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2020-08-31-accounts

Report of the Trustees and

Audited Financial Statements

THE ABBEY THEATRE TRUST (ST ALBANS) LIMITED

For the year ended 31 August 2020

A Charity registered under number 247839

A Company limited by guarantee and registered in England and Wales number 877400

THE ABBEY THEATRE TRUST (ST. ALBANS) LIMITED

CONTENTS

Page
Legal and administrative information 1
Chairman's Report 2
Trustees' Report 4
Statement of Trustees' Responsibilities 8
Auditor's Report 9
Statement of Financial Activities 12
Balance Sheet 13
Notes to the Financial Statements 14

THE ABBEY THEATRE TRUST (ST. ALBANS) LIMITED

LEGAL AND ADMINISTRATIVE INFORMATION

Company Number 00877400 (England and Wales)
Charity Number 247839
Principal Address Westminster Lodge
Holywell Hill
St Albans
Hertfordshire
AL1 2DL
Auditors Moore Kingston Smith LLP
4 Victoria Square
St Albans
Hertfordshire
AL1 3TF
Bankers Barclays Bank Plc
16-18 St Peters Street
St Albans
Hertfordshire
AL1 3NA
Company Secretary Ian Barrett
Directors Martin Goodman
Peter Hale
Trustees Martin Goodman Chair
Peter Hale Treasurer
Ian Barrett Secretary
Mark Coltman Marketing
Katherine Barry Membership
Philip Reardon Production
Rodger Scales (resigned 4th September 2019) Production
Karen Thomas Production
Paul Davidson Technical
Sinead Dunne Training & Development
Ian Williams House
Gillian Stratford Front of House
Gemma Spriggs (retired 30th April 2020) Without Portfolio
Apryl Kelly Without Portfolio
Elizabeth Kennedy Without Portfolio

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THE ABBEY THEATRE TRUST (ST ALBANS) LIMITED TRUSTEES REPORT FOR THE YEAR ENDED 31 AUGUST 2020

CHAIRMAN'S REPORT

While this year has been dominated with our response to Covid, the first half was fully functioning under the rules of what we might now call the ‘old normal’. The Company of Ten provided a diverse range of excellent productions in which it exhibited the full extent of its talent. These included Alan Bennett’s Office Suite, Martin Crimp’s Dealing with Clair, Lee Hall’s Pitman Painters, David Wood’s adaptation of Roald Dahl’s George’s Marvellous Medicine, Andrew Keatley’s Alligators and Shaun McKenna’s stage adaptation of Ladies in Lavender.

“Office Suite”

“Dealing with Clair”

“Pitman Painters

“George’s Marvellous Medicine”

Alligators

-2-

THE ABBEY THEATRE TRUST (ST ALBANS) LIMITED TRUSTEES REPORT FOR THE YEAR ENDED 31 AUGUST 2020

“Ladies in Lavender”

In March Government Regulations meant the Theatre was to close and it was not possible to open again until after the end of the year which this report covers. However, whilst the pandemic resulted in the Abbey Theatre and the CoT having to face tremendous challenges, just as other parts of the UK’s entertainment industry, it was also the year that we really showed our mettle by drawing together and providing support for our members and the community we serve. We tailored our programme to meet the constraints of Covid; and we demonstrated flexibility and ingenuity with our online Corona Monologues competition, ‘Zoomed’ play readings and other activities.

We put in place health and hygiene procedures across the theatre which made it possible for us, when permitted, to run shows and rehearsals from our main stage. Significantly, we also demonstrated our technical ability by livestreaming productions or using a hybrid version of productions combining socially distanced shows with the option of online viewing. This has enhanced our community reach and provided much needed income.

Furthermore, we have also provided social support for CoT members as required. We were also awarded the accolade of Hero of Hertfordshire for our work in the community by the Queen’s representative in the county, the Lord Lieutenant.

This may not have been the 2020 Vision I had originally hoped for with work on an extension to the theatre, but the last 12 months have nevertheless been a success and, hopefully, next year will be less challenging. I thank all our members and supporters for going many extra miles.

