COMPANY REGISTRATION NO. 00998688 REGISTERED CHARITY NO. 262257 THE APOLLO THEATRE IISLE OF WIGHTI TRUST LIMITED COMPANY LIMITED BY GUARANTEE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
THE APOLLO THEATRE IISLE OF WIGHT) TRUST LIMITED COMPANY LIMITED BY GUARANTEE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 PAGE CONTENTS: Member5 of the Board and Professional Advisers Trustees {Council of Management} Annual Report Accountanfs Independent Examiner's Report Statement of Financial Activities {incorporatlng Income and Expenditure Account) Balance Sheet Notes lo the Financial Statements 8-14 The following pages do nol fonn part of the financial slalements.. Details Staiemenl of Financial Activities 15
THE APOLLO THEATRE (ISLE OF WIGHT) TRUST LIMITED COMPANY LIMITED BY GUARANTEE MEMBERS OF THE BOARD AND PROFESSIONAL ADVISERS Trustees Chairman Members of the Councll of Management Mr P M Jennings Mts A K Burns Mr O J Burns Mr P Cardew Mr T D J Hilton Mrs J Jones-Evans Mrs G Kennedey Mrs VA Orrey Mrs S Paul Mrs E MacKenzie Mr R W Simpson Mr G UThJeThvood Mr M J Whitehead Registered Offlce Apollo Theatre Pyle Streat Newport Isle of Vmght P030 1JT Company Registration Number Charity Number 00998688 262257 Bankers CAF Bank Ltd 25 Kings Hill Avenue King5 Hill West Malling Kent ME19 4JQ HSBC Bank PIC 101 St James Square Newport Isle of Vmght P030 1 HX Lloyds TSB 22 St Thomas, Square Newport Isle of Imght P030 1SQ Solicitors Glanvilles The Courtyard. St Cross Business Park Monks BrooK Newport Isle of Wght P030 5BF Independent Accountants Moore (South) LLP 9 Sl John's Place Newport Isle of Wight P030 1 LH
THE APOLLO THEATRE (ISLE OF WIGHT) TRUST LIMITED COMPANY LIMITED BY GUARANTEE TRUSTEES {COUNCIL OF MANAGEMENT) ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 The Trustees {who are aL80 dire¢tr)rs for the purposes of company lawl, have pleasure in presenting their reFM)rt and the unaudiied finan¢ial stalemenls of the charity for the year ended 31 December 2023. 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 financi81 statements. The Trustees The Councll of Management at 31 De¢embgr 2023 was as follows:. Mr P M Jennings (Chaimian} Mr D J Burns Mr T Hilton Mrs G Kennerley Mrs V A Ofrey Mr R W Simpson Mr M ltehead Mr M Clump (resigned March 23> Mrs A K Burns Mr P Cardew Mrs J Jones-Evans MTS E Mackenzie MTS S Paul MT G UndeNood Mrs C Crump Mr D Barnard (CO+OPted 1111r231 (co-opted 11111231 (c04)pted 111 Ir231 (co-opted 11111231 (co-opted 11111231 (resigned March 23) (resigned June 23) Mr Jennings is also the Director of the Players so that position is not Co-opted. Following agreement wilh the Apollo Players, the Tfust is in the process of converting lo a Charitable Incorporated Organisation (CIO). A draft Consti110n for the CIO has been created and Trustees for the CIO have been identified and co-opted onlo the TrusL For the conversion to a CIO to be approved, the new trustees must be in place as trustees of the existing Trust. The majority of the existing ttustees will sland down al the next AGM However. as the currenl minimum number of trustees is seven, sufficient of the existing trustees $IUld remain in place to meet thal minimum requirement until the CIO conversion is approved. Once the conversn is approved the new Trustees will be joined by four ex-officio members of the Players executive committee. i.e. The Director, The Arts Manager. The Business Manager and the Operations Manager. srRUCTURE, GOVERNANCE AND MANAGEMENT The charity {Ihe Trust) is constituted as a company limited by guarantee not having a share capital. The objects for which the Trust is established are the promotion and encouragement of education In the arts among the public. This includes the administration and maintenance of the Apollo Theatre silualed in Pyle Street, Newport. Isle of Wght plus Ihe adjacent property 124 Pyle Street and an industrial uniL 11 Dodnor Park, Newport, Isle of Wwht (the Unit). The theatre was constructed in 1804 as a Methodist Chapel, and was listed as a Historic Asset Grade Il" in 1953 by the then Department of the Environment. 124 Pyle Street is also li%ted as Grade11. The Trust was originally the major shareholder in a separale company which owned the Apollo Theatre. In 2002. the Trust by gift arKI purchase acquired the remainder of the sha$ and. on winding thal company up, took direct ownership of the Theatre buildings in Pyle Street. Thls acquisition is recognized in the Tnjst accounts as a permanent endowment fund staled at the original book cost expended by the former subsidiary company. In 2012 the Trust, with the aid of a mortgage, purchased The Unil lo free up storage space in the theatre and provide an additional rehearsal area. The Tmst is managed by the Council of Management which consists of belween seven and fifteen members of the Trust elected at Annual General Meetings. Additionally. the Director of the Apollo Players may be co- opted and from lime to b'me anolher, such as a Project Manager. may be co-opted.
