2021-03-31-accounts

Legal and administrative	details.
Trustees' report (including Strategic report) for the year ended 31March 2021....
Statement of Trustees'	responsibilities.		12
Independent auditors'	report to	the members ofNewcastle Theatre Royal Trust Limited. ....	...13
Statement of Financial	Activities	(including income and expenditure account) for the year ended 31March
2021.			.16
Balance Sheet as at 31	March 2021		.18
Statement ofCash Flows for the		year ended 31March 2021..	.19
Notes to the financial statements		forthe year ended 31 March 2021..	. .20

				Unrestricted	Unrestricted
				General	Designated	Restricted	Total	Total
				funds	Funds	funds	2021	2020
			Note	f	E	f	6	E
Income from
Donations and	legacies		4	398,454	2,929	22,561	423,944	180,742
Charitable activities:
Operation ofTheatre &		City Hall	5	157,540		18,180	175,720	15,369,922
Other including	Government		6	3,859,628			3,859,628	66,554
Grant fundinR
investments			7	6,274			6,274	52,362
Misc. income			8	10,255			10,255
Total income				4,432,151	2,929	40,741	4,475,821	15,669,580
Expenditure
Expenditure on	charitable
activities:
Operation ofTheotre &		City Holi	9	(3,439,704)	(19,217)	(556,117)	(4,015,038)	(15,289,037)
Tota I expenditure				(3,439,704)	(19,217)	(556,117)	(4,015,038)	(15,289,037)
Net income/(expenditure)				992,447	(16,288)	(515,376)	460,783	380,543
Actuarial gains/(losses) on defined benefit pension schemes			& (l)	(1,650,000)			(1,650,000)	(1,310,000)
Transfer to designated		funds
Transfer to restricted		funds
Net movement	in funds			(657,553)	(16,288)	(515,376)	(1,189,217)	(924,457)

					unrestricted
				Unrestricted General	Designated	Restncted	Total	Total
			Note	funds 6	Funds 6	funds 6	2021 f	2020 6
Net movement	in funds			(657,553)	(16,288)	(515,376)	(1,189,217)	(929,457)
Reconciliation	offunds:
Total funds brought		forward	22	34,492	111,385	1,689,695	1,835,572	2,765,029
Total funds carried		forward	22	(623,061)	95,097	1,174,319	646,355	1,835,572

Balance Sheet s at 31March 2021
		Note	2021	2020
			6	6
Fixed assets
Tangible assets Investments in subsidiaries		15 16	533,634 1	578,092 1
			533,635	578,093
Long term debtors (non-liquid)		18(a)	236,418	655,345
Current assets
Stocks		17	4,670	6,463
Debtors		18(b)	999,335	641,490
Cash		24	8,079,746	9,450,569
			9,083,751	10,098,522
Creditors:
Amounts falling due within one year		20	(4,427,449)	(6,686,388)
Net current assets			4,656,302	3,412,134
Total assets less current	liabilities		5,426,355	4,645,572
Creditors falling due after more than one year
Defined benefit pension	liability	13(c),(I)	(4,780,000)	(2,810,000)
Net assets			646,355	1,835,572
The funds ofthe charity:
Restricted funds		22	1,174,319	1,689,695
Unrestricted funds
Revenue funds		22	4,156,939	2,844,492
Pension reserve		22	(4,780,000)	(2,810,000)
General			(623,061)	34,492
Designated funds		22	95,097	111,385
Total funds			646,355	1,835,572

Statement ofCash	Flows
for the year ended 31 March 2021
			Note	20120/21	2019/20
				6	6
Net cash used in operating	activities		24 (a)	(4,860,087)	(2,026,578)
Cash flows from investing	activities
Interest received (investment income)				6,274	47,711
Purchase oftangible fixed	assets			(46,020)	(552,318)
Disposal oftangible fixed	assets			545	6751
Net cash used in investing	activities			39,201)	(497,856
Cash flows from financing	activities
Government grant —Culture Recovery Fund				2,700,000
Government grant- Coronavirus Job Retention		Scheme		828p465
Cash inflow from financing	activities			3,528,465
Decrease in cash and cash	equivalents		24 (b)	(1,370,823)	(2,524,434)
Cash and cash equivalents	at the beginning of	the year		9,450,569	11,975,003
Cash and cash equivalents	at the end ofthe year		24 (c)	8,079,746	9,450,569

