##
|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|
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|||||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|
##
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##
|||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|
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|||||||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|
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