented ils own Statement of Financial A¢livilies in these financial statements. 2.2 GOING CONCERN After making appropriate enqijiries, the Trustees have a reasonable expectation that the charity has adequate resources lo Continue in operational existence for the foreseeable future. For this reason they continue lo adopt the going concern basis in preparing thg financial statements. The financial statements do not reflect the adjustments that would be necessary should entity cease to remain as a going concem. Page 19 MALVERN THEATRES TRUST LIMITED {A COMPANY LIMITED BY GUARANTEEI NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 ACCOUNTING POLICIES Icontlnuedl 2.3 INCOME l income is recognised once the Charitable Company has entitlement lo the income. it is probable that the income will be received and the amount of income receivable can be measured i&liably. Charitable activities Income from Theatre admission fa9s is included in in￿ming resources in the Peri￿ in which the relevant show tskes place. Actlvltlos lor generatlng funds Activities for generating funds includes income from commercial activhies and Tepresents income from clnema admissions and sponsorship activities and is included In the perio(S in which Ihts group is enliled lo ￿ceIpt. Grants receivablg Revenue based grants are credited lo the Statement of financial activities in the year in which they are received. Grants relating to th8 redevelopment of the Theatre complex havg been credited to roslri¢l8d fvnds in the Statement of financial activities in accordance with the condition5 imposed by donors. 2.4 EXPENDITURE Expenditure is recognised once Iherg is alegal or constructive obligation lo transfer economic benefit lo a third paty, it is probable that a ITansfer of economic benefits will be required in settlelnenl and the arnounl of the obligation can be measured reliably. Expenditure is classified by aclivily. The costs of each activity 8re made up of the total of direct costs and shared costs, including support costs involved in undertaking each aclivily. Direct costs attributable to a single activity are allocalecj directly lo that activity. Shared costs which contribute to more than one activily and support CDsls which are not attributable lo a single 8¢tiVTty are apportioned between those activities on a basis Consistent with the use of resources. Central staff costs are allocated on tha basis of lime spent, and depreciation charges a110¢81ad on the portion of the 855el's use. Expenditure on raising funds Sncludes all expenditure incurred by the Group lo raise funds for ils charitable purposes and includes costs of all fundraising activities events and non-charitable trading. Expenditure on charitable activities is incurred on direcuy undertaking the activities which further the Group's objectives. as well as any associated support costs. 2.5 INTEREST RECEIVABLE Interest on funds held on deposll is included when receivable and the amount can be meosuied reliably by the Group,. this is normally upon notification of the interest paid or payable by the institution th whom the funds are deposited. Paga 20 MALVERN THEATRES TRUST LIMITED {A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 ACCOUNTING POLICIES Icontlnuedl 2.6 TAXATION The Charitable Company is considered lo pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation lax purposes. Accordingly, the Charitable Company is polenlialSy exempt from taxalion in respect of income or eapilal gains received within categories wvered by Chapter 3 Part 11 01 the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the exlenl that such income or gains are applied exclusively to charitsble purposes. 2.7 TANGIBLE FIXED ASSETS AND DEPRECIATION Tangible fixed assets costing £500 or more are capitsli5ed and recognisgd when future economi benefits are probable and the cost or value of the asset can be measured ieliably. Tangible fixed assets are initially recognised at cost. After recognition. under the cost model, tangible fixed assets are measured al cost less accumulated depreciation and any accumulated impairmenl losses. All costs inGurred lo bring a tangible fixed ass81 into ils intended working condition should be included in the measurement of cost. Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual valLte over their estimaled useful lives. using the straighl-line method. Depreciation is provided on th8 following bases.. Long-term leasehold property FixtLtres and fillings Over the remaining life of the lease 1 OVo-500/o Straight line 2.8 INVESTMENTS Fixed asset inveslrnenls are a form of financial inslnjmenl and are initially recognised al their transaction cost and subsequently me85ured at fair value al the Balan￿ Sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impairment. Inve51menl gains and losses. whether realised or unrealised, are combined and presented as 'GainsllLossesl on investments, iri the Consolidated Statement of Financial Activities. Investments in subsidiaries a￿ valued at cosl1gss provision for impairment. 2.9 DEBTORS Trade and other debtors are recognised at the selllemenl amount after any trade discount offered. Prepayments are valued al the amount prepaid nel of any trade discounts due. 2.10 CASH AT BANK AND IN HAND Cash al bank and in hand includes cash and short-lerm highly liquid investments with a short maturity of three months or less from the dale of acquisition or opening of the deposit or similar account. P8ge 21 MALVERN THEATRES TRUST LIMITED IA COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 ACCOUNTING POLICIES l¢ontinuedl 2.11 LIABILITIES AND PROVISIONS Liabilities are recognised when there is an obligation al the Balance Sheet date as a ￿sU11 of a past event, il is probable that a transfer of economic ben81il will be required in selllemenl. and the amount of the settlement Can be estimated reliably. Liabilities a￿ recognised at the amount that the Charitable Company anticipales il will pay lo sellle the debl or the amount it has received as advanced payments for the goods or services il musl provide. Promsions are m8asured at the best aslimale of the amounts required to settte the obligation. Where the effect of the lime value of money is material, the provision is based on the present value of those amounts, discounted al the pre-tax discount rate that reflects the risks specific lo the liability. The unwinding of the discount is recognised in the Consolidated Statement of Financial Aclivilies as a nance cosl. 2.12 FINANCIAL INSTRUMENTS The Group only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised al transaction value and subsequently measured al their settlement value with the exceptlDn of bank loans which are sijbsequenlly measured al amortised cost uslng the effective interest method. 2.130PERATING LEASES Rentals p8id under operating leases aro charged lo the Consolidated Statement of Financlal Activllies on 8 Straight line basis over the lease term. 2.14 PENSIONS The Group operates a defined contribution pension scheme and the pension charge represents the amounts payable by the Group lo the ftjnd in respect of the year. 2.15 FUND ACCOUNTING General funds aro unreslricled funds which are available for use al the discretion of the Trustees in furtherance of the general objectives of the Group and which hava not been designated for other purposes. Reslricled funds are fun¢Js which are lo be used in accordance with specific reslricb'ons imposed by donors or which have been raised by the Group for particular purposes. The costs of raising and administering such funds are chaigeis against the specific fund. The aim and use ol each reslricled lund is sel out in the note5 to the financial slalemenls. Investment income, gains and losses are allocated lo the appropri8le fund. Page 22 MALVERN THEATRES TRUST LIMITED (A COMPANY LIMITED BY GUARANTEEI NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 INCOME FROM DONATIONS AND LEGACIES Unrestricted Restrlcted funds fund5 2022 2022 Total funds 2022 Total funds 2021 DONATIONS Tomorrow Fund donations Heritage Fund donations Other