THE APOLLO THEATRE {ISLE OF WIGHT) TRUST LIMITED COMPANY LIMITED BY GUARANTEE TRUSTEES {COUNCIL OF MANAGEMENT) ANNUAL REPORT YEAR ENDED 31 DECEMBER 2023 OBJEcfivES AND AcfiviTIES 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 slated above not only by promoting the performallS to the public but in educating all who take part in the differenl skills involved on-stsge, off-stage. and front of house. No participant, except th the occasional use of semi-professional musicians, is paid for hislher services. There is also a vigorous and actnie young membeis group which proviées opportunities and instruction in dramatic art,. Ihey perform in suitable main stage produclions. and they 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 hired out to 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 {IOWI Jazz Club uses the theatre on a monthty basis. A Gateway group has been fom)ed and meets every week to engage in play readings. poetry and singing. An Art exhibition is mounted during each production. Following the lockdown imposed as a result of the Covid-19 pandemic, the theatre re-opened in July 2021 and has continued to opgrale normally since with Covid praUtionS in place in line with govemment guidance. All materials used in sets and costumes and all other thealfe-related running costs are paid for by the Players out of their box offe reipts. 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 expendriure. In planning our activf(ies for this year, we kept in mind the Charity Commission's guidance on public benefil at our Trustee meetings. The focus ofour activities remains the maintenance and development of the Apollo Theatre's building and equlpment. This benefits the community of the Isle of Nghl through the provision of cultural activities, adding to its education in the arts. A grant making policy for the Trust is in place, offeTing financial assistance to Apollo member students occupied in full b'me study in any aspect of theatr8 WOTk. The grants are to be limited to the amount of interest that the Twst may earn on its funds or a higher fUre if agreed by the Trust. FINANCIAL REVIEW AND RESERVES POLICY Our major SOLsrce of funding continues to be the donation made by the Players of their surplus funds. A mortgage for The Unil is held with HSBC. The loan repayments are paid, on behalf of the Trust, direedy 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 varioug 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 whh carry slightly better interest than can be obtained from high street banks. A small account is tnaintained with Lloyds handling the receipt of fvnd-raising activities. The Trust generated a deficit on unreslricled funds of £(5.966) (2022 - surplus £3.508) based on income from the Players. and investment income. The Endowment Fund which represents the Theatre building was depreciated al £4.568 in the period. The Trust has free reserves of £8.66712022 - £12,896) presenting the unrestrlcled funds, less the fixed assets, whilsttaking into consideration the endowment fund and loan. aswell as removing the Apollo players debtor and designated funds. This represents 6-9 months of normal running costs, based on the 2023 accounts, and is considered a reasonable reserve by the Trustees.
