2021-03-28-accounts

Introduction bIfthe Chief Exbcutive
introductio~nb the Chair
Report ofthe Trustees (incorporating the		Strategic Report)
A ht t tttd Hdithhdhhttdd					3-11
Future Plans					12.
Finanoial Review					13-15
Ob~ectives and Public Benefit					M1
Structure Governance and M~ana		ement			15-20
RiskA~es mt'.n~tn Manaqement					20
Statement ofTrustees' R~es onsibilities					21-22
t d,d d,tAditch R tt					23-..27
Consolidated Statement ofFinancial Activities					,28
Consolidated and Charitable Corn~~an	Statements of Financial		Pos~iti	n	29
Consolidated Statement ofCash Flows					30
Notes to the financial statements .					31-54
Reference and administrative details					55

			2021	2020
Theatre operations
Income from Theatre Operations and			6854k	Et4,240k
Education &Ccmmunlty(E)
Theatre Royal Performances		(inc. Panto)		402
Theatre Royal Attendance	(Inc. Panto)		10,180	357,948
Panto Performances			14	58
Panto Attendance			5,299	59.106
INTERLUDE Performances			94
INTERLUDE Attendances			16,154
Commercial Operations
Income from Commercial	Tmding Operatio'ns		8209k	E2,729k
Gross margin (eA)			4.9%	31.0%
Ncn-ttnanclal
Average staff numbers			132	203

he sub-c	ommittees	they are members ofas	at 28 March 20	21:
			Nominstions Remunera5on	&	Audit &Risk
M Newev	(chai		X
J Baxter			X
CCrawls	*	Res 18.12.20
M Dewsb
0 Fullmsn
SJa ard			X
JN Llo d
L MCGilllvra		09.06.20			X
TSeele					X
T&eeetin
SWilson			X
TWilson					X
Han Yan	Ys

aced by the	underlying organisa	tion.
Risk area	Risk		Man ament
	Failure to deliver	the Strategic	The CEO and Executive team remain
	Business Plan		focused on the action'required to deliver
			the Strat icBusiness Plan.
Financial	Over dependence	on certain	A vsdied theatre programme, in'eluding
	income ssearns		the in*ouse produced Pantomime, and
			arange ofancillary income streams
			such as the bar snd restaurants ensure '
			there is no over reliance on single
			income streams.
Financial	Significant cash income increases		There are established cash handling
	risks around security and fraud		procedures and limits ofauthority'.
			Internal controls and segregation of
			duties continue to be developed to
			miti ate a sinst this risk.
Financial	Lack of free cash	reserves to	Plans to rebuild cash reserves will be
	cover unexpected	liabilities or	incorporated into the production ofthe
	future investment.		Strate ic Business Plan 2022-2026

			Note	Unrestricted	Restricted	Total Funds	Total Funds
				Funds	Funds	2021	2020
				8	8	8	8
Income
Donaoons and legacies			2	252,178	259,750	511,928	147,357
Income from charitable activities			3
Theatres IEducation 8 Community				797.,581	56,717	854,298	13,885,116
Coronavirus Job Retention		Scheme		1,101,375		1,101,375	40,976
CRFGrant				3,000,000		3.000,000
Other. Exceptional items				115,348		115.348	313,717
Total Income from charitable				5,014,304	58,717	5,071,021	14,239,809
activities
Income from other trading	activities
Commsrcist trading activities				175,127		175,127	2,728,883
Investment income						526	9,431
Total income				5442,13s	318,487	s,7ss,soa	17tas 480
Expenditure
Cost ofraising funds
Commercial trading operations				714,731		714,731	2,229,433
Fundraising				58,329		58,329	149,785
Interest payable				1,781		1,781
Expendilum on charitable	activities
Theatres IEducation 8 Community			4	4,139,578	11,006	4,150,584	15,206,374
Taxatlon			8	(112,526)		(112,526)	(70,996)
Tolal expenditure				4,801893	11,006	481289917514,595
Net (expenditure)lincorne		before		640,242	305,461	945,703	(389,115)
transfers
Transfers between funds			18	372,737	(372,737)
Net movement in funds forthe year				1,012,979	(67,278)	945,70S	(389,115)
Reconciliation offunds
Total funds brought forward			18	5,675,360	3,017,912	8,693.272	9,082,387
Total funds carried forward			17,18	66884392 50838		9838975	8,893272

