COMPANY REGISTRATION NO. 00998688
REGISTERED CHARITY NO. 262257
THE APOLLO THEATRE (ISLE OF WIGHT) TRUST LIMITED
COMPANY LIMITED BY GUARANTEE
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020
THE APOLLO THEATRE (ISLE OF WIGHT) TRUST LIMITED COMPANY LIMITED BY GUARANTEE
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020
| PAGE | |
|---|---|
| CONTENTS: | |
| Members of the Board and Professional Advisers | 1 |
| Trustees (Council of Management) Annual Report | 2 - 4 |
| Accountant’s Independent Examiner’s Report | 5 |
| Statement of Financial Activities (incorporating Income and Expenditure Account) | 6 |
| Balance Sheet | 7 |
| Notes to the Financial Statements | 8 – 14 |
| The following pages do not form part of the financial statements: | |
| Details Statement of Financial Activities | 15 |
THE APOLLO THEATRE (ISLE OF WIGHT) TRUST LIMITED COMPANY LIMITED BY GUARANTEE
MEMBERS OF THE BOARD AND PROFESSIONAL ADVISERS
Chairman Mr P M Jennings Company Secretary Mrs C M Crump Members of the Council of Management As detailed in the Council’s Report on page 2 Registered Office Apollo Theatre Pyle Street Newport Isle of Wight PO30 1JT Company Registration Number 00998688 Charity Number 262257 Bankers CAF Bank Ltd 25 Kings Hill Avenue Kings Hill West Malling Kent ME19 4JQ HSBC Bank Plc 101 St James Square Newport Isle of Wight PO30 1HX Lloyds TSB 22 St Thomas’ Square Newport Isle of Wight PO30 1SQ Solicitors Glanvilles The Courtyard St Cross Business Park Monks Brook Newport Isle of Wight PO30 5BF Independent Accountants Moore (South) LLP 9 St John’s Place Newport Isle of Wight PO30 1LH
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THE APOLLO THEATRE (ISLE OF WIGHT) TRUST LIMITED COMPANY LIMITED BY GUARANTEE
TRUSTEES (COUNCIL OF MANAGEMENT) ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2020
The Trustees (who are also directors for the purposes of company law), have pleasure in presenting their report, and the unaudited financial statements of the charity for the year ended 31 December 2020.
REFERENCE AND ADMINISTRATIVE DETAILS
Reference and administrative details are shown in the schedule of members of the board, and professional advisers on Page 1 of the financial statements.
The Trustees
The Council of Management at 31 December 2020 was as follows:-
Mr P M Jennings (Chairman) Mrs C M Crump (Secretary) Mr D J Barnard Mrs A K Burns Mr D J Burns Mr M R Crump Mr T Hilton Mrs G Kennerley Mr L Lawrence (Resigned 23/3/2021) Mrs V A Orrey Mr R W Simpson Mr M Whitehead Mr M Ward Mrs K Fysh
Mrs Burns is also the Director of the Players so that position is not co-opted. At the 2021 AGM, one third of the Trustees retiring by rotation are:- Mr T Hilton, Mr D J Burns, Mr M R Crump, and Mrs G Kennerley.
STRUCTURE, GOVERNANCE AND MANAGEMENT
The charity (the Trust) is constituted as a company limited by guarantee not having a share capital. The objects for which the Trust is established are the promotion and encouragement of education in the arts among the public. This includes the administration and maintenance of the Apollo Theatre situated in Pyle Street, Newport, Isle of Wight plus the adjacent property 124 Pyle Street and an industrial unit, 11 Dodnor Pak, Newport, Isle of Wight (the Unit). The theatre was constructed in 1804 as a Methodist Chapel, and was listed as a Historic Asset Grade II* in 1953 by the then Department of the Environment. 124 Pyle Street is also listed as Grade II.
The Trust was originally the major shareholder in a separate company which owned the Apollo Theatre. In 2002, the Trust by gift and purchase acquired the remainder of the shares and, on winding that company up, took direct ownership of the Theatre buildings in Pyle Street. This acquisition is recognised in the Trust accounts as a permanent endowment fund stated at the original book cost expended by the former subsidiary company. In 2012 the Trust, with the aid of a mortgage, purchased The Unit to free up storage space in the theatre and provide an additional rehearsal area.