THE APOLLO THEATRE (ISLE OF WIGHn TRUST LIMITED COMPANY LIMITED BY GUARANTEE TRUSTEES {COUNCIL OF MANAGEMENT) ANNUAL REPORT YEAR ENOED 31 DECEMBER 2023 PLANS FOR FUTURE PERIODS Transition lo a CIO - the proposal will shortly be submitted to The Charity Commission for approval. Once approved The Apollo Theatre Ilsle of Wight) Trust Limited will be wound up and the assets transferred to the CIO with the prO[xed title The Apollo Theatre (Isle of Wghll Trust (subject lo the agreement of the Charity Commission). An investigation is undei way to update the theatre's lighting system lo move away from incandescent lights to the much more environmentally efficient option of LEDS which is now the standard for theatres This will require replacement of all the theatre's lighting equipment and the associated wiring. This has become increasingty urgent as the price of electricity has escalated to such an extenl thal funding from ihe resetve has been agreed for implementation early in 2024. Plans are in pla tojoin the 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 Gomplele set of digital plans of the theatre were commissioned and used as the basis of current and fuiure development. Following discussions regarding accessibility ihe plans have been modified to include a second accessible toileL Planning pemisslon has already been granted and once Building Control have approved the plans, the work will be put out to tendei. There conlinue to be problems with the flat roof over the Dressing Room. Plans are being developed to replace and improve the roof incorporating additional space for Wardfobe and Dressing Rooms. There is an ongoing need for professional upgrading of the theatre's domestic electrical installation. RESPONSIBILITIES OF THE TRUSTEES The Iruslees are responsible for preparing the Trustees {Coun¢il of Management) Annual Report and the financial slalemenis in accordance wlh applicable law and Uniled Kingdom Generalty A¢¢epted Accounting Practice. Company law requires the trustees to prepare financial slatements for each year which gwe a true and fair view of the slate of affairs of the charity and of the surplus or deficit of the charity for that perKKI. In preparing these financial stalemenls, the trustees are required to.. select suitable accounting policies and then appty them consistently make judgements and estimates thal are reasonable and prudent., and prepare the ffinancial statemenls on the ongoing basis unless it is inappropriate to presume that the ¢hanty will continue in operation. SMALL COMPANY PROVISIONS This report has been prepared in 2ceordance with the speaal provisions for small companies within Part 15 ofthe Companies Act 2006. In approving the Trustees, Annual Report, we also approve the Strategic Report contained therein. in our capacty as Company Directors. On behalf of the Board Mr P M Jennings Chair of Trustees Date......25June 2024................
THE APOLLO THEATRE (ISLE OF WIGHD TRUST LIMITED COMPANY LIMITED BY GUARANTEE CHARTERED ACCOUNTANTS REPORT TO THE TRUSTEES ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF THE APOLLO THEATRE (ISLE OF WIGHT) TRUST LIMITED YEAR ENDED 31 DECEMBER 2023 In order to assist you to fulfil yourduties under the Companies Act 2006, we have prepared for your approval the financtal statements of The Apollo Theatre {Isle of Wight) Trust Limited for the year ended 31 Dember 2023. which comprise the statement of financial activities, balance sheet and the related notes from the charity's accounting records and from information and explanations you have given us. As a practising member firm of the Inslilute of Chartered knounlanls In England and Wales, we are subject to its ethlcal and other professional requirements whh are detailed at https:IAMv.kaew.comlregulation. This report is made to the charity's trustees, as a body, in accordance with the temis of our engagement letter dated. Our work has been undertaken solely to prepare for your approval the financial statements of The Apollo Theatre Ilsle of Wight) Twst Limited and state those matters thal we have agreed to slate to the charity's trustees, as a body, in thls report in accordance with ICAEW Technical Release 07116 AAF. To the hjllest exlenl permitted by law. we do not accept or assume responsibility to anyone other than The Apollo Theatre (Isle of Wight) Trust Limited and the charity's trustees as a body. for our work or for this reporL It is your duty to ensure that The Apollo Thealre {151e of Imght) Trust Limited has kept adequate accounting records and to prepare statutory financial statements that give a tnje and fair view of the assets, liabilities. financial position and suruS of The Apollo Theatre Ilsle ol Wght) Trust Limited. You consider that The Apollo Theatre Ilsle of Wght) Trust Limited is exempt from the stalulory audit requirement for the year and is not required to obtain an independent examinerfs report. [IJLI L Moore (South) LLP ChartOTed Accountants Isle of Wight
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 2023 Total Unrestrletod Endowment Funds Funds Funds 2023 Total Funds 2022 Note Income and endowmonls from: Donations and legacies- 100 Club membership 2,007 2,007 2,250 Investment income- Bank interest 933 933 180 Incoming resour From charitable activities 12,051 12.051 14,740 Other income Total income and endowments Expendlture on: Raising funds- 100 Club prizes 15391 1539) 11,250) Charitable actNities Total expendlture Ngt incomellexpondlture} (5.498) (4.568) (lo.16) {1,0601 TTan$for between funds Not movement In funds Reconciliatlon of funds Total funds brought forward 151270 276 337 Total funds carried foThiard 145.772 271,769 417,541 427,607 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 except £4,568 charged to the endowment fund for deprecation under charitable activilies a5 explained in note 3. The comparative surplus on unrestricted funds was £3,508 and deficit on endowment fund was 1£4.5681. Therefore no ¢omparaltve Statement ol Financial Activities is included with these a(unIs. All of the above amounts relate to Continuing activities.
