THE PALACE THEATRE CHARITY Charity Registration No 263658 ANNUAL REPORT & ACCOUNTS YEAR ENDED 31" MARCH 2024
THE PALACE THEATRE CHARITY Charity Registration No 263658 Year Ended 31" March 2024 Contents Trustees Annual Report Statement of Trustees, Responsibilities Independent Examinerfs Report Statement of Financial Activities Balance Sheet Notes to the accounts
THE PALACE THEATRE CHARITY Charity Registration No 263658 st Year Ended 31 March 2024 Trustees Annual Report The Trustee is pleased to present their report and accounts for the year ended 31 March 2024. The accounts have been prepared in accordance with the accounting policies set out in note 2 to the accounts and comply with the Trust's governing document. the Charities Art 2011 and the Statement of Recommended Practice, Cha rities SORP IFR51021. Objectives and actlvitle5 The Palace Theatre was conveyed to the Council by Mrs. G.E.Mouillot in a deed of gift dated 31st December 1942, as an expression of her interest and goodwill towards the then County Borough Council, through a donation to the charlty. The Palace Theatre Charity owns the Palace Theatre and meets landlord's expenses such as building repair and maintenance. It is not involved in the daY-tdaY operation of the theatre, which is in the hands of the City Council, who contracted out this work to HQ theatre5 from 1st August 2006 for a period of 30 years. Over the years 1980181- 1982183 the theatre wa5 extended to include a large entrance area incorporating a bar and the new Dixon Studio. This extension remains in the name of the City Council and wa5 not conveyed to the Palace Theatre Charity. Capital expenditure incurred on the theatre is met in the first instance by the City Council if the trust has no funds and recovered from the Trust from any surplus which may arise on the Trust's revenue account over the ensuing years. Administrative services are provided to the Trust by the City Council, for which a charge is made. The charity is administered and maintained for the objects set out in its governing document by the City Council, which meets any deficit incurred each year on operating the facility. The Trustees in making decisions about the Trust make those decisions wwth due regard to the objects of the Trust. In addition they have due regard to their legal duty to carry out the Trust's charitable purposes for the Public Benefit and the Charity Commissions, guidance thereon. Achievements and performance The Palace Theatre is currently maintained to allow the purposes in its Governing document set out below to take place during the financial year 2023-24. The Trustee coftslders that the performance of the charlty during the year was satisfactory.
THE PALACE THEATRE CHARITY Charity Registration No 263658 Year Ended 31, March 2024 Plans for the future The Trustees intend to continue with the current activity and maintain the standards of the Palace Theatre Charlty. Financial review The cost of maintaining the Pala Theatre exceeded the net income and the operating deficit of £36,980 12023 £48,087) has been funded from the Southend City Council General Fund. Reserves Polity The trust does not need to hold reserve5 a5 any deficit whlch arises on the operation of the trust. should the trust have no funds to meet it, is funded by Southend on Sea City Council, which is sole trustee of the trust. Golng roncern The Palace Theatre Charity meets the definition of a public benefit entity under FRS102. There are no material uncertairbties about the charity's ability to continue as a going concern. Strurturel governance and management Governlng documents The Trust'5 Governing document is in the form of a deed signed on 14th April 1943. Trustee recruitment and tmlnlng Southend City Council elected members are corporate Trustees. Therefore Councillors once elerted become a corporate Trustee of the Trust. RiskAssessment The city council, when carrying out risk assessments for its own activities, includes within the assessment the activities of the trust. so any major risks applicable to the trust are covered by the council arranging approprlate Insurance or having In place strategies to cover other contlngencies. Reference and administrative detslls Trustees Southend-on-sea City Council Secretary/Treasurer to the Trust Southend-on-sea City Council Addre55 Civic Centre Vicroria Avenue Southend-on-sea E55ex S52 6ER
THE PALACE THEATRE CHARITY Charity Registration No 263658 Year Ended 31. March 2024 Independent examiners TC Group The Courtyard Shoreham Road Upper Beeding Steyning West Sussex 8N44 3TN Statement of Trustees. Responslbllitles The Trustees are responsible for preparing accounts which give a true and fair view of the state of affairs of the Charity as at the end of each financial year and the income and expenditure of the Charity for that period. In preparing those accounts, the Trustees are required to: Select 5Ultable and applicable accounting policies and then apply them consistently. Make judgement and estimates that are reasonable and prudent. Prepare the financial statements on a going concern basis unless it is inappropriate to presume that the organisation will continue in business. The Trustees are also responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the Charity and enable it to ensure that the financial 5tatement5 comply with charity legislation and the relevant governing instrument5. They are responsible for safeguarding the CharitV5 assets and hence for taking reasona ble steps for the prevention and detection of fraud and oiher irregularities. Results The Trusvs financial results are as per the annexed accounts. By order of the Trustees Signed J Chesterton (Feb 10, 2025 13:45 GMT) Joe Chesterton, Executive Director (Finance & Re50urcesl Date Feb 10, 2025
THE PALACE THEATRE CHARITY Charity Registration No 263658 Year Ended 31" March 2024 Independent Examinerfs Report I report on the accounts of the Trust for the year ended 31st March 2024. which are set out on pages 5 to 12. Responslbilities and ba515 of report As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charlties Act 20111'the Art'}. I report in respert of my examination of the Trusvs accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145151{bl of the Art. Independentexaminerfsstatement I have completed my examination. I confirm that no material matters have come to My attention in connection with the examination giving me cause to believe that in any material respect.. l. accounting records were not kept In respect of the Trust as requlred by sectlon 130 of the Act; or 2. the accounts do not accord with those records; or 3. the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a 'true and falr view whlch Is not a matter consldered as part of an independent examination. I have no concern5 and have come across no other matters in connertion with the examination to which attention should be drawn in thi5 report in order to enable a proper understanding of the accounts to be reached. Mark Cummlns FCCA FCIE For and on behalf ofTCGroup Office: Steyning, West Sussex Dated..