The Trust is managed by the Council of Management which consists of between seven and fifteen members of the Trust elected at Annual General Meetings. Additionally, the Director of the Apollo Players may be coopted and from time to time another, such as a Project Manager, may be co-opted.
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THE APOLLO THEATRE (ISLE OF WIGHT) TRUST LIMITED COMPANY LIMITED BY GUARANTEE
TRUSTEES (COUNCIL OF MANAGEMENT) ANNUAL REPORT YEAR ENDED 31 DECEMBER 2020
OBJECTIVES AND ACTIVITIES
The Players, with the cooperation of the Trust, operate the Theatre in a professional manner. They provide an annual season usually of seven drama productions drawing on all theatrical sources and styles. This helps fulfil the objects stated above not only by promoting the performances to the public but in educating all who take part in the different skills involved on-stage, off-stage, and front of house. No participant, except with the occasional use of semi-professional musicians, is paid for his/her services. There is also a vigorous and active young members group which provides opportunities and instruction in dramatic art; they perform in suitable main stage productions and also stage their own devised work. Workshops are held on various aspects of theatre, both acting and technical. The stage and technical facilities are increasingly being used by visiting companies as well as local groups, often for the benefit of various charities, and by local schools for their drama exams at times when the theatre and stage are not required for in-house productions. The Newport (IOW) Jazz Club uses the theatre on a monthly basis. A U3A Play-reading Group also meets on the premises once a month. An Art exhibition is mounted during each production.
Following the lockdown imposed as a result of the Covid-19 pandemic, the theatre was obliged to close to the public in March 2020. Maintenance work continued along with preparations to reopen in a Covidcompliant way until this, too, was stopped by tighter regulations.
All materials used in sets and costumes and all other theatre-related running costs are paid by the Players out of their Box Office receipts. The Trust pays for the major building overheads such as insurance, maintenance, and improvements to the theatre’s equipment and facilities which come under the heading of capital expenditure.
In planning our activities for this year, we kept in mind the Charity Commission’s guidance on public benefit at our Trustee meetings. The focus of our activities remains the maintenance and development of the Apollo Theatre’s building and equipment. This benefits the community of the Isle of Wight by the provision of cultural activities, adding to its education in the arts. During 2006, a grant making policy for the Trust was finalised offering financial assistance to Apollo member students occupied in full time study in any aspect of theatre work. The grants are to be limited to the amount of interest that the Trust may earn on its funds. There was one grant from this scheme during 2020.
FINANCIAL REVIEW AND RESERVES POLICY
Our major source of funding continues to be the donation made by the Players of their surplus funds. The Loan repayments are being paid, on behalf of the Trust, directly from the Players’ funds. The accounts reflect the permanent endowment fund representing the original book cost on acquisition plus additional works on the theatre by the Trust. During the lockdown various grants were applied for and received to compensate for the loss of earnings.
The cash funds of the Trust are held with the Charities Aid Foundation (CAF) on current and deposit accounts which carry slightly better interest than can be obtained from high street banks. A small account is maintained with Lloyds handling the receipt of fund-raising activities. A mortgage for The Unit is held with HSBC.
The Trust has free reserves of £14,248 (2019 - £11,074) representing the net current assets, minus the designated repair fund, and also the monies to be received from the Players. This represents 8 months running costs, based on the 2020 accounts, and is considered a reasonable reserve by the Trustees.
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THE APOLLO THEATRE (ISLE OF WIGHT) TRUST LIMITED COMPANY LIMITED BY GUARANTEE
TRUSTEES (COUNCIL OF MANAGEMENT) ANNUAL REPORT YEAR ENDED 31 DECEMBER 2020
PLANS FOR FUTURE PERIODS
A policy to manage the use of the theatre by other bodies without presenting difficulties to in-house productions has been put into place and is kept under constant review.
There are currently some problems with the flat roof over the Dressing Room. Plans are being developed to replace and improve the roof incorporating additional space for Wardrobe and Dressing Rooms. There is an ongoing need for professional upgrading of the theatre’s electrical installation.
Plans have been developed to join the two buildings in Pyle Street at first floor level, providing improved egress from the theatre’s balcony and additional bar storage area. As part of this work, a complete set of plans of the theatre was commissioned which will be the basis of any further development. The details of the development are currently with architects for submission to building control.