THE APOLLO THEATRE (ISLE OF WIGHD TRUST LIMITED COMPANY LIMITED BY GUARANTEE BALANCE SHEET YEAR ENDED 31 DECEMBER 2023 2023 2022 Note Flxed Assets Tangible assets Current A8sèts Debtors- Apollo Players Prepayments Cash al bank and in hand 13,906 4.384 11,415 349 Credltors- Amounts falling due wlthln one year Accruals Loan I0) (895) Net current ass8ts11liabilities) Total assets less current liabilltles Credltors- Amounts falling due after more than one year Loan 437,430 449.347 Net assetsllllabilitios) 417,541 427,607 Charfty Funds Endowment funds {permanent) Unrestricted funds 271.769 145 772 276,337 151270 Total charity fundsl{defi¢il) 417.541 427,607 For the financial year ended 31 De¢ember 2023 the company was entitled to exemption under section 477 of the Companies Act 20LE lating to small companies. No members have required the company to obtain an audit of its accounts for the year in question in accordance wtth section 476 of the Companies Act 2006. The directors acknowledge their resF)onsibility for complying with the regulMentS of the Act with respe¢t to accounting records and for the preparation of accounts. These accounts have been prepargj 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. Slgned on behalf of the Board ofTmstees'. Mr P M Jennings Dale. .25June2024.............. The notes on pages 8 to 14 form part of these financial statements Company Registration NUmr. 00998688
THE APOLLO THEATRE {ISLE OF WIGHTI TRUST LIMITED COMPANY LIMITED BY GUARANTEE NOTES TO THE ACCOUNTS YEAR ENDED 31 DECEMBER 2023 ACCOUNTING POLICIES (a) General Inlormatlon and ba$ls of preparatlon The Apollo Theatre (Isle of Wghtl Trust Llmited is a Charitable Comp8ny Limited by Guarantee in the United Kingdom. In the event of the charity belng wound up. the liability in respect of the guarantee is limited to £5 per member of the charity. The address of the Tegislered 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 herilage theatre. The charity constitutes a publi¢ benefit entity as defined by FRS 102. The financial statements have been wepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practi applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 102) issued on 1 October 2019, the Financ1 Reporting Standard applicable in the United Kingdom and Republic of Ireland IFRS 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 advantsge of the exemptions from including a cash flow stalement in the financi81 statements on the grounds that the ¢harity is small. The financial statements a pPared on a going concern basis under the hlstorical cost conventK)n, 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 sunificant accounting policies applied in the preparation ofthese financial slalemenls are set out below. These policies have been consistenuy applied to all years presented unless otherwise staled. (b} Funds Unrèstri¢ted funds are available for use al the discreb'on 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 UnreStrted funds. General funds indude a designated fund for emergency repairs. Deslgnated funds comprise unrestricled funds that have been set aside by the trustee$ for particular purposes. The aim and use of each designated fund is set out in the notes io the financial statements. Restrlctedfunds are fvnds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the charty for particular purposes. The cost of raising and administering such funds are charged against the specific fund. The aim and use of each reslricled fund is sel out in the notes lo the financial staiements. Endowment funds represent those assets which must be held permanentty by the charity, principalty the book cost of the buildings previously paid for out of fund raising by the Trust. The buildings were original]y held by The Apollo Theatre {Isle of Wghll Limited and were 18ken over by the Trust in place of the Trust's shareholding In that company on ils dissolution. It is accounted for as a herita9e asset. Income arising on the endowvr£nt funds can be used in aCrdan 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.
