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|||||||Page|
|---|---|---|---|---|---|---|
|Reference and Administrative|||Details ofthe Charitable|Company,|its Trustees and||
|Advisers|||||||
|Chair's Statement
.|||||||
|Trustees'
Report||||||3-10|
|Independent|Auditors'|Report|on the Financial Statements|||11-14|
|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||Elkin|||
|---|---|---|---|---|---|---|---|
||||Richard Hastilow-Smith|||||
||||Maher Kazi|||||
||||Leslie Kinmond|||||
||||Simon Marks|||||
||||Professor Tamar||Thompson||OBE, Chair|
||||Thomas Wells (appointed|||17January 2023)||
|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|||||
|Solicitors|||Harrison
Clark Rickerbys|||LLP||
||||5 Deansway|||||
||||Worcester|||||
||||Worcestershire|||||
||||WR1 2JG|||||
|Bankers|||Lloyds Bank PLC|||||
||||48 Belle Vue Terrace|||||
||||Malvern|||||
||||Worcestershire|||||
||||WR14 4QG|||||
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|||Unrestricted|Restricted|Total|Total|
|---|---|---|---|---|---|
|||funds|funds|funds|funds|
|||2023|2023|2023|2022|
||Note||E|E|F|
|INCOME FROM:||||||
|Donations
and legacies||212,353|366,118|578,471|822,880|
|Charitable
activities||4,520,956||4,520,956|3,252,745|
|Other trading
activities||170,995||170,995|134,347|
|Investments||22,032||22,032|43,219|
|TOTAL INCOME||4,926,336|366,118|5,292,454|4,253,191|
|EXPENDITURE ON:||||||
|Raising funds||175,507||175,507|173,457|
|Charitable
activities|7|4,693,993|405,290|5,099,283|4,105,715|
|TOTAL EXPENDITURE||4,869,500|405,290|5,274,790|4,279,172|
|NET INCOME/(EXPENDITURE)||||||
|BEFORE NET LOSSES ON||||||
|INVESTMENTS||56,836|(39,172)|17,664|(25,981)|
|Net losses on investments|13|(55,543)||(55,543)|(6,261)|
|NET MOVEMENT
IN FUNDS||1,293|(39,172)|(37,879)|(32,242)|
|RECONCILIATION
OF FUNDS:||||||
|Total funds brought
forward||1,198,454|3,581,202|4,779,656|4,811,898|
|Net movement
in funds|18|1,293|(39,172)|(37,879)|(32,242)|
|TOTAL FUNDS CARRIED FORWARD||1,199,747|3,542,030|4,741,777|4,779,656|
##
||||2023|2022|
|---|---|---|---|---|
|||Note||E|
|FIXEDASSETS|||||
|Tangible assets||12|2,367,&62|2,510,177|
|Investments||13|592,905|656,950|
||||2,960,767|3,167,127|
|CURRENT ASSETS|||||
|Debtors||14|208,941|174,956|
|Cash at bank and|in hand||3,105,273|2,946,477|
||||3,314,214|3,121,433|
|Creditors: amounts|falling due within one||||
|year|||(1,533,204)|(1,508,904)|
|NET CURRENT ASSETS|||1,781„010|1,612,529|
|TOTAL NET ASSETS|||4,741,777|4,779,656|
|CHARITY FUNDS|||||
|Restricted
funds||17|3,542,030|3,581,202|
|Unrestricted
funds||17|1,199,747|1,198,454|
|TOTAL FUNDS|||4,741,777|4,779,656|
||||2023|2022|
|---|---|---|---|---|
|||Note||E|
|FIXEDASSETS|||||
|Tangible assets||12|2,367,862|2,510,177|
|Investments||13|692,907|756,952|
||||3,060,769|3,267,129|
|CURRENT ASSETS|||||
|Debtors||14|260,449|247,797|
|Cash at bank and|in hand||2,972,534|2,786,127|
||||3,232,983|3,033,924|
|Creditors: amounts|falling due within one||||
|year||15|(1,521,230)|(1,497,687)|
|NET CURRENT ASSETS|||1,711,753|1,536,237|
|TOTAL ASSETS|LESSCURRENT||||
|LIABILITIES|||4,772,522|4,803,366|