RESPONSIBILITIES OF THE TRUST
The trustees are responsible for preparing the Trustees (Council of Management) Annual Report and the financial statements in accordance with applicable law and United Kingdom Generally Accepted Accounting Practice.
Company law requires the trustees to prepare financial statements for each year which give a true and fair view of the state of affairs of the charity and of the surplus or deficit of the charity for that period.
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In preparing these financial statements, the trustees are required to: select suitable accounting policies and then apply them consistently
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make judgements and estimates that are reasonable and prudent; and
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prepare the financial statements on the ongoing basis unless it is inappropriate to presume that the charity will continue in operation.
SMALL COMPANY PROVISIONS
This report has been prepared in accordance with the special provisions for small companies within Part 15 of the Companies Act 2006. In approving the Trustees’ Annual Report, we also approve the Strategic Report contained therein, in our capacity as Company Directors.
On behalf of the Board
Mrs CM Crump Company Secretary
Date……………………
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THE APOLLO THEATRE (ISLE OF WIGHT) TRUST LIMITED COMPANY LIMITED BY GUARANTEE
INDEPENDENT EXAMINERS REPORT TO THE TRUSTEES OF THE APOLLO THEATRE (ISLE OF WIGHT) TRUST LIMITED
YEAR ENDED 31 DECEMBER 2020
I report on the accounts for the year ended 31 December 2020 set out on pages 6 to 13.
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. My examination has been undertaken so that I might state to the Charity's Trustees those matters I am required to state to them in an independent examiner's report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the Charity and the Charity's Trustees as a body, for my examination, for this report, or for the opinions I have formed.
Respective responsibilities of Trustees and Examiner
The trustees who are also the directors of the Apollo Theatre (Isle of Wight) Trust Limited for the purposes of company law are responsible for the preparation of the accounts. The trustees consider that an audit is not required for this year under section 144(2) of the Charities Act 2011 (the 2011 Act) and that an independent examination is needed.
Having satisfied myself that the charity is not subject to audit under company law and is eligible for independent examination, it is my responsibility to:
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examine the accounts under section 145 of the 2011 Act;
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to follow the procedures laid down in the general Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act; and
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to state whether particular matters have come to my attention.
Basis of Independent Examiner's report
My examination was carried out in accordance with the general Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the Charity and a comparison of the accounts presented with those records. It also includes a consideration of any unusual items or disclosures in the accounts, and seeking explanations from the trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit and consequently no opinion is given as to whether the accounts present a "true and fair view" and the report is limited to those matters set out in the statement below.
Independent Examiner's statement
In connection with my examination, no matter has come to my attention:
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(1) which gives me reasonable cause to believe that in any material respect the requirements:
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to keep accounting records in accordance with section 386 of the Companies Act 2006; and
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to prepare accounts which accord with the accounting records, comply with the accounting requirements of section 396 of the Companies Act 2006 and with the methods and principles of the Statement of Recommended Practice: Accounting and Reporting by Charities
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have not been met; or
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(2) to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.
Kevin R Cooper BA FCA DChA For and on behalf of Moore (South) LLP Isle of Wight Dated: ………………….
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THE APOLLO THEATRE (ISLE OF WIGHT) TRUST LIMITED COMPANY LIMITED BY GUARANTEE
STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING THE INCOME AND EXPENDITURE ACCOUNT)
YEAR ENDED 31 DECEMBER 2020
| Unrestricted Endowment Funds Funds Note £ £ Income and endowments from: Donations and legacies – 100 Club membership 2,233 - Investment income – Bank interest 46 - Incoming resources From charitable activities 2 17,340 - Grants and Government support 10,526 - Total income and endowments 30,145 - Expenditure on: Raising funds – 100 Club prizes (1,200) - Charitable activities 3 (16,070) - Total expenditure (17,270) - Net income/(expenditure) 12,875 - Transfer between funds - - Net movement in funds 12,875 - Reconciliation of funds Total funds brought forward 146,240 285,473 Total funds carried forward 159,115 285,473 ====== ====== |
Total Funds 2020 £ 2,233 46 17,340 10,526 30,145 (1,200) (16,070) (17,270) 12,875 - 12,875 431,713 444,588 ====== |
Total Funds 2019 £ 2,100 51 13,660 - 15,811 (1,050) (14,971) (16,021) (210) - (210) 431,923 431,713 ====== |
|---|---|---|
The Statement of Financial Activities includes all gains and losses in the year and therefore a statement of total recognised gains and losses has not been prepared. In the comparative year, all the income and expenditure related to unrestricted funds, and so there is no presentation of a comparative Statement of Financial Activities.
