Registered 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 2024 Bishop Fleming MALVERN THEATRES TRUST LIMITED {A COMPANY LIMITED BY GUARANTEEI CONTENTS Page Reference and Adminlstrative Details of the Charltable Company• Its Trustees and Advisers Chairfs Statement Trustees, Report Independent Auditors. R¢port on the Financial Statements Consolidated Statement of Financial Activitie$ 3-12 13-17 18 Consolidated Balance Sheet 19 Charitablo Company Balance Sheet Consolidated Statement of Cash Flows 20 21 Notes to the Financial Statements 22-40 MALVERN THEATRES TRUST LIMITED IA COMPANY LIMITED BY GUARANTEEI REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITABLE COMPANY. ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 MARCH 2024 Trustees Professor Judith Elkin Richard Hastilow-smli h Maher Kazi Leslie Kinmond Simon Marks Professor Tamar Thompson OBE, Chair Thomas Wells Company registered number 00838245 Charfty registered number 241433 Registered office Malvern Theatres Grange Road Malvern Worcestershire VVR14 3HB Company secretary Leslie Kinmond Chief executive officer Fred Moroni Independent auditors Bishop Fleming LLP Chartered Accounlanls Slalutory Auditors 1-3 College Yard Woreesler WR12LB Solicitors Harrison Clark Ri¢kerbys LLP 5 Deansway Woreester Worcestershire WR12JG Bankers Uoyds Bank PLC 48 Belle Vue Terrace Malvern wOr￿SterSh1re WR144QG Page 1 MALVERN THEATRES TRUST LIMITED IA COMPANY LIMITED BY GUARANTEE) CHAIR'S STATEMENT FOR THE YEAR ENDED 31 MARCH 2024 The chair presonts her statement for the year. Our vision.. To be a leading promder of the arts in the UK- To be nationally recognized for artistic excellen￿., To make the arts accessible lo all: To celebrate the lifewchanging power of theatre., To be a respected training ground for the industry, helplng to launch the car8ers of industry prolessionals Our commitment.. We will commit to breaking down barrlers Ih8t prevent participation., We will Dffer a diverse programme of high-quallty cultural enlertainmenl.. We wll provide developrnent opportunities lo enable lifelong learning for people of all ages and abilities.. We wll nurtu￿ a network of inspiring. ambitious and supportive individuals.. We will collaborate to ensure that good quality touring theatre is always being produced.. We will increase the percentage of earned income. Malvern Theatres is one of the leading providars of the arts in the UK. The theatres. setting amongst the Malvern Hills and its commitment lo providing a rich. diverse and high quality product for the community ol Malvern and indeed further afield, has given il a unique profile both within the Wesl Midlands and nationally. During 23124 Malverrs Theatres received revenue funding of £40,OIX> from Malvern Hllls Dlslricl Council. Malvern Theatres has maintained ils level of arts provisK)n for the community welcoming more than 219.500 audience members into our four auditoria while delivering classes and workshops in all aspects of the arts. As ever. lickel sales are vitally important with regard to incorne and lo the theatres, ongoing 5uNval along with the continued support from the box office membership and regular donakn'ons. /h///tsJ Professor Tamar Chair D81e'. mpson BE 221 lolz P8ge 2 MALVERN THEATRES TRUST UMITED IA COMPANY UMITED BY GUARANTEE) TRUSTEES. REPORT FOR THE YEAR ENDED 31 MARCH 2024 The Trvslees present their annual report together wfth the audited financial statemen15 of the Mafvern Theatres Tru51 Limited for the year 1 April 2023 to 31 March 2024. The Annual Report serves the purposes of both a Trustees, report and a directors. roport under Gompany law. The Trustees confimi that the Annual Report and financial slal¢menls of the chariiable company comply with the current statutory requirements, the requirements of the charitable companls goveming document and the provisions of the Slalement of Recommended Practice {SORP} appli¢8ble to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS1021 leffeclive 1 January 20151 as amended by Update Bulletin 1 leffeclive January 20151. PURPOSES AND ACTIVITIES The purposes of the Trust are-. To provide and enhan￿ an artistic experience lo the publi 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 provision of the81￿$ and a cinema. Generally to further the social and cultural welfare of Great Malvern and its surrounding areas. Our obje¢lives are sel and our activities planned having regard to the Charity Commission guidance on public benefit, including the guidance on admission charges to programmes and events. The Theatres are however obliged lo Cover Costs in setting overall admission charges with shortfalls in ￿VenUeS being made up from grants, parti¢ul8rly those from Malvem Hills District Council. Admission charges a￿ kept as l¢)w as possible in order to preserve the availability of the Theatres and the cinema to lower ineome groups and younger theatre- goers. In setting objectivgs and planning for activities, the Trustee5 have given due consideration lo general guidance published by the Charity Commission relating lo public benefit, including the guidance 'Publi¢ Benefit.. running a charity IP821'. STRATEGIES The strategies which are used lo a¢hieve the Trust's aim5 and objectives are.. To present a balanced programme of theat￿ productions. music and dance productions to give a real breadth of artistic opportunity lo residents of Malvern and the surrounding afeas. To work with local artistic organisalions sponsoring local artistic events. To focus particularly upon education in the arts, particularly performance based. To encourage programming involwng artists of different cultural backgrounds. Generally lo offer opportunities to a broad range of people lo participate in arts activity thereby explorin9 their own crealNe powers. Strategies condense into three major areas of activity.. Concerts and stage performances Educational programmes High Profile Cinema Productions Thus we focus on bringing the arts to as wide a range of partKipants as possible. affecting all members of our community. Page 3 MALVERN THEATRES TRUST LIMITED IA COMPANY LIMITED BY GUARANTEE) TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 MARCH 2024 The Festival Theatre The Festival Theatre houses 850 seals and continues to maintain ils reputation for delNiering an eclectic programme of events including musicals and plays, all of the highest calibre. Across the year there has been a vast selection of comedy dramas including Mike Leigh's Abigalls's Party. The Circle by Somersel Maugham, and direct from the Wesl End and winner of the Laurence Olivier Award for Best Comedy. Pride and Prejudlce. {'Sort ofj. In this auditorium, audien¢e5 have also had the opportunity lo see both Tennessee William's sem autobiographical play Glass Menagerie starring Geraldine Somerville and John Mortimer's autobiographical play. A Voyage Round My Father directed by Richard Eyre. starring Rupert Everett and Julian Wadham. In Spring, we received Theatre Royal Bath's production of Mrs Warren's Professlon by George Bemard Shaw starring real-life mother and daughter Caroline Quentin and Rose Quentin and the Birmingham Rep's production of Steinbeck's Of Mice and Men