THE PALACE THEATRE CHARITY Charity Registration No 263658 ANNUAL REPORT & ACCOUNTS YEAR ENDED 31st MARCH 2025
THE PALACE THEATRE CHARITY Charity Registration No 263658 Year Ended 31. March 2025 Contents Trustees Annual Report Statement of Trustees. Responsibilities Independent Examinerfs Report Ststement of Financial Activities Balance Sheet Notes to the accounts
THE PALACE THEATRE CHARITY Charity Registration No 263658 5t Year Ended 31 March 2025 Trustees Annual Report The Trustee is pleased to present their report and accounts for the year ended 31 March 2025. The accounts have been prepared in accordance with the accounting pollcles set out in note 2 to the accounts and comply with the Trust's governing document, the Charities Act 2011 and the Statement of Recommended Practlce, Charities SORP IFRS1021. Objertives and activities The Palace Theatre was conveyed to the Council by Mrs. G.E.Mouillot in a deed of gift dated 31 December 1942, as an expression of her interest and goodwill towards the then County Borough Council, through donation to the charity. 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-to-day operation of the theatre, which is in the hands of the City Council. who contracted out this work to HQ theatres from l August 2006 for a period of 30 years. Over the years 1980181- 1982183 the theatre was extended to include a large entrance area incorporating a bar and the new Dixon Studio. This exten5i0n remains in the name of the City Council and was not conveyed to the Palace Theatre Charity. Capital expenditure incurred on the theatre is met In the flrst instance by the City Council if the Trust ha5 no funds and recovered from the Trust from any surplus which may arise on the Trusvs 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 with due regard to the objects of the Trust, In addition they have due regard to their legal duty to carry out tfre 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 2024-25. The Trustee considers that the performance of the charity during the year was sat15factory.
THE PALACE THEATRE CHARITY Charity Registration No 263658 st Year Ended 31 March 2025 Plans forthe future The Trustees intend to continue with the current activity and maintain the standards of the Palace Theatre Charity. Flnancial review The cost of maintaining the Palace Theatre exceeded the net income and the operating deficit of £48,192 {2024 £36.9801 has been funded from the Southend-on-sea City Council General Fund. Reserve5 Poli¢y The trust does not need to hold reserves as any deficit which 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. Going concem The Palace Theatre Charity meets the definition of a public benefit entity under FR5102. There are no material uncertainties about the charity's ability to continue as a going concern. Structure, governan and management Governlng d(Kuments The Trusvs Governing document is in the form of a deed signed on 14 April 1943. Trustee recrultment and truining Southend City Council elected members are corporate Trustees. Therefore, Councillors once elected become a corporate Trustee of the Trust. Risk Assessment The city council, when carrying out risk assessments for its own artivities, includes Wlthin the assessment the activities of the trust. so any major risks applicable to the trust are covered by the council arranging appropriate Insuran or having In place strategies to cover other contingencies. Reference and admlnlstrative detsils TTh5tees SoUthendn-5ea City Council Secretarynreosurer to the Trust Southend-on-5ea City Council Address Civic Centre Victoria Avenue Southend-on-sea Essex SS2 6ER
THE PALACE THEATRE CHARITY Charity Registration No 263658 Year Ended 31 March 2025 Independent exomlners TC Group The Courtyard Shoreham Road Upper Beeding Steyning West Sussex BN44 3TN Statement of Trustees, Responsibllities 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 suitable 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 psUMe that the organisation will continue in business. The Trustee5 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 Statements comply with charity legislation and the relevant governing instrument5. They are responsible for safeguarding the Charity's assets and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Results The Trust's financial results are as per the annexed accounts. By order of the Trustees Signed oe Ckéstgktoh Joe Chesterton (Jan 27. 2026 16-45..19 GMT) Joe Chesterton. Executive Director IFinance & Resourcesl Date 27101126
THE PALACE THEATRE CHARITY Charity Registration No 263658 Year Ended 31" March 2025 Independent Examinerfs Report I report on the accounts of the Trust for the year ended 31st March 2025, which are set out on pages 5 to 12. Responslbilitie5 and basls of report As the charity trustee5 Of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Att 20111'the Act,). I report in respect 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 14515llb) of the Act. Independent examlnerfs statement I have completed my examination. I confirm that no material matters have come to my attention in connettion with the examinatlon glvinE me cause to believe that in any material respect: l. accounting records were not kept in respect of the Trust as required by section 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 account5 set out in the Charities {Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a 'true and falr view which is not a matter considered as part of an independent examination. I have no concerns and have come across no other matters in connection with the examinatlon to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. Mark Cummin5 FCCA FCIE For and on behalf of TC Group Office: Steyning, West Sussex Dated: Zq