|TOTAL NET ASSETS|||4,772,522|4,803,366|
|CHARITYFUNDS|||||
|Restricted
funds||17|3,542,030|3,581,202|
|Unrestricted
funds||17|1,230,492|1,222,164|
|TOTAL FUNDS|||4,772,522|4,803,366|
##
##
||||||2023|2022|
|---|---|---|---|---|---|---|
|||||Note|E|E|
|CASH FLOWS FROM OPERATING ACTIVITIES|||||||
|Net cash|used in operating
activities|||20|138,251|463,285|
|CASH FLOWS FROM INVESTING ACTIVITIES|||||||
|Investment|income||||22,032|43,217|
|Movement|oftangible fixed assets||||(9,989)|(13,895)|
|Proceeds|from sale of investments||||186,005|283,975|
|Purchase|of investments||||(177,503)|(443,002)|
|NET CASH PROVIDED BY/(USED IN) INVESTING ACTIVITIES|||||20,545|(129,705)|
|CHANGE|IN CASH AND CASH EQUIVALENTS||IN THE YEAR||158,796|333,580|
|Cash and|cash equivalents
at the beginning|ofthe year|||2,946,477|2,612,897|
|CASH AND CASH EQUIVALENTS AT THE||END|OF THE YEAR|21|3,105,273|2,946,477|
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||Unrestricted||Restricted|Total|Total|
|---|---|---|---|---|---|
||funds||funds|funds|funds|
||2023||2023|2023|2022|
||K|||f.||
|DONATIONS||||||
|Tomorrow
Fund donations|||98,767|98,767|17,719|
|Heritage
Fund donations|||267,351|267,351|207,730|
|Other donations|74,738|||,74,738|80,802|
|GRANTS||||||
|Support grant from MHDC|56,800|||56,800|56,801|
|Covid grant from MHDC|||||24,000|
|Rent grant from MHDC|61,000|||61,000|61,000|
|Other grants|19,815|||19,815|8,789|
|Culture Recovery Fund grant|||||327,672|
|Job Retention Scheme grant|||||38,367|
|TOTAL 2023|212,353||366,118|578,471|822,880|
|TOTAL 2022|597,431|.|225,449|822,880||
##
##
|||||Unrestricted|Total|Total|
|---|---|---|---|---|---|---|
|||||funds|funds|funds|
|||||2023|2023|2022|
|||||||F|
|Festival Theatre income||||2,619,264|2,619,264|1,639,522|
|Forum Theatre income||||985,981|985,981|874,237|
|Engagement|and Creative Learning||income|13,498|13,498|14,170|
|Cinema income||||244,257|244,257|224,600|
|Theatre membership||fees and income||237,353|237,353|201,570|
|Other income||||420,603|420,603|298,646|
|TOTAL 2023||||4,520,956|4,520,956|3,252,745|
|TOTAL 2022||||3,252,745|3,252,745||
##
##
||||Unrestricted|Total|Total|
|---|---|---|---|---|---|
||||funds|funds|funds|
||||2023f|2023
F|2022
E|
|Income|from catedng contract||51,482|51,482|35,790|
|Trading|company|income|119,513|119,513|98,557|
|TOTAL|2023||170,995|170,995|134,347|
|TOTAL|2022||134,347|134,347||
##
##
|||Unrestricted|Total|Total|
|---|---|---|---|---|
|||funds|funds|funds|
|||2023
E|2023f|2022|
|Investment|income|22,032|22,032|43,219|
|TOTAL 2023||22,032|22,032|43,219|
|TOTAL 2022||43,219|43,219||
##
##
##
||||Unrestricted|Restricted|||
|---|---|---|---|---|---|---|
||||funds|funds|Total|Total|
||||2023|2023|2023|2022|
||||||f.||
|Shows|||4,573,157|405,290|4,978,447|3,986,443|
|Engagement||and Creative Learning|87,394||87,394|57,666|
|Catering|expenditure||33,442||33,442|61,606|
||||4,693,993|405,290|5,099,283|4,105,715|
|TOTAL|2022||3,969,071|136,644|4,105,715||
##
|||||Activities||||
|---|---|---|---|---|---|---|---|
|||||undertaken|Support|Total|Total|
|||||directly|costs|funds|funds|
|||||2023|2023|2023|2022|
||||||E|F|E|
