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2020-12-31-accounts

DocuSign Envelope ID: F1892587-7A35-49D5-8F10-6F4EBB82107D

Charity number: 273400

THE OXFORD SAMUEL BECKETT THEATRE TRUST

UNAUDITED

TRUSTEES' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2020

DocuSign Envelope ID: F1892587-7A35-49D5-8F10-6F4EBB82107D

THE OXFORD SAMUEL BECKETT THEATRE TRUST

CONTENTS

Page
Reference and administrative details of the charity, its Trustees and advisers 1
Trustees' report 2 - 5
Independent examiner's report 6
Statement of financial activities 7
Balance sheet 8
Notes to the financial statements 9 - 16

DocuSign Envelope ID: F1892587-7A35-49D5-8F10-6F4EBB82107D

THE OXFORD SAMUEL BECKETT THEATRE TRUST

REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 DECEMBER 2020

Trustees Mr D R Walton Masters, Chairman
Mr C S Walton Masters
Mrs C Walton Masters
Charity registered
number
273400
Principal office
P O Box 2637
Ascot
Berkshire
SL5 8ZN
Accountants
Wellers
Accountants
8 King Edward Street
Oxford
OX1 4HL
Bankers
Lloyds
1-5 High Street
Oxford
OX1 4AA
Solicitors
Freeths
5000 Business Park South
Oxford
Oxfordshire
OX4 2BH
Stockbrokers
Canaccord Genuity Wealth Management
41 Lothbury
London
EC2R 7AE

Page 1

DocuSign Envelope ID: F1892587-7A35-49D5-8F10-6F4EBB82107D

THE OXFORD SAMUEL BECKETT THEATRE TRUST

TRUSTEES' REPORT FOR THE YEAR ENDED 31 DECEMBER 2020

The Trustees present their annual report together with the financial statements of the charity for the 1 January 2020 to 31 December 2020.

Objectives and activities

a. Policies and objectives

The object of the charitable trust is for the advancement of education and, in particular, to establish an experimental theatre and / or trust for experimental theatre dedicated to encouraging new generations of creative artists whether dramatists, musicians, painters, sculptors or poets.

In setting objectives and planning for activities, the Trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit, including the guidance 'Public benefit: running a charity (PB2)'.

b. Activities undertaken to achieve objectives

In order to meet the charity’s objectives, grants in the form of a single annual Award together with funding of a professional mentor to the Award winner have been made to an individual(s)/ organisation judged to have made the best submission and Research & Development grants are made to candidates short listed for the Award. The charity plans to continue to make awards to help the development of emerging practitioners in the field of experimental theatre and, in general, to encourage the new generation of creative artists.

c. Grant-making policies

The grant making policy is to distribute accumulated income in the form of a single annual Award to the winner and Research & Development grants to candidates short listed for the Award. The policy is based on the following principles:

Page 2

DocuSign Envelope ID: F1892587-7A35-49D5-8F10-6F4EBB82107D

THE OXFORD SAMUEL BECKETT THEATRE TRUST

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020

Objectives and activities (continued)

d. Main activities undertaken to further the charity's purposes for the public benefit

The purpose of the Award is, in particular, to help the development of emerging practitioners in the field of experimental theatre and, in general, to encourage the new generation of creative artists. The Award is aimed at assisting artists in the transition from fringe to studio space.

A single annual Award of £32,000 and, if required, a fully funded run at a London theatre are awarded to the winning individual(s), company or organisation for their chosen production.

A selection panel, made up of up to three experienced theatre practitioners, together with one representative from the Barbican Centre (Co-producer) and a Trustee, reviews applications and chooses a shortlist. Short listed candidates are provided with a Research & Development grant of up to £2,500 each to present a showing of their proposal at the Barbican Centre following which a winner is selected. Bold, innovative and challenging proposals are favoured and artists from all disciplines are encouraged to apply.