directed by Iqbal Khan. Audiences enjoyed the world premiere stage adaptation of Wish You Were Dead, the next installmenl from the modem crine series Grace by Peter James. Similarly. audiences appreciated the return of Agatha Christie's murder mystery And Then There Were None and courtroom thrillers The Verdict, presented by Middleground Theatre Company, and Twelve Angry Men folEowing ils Wesl End run and $larring Jason Merrells, Tristan Gemmill and Gray O'Brien. Over the course of the year, several ghost stories have been performed in the Festival Theatre in¢luding.' the return of the Woman in Black, direct from the West End", London Classic Theatre's performance of the haunting play Faith Healer. consisting of a series of four monologues- and Tilted Wig's presentation of Frankenstgin, inspired by Mary Shellels classic horror novel. The Festival Theatre welcomed back Original Theatre Company for two productions this year The Time Machine - A Comedy, based upon HG Wells, novel, and Torben Bett's new ghost story Murder in the Dark starring Tom Chambers and Susie Blake. Likewise, The Children's Theatre Partnership ICTPI toured Pfoduclions. The Boy at the Back of the Class was told from a child's perspective and based on Onjali Q Rauf s novel highlighting the importance of kindness whilst Unexpected Twist was a fusion of b￿0 stories. one being Dickens, Oliver Twist. During this period, Flabbergast Theatre also toured Éwo Shakespeare productions lo the Festival Theatre, a tragedy and a comedy. Macbeth featured physical theatre, puppetry, masks and live music whereas A Midsummer Night's Dream embodied physical comedy. folk song and dance. DIr￿t from the Royal Shakespeare Company IRSCI we received the Pfoduclion of A Merchant of Venice 1936 starring Tracy Ann-oberman and Red Sky at Sunrise, which presented Laurie Lee's story in the form of music and spoken word starring Anton Lesser. Charlier Hamblett with accompaniment from the Orchestra of the Swan. Complementing and providing contrast to the touring drama productions were several musical theatre produ¢lions. Based on the 1988 film and following kn successful We51 End Seasons, the black comedy rock musical Heathers the Musical embarked on a national tour and was well-received by audiences in July. In contrast, Tonyl trhe Tony Blair Rock Opera] a new musical written by Harry Hill and Steve Brown delighted audiences with a rock'n'roll soundtrack and Comedic script. Alongside these were the return of audiences, favourites Blood Brothers and Nolses Off. During the Summer, the Festival Theatre accommodated a seledion of one night performances including.. Someone Like You, The Glenn Miller & Big Band Spectacular. The Greatest Hits of UB40- The Legacy, The Big Country Music Show. and A Tribute to the Carpenters. Opera was well-represented with.. National Gilbert and Sullivan Opera Ccmpany's consecutive perfomiance5 of the Gilbert and Sullivan comic operas The Mlkado, The Pirates of Penzance and The Yeoman of the Guard., Ellen Kent ProduclK)ns' La Bohème fealuiing the Ukrainian Opera and Ballet Theatre Kyiv- Wild Art's The Opera Show.. and the Ukrainian National Opera's presentation of Madama Butterfly perfomed by Dnipro Opera. The leading actors who performed in the Festival Theatre during this period included.. Jason Merre115, Clive Manue, George Rainsford, Katie McGlynn, Matthew Cottle, Tracy Ann-oberman. Bob Barrell, Andrew Lancel, David Yelland, Rupert Everett, Julian Wadham. Liza Goddard, Paul Bradley, Simon Shepherd, Jane Asher, Clive Francis, Nichola5 Le Prevost, Tom Chambers, Susie Blake, Anton Le5sei. Charlier Hamblett. Tristsn Gemmill, Gray O'Brien and Geraldine Somerville. Overall, more than 100.000 patrons look their seats for 32 weeks of professionai theatre performed in the Festival Theatre. Page 4 MALVERN THEATRES TRUST LIMITED {A COMPANY LIMITED BY GUAIiANTEEI TRUSTEES, REPORT ICONTINUEDI FOR THE YEAR ENDED 31 MARCH 2024 Pantomlme Malvern Theatres. annual traditional Christmas pantomime was Cinderèlla which played 42 perfomiances and saw over 27,000 audience members attend across a selection of morning. matinee and evening perfomances. Again, we offered a relaxed performance specifically designed for those who find regular performawe sellings both overwhelming and challenging and who benefit from a more relaxed and supportive environment. This production welcomed ba¢k Mark James in the role of Button5 alongside a¢lors Katie McGlynn, Jamie Morris. Tarot Joseph, Mark Faith, Ben Brookei, and J￿dan Lee Davies. The Forum Theatre With a capacity of up to 827 seals. the Forum Theatre is a versatile Spa￿ which presents a broad programme of live art and cinema events to suit all ages and tsstes. Throughout the year, a wide range of repertoire has been perfomed in this space including children's theatre, comedy, contemporary dance, live music, orchestral concerts and recitals. as well as talks and dis¢u$5ions. The Forum Theatre has continued lo host both live and recorded broadca515 from The Metropolitan Opera. National Theatre and Royal Opera House with the new addition of exhibition scrgenings from Seventh Art Produ¢lions. Totsl audience numbers for live performances in the Forum Theatre were 42.022. Once more, the Forum Theatre hosted a diverse programme of events presented by both nationally and inlernalionally recognised artists and companies which included Ballet Cymru, BANFF film festival, Clare Teal. Johannès Radebe. Jools Holland. Kale Rusby and Ockham's Razor. The Forum Theatre attracted audiences with 115 extensive ottering of one night performances varying in genre. These included Coldplace, Magic of Motown, Lost in Music, The Sound of Springsteen. RumoLJrs of Fleetwood Mac, Sensational 60s Experience, The Illegal Eagles, Sun Record5 70th Concert, The ELO Experience, Roy Orbison and The Travelling Wilburys, The Signatures- Northern Soul Live, The Rocket Man, Fast Love, Big Girf's Don't Cry, 80's Live, The Simon and Garfunkel Story. Sweet Caroline. Buddy Holly and The Cricketers, That'll Be The Day, Rhythm of the Dance, The ELO Show, Ronnie Scott's Jazz Club, The Elvis Years at Christmas, Swinging al the Cotton Club, Talon - Hotel California Tour, Beyond Ihg Bariicade, One Night in Dublin, Johnny Cash Roadshow.. Sin & Redemption, The Classic Rock Show, UK Pink Floyd Experience, Absolute Reggae, Plnk Beautiful Trauma, Rob Lamberti presents perfectly George, Totally Tina. Hello Again... The Neil Diamond Songbook and Shape of You. During the past year, the Forum Theatre welcomed talks from Ben Fogle, Simon Reeve and Australian actor Alan Flet¢her as well as hosting ¢omedians Stewart Lee. Sarah Millican. Adam Rowe. Jimeoin, Frankie Boyle. Count Arthur Strong and Tom Davis. Comedic musical performances were also given by Fascinating Alda, and the cas15 of Mum's the Word and Menopause the Musical 2. In contrast, we programmed several children's theatre productions which included Shark in the Park, Santa's Christmas Wish, Trouble on Volcano Island and productions which saw classic children's characters Mog the Cal and Spot the Dog appear on stage. In December, we hosted There's a Monster In Your Show. the debut Children's musical