donations GRANTS 17.719 207.730 17,719 207.730 80,802 194,975 2,152 237,179 80,802 The Elmley Foundation Support grant from MHDC Covid grant from MHDC Rent grantfrom MHDC Other grants Culture Recovery Fund 9rant Job Retention Scheme grant 2.000 56.810 71,759 61,000 35,750 845.703 451,586 56.801 24.000 61.000 8,789 327,672 38,367 56.801 24,000 61,000 8,789 327,672 38,367 TOTAL 2022 597.431 225.449 822,880 1,958,914 TOTAL 2021 1.761.787 197.127 1,958,914 INCOME FROM CHARITABLE ACTIVITIES Unrestricted funds 2022 Total funds 2022 Total funds 2021 Festival Theatre income Forum Theatre income Engagement and Creative Learning income Cinema income Theatre membership fees and income Other income 1,639,522 874.237 14.170 224,600 201,570 298.646 1,639,522 874,237 14,170 224.600 201,570 298.646 21,773 12,917 17461 20.256 6,465 9,862 TOTAL 2022 3.252,745 3,252,745 70,527 TOTAL 2021 70,527 70,527 Page 23 MALVERN THEATRES TRUST LIMITED (A COMPANY LIMITED BY GUARANTEEI NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 INCOME FROM OTHER TRADING ACTIVITIES Income from non charltable tradlng a¢tivSties Unreslrlcted fund5 2022 Total funds 2022 Total funds 2021 Income from calerlng wnlracl Trading company income 35.790 98,557 35.790 98.557 33.806 30,605 TOTAL 2022 134.347 134,347 64,411 TOTAL 2021 64,411 64,411 INVESTMENT INCOME Unrestricted funds 2022 Total funds 2022 Total funds 2021 Investment income 43,219 43.219 38.598 TOTAL 2022 43.219 43,219 38.598 TOTAL 2021 38,598 38,598 Page 24 MALVERN THEATRES TRUST LIMITED {A COMPANY LIP4llTED BY GUARANTEEI NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 ANALYSIS OF EXPENDITURE ON CHARITABLE ACTPIITIES Summary by fund type Unre$trl¢ted Restricted funds funds 2022 2022 Total funds 2022 Total funds 2021 Shows Engagement and Creative Leaming Catering expenditure 3.849,799 57.666 61.606 136,644 3.986,443 57.666 61.606 1.559,973 40,503 3,969,071 136,644 4,105,715 1.600,476 TOTAL 2021 1,467,852 132,624 1,600.476 ANALYSIS OF EXPENDITURE BY ACTIVITIES Activities undertaken directly 2022 Support costs 2022 Total funds 2022 Total lunds 2021 Shows Engagement and Creative Leaming Catering expenditure 3,672,622 57,666 61,606 313,821 3.986.443 57,666 61,606 1.559,973 40,503 3,791,894 313.821 4.105.715 1,600,476 TOTAL 2021 1,286,199 314,277 1.600.476 Page 25 MALVERN THEATRES TRUST LIMITED (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 ANALYSIS OF EXPENDITURE BY ACTIVITIES ICONTINUEDI ANALYSIS OF DIRECT COSTS Engagement and Creattve Learning 2022 Total funds 2022 Total funds 2021 Shows 2022 Catering 2022 Staff costs Depreciation Show production costs Cinema produth.on costs Irrecoverable VAT Covid Costs Adve￿'sIng and markeiing Equipment and small tool costs Property ¢osls General propety costs Other staff Costs Genaral expenses Cal@ring Costs Operating l&ase5 775.933 168,007 1,938,187 87,494 35.745 4,011 170,087 5,328 135,153 125,432 30.591 126,655 41,439 817,372 168,007 1.951.460 87,494 3S,745 4,011 173,041 5,328 135.153 125,432 30,591 126,655 61,606 69.999 711,620 198,815 38,596 7.987 32.262 9,336 10,752 1,497 70.751 39.688 10,776 84,834 13,273 2.954 61,606 69,999 69,285 3,672.622 57,666 61.606 3,791,894 1,286.199 TOTAL 2021 1.245,696 40,503 1,286,199 ANALYSIS OF SUPPORT COSTS Theatrè$ income 2022 Total funds 2022 Total funds 2021 Staff costs Bank and credit card charges Consultancy costs Audit fees Legal and profossional fees 256,208 21,608 17.444 16,250 2,311 256,208 21,608 17,444 16.250 2,311 275,618 3,009 20,659 14,779 212 313.821 313.821 314.277 Page 26 MALVERN THEATRES TRUST LIMITED IA COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 AUDITORS. REMUNERATION 2022 2021 Fees payable lo the Charitable Company's auditor for the audit of the Charitable Companls annual accounts Fee5 payable to the ChaTilable Companls auditor in respect of= All non-audil services not included above 14,250 11.750 2,000 3,029 10. STAFF COSTS Charitable Company 2022 Charitable Company 2021 Group 2022 Group 2021 Wages ar7d salaries Social security costs Contribution lo defined conlribulion pension schemes 1,032.696 77.598 945,577 69,920 1,032,696 77,598 945.577 69,920 38,187 39.322 38,1B7 39.322 1.148.481 1,054,819 1.148,481 1.054.819 Redundancy payments tolalling £NIL12021.' £13,100) were made lo 012021-. 