THE PALACE THEATRE CHARITY Charity Registration No 263658 st Year Ended 31 March 2025 Statement of Financial Artivities 2024125 2024125 Unrestrfcted Endowment 2024125 Total 2023124 Total Funds Funds Funds Funds Note Income From Donations 48.192 41 48,192 41 36,980 33 Investments Charitable Activities Total Income 12,500 60,733 12.500 60.733 12.500 49,513 Expenditure on Charitable activities Total expenditure 60.733 60.733 39.493 39,493 100.226 100,226 65,782 65,782 Revaluation 198,957 Net incomelexpenditure and net movement in funds 139,433) (39,493) 182,688 Reconciliation of Funds Total funds brought lorward Total funds carried forward 1,258,004 1.258.004 1.218,511 1.218.511 1.075.316 1,258,004 All income and gains for the year are recognised on the statement of financial activities. All the Charity's activities are classified as continuing.
THE PALACE THEATRE CHARITY Charity Registration No 263658 Year Ended 31° March 2025 Balance Sheet Z024125 Totsl Fund5 2023124 Total Funds Note Flxed Assets Tangible Assets Total Fixed A55ets 1,218,511 1.218,511 1,258,004 1,258,004 Current Assets Cash at bank and in hand 950 840 Total Current Assets 950 Llabilities Creditors: Amounts falling due within one year Net current assets (950} 18401 Total assets 1,218,511 1,258,004 The fund5 of ihe charlty Endowment funds 1,218,511 1,258,004 Total charity funds 1.218,511 1,258,004 Approved by the Trustee and signed on it5 behalf by an authori5ed signatory. Signed oe Cheitgrto Joe Chesterton (Jan 27, 2026 16.'45-19 GMT) Joe Chesterton, Executive Director (Finance & Resources) Date 27101126
THE PALACE THEATRE CHARITY Charity Reglstration No 263658 Year Ended 31 March 2025 Notes to the accounts Note l Legal Status The Palace Theatre Charity is an unincorporated charity registered in England and Wales Icharity number 2636581. Note 2 Accounting Policies Ba515 of preparation The accounts 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 IFRS 102) (effective l January 20191- {Charities SORP IFRS 102)), and the Charities Act 2011. The Palace Theatre Charity meets the definition of a public beneflt entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy notelsl. There are no material uncertainties about the charity's ability to continue as a going concern given the continued support of Southend City Council. The financial statements are prepared in Pounds Sterlin& which is the functional currency of the charity. Monetary amounts In these financial statements are rounded to the nearest POLbnd. Cosh Flow Statement In accordance with the Charities SORP IFRS 1021 the charity 15 claiming exemption from the requirement to prepare a cash flow statement on account of it being a Small charity. Income Donation5 and other forms of voluntary income are recognised 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 basls exclusive of the element of VAT which is recoverable by Southend City Council in accordance with VAT Notice 749 para 7.5. Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. Tangiblefixed ussets und depreciation Tangible fixed assets are capitalised at cost. Land is not depreciated. Building5 & equipment are being depreciated on a straight line basis at variou5 rates.
THE PALACE THEATRE CHARITY Charity Registration No 263658 Year Ended 31" March 2025 Note 2 Attountlng Policies (continued) C05h ot ljank and in hand Cash at bank and in hand includes cash and short term highly liquid investments. No separate bank account is maintained by the Trust, therefore all income and expenditure passes through the City Council's account, and its cash balances are held within the City Council's general bank account. Creditors andprovlslons Creditors and provision5 are recognised where the charity has present obligation resulting from a past event that will probably result in a transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliablv. Funds Unrestricted fund5 are available for use at the discretion of the trustees in furtherance of the general objective5 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 capital being invested to generate income. The income from these investments is used in accordance with the donor's wishes or the charity's governing documents to support specific projects or activities. The capital itself remains intact to ensure long-term financial stabllity. Crftical accounting estlmate5 andludgements In the appSication of the charity's accounting policles, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on hlstorical experience and other factors that are considered to be relevant. Actual results may differ from these estimate5. 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 estimates or areas of judgement that need to be brought to the attention of the readers of the financial statement5. Note 3 Income from Donatlons Donatlons of £48,192 {2024: £36,980) 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 balances held within Southend City Council.