production adapted from the series 'Who's in Your Book?. written by Tom Fletcher. This year also saw the return of Frozen Light theatre company with their latest interactive multi-sensory theatre production. The Bar at the Edge of Time, for audiences with profound and multiple learning disabilities {PMLDI. Classical music has again been well-represented wlh a series of ensembles and soloists of international repute visiting the Forum Theatre. Artists inclvd8d English Symphony Orchestra IESOI, Chandos Symphony Orchestra. Milos Karadagli? BBC Philharmonic Orchestra, Rachel Podger, Nigel Kennedy, Amonico Consort, Emma John50n, Qualor Van Kuijk with Sean Shibe, Siqian Li, Chiaroscuro Quartet wrf(h Cedric Tiberghien, Far Flung Trio, Amatis Piano Trio, Tom Poster & Elena Uriosle. Dudd( Quartet Amsterdam and the City of Birmingh￿￿ Symphony Orchestra ICBSOI. With the development of Studio One. the Forum Theatre was vital in fulfilling our cinema programming schedule by operating as an additional screen up until Summer 2023. This enabled us to continue offering cinema-gDers the ftexibility of screening lirne5 while ensuring accessible screenings were available. During peak times. the Forum Theatre hosted addf(ional film screenings enabling us lo programme several lilles, including new ieleases. as well as offering family-friendly lilles across the Summer holKlays and Christmas. In March. the Forum Thealie screened a selection of films as part of the annual Borderline5 Film Festival. Page 5 MALVERN THEATRES TRUST UMITED IA COMPANY LIMITED BY GUARANTEE) TRUSTEES, REPORT {CONTINUEDI FOR THE YEAR ENDED 31 MARCH 2024 Cinema Over the course of the year. we have once again attracted a sizeable audience to our diverse film programme consisting of films on nat￿)nal general release, anniversary screenings, onevoff screenings of classic films and an array of foreign-language films in several languages with sublilles. Wf(h over 54,000 people attending lilm scieenings this year. we operated across 365 days. screened 772 showings and 181 film lilles, all of which have been enjoyed by our audiences. Some of these lilles included Allelujah. The Unlikely Pilgrimage of Harold Fry. Barbie, Oppenheirner. Mission Impossible: Dead Reckoning Part One, The Great Escaper and Wonka. With the ongoing building works and development of stud￿ One. we were unable to operate the cinerna during the daytime (morning and m81inees} until mid-July. Fortunately. we were able lo continue offering late afternoon and evening weekday film screenings along with moming, matinee and evening screenings across weekends. We reinslaled our well-eslablished cinema limelable con51sling of morning, matinee and evening screenings at the end of Jufy. Throughout the year, we have been able lo offer a selection of titles on release date and prior lo Iheso becoming available on streaming platforms. We have continued to offer descriptive sublilled screenings and relaxed viewings enabling our cinema programme lo be accessible to all. This year saw us celeb¥ate 100 years of Malvorn Cinema. where we took the opportunity lo screen a selection of films that have been shown while we have been in operation. Some lilles included.. In Bruges, Slnglng In the Rain. Paraslte. Klng Kong and Marie Antoinette. In addition, we launched a new cinema membership. This has proven popular with over 350 members subscribing within the first year. Once again. we hosted the Borderlines Film Festlval from 1st lo 17th March across three screens.. Cinema, Forum Th&alre and Studio One. We presented 93 s¢reenings of 40 different rilms including 22 previews prior to general release. The programme also featured two films with Q&A sessions and a screening of the silent film. Piccadilly. During the Borderlines Film Festival we Saw over 8,500 people attend. Capllal D&velopment Project & Studio One In June 2023, the capital development project was completed with alleralions made lo the Grange Road entrance of the building including improved slep-free access and the inslallalion of the Changing Places facility, a vital addition to the town and surrounding areas making the region more accessible to all. On July 19th, National Changing Places Awareness Day, we welcomed the community into the venue to view andlgarn about the Changing Places facility onsite whilst offering a series of engaging activities throughout the day in the main foyer as well a5 a free relaxed screening of a family friendly film in the Forum Theatre. The development of the new rehearsal and workshop space. Studio One. has enabled us lo expand our programme of events. specificalty those within our education and creab've learning programme which provide life-changing opportunities for people of all ages and abilities in our communty. On Saturday 15th July we held an open day whereby the community were given the opportunily lo visf( the new space, meet workshop praclilioners and engage in some arts and crafts activities in the main foyer thus promoting the new enhan￿d Take Part programme. From September, Studio One became the hub for the Take Part educational programme wlh ajl regular week lasses being conducted in the studio with the exception of creative arts cla55e5. As a versatile space, Studio One, can be programmed for cinema events and small scale perfomances. Studio One opened wrth three consecutive performances.. Our Star Theatre Companls new production of The Invlslble Man, stand-up comedy by Rhys Harris-clarke and Malvern Theat￿$ Young Companls presentslion of Noel Coward's Bllthe Spirit which played for nine performances from 9th to 13th August. Engagement and Creative Leamlng Malvern Theatres has continued lo delwer weekly classes throughout the year. Al the beginning of Apr¢1 we had scheduled ten regular classes. With the completion of Studio One, we extended our offering lo seventeen. Due to the demand and enthusiasm of the community. we further increased the number of weekty classes available in January 2024 which resulted in the educational Take Part programme delivering ￿entY one regular weekly classes of varying genres and available for all ages. Page 6 MALVERN THEATRES TRUST LIMrrED IA COMPANY LIMITED BY GUARANTEE} TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 MARCH 2024 Danc8 We have welcomed th new providers, Translucent Dance Company and Jack Ludwig, wlh the completion of Studio One. Translucent Dance Company leach four dance classes., Junior Dance, Youth Dan¢8, THRIVE and REGENERATE whilst Dancefe51 continue lo be the providers for our daytime dance classes for participants seeking gentle danee exercise workshops whi¢h include Parents and Wobblors, Parents and Toddlers {rein51aled in January}, Chance to Dance 12 sessions per week from JanLJaryl, Chance to Dance: Flow {inlroduclion of a new intermediate level from January) and Gentle Dance (sealed dance session). Jack Ludwig delivers The Big Jig Ilrish dance dassl and two musical theatre classes.. Junior Musical Theatre Academy. ages seven to eleven.. and Senior Musical Theatre Academy, participants aged seventeen plus. Drama The programmed drama classes. Llttle Theatre Makers, Junlor Theatre and Youth Theatre continue to be popular