Achievements and performance

a. Review of activities

No Research & Development grants of £2,500 were awarded in the year ended 31 December 2020.

In respect of main awards:

The final instalment of £3,000 (full award of £32,000 paid in total) was granted to Superfan Performance Limited for 'Nosedive' as part of the 2019 Barbican's Theatre and Dance season.

The final payment for the 2018 main Award of £1,000 was paid to Jonathan Burrows for mentoring Jams Arts Limited for "Marathon".

A payment of £5,820 was paid to IBWMB Theatre Company Limited (IBWMB) for their production PRIME_TIME. IBWMB are the winners of the 2019/20 award and were not able to perform their production owing to the restrictions of the Covid-19 pandemic. The production will be performed in October 2021.

b. Investment policy and performance

For the marketable securities and cash within the Trust's fund, the Trustees follow an investment policy with the following objectives:

The Trust's marketable securities during the year comprised mainly equity shares. Over the year there were no realised gains on disposal of shares (2019 - £Nil). The unrealised loss on shares held at the year end amounted to £3,696 (2019 - £720 gain).

Due to the Covid-19 pandemic, there was no income yield from the equity investments. At year-end of the previous year this was estimated to be 2.32%.

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DocuSign Envelope ID: F1892587-7A35-49D5-8F10-6F4EBB82107D

THE OXFORD SAMUEL BECKETT THEATRE TRUST

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020

Financial review

a. Going concern

After making appropriate enquiries, the Trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements.

b. Reserves policy

The Designated Fund was separated from the General Fund during the year ended 31 December 2001. The original balance was based upon the value of the general fund at 31 December 1999, together with the unrealised gain on the freehold property, as revalued in March 2002. Movements on the fund are due to realised and unrealised gains and losses on equity shares sold and acquired. The balance on this fund at 31 December 2020 was £480,355. This fund is used to generate income to help finance the General Fund.

The value of the General Fund at the end of the year ended 31 December 2001 was made up of the surplus for the years ended 31 December 2000 and 2001. Movements on the fund are due to any surplus made or deficit incurred since this time. The fund is used for the furtherance of the charitable objectives. The balance on this fund at 31 December 2020 was £24,635.

Structure, governance and management

a. Constitution

The Oxford Samuel Beckett Theatre Trust is a registered charity, number 273400, and is constituted under a Trust deed dated 26 October 1976.

b. Methods of appointment or election of Trustees

The minimum number of trustees is three. The power of appointing new trustees is vested in the surviving or continuing trustees under the terms of the Deed of Trust.

c. Organisational structure and decision-making policies

The Trust is administered by a management committee comprised of the trustees. The trustees meet at various times during the year on an informal basis as and when required. Decisions are made on an informal basis by phone and email.

Page 4

DocuSign Envelope ID: F1892587-7A35-49D5-8F10-6F4EBB82107D

THE OXFORD SAMUEL BECKETT THEATRE TRUST

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2020

Statement of Trustees' responsibilities

The Trustees are responsible for preparing the Trustees' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The law applicable to charities in England & Wales requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charity's transactions and disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the Trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Approved by order of the members of the board of Trustees and signed on their behalf by:

................................................ Mr D R Walton Masters

Date: 28-10-21

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DocuSign Envelope ID: F1892587-7A35-49D5-8F10-6F4EBB82107D

THE OXFORD SAMUEL BECKETT THEATRE TRUST

INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 DECEMBER 2020

Independent examiner's report to the Trustees of The Oxford Samuel Beckett Theatre Trust ('the charity')

I report to the charity Trustees on my examination of the accounts of the charity for the year ended 31 December 2020 which have been prepared on the payments and receipts basis.

This report is made solely to the charity's Trustees, as a body, in accordance with section 145 of the Charities Act 2011. My work 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 work or for this report, or for the opinions I have formed.

Responsibilities and basis of report

As the Trustees of the charity you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the 2011 Act').