		Unrestricted	Unrestricted
		General	Designated	Restricted	Total
		funds	Funds	funds	2020
		E	E	E	E
Income from
Donations and legacies		104,921	4,591	71,230	180,742
Operation ofTheatre & City Hall		14,796,461		573,461	15,369,922
Other		66,554			66,554
Investments		52,362			52,362
Misc. income
Total income		15,020,298	4,591	644,691	15,669,580
Expenditure
Expenditure on charitable activities:
Operation ofTheotre &	City Hall	(14,776,142)	(32,573)	(480,322)	(15,289,037)
Total expenditure		(14,776.142)	(32,573)	(480,322)	(15,289,037)
Net income/(expenditure)		244,156	(27,982)	164,369	380,543
Actuarial gains/(losses)	on defined benefit				(1,310,000)
pension schemes
Transfer to designated	funds
Transfer to restricted	funds
Net movement in funds		(1,065,844)	(27982)	164369	(929,457)

Income	from don	ations	and legaci	es
				Unrestricted	Unrestricted		Restricted		2021	2020
				General f	Designated	f	f		f	f
Individual	Giving Scheme				2,929			2,929		4,591
Other donations				398,454			22,561	421,015		176,151
				398g54	2,929		22,561	423,944		180,742
Restricted	donations	include	donations made to support		Project A, the		Trust's actor training		programme.
Income from charitable			activities
				2021					2020
Unrestricted funds			Turnover f	Cost of sales	Net income f		Turnover f	Cost of sales f		Net income f
				f
Boxoffice (inc). booking fee)				2,749	2,749		13,479,351	(8,834,520)		4,644,831
Ancillary				(15,192)	(15,192)		474,353		(177,542)	296,811
Catering	Ik bar		26,667		26,667		184,315		(6,133)	178,182
Memberships							241,756			241,756
Learning			18,361	(3,416)	14,945		109,574		(45,379)	64,195
Miscellaneous			112,512		112,512		307,112			307,112
			157,540	(15,859)	141,681		14,796861	(9,063,574)		5,732,887
Restricted funds
Heritage	Income						573,461			573,461
Other			18,180		18,180
			18,180		18,180		573,461			573,461
Total			175,720	(15,859)	159,861		15,369,922	(9,063,574)		6,306,348

2021	2020
E	E
6,274	52,362

2021	2020
E	E
10,255

e Trust undert	akes dire	ct charitable	activities only an	d does not make	grant payments.
			Unrestricted	Unrestricted	Restricted	2021	2020
			General	Designated	funds
			funds	funds
Cost ofcharitable activities:
Cost ofsales	(see note	5)	15,859			15,859	9,063,574
Marketing			229,445			229,445	927,951
Boxoffice			326,376			326,376	501,324
Front ofhouse management			344,641			344,641	821,944
Building costs			510,684		506,422	1,017,106	1,166,495
Development			60,116			60,116	101,225
Technical			692,973			692,973	1,112,204
Learning			110,104			110,104	156,647
Depreciation			21,021	19,217	49,695	89,933	78,841
Support costs (see note 10)			1,122,267			1,122p267	1,332,790
Governance	costs (see	note 10)	6,218			6,218	26,042
Total cost of	charitable	activities	3,439,704	19,217	556,117	4,015,038	15,289,037

