Cornwall Theatre Company Limited (A Company Limited by Guarantee)
Legal and Administrative Information
The full name of the charity is Cornwall Theatre Company Limited. The charity is also known by the names The Acorn, Penzance and The Acorn.
Directors Paul Mullin (Chairperson) Claire Belsham Andrew Edmonds Dave Hunter Amanda Stafford Kevin Brownridge Guy Watson (Appointed: 26 October, 2020) Independent Examiner: Dick Maule 3 Penlee View Terrace Penzance TR18 4HZ Bankers: Lloyds TSB Market House Penzance TR18 2TN Date of incorporation: 23rd September 1981 Company registration no: 1587249 Registered office: The Acorn Parade Street Penzance Cornwall TR18 4BU Charity registration no: 283545
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THE REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2020
1. Introduction
To say 2020 was an exceptional year is something of an understatement.
It was, of course, the first year of the Covid-19 pandemic. Other than warfare, it was the start of the most traumatic event for the UK and the world since the Spanish ‘Flu epidemic of 1918- 20.
Worldwide to date (22[nd] August, 2021), over 4.4 million people have died from Covid and over 211 million people are known to have been infected; national borders have closed and economies put into hibernation as populations sheltered to slow the spread of the virus and prevent the hospitals from being overwhelmed by the numbers of people falling seriously ill.
Now, over half way through 2021, we can begin to see a route back to ‘normal’ or thereabouts in the UK, though it is slow and fragile. Moreover, that new normality must accommodate both endemic Covid and include urgent and far-reaching measures both to minimise global warming and to accommodate the damage already wrought.
So, the challenges that a small arts venue in the far south west of England faces are clearly inconsequential by comparison. Nevertheless, the purpose of this report is to describe how the charity has fared during 2020.
2. The Acorn Timeline, 2020
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1[st] January to 16[th] March: Theatre open and running well, continuing 2019’s excellent performance.
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17[th] March to 14[th ] August: National Lockdown 1; Theatre closed.
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17[th] August to 4[th] November: Theatre open with Covid-restrictions in place; around 50% of events running at 41% maximum audience capacity.
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5[th] November to 1[st] December: National Lockdown 2; Theatre closed.
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2[nd] December to 25[th] December: Theatre open with Covid-restrictions in place; around 50% of events running at 41% maximum audience capacity.
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26[th] December 2020 to 5[th] January: Theatre closed due to Tier 4 restrictions.
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6[th] January to 19[th] July 2021: National Lockdown 3; Theatre closed.
3. Operating Performance
In 2020, therefore the Acorn was open and fully functioning for 11 weeks (21%); open and functioning at less than one quarter of normal operations for a further 15 weeks (29%) and closed completely for 26 weeks (50%).
In mid-August 2020, theatres were allowed to re-open though, as the Covid-safe restrictions drastically cut capacity, many chose not to do so. After much discussion, hard work and planning, we decided that we would re-open the Acorn, albeit with monthly capacity cut by about 75-80%.
We were unable to cover our costs under such conditions, but we generated some income to reduce the rate of depletion of our reserves. More importantly, our reopening enabled local performers (we focused almost exclusively on them after Lockdown 1) the chance to perform
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and earn some income (most theatre performers are self-employed and financial support for them during Lockdowns was limited). And most importantly, reopening allowed local people to begin to enjoy the performing arts again after a very challenging and bleak six months.
However, thanks to our relatively healthy reserves, a £10,000 grant from central government and the upfront payment of the culture support grant of £8,750 by Cornwall Council, the Charity was able to negotiate 2020 in generally good shape.
During closure, we decided to focus on fundraising with the dual aims of staying viable and completing the theatre refurbishment programme. We were more successful than we dared hope and secured over £160,000 towards these ends. Thanks to the generosity of local people in making donations and supporting our Crowdfunder; Cornwall Council and Penzance Town Council; the tireless work of our Fundraising Partner, Two Green Magpies, in finding and securing grants from charitable bodies and, latterly, government funds via the Culture Recovery Fund (CRF) administered by the Arts Council for England (ACE), the Acorn’s future continues to look good.
