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2021-08-31-accounts

REGISTERED COMPANY NUMBER: 02233315 (England and Wales) REGISTERED CHARITY NUMBER: 701310

UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021

FOR

WORCESTER THEATRES CHARITABLE TRUST LIMITED

(FORMERLY WORCESTER LIVE CHARITABLE TRUST LIMITED)

CHARITABLE COMPANY LIMITED BY GUARANTEE

WORCESTER THEATRES CHARITABLE TRUST LIMITED (REGISTERED NUMBER: 02233315) CHARITABLE COMPANY LIMITED BY GUARANTEE

CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST AUGUST 2021

Page
Company Information 2
Report of the Trustees 3 to 10
Independent Examiner's Report 11
Consolidated Statement of Financial Activities 12
Consolidated and Company Balance Sheet 13 to 14
Consolidated Cash Flow Statement 15
Notes to the Consolidated Financial Statements 16 to 30

Page 1

WORCESTER THEATRES CHARITABLE TRUST LIMITED (REGISTERED NUMBER: 02233315) CHARITABLE COMPANY LIMITED BY GUARANTEE

COMPANY INFORMATION FOR THE YEAR ENDED 31ST AUGUST 2021

DIRECTORS AND TRUSTEES: Dean E Elliott (appointed 21st October 2021)
Lord Richard O Faulkner of Worcester
Josephine C Hodges
John E J Murfin
John A Yelland
SECRETARY: John A Yelland
CHIEF EXECUTIVE OFFICER: Sarah-Jane Morgan
REGISTERED OFFICE: Huntingdon Hall
Crowngate
Worcester
WR1 3LD
REGISTERED COMPANY NUMBER: 02233315
REGISTERED CHARITY NUMBER: 701310
INDEPENDENT EXAMINERS: The Richards Sandy Partnership Limited
Thorneloe House
25 Barbourne Road
Worcester
WR1 1RU

Page 2

WORCESTER THEATRES CHARITABLE TRUST LIMITED (REGISTERED NUMBER: 02233315) CHARITABLE COMPANY LIMITED BY GUARANTEE

REPORT OF THE TRUSTEES

FOR THE YEAR ENDED 31ST AUGUST 2021

The directors, who are also trustees of the charity, present their annual directors' report together with the consolidated financial statements of the charity and its subsidiary for the year ended 31st August 2021 which are also prepared to meet the requirements for a directors’ report and accounts for Companies Act purposes.

The financial statements comply with the Charities Act 2011, the Companies Act 2006, the Memorandum and Articles of Association, and 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 2019).

REFERENCE AND ADMINISTRATIVE DETAILS

CHANGE IN NAME

On 30 September 2021 the charity changed its name from Worcester Live Charitable Trust Limited to Worcester Theatres Charitable Trust Limited.

Previous names of the charitable company also include: The Countess Of Huntingdon's Hall Limited; Huntingdon Arts Limited; and Worcester Live Limited.

GOVERNING DOCUMENT

The charity is a company limited by guarantee which is governed by its Memorandum and Articles of Association, which were adopted on 21 March 1988. The Memorandum of Association was revised on 31 August 2004. The charity is registered with the Charity Commission. The charity registration number is 701310 and the limited company number is 02233315.

REGISTERED OFFICE

The registered office of the charitable company is:

Huntingdon Hall Crowngate Worcester WR1 3LD

PRINCIPAL OFFICES

The principal offices of the charitable company are:

Huntingdon Hall Crowngate Worcester WR1 3LD The Swan Theatre The Moors Worcester WR1 3ED

DIRECTORS (WHO ARE ALSO TRUSTEES)

The directors, who are also trustees, who held office during the year under review and up to the date of signature of these financial statements were:

Dean E Elliott (appointed 21st October 2021) Lord Richard O Faulkner of Worcester Josephine C Hodges John E J Murfin John A Yelland

Page 3

WORCESTER THEATRES CHARITABLE TRUST LIMITED (REGISTERED NUMBER: 02233315) CHARITABLE COMPANY LIMITED BY GUARANTEE

REPORT OF THE TRUSTEES

FOR THE YEAR ENDED 31ST AUGUST 2021 (Continued)

CO-OPTED EX-OFFICIO MEMBERS

J Vale (Chairman, Friends of the Swan Theatre) R Knight (Worcester City Council appointee)

D Broster (Head of Institute of Creative Arts, University of Worcester appointee) R Walker MP (Member of Parliament for Worcester)

LIMITED BY GUARANTEE

The charitable company is limited by guarantee and does not have an issued share capital. There is therefore no beneficial interest to disclose for the above directors.