			Note	Group 28 INarch	Group 2$March	Charity 28 INarch	Charity 2$ INarch
				2021	2020	2021	2020
				2	5	8	8
Fixed assets
Tangible assets			10	8,523,074	8,946,695	8,523,074	S.946I$5
Investments
Total fixed assets				8,523,074	8,948,895	S,523 0'/4	8,948,895
Current assets
Stock			11	24,~	47,105	14,878	12,616
Debtors Cash at bank and in hand Tolal current assets			12	620,870 8,550,776 9,196,140	1,050.074 5,246,123 6,343,302	3.134,603 6,025,531 9,175,012	3,S10,730 2,350,272 S,S73,618
Liabilities
Creditors falling due	within one year		13	5575458	6.596.925	.5543,056	6529798
Net current assets/(liabilities)				3,617,S82	253,623	3831,926	858180
Total assets less current liabSiaes				12,140,758	8,693,272	12,155,000	8,2$0,715
Creditors falling due	in more than	one	13	(2,501,781)		(2,501,781)
year
Net assets				9;638,$75	8,693,272	9,853,219	8,2$0715
The funds'of the charity:
Unrestricted income funds Restricted income funds			17,16 17,16	6,685,339 2,950,636	5,675,360 3.017,912	6,702,583 2.950,636	5,272,803 3,017,912
Total group/charity	funds			9638975	88$3272	9853,219	8 90,715

asset to its residual	value	over its estimated	useful ec
The principal annual	rates	used are:
Leasehold properties			2
Improvements to leasehold		properties	5
Plant and machinery			15
Fixtures and fiitlings			10
Computer equipment			33
Playhouse fixtures and fittlngs			40

ncome from donations and leg	acies
Donations	Period	Period
	ended 28	ended 29
	INarch	INarch
	2021	2020
	F	2
Gifts	511,928	147,357
	511,928	147357

ncome from chari	table act	ivit	ies
				Period	Period
				ended 28	ended 29
				March	March
				2021	20209
Theatre operation
BoxOffice receipts				452,265	12,038,419
Income from theatre services				46,473	645,287
Support from sponsors and		local authorities		23,025	158,541
Friends subscriptions				182,811	216,049
Corporate Club				15,933	33,133
Rental income				(8,100)	126,312
Miscellaneous				46,632.	262,119
				759,039	13,679,860
Education and Community
Courses and activities				95,259	205.256
					205,258
Exceptional
Coronavirus Job Retention		Scheme		1.101,375	40,976
Culture Recovery Fund				3,000,000
Other government Coronavirus Insurance proceeds			support	73,943	250,000
Other				41,405	63,717.
				216723	354893
Total income from	charitable	activities		5,071,021	14,239,809

					Period	Period
					ended 28	ended 29
					March	March
				Education and	2021	2020
			Theatre Operation	Community	Total	Total
			R.	R	R	R
Payments	to producem		251,175		251,175	8.920;789
Own production		costs	35,778		35,778	599,695
Backstage	&other		607.678	12,791	620,469	1,022,847
production	costs
Advertising	&marketing		289,038		289,038	1,019,032
Boxoffice	& Front of		614,841		614,641	642,802
House
Co'urses and activities Depreciation Profit on disposal of			666.941'	172,947	172,947 666,941	373,650 612,703 208,835
fixed assets
Friends			14,703		14,703	51,878
Corporate	Club
Support costs (note 5)			1,363,661	121,231	1,484,892	1,754,143
Total			3.843,815	308,989	4150,564	15.206,374
2020			14810,262	596,112	15206374

					Period	Period
					ended 28	ended 29
				Education and	March	March
			Theatre Operation	Community R	2021 T~l	2020 Total
			R		R	R
Premises	costs		411,282.	15,741	427.023	670.253
Offics costs Transport and		Savsl	731,397 4,646	71i072	802,469 4,646	643,000 29.'009
Insurance			56,286.	15,990	72,276	60,476
People &	Culture		12,797		12,797	54,798
Governance			62,526		62,526	64,340
Generalexpsnses			925	18.402	19,327	37,387
Irrecoverable		VAT	83,802	26	83,828	194,881
Total			1 63881	121231	1484,892	1754143
2020			1.591,905	162239	1 754 143