with participants. New class, Advanced Acting Course (formerly Practice Makes Perfectl was rebranded in January and rescheduled ID a weekday which saw an increase in attendance figures. Creatlve Arts We have Continued our prowsion of the interdisciplinary ¢reatlve art workshop. Make Your Mark, which has proved popular amongst the community and resulted in increasing both the capacity and volume of sessions. Make Your Mark Xtra tailored for adults with learning dIff￿UltieS remains well subscribed and helps individuals lo express their individuality Ihrou9h working with a variety of mediums. Film Making led by Jonathan Zaurin. professional filmmaker, is another new ¢lass featured in our programme which takes place on a Saturday oining. Participants aged seventeen have the opportunty lo gain experience. essential skills and a great knowledge of the filmmaking process. In addition, several workshops and activities have been successfully conducted including.. Musical Mayhem, 3- day musical thèatre workshop-, Bollywood & Bhangra Fusion, dynamic session developing movement frcKn a large range of dance styles.. Showstopp&rsl a musical theatre training programme ¢on¢luding in a live performance,. Shooting Stars Circus Skllls Workshop. the devefopmenl of c1￿u$ skills., and The Big Draw Festival, a free 24Iay open event held in the main theatre foyer with this year's theme being Drawing with Senses. VOLUNTEERS AND COMMUNITY RELATIONS The Trust's involvement in the community is demonstrated by the farge number of volunteers who assist us with 51ewarding events and performances. This provides indispensable help in maximising the use of the theatres and provides considerable saving5 in staff costs, wilhDUt which the theatres could not sumve. We celebrate the team of volunteers annually on UK Volunteers, Wegk and they have the opportunity lo attend regular meetings with the Chief Executive in order to pul forward their ideas. We encourage input from our audiences and tske careful note of both compliments and complaints, seeking to learn and grow from both. As part of our charitable commitment to making the arts accessible to all, we hold weekly descriptive sublilled cinema screerbings, monthly relaxed cinema screenings and audio descrFbed performances. Children and Young People We believe that the arts are life-enhanctng for children and young people, and that engagement can enrich their wider learning. Participation in the arts can unlock hidden talents and polenlial. as well as help develop essential skills such as communication, empathy. and teamwork. Page 7 MALVERN THEATRES TRUST LIMITED IA COMPANY LIMITED BY GUARANTEEI TRUSTEES, REPORT ICONTINUEDI FOR THE YEAR ENDED 31 MARCH 2024 This year. we have continued to encourage thealregoing amongst children and young people wlh almost 20,000 people under 26 allended on a discounted lickel. In March, we provided sub5idised transport for school groups lo attend the production of The Boy al the Back of the Class. Furthermo￿, we have offered workshops for young people, including a number of specialist workshops. Older People We are commltted to pla￿n9 a meaningful and slgnrficant role in society's changing demographic. Whether engaged, fil and well, living with dementia or facing isolation, the arts can provide a safe and inspiring place for older people. We are also committed lo inlergeneralional work which has been shown to improve the lives of everyone involved, both yOLJng and old. Volunteering opportunities within the theatre provide indiwduals wlh a regular routine and opportunities lo socialise and interact with others within a safe and supportive environment helping reduce isolation and improve self-esleem, confidence and wellbeing. Throughout the year. workshops have again been facililaled for older people across dance and visual arts. We continue lo offer a Senior Bronze membership which is heavily discounted to assure affordable access lo live performance and anema. We host the annual Big Draw festival where you can come and make a drawing on that year's theme, whatever youi agel Dlsabled People We pledge lo make Malvem Theatres accessitle for all. We understand the social model of disability and by extension. our responsibility as a large cultural venue lo make our building work for everyone who uses it. The recent development has improved access into the building and the inslallalion of a new changing places facility has significantly enhanced our offering lo patrons with severe disabilities. Within our educalK)nal Take Part programme we have continued to run classes specrfically tailored lo those learning difficultie5 including Make Your Mark Xtra and Gentle Dance and continue to pr(¥Jramme regular accessible cinematic screenings. Environmental R9sponslbllity We aspire lo be a leader in our wmmunity, promoting an environmentally responslble approach lo our business and our building and inspiiing others lo make impactful changes for the good of our planet. We strive to ensure our work has a minimal impact on the environment and have continued lo offer E-Tickels which have become more popular with our audiences and has considerabty reduced the volume of paper tickets being printed. Across the building we have self-closing tsps and an optimised water waste disposal in all of our toilets as wdl as recycling bin5 located in public and private areas. LED lighting is installed throughout the complex and a thermometer has been installed in the Cinema to monitor the temperature enabling us lo be more energy- efficient and cut down on waste. We are currently working towards a sustsinable catering operation wlh Vegware compostable cups already in use in our café. Pricing The inflationary pressures and cost pressures seen in 20224 continued through 2023-24 and inevitably led to Increased average prices al the box office. These increases stsbilised towards the end of the financial year and remains our overall policy to keep ticket prices as low as possible for our customers. Page 8 MALVERN THEATRES TRUST LIMITED IA COMPANY LIMITED BY GUARANTEEI TRUSTEES, REPORT ICONTINUEDI FOR THE YEAR ENDED 31 MARCH 2024 Marketing 2023-24 saw the consolidation of our ongoing digital strategy and once again the spend on digital advertising increased as a proportion of overall budget. The opening of Studio One brought with il a change of emphasis in terms of strategy. Specifically. resour￿ was allocated lo give our new programme of events and particularty our classes and workshops, appropriate prominence. A new bulk email system is now fully operational. as are the digital screens. projected last year to reach 38 in lolal, with a new total of 41 projected for 2024-25. The year has also seen consolidation of branding across departments. A modrfied bgo design was approved with sub-brands for Cinema, Take Part and Fundraising. Alongside the new frontage for the building, new banner signage has enhanced branding on this side of the building. Investment Powers and Poli¢y Apart from the need lo relain restricted reserves, the trustees have unrestricted investment powers. Having regard lo the liquidity requirements of the theatres, lo the need to mitigate investment risk