16) employees. The average number of persons employed by the Charitable Company during the year was as follows.. Charltable Company 2022 No. Charitable Company 2021 Group 2022 No. GroL¢P 2021 Employees 52 73 52 73 The number of employees whose employee benefits (excluding employer pension c051s} exceeded £60,000 was.. Group 2022 No. Group 2021 No. In the band £100,001- £110,000 The key management personnel of the Charity. and the Group, comprise the Trustees, Chief Executive Officer. Finance Director. Marketing Director and Technical Director. The lolal employee benefits of the key management personnel of the Charity ané Group, including employevs National Insurance contributions, were £296.512 {2021'. £293,783). Pagè 27 MALVERN THEATRES TRUST LIMITED IA COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 11. TRUSTEES. REMUNERATION AND EXPENSES During the year. no Trustees received any remuneration or other benefits {2021: £NIL). During the year ended 31 March 2022. no Trustee expenses have been incurred12021." £NILI. Page 28 MALVERN THEATRES TRUST LIMITED IA COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 12. TANGIBLE FIXED ASSETS GROUP ANO CHARITABLE COMPANY Long4èmi l*a$ohold Fixtures and property fittings Total COST Al 1 April 2021 Addib'ons 7,253,205 960.012 13,895 ,213,217 13,895 Al 31 March 2022 7,253.205 973,907 8.227,112 DEPRECIATION At 1 April 2021 Charg8 for the year 4.919.936 97.220 628.992 70,787 5,548,928 168,007 Al 31 March 2022 5,017,156 699,779 5,716.935 NET BOOK VALUE At 31 March 2022 2,236,049 274,128 2,510,177 Al 31 March 2021 2,333,269 331,020 2,664.289 Page 29 MALVERN THEATRES TRUST LIMITED IA COMPANY LIMITED BY GUARANTEEI NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 13. FIXED ASSET INVESTMENTS Listed investments GROUP AND CHARITABLE COMPANY COST OR VALUATION Al 1 April 2021 Additions 504.184 443,002 {283,975) 16,2611 Disposals RevalualSons AT 31 MARCH 2022 656,950 NET BOOK VALUE AT 31 MARCH 2022 656,950 AT 31 MARCH 2021 504,184 PRINCIPAL SUBSIDIARIES The following were subsidiary undertakings of the Charitable Company.. Names Company Registered office number prln¢ipal place of bu$ine5S Prln¢lpal activity Class of shar8$ Holding Malvem Theatres 02870411 The Malvem Theatres, Hiie of facilities and Ordinary Trading Limited Grange R08d, Malvern. sale of ancilliary Worcestershire. products related lo WR14 38H shows Ma￿ern Theatres 06421354 The Malvern Theatres, Touring theatrical Productions Grange Road, Malvern. production company Limited WorGeslershire, WR14 3BH 1 OOVO Ordlnary 100Yo The financial results of the subsidiaries for th8 year We￿.. Names Incom9 Expenditure Surplusl IDefi¢ltl for the period Net assets Malvem Theatres Trading Limlled Malvern Thgatres Productions Limited 94.557 4.000 93,620 124,560) 937 120,560) 76,290 Page 30 MALVERN THEATRES TRUST LIMITED IA COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 14. DEB TORS Charitablg Company 2022 Charitsble Company 2021 Group 2022 Group 2021 DUE WETHIN ONE YEAR Trade debtors Amoun15 owed by group undertakings Other debtors Prepayments and accrued Income 76,839 13 2,200 95,904 8,751 72.918 81.762 1,200 91,904 8,751 36,828 2,603 227.624 3.603 227,624 174.956 239,978 247.784 275,806 15. CREDITORS.. AMOUNTS FALLING DUE WITHIN ONE YEAR Charitabl8 Company 2022 Charitable Company 2021 Group 2022 Group 2021 Bank loans Trade Crgdllors Amounts owed lo gTOUP un(Jertakings Other taxation and social security Other creditors Accruals and deferred Income 75.000 47,222 75,000 43,889 149.123 13 43.897 612 1.315,259 144,199 43,897 612 1,308,966 662.226 656.330 1,508.904 784,448 1,497.674 775,219 Charltsble Company 2022 Charitable Company 2021 Group 2022 Group 2021 Deferred income at 1 April 2021 Resources deferred during the year Amounts released l¥om