I report in respect of my examination of the charity's accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.

An independent examination does not involve gathering all the evidence that would be required in an audit and consequently does not cover all the matters that an auditor considers in giving their opinion on the accounts. The planning and conduct of an audit goes beyond the limited assurance that an independent examination can provide. Consequently I express no audit opinion on the accounts and my report is limited to those specific matters set out in the independent examiner’s statement.

Independent examiner's statement

I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

  1. accounting records were not kept in respect of the charity as required by section 130 of the 2011 Act; or

  2. the accounts do not accord with those records.

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.

Signed: Debbie Austin

28-10-21 Dated: FCCA

Wellers

Accountants 8 King Edward Street Oxford OX1 4HL

Page 6

DocuSign Envelope ID: F1892587-7A35-49D5-8F10-6F4EBB82107D

THE OXFORD SAMUEL BECKETT THEATRE TRUST

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2020

Note
Income from:
Donations and legacies
3
Investments
4
Other income
5
Total income
Expenditure on:
Charitable activities
6
Total expenditure
Net income/(expenditure) before net (losses)/gains
on investments
Net (losses)/gains on investments
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Net movement in funds
Total funds carried forward		 Unrestricted
funds
2020
£
5,000
44,563
-
49,563
21,231
21,231
28,332
(3,696)
24,636
480,355
24,636
504,991		 Total
funds
2020
£
5,000
44,563
-
49,563
21,231
21,231
28,332
(3,696)
24,636
480,355
24,636
504,991		 Total
funds
2019
£
7,500
34,898
200
42,598
42,802
42,802
(204)
720
516
479,839
516
480,355

The Statement of financial activities includes all gains and losses recognised in the year.

The notes on pages 9 to 16 form part of these financial statements.

Page 7

DocuSign Envelope ID: F1892587-7A35-49D5-8F10-6F4EBB82107D

THE OXFORD SAMUEL BECKETT THEATRE TRUST

BALANCE SHEET AS AT 31 DECEMBER 2020

Note
Fixed assets
Investment property
10
Current assets
Investments
11
Cash at bank and in hand
Creditors: amounts falling due within one
year
12
Net current liabilities
Total assets less current liabilities
Net assets excluding pension asset
Total net assets
Charity funds
Restricted funds
14
Unrestricted funds
Designated funds
14
General funds
14
Total unrestricted funds
14
Total funds		 7,444
43,797
51,241
(96,250)
476,143
28,848		 2020
£
550,000
550,000
(45,009)
504,991
504,991
504,991
-
504,991
504,991		 11,140
15,465
26,605
(96,250)
479,839
516		 2019
£
550,000
550,000
(69,645)
480,355
480,355
480,355
-
480,355
480,355

The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:

................................................ Mr D R Walton Masters

Date: 28-10-21

The notes on pages 9 to 16 form part of these financial statements.

Page 8

DocuSign Envelope ID: F1892587-7A35-49D5-8F10-6F4EBB82107D

THE OXFORD SAMUEL BECKETT THEATRE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

1. General information

The Oxford Samuel Beckett Theatre Trust is a charity registered in England and Wales. The principal place of business is P O Box 2637, Ascot, Berkshire, SL5 8ZN.

2. Accounting policies

2.1 Basis of preparation of financial statements

The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - 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) (effective 1 January 2015), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.

The financial statements have been prepared on a receipts and payments basis.

The Oxford Samuel Beckett Theatre Trust meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.

2.2 Income

All income is recognised once the charity has entitlement to the income and it is probable that the income will be received and the amount of income receivable can be measured reliably.

For legacies, entitlement is taken as the earlier of the date on which either: the charity is aware that probate has been granted, the estate has been finalised and notification has been made by the executor(s) to the Trust that a distribution will be made, or when a distribution is received from the estate. Receipt of a legacy, in whole or in part, is only considered probable when the amount can be measured reliably and the charity has been notified of the executor's intention to make a distribution. Where legacies have been notified to the charity, or the charity is aware of the granting of probate, and the criteria for income recognition have not been met, then the legacy is treated as a contingent asset and disclosed if material.