The securing of the additional funds has not only kept us financially solvent but has also allowed us to adapt the theatre for Covid-security measures and all but complete the building renovation programme, the latter being delayed by shortages of both skilled trades people and materials due to both Covid and Brexit.
We are extremely grateful to all the people, the charities and agencies, and all the volunteers that have supported us during the most unimaginably difficult year.
Our Theatre Manager has worked long and hard throughout the period, firstly keeping the Theatre running; then postponing and rescheduling events (around 200 in the year); and then project managing the adaptations and renovation works; then arranging for the opening / closing / running of events under covid-restrictions - and often all at the same time.
Even in these uncertain times, we have tried to remain true to our commitment to provide a diverse programme of live arts entertainment and activities for local people at affordable prices.
4. Governance
In 2020, the process of refreshing our Board of Trustees and maintaining our pool of volunteers slowed, but both have a healthy balance of long term and more recent appointments. This will continue this in 2021, focussing on specific skills gaps and the ability to contribute time and energies to the enterprise.
All the directors of the company are also trustees of the charity, and their responsibilities include all the responsibilities of directors under the Companies Acts and of trustees under the Charities Act. The directors receive no remuneration or expenses and are the only members of the company.
We will review our Business Plan in 2021 in light of the Covid pandemic and with a particular emphasis on sustainability, both environmental and financial. We will also review our operating policies, key risks and mitigations.
5. Events & Audiences
Event bookings and audience levels decreased sharply on 2019.
2020 saw us being able to put on 51 shows to an audience of 4065, both around 25% of the 2019 figures. This was over a period of 23 weeks. Our last show before Lockdown 1 was on the 15[th ] March. We then remained closed, as per government guidelines, until 20[th] August.
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We re-opened using predominantly Cornish performers to help the local economy and to help limit the spread of corona virus. In November we closed for lockdown 2.
6. Finances
A comparison with 2019 shows how depressed our activities and income have been, generating only £42,401 in the year (down 83% on 2019:). The cost of opening the theatre with greatly reduced capacity to accommodate covid-safety measures is shown in the accounts: The theatre’s activities generated only £54,040 [2019: £274,197] but cost £82,082 [2019: £194,548], making a loss of £28,042 [2019: profit £79,649].
However, thanks to donations and legacies of £20,323 [2019: £18,657] and securing grant funding of £144,446 [2019: £23,147] we ended the year with a positive net movement of funds of £68,335 cash [2019: £42,455], plus a book gain of £5,000 on revaluation of assets. Thus, we ended the year with £143,217 in our bank accounts [2019: £75,372], mainly restricted funds for covid adaptations and refurbishment works.
This sum includes £8,750 support from the Cornwall Council as a strategic arts partner to support core costs and maintaining the theatre as an architectural and cultural asset.
During 2020, we also received grants from the Culture Recovery Fund (Arts Council England); The Penzance Towns Deal Fund; The Theatres Trust; The Foyle Foundation and the Leonard Laity Stoate Charitable Trust. We are extremely grateful for their generosity in supporting our cause.
And, of course, we received some covid support funds from HMG when in Lockdown via the Cornwall Council Business rates system.
We are massively grateful to the people of Penzance, Newlyn and the surrounding areas and to the organisations listed above for their support – and especially to Penzance Town Council and Cornwall Council, for both their funding and strategic support.
7. Structure, Governance and Management
The charity is a company limited by guarantee and incorporated under the Companies Acts. Its governing document is its Memorandum and Articles of Association.
The trustees continue to keep the governance of the charity under review, and endeavour to demonstrate best practice in all their actions. After careful consideration, they are confident that the charity’s assets are adequate to fulfil its obligations and cover risks in the coming year. They continue to look ahead to be prepared to deal with circumstances beyond their direct control.