|Shows||||4,629,538|348,909|4,978,447|3,988,810|
|Engagement||and Creative|Learning|87,394||87,394|55,299|
|Catering|expenditure|||33,442||33,442|61,606|
|||||4,750,374|348,909|5,099,283|4,105,715|
|TOTAL|2022|||3,791,894|313,821|4,105,715||
##
##
##
|||||Engagement||||
|---|---|---|---|---|---|---|---|
|||||and Creative||Total|Total|
||||Shows|Learning|Catering|funds|funds|
||||2023|2023
E|2023f|2023|2022
f.|
|Staff costs|||857,833|62,949||920,782|817,372|
|Depreciation|||159,816|||159,816|'168,007|
|Show production|costs||2,610,337|19,989||2,630,326|1,951,460|
|Cinema production||costs|91,071|||91,071|87,494|
|Irrecoverable
VAT|||83,260|||83,260|35,745|
|Covid Costs|||||||4,011|
|Advertising
and marketing|||234,106|4,456||238,562|173,041|
|Equipment
and small tool costs|||5,602|||5,602|5,328|
|Property costs|||249,333|||249,333|135,153|
|General
property|costs||113,598|||113,598|125,432|
|Other.staff costs|||18,897|||18,897|30,591|
|General expenses|||133,276|||133,276|126,655|
|Catering Costs|||||33,442|33,442|61,606|
|Operating
leases|||72,409|||72,409|69,999|
||||4,629,538|87,394|33,442|4,750,374|3,791,894|
|TOTAL 2022|||3,674,989|55,299|61,606|3,791,894||
||||Theatres|Total|Total|
|---|---|---|---|---|---|
||||income|funds|funds|
||||2023f|2023
f.|2022
F|
|Staff costs|||279,903|279,903|256,208|
|Bank and credit card||charges|24,137|24,137|21,608|
|Consultancy|costs||27,296|27,296|17,444|
|Audit fees|||16,275|16,275|16,250|
|I egal and professional||fees|1,298|1,298|2,311|
||||348,909|34&,909|313,821|
##
##
|||||||||2023f|2022|
|---|---|---|---|---|---|---|---|---|---|
|Fees payable to the Charitable|||Company's||auditor|for the audit ofthe||||
|Charitable|Company's|annual|accounts|||||14,275|14,250|
|Fees payable to the Charitable|||Company's||auditor|in respect of:||||
|All non-audit|services not included|||above||||2,000|2,000|
|STAFF COSTS||||||||||
|||||||||Charitable|Charitable|
|||||||Group|Group|Company|Company|
|||||||2023|2022|2023|2022|
||||||||||F|
|Wages and|salaries|||||1,138,973|1,032,696|1,138,973|1,032,696|
|Social security costs||||||88,939|77,598|88,939|77,598|
|Contribution|to defined|contribution||pension||||||
|schemes||||||42,515|38,187|42,515|38,187|
|||||||1,270,427|1,148,481|1,270,427|1,148,481|
##
||||Charitable|Charitable|
|---|---|---|---|---|
||Group|Group|Company|Company|
||2023|2022|2023|2022|
||No.|No.|No.|No.|
|Employees|59|52|59|52|
|Group|Group|
|---|---|
|2023|2022|
|No.|No.|
##
##
##
##
||Long-term|||
|---|---|---|---|
||leasehold|Fixtures and||
||property
E|fittings
f|Total|
|COST||||
|At 1 April 2022|7,253,205|973,907|8,227,112|
|Additions||17,501|17,501|
|Disposals||(7,512)|(7,512)|
|At 31 March 2023|7,253,205|983,896|8,237,101|
|DEPRECIATION||||
|At 1 April 2022|5,017,156|699,779|5,716,935|
|Charge for the year|97,220|62,596|159,816|
|On disposals||(7,512)|(7,512)|
|At 31 March 2023|5,114,376|754,863|5,869,239|
|NET BOOK VALUE||||
|At 31 March 2023|2,138,829|229,033|2,367,862|
|At 31 March 2022|2,236,049|274,128|2,510,177|
##
##
||Listed|
|---|---|
||investments|
|GROUP AND CHARITABLE COMPANY|f.|
|COST OR VALUATION||
|At 1 April 2022|656,950|