previous periods 745,215 851,243 613,910 745,215 907.500 623.755 906.100 613,910 1745.2151 {729.783} 1613,9101 1745,215} 907,500 745,215 906.100 613.910 Deferred income represents amounts received in respect of shows and perfomiances that do not lake place until after the year end, as well as theatre packages and glft cards not yet reclaimfjd. Page 31 MALVERN THEATRES TRUST LIMITED IA COMPANY LIMITED BY GUARANTEEI NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 16. CREDITORS.. AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR Charltsble Company 2022 Charitable Company 2021 Group 2022 Group 2021 Bank loans 425.000 425,000 Included within the above aro amounts falling due as follows.. Charitablfr Company 2022 Chafilable Company 2021 Group 2022 Group 2021 BETWEEN ONE AND TWO YEARS Bank loans 100,000 100,000 BETWEEN TWO AND FIVE YEARS Bank loans 325.000 325,000 17. FINANCIAL INSTRUMENTS Charitable Company 2022 Charitable Company 2021 Group 2022 Group 2021 FINANCIAL ASSETS Financial assets measured al fair value through income and expenditure 2,946,477 2.612.897 2.786,127 2,471,925 Financial assets measured at fair value through Income and expenditure comprise cash al bank and in hand. Page 32 MALVERN THEATRES TRUST LIMITED A COMPANY LIMITED BY GUARANTEEI NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 18. STATEMENT OF FUNDS STATEMENT OF FUNDS- CURRENT YEAR Balan¢e at 31 March 2022 Balance at 1 April 2021 Gainsl (Losses) Income Expendituro UNRESTRICTED FUNDS General Funds 1,319,501 4.027,742 14,142.5281 {6.2611 1,198,454 RESTRICTED FUNDS Restricted Theatre Refuibishmenl Fund Restricted Tomorrow Fund Restricted Heritagg Fund 2,333,269 683,605 475.523 197.220} 139,4241 2.236,049 661,900 683,253 17.719 207.730 3,492.397 225,449 1136,644) 3.581.202 TOTAL OF FUNDS 4,811,898 4,253.191 14,279,172) (6,261) 4,779,656 RESTRICTED FUND DESCRIPTIONS: Restricted Theatre Refurbishmgnt Fund5 This fund is the result of Lottery Funding Grant matched by contribution from MHDC and other supporters lo provide refurbishment of the Theatres. The refLJrbishmenl costs have been capilalised and ￿11 be depreciated over the life of the lease, or life of item whichever is applicable. The balance on Ihis fund as al the year end was £2.236,04912021.. £2.333.2691. Restricted Tomorrow Fund The fund is the Tesult of contributions from the Theatre5' SUPPOrters to fLJnd the redeveloprnenl of the Theatres, including reseating of the cinema. Festival and Forum. and for funding projects including festivals. The cinema and festival seating has been replaced and these costs have befjn capilalised and will bo depreciated over the 5ife of the assets. The balance on this fund as al the year end was £661,900 12021: £683,6051. Restricted Heritag8 Fund Thi5 fund is Ihe ￿sUItS of contributions from the Theatres, supporters lo lund heritage projects, and towards the maintenance and running costs of the building. The balance on this fund as 81 the year end was £683.253 {2021.. £475.5231. This fund has been used towards reseating the festival Ihealre, and going foNiard will help to fund ¥eplacement of the forum theatre sealing and an extension to provide education space. Page 33 MALVERN THEATRES TRUST LIMITED IA COMPANY LIMITED BY GUARANTEEI NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 18. STATEMENT OF FUNDS (CONTINUED) STATEMENT OF FUNDS- PRIOR YEAR Balance at 31 March 2021 Balance al 1 April 2020 Transfers inloul Gainsl (Losses) Income Expenditure UNRESTRICTED FUNDS General Funds 1,062,638 1,935.323 11,579,119} 199.7131 372 1,319.501 RESTRICTED FUNDS Reslricled Theatre Refurbishment Fund Reslricled Tomorrow Fund Reslricled Heiitsge Fund 2,330,776 197,2201 99,713 2,333,269 523,054 194.975 134.4241 683,605 474.351 2,152 19801 475,523 3,328,181 197,127 1132,6241 99,713 3,492,397 TOTAL OF FUNDS 4.390.819 2.132,450 11,711.7431 372 4.811.898 19. SUMMARY OF FUNDS SUMMARY OF FUNDS- CURRENT YEAR Balance at 31 March 2022 Balancè at 1 Aprll 2021 Galnsl (Losses) Incom• Expenditure General funds R&slricted funds 