OBJECTIVES AND ACTIVITIES OF THE CHARITY
8. A summary of the mission and objectives of the charity
Cornwall Theatre Company’s mission is to provide and support enriching experiences for the community of Penzance and West Cornwall, through a diverse range of arts that are exciting, inspiring and of high quality at affordable prices, whether as a participant or audience member
The objectives of the charity include the promotion, improvement, advancement, education and encouragement of the performing arts in Penzance and West Cornwall. This is achieved by arranging and facilitating events within the venue to promote and advance the arts within local communities and by offering to the general public the opportunity to participate in and benefit from events and classes.
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9. Statement of public benefit
The Trustees of the Acorn are satisfied that they have complied with the duty in section 4 of the Charities Act 2006 to have due regard to public benefit guidance published by the Commission and that the directive of public benefit has been observed in all activities undertaken by the charity.
10. Summary of activities, participation and audience numbers
The charitable remit of The Acorn is to provide access to the arts to the local community of Penzance and West Cornwall, both as audience members and as participants. In 2020, we hosted 51 events with a little over 4,000 attendees. By art form they were as follows:
| Genre | Number of events | Attendance |
|---|---|---|
| Theatre | 11 | 673 |
| Music | 29 | 2461 |
| Fundraiser | 1 | 176 |
| Private | 2 | 162 |
| Dance | 1 | 17 |
| Comedy | 2 | 154 |
| Spoken word | 1 | 42 |
| Circus | 1 | 160 |
| Craft | - | - |
| Film | - | - |
| Children’s | 3 | 220 |
| Totals | 51 events | 4065 |
The following regular classes were held at The Acorn for at least 10 weeks each during the year:
Acorn Young People’s Theatre – drama class Acrobatics and dance class – children Circus Skills – older teens and adults Shallal – a dance and drama class for people with a learning disability Bears in the Park – pre-school group
The average number of weekly participants across all classes was around 70. This has been reduced due to the number of people allowed in the building with 2m social distancing.
Through the number and variety of events staged at The Acorn, we met our charitable objectives to promote and increase the provision of a broad range of performing arts in Penzance and West Cornwall and support local artists and companies. We also met our objective of providing a venue for arts-based community activities and offering opportunities for participation in arts activities at all levels.
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11. The contribution of volunteers
The Acorn is very grateful for the fantastic support of our volunteers who enable the day-today operation of the charity by helping with activities such as selling tickets, stewarding, marketing and publicity, and maintenance of our premises.
All the Trustees are also volunteers of the charity and have received neither reimbursement nor expenses for their time and service.
During 2018, we had 45 active volunteers at The Acorn (including trustees). At a conservative valuation, over 1500 voluntary hours were donated to The Acorn, during the year through event staffing, maintenance, meetings and other activities. Valued at minimum wage, this amounts to a cash equivalent of around £13,300.
12. Plans for the future
As the ravages of Covid subside, there is much to do to secure the Acorn’s financial and artistic future.
Programming event for diverse, live-performance arts is at the heart of our mission and we are now programming proactively, about nine months ahead. Whilst we must always be financially secure, we are in a position to take some programming risks and by working with our sister venues across Cornwall, we hope to increase our drama offer and encourage larger, national and regional artists and companies to the western tip of the UK.
We believe that participating in and consuming live performance arts is a life enhancing and community building experience, so we will work with our local partners to extend theatre and performance access to socially or economically excluded groups.
We have completed about 90% of the refurbishment programme, but still need to raise around £10,000 to complete the renovation of the building – mainly external works and secondary glazing - and its equipment, so will continue to work with our partners to secure grant income.
Having replaced our antiquated and inefficient boilers and converted the entire building to LED lighting, we will continue to look for ways to reduce our environmental impact and carbon footprint.
We will continue to refresh our pool of Trustees and volunteers in 2021, focussing on specific skills gaps and the ability to contribute time and energies to the enterprise.