Donated services or facilities are recognised when the charity has control over the item, any conditions associated with the donated item have been met, the receipt of economic benefit from the use of the charity of the item is probable and that economic benefit can be measured reliably. In accordance with the Charities SORP (FRS 102), the general volunteer time of the Friends is not recognised and refer to the Trustees' report for more information about their contribution.

On receipt, donated professional services and facilities are recognised on the basis of the value of the gift to the charity which is the amount it would have been willing to pay to obtain services or facilities of equivalent economic benefit on the open market; a corresponding amount is then recognised in expenditure in the period of receipt.

Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable.

Other income is recognised in the period in which it is receivable and to the extent the goods have been provided or on completion of the service.

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DocuSign Envelope ID: F1892587-7A35-49D5-8F10-6F4EBB82107D

THE OXFORD SAMUEL BECKETT THEATRE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

2. Accounting policies (continued)

2.3 Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use.

Expenditure on charitable activities is incurred on directly undertaking the activities which further the charity's objectives, as well as any associated support costs.

All expenditure is inclusive of irrecoverable VAT.

2.4 Debtors

Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

2.5 Cash at bank and in hand

Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

2.6 Liabilities and provisions

Liabilities are recognised when there is an obligation at the Balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.

Liabilities are recognised at the amount that the charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.

Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Statement of financial activities as a finance cost.

2.7 Financial instruments

The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.

Page 10

DocuSign Envelope ID: F1892587-7A35-49D5-8F10-6F4EBB82107D

THE OXFORD SAMUEL BECKETT THEATRE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

2. Accounting policies (continued)

2.8 Fund accounting

General funds are unrestricted funds which 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.

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.

Investment income, gains and losses are allocated to the appropriate fund.

3. Income from donations and legacies

Unrestricted
funds
2020
£
Donations
5,000
Total 2019
7,500		 Total
funds
2020
£
5,000
7,500		 Total
funds
2019
£
7,500

4. Investment income

Unrestricted
funds
2020
£
Rental income
44,563
Dividend income
-
Interest income
-
44,563
Total 2019
34,898		 Total
funds
2020
£
44,563
-
-
44,563
34,898		 Total
funds
2019
£
34,638
259
1
34,898

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DocuSign Envelope ID: F1892587-7A35-49D5-8F10-6F4EBB82107D

THE OXFORD SAMUEL BECKETT THEATRE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

5. Other incoming resources

Unrestricted
funds
2020
£
Other income
-
Total 2019
200
Analysis of expenditure on charitable activities
Summary by fund type
Unrestricted
funds
2020
£
Grant making
21,231
Total 2019
42,802
Analysis of expenditure by activities
Activities
undertaken
directly
2020
Support
costs
2020
£
£
Grant making
11,114
10,117
Total 2019
34,773
8,028		 Total
funds
2020
£
-
200
Total
funds
2020
£
21,231
42,802
Total
funds
2020
£
21,231
42,801		 Total
funds
2019
£
200
Total
funds
2019
£
42,802
Summary by fund type
Grant making
Total 2019
Analysis of expenditure by activities
Grant making
Total 2019
Total
funds
2019
£
42,801

6. Analysis of expenditure on charitable activities Summary by fund type

7. Analysis of expenditure by activities

Page 12

DocuSign Envelope ID: F1892587-7A35-49D5-8F10-6F4EBB82107D

THE OXFORD SAMUEL BECKETT THEATRE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

7. Analysis of expenditure by activities (continued)

Analysis of direct costs

Grants made
Panelist
Company mentor		 Total
funds
2020
£
8,820
250
2,044
11,114		 Total
funds
2019
£
34,273
500
-
34,773

Analysis of support costs

Property rates & insurance
Administration expenses
Portfolio fees
Legal and professional
Governance costs		 Total
funds
2020
£
5,604
353
500
300
3,360
10,117		 Total
funds
2019
£
6,842
686
500
-
-
8,028

8. Independent examiner's remuneration

The independent examiner's remuneration amounts to an independent examiner fee of £3,360 ( 2019 - £2,346 ).