The trustees are appointed by the members in the annual general meeting. New trustees are appointed by the existing board of trustees, taking into account the way in which their skills will supplement and enhance those already available to the Board. New trustees are inducted by a series of meetings with the Chairman and senior staff of the charitable company.

CHIEF EXECUTIVE OFFICER

The trustees have delegated day to day management of the charitable company to the Chief Executive Officer who is supported by a management team. The Trustees receive appropriate training at trustees' meetings, as is deemed appropriate.

The Chief Executive Officer is Sarah-Jane Morgan.

The pay and remuneration of the Chief Executive Officer is agreed by the Chairman and Company Secretary having taken into consideration the figures for comparable theatres in this area.

PRINCIPAL ADVISERS

The company's independent examiner's are: The Richards Sandy Partnership Limited Thorneloe House 25 Barbourne Road Worcester WR1 1RU The company's solicitors are: Russell and Co Holland House Church Street Malvern Worcester WR14 2AH The company's bankers are: Royal Bank of Scotland Plc 5-9 St Nicholas Street Worcester WR1 1UR

Page 4

WORCESTER THEATRES CHARITABLE TRUST LIMITED (REGISTERED NUMBER: 02233315) CHARITABLE COMPANY LIMITED BY GUARANTEE

REPORT OF THE TRUSTEES

FOR THE YEAR ENDED 31ST AUGUST 2021 (Continued)

STRUCTURE, GOVERNANCE AND MANAGEMENT

ORGANISATION

Strategic decisions and the monitoring of performance against pre-determined criteria are carried out by the trustees at periodic meetings and by individual trustees with specific duties. The day-to-day management to achieve the strategic objectives is delegated to the Chief Executive Officer, who is supported by a management team.

SUBSIDIARY COMPANY

The parent company has one wholly owned subsidiary, Arts Enterprises Worcester Limited. This company operates a bar at both at the Swan Theatre and at Huntingdon Hall and also sells merchandise. All of the subsidiary's profits are is gift aided to this charitable company.

Because of COVID-19, Arts Enterprises Worcester Limited did not trade for almost all of the current financial year. Turnover for the year was £11,167 compared to £102,744 last year. As a result, Arts Enterprises Worcester Limited made a small loss this year of £5,580, compared to a net profit of £38,746 last year. Since the year end, Arts Enterprises Worcester Limited has recommenced trading normally.

RISK ASSESSMENT

The charitable company regularly reviews the risks to which it is exposed and takes such action as it is possible to mitigate those risks.

The principal risks and uncertainties of the charitable company are:

The trustees regularly review management accounts of the monthly financial performance of the charitable company against budgets and make decisions to reduce planned future expenditure where necessary. The trustees make applications to various grant making institutions to secure additional funding to cover any forecast shortfalls.

OBJECTIVES AND ACTIVITIES

AIMS AND OBJECTIVES

The principal objects of the company for the year under review are:

The trustees confirm that they have complied with the duty in section 17 (5) of the 2011 Charities Act to have due regard to guidance on public benefit, when reviewing the charitable company's aims and objectives and in planning future activities.

Page 5

WORCESTER THEATRES CHARITABLE TRUST LIMITED (REGISTERED NUMBER: 02233315) CHARITABLE COMPANY LIMITED BY GUARANTEE

REPORT OF THE TRUSTEES

FOR THE YEAR ENDED 31ST AUGUST 2021 (Continued)

ACHIEVEMENTS AND PERFORMANCE

Worcester Theatres Charitable Trust Limited runs the Swan Theatre, a 350 seat proscenium arch traditional theatre space and Huntingdon Hall, a 330 seat converted Methodist Chapel. We are the only venue-based arts provider in Worcester offering a professional cultural provision for the city. Providing a wide range of entertainment at the venues, from folk, popular music, jazz, world music, spoken word, classic & modern theatre, popular music, tribute bands, traditional/contemporary dance and children’s theatre. We also produce our own productions, via the Worcester Repertory Company, we are the only venue in Worcestershire to do this and we are proud of our ability to produce high standard professional productions for the city of Worcester and the wider county. These are performed both at our venues and other venues in the city.