and to the reserves policy the Iruslees have operated a pglicy of keeping funds surplus ID immediate requiiements in interest bearing deposit accounts and fixed asset inveslmenls. GOING CONCERN After making appropriate enquiries, 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 conlillue to adopt the going concern basis in preparing the financial 5ts1emenls. Further details rggarding the adoption of the goin9 concern basis can be found in the Accounting Policies. Financial Review The year under review produced a surplus in unreStr￿ted funds of £78,S04 compared with a surplus of £1.293 last year. There was a deficit in reslricled funds of £161,750 compared with £39,172 last year. Across all funds the deficit for the year was £83,246 Ideficil of £37,879 last yearl. The results of the subsidiaries. Malvern Theatres Trading Limited and M8lvern Theatres Productions Limited, are inclLJded in the group's figures. Profits from the subsidiaries is paid to the charity by way of Gift Aid as in previous years. There was a movement in cash of £{22.100112023: £158,796). Cash at the end of the year was £3,083,173 (2022.. £3,105,273). At the year end nel current assets were £584,73612023.. £1,781.010). Current liabilities indude £1,050,000 due to MHDC towards the build costs for Studio One. RESERVES POLICY Maintaining a sustainable level of reseNes remains a prime consideration for the organisalion going fO￿ard. The level of grants receivable remains under pressure, leading to more and more of our creative oulpul being generated from our own trading income. Lfxjking foTward, we need lo continue to balance the quality of our product with the funds available whilst also seeking to secure other $u$tainable funding sources. Having regard to the economic situation, the Trustees klieve that an appropriate level of reserves would be approximately three months overhead expenditure which is currently circ8 £625,000. AI 31 March 2024, free reseTves amounted lo £1,278,251 after making 8 surplus for the financial year 202312024 of £78.504. Page 9 MALVERN THEATRES TRUST LIMITED IA COMPANY LIMITED BY GUARANTEEI TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 MARCH 2024 PLANS FOR THE FUTURE The organisalion is reliant on continued financial support, including funding from Malvern Hills District Council. Furthermore, we will continue to strive to provide a balanced and d*ver5e programme of the highest quality of product in our Festival and Forum theatres. Other initiatives are as follows- We will pursue new fund raising activities by seeking regular contributions from our loyal patrons, local businesses. trusts and foundations We will continue lo build marketing capabilitie5 50 as lo maximise the number of bookings taken via the internet and look al implementing a step NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 GENERAL INFORMATION Malvern Theatres Trust Limited is a piivate charitable company limf(ed by guarantee incorporated in England and Wales. The registered office is Grange Road, Malvern, Worcestershire. WR14 3HB. ACCOUNTING POLICIES 2.1 BASIS OF PREPARATION OF FINANCIAL STATEMENTS The financial slalemenls have been prepared in accordan￿ with the Charth'es SORP IFRS 102} Accounting and Reporting by Charities.. Statement of Recommended Pra¢lice applicable lo charities preparing their accounts in accordance with the Financial Reporting Stsndard applicable in the UK and Republic of Ireland IFRS 102) leffeclive 1 January 20151, the Firiancial Reporting Standard applicable in the UK and Republic of Ireland IFRS 10218nd the Cornpanies Act 2006. M8lverri Theatres Trust Limited meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost OT transaction value unless otherwise staled in the relevant accounting policy. The Consolidated Slalemenl of Financial Actwilies {SOFAI and Consolidated Balance Sheet consolidate the financial slalements of the Group and ts subsidiary undertakings. The results of the subsidiaries are consolidated on a line by line basis. The Group has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented 115 own Statement of Financial Activities in these financial statements. 2.2 GOING CONCERN After making appropriate enquiries. the Trustees have a reasonable expectation that the Charity ha5 adequate resources lo continue in operational existence for the foreseeable future. For this reason they conlinug to adopt the going concern basis in preparing the financial slalements. The financial slalemenls do r￿t refled the adjustments that W￿ld be necessary should enlily cease to remain as a going concern. Page 22 MALVERN TH&4TRES TRUST LIMITED {A COMPANY LIMITED BY GUARAwfEEI NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 ACCOUNTING POLICIES Icontlnuedl 2.3 INCOME All income is ￿COgnised 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 reliably. Charitable actlvltles Income from Theatre admission fees is included in incoming resoLtrces in the period in which the relevant show lakes place. Activities for g8neratlng funds Aclivilie5 for generating funds includes income from commercial activities and represents income from cinema admissions and sponsorship activilps and is included in the period in which the group is entitled to receipt. Grants rg¢elvable Revenue based grants are credited lo the Slalement of financial actiwlies in the year in which they are received. Grants relating to the redevelopment of the Theatre complex have been credited lo restr￿ted funds in the Slatemonl of financial activities in accordance with the conditions imposed by donors. 2.4 EXPENDITURE Expendlture Is recognised once there is a legal or constructive obligation to transfer economic benefit lo a third paty. il is probable that a transfer of economic benefits will be required in settlement and the amount of the oblKJalion can be measured reliably. Expenditure is classified by a¢livily. The costs of each activity are made up of the total of direct costs and shared costs, including support Costs involved in undertaking each activity. Direct costs allribulable to a single 8¢tivily are allocated dire¢lty to th81 activity. Shared costs which contribute lo more than one activity and support costs which are not 8ttribulable lo a single activity are apportioned between those aclwilies on a basis consislenl with the use of resources. Central staff costs a￿ allocated on the basis of time spent. and depreciation charges allocated on the portion of the asset's use. Expenditure on raising funds include5 all expenditure in¢urrgd by the Group lo raise funds for ils charitable purposes and includes costs of all fundraising activities event5 and non-charitable trading. Expenditure on Charitable activities is incurred on directly 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 deposit is included when receivable and the amount can be measured reliably by the Group.. this is nomally upon notification of the interest paid or payable by the institution with whom the funds are deposited. Page 23 MALVERN THEATRES TRUST LIMITED IA COMPANY LIMITED BY GUARANTEEI NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 ACCOUNTING POUCIES Icontinuedl 2.6 TAMnoN The Charitable Company is considered lo pass the lesls sel out in Paragraph 1 S¢hedule 6 of the Finance Act 2010 and therefore il meets the definition of a charitable company for UK corporation lax purposes. Accordingly, the Charitable Company is potentially exempt from taxation in respect of Income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively lo charitable purposes. 