THE APOLLO THEATRE IISLE OF GHT} TRUST LIMITED COMPANY LIMITED BY GUARANTEE NOTES TO THE ACCOUNTS YEAR ENDED 31 DECEM8ER 2023 1¢) Income recognition All incoming resources are included in the Statementof Flnancial Activities (SOFA) when the charity is legally entitled to the income after any performance conditions have been met. the amount can be measured rellabty and il is probable that the income will be received. For donatH)ns to be recognised the charity will have been notlfied 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 fulty met or the fuifilment of those Gondilions is within the control of the charity and it is probable that they will be fulfilled. Donaled facilities and donated professional seNices are recognised in income al their fair value when thelr e¢onomic benefi't is probable, il can be measured reliabty 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 se¥vices. A corresponding amount is re¢ognised in expenditure. No amount is included in the financial statements for volunteerllme in line with the SORP {FRS 102). Further detail is given in the Trustees. Annual Report. For legacies, entitlement k8 the earlier of the charity being notified of an impending distribution or the legacy being received. Al this point income is recognised. On occasion legacies will be notified to the charity however il 15 not possible to measure the amounl expected to be distributed. On these occasions, the legacy is Irealed as a contingent asset and disclosed. Income from trading activities includes income earned from fvndraising events and trading activities to ralse funds for Ihe charity. Income is received in exchange for supplying goods and sewvices in order lo raise funds and is egnised when entillement has occurred. IroMe from Govemment and other grants are recognised atfair value when the chaiity has entitlement after ary perfomance conditions hava been met. it is probable that the income will be received and the amount can be measuwd reliably. If entitlement is not met then these amounts are deferred. (d) Expendlture recognltlon All expenditure bs accounted for on an accruals basis and has been classified under headings that aggregate all costs relaled to the category. Expenditure is recognised where there is a legal or constructive obligation to make payments to third parties, il Is probable that the settlement will be required and the amount of the obligation can be measured reliably. It is categoTised under the following headings.. Costs of raising funds in¢ludes costs relating to the 100 Club draw. Expenditure on charitable activities includes maintenance and operation of the building- and Other expenditure represents those items not falling into the categories at*Ve. Irrecoverable VAT is tharged as an expense against the activty for whlch expenditure arose. Grants payable to third parties are within the charitable objectives. vin)ere unconditional grants are offered, this is accmed as 500n as the recipient is notified of the grant, as this gives rlse to a reasonable expectation that the recipient will receNe the grants. There grants are conditional relaling to performance then the grant is only accrued when any unfvlfilkd ¢ondilions are outsKle of the control of the charity.