We will review our Business Plan in 2021 in light of the Covid pandemic and with a particular emphasis on sustainability, both environmental and financial.
We will also review our operating policies, key risks and mitigations.
FINANCIAL REVIEW
13. Policies on reserves
As a result of Covid, the charity needed grant funding to continue operating, which the trustees recognise carries some risk. Our aim is to maintain a Risk Reserve of around £42,000 - around 6 months operating costs - to cover seasonal dips in income, unforeseen operating losses; uninsured emergency repairs and equipment failures.
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The charity has in past years increased the percentage of shared income events (splits) as opposed to flat rate hire fees. Each event is assessed for the risks attached, but inevitably, not all events are as successful as we forecast.
14. Forward look
The operating environment will be extremely uncertain and challenging in 2022 and 2023 as we emerge from the shadow of Covid and rebuild the economy and public confidence. Our aim is to increase the range and number of events with additional marketing to enable us to rebuild initially to 2019 levels of performance, eliminate our operating deficit and deliver a surplus again – as we had done in the three years preceding the pandemic.
We will control discretionary expenditure to match the improving financial performance in order to avoid increasing financial risks.
Based on this trajectory, the trustees have set a budget for 2021 aimed at re-establishing financial viability and self-sufficiency. This will enable us to continue to extend our arts activities, to rebuild our reserves, and to invest community engagement, with the help of specific grants.
The charity currently benefits from an annual grant of £8,750 from Cornwall Council to support staff and core running costs until 2023 and the trustees are extremely grateful to the Council for this support
All other recurrent income is generated from the activities of the charity. The primary objective at the outset of each year is to run the charity in a business-like manner and achieve a surplus, while continuing to meet our charitable objective of low-cost access to live performance arts for local people. The trustees are of the opinion that sufficient funds are available to carry out the planned activities in the future.
15. Statement of Directors’ and Trustees’ Responsibilities
Charity law and the Companies Acts require the Board to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity as at the end of the financial year and of the surplus or deficit of the charity. In preparing those financial statements the Board is required to:
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select suitable accounting policies and then apply them consistently;
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make judgements and estimates that are reasonable and prudent; and
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.
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state whether applicable accounting standards and statements of recommended practice have been followed, subject to any material departures disclosed and explained in the financial statements.
The Trustees are also responsible for maintaining proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and which are sufficient to show and explain the charity’s transactions and enable them to ensure that the financial statements comply with the Companies Act 2006. 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.
The Trustees are also responsible for the contents of the trustees’ report, and the responsibility of the independent examiner in relation to the trustees’ report is limited to examining the report and ensuring that, on the face of the report, there are no inconsistencies with the figures disclosed in the financial statements.
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16. Method of preparation of accounts
The Trustees, in their capacity as directors, state that the accounts have been prepared in accordance with the special provisions in of the Companies Act 2006 relating to small companies.
In so far as the trustees are aware there is no relevant information of which the charitable company's examiner is unaware; and the trustees have taken all steps that they ought to have taken to make themselves aware of any relevant information and to establish that the examiner is aware of that information.