2.7 TANGIBLE FIXED ASSETS AND DEPRECIATION Tangible fixed assets costing £500 or more are capilalised and receoni5ed when future economic benefits are probable and the cost or value of the asset can be measured reliably. Tangible fixed assets are initially recognised al cost. Aftei recognf(ion, under the cost model, tangible fixed 85sets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred lo bring a tangible fixed asset into its intended working condition should be Incfuded in the measurement of cost. Depreciation is Charged 50 as to all¢xate the cost of tangible fixed assets less their fesidual value over their estimated useful lives. using the slraighl-line method. Depreciation is prowded on the following bases.. Long-lerm leasehold ptoperty Fixtures and fittings Over the remaining life of the lease 10%_50QA straight line 2.8 INVESTMENTS Fixed asset invesknents are a form of financial instrument and are initially recognised at their transaction Cost and subsequently measured al fair value al the Balance Sheet date, unless the value cannot be measured reliably in which case it is measured al cost less impairment. Investment gains and losses, whether realised or unrealised. are Combined and presented as 'GainsllLossesl on investments, in the Consolidated Slalement of Financial Activities. Investments in subsidiaries are valued al cost les5 provision for impairment. 2.9 DEBTORS Trade and other debtors are recognised al the settlement amount after any trade discount offered. Prepayments are valued al the amount prepaid net of any trade discounts due. 2.10CASH AT BANK AND IN HAND Cash at bank and in hand includes cash and short-lerm highty liquid investments with a short maturiiy of three months or less from the dale of acqui511ion or opening of the deposit or similar account. Page 24 MALVERN THEATRES TRUST LIMITED {A COMPANY LIMITED BY GUARANTEEI NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 ACCOUNTING POLICIES Icontlnuedl 2.11 LIABILITIES AND PROVISIONS Liabilities are recognised when there is an obligation al the Balance Sheet dale as a re5uK of a past event, il is probable that a transfer of economic benefit will be required in settlement. and the amount of the settlement can be eslimaled reliably. Liabilities are recognised al the amount that the Charitable Company anlicipales il wll pay to settle the debt or the amount it has received as advanced payments for the goods or servlces (( musl prowde. Provisions are measured al the best estimate of the amounts required to settle 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 at the pre-tax discount rale that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Consolidated Slalemenl of Financial Acttvilies as a finance cost. 2.12 FINANCIAL INSTRUMENTS The Group only ha5 financial assets and financial liabilities of a kind that qualfy as basic financial inslrumenls. Basic financial instruments are initially Tecognised at transaction value and subsequenlty measured at their settlement value wlh the exception of bank loans which are subsequenlty measured at amortised cost using the effective interest method. 2.13 OPERATING LEASES Renta15 paid under operating leases are charged to the Consolidated Slalemenl of Financial Activities on a slraighl line basis over the lease term. 2.14 PENSIONS The Group operates a defined contribution penslon scheme and the pension charge represents the amoun15 payable by the Group lo the fund in respect of the year. 2.15 FUND ACCOUNTING General funds are unrestricted funds which are available for use 81 the discretion of the Trustees In furtheiance of the general objectives of the Group and which have not been designated for other purposes. Restricted funds are funds which are lo be used in accordance with Spec￿1¢ restrictions imposed by donors or which have been raised by the Group for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes lo the financial Statements. Investment income, gains and losses are allocated lo the appropriate fund. Page 25 MALVERN THEATRES TRUST LIMITED {A COMPANY LIMITED BY GUARANTEEI NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 INCOME FROM DONATIONS AND LEGACIES Unrestricted Restricted funds funds 2024 2024 Total funds 2024 Total funds 2023 DONATIONS Tomorrow Fund donations Heritage Fund donations Other donations GRANTS 42.932 409,896 42.932 409.896 85.884 98.767 267.351 74.738 85,884 The Elmley Foundation Support grant from MHDC Rent grant from MHDC Olhor grants 9.369 80.000 9,369 80.000 56.800 61.000 19.815 18.450 1BA50 TOTAL 2024 193.703 452,828 646.531 578.471 TOTAL 2023 212.353 366.118 578,471 INCOME FROM CHARITABLE ACTIVITIES Unrestricted funds 2024 Total funds 2024 Total funds 2023 Festival Theatre income Forum Theatre incorne Engagement and Creative Learning income Cinema income Theatre membership fees and incoFne Other income 2.396.637 1.114.650 32.681 303,878 259,681 425,039 8,032 2,396,637 1,114,650 32,681 303,878 259,681 425,039 8,032 2,619,264 985,981 13.498 244.257 237,353 420,603 studio One income TOTAL 2024 4,540.598 4.540.598 4,520,956 TOTAL 2023 4,520,956 4,520,956 Page 26 MALVERN THEATRES TRUST LIMITED {A COMPANY LIMITED BY GUARANTEEI NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 INCOME FROM OTHER TPADING ACTIVITIES Income from non charitable trading activitias Unrèstriclèd funds 2024 Total funds 2024 Totsl funds 2023 Income from catering contract Trading company income 80,165 116.155 80.165 116.155 51.482 119.513 TOTAL 2024 196,320 196,320 170,995 TOTAL 2023 170.995 170,995 INVESTMENT INCOME Unrestrictèd funds 2024 Total funds 2024 Total funds 2023 Investment incomg 68.620 68,620 22.032 TOTAL 2024 68,620 68.620 22.032 TOTAL 2023 22,032 22,032 Page 27 MALVERN THEATRES TRUST LIMITED IA COMPANY UMITED BY GUARANTEEI NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 ANALYSIS OF EXPENDITURE ON CHARITABLE ACTIVITIES Summary by fund type Unrestricted funds 2024 Restricted funds 2024 Total 2024 Total 2023 Shows Engayemenl and Creative Learning Catering expenditurg 4,689,717 97,019 6.279 614,578 5,304,29S 97,019 6,279 4.978.447 87.394 33.442 4,793,015 614,578 6.407.593 5,099.283 TOTAL 2023 4,693.993 405,290 5,099,283 ANALYSIS OF EXPENDITURE BY ACTIVITIES Activities undertaken directly 2024 Support costs 2024 Total funds 2024 Total funds 2023 Shows Engagement and Creative Learning Catering expenditu 4,955,896 97,019 6,279 348,399 5,304,295 97,019 6.279 4,978,447 87,394 33,442 5.059.194 348,399 S.407.593 5.099,283 TOTAL 2023 4.750,374 348,909 5.099.283 Page 28 MALVERN THEATRES TRUST LIMITED (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 ANALYSIS OF EXPENDITURE BY ACTIVITIES ICONTINUEDI ANALYSIS OF DIRECT COSTS Engagemgnt and Creative Learning 2024 Total funds 2024 Total funds 2023 Shows 2024 Caterlng 2024 staff costs Depreciation Show production costs Cinema pr(Kluclion costs Irrecoverable