THE PALACE THEATRE CHARITY Charity Registration No 263658 Year Ended 31. March 2024 Statement of Financial Activities 2023124 2023124 Unrestrlcted Endowment 2023124 Total 2022123 Total Funds Funds Funds Fund5 Income From Donations 36,980 33 36,980 33 48,087 13 Investments Charitable Activities Total Income 12,500 49,513 12.500 49.513 12.500 60.600 Expenditure on Charitable activitie5 Total expenditure 49,513 49,513 16,269 16,269 65.782 65.782 109,960 109.960 Revaluation 198,957 198,957 Net Income/expendlture and net movement in funds 182.688 182,688 149,3601 Retonciliation of Funds Total funds brought forward Total funds carried forward 1.075,316 1.075,316 1.258,004 1.258,004 1,124,676 1,075,316 All income and gains for the year are recognised on the statement of financial activities. All the Charity's ctivities are classified as continuing.
THE PALACE THEATRE CHARITY Charity Registration No 263658 Year Ended 31" March 2024 Balance Sheet 2023124 Totsl Funds 2022123 Total Funds Fixed Assets Tangible Assets Totsl Fixed Assets 1,258,004 I,Z58,004 1,075,316 1,075.316 Current Assets Cash at bank and in hand 840 660 Total Current Asset5 840 660 Llabllftles Creditors: Amounts falling due within one year Net current assets (840) 16601 Total assets 1,258,004 1,075,316 The funds of the charity Endowment fund5 1.258,004 1.075,316 Total charity funds 1,258,004 1.075,316 Approved by the Trustee and signed on its behalf by an authorised signatory. Signed J Chesterton (Feb 10. 2025 13'.45 GMT) Joe Chesterton, Executive Director IFinance & Resource51 Dale Feb 10, 2025
THE PALACE THEATRE CHARITY Charity Registration No 263658 5t Year Ended 31 March 2024 Notes to the accounts Note l Legal Status The Palace Theatre Charity Is an unincorporated charity registered in England and Wales {charity number 263658). Note 2 Accountlng Pollcies Basls of preparotion The accounts have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Pr3Ctice applicable to charities preparing their accounts in accordance with the Financial Reporting Standa rd applicable in the UK and Republic of Ireland IFRS 1021 (effective l January 2015)- (Charities SORP IFRS 10211, and the Charities Act 2011. The Palace Theatre Charity meet5 the definition of 3 public benefit entity under FRS 102. Assets and liabilities are inwtially recognised at historical cost or tra nsaction value unless otherwise stated in the relevant accounting policy notelsl. There are no materlal uncertainties about the charitrfs ability to continue as a going concern given the continued support of Southend City Council. The financial statements are prepared in Pounds Sterling. which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest pound. Cash Flow Stotement In accordarsce with the Charities SORP IFRS 1021 the charity is claiming exemption from the requirement to prepare a cash flow statement on account of it being a small charity. Income Donations and other forms of voluntary income are recogni5ed as incoming resources when receivable, except insofar as they are incapable of financial measurement. Investment income is accounted for when receivable. Expenditure Expenditure is accounted for on an accruals basis exclusive of the element of VAT which is recoverable by Southend City Council in accordance with VAT Notice 749 para 7.5. Charitable expenditure cornprise5 those costs incurred by the charity in the delivery of its activities and services for it5 beneficiaries. Tongiblefixed assets and depreciL7tlon Tangible fixed assets are capitalised at cost. Land is not depreciated. Buildings & equipment are being depreciated on a straight line basis at various rates.