All of the above amounts relate to continuing activities.
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THE APOLLO THEATRE (ISLE OF WIGHT) TRUST LIMITED COMPANY LIMITED BY GUARANTEE
BALANCE SHEET YEAR ENDED 31 DECEMBER 2020
| Note Fixed Assets Tangible assets 5 Current Assets Debtors – Apollo Players Prepayments Cash at bank and in hand Creditors: Amounts falling due within one year Accruals Loan Net current assets/(liabilities) Total assets less current liabilities Creditors: Amounts falling due after more than one year Loan 6 Net assets/(liabilities) = Charity Funds Endowment funds (permanent) 7 Unrestricted funds 8 Total charity funds/(deficit) = |
2020 £ 405,354 10,345 348 56,119 66,812 (900) (1,322) 64,590 469,944 (25,356) 444,588 ====== 285,473 159,115 444,588 ====== |
2019 £ 404,171 8,375 145 47,924 56,444 (900) (1,095) 54,449 458,620 (26,907) 431,713 ====== 285,473 146,240 431,713 ====== |
|---|---|---|
For the financial year ended 31 December 2020 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.
No members have required the company to obtain an audit of its accounts for the year in question in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibility for complying with the requirements of the Act with respect to accounting records and for the preparation of accounts.
These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies’ regime.
These financial statements were approved and authorized for issue by the Board.
Signed on behalf of the Board of Trustees:
Mr P M Jennings
Date …………………….
The notes on pages 8 to 14 form part of these financial statements Company Registration Number: 00998688
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THE APOLLO THEATRE (ISLE OF WIGHT) TRUST LIMITED COMPANY LIMITED BY GUARANTEE
NOTES TO THE ACCOUNTS YEAR ENDED 31 DECEMBER 2020
1. ACCOUNTING POLICIES
(a) General information and basis of preparation
The Apollo Theatre (Isle of Wight) Trust Limited is a Charitable Company Limited by Guarantee in the United Kingdom. In the event of the charity being wound up, the liability in respect of the guarantee is limited to £5 per member of the charity. The address of the registered office is given in the charity information on page 1 of these financial statements. The nature of the charity’s operations and principal activities are the provision and maintenance of a heritage theatre.
The charity constitutes a public benefit entity as defined by FRS 102. The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued on 1 October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Charities Act 2011, the Companies Act 2006 and UK Generally Accepted Practice as it applies from 1 January 2019.
The trustees have taken advantage of the exemptions from including a cash flow statement in the financial statements on the grounds that the charity is small.
The financial statements are prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value. The financial statements are prepared in sterling which is the functional currency of the charity and rounded to the nearest £1.
The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.
(b) Funds
Unrestricted funds are available for use at the discretion of the trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes. Monies raised by the Apollo in respect of general development of the buildings have been treated as unrestricted funds. General funds include a designated fund for emergency repairs.
Designated funds comprise unrestricted funds that have been set aside by the trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements.
Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the charity for particular purposes. The cost 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 to the financial statements.
Endowment funds represent those assets which must be held permanently by the charity, principally the book cost of the buildings previously paid for out of fund raising by the Trust. The buildings were originally held by The Apollo Theatre (Isle of Wight) Limited and were taken over by the Trust in place of the Trust's shareholding in that company on its dissolution. It is accounted for as a heritage asset.
Income arising on the endowment funds can be used in accordance with the objects of the charity and is included as unrestricted income. Any capital gains or losses arising on the investments form part of the fund. Investment management charges and legal advice relating to the fund are charged against the fund.
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THE APOLLO THEATRE (ISLE OF WIGHT) TRUST LIMITED COMPANY LIMITED BY GUARANTEE
NOTES TO THE ACCOUNTS YEAR ENDED 31 DECEMBER 2020
(c) Income recognition
All incoming resources are included in the Statement of Financial Activities (SoFA) when the charity is legally entitled to the income after any performance conditions have been met, the amount can be measured reliably and it is probable that the income will be received.
For donations to be recognised the charity will have been notified of the amounts and the settlement date in writing. If there are conditions attached to the donation and this requires a level of performance before entitlement can be obtained then income is deferred until those conditions are fully met or the fulfilment of those conditions is within the control of the charity and it is probable that they will be fulfilled.