Governance costs	Governance costs	are made up of	the following:
				Period	Peiiod
				ended 28	ended 29
				Ilarch	March
				2021	2020
				5
External audit				24,787	16,803
Legal and professional fees				16,344	17,921
Bank charges Other governance		costs		12,727 8,'SSS	21,559 8,057
				62,526	64,340
Stal'f costs
				Period	Period
The average number ofemployees			during the	ended 28	ended 29
period was:				March	March
				2021	2020
				No.	No.
Theatre staff				66	99
Education and community				'7	10
Management	and	administration		14	17
Catering and bars				45	'77
				132	203

The costs incurred during the period:
	5	' 8
Wages and salaries	2,768,691	3,572,238
Social Security costs	188,993	271,218
Other pension costs	99,834	140,197
	3,057518	3,983,653

Net incoine
			Period	Period
			ended 28	ended 29
			March	March
			2021f	2020.f
Net income is stated after charging
Depreciation	oftangible owned assets		666,419	645,893
Profit on disposal offixed assets				208,835
Rents payable on premises			16,727	19,129
Remuneration	ofgroup's auditors	.
for the	audit ofthe parent	charity	12,654	18,573
for the	audit ofsubsidiary	undertakings	8,611	8,136
for taxation servioes			3,159	2,708

				Period	Period
		Period	Period	ended	ended
		ended	ended	28	29
		28 March	29INarch	March	March
		2021	2020	2021	2020
		8	8	8
UK Corporation	tax charge on		65,101
profit for the year
Tax relief on gift	aid payments		(65,101)
Deferred tax credit (Note 14)		(38.726)
Theatre tax credit		(73,800)	(70,996)
		112,528	70,998

A summary of the subsidiary c below:	ompanies' performance and	assets is shown
	Period ended	Period ended
	28 March 2021	29 March 2020
	8	8
Income	209,976	3,315,769
Expenditure	301,272	2,919,268
Profit / (Loss)	.91,298	398,501
Net (liabilities)/assets	14,243	402,557

Gro	up	and Charitable	Company
			Theatre				Assets in
			Leasehold	2007	Educaaon		the course
		Playhouse	premises	Theatre	Centre	Fixtures	of
		Theatre a	improve-	Refurbish-	Develop-	And	construct-
		Bar 6	ments 6	ment 6	ment 6	fitangs 6	ion 6	Total 6
Cost
29March		635,000	1,770,432	6,315,692	3,570.855	1,595,734	19,724	13,907,237
2020
Additions						242,598		242,598
Dispossls
Transfer
between
classes
At28 March		635,000	1,770,432	6,315,692	3,570,655	1,838,332	19,724	14,149,835
2021
Depreciation
29March		21,167	237,291	3,628,651	249,006	824,227		4,960,342
2020
Charge for		12,700	59,216	311,180	71,413	211,910		666,419
the period
Eliminated	on
disposal
At 28 March		33,867	296,507	3,939,831	320,419	1,036,137		5,626,761
2021
Net book
value
28 March		601,133	1,473,925	2,375,861	3,250.236	802,195	19,724	6,523,074
2021
29 March		613,833	1,533,141	2,687,041	3,321,649	771,507	19,724	8,946,895
2020

11	Stocks
						Group	'Charity
				28 March		20 March	28 INarch	29	March
					2021 f	2020 f	2021 f		2020
	Stocks comprise:
	Raw materials		and		14,878	12,616	14,878	12,616
	consumables
	Goods for resale				9,616	34,489
					24,404	47 105	14,878	12,616
12	Debtors
					Group		Charity
				28	March	29 March	28 March	20 March
					2021 f	2020 f	2021 f		2020 f
	Amounts falling		due within
	one year
	Trade debtors				25,676	292,165	25,663		287,086
	Other debtors			438,261		.548,658	364,460		547,530
	Prepayments	&accrued		118,207		200,251	118,207		209,251
	income
	Deferred.tax asset (Note 14)			38,726
	Amounts owed		by
	subsidiary undertakings						2,626,273	2,466,863
				620,870		1,050,074	3134,603	3,510730
13	Creditors
					Group		Charity
				28 March		29 March.	28 March	20 INarch
					2021 f	2020 f	2021		2020f
Amounts falling			due within one	year:
Trade creditors				58,504		758;175	58,351	735,307
	Other creditors			604,627		613,914	604,626	613,014
Accruals and				4,770,023		5,121,181	4,759,724	5,101,310
deferred income
Taxation and social				145,304		103,655	120,385		79,176
security payable
				5,578,458		6,596,925	5.543,086	6,529,798