				Support costs	Governance	2021	2020
				(Note 9)	(Note 9)
				f	f	f	f
Central	Office, Admin & HR			252,315		252,315	478,728
Finance	Office			696,479		696,479	603,259
Information Technology				173,473		173,473	258,959
City Hall							(8,156)
Internal	Audit						6,250
External	Audit				6,218	6,218	19,792
Total				1,122,267	6,218	1,128,485	1,358,832
1 Net	income/(expenditure)
et income/(expenditure)		is stated after charging:
						2021	2020
						f	f
Depreciation oftangible		fixed assets				89,333	78,841
Impairment loss
Operating lease rentals- plant & equipment						3,520	8,251
Auditors'	remuneration
	Audit fee					10,000	10,000
Directors' and officers' liability insurance						1,721	1,616
Cost ofstock recognised		as an expense-stock	write	off		15,192	3,126

r ofemployees earning o	ver E60,000, exc	luding pen
	2021	2020
	Number	Number
E60,001 - E70,000		3
E130,001 - E140,000

53,541). Aggregate remun (2020:E497,861):	eration includin	g employe
	2021	2020
	Number	Number
E70,001 - E80,000	3	1
E80,001 - E90,000
E160,001 -E170,000
E190,001 -E200,000

ension expense for the accounting year ending 31	ension expense for the accounting year ending 31	March 2022 (con	tinued)
Anal sisofamounts charged to profit and loss		Period endin	31March 2022
			fm
Current service	cost		0.98
Net interest on	net defined benefit liability		0.10
Total estimated	pension ex ense		1.08

Changes toth	Changes toth	e Pension	Liability
Reconciliation		ofpension	liability
Opening	pension liability		at 1April 2020	(2,720,000)
Current	service	cost		(640,000)
Interest	on net	defined benefit liability		(60,000)
Contributions by the employer				310,000
				60,000
Curtailments
Actuarial	gains/(losses)			(1,640,000)
Closing	pension	liability	at 31March 2021	(4,690,000)

e principal assumptions used re:	by the actuary i	n updating the latest valuation	ofthe Fund for F	RS 102purposes
Assumptions		31March 2021	31March 2020	31March 2019
			9o	Yo
Discount rate CPI inflation		2.10'% 2.70%	1.90% 3.40%	2.10% 3.60Yo
Pension accounts revaluation Pension increases Salar increases	rate	2.70% 2.70% 4.20%	1.909o 1.90% 2.309o	2.10% 2.10'Yo 2.509o

Principal assumptions (continued)	Principal assumptions (continued)
Mortality assumptions			31March 2021 Years	31March 2020 Years
Males
Pension member Active member	aged 65 at accounting date aged 45at accounting date		21.9 23.6	21.8 23.5
Females
Pensioner member aged 65at accounting date Active member aged 45 at accounting date			25.1 26.9	25.0 26.8
Asset allocation			Value at	Value at
			31March 2021	31March 2020
Equities Property Government bonds			55.596 7.996 2.296	9.096 4.196
Corporate bonds Cash			19.896 4.096	15.396
Other			10.696	14.596
Total			100.096	100.096

Reconciliation offunded status to Balance Sheet
	Value as at	Value as at
	31March 2021	31March 2020
	E	E
Fair value ofassets	13,680,0000	11,230,000
Present value offunded defined benefit obligation	(18,370,000)	(13,950,000)
Funded status - liability recognised on the balance sheet	(4,690,000)	(2,720,000)

Amounts recognised in inc	ome statement
		Year ending	Year ending
		31March 2021	31March 2020
		E	E
Operating cost Current service cost		640,000	800,000
Past service cost			80,000
Curtailment cost		(60,000)
Settlement cost
Financing cost Interest on net defined benefit liability		60,000	20,000
Pension expense recognised	in income statement	640,000	900,000