Donated facilities and donated professional services are recognised in income at their fair value when their economic benefit is probable, it can be measured reliably and the charity has control over the item. Fair value is determined on the basis of the value of the gift to the charity. For example the amount the charity would be willing to pay in the open market for such facilities and services. A corresponding amount is recognised in expenditure.
No amount is included in the financial statements for volunteer time in line with the SORP (FRS 102). Further detail is given in the Trustees’ Annual Report.
For legacies, entitlement is the earlier of the charity being notified of an impending distribution or the legacy being received. At this point income is recognised. On occasion legacies will be notified to the charity however it is not possible to measure the amount expected to be distributed. On these occasions, the legacy is treated as a contingent asset and disclosed.
Income from trading activities includes income earned from fundraising events and trading activities to raise funds for the charity. Income is received in exchange for supplying goods and services in order to raise funds and is recognised when entitlement has occurred.
Income from Government and other grants are recognised at fair value when the charity has entitlement after any performance conditions have been met, it is probable that the income will be received and the amount can be measured reliably. If entitlement is not met then these amounts are deferred.
(d) Expenditure recognition
All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Expenditure is recognised where there is a legal or constructive obligation to make payments to third parties, it is probable that the settlement will be required and the amount of the obligation can be measured reliably. It is categorised under the following headings:
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Costs of raising funds includes costs relating to the 100 Club draw.
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Expenditure on charitable activities includes maintenance and operation of the building; and Other expenditure represents those items not falling into the categories above.
Irrecoverable VAT is charged as an expense against the activity for which expenditure arose.
Grants payable to third parties are within the charitable objectives. Where unconditional grants are offered, this is accrued as soon as the recipient is notified of the grant, as this gives rise to a reasonable expectation that the recipient will receive the grants. Where grants are conditional relating to performance then the grant is only accrued when any unfulfilled conditions are outside of the control of the charity.
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THE APOLLO THEATRE (ISLE OF WIGHT) TRUST LIMITED COMPANY LIMITED BY GUARANTEE
NOTES TO THE ACCOUNTS YEAR ENDED 31 DECEMBER 2020
(e) Support costs allocation
Support costs are those that assist the work of the charity but do not directly represent charitable activities and include office costs, governance costs, administrative payroll costs. Where support costs cannot be directly attributed to particular headings they have been allocated to cost of raising funds and expenditure on charitable activities on a basis consistent with use of the resources.
Fund-raising costs are those incurred in seeking voluntary contributions and do not include the costs of disseminating information in support of the charitable activities.
(f) Tangible fixed assets
Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.
Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost, less estimated residual value, of each asset on a systematic basis over its expected useful life as follows:
Freehold property Nil (see (g) below) Storage and rehearsal building 2% straight line Plant and machinery 10% reducing balance
The properties are not depreciated because the Trust’s main purpose is to maintain and preserve the Historic building and this is akin to a Heritage Asset, in accordance with accounting standards.
(g) Heritage assets
Heritage assets are recognised on the balance sheet and initially measured at cost when purchased or if donated, their valuation. Assets are subsequently stated at cost or valuation less accumulated depreciation and accumulated impairment losses. Fair values for donated assets are estimated by reference to market prices.
(h) Debtors and creditors receivable/payable within one year
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in expenditure.
(i) Loans and borrowings
Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.
(j) Concessionary loans
Concessionary loans include those receivable from the Apollo Players which are interest free and are made to advance charitable purposes for Apollo Players’ productions. All loans are repayable on demand within one year, the loan measured at cost, less impairment.
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THE APOLLO THEATRE (ISLE OF WIGHT) TRUST LIMITED COMPANY LIMITED BY GUARANTEE
NOTES TO THE ACCOUNTS YEAR ENDED 31 DECEMBER 2020
(k) Impairment
Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset’s cash generating unit, is estimated and compared
(l) Tax
The charity is an exempt charity within the meaning of schedule 3 of the Charities Act 2011 and is considered to pass the tests set out in Paragraph 1 Schedule 6 Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes.
(m) Going concern
The financial statements have been prepared on a going concern basis as the trustees believe that no material uncertainties exist. The trustees have considered the level of funds held and the expected level of income and expenditure for 12 months from authorising these financial statements. The budgeted income and expenditure is sufficient with the level of reserves for the charity to be able to continue as a going concern.