Net		ebt N	ote
				29March	Cash flows	Other Non-	.28 March
				2020		cash	2021
				f	f	changes f	f
Cash		at bank		5,246,123	3,304,653		8,550,776
and	in hand
Debt		due»	1 year		(2,500,000)	(1,781)	(2,501,781)
				5,246 123	804653	1,781	6,048,995

The deferred tax a espect of:	ccount co	nsists ofthe tax eifect of	timing difference	s in
			28	29
			INarch	Narch
			2021	2020
			8
Tax losses carried forward			38,726
			28	29
			March	Narch
			2021	2020
			8
At the beginning	ofthe year
Credited to the Statement		ofFinancial Activites	38,726
			38,726

	.Group		Charity
	28	29	28	29
	March	March	Ilarch	March
	2021	2020.	2021	2020
	8	8	8	8
Land and buildings
expiring:
Within one year	15,950	15,950	15,950	15,950
Within 2to 5years	1,329	17,279	1,329	17,279
After 5years
	17,279	33,229	17,279	33,229

Analys)a	ofne	t assets b	etween funds
				Period ended		28	taarch 2021
Group
				Net	currant
			Fixed		assetsi	Non-current
			assets 8	(liabilities) K				.liabilities f		Total 8
Unrestricted:
General Reserve Buildings Improvement			4,049,777	3,000,724 299,619			(2,501,781)			4,548.720 299,619
Levy Fund
Designated	Education		1,840,000							1,840,000
Centre Fund
			5,889,777	3,300,343			(2,501,781)			6,688,339
Resfdcled:
250 Refurbishment		Fund	1,280,549							1,280,549
Education		Centre,	1,352,748							1,352,748
Appeal
Catalyst					43,265					43,265
Green infrastructure					19.750					19,750
Digital infrastructure				240,000						240,000
Wise About	Words				6,786					6.766
Community	Recovery				7,538					7538
			2,633397	317,339						2,950.636
Total at28 March		2021	8,523,074	3.617,682			2,501,781			9,638,975
Charitable	company
				Net current					Non-
			Fixed		assetsl			current
			assets	(liabilities)				liabilities		Total
			8			9			8
Unrestricted:
General Reserve Buildings Improvement			4,049,777	3,014,968 299,619			(2,501,781) -			4,562,964 299,619
Levy Fund
Designated	Education		.1,840,000							1,840,000
Centre Fund
			5,889,777	3,314,587			(2,501,781)			6,702,583
Restricted:
250 Refurbishment		Fund	1,280,549							1,280,549
Education Centre Appeal			1,352,748							1,352,748
Catalyst					43.265					43,265
Green infrastructure					19,750					19,750
Digital infrastructure					240.000					240,000
Wise About	Words				6,786					6,786
Community	Recovery				7,538					7538
			2,633297		317,339					2,950,636
Total at 28 March 2021			8523074	3,631.926			2.501 781			9653219

				Period	ended 29 March	2026
Group
					Nel current
				Fixed	assetsi
				assets	(liabilities)	Total
				6	6	6
Unrsafricied:
General Reserve				4,092,248	(2,226,507)	1,885,741
Buildings Improvement			Levy Fund		2aa.61a	299,619
.Designated	Future Refurbishment				1,630,000	1,630,000
Fund
Designated	Education Centre Fund			1,880,000		1,880.000
				5.972,248	(296,888)	5,675,360
Reaificfed:
250 Refurbishment Educagon'Centre		Fund Appeal		1,591,729 1,382,918		1,591,729 1,382,918
Catalyst					43,265	43,265
				2,974,647	43,265	3,017,912
Total at 29	March	2020		8,946,895	253,623	8,693,272
Charitable	company
					Net current
				Fixed	assetsi
				assets	(liabilities)	Total
				6	6	9
Unmairicied:
General Reserve				4,092,248	(2,629,064)	1,463,184
Buildings Improvement			Levy Fund		299,619	299,619
Designated	Future	Refurbishment			1,630.000	1,630,000
Fund
Designated	Education Centre Fund			1 880000		1880000
				5,972,248	(699)445)	5,272803
Resiricfed:
250 Refurbishment		Fund		1,591,729		1,591,729
Education Centre		Appeal		1,382,918		1,382,918
Catalyst					43265	43,265
				2,974,647	43,265	3,017,912
Total at 29 March		2020		8946895	656,180	8290715