			Year ending	Year ending
			31March 2021	31March 2020
			E	E
	Asset gains/(losses) arising during the year		2,100,000	(820,000)
	Liability losses arising during the year		(3,740,000)	(460,000)
	Total amount recognised in other comprehensive	income	(1,640,000)	(1,280,000)
(i)	Changes tothe present value ofthe defined benefit obligation
			Year ending	Year ending
			31March 2021	31March 2020
			E	E
	Opening defined benefit obligation		13,950,000	12,450,000
	Current service cost		640,000	800,000
	Interest expense on defined benefit obligation		320,000	310,000
	Contributions by participants		120,000	150,000
	Actuarial (gains)/losses on liabilities		3,740,000	460,000
	Net benefits paid out		(340,000)	(300,000)
	Curtailment cost		(60,000)
	Past service cost			80,000
	Closing present value ofliabilities		18,370,000	13,950,000
(j)	Changes tothe fair value ofassets
			Year ending	Year ending
			31March 2021	31March 2020
			E	E
	Opening fair value ofassets		11,230,000	11,280,000
	Interest income on assets		260,000	290,000
	Re-measurement gains/(losses) on assets		2,100,000	(820,000)
	Contributions by the employer		310,000	630,000
	Contributions by participants		120,000	150,000
	Net benefits paid out		(340,000)	(300,000)
	Closing fair value ofassets		13,680,000	11230000

Notes tothe financial statements fo	r the year ended 31March 20	21 (continued)
13 Pensions (continued)
(k) Actualreturn on assets
	Year ending	Year ending
	31March 2021	31March 2020
	E	E
Interest income on assets	260,000	290,000
Gain/(loss) on assets	2,100,000	(820,000)
Actual return on assets	2,360,000	(530,000)

		Buildings	Other	Computer	BoxOffice & HR	Total
		(inci. leasehold	Equipment	Equipment	systems
		improvements)
		E
Cost
At 1April	2020	1,198,560	310,371	82,092	223,675	1,814,698
Additions	during the year				46,020	46,020
Disposals		(545)		(29,892)	(34,335)	(64,772)
At 31March 2021		1,198,015	310,371	52,200	235,360	1,795,946
Accumulated depreciation
At 1April	2020	673,676	281,757	82,092	199,081	1,236,606
Charge forthe year		49,695	22,566		17,672	89,933
Disposais				(29,892)	(34,335)	(64,227)
At 31March 2021		723,371	304,323	52v200	182p418	1262312
Net book	value
At 31March 2021		474,644	6,048		52,942	533,634
At 31March 2020		524,884	28,614		24,594	578,092

		Buildings	Other	Computer	BoxOffice & HR	Total
		(loci. leasehold	Equipment	Equipment	systems
		improvements)
		6
Cost
At 1April	2019	1,393,989	309,727	82,092	230,425	2,016,233
Additions	during the year	551,674	644			552,318
Disposals		(747,103)			(6,750)	(753,853)
At31March 2020		1,198,560	310,371	82,092	223,675	1,814,698
Accumulated depreciation
At 1April	2019	1,383,802	259,127	82,092	179,847	1,904,868
Charge for the year		36,977	22,630		19,234	78,841
Disposals		(747,103				747,103)
At31March 2020		673,676	281,757	82,092	199,081	1,236,606
Net book	value
At31March 2020		524,884	2S,614		24 594	578092
At31March 2019		10,187	50,600		50,578	111,365

Notes to the fin	ancial statement	s for the year ended	31March 2021(con	tinued)
17 Stock
			2021	2020
			f	f
Goods for resale			4,670	6,463
18 Debtors
(a) Long term debtors	(non-liquid)		2021 f	2020 f
Advance contribution	payment to Newcastle	City Council	236,418	655,345

(b) Debtors			2021	2020
Trade debtors			20,238	90,954
Subsumption	security monies held by Newcastle	City Council —note 19	380,000	380,000
Other debtors			454,538	76,725
Prepayments	and accrued income		144,559	93,811
			999,335	641,490

Notes to the financia	l statements for the year ende	d 31March 2021(	continued)
20 Creditors: amounts	falling due within one year
		2021	2020
		6	6
Trade creditors		765,725	2,256,683
Taxation and social security		79,289	138,637
Other creditors		51,427	72,827
Accruals		163,383	345,035
Deferred income (note 21)		3,367,625	3,873,206
		4,427,449	6,686,388