2. INCOME FROM CHARITABLE ACTIVITIES
| INCOME FROM CHARITABLE ACTIVITIES | ||
|---|---|---|
| Year to | Year to | |
| 31 August | 31 August | |
| 2020 | 2019 | |
| £ | £ | |
| PLAYERS PRODUCTIONS | ||
| Players productions and other income | 41,745 | 54,210 |
| Production costs and expenses | (24,591) | (41,655) |
| Surplus for period/year | 17,154 | 12,555 |
| ===== | ===== | |
| Adjustment in respect of mortgage payment made by Players | 186 | 1,105 |
| 17,340 | 13,660 | |
| ===== | ===== |
The theatre is operated on a friendly arrangement with a related party; the “Apollo Players Association”, an unincorporated society, the members of which are all Associate members of the Trust. Theatre hire is charged to the Association, and is equal to the profits made by the Association in the year. They own no equipment or other fixed assets; all such purchases being made by the Trust. The Association’s accounts are made up to 31 August each year.
Income from charitable activities was solely attributable to unrestricted funds.
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THE APOLLO THEATRE (ISLE OF WIGHT) TRUST LIMITED COMPANY LIMITED BY GUARANTEE
NOTES TO THE ACCOUNTS YEAR ENDED 31 DECEMBER 2020
3. COSTS OF CHARITABLE ACTIVITIES
| COSTS OF CHARITABLE ACTIVITIES | ||
|---|---|---|
| 2020 | 2019 | |
| £ | £ | |
| Establishment – Repairs and maintenance | 3,210 | 1,928 |
| Establishment – Insurance | 3,608 | 3,560 |
| Equipment depreciation | 5,904 | 5,860 |
| Sundry | 310 | 60 |
| Loan Interest | 2,048 | 2,275 |
| Marketing | 120 | 150 |
| 15,200 | 13,833 | |
| Governance costs | ||
| Accountancy fees | 870 | 1,138 |
| Committee of Management Indemnity Insurance | - | - |
| 16,070 | 14,971 | |
| ===== | ===== |
4. STAFF COSTS AND PAYMENT TO TRUSTEES
No salaries or wages have been paid to employees, including the council of management (trustees), during the year. Total payments to senior management personnel was nil (2019 – Nil).
5. TANGIBLE FIXED ASSETS
| TANGIBLE FIXED ASSETS | ||||
|---|---|---|---|---|
| Theatre | Storage & | Other plant | ||
| land and | rehearsal | and | ||
| buildings | building | machinery | Total | |
| £ | £ | £ | £ | |
| COST | ||||
| At 1 January 2020 | 285,473 | 99,939 | 95,706 | 481,118 |
| Additions | - | - | 7,086 | 7,086 |
| At 31 December 2020 | 285,473 | 99,939 | 102,792 | 488,204 |
| ====== | ===== | ===== | ====== | |
| DEPRECIATION | ||||
| At 1 January 2020 | - | 15,992 | 60,955 | 76,947 |
| Charge for the year | - | 1,999 | 3,904 | 5,903 |
| At 31 December 2020 | - | 17,991 | 64,859 | 82,850 |
| ====== | ===== | ===== | ===== | |
| NET BOOK VALUE | ||||
| At 31 December 2020 | 285,473 | 81,948 | 37,933 | 405,354 |
| ====== | ===== | ===== | ====== | |
| At 31 December 2019 | 285,473 | 83,947 | 34,751 | 404,171 |
| ====== | ===== | ===== | ====== |
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THE APOLLO THEATRE (ISLE OF WIGHT) TRUST LIMITED COMPANY LIMITED BY GUARANTEE
NOTES TO THE ACCOUNTS YEAR ENDED 31 DECEMBER 2020
6. LOAN
The Trust has a loan in respect of the purchase of the storage and rehearsal building. The repayments have been paid in the year by the Players. The loan is secured on the storage building.