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THE ABBEY THEATRE TRUST (ST ALBANS) LIMITED TRUSTEES REPORT FOR THE YEAR ENDED 31 AUGUST 2020

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing Document

Abbey Theatre Trust (St. Albans) Limited is a company limited by guarantee governed by its Memorandum and Articles of Association dated 25[th] June 2004. It is registered as a charity with the Charity Commission. Every member of the charity undertakes to contribute such amounts as may be required (not exceeding £10) to the charity’s assets if it should be wound up.

Organisation and structure

The Charity is administered by a Board of Trustees, which commonly meet monthly. There were 14 Trustees(between September 2019 and April 2020 inclusive) and then 13 from 1 May 2020 onwards, including a Chairman, Secretary and Treasurer. The board has appointed a Theatre Manager to act as a licensee and to manage day-to-day administration.

In the year, the Board met 12 times and from March 2020 onwards these have either been online or a hybrid online / in attendance, depending on prevailing guidance due to the Covid 19 pandemic. The average attendance of Trustees was over 80%.

Recruitment and Appointment of Trustees

Trustees are elected as the holders of designated offices at the Annual General Meeting for an initial period of two years (three years in the case of Officers) and then may stand for a further two years (three years in the case of Officers). After serving for four consecutive years (six consecutive years for Officers), Trustees must retire. Trustees “without portfolio” are elected for two years.

The Board of Trustees may also appoint a trustee to fill a vacancy or as an additional trustee to serve until the next annual general meeting. During the year the second Production Executive vacancy was so filled until the 2021 AGM.

Induction and training of new Trustees

Trustees are encouraged to attend appropriate external training events where these will facilitate the undertaking of their role. Relevant articles and publications are also circulated.

Risk Management

The Trust is faced with several on-going risks, both financial and other, including:

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THE ABBEY THEATRE TRUST (ST ALBANS) LIMITED TRUSTEES REPORT FOR THE YEAR ENDED 31 AUGUST 2020

The Board conducts regular reviews of the risks the Charity may face, with a view to ensuring:

During the period which this report covers, the second half was severely impacted by the Covid 19 pandemic. The theatre complex was closed from March 2020. The Board of Trustees along with the Theatre Manager put in place a rigorous regime to keep the physical assets safe and secure and when lockdown was eased proceed to make sure the complex was a Covid 19 secure environment. Subsequent to the period of this report, the Trust has been able to put limited productions on, either with socially distanced audience and / or online streamed events.

OBJECTIVES AND ACTIVITIES

Objectives and Activities

To promote, maintain, improve and advance education in and appreciation of the arts, including the production of plays and the encouragement of dramatic arts, to formulate, prepare and establish schemes thereof provided that all objectives of the Trust shall be of a charitable nature.

There have been no changes to the Charity’s principal objectives since the last report. The Trustees have given regard to the Charity Commission’s guidance on public benefit.

The main activity in the year (up to March 2020 when the Theatre closed) has been the presentation of theatrical productions for public performance by the members of the Company. The Charity provides a vibrant, artistic hub for the community, offering opportunities to enjoy and participate in a wide range of performance-related activities. The Charity offers opportunities to a broad base of the community.

Other activities included the provision of performance facilities to other organisations and facilities for training in drama and related skills.

Strategies

The strategies employed to achieve the Charity’s objectives are:

-5-

THE ABBEY THEATRE TRUST (ST ALBANS) LIMITED TRUSTEES REPORT FOR THE YEAR ENDED 31 AUGUST 2020

ACHIEVEMENT AND PERFORMANCE

Charitable activities

Activities during the first half of the year being reported on, reflect a progressive and efficient company, with sound finances, included:

Other Activities

The Trustees continued with their exploration of the viability and potential of undertaking a major redevelopment plan for the theatre to ensure the long-term future of the Trust. A subcommittee (Capital Development Project) has been established which is working on both the technical aspects and fundraising aspects.

Professional advisors have been engaged for both technical and fundraising activities. As a consequence of the pandemic, activities on the Development were suspended in March 2020 and it has been decided to suspend any activity until at least September 2021.