THE APOLLO THEATRE (ISLE OF WIGHT) TRUST LIMITED COMPANY LIMITED BY GUARANTEE NOTES TO THE ACCOUNTS YEAR ENDED 31 DECEMBER 2023 {•) Support costs allocatlon Supwrl costs are those that assist the worf( of the charity bul do not directly represent charitable actbjities and inGlude office costs. governance costs, administrative payroll costs. Where support costs cannot be direcdy attTibuted to particular headings they have been allocated to Cost of raising funds 8nd expendire on charitable actNities on a basis consistent with use of the resgurces. Fund-raising costs aTe those incurred in seeking voluntary contributions and do not indude the ¢osls of disseminating information in support of the chariiable activities. {fj Tanglble fjxod assets Tangible ffixed assets are slated at cost lor deemed cost) or valuation less accumulated depreciation 2nd accumulated impairment losses. Cost includes costs dire¢Uy attributable to making the asset capable of operating as intended. Depreciatron 1$ provided on all tangible fLxed assets. at rates ¢al¢ulated to write off the cost. less estimated residual value, of each asset on a systematic basis over its expected useful life as follows.. Land Freehold property Plant and machinery 2% straight line 10% reducin9 balance The Freehold propety has been separated from the land value and depreciated as above. {gl Debtors and croditor¥ receivablelpayable wlthln one year t)eblors and creditors with no stated interest rate and receivable or payable within one year are recorded at transli0n price. Any losses arising from impairment are recognised in expenditure. (h) Loans and bomwlngs Loans and borrowings are Initially recogniwj at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective InteSt rate melhc4J, less impairment. If an arrangement con5tilules a finance transaction it is measured at present value. {il Conc8881onary loans Concessionary loans include those re1vable 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 impainent. io
THE APOLLO THEATRE (ISLE OF WIGHT) TRUST LIMITED COMPANY LIMITED BY GUARANTEE NOTES TO THE ACCOUNTS YEAR ENDED 31 DECEMBER 2023 U) Impairrnent Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balan sheel date. If such indication exists, the recoverable amount of the asset. or the asset's cash generab'ng unit. is estimated and compared Ik) Tax The charity is an exempt charity wthin the meaning of schedule 3 ofthe Charlues A¢t2011 and is considered to pa5S the tests sel out in Paragraph 1 Schedule 6 Finance Acl 2010 2nd therefore it meets the definition of a ¢haritable company for UK corporation tax purposes. 11) Going ¢oncern The financial statements have been prepared on a going concem basis 88 the trustees believe that no material uncertainties exist. The trustees have considered the level of fvnds held and the expected level of income and expenditure for 12 months from aulhorlsing these financial Statements. The budgeted income and expenditure is sufficient with the level of reserves for the charity lo be able to continue as a going concem. INCOME FROM CHARITABLE ACTIVITIES Year to 31 August 2023 Yearto 31 August 2022 PLAYERS PRODUCTIONS Players productions and other income Production Gosts and expenses 64,433 50,593 (Defficilysurplus for pgriodlyear 12,062 14,784 AdjustnEnt in Spect of mortgage paym8nt made by Players 11 12,051 14,740 The theatre is operated on a friendly arrangement wlh a related pafty,. the"Awllo Players Association., an unincorp)rated society, the members of which are all A$Slate members of the Trust. Theatre hife is charged to the Association and is equal to the profits made by the AssocFation in the year. They own no equipment or other fixed a$sets', all such purchases being made by the Trust The Ass0¢iation's accounts are made up to 31 August each year. Income from charitable activities was solely attribvtable lo unrestricted funds. li