Signed: Paul Mullin Director and Chair, Board of Trustees
Date: 25 August, 2021
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Independent Examinerfs Report to the Trustees of CORNWALL THEATRE COMPANY LIMITED I report on the a¢xounts of the company for the year enckd 315t Dember 2020 which are set out on pages 10 10 17. Responslbllllies aNJ basls ol report Asthe chantytrkSStees tsl theeompany land Jsoitsthrectoyslorthe wr[Se$ 01MpanY Lvl you are raspOnsite for Ihe prepardtKJn of the aOunts in )rdanc0 wth the requirpments of the Mpafts Act 2(X)6 Ilhe 2006 Hamng satisfied mysett that the accounts of the ¢YJmpany are not requiTÈd tt> be audtted uTrJer Part 16 01 the 2(Y)6 Act are eligible IOT indepErthnt exaMi[tion, I repDrt in resPCt of myexarnination of your companys accx)unts as carried out uler tion 145 of the Charili8s Act 2011 (Ihe 2011 Act'l. In earrysng out my exarnination I have followed the Directions given by ihe Charty Comrnission urthr SlI0n 14515llbl ot the 2011 Act. Independent examlnerfs skIeI I have cornplet8d rny 8xarnination. I confirrn 1hat no matt8ts havè come to my atttion in cOnntion with th8 examination giwro rne cause to believe lhat in any materiJ re5rt. accourTting f8COTds were kept in respt ofth8 (x)mpany as ruIred by 110 386 01 the 2(M)6 Act., or the accounts do not accord Mth those rrds,. or tha accounts do not com vrith tha attntir0 raw1mnts ol sectioll 396 of the 2006 Acl other than any requirerrent that the acnts give a and fr wew. whith is Th)t a matter nsleTed as part ol an independent examInan. or the accounts have not been prepar in aC(X)rdar ith 1he methods and prieS of the Staternent of RecoMMee Practi for aewjnting aThY reF¥)rt¢ng by charities [appIaN• to charibes preparing their aC)Unt5 in accordance the Financid Re5x)rbng Standard appl.uble in ts UK arKI Republic of Ireland IFRS 10211_ I have no con¢eEns and have come o$S w other maith in COnn)n the examination to whith attention should be dra in this report in order to enaue a prorEr uTh*rstandHYJ ofthe aLtounts to reach1. dr Maule FCA 3, Penlse ferwe. Pen1. Tfi184HZ O,. Fl fcA Date 12_q, 2011
CORNWALL THEATRE COMPANY LIMrrED Balance sheet as at 31st. Dernber 2020 2020 2019 Notes Flxed assets Tangible assets 267,0 255,617 Current assets Stock Debtors and prepayments Cash at bank and on hand s,000 18,141 75,372 98,513 143,217 143.217 Current Ilabllltl Creditors.. amounts falllng due withln 12 months 2,7471 112,932 Net Current assets Credltors.. amounts falllng due after 12 months 140,470 85,581 14,3981 16,4821 Net ass$ 403,072 334,716 Restrlcted funds Unrestrl(ted fvnds General fund5 Desl8nated funds 58,383 7,897 99,087 141,755 77,816 150,156 Re¥aluatlon Reser¥• 103,847 98,847 Tot•1 fund$ 403,072 334,716 For the year ended 31st December 2020 The company was entltled to the exemption from audlt under sectlon 477121 ofthe Companies Act 26 The members have not requested the company to obtaln an audlt In accordance with sertlon 476 of the Companies Act 2006. The directors acknowledge thelr responsibility for complylng with the requirements of the act wlth respect to accounting records and for the preparation of the accounts. The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime. These financlal statements were approved by the Trustees on.... On behalf of the Trustee5 QF T£K)IT*" dated:. io
CORNWALL THEATRE COMPANY LIMITED
Statement of Financial Activities [including Income and Expenditure Account] for the year ended 31st. December 2020
| Unrestricted Restricted Total Funds Funds Funds Notes 2020 2020 2020 £ £ £ Income from Investments: Interest receivable 4 - 4 Donations and legacies 17,069 17,069 Sponsorship 3,254 - 3,254 Charitable activities: Grants and contracts 9 28,540 115,906 144,446 Income from theatre's activities 10 54,040 - 54,040 Total 102,907 115,906 218,813 Expenditure on: Charitable activities 11 8,010 65,420 73,430 Costs of generating theatre income 11 82,028 - 82,028 Total 90,037 65,420 155,457 Net income [expenditure] for the year 12,869 50,486 63,355 Other recognised gains/ [losses] Gains on revaluation of fixed assets 5,000 - 5,000 Net movement in funds: 17,869 50,486 68,355 Total funds at 1st. January 2020 326,819 7,897 334,716 Total funds at 31st. December 2020 344,689 58,383 403,072 |
2019 £ 17 4,424 14,233 23,147 274,197 316,018 84,014 194,548 278,562 37,455 5,000 42,455 292,261 334,716 |
|---|---|
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CORNWALL THEATRE COMPANY LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31st DECEMBER 2020
(1) Principal Accounting Policies
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year.