VAT Advertising and marketing Equipment and small tool costs Propety costs General property costs other staff costs General expenses Catering Costs Opèrating leases 873.957 204.795 2,795,600 116.842 94.973 259.272 5,704 409.896 29.875 28,423 124,889 51.658 925.615 204.79S 2,820.860 116,842 94,973 279,373 5,704 409,896 29,875 28.423 124,889 6.279 11,670 920,782 159,816 2.630.326 91,071 83,260 238,562 5,602 249.333 113.598 18,897 133,276 33,442 72,409 25,260 20,101 6,279 11,670 4,955,896 97,019 6,279 5,059,194 4,750.374 TOTAL 2023 4.629.538 87.394 33,442 4,750,374 ANALYSIS OF SUPPORT COSTS Theatres Income 2024 Total funds 2024 Total funds 2023 Staff costs Bank and credit card Charges Consultancy costs Audit fees Legal and professional fees 284,764 27.415 15.965 18.750 1.505 284.764 27.415 15,96S 18,750 1,505 279,903 24,137 27,296 16,275 1,298 348.399 348.399 348.909 Page 29 MALVERN THEATRES TRUST LIMITED IA COMPANY LIMITED BY GUARANTEEI NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 AUDITORS. REMUNERATION 2024 2023 Fees payable to the Charitable Companys auditor for the audit of the Charitable Company's annual accounts Fees payable lo the Charitable Company's auditor in respect of.. All non-audit services not in¢luded above 15.750 14.275 1,750 2,000 10. STAFF COSTS Charltable Company 2024 Charitable Company 2023 Group 2024 Group 2023 Wages and salaries Social security costs Contribution lo defined eontribulion pension schemes 1,131,237 89,980 1.138,973 88,939 1,131,237 89,980 1,138.973 88.939 42.435 42,515 42.435 42,515 1,263,652 1,270,427 1.263.652 1,270,427 The average number of persons employed by the Charitable Company during the year was as follows.. Charitable Company 2024 Charitsble Company 2023 No. Group 2024 No. Group 2023 No. Employees 55 59 55 59 The number of employees whose employee benefrts (excluding employer pension costs) exceeded £60.000 was.. Group 2024 Group 2023 No. In the band £130,001- £140.000 In the band £140,001- £150.000 The key management personnel of the Charity, and the Group, comprise the Trustees, Ch￿f Executive Officer, Finance Director, Marketing Director, Technical Director and Head of Communications. The total employee benefits of the key management personnel of the Charity and Group, including employerfs National Insurance ¢ontribution5, were £321,36312023.' £347,557). Page 30 MALVERN THEATRES TRUST LIMITED IA COMPANY LIMITED BY GUARANTEEI NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 11. TRUSTEES. REMUNERATION AND EXPENSES During the year, no Trustees received any remuneration or other benefts {2023.' £NIL). During the year ended 31 March 2024, no TTuslee expenses havo been incurred12023.. £NILI. 12. TANGIBLE FIXED ASSETS GROUP AND CHARITABLE COMPANY Long-term leasehold Flxtures and property fittings Total COST At 1 April 2023 Additions Disposals 7.253,205 1,050.000 983,896 163,178 17.3401 8,237.101 1,213.178 {7.3401 At 31 March 2024 8,303,205 1.139.734 9.442,939 DEPRECIATION Al 1 April 2023 Charge for the year On disposals 5,114.376 126.375 754,863 78,564 {7.3401 5,869.239 204.939 {7.3401 At 31 March 2024 5,240,751 826.087 6.066,838 NET BOOKVALUE Al 31 March 2024 3,062.454 313,647 3,376,101 Al 31 March 2023 2,138,829 229,033 2,367.862 Page 31 MALVERN THEATRES TRUST UMITED IA COMPANY LIMITED BY GUARANTEEI NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 13. FIXED ASSET INVESTMENTS Llsted investments GROUP COST OR VALUATION Al 1 April 2023 Additions Disposals Revaluations 592,905 303,095 1237.8911 39,585 AT 31 MARCH 2024 697,694 NET BOOK VALUE AT 31 MARCH 2024 697.694 AT 31 MARCH 2023 592.905 Invostmants in subsidiary Listed companies investments Total CHARITABLE COMPANY COST OR VALUATION Al 1 April 2023 Additions Disposals Revaluations 100,002 592,905 303,095 1237.8911 39,585 692.907 303,095 1237,8911 39.585 AT 31 MARCH 2024 100,002 697.694 797.696 NET BOOK VALUE AT 31 WWRCH 2024 100.002 697,694 797,696 AT 31 MARCH 2023 100.002 592,905 692,907 PRINCIPAL SUBSIDIARIES The following were subsidiary undertakings of the Charitable Company.. Pa9e 32 MALVERN THEATRES TRUST LIMITED {A COMPANY LIMITED BY GUARANTEEI NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 13. FIXED ASSET INVESTMENTS ICONTINUEDI Names Company Reglstered office or number principal place of business Principal actlvlty Class of Holding shares Malvern Theatres 02870411 The Malvern Theatre5. Hire of facilities and Ordinary Trading Limited Grange Road, Malvern, sale of an¢illiary Worcestershire. products related to WR14 38H shows Malvern Theatres 06421354 The Malvern Theatres. Touring Ihealrical Productions Grange Road, Malvern. production company Limited Wor¢eslershire. WR14 3BH Ordinary 1000 The financial results of the subsidiaries for the year were- Names Income Expenditurg Surplu £ {Deficitl for the period Net assets Malvem Theatres Trading Limited Malvem Theatres Productions Limited 116.155 1116.1551 13,0351 {3.0351 66.220 14. DEBTORS Charitable Company 2024 Charitable Company 2023 Group 2024 Group 2023 DUE WITHIN ONE YEAR T￿de debtors Amounts owed by group undertakings Other debtors Prepayments and accrued income 35,750 45.293 29.164 75,469 1,200 116,825 39,610 58,191 1,200 161,448 38,200 116.B25 2,200 161,448 190,776 208,941 222.658 260,449 Page 33 MALVERN THEATRES TRUST LIMITED {A COMPANY LIMITED BY GUARANTEEI NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 15. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Charitable Company 2024 Charitable Company 2023 Group 2024 Group 2023 Tiade credito Other laxalion and social securrty Accruals and deferred income 268,324 45,874 2,375,014 260,011 26,788 1.246,405 264.957 45,874 1369,840 2S6,180 26,788 1,238,262 2.6B9,212 1.533.204 2.680.671 1,521,230 Accruals includes £1,050,000 due lo MHDC towards the build costs for Studio On$. Charitable Company 2024 Charitable Company 2023 Group 2024 Group 2023 Deferred income a 1 April 2023 Resources deferred during the year Amounts released from previous periods 1,066,346 1,159,791 {1,066,3461 907,500 1,063,429 906.100 1,066,346 1,157,658 1.063.429 (907,5001 11,063.4291 1906.1001 1.159,791 1,066.346 1.157.658 1,063,429 Deferred income represents amounts received in respect of shows and performances that do not take place until after the year end, as well as theatre packages and gift cards not yet reclaimed. 