We are consistently supported with funding from Worcester City Council and the Bransford Trust, both of whom value the impact we make upon the city in terms of our cultural provision. The company continues to be supported by an excellent Board of Directors with varying and dynamic skills who complement and support the Chief Executive in the operation of the Charity. The organisation is delighted to employ a lean but highly skilled, motivated and passionate staff, who are driven and determined to ensure the company succeeds at every level and are backed by a volunteer force of 150, who champion both venues providing stewarding and staffing for the bars, whilst also being the backbone and heart of the organisation.

Swan Theatre

The Swan Theatre continues to be an important part of the make-up of Worcester City’s cultural offering. Its programming has become increasingly busy and as we emerge from the pandemic, we are seeing audience confidence return as once again the venue is taken to the heart of its community. The venue has become an important space for the growth of emerging-artists, talent development and LGBTQ+ performers and performances and our arts programming is developing strongly alongside our commercial delivery. We continue to review the artistic programming of the Swan Theatre and have inclusion and accessibility at the heart of our operation to ensure a balanced artistic structure within the programming, aiding our audience development and ensuring a wider audience are accessing the arts at the venue.

Hires continue to contribute to the venues sustainability and we promote and support the local amateur company members to ensure they have opportunities to access the professional venues in a well-supported environment.

The Charity has continued to hire out rooms within the venues, (to community groups as per government guidelines), throughout the pandemic which has allowed crucial engagement for those needing to relieve the effects and challenges of loneliness/ isolation.

Outreach & Festivals at the Swan Theatre

We have seen a wonderful growth within the Swan Youth Theatre, supporting young members both on zoom and through in person COVID-secure classes throughout the pandemic, enabling them to retain friendships, build confidence, learn drama skills and begin their journey of a lifelong love of the arts.

The Young Rep was re-established for the 1st Worcester Fringe Festival in July and saw new members take to the stage in a specially commissioned piece – the members aged 16-24 can take their first steps towards a professional career through this platform and are given the opportunity to work on a professional stage, behind the scenes and with a professional director over several months.

The 1st Worcester Fringe Festival 24th-31st 2021 welcomed artists for a weeklong celebration of theatre, emerging artist work, comedy, spoken word, dance, free music, children’s street theatre etc- it was clear to see there was a positive reemergence during this festival from what had been an incredibly challenging time for our organisation.

Page 6

WORCESTER THEATRES CHARITABLE TRUST LIMITED (REGISTERED NUMBER: 02233315) CHARITABLE COMPANY LIMITED BY GUARANTEE

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST AUGUST 2021 (Continued)

ACHIEVEMENTS AND PERFORMANCE (Continued)

Worcester Repertory Company

The Repertory Company is the producing arm of Worcester Theatre’s work and endeavours to offer our patrons a wellrounded and varied programme of arts events to attract the largest audience from the city and beyond.

This year saw a reduced offering from the Rep as we were unable to produce a pantomime due to the pandemic. We were acutely aware of how vital the pantomime is to all those who include it as a festive treat each year and of course to the financial impact it has on our organisation.

The summer show at the Commandery (another highlight of the year) did go ahead under socially distanced conditions, Elsie and Norm’s Macbeth, directed by Ian Good – was staged for 12 nights in the lovely historic surroundings of the Commandery Gardens and in the summer sunshine we proved the show must go on!

Huntingdon Hall

Huntingdon Hall remains a popular venue for both those who perform there and the audiences who attend. It offers a varied programme of comedy, talks and a wide range of music genres including folk, jazz, rock and pop. The comedians we see at the venue are a popular draw as they are easily recognisable from TV comedy shows and this helps to keep the venue buzzing with a younger and ‘vibey’ audience. The tribute shows also remain popular and all audiences who attend enjoy the up close and personal approach that the Hall offers. It is regularly used by Worcester Concert Club and we are pleased to be able to offer the facility for hire to the Heart of Worcestershire College who bring their music students into the venue to get the experience of performing live on a real stage in a professional venue.

Summary

The Charity has faced what has been an unprecedented time for all arts organisations, but we have been able to navigate this incredibly challenging time with the support of patrons who showed significant support either donating ticket money for rescheduled/ cancelled shows, choosing to accept multiple reschedules or being bold and coming to live entertainment with COVID-secure conditions in place. This along with the much needed and incredibly welcome support from the DCMS and Arts Council England grants has ensured we can now look towards remaining as a sustainable and vital part of the cultural ecology for Worcester as we rebuild and reframe our organisation post pandemic.