|Additions|177,503|
|Disposals|(186,005)|
|Revaluations|(55,543)|
|AT 31 MARCH 2023|592,905|
|NET BOOK VALUE||
|AT 31 MARCH 2023|592,905|
|AT 31 MARCH 2022|656,950|
|PRINCIPAL SUBSIDIARIES||
|Names||Company|Registered
office or|Principal|activity|activity|Class of|Holding|
|---|---|---|---|---|---|---|---|---|
|||number|principal
place of||||shares||
||||business||||||
|Malvern|Theatres|02870411|The 'Malvern
Theatres,|Hire offacilities and|||Ordinary|100o/o|
|Trading|Limited||Grange Road, Malvern,|sale ofancilliary|||||
||||Worcestershire,|products||related to|||
||||WR14 3BH|shows|||||
|Malvern|Theatres|06421354|The Malvern Theatres,|Touring theatrical|||Ordinary|100'/o|
|Productions|||Grange Road, Malvern,|production||company|||
|Limited|||Worcestershire,||||||
||||WR14 3BH||||||
|The finan|cial
result|s ofthe|sub|sidiaries
for|the year were:||||
|---|---|---|---|---|---|---|---|---|
|Names|||||Income|Expenditure|Surplus/|Net assets|
||||||F|E|(Deficit) for|F|
||||||||the period||
|Malvern|Theatres|Trading|Limited||123,513|(123,513)||2|
|Malvern|Theatres|Productions||Limited|(4,000)|(3,035)|(7,035)|69,255|
##
##
|||||Charitable|Charitable|
|---|---|---|---|---|---|
|||Group|Group|Company|Company|
|||2023|2022|2023|2022|
|||F|||F|
|DUE WITHIN|ONE YEAR|||||
|Trade debtors||45,293|76,852|39,610|72,918|
|Amounts
owed by group undertakings||||58,191|81,775|
|Other debtors||2,200|2,200|1,200|1,200|
|Prepayments|and accrued income|161,448|95,904|161,448|91,904|
|||208,941|174,956|260,449|247,797|
##
|CREDIT|ORS: AM|OU|NTS|FALLING DUE WITHIN ONE YEAR|FALLING DUE WITHIN ONE YEAR|FALLING DUE WITHIN ONE YEAR||||
|---|---|---|---|---|---|---|---|---|---|
|||||||||Charitable|Charitable|
|||||||Group|Group|Company|Company|
|||||||2023|2022|2023|2022|
||||||||F|F|E|
|Trade creditors||||||260,011|149,123|256,180|144,199|
|Other taxation and||social||security||26,788|43,897|26,788|43,897|
|Other creditors|||||||612||612|
|Accruals|and deferred||income|||1,246,405|1,315,272|1,238,262|1,308,979|
|||||||1,533,204|1,508,904|1,521,230|1,497,687|
|||||||||Charitable|Charitable|
|||||||Group|Group|Company|Company|
|||||||2023|2022|2023|2022|
||||||||F|F|F|
|Deferred|income at|1 April||2022||907„500|745,215|906,100|613,910|
|Resources deferred||during||the year||1,066,346|907,500|1,063,429|906,100|
|Amounts|released from previous||||periods|(907,500)|(745,215)|(906,100)|(613,910)|
|||||||1,066,346|907,500|1,063,429|906,100|
##
##
||||||Charitable|Chadtable|
|---|---|---|---|---|---|---|
||||Group|Group|Company|Company|
||||2023|2022|2023|2022|
||||f.|||F|
|FINANCIAL ASSETS|||||||
|Financial|assets measured|at fair value|||||
|through|income and expenditure||3,105,273|2,946,477|2,972,534|2,786,127|
##
##
|||||||Balance at|
|---|---|---|---|---|---|---|
|||Balance at 1|||Gains/|31 March|
|||April 2022
f|Income
E|Expenditure|(Losses)
E|2023
F|
|UNRESTRICTED FUNDS|||||||
|General
Funds||1,198,454|4,926,336|(4,869,500)|(55,543)|1,199,747|
|RESTRICTED FUNDS|||||||
|Restricted Theatre|||||||
|Refurbishment
Fund||2,236„049||(97,220)||2,138,829|
|Restricted Tomorrow|Fund|661,900|98,767|(102,554)||658,113|