THE APOLLO THEATRE IISLE OF WIGHT) TRUST LIMITED COMPANY LIMITED BY GUARANTEE NOTES TO THE ACCOUNTS YEAR ENDED 31 DECEMBER 2023 COSTS OF CHARITABLE ACThIITIES 2023 Unr8strletsd Fund 2023 2022 Endowment Unrestricted Fund Fund 2022 Endowmont Fund Establishment- Repairs 8nd maintenance Establishment- Insurance Depreciation Sundry Bank charges Grant Legal ar¢d professional fees Loan Interest 3.022 1.988 5.251 13 2,807 3,538 5,612 161 81 4,568 4.568 500 5.098 18,967 4.568 13,965 4.568 Govornance costs Accountancy fees 983 19.950 4.568 15,117 4.568 STAFF COSTS AND PAYMENT TO TRUSTEES No salaries or wages have been paid io employees, including the Counc of management {truste8s). during the year. Toial payments to senior management personnel was Nil (2022- Nil). TANGIBLE FIXED ASSETS Theatre Land and bulldlngs storage & Other plant rehearsal and buildlng machin•ry Total COST At 1 January 2023 Addrtns 285,473 99,939 104,887 490,300 At 310ecember 2023 285,473 99,939 104,887 490,300 DEPRECIATION At 1 January 2023 Charge for the year 9,136 21,988 72,362 103,485 At 31 December 2023 13,704 23,987 75,614 113.304 NET BOOKVALUE At 31 Dernber 2023 271,769 75.952 29,273 376,995 Al 31 Decemttr 2022 276,337 77,950 32,526 386,813 12
THE APOLLO THEATRE (ISLE OF WIGHT) TRUST LIMITED COMPANY LIMITED BY GUARANTEE NOTES TO THE ACCOUNTS YEAR ENDED 31 DECEMBER 2023 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, which makes up part or Freehold property. 2023 2022 Amounts due within one year Jnounts due after more than one year 2,607 1.777 22,496 23.517 Ofthe amounls due. £13,937 (2021-£16.212) would be payable in nY)re than five years by instalmenls. ENDOWMENT FUNDS 2023 2022 Tho Apollo Theatre buildings Pyle Street Newport Pemanent endowmenis at 1 January 2023 Net movement in fund 276,337 280.905 At 31 Dècember 2023 271.769 276,337 UNRESTRICTED INCOME FUNDS Balance at 1 January 2023 Transfer between funds Net Balance at Incomlng 31 December resources 2023 Designated general reseNe fund General funds 40,000 111270 40,000 105 772 151,270 {5,498) 145,772 COMPARATIVE UNRESTRICTED INCOME FUNDS Balance at 1 January 2022 Transfer bgtweo funds Net Incomlng resources Balance at 31 December 2022 Designated general reserve fijnd General fvr¢ds 40,000 107 762 40,000 111270 147,762 3,508 151.270 The DesSgnated General Reserve Fund represents a sum set asKle to meet emergency needs such as repairs or loss of in(x)me due to enforced closure of the theatre. The amounl of £nll {2022 - nil) has been transfetred lo the unresifKted (Jesignated reserve lund in the year. 13
THE APOLLO THEATRE {ISLE OF WIGHT> TRUST LIMITED COMPANY LIMITED BY GUARANTEE NOTES TO THE ACCOUNTS YEAR ENDED 31 DECEMBER 2023 9. ANALYSIS OF NET ASSETS BETWEEN FUNDS Tangible Flxed assets Net current Long torm assets Total Endowmont funds: The Apollo Theatre buildings Pyle Street Newport Designated repair fund 271,769 271.769 40,000 40,000 Unreslri¢t¢d in¢ome funds 105224 105769 Totsl Funds 376,995 60,434 (19,889) 417,073 COMPARATIVE ANALYSIS OF NET ASss BETWEEN FUNDS Tangible Fixed assets Net current Long torm assets liability Total Endowment funds: The Apollo Theatre buildings Pyle Street Newport Designated repair fund 276.337 276.337 40.000 40,000 Unre8trtcted in¢om¢ funds 110476 111 270 Total Funds 386.813 62.534 (21,740) 427,607 14
THE APOLLO THEATRE {ISLE OF WIGHn TRUST LIMITED COMPANY LIMITED BY GUARANTEE DETAILED STATEMENT OF FINANCIAL ACTIVITIES YEAR ENDED 31 DECEMBER 2023 2023 2022 VOLUNTARY INCOME 100 Club receipts D(Thtions 2,007 2,250 2,007 2,250 INVESTMENT INCOME Bank interest recewable 933 180 INCOME FROM CHARITABLE ACTIVITIES )Ilo Theatre Players 12,062 14.784 Adjustment in respect of mortgage payments by Apollo Players (11) (44) Other inGome TOTAL INCOMING RESOURCES EXPENDITURE COSTS OF GENERATING VOLUNTARY INCOME 100 Club prizes 539 1,151 COST OF CHARITABLE ACTIVITIES Repairs and maintenance Insurance Legal and Professional Grant Bank charges Lo8n interest Depreciation Sundry 3,022 1,988 5,098 500 60 3,035 5,251 13 2.807 3,538 81 1,766 5,612 161 GOVERNANCE COSTS Accountancy fees 983 TOTAL EXPENDITURE NET IDEFICITYSURPLUS FOR THE YEAR 15,498) 3,508 During the year capital additions of £Nil (2022 £1.1361 were irKurred in respect of the burfding and equipmenL This page doe5 not form part of the staiutory financial Statements 15