16. FINANCIAL INSTRUMENTS Charitable Company 2024 Charitable Company 2023 Group 2024 Group 2023 FINANCIAL ASSETS Financial assets measured al fair value through income and expenditure 3,083,173 3,105,273 2.976.527 2.972,534 Financial assets measured al fair value through income and expenditure comprise cash at bank and in hand. Page 34 MALVERN THEATRES TRUST LIMITED IA COMPANY LIMITED BY GUARANTEEI NOTES TO THE FINANCIAL sTATEME￿rs FOR THE YEAR ENDED 31 MARCH 2024 17. STATEMENT OF FUNDS STATEMENT OF FUNDS - CURRENT YEAR Balance at 31 March 2024 Balance at 1 April 2023 Transfers Inlout Gainsl (Lossesl Income Expendlturg UNRESTRICTED FUNDS General Funds 1.199,747 5.111.105 14,960,322} 172.2791 1.278.251 RESTRICTED FUNDS Reslricled Theatre Refurbishment Fund 2.138.829 {97,2201 2,041.609 Restricted Tomorrow Fund Reslricled Heritsge Fund 658,113 42.932 1107.4621 745,088 1.338.671 745,088 409.896 1409,8961 174S.0881 3.542.030 452,828 {614,578} 3,380.280 TOTAL OF FUNDS 4,741,777 5.563.933 {5.574,9001 {72,2791 4,6S8.531 RESTRICTED FUND DESCRIPTIONS: Restricted Theatrè Refurbishment Funds This fund is the result of Lottery Funding Grant matched by contribution from MHDC and other supporters to provide refurbishment of the Theatres. The refurbishment costs have been capilalised and will be depreciated over the life of the lease, or life of item whichever is applicable. The balance on this fund as at the year end was £2,041,609 {2023.' £2.138,8291. Restricted Tomorrow Fund The fund is the result of contributions from the Theatres. supporters to fund the redeveloprnenl of the Theatres. including reseating of the cinema, Festival and Forum, and for funding projec15 including festivals. The cinema and festival sealing has been repla￿d and these costs have been capitalised and will be depre¢ialed over the life of the assets. The balance on this fund as at the year end was £1.338,671 12023. £658.1131. Restrlcted Heritage Fund Thi5 fund is the results of contributions from the Theatres, supporters to fund heritage projects, and towards the maintenance and running costs of the building. The balance on this fund as al the year end was £NIL12023." £745,088). This fund has been used towards reseating the festival Ihealre, and going lo￿ard will help to fund replacement of the forum theatre seating and an extension to provide education space. The balance has been transferred lo the Restricted Tomorrow Fund lo cover the Studio One development costs. Page 35 MALVERN THEATRES TRUST LIMITED IA COMPANY LIMITED BY GUARANTEEI NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 17. STATEMENT OF FUNDS ICONTINUEDI STATEMENT OF FUNDS- PRIOR YEAR Balance at 31 March 2023 Balance al 1 April 2022 Gainsl ILosse51 Income Expenditure UNRESTRICTED FUNDS General Funds 1.198.454 4,926,336 {4.869.500) {55,5431 1,199,747 RESTRICTED FUNDS Reslricled Theatre Refurbishment Fund Reslricled Tomorrow Fund Restricted Heritage Fund 2.236.049 661,900 683,253 197,2201 1102.5541 {205.516} 2,138.829 658.113 745.088 98.767 267,351 3.581.202 366,118 (405,2901 3.542,030 TOTAL OF FUNDS 4.779,656 5.292,454 15,274,790) 155.5431 4,741,777 Page 36 MALVERN THEATRES TRUST LIMITED IA COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 18. SUMMARY OF FUNDS SUMMARY OF FUNDS- CURRENT YEAR Balance at 31 March 2024 Balance at I April 2023 Transfers Inlout Galnsl (Losses) Income Expenditure General funds ReStr￿ted funds 1,199,747 3.S42.030 5.111.105 14,960,3221 452,828 1614,5781 72,2791 1,278.251 3.380,280 4,741,777 5,563,933 15.574.900) (72.2791 4.658,531 SUMMARY OF FUNDS- PRIOR YEAR Balance at 31 March 2023 Balance at 1 April 2022 Gainsl (Losses) Income Expenditure General funds Restricted fvnds 1,198,454 3,581,202 4,926,336 14.869,500} 386,118 1405,2901 (55.5431 1, 199.747 3,542.030 4,779.656 5,292,454 15,274,790) 155,S431 4.741,777 19. ANALYSIS OF NET ASSETS BETWEEN FUNDS ANALYSIS OF NET ASSETS BETWEEN FUNDS- CURRENT PERIOD Unrestricted Restricted funds funds 2024 2024 Total fund$ 2024 Tangible fixed assets Fixed asset investments Current asgels Creditors due wlhin one year 3,376,101 3,376,101 697,694 697,694 2,219,769 1.054,179 3,273,948 11,639,212) 11,050,000) 12,689,212) TOTAL 1.278,251 3,380.280 4.658.531 Page 37 MALVERN THEATRES TRUST LIMITED IA COMPANY LIMITED BY GUARANTEEI NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 19. ANALYSIS OF NET ASSETS BETWEEN FUNDS ICONTINUED} ANALYSIS OF NET ASSETS BETWEEN FUNDS- PRIOR PERIOD Unrestricted funds 2023 Restricted funds 2023 Total funds 2023 Tangible fixed assets Fixed asset investments Current assets Creditors due within one year 2,367,862 2,367.862 592.905 3,314,214 11,533,204) 592,905 2,140,046 11,533,204) 1.174.168 TOTAL 1,199,747 3,542,030 4,741.777 RECONCILIATION OF NET MOVEMENT IN FUNDS TO NET CASH FLOW FROM OPERATING ACTIVITIES 20. Group 2024 Group 2023 Net ex4)endilure for the period las per Slalemenl of Financial Acliviliesl 183,2461 (37.879} ADJUSTMENTS FOIL. Depreciation charges Dividends, interests and rents frorn investments Decreasellincreasel in debtors Increase in creditors Nel Iprofitl I loss on sale and rovalualion of investments 204,940 {68,6201 18.166 1,156,008 139.5851 152.304 122,0321 133,998) 24,313 55,543 NET CASH PROVIDED BY OPERATING ACTIVITIES 1.187.663 138.251 21. ANALYSIS OF CASH AND CASH EQUIVALENTS Group 2024 Group 2023 Cash in hand 3,083,173 3,105,273 Page 38 MALVERN THEATRES TRUST LIMITED (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 22. ANALYSIS OF CHANGES IN NET DEBT At 1 April 2023 Cash flows At 31 March 2024 Cash al bank and in hand 3.105.273 122.1001 3.083,173 3,105,273 122,1001 3.083.173 23. CAPITAL COMMITMENTS Charitable Company 2024 Charitable Cornpany 2023 Group 2024 Group 2023 CONTRACTED FOR BUT NOT PROVIDED IN THESE FINANCIAL STATEMENTS Construction and development of Theatre 1,Q50,000 1,050.000 On 2nd August 2022, Malvern Theatres Trust Llmiled, entered into a Contractual agreement with Mafvern Hills District Council to contribute £1,050.000 lo the development of Studio One a new workshop and performance space for the Theatre. In the year ended 31st March 2024, this has been recognised as an accrual within the financial slalementS. 24. PENSION COMMITMENTS The Charitable Company makes contributions, as part of an employee's contract of emploiyment. which are payable to defined contribution schemes chosen by the employer. The asse15 of the scheme are held separately from those of the group in an independently administered fund. The pension cost Charge represents contributions payable by the group lo the fund and amounted to £42.435 12023.. £42,515). Contributions tolalling £5,37512023'. £5,540) were payable lo the fund al the Balance sheet date and are included in creditors. 25. OPERATING LEASE COMMITMENTS At 31 March 2024 the Group and the Charitable Company had commitments to make future minimum lease payments under non-cancellable operating leases as follows. Charitable Company 2024 Charitable Company 2023 Group 2024 Group 2023 Not later than 1 year Later than 1 year and not later than S years Later than S years 12,860 26,315 73,360 257,07S 1.830,000 12,860 26.315 73,360 257,075 1,830,000 39.175 2,160,435 39.175 2,160,435 Page 39 MALVERN THEATRES TRUST LIMITED {A COMPANY LIMITED BY GUARANTEEI NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 26. RELATED PARTY TRANSACTIONS The group has taken advantage of the exemption in Section 33 of FRS 102 from the requirement lo disclose transactiOllS Wth other wholly owned group companies. During the year the Charity made sales of £1,200 12023.. £1.2001 to Sweet Paan Limited, incurred expenditure of £1,604 12023.. £1.761), and has an oulslanding balance of £480 12023." £4801 in debtors and £NIL12023.' £NIL) in creditors. Maher Kazi is a Trustee of the Charity and a shareholder of Sweet Paan Limited. During the year the company made a purchase of £26,25612023." £25,032) from Webdesign Associates Ltd. T Thompson is a director of the company. During the year donation5 of £3 were made lo the Charity by a Trustee (2023.. £1,015}. Page 40