| Amounts due within one year Amounts due after more than one year |
2020 £ 1,322 25,356 26,678 ===== |
2019 £ 1,095 26,907 |
|---|---|---|
| 28,002 ===== |
| Of the amounts due, £18,317 (2019 - £20,265) would be | Of the amounts due, £18,317 (2019 - £20,265) would be | payable in more | than five years | by instalments. | |
|---|---|---|---|---|---|
| 7. | ENDOWMENT FUNDS | 2020 | 2019 | ||
| £ | £ | ||||
| The Apollo Theatre buildings Pyle Street | Newport | ||||
| Permanent endowments at 1 January 2019 | 285,473 | 285,473 | |||
| Additions in year | - | - | |||
| At 31 December 2020 | 285,473 | 285,473 | |||
| ====== | ====== | ||||
| 8. | UNRESTRICTED INCOME FUNDS | ||||
| Balance at | Transfer |
Net | Balance at | ||
| 1 January | between |
incoming | 31 December | ||
| 2020 | funds | resources | 2020 | ||
| £ | £ | £ | £ | ||
| Designated general reserve fund | 35,000 | 5,000 | - | 40,000 | |
| General funds | 111,240 | (5,000) | 12,875 | 119,115 | |
| 146,240 | - | 12,875 | 159,115 | ||
| ====== | ===== | ===== | ====== | ||
| COMPARATIVE UNRESTRICTED INCOME FUNDS | |||||
| Balance at | Transfer |
Net | Balance at | ||
| 1 January | between |
incoming | 31 December | ||
| 2019 | funds | resources | 2019 | ||
| £ | £ | £ | £ | ||
| Designated general reserve fund | 30,000 | 5,000 | - | 35,000 | |
| General funds | 116,450 | (5,000) | (210) | 111,240 | |
| 146,450 | - | (210) | 146,240 | ||
| ====== | ==== | ===== | ====== |
The Designated General Reserve Fund represents a sum set aside to meet emergency needs such as repairs or loss of income due to enforced closure of the theatre. The amount of £5,000 (2019 - £5,000) has been transferred to the unrestricted designated reserve fund in the year.
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THE APOLLO THEATRE (ISLE OF WIGHT) TRUST LIMITED COMPANY LIMITED BY GUARANTEE
NOTES TO THE ACCOUNTS YEAR ENDED 31 DECEMBER 2020
9. ANALYSIS OF NET ASSETS BETWEEN FUNDS
| Tangible Net current Long term Fixed assets assets liability £ £ £ Endowment funds: The Apollo Theatre buildings Pyle Street Newport 285,473 - - Unrestricted income funds 119,881 64,590 (25,356) Total Funds 405,354 64,590 (25,356) ====== ===== ===== COMAPRATIVE ANALYSIS OF NET ASSETS BETWEEN FUNDS Tangible Net current Long term Fixed assets assets liability £ £ £ Endowment funds: The Apollo Theatre buildings Pyle Street Newport 285,473 - - Unrestricted income funds 118,698 54,449 (26,907) Total Funds 404,171 54,449 (26,907) ====== ===== ===== |
Total £ 285,473 159,115 444,588 ====== Total £ 285,473 146,240 431,713 ====== |
|---|---|
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THE APOLLO THEATRE (ISLE OF WIGHT) TRUST LIMITED COMPANY LIMITED BY GUARANTEE
DETAILED STATEMENT OF FINANCIAL ACTIVITIES YEAR ENDED 31 DECEMBER 2020
| VOLUNTARY INCOME 100 Club receipts INVESTMENT INCOME Bank interest receivable INCOME FROM CHARITABLE ACTIVITIES Apollo Theatre Players Adjustment in respect of mortgage payments by Apollo Players Other income TOTAL INCOMING RESOURCES EXPENDITURE COSTS OF GENERATING VOLUNTARY INCOME 100 Club prizes COST OF CHARITABLE ACTIVITIES Repairs and maintenance Insurance Bank charges Loan interest Marketing Depreciation Sundry GOVERNANCE COSTS Accountancy fees Committee of Management indemnity insurance TOTAL EXPENDITURE NET (DEFICIT)/SURPLUS FOR THE YEAR |
2020 £ 2,233 2,233 46 17,154 186 10,526 30,145 1,200 3,210 3,608 60 2,048 120 5,904 250 870 - 17,270 12,875 ===== |
2019 £ 2,100 2,100 51 12,555 1,105 - 15,811 1,050 1,928 3,560 60 2,275 150 5,860 - 1,138 - 16,021 (210) ==== |
|---|---|---|
During the year capital additions of £7,086 (2019 - £6,649) were incurred in respect of the building and equipment.
This page does not form part of the statutory financial statements
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