(a) Basis of preparation
The charity constitutes a public benefit entity as defined by FRS 102. The financial statements 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 (FRS 102) as updated by Update Bulletin 2,
the Charities Act 2011 and the Companies Act 2006.
The financial statements have been prepared under the historical cost convention.
(b) Fund accounting
[i] Unrestricted funds are available for use at the discretion of the trustees in furtherance of the general objectives of the charity.
[ii]Designated funds are unrestricted funds earmarked by the Management Committee for particular purposes.
[iii] Restricted funds are subjected to restrictions on their expenditure imposed by the donor or through the terms of an appeal.
(c) Income
Income is included in the statement of financial activities when the charity
is entitled to the income and the amount can be quantified with reasonable accuracy. The following specific policies are applied to particular categories of income.
[i] Income received by way of grants, donations and gifts and is included in full
in the Statement of Financial Activities when receivable. Grants, where entitlement is not conditional on the delivery of a specific performance by the charity, are recognised when the charity becomes unconditionally entitled to the grant.
[ii] Donated services and facilities are included at the value to the charity where this can be quantified.
[iii]The value of services provided by volunteers has not been included in these accounts.
[iv] Investment income is included when receivable.
[v]Income from charitable trading activity are accounted for when earned.
[vi]Income from grants, where related to performance and specific deliverables,
are accounted for as the charity earns the right to consideration by its performance.
(d) Expenditure
Expenditure is recognised on an accrual basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered
[i]Costs of generating funds comprise the costs associated with attracting voluntary income and the costs of trading for fundraising purposes.
[ii] Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated dirctly to such activities and those costs of an indirect nature necessary to support them [iii]All costs are allocated between the expenditure categories of the SoFA on a basis designed to reflect the use of the resource. Costs relating to a particular activity are allocated directly, others are apportioned on an appropriate basis.
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CORNWALL THEATRE COMPANY LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31st DECEMBER 2020
(1) Principal Accounting Policies
Freehold land and building was valued in 2016 by a qualified valuer.
| Freehold land and building was valued in 2016 by a qualified valuer. | Freehold land and building was valued in 2016 by a qualified valuer. | |||
|---|---|---|---|---|
| The trustees are of the opinion that this valuation also reflects the situation at 31.12.19. | ||||
| Other tangible fixed assets are written off over the expected useful life of the asset, | ||||
| on the straight line method for all items costing over £1,000. | ||||
| Freehold building 2% | Equipment 10-20% | |||
| Note 2: Fixed Assets | ||||
| Freehold | Fittings and | |||
| Land & Building | Equipment | Total | ||
| Balance brought forward | 318,847 | 78,760 | 397,607 | |
| Revaluation in the year | 5,000 | - | 5,000 | |
| Additions in the year | - | 14,487 | 14,487 | |
| 323,847 | 93,247 | 417,094 | ||
| Depreciation | ||||
| Balance brought forward | 68,847 | 73,143 | 141,990 | |
| charge for the year | 5,000 | 3,104 | 8,104 | |
| 73,847 | 76,247 | 150,094 | ||
| Net book value as at 31st December 2020 | 250,000 | 17,000 | 267,000 | |
| Net book value as at 31st December 2019 | 250,000 | 5,617 | 255,617 | |
| Note 3: Debtors and prepayments | ||||
| Analysis of debtors | 2020 | 2019 | ||
| £ | £ | |||
| Accounts receivable | - | 18,141 | ||
| Note 4: Accounts Payable and accruals | ||||
| Analysis of Accounts Payable | 2020 | 2019 | ||
| £ | £ | |||
| Accounts Payable | - | - | ||
| Accruals and deferred income | 2,747 | 12,932 | ||
| Total | 2,747 | 12,932 | ||
| Falling due after 12 months | ||||
| Bank Loan | 4,398 | 6,482 |
Note 5: Capital Commitments and contingent liabilities
There are no capital commitments this year.