-6-

THE ABBEY THEATRE TRUST (ST ALBANS) LIMITED TRUSTEES REPORT FOR THE YEAR ENDED 31 AUGUST 2020

FINANCIAL REVIEW

Income, expenditure, and outturn for the year

We were fortunate that before the theatre had to close in March 2020 our productions had already proved successful, both artistically and financially, so we were in reasonably good shape. With the savings that arose due to not being open, plus a virtual cessation of the refurbishment work on the building, we ended our season with a surplus to which we could add the government’s covid-19 grant of £25,000. The continuing donations from our audience and members have been pleasing and can be seen in our figures.

Reserves

Given the uncertainty at the end of our season about what our 2020-21 year might bring, we added the £25,000 government grant to our “disaster” Operating Reserve, bringing it up to £75,000, and retaining our General fund at £60,000.

At the time of closure in March 2020, we were just about to finalise plans for the building development, so our Development reserve bore fees of £34,500. We have decided to pause work until at least September 2021 due to the pandemic. The Development reserve now stands at £462,683; our investments fell in value during the year due to the covid-19 sell-off in financial markets. At the date of approval of the financial statements, however, they have regained much of their value, again following the markets.

Outlook for the year 2020-21

Until December 2020 we were able to stage plays to live audiences and/or stream them. Although at the date of approval of the financial statements we have been required to cease activities for the time being, a combination of government grants, savings and a cessation of all but essential maintenance make it probable that the deficit for the 20-21 season will be covered by our Operating reserve. Again, financial donations from our members and audiences have been very welcome.

Investment policy and objectives

The Trustees have placed funds in term and notice deposits and in investments suitable for charities. We are reviewing our investments with the aim of reducing future volatility, looking forward to the resumption of plans for the theatre’s building development.

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Independent Auditor's Report to the Trustees of The Abbey Theatre Trust (St Albans) Limited

Opinion

We have audited the financial statements of The Abbey Theatre Trust (St Albans) Limited for the year ended 31st August 2020 which comprise the Statement of Financial Activities, the Balance Sheet, and notes to the financial statements. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards including FRS 102 'The Financial Reporting Standards Applicable in the UK and Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs(UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s Responsibilities for the audit of financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

We have nothing to report in respect of the following matters in relation to which the ISAs (UK)

Other information

The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

-8-

Independent Auditor's Report to the Trustees of The Abbey Theatre Trust (St Albans) Limited

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters where the Charities Act 2011 requires us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the trustees’ responsibilities statement set out on page 6, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charitable company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

The trustees have elected for the financial statements to be audited in accordance with the Charities Act 2011 rather than the Companies Act 2006. Accordingly we have been appointed as auditors under section 144[1] of the Charities Act 2011 and report in accordance with regulations made under section 154 of that Act.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

As part of an audit in accordance with ISAs (UK) we exercise professional judgement and maintain professional scepticism throughout the audit. We also:

-9-

Independent Auditor's Report to the Trustees of The Abbey Theatre Trust (St Albans) Limited

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

Use of our report

This report is made solely to the charity's trustees, as a body, in accordance with Chapter 3 of Part 8 of the Charities Act 2011. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to any party other than the charity and charity's trustees as a body, for our audit work, for this report, or for the opinion we have formed.

SILVIA VITIELLO Senior Statutory Auditor for and on behalf of Moore Kingston Smith LLP

02/03/2021

4 Victoria Square St Albans Hertfordshire AL1 3TF

Date:

Moore Kingston Smith LLP is eligible to act as auditor in terms of Section 1212 of the Companies Act 2006.

-10-

THE ABBEY THEATRE TRUST (ST. ALBANS) LIMITED

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 AUGUST 2020

Notes
Income and endowments from:
Donations and legacies
2
Charitable activities
4
Investments
3
Total
Expenditure on:
Charitable activities
6
Raising funds
5
Total
Net gains/(losses) on investments
9
Transfers between funds
14
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Total funds carried forward
14		 Unrestricted
Restricted
Total Funds
Funds
Funds
2020
£
£
£
39,632
-
39,632
146,754
-
146,754
3,146
-
3,146
189,532
-
189,532
181,826
25,479
207,305
1,635
-
1,635
183,461
25,479
208,940
(31,222)
-
(31,222)
-
-
-
(25,151)
(25,479)
(50,630)
622,834
943,995
1,566,829
597,683
918,516
1,516,199		 Unrestricted
Restricted
Total Funds
Funds
Funds
2019
£
£
£
15,593
-
15,593
211,927
-
211,927
2,944
-
2,944
230,464
-
230,464
223,548
25,479
249,027
2,442
-
2,442
225,990
25,479
251,469
7,671
-
7,671
-
-
-
12,145
(25,479)
(13,334)
610,689
969,474
1,580,163
622,834
943,995
1,566,829

The Statement of Financial Activities includes all gains and losses recognised in the year and all income and expenditure derive from continuing activities.