THE PALACE THEATRE CHARITY Charity Registration No 263658 Year Ended 31" March 2025 Note 5 Incorne from Charltable Activrrles 2025 2024 Rentsl Income 12.500 12.500 12,500 12,500 Note 6 Cost of Charltsble Activities 2025 2024 Buildin8lGround Maintenance Insurance 29,934 29,3(Kl 39,493 950 19,122 29,050 16,269 840 Depreciation Governance costs Administration 549 501 100,226 65,782 The support costs incurred are the 3dmini5tration services provided by Southend City Council and governance costs. Total support COSts for the year were £1,49912024: £1.3411. Governance costs comprise solely of fees paid to the independent examiners. During the year £95012024: £8401 was paid to the independent examiners in respea of audit services. Employee costs relate to employees of the Council. No staff are remunerated over £60,000 in the year. The charity is managed by Southend City Council and doesn't have any key management personnel.
THE PALACE THEATRE CHARITY Charity Registration No 263658 st Year Ended 31 March 2025 Note 7 Fixed Assets Freehold Land & Bulldir)gs Equipment Total Asset cosl valuation or revalued amount Balance as at 01104124 and 3V03125 1,058.500 407.764 1.466,264 Accumulated depreclatlon and Impalrment revlews Balance brought forward @ 01104124 Ch3r8e for the year Balance carrled foNiard @ 3V03125 208,260 16,269 224,529 208,260 39.493 247.753 23.224 23.224 Net Book Value Brought forward @ 01104124 Carried forward @ 31103125 1,058,500 1,035,276 199,504 1,258,004 183.235 1,218,511 The freehold land and buildings represent the value of the Palace Theatre which wa5 revalued by Jamie Redden MRICS on 31 March 2024. Note 8 Creditor5 Amounts falllng due within one year 20Z5 2024 Other Creditors 950 840 Note 9 Endowment fund The endowment fund arose from the donation of The P3lace Theatre. Note 10 Trustee remuneratlon No trustee wa5 paid in respect of their services as a trustee in 2024 or 2025 and no expendlture was reimbursed. io
THE PALACE THEATRE CHARITY Charity Registration No 263658 Year Ended 31" March 2025 Note 11 Related Party Transactlon5 During the year the trustee Isouthend City Council) donated £48,19212024: £36,980) to the Trust in respect of the funding required to cover the operational deficit for the year. Southend City Council collected a further £12.54112024.. £12,533) on behalf of the Trust in respect of investment and rental Income. The Trust paid the Council £59,783 in respect of operating costs for the year12024: £48,674). Note 12 Comparative Funds 2023124 Unrestricted Funds 2023124 Endowment Funds 2023124 Total Funds Income From Donations 36,980 33 12.5CIO 49.513 36,980 33 Investments Charitable Activities 12,5C(J 49,513 Total Income Expenditure on Charitable activities Total expenditure 49.513 49,513 16,269 16,269 65,782 65,782 Revaluation 198,957 198,957 Net income and net movement in funds 182.688 182,688 Reconciliatlon of funds Total funds brought forward Tot31 funds carried forward 1,075,316 1.258,004 1,075,316 1,258,004 li
THE PALACE THEATRE CHARITY Charity Registration No 263658 Year Ended 31" March 2025 Note 13 Net A55ets Between Funds Yeor Ending 31st March 2025 Unrestrlcted Endowment Total Flxed A55ets 1,218,511 1.218.511 950 Current Assets 950 Current Liablllties (9501 19501 1,218.511 Total 1.218.511 Yeur Ending 31" March 2024 Unrestricted Endowment Total Fixed Assets Current Assets Current Liabilities 1,258,004 1,258,004 (8401 1840} 1.258,004 Total 1,258,004 12