FUNDRAISING ACTIVITIES

The charitable company makes appeals to both the general public for donations and to charitable trusts for grants. These activities include automated requests for donations from persons using the online ticket booking system, advertised benefits for persons signing up to one of the charitable company's various patrons schemes and the placing of donation boxes within the venues operated by the charitable company. The charitable company does not use either a professional fund-raiser nor a commercial participator. The charitable company is not bound by any voluntary standard or scheme for regulating fundraising activities. The charitable company has not received any complaints within the year relating to how it undertakes fundraising activities. The trustees do not believe that these activities are likely to cause neither vulnerable people and other members of the public to be at risk of suffering unreasonable intrusion on a person's privacy, unreasonably persistent approaches for the purpose of soliciting or otherwise procuring money or other property on behalf of the charitable company or placing undue pressure on a person to give money or other property.

FINANCIAL REVIEW

Incoming resources decreased to £872,885 from £1,219,836, with the fall in ticket sales partly offset by COVID-19 support grants received and a large legacy receivable this year. The net unrestricted fund net surplus for the year was £231,298 (2020 - net surplus of £83,283).

During the year, financial performance is carefully monitored against a pre-determined budget which is regularly updated and considered by the trustees. Active targeted fundraising is carried out throughout the year. Large numbers of charitable trusts are contacted each year with full information supporting applications for grants.

At 31 August 2021, the unrestricted reserves, excluding fixed assets, was £300,744 (2020 - £59,353).

Page 7

WORCESTER THEATRES CHARITABLE TRUST LIMITED (REGISTERED NUMBER: 02233315) CHARITABLE COMPANY LIMITED BY GUARANTEE

REPORT OF THE TRUSTEES

FOR THE YEAR ENDED 31ST AUGUST 2021 (Continued)

RESERVES POLICY

The trustees believe it prudent that, in order to provide reliable services over the longer term, they hold reserves to absorb setbacks and to take advantage of change and opportunity. Reserves are required in order:

The trustees consider that the charitable company's objective should be to acquire reserves equivalent to at least six months costs in respect of the support management and administration of the charitable company. Due to the closure of the performance venues run by the charitable company due to the COVID-19 pandemic, these levels are based on 2020 financial year end results, where these costs amounted to £647,916 and therefore the objective is to hold £323,958 in reserves.

Total reserves at the year end were £414,802 (2020 - £183,504), including total restricted funds of £94,589 (2020 - £106,435). At the year end tangible fixed assets held had net book value of £84,824 (2020 - £99,029).

Unrestricted General Fund excluding fixed assets amounted to a surplus of £300,744 (2020 - £59,353). These do not yet comply with this policy. The trustees do not know when it will be possible to achieve this, especially as the financial performance for the last two financial years have been greatly distorted by the COVID-19 pandemic.

INVESTMENT POLICY

The investment policy is to invest surplus funds in interest bearing accounts with immediate access. The charitable company has insufficient funds to invest on longer term basis.

The charitable company holds a wholly owned trading subsidiary held for the purpose of generating income for use by the charitable company.

PLANS FOR THE FUTURE

The Charity is at present working hard to evolve and strengthen its ambition to provide a programme that engages and offers ‘more’ to the people of Worcester/ beyond to the wider county. We will do this by continuing to review, develop and strengthen our programming and artistic policy ensuring we are providing accessible and inclusive theatre and outreach opportunities for all those who wish to take part. Seeking opportunities for attracting new and innovative funding will ensure artists can be competitively paid and bursaries can continue to be offered across our activities.

We will continue to expand the use of the Vesta Tilley Studio - a small 60-seater auditorium space. This space has become fundamental for developing work in areas such as talent development - emerging Artists – (the ACE funded platform WR1 was completed in March ‘22 with 20 participants) LGBTQ+ performance (for which we have just received funding from ACE for a yearlong project called ‘Saucy’) and is popular with our younger audience demographic who regularly attend these performances along with our scratch nights – Taster Pots.

It is also a key space for our Resident Theatre Company – Vamos Theatre, our associate Companies – Mobilise and Crave Arts (all of whom are creating new and diverse work from the Swan Theatre) and The University of Worcester who are using the studio spaces to enable students to experience engaging with ‘real’ professional theatre spaces.

We will also use the studio to continue to broaden our arts programming – choosing live theatre and arts productions which are more diverse and challenging in their subject matter to expand and offer more experiences to engage with the organisation.