-11-

A71M 149.742 17U71 75• 91ZT gX2A5 xl

THE ABBEY THEATRE TRUST (ST. ALBANS) LIMITED NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 AUGUST 2020

1 Accounting policies

Company information

The Abbey Theatre Trust (St. Albans) Limited is a private company limited by guarantee incorporated in England and Wales. The registered office is Westminster Lodge, Holywell Hill, St Albans, AL1 2DL.

Basis of preparation

A summary of the principal accounting policies adopted, judgements and key sources of estimation uncertainty, is set out below.

The financial statements have been prepared in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). The company is a public benefit entity for the purposes of FRS 102 and a registered charity established as a company limited by guarantee and therefore has also prepared its financial statements in accordance with the Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standards applicable in the UK and Republic of Ireland (The FRS 102 Charities SORP), the Companies Act 2006 and Charities Act 2011.

The accounts have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant notes to these accounts.

Going concern

Subsequent to the year end and in light of the coronavirus pandemic, the trustees have assessed whether the use of the going concern basis is appropriate and have considered possible events or conditions that might cast significant doubt on the ability of the charity to continue as a going concern. The trustees have made this assessment for a period of at least one year from the date of the approval of these financial statements. In particular, the trustees have considered the charity’s forecasts and projections and have taken account of pressures on income. After making enquiries, the trustees have concluded that there is a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. The charity therefore continues to adopt the going concern basis in preparing its financial statements.

Critical accounting judgements

There are no judgements, estimates or assumptions that affect the amounts recognised in the financial statements.

Incoming resources

All income is recognised in the Statement of Financial Activities when the conditions for receipt have been met and there is reasonable assurance of receipt.

Voluntary income includes donations, gifts and legacies. Such income is only deferred when:

Donations include income from fundraising activities together with unsolicited income. Income from charitable activities is recognised as earned (as related goods and services are provided). Investment income is recognised on a receivable basis.

Grant income

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

Deferred income

A provision for deferred income is made where the income is received in the year but can only be recognised for the next financial year and can be reliably measured at the balance sheet date.

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THE ABBEY THEATRE TRUST (ST. ALBANS) LIMITED NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 AUGUST 2020

1 Accounting policies (continued)

Resources expended

Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Costs are allocated between categories on a direct basis. Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer will be required in settlement and the amount of the obligation can be measured reliably.

Fund accounting

Restricted funds are to be used for specific purposes as laid down by the donor. Expenditure which meets these criteria is identified to the fund.

Unrestricted funds are donations and other income received or generated for the objects of the charity without further specified purpose and are available as general funds.

Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases: - Long leasehold - 48 years straight line - Equipment - 10 - 20 years straight line

The charity has taken advantage of the transitional arrangements to SORP 2015 to adopt the revaluation under previous UK GAAP as deemed cost for its leasehold property.

Fixed asset investments

Fixed asset investments are included at market value at the balance sheet date. Realised and unrealised investment gains are reflected in the Statement of Financial Activities.

Financial instruments

a. Financial assets

Basic financial assets, which include trade and other receivables and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method, unless the arrangement constitutes a financing transaction, where the transaction is measured as the present value of the future receipts discounted at a market rate of interest.

b. Financial liabilities

Basic financial liabilities are initially measured at transaction price.

Legal status

The charity is incorporated as a company limited by guarantee and is registered with the Charity Commission. The members of the company have undertaken to contribute up to their guarantee of £10 each towards the liabilities of the company, in the event that it is wound up whilst they are, or within one year of being, members.