1.319,501 3,492.397 4.027.742 14,142.528) 225,449 {136.6441 (6.2611 1,198,454 3,581.202 4,811,898 4,253,191 14,279,172) (6,2611 4.779,656 Page 34 MALVERN THEATRES TRUST LIMITED {A COMPANY LIMITED BY GUARANTEEI NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 19. SUMMARY OF FUNDS ICONTINUEDI SUMMARY OF FUNDS- PRIOR YEAR Balance al 31 March 2021 Balan￿ at 1 April 2020 Transfers inloul Gainsl (Losses) Income Expenditure General funds Restricted funds 1.062,638 3,328,181 1,935,323 197.127 {1,579,119} 1132.6241 199,7131 99.713 372 1.319.501 3.492,397 4,39U,819 2,132,450 11.711.743) 372 4.811,898 20. ANALYSIS OF NET ASSETS BETWEEN FUNDS ANALYSIS OF NET ASSETS BETWEEN FUNDS - CURRENT YEAR Unr¢stri¢ted funds 2022 Restrlctsd funds 2022 Total funds 2022 Tangible fixed assets Fixed asset investments Current assets Creditors due within one year 2.510,177 2,510.177 656,950 3,121,433 11.508,904) 656.950 2.050.408 11,508.9041 1,071,025 TOTAL 1,198,454 3.581,202 4,779.656 ANALYSIS OF NET ASSETS 8ETWEEN FUNDS - PRIOR YEAR Unrestricied funds 2021 Restricted funds 2021 Totsl funds 2021 Tangible fixed assets Fixed asset investments Current assets c￿ditorS due within one year Creditors due in more than one year 2,664,289 2,664.289 504.182 2.852,875 (784,4481 1425,0001 504,182 2.024.767 1784.4481 1425,0001 828,108 TOTAL 1,319.501 3,492.397 4.811.898 Page 35 ritALVERN THEATRES TRUST LIMITED A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 RECONCILIATION OF NET MOVEMENT IN FUNDS TO NET CASH FLOW FROM OPERATING ACTIVITIES 21. Group 2022 Group 2021 Net incomelexpendilure for the year {as per Statement of Financial A¢tivilie51 {32.2421 421.079 ADJUSTMENTS FOR.. Depreciation chaTges Dividends, interests and rents from investments Decrease in debtors Increase in creditors Nel Iprofill I loss on sale and revaluation of investments 168,007 {43.2191 65.035 299.443 6,261 198.813 138.5981 18.595 73,519 13721 NET CASH PROVIDED BY OPERATING ACTIVITIES 463,285 673.036 22. ANALYSIS OF CASH AND CASH EQUIVALENTS Group 2022 Group 2021 Cash in hand 2.946,477 2,672.897 23. ANALYSIS OF CHANGES IN NET DEBT At 1 Aprll 2021 Cash flows At 31 March 2022 Cash at bank and in hand Debt due within 1 year Debt due after 1 year 2.612.897 175.0001 (425,0001 333,580 75,000 425,000 2.946,477 2.112.897 833.580 2,946,477 Page 36 MALVERN THEATRES TRUST LIMITED IA COMPANY LIMITED B Y GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 24. PENSION COMMITMENTS The Charitable Company makes ¢ontributions. 85 part of an employee's contract of employment. which aTe payable to defined contribution schemes chosen by the employer. The assets of the s¢heme are held sep3ralely from those of the group in an independently administered fund. The pension cost ¢harge represents contributions payable by the group to the fund and amounted lo £38,187 12021: £39.3221. Contributions lotalling £NIL 12021.. £NILI were payable to the fund at the Balance sheet dale and are Included in creditors. 25. OPERATING LEASE COMMITMENTS Al 31 March 2022 the Group and the Charitable Company had commllments to make future minimum lease payments under non-cancellable operating leases as follows.. Charltable Company 2022 Charitable Company 2021 Group 2022 GTOUP 2021 Not later than 1 year Later than 1 year and not later than 5 years Later than 5 years 72,360 269.435 1.891,000 69.871 246.795 1.952,000 72,360 269.435 1.891.000 69,871 246.795 1.952,000 2,232,795 2,268,666 2,232,795 2,268,666 26. RELATED PARTY TRANSACTIONS The group has taken advantage of the exemption in Section 33 of FRS 102 from the requirement lo dk%lcose transactions with other wholly owned group companies. During the year the Charity made sales of £400 (2021.. £4051 lo Sweet Paan Limited, incurred expenditure of £1.13012020= £NILI. and has an outstanding balance of £NIL12021.- £4801 in debtors and £NIL12021.. £NILI in creditors. Maher Kazi is a Trustee of the Charity and a shareholder of Sweet Paan Llmiled. During the year no donations were made to the Charity by any Trustee512021.. £2.5001- Page 37