Analysis offunds	m	ovement	s
Group
				At	Net		At
				29 Mamh 2020 8	surplus/ (deficit) 8	Transfers 6	28 March 2021 ' 8
Unrestrictsdf
General Fund				1 865741	840,242	' 2,042,737	4,548,720
Buildings Improvement	Levy Fund			299;619			299,619
Designated Future Refurbishment			Fund	1,630,000		(1,830,000)
Designated Education	Centre Fund			1,880,000		40000	1.840,000
				3,809,619		(1„670,000)	2.139,619
Total unrestricted funds				5,675,360	840,242	372,737	6,688,339
Restricted:
250 Refurbishment Appeal Fund Education Centre Appeal Fund Catalyst				1,591,729 1,382,918 43,265		(311.180) (30,170)	1.280,549 1,352,748 43,265
Green infrastructure					19,750		19,750
Digital infrastructure					240,000		240,000
Wise About Words					16,389	(9,603)	,6,786
Community Recovery					29322	21784	7,538
Total restricted funds				3,017,912	305,461	(372,737)	2,950,636
Total reserves				8,693.272	945,703		9638,975
Charitable company
				At	Net		At
				29 March	surplusl		28 March
				2020	(deficit)	Transfem	2021
				6	6	8	8
(fnrestricted:
General Fund				1463 184	1,057,043	2,042,737	4562.964
Buildings Improvement	Levy Fund			299,819			299,619
Deaignated Future Refurbishment Designated Education Centre Fund			Fund	1,630,000 1 '880 000 3,809,619		(1,630,000) 40.000 (1,670,000)	1,840,000 2,139,619
Total urvasirlcied funds				5,272.803	1,057,043	372,737	.6,702,583
Restricted:
250 Refurbishment Appeal Education Centre Appeal		Fund Fund		1,591,729 1,382,918		(311,180) (30,170)	1,280,549 1,352,748
Catalyst				43,265			43,265
Green infrastructure					19,750		19,750
Digital Infrastructure					240,000		240,000
Wise About Words					16,389	(9,603)	6,786
Community Recovery					29322	21,784	7,538
Total restricted funds				3,017,912	305,461	(372,737)	2,950,636

Group
					At	Net		At
					1April	surplusi		29 March
					2019	(deficlt)	Transfers	2020
					6	6	6	6
Unrsstrfctsd:
General Fund					1;999,163	630,280	496,858	1,865741
Buildings Improvement		Levy Fund			127,065	268,525	(95.971)	299,619
Designated Future Refurbishment				Fund	1,830,000			1,630,000
Designated Education Centre Fund					1,920,000		40,000	1,880,000
					3,677,065	268,525	(135,971)	3,809,619
Total unrssbicted	funds				5,676,228	(361,755)	360,887	5,875,360
Restricte:
250 Refurbishment	Appeal		Fund		1,922,445		(330,716)	1,591,729
Education Centre	Appeal Fund				1,413,088		(30,170)	1,382,918
Catalyst					70,626	27,361		43265
Toisirestncted funds					3,406,159	(27,361)	(360.887)	3,017,912
Total reserves					9082387	389.115		8693272
Charitable company
					At	Net		At
					1April 2819 6	surplus/ (deficit)	Transfers 6	29 March 2020 f
Unrestricted:
General Fund					1510'148		496,858	1463184
Buildings Improvement		Levy Fund			127,065	268,525	(95,971)	299,619
Designated Future	Refurbishment			Fund	1,630,000			1,630,000
Designated Education Centre Fund					1920 000		40000	1880 000
					3,677,065	268,525	(135.971)	3,809,619
Total unrestricted	funds				5,187,213	(275,297).	360,887	5,272,803
Restricted:
250 Refurbishment	Appeal		Fund		1,922,445		(330,716)	1,591,729
Education Cense	Appeal Fund				1,413,088		(30,170)	1,382,918
Catalyst					70626	27361		48265
Total restricted ibnds					3,408,159	(27,361)	(360,887)	3,017,912
Total reserves					8593372	302,657		8290715