-14-

THE ABBEY THEATRE TRUST (ST. ALBANS) LIMITED NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2020

2 Donations and Legacies

2
Donations and Legacies
Unrestricted Restricted
Total
Funds
Funds
Funds
£
£
£
Donations
14,632
-
14,632
Covid-19 grant
25,000
-
25,000
39,632
-
39,632
3
Income from investments
Deposit account interest
4
Income from charitable activities
Ticket and programme sales
Members' subscriptions
Bar and refreshment sales
Programme advertising and sponsorship
5
Expenditure on Raising Funds
Newsletter/Prompt Corner
Club activities
Income from visiting companies, hire of premises and
of stage properties and wardrobe items
2020		 Unrestricted Restricted
Funds
Funds
£
£
15,593
-
-
-
2019		 Total
Funds
£
15,593
-
15,593
-		 15,593
2020
Unrestricted
Funds
£
3,146
2020
Unrestricted
Funds
£
84,439
10,326
28,314
2,900
146,754
2020
Unrestricted
Funds
£
1,031
604
1,635
20,775		 2019
Unrestricted
Funds
£
2,944
2019
Unrestricted
Funds
£
110,225
11,676
47,647
4,120
38,259
211,927
2019
Unrestricted
Funds
£
1,488
954
2,442

-15-

THE ABBEY THEATRE TRUST (ST. ALBANS) LIMITED

NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2020

6
Expenditure on Charitable Activities
Costs directly attributable to charitable activities
Productions
Other production costs
Marketing and programmes
Bar and refreshments
Support and governance costs
Theatre buildings maintenance
Theatre services and utilities
Stage, sound and lighting equipment
Insurance
Box office, internet sales and computers
Salary and national insurance
Other running costs and administrative expenses
Theatre development costs
Auditors fees
Support and governance costs
Depreciation
7
Staff costs
Staff expenses includes the following employee costs:
Wages and salaries
Pension costs		 2020
Unrestricted
Funds
£
8,622
-
12,912
13,539
12,264
27,769
2,271
10,725
16,565
28,791
9,233
34,418
4,717
181,826
Restricted
Funds
£
25,479
25,479
2020
£
27,949
842
28,791		 2019
Unrestricted
Funds
£
19,334
287
15,597
20,511
33,973
29,216
17,280
9,030
14,192
27,637
10,904
21,637
3,950
223,548
Restricted
Funds
£
25,479
25,479
2019
£
26,984
653
27,637

No employee received benefits in excess of £60,000 (2019: Nil)

The average number of employees during the year was 1 (2019: 1)

Key management personnel are considered to be the trustees and the theatre manager. The total employee benefits of the Charity's key management personnel was £28,791 (2019: £27,637).

No trustees received any remuneration for their services during the year (2019: £Nil). One trustee was reimbursed travel expenses of £110 (2019: £nil)

The Abbey Theatre Trust has about three hundred members at any one time. In both 2019/20 and 2018/19 a large majority have been actively involved in productions, both on stage and behind the scenes, and/or in invaluable front-of house and support activities.

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THE ABBEY THEATRE TRUST (ST. ALBANS) LIMITED

NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2020

8 Tangible fixed assets

g
Cost as at 1st September 2019
Additions
Cost as at 31st August 2020
Accumulated depreciation brought forward
Charge for the year
Accumulated depreciation carried forward
Net book value as at 1st September 2019
Net book value as at 31st August 2020		 £
1,212,053
-
1,212,053
356,343
18,602
374,945
855,710
837,108
Long
Leasehold		 £
251,739
-
251,739
169,204
6,877
176,081
82,535
75,658
Equipment		 £
1,463,792
-
Total
1,463,792
525,547
25,479
551,026
938,245
912,766
9
Fixed asset investments
Market and Net book value as at 1st September 2019
Revaluations
Market and Net book value as at 31st August 2020		 £
502,842
(31,222)
471,620

All investments are UK listed investments, they are held to provide investment income to the charity.