|Restricted
Heritage|Fund|683,253|267,351|(205,516)||745,088|
|||3,581,202|366,118|(405,290)||3,542,030|
|TOTAL OF FUNDS||4,779,656|5',292,454|(5,274,790)|(55,543)|4,741,777|
##
##
##
##
##
|STATEMENT OF F|UNDS - P|RIOR YEAR|||||
|---|---|---|---|---|---|---|
|||||||Balance at|
|||Balance at|||Gains/|31 March|
|||1 April 2021|Income|Expenditure|(Losses)|2022|
|||P||||F|
|UNRESTRICTED FUNDS|||||||
|General Funds||1,319,501|4,027,742|(4,142,528)|(6,261)|1,198,454|
|RESTRICTED FUNDS|||||||
|Restricted Theatre|||||||
|Refurbishment
Fund||2,333,269||(97,220)||2,236,049|
|Restricted Tomorrow|Fund|683,605|17,719|(39,424)||661,900|
|Restricted Heritage|Fund|475,523|207,730|||683,253|
|||3,492,397|225,449|(136,644)||3,581,202|
|TOTAL OF FUNDS||4,811,898|4,253,191|(4,279,172)|(6,261)|4,779,656|
##
||||||Balance at|
|---|---|---|---|---|---|
||Balance at 1|||Gains/|31 March|
||April 2022,|Income|Expendituref|(Losses)
F|2023|
|General funds|1,198,454|4,926„336|(4,869,500)|(55,543)|1,199,747|
|Restricted funds|3,581,202|366,118|(405,290)||3,542,030|
||4,779,656|5,292,454|(5,274,790)|(55,543)|4,741,777|
|SUMMARY OF FUNDS|- PRIOR YEAR|||||
||||||Balance at|
||Balance at|||Gains/|31 March|
||1 April 2021|Income|Expenditure|(Losses)|2022|
||F|||||
|General funds|1,319,501|4,027,742|(4,142,528)|(6,261)|1,198,454|
|.Restricted funds|3,492,397|225,449|(136,644)||3,581,202|
||4,811,898|4,253,191|(4,279,172)|(6,261)|4,779,656|
##
|ANALYSIS OF NET ASSETS BETWEEN FU|NDS -CURRENT YEAR|||
|---|---|---|---|
||Unrestricted|Restricted|Total|
||funds|funds|funds|
||2023|2023|2023|
||E||E|
|Tangible fixed assets||2,367,862|2,367,862|
|Fixed asset investments|592,905||592,905|
|Current assets|2,140,046|1,174,168|3,314,214|
|Creditors due within one year|(1,533,204)||(1,533,204)|
|TOTAL|1,199,747|3,542,030|4,741,777|
##
##
##
|ANALYSIS OF NET ASSETS BETWEEN FU|NDS -PRIOR YEAR|||
|---|---|---|---|
||Unrestricted|Restricted|Total|
||funds|funds|funds|
||2022|2022|2022|
|Tangible fixed assets||2,510,177|2,510,177|
|Fixed asset investments|656,950||656,950|
|Current assets|2,050,408|1,071,025|3,121,433|
|Creditors due within one year|(1,508,904)||(1,508,904)|
|TOTAL|1,198,454|3,581,202|4,779,656|
||RECONCILIATION|OF NET MOVEMENT|OF NET MOVEMENT|IN FUNDS TO NET CASH FLOW FROM OPERATING|IN FUNDS TO NET CASH FLOW FROM OPERATING|IN FUNDS TO NET CASH FLOW FROM OPERATING|
|---|---|---|---|---|---|---|
|20.|ACTIVITIES||||||
||||||Group|Group|
||||||2023|2022|
||||||E||
||Net expenditure
for|the year (as per Statement of Financial Activities)|||(37,879)|(32,242)|
||ADJUSTMENTS FOR:||||||
||Depreciation
charges||||152,304|168,007|
||Dividends,
interests|and rents from investments|||(22,032)|(43,219)|
||Decrease/(increase)|in debtors|||(33,998)|65,035|
||Increase
in creditors||||24,313|299,443|
||Net (profit) / loss on|sale and revaluation|of investments||55,543|6,261|
||NET CASH PROVIDED BYOPERATING|||ACTIVITIES|138,251|463,285|
|21.|ANALYSIS OF CASH AND CASH EQUIVALENTS||||||
||||||Group|Group|
||||||2023|2022|
||Cash
in hand||||3,105,273|2,946,477|
##
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