Deferred	income comprises	advance	ticket sales, booking fees and heritage	ticket sales, booking fees and heritage	fund income for performances after 31
March 2021.
Balance	as at 1April 2020				3,873,206
Amount	released to income	earned	from charitable	activities	(76,304)
Amounts	refunded net ofshow transfers				(429,277)
Balance	as at 31March 2021				3,367,625
Balance	as at 1April 2019				8,446,953
					(854,818)
Amount	transferred to The	Academy	Music Group
Amount	released to income	earned	from charitable	activities	(7,427,389)
					4,236,266
Amount	deferred in year
Reclassified to trade/other		creditors	re cancelled shows/events		(527,806)
Balance	as at 31March 2020				3,873,206

				Unrestricted			Restricted
		Revenue	Pension		Designated	Unrestricted	Restricted
		funds	reserve	sva-total	funds	Funds	Funds	Total
			s
At 1April	2020	2,844,492	(2,810,000)	34,492	111,385	145,877	1,689,695	1,835,572
Net incoming/ (outgoing) resources for the year		1,312,447	(320,000)	992,447	(16,288)	976,159	(515,376)	460,783
Actuarial	loss		(1,650,000)	(1,650,000)		(1,650,000)		(1,650,000)
At31March 2021		4,156,939	(4,780,000)	(623,061)	95,097	(604,268)	1,174,319	646,335
				Unrestricted			Restricted
Previous	year	Revenue	Pension		Designated	Unrestricted	Restricted
		funds	reserve	Sub-total	funds	Funds	Funds	Total
At 1April	2019	2,340,335	(1,240,000)	1,100,335	139,368	1,239,703	1,525,326	2,765,029
Net incoming/ (outgoing) resources forthe year		504,157	(260,000)	244,156	(27,982)	216,174	164,369	380,543
Actuarial	loss		(1,310,000)	(1,310,000)		(1,310,000)		(1,310,000)
At 31March 2020		2844492	(22fs0,000)	34,492	111,385	145,877	1,689,695	1,835,572

		Unrestricted	Designated	Restricted	Total
		funds	funds	funds	2021
		6	f	6
Tangible	fixed assets	46,370	12,620	474,645	533,635
Current	assets &long term debtor	8,520,489	82,477	717,203	9,320,169
Current	liabilities	(4,409,920)		(17,529)	(4p427~449)
Pension	liability	(4,780,000)			(4,780,000)
Total net assets as at31 March 2021		(623,061)	95,097	1,174,319	646,355
Previous	year	Unrestricted funds	Designated funds	Restricted funds	Total 2020
		6	f	f	6
Tangible	fixed assets	33,228	31,838	513,027	578,093
Current	assets & long term debtor	9,337,964	79,547	1,336,356	10,753,867
Current	liabilities	(6,526,700)		(159,689)	(6,686,388)
Pension	liability	(2,810,000)			(2,810,000)
Total net assets as at 31March 2020		34,492	111,385	1,689,695	1,835,572

						2021	2020
						f	6
Net outgoing resources						(1,189,217)	(929,457)
Depreciation						89,933	78,841
Government grants receivable						(3,858,857)
Bad debt provision						34,997
Increase/(decrease)	in pension	liability				1,970,000	1,570,000
Interest receivable						(6,274)	(52,362)
Decrease in stocks and work in progress						1,793	9,528
Decrease in advance	contribution		payment to	Newcastle	City Council	418,927	418,927
(Increase)/decrease	in debtors					(62,450)	223,542
Decrease in creditors						(2,258,939)	(3,345,597)
Net cash (used in)/generated		from operating		activities		(4,860,087)	(2,026,578)

Analysis ofchanges in ne	t cash &net debt
		At 1	April 2020	Change in year	At 31March 2021
Cash at bank and in hand			2,460,660	2,429,177	4,889,837
Money market deposits			1,800,000	(1,800,000)
Cash held with Newcastle	City Council		5,189,909	(2,000,000)	3,189,909
Net cash			9,450,569	(1,370,823)	8,079,746
Reconciliation ofnet cash	flow to movement	in net cash
Decrease in cash in the year					(1,370,823)
Net cash at 1April 2020					9,450,569
Net cash at 31March 2021					8,079,746