The following fixed asset investments exceeded 5% of the total portfolio:

Blackrock Charities UK Equity Fund
M&G Equities Investment Fund for Chariites
M&G Episode Income Fund
Cash from investments sold, on deposit
10 Stocks
Refreshments and bar stock
11 Debtors
Trade debtors
Prepayments and accrued income
VAT debtor
12 Creditors
Accruals
Deferred income from advance ticket sales
Deferred income from advance membership subscriptions
Ticket sales for third parties' shows
Social security and other taxes
Other creditors		 2020
48%
10%
24%
18%
2020
£
2,204
2020
£
152
7,617
2,089
9,858
2020
£
5,784
1,037
2,320
10,368
1,055
9,427
29,991		 2019
49%
11%
23%
17%
2019
£
1,946
2019
£
454
11,098
2,539
14,091
2019
£
21,261
4,496
2,784
275
1,008
24,110
53,934

-17-

THE ABBEY THEATRE TRUST (ST. ALBANS) LIMITED

NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2020

13 Deferred income
Deferred Income at 1st September 2019
Resources deferred in the year
Amounts released from previous years
Deferred Income at 31st August 2020
Deferred income comprises the following:
Advance ticket sales
Advance membership subscriptions
Advance hires
14 Statement of funds
Balance at
01-Sep-19
Unrestricted funds
£
General fund
60,000
Operating reserve
50,000
Development reserve
512,834
622,834
Restricted funds
Building development fund
1,000
Tangible fixed asset reserve
938,245
943,995
Total funds
1,566,829
4,750
St Albans Youth Music Theatre
(SAYMT)		 2020
£
7,555
3,357
(7,555)
3,357
1,037
2,320
-
3,357
Income
Expenditure
£
£
188,048
(149,043)
-
-
(29,738)
(34,418)
158,310
(183,461)
-
-
-
(25,479)
-
(25,479)
158,310
(208,940)
Movement in Resources
-
-		 2019
£
10,202
7,555
(10,202)
7,555
4,496
2,784
275
7,555
Transfers
£
(39,005)
25,000
14,005
-
-
-
-
-		 Balance at
31-Aug-20
£
60,000
75,000
462,683
597,683
1,000
912,766
4,750
918,516
1,516,199

Purpose of funds

General Fund

The General fund represents funds that are readily available for use and not allocated to a specific

Development Reserve

The trustees have agreed to set aside substantial amount from annual surpluses to build funds towards major developments to the theatre's infrastructure.

Operating Reserve

The operating reserve exists to enable the company's operating costs to be covered for at least 6 months should its theatre facilities be not available for any reason. The Trustees have decided to increase the fund by the amount of the government Covid grant to £75,000 to cover possible annual deficits and potential repairs. The remainder of the surplus has been transferred to the Development Reserve.

Restricted building development fund

This reserve represents donations that have been made specifically in connection with the proposed new building.

St. Albans Youth Music Theatre Reserve

This reserve represents the value of the endowment when this group came under the wing of the Abbey Theatre. It will be used when required towards exceptional show costs incurred by SAYMT.

Tangible Fixed Asset Reserve

The funds relating to the tangible fixed assets are classified as restricted, as they are required for use for the purposes of the Charity.

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THE ABBEY THEATRE TRUST (ST. ALBANS) LIMITED

NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2020

15 Analysis of net assets between funds
Tangible fixed assets
Fixed asset investments
Current assets
Creditors due within one year
Total		 Unrestricted
Funds
2020
£
-
465,870
161,805
(29,991)
597,684		 Restricted
Funds
2020
£
912,766
5,750
-
-
918,516		 Total
Funds
2020
£
912,766
471,620
161,805
(29,991)
1,516,200		 Total
2019
£
938,245
502,842
179,676
(53,934)
1,566,829

16 Lease commitments

Below are the aggregate amounts payable under operating leases expiring in:

Less than one year
Two to five years		 2020
£
155
464		 2019
£
155
618

17 Related party transactions

The services of Cheryl Coltman (t/a Sorted) for office assistance were engaged for part of the year by the Trust for half a day a week. Her husband, Mark Coltman, serves as a trustee. The total amount paid to Cheryl Coltman was £873 (2019: £2,280) and the transaction was carried out at arms-length.

In 2019, the Trust hired sound equipment from Stuart Barry whose wife, Katherine Barry, is a Trustee. The amount paid was £200 and the transaction in 2019 was carried out at below market price. No such transaction occurred during the current year.

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