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CORNWALL THEATRE COMPANY LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31st DECEMBER 2020
Note 6: Employee information
| CORNWALL THEATRE COMPANY LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31st DECEMBER 2020 |
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|---|---|---|---|---|
| Note 6: Employee information | 2020 | 2019 | ||
| Number of employees | - | - | ||
| No employee received emoluments of more than £60,000. | Nil | Nil |
Note 7: Trustees information
Trustees remuneration and expenses for the year were nil (2019 - nil)
Note 8: Movement in Funds
| Note 8: Movement in Funds | Note 8: Movement in Funds | ||||||
|---|---|---|---|---|---|---|---|
| Balances | Income | Expenditure | Fund balances | ||||
| brought forward | Transfers | carried forward | |||||
| Restricted funds | £ | £ | £ | £ | £ | ||
| Grants | |||||||
| Arts Council | - | 73,906 | (37,619) | - | 36,287 | ||
| Foyle Foundation | - | 18,000 | (3,500) | - | 14,500 | ||
| Theatres Trust | - | 5,000 | - | - | 5,000 | ||
| The Leonard Laity Stoate Charity | - | 1,000 | - | - | 1,000 | ||
| Cornwall Council | - | 18,000 | (16,404) | - | 1,596 | ||
| Co-op Local Community Fund | 7,897 | - | (7,897) | - | - | ||
| 7,897 | 115,906 | (65,420) | - | 58,383 | |||
| Revaluation Reserve | 98,847 | - | - | 5,000 | 103,847 | ||
| Unrestricted Funds | |||||||
| Designated Funds | |||||||
| Land & Buildings reserve | 150,156 | - | - | (8,401) | 141,755 | ||
| General Funds | 77,816 | 107,907 | (90,037) | 3,401 | 99,087 | ||
| Total Funds | 334,716 | 242,813 | (179,758) | - | 403,072 | ||
| The Revaluation Reserve reflects the building revaluation in 2016, | depreciation on the building is | ||||||
| transferred annually. The building was previously revalued by £30,000 in 2007. | |||||||
| The Land & Building Designated Fund was created in | 2015 and represents the Net Book Value of the | ||||||
| property less loan outstanding and revaluation reserve | |||||||
| Note 9: Unrestricted grants received | 2020 | 2019 | |||||
| £ | £ | ||||||
| Cornwall County Council | 18,775 | 8,750 | |||||
| Crowd funder | 5,000 | - | |||||
| Other | 4,765 | - | |||||
| 28,540 | 8,750 | ||||||
| Note 10: Income from activities | |||||||
| Rental Income | 10,890 | 10,447 | |||||
| Bar Takings | 10,110 | 71,224 | |||||
| Box Office | 32,291 | 180,830 | |||||
| Other | 749 | 11,696 | |||||
| 54,040 | 274,197 |
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CORNWALL THEATRE COMPANY LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31st DECEMBER 2020 Note 11: Expenditure
| Note 11: Expenditure |
|||
|---|---|---|---|
| Charitable | Total | ||
| actitivities | 2019 | ||
| £ | £ | ||
| Wages | - | - | |
| Rent, rates, waste and water | 763 | 3,127 | |
| Insurance | 1,458 | 1,330 | |
| Post, photocopier and stationery | 999 | 1,671 | |
| Telephone | 1,848 | 1,290 | |
| Repairs and maintenance | 18,812 | 20,623 | |
| Independent examiners' fees | 475 | 475 | |
| Depreciation | 8,104 | 6,655 | |
| Loan Interest | - | 485 | |
| Cleaning and laundry | 1,106 | 2,396 | |
| Freelance fees | 28,274 | 31,611 | |
| Light and Heat | 6,081 | 10,242 | |
| Legal and Professional | 3,944 | 2,146 | |
| Non capitalised equipment | - | 162 | |