THE PALACE THEATRE CHARITY Charity Registration No 263658 Year Ended 31" March 2024 Note 2 Accountlng Pollcles Icontlnued) Cash rrt bonk and In hand Cash at bank and in hand includes cash and short term highly liquid investments. No separate bank account Is maintsined by the Trust, therefore all income and expenditure passes through the City Council'5 account, and its cash balances are held within the City Council's general bank account. Creditors ondprovi5ion5 Creditors and provisions are recognised where the charity has present obligation resulting from a past event that wlll probably result in a transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Funds Unrestricted funds are available for use at the discretion of the trustees in furtherance of the general objectives of the charity. These funds are used to support the day-to-day operations and any other activities that align with the charity's mission. Endowment funds are held in perpetuity, with the ca pital being invested to generate income. The income from these investments is used in accordance with the donor's wishes or the charity's governing docurnents to support speclflc prolects or activlties. The capital itself remains intact to ensure long-term financial stability. Critical accounting estimates and judgements In the application of the charlty's accounting pollcles. the trustees are required to make judgements, estimates and a55umptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumption5 are based on historical experience and other factors that are considered to be relevant. Actual results may differ f rom these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised. The trustees do not consider that there are any critical e5timate5 or are35 of judgement that need to be brought to the attention of the readers of the financial statements. Note 3 Income from Donations Donation5 of £36,98012023.. £48,087) were from Southend City Council as the funding required to make up the operational deficit for the year. This donation is equitably apportioned across all operational trust expenditure. Note 4 Income from Investments Represents interest from cash balance5 held within Southend City Council.
THE PALACE THEATRE CHARITY Charity Registration No 263658 Year Ended 31" March 2024 Note 5 Income from Charitable Activities 2024 2023 Rental Income 12,500 12,500 12,500 12,500 Note 6 Cost of Charitable Artivitles 2024 2023 Bulldlng/Ground Malntenance Insurance 19,122 29.050 16,269 840 36,599 22,900 49,360 660 Depreciation Governance costs Administration 501 441 65.782 109,960 The support costs incurred are the administration services provided by Southend City Council and 8overn3nce costs. Total support costs for the year were £1,34112023: £1.101). Governance costs comprlse solely of fees paid to the independent examiners. During the year £84012023: £6601 was paid to the independent examiners in respect of audit services. Employee costs relate to employees of the Council. No staff are remunerated over E60,000 In the year. The charity is managed by Southend City Council and doesn't have any key management personnel.
THE PALACE THEATRE CHARITY Charity ReEiStration No 263658 Year Ended 31" March 2024 Note 7 Flxed Assets Freehold Land & Buildings Equipment Total Asset cost, valuation OT revalued amount Balance brought forward @ 01104123 Additions 942,239 17,505 116,261 117,5051 1,058,500 407,764 1.350,003 17,505 116,261 117,5051 407,764 1.466,264 Revaluations Impairment charge5 Balance carried lorward @ 31103124 Accumulated depreclatlon and impairment reviews Balance brought forward @ 01104123 Revaluatlons 82,696 182.6961 191,991 274,687 182,6961 16,269 208.260 Charge for the year Balance carried forward @ 31103124 16,269 208,260 Net 8ook Value Brought forward @ 01104123 Carried forward @ 31103124 859,543 1,058,500 215,773 1,075,316 199,504 1,258,004 The freehold land and buildings represent the value of the Palace Theatre which was revalued by Jamie Redden MRICS on 31 March 2024. Note 8 Creditors Amounts falling due within one year 2024 2023 Other Creditors 840 660 Note 9 Endowment fund The endowment fund arose from the donation of The Palace Theatre. Note 10 Trustee remuneratlon No trustee was paid in respect of their services as a trustee in 2023 or 2024 and no expenditure wa5 reimbursed. io
THE PALACE THEATRE CHARITY Charity Registration No 263658 Year Ended 31" March 2024 Note 11 Related Party Transactlons During the year the trustee (Southend Cwty Council) donated £36,98012023: £48.0871 to the Trust in respert of the f unding required to cover the operational deficit for the year. Southend City Council collected a further £12,533 {2023: £12,5 131 on behalf of the Trust In respect of investment and rental income. The Trust paid the Council £48,674 in respect of operating costs for the year {2023.' £59,939). Note 12 Comparatlve Funds 2022123 Unrestricted Fund5 2022123 Endowment Funds 2022123 Total Fund5 Income From Donation5 48,087 13 12,SOO 60,600 48,087 13 12,500 60,600 Investments Charitable Activities Total Income Expenditure on Charitable activities Total expenditure 60,600 60,600 49.360 49.360 109,960 109,960 Net expenditure and net movement in funds 149,3601 {49,3601 Reconciliation of funds Total funds brought forward Total funds carried forward 1.124.676 1.075,316 1,124,676 1.075,316 li
THE PALACE THEATRE CHARITY Charity Registration No 263658 Year Ended 31" March 2024 Note 13 Net Assels Between Funds Yeor Ending 31J* Morch 2024 Unrestricted Endowment Total Flxed Assets 1,258,004 1,258.C(14 840 Current Assets 840 Current Uabllities 18401 18401 1,258,004 Total 1,258.004 Year Ending 31st March 2023 Unrestricted Endowment Total Fixed Assets 1,075.316 1,075,316 660 Current Assets 660 Current Liabilities 16601 16601 1.075.316 Total 1,075,316 12