9. Trustees' remuneration and expenses

During the year, no Trustees received any remuneration or other benefits (2019 - £NIL) .

During the year ended 31 December 2020, no Trustee expenses have been incurred (2019 - £NIL) .

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DocuSign Envelope ID: F1892587-7A35-49D5-8F10-6F4EBB82107D

THE OXFORD SAMUEL BECKETT THEATRE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

10. Investment property

Valuation
At 1 January 2020
At 31 December 2020		 Freehold
investment
property
£
550,000
550,000

The land at 20 / 22 Gloucester Street and 20 Friars Entry has been revalued to its market value at March 2002.

The valuation was carried out by T Lindley, BSc (Hons) MRICS of FPD Savills, in accordance with Practice Statement of the Royal Institute of Chartered Surveyors Appraisal and Valuation Method.

11. Current asset investments

Listed investments
Creditors: Amounts falling due within one year
Other loans		 2020
£
7,444
2020
£
96,250		 2019
£
11,140
2019
£
96,250

12. Creditors: Amounts falling due within one year

13. Financial instruments

2020 2019
£ £
Financial assets
Financial assets measured at fair value through income and expenditure 51,241 26,605

Financial assets measured at fair value through income and expenditure comprise bank and cash and current asset investments.

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DocuSign Envelope ID: F1892587-7A35-49D5-8F10-6F4EBB82107D

THE OXFORD SAMUEL BECKETT THEATRE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

14. Statement of funds

Statement of funds - current year

Balance at 1
January
2020
£
Unrestricted funds
Designated funds
Designated Funds - all funds
479,839
General funds
General Funds - all funds
516
Total Unrestricted funds
480,355
Statement of funds - prior year
Balance at
1 January
2019
£
Unrestricted funds
Designated funds
Designated Funds - all funds
479,839
General funds
General Funds - all funds
-
Total Unrestricted funds
479,839		 Income
£
Expenditure
£
-
-
49,563
(21,231)
49,563
(21,231)
Income
£
Expenditure
£
-
-
42,598
(42,802)
-
(42,802)		 Gains/
(Losses)
£
(3,696)
-
(3,696)
Gains/
(Losses)
£
-
720
720		 Balance at
31
December
2020
£
476,143
28,848
504,991
Balance at
31
December
2019
£
479,839
Unrestricted funds
Designated funds
Designated Funds - all funds
General funds
General Funds - all funds
Total Unrestricted funds
516
480,355

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DocuSign Envelope ID: F1892587-7A35-49D5-8F10-6F4EBB82107D

THE OXFORD SAMUEL BECKETT THEATRE TRUST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020

15. Analysis of net assets between funds

Analysis of net assets between funds - current period

Unrestricted
funds
2020
£
Investment property
550,000
Current assets
51,241
Creditors due within one year
(96,250)
Total
504,991
Analysis of net assets between funds - prior period
Unrestricted
funds
2019
£
Investment property
550,000
Current assets
26,605
Creditors due within one year
(96,250)
Total
480,355		 Total
funds
2020
£
550,000
51,241
(96,250)
504,991
Total
funds
2019
£
550,000
26,605
(96,250)
480,355

16. Related party transactions

At the balance sheet date the following balances were owing to Trustees as follows:

Loans from D R Walton Masters
Loans from C S Walton Masters		 2020
£
52,500
43,750
96,250		 2019
£
52,500
43,750
96,250

The loans from Trustees are from Mr D R Walton Masters and Mr C S Walton Masters and they are interest free without a fixed repayment date.

Page 16