| Equipment hire | 706 | 155 | |
| Trustees meetings and expenses | - | 498 | |
| Sundry | 861 | 1,148 | |
| Total | 73,430 | 84,014 | |
| Theatre Company Operating Costs | |||
| Bar Purchases | 15,165 | 32,425 | |
| Commission and Charges | 50,899 | 117,408 | |
| Bar staff and wages | 9,001 | 21,168 | |
| Bank and credit card charges | 4,021 | 10,789 | |
| Advertising and Marketing | 2,942 | 12,759 | |
| Total | 82,028 | 194,548 | |
| Total expenditure | 155,457 | 278,562 |
Note 12: Analysis of net assets between funds
| Unrestricted Restricted Designated Revaluation Funds Funds Funds Reserve £ £ £ £ Fixed assets 17,000 - 146,153 103,847 Current assets 84,834 58,383 - - Current liabilities (2,747) - - - Long term liabilities - - (4,398) - 99,087 58,383 141,755 103,847 |
£ 267,000 143,217 (2,747) (4,398) 403,072 |
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CORNWALL THEATRE COMPANY LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31st DECEMBER 2020
Note 13: Analysis of prior year funds to comply with FRS102.
CORNWALL THEATRE COMPANY LIMITED
Statement of Financial Activities [including Income and Expenditure Account]
for the year ended 31st. December 2019
| Unrestricted Restricted Total Funds Funds Funds 2019 2019 2019 £ £ £ Income from Investments: Interest receivable 17 - 17 Donations and legacies 3,424 1,000 4,424 Sponsorship 14,233 - 14,233 Charitable activities: Grants and contracts 8,750 14,397 23,147 Income from theatre's activities 274,197 - 274,197 Total 300,621 15,397 316,018 Expenditure on: Charitable activities 69,964 14,050 84,014 Costs of generating theatre income 194,548 - 194,548 Total 264,512 14,050 278,562 Net income [expenditure] for the year 36,108 1,347 37,455 Other recognised gains/ [losses] Gains on revaluation of fixed assets 5,000 - 5,000 Net movement in funds: 41,108 1,347 42,455 Total funds at 1st. January 2019 285,711 6,550 292,261 Total funds at 31st. December 2019 326,819 7,897 334,716 |
2018 £ 10 6,657 10,229 35,559 189,474 241,929 87,731 153,343 241,074 855 5,000 5,855 286,406 292,261 |
|---|---|
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CORNWALL THEATRE COMPANY LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31st DECEMBER 2020
Note 13: Analysis of prior year funds to comply with FRS102.
Movement in Funds 2019
| Movement in Funds 2019 | ||||
|---|---|---|---|---|
| Restricted funds Donations Grants Cornwall Council [Capital] Co-op Local Community Fund Revaluation Reserve Unrestricted Funds Designated Funds Land & Buildings reserve General Funds Total Funds |
Balances Income brought forward £ £ - 1,000 6,550 6,500 - 7,897 6,550 14,397 93,847 - 155,438 - 36,426 305,621 298,812 334,415 |
Expenditure £ (1,000) (13,050) - (13,050) - - (264,512) (290,612) |
Transfers £ - - - - 5,000 (5,282) 282 - |
Fund balances carried forward £ - - |
| 7,897 | ||||
| 7,897 | ||||
| 98,847 150,156 |
||||
| 77,816 | ||||
| 334,716 |
The Revaluation Reserve reflects the building revaluation in 2016, depreciation on the building is transferred annually. The building was previously revalued by £30,000 in 2007.
The Land & Building Designated Fund was created in 2015 and represents the Net Book Value of the property less loan outstanding and revaluation reserve
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