Page 8

WORCESTER THEATRES CHARITABLE TRUST LIMITED (REGISTERED NUMBER: 02233315) CHARITABLE COMPANY LIMITED BY GUARANTEE

REPORT OF THE TRUSTEES

FOR THE YEAR ENDED 31ST AUGUST 2021 (Continued)

PLANS FOR THE FUTURE (Continued)

We continue to provide a home for Vamos Theatre as our resident Theatre Company. Vamos Theatre is the UK’s leading full mask Theatre Company and we are mutually exploring ways in which we can expand our joint artistic working plan and practices including the expansion of our emerging artist programmes and our provision for theatre classes for young people with additional needs/ disabilities.

As the only producing Arts venues in Worcestershire, we have forged strong links with Artists; creatives and venues both within and beyond our county to bring new talent, partnerships and current thinking to Worcestershire. The use of external directors is a key element of our strategy moving forward as we plan to move back to a full and varied theatre offering from the Worcester Rep to build and strengthen our audiences for theatre.

The trustees and the Chief Executive are proud of the developments Worcester Theatres have made, we continue to build a strong, resilient organisation and maintain solid support from our patrons which distinctly reflects the need for an arts organisation such as ours within the city.

We are ambitious to ensure we engage with new audiences and have already seen success through the broadening out of our arts programming/ talent development work, we will continue to find areas to expand/connect with other areas of cultural stimulus for our city, responding effectively as an organisation - this will be where we will grow and succeed as an organisation.

CORNAVIRUS

Following the outbreak of COVID-19, based on the advice from the Government and for the safety of our staff, volunteers and patrons, the activities of the charity were closed and then re-opened in line with government guidelines and under strict social distancing measures/with COVID measures in place. All shows were cancelled or rescheduled. Patrons with tickets for rescheduled shows were contacted via e-mail where possible, with the option to either change to the new dates, receive a refund when the box office reopened or donate the value of the tickets to the charity. Those who could not be contacted via email were contacted via phone.

We received the various support grants from the Government and used the Government furlough scheme until we received CRF funding from the Arts Council England and DCMS.

STATEMENT OF TRUSTEES' RESPONSIBILITIES

The trustees (who are also the directors of Worcester Theatres Charitable Trust Ltd for the purposes of company law) are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law 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 charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing those financial statements, the trustees are required to:

The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Page 9

WORCESTER THEATRES CHARITABLE TRUST LIMITED (REGISTERED NUMBER: 02233315) CHARITABLE COMPANY LIMITED BY GUARANTEE

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (INCLUDING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31ST AUGUST 2021

Notes
INCOME AND ENDOWMENTS FROM:
Donations and legacies
Charitable activities
Other trading activities
Investments
TOTAL INCOME AND ENDOWNMENTS
15
EXPENDITURE ON:
Raising funds
Charitable activities
TOTAL EXPENDITURE
16
NET INCOME / (EXPENDITURE)
TRANSFERS BETWEEN FUNDS
NET MOVEMENT IN FUNDS
TOTAL FUNDS BROUGHT FORWARD
TOTAL FUNDS CARRIED FORWARD		 Unrestricted
Fund
£
669,790
123,761
34,478
132
828,161
9,021
566,005
575,026
253,135
(2,351)
250,784
77,069
327,853		 Restricted
Fund
£
44,724
-
-
-
44,724
-
58,921
58,921
(14,197)
2,351
(11,846)
106,435
94,589		 Total
2021
£
714,514
123,761
34,478
132
872,885
9,021
624,926
633,947
238,938
-
238,938
183,504
422,442		 Total
2020
£
385,361
675,301
158,932
242
1,219,836
58,996
1,077,557
1,136,553
83,283
-
83,283
100,221
183,504

CONTINUING OPERATIONS

All income and expenditure has arisen from continuing activities.

Page 12

WORCESTER THEATRES CHARITABLE TRUST LIMITED (REGISTERED NUMBER: 02233315) CHARITABLE COMPANY LIMITED BY GUARANTEE

CONSOLIDATED BALANCE SHEET FOR THE YEAR ENDED 31ST AUGUST 2021

Note
FIXED ASSETS
Tangible fixed assets
7
Investments
8
CURRENT ASSETS
Stocks
9
Debtors
10
Cash at bank and in hand
LIABILITIES
Amounts falling due within one year
11
NET CURRENT ASSETS
TOTAL ASSETS LESS CURRENT LIABILITIES
The funds of the charitable company:
Unrestricted Funds
Restricted Funds
18		 Group
2021
£
84,824
-
84,824
7,019
180,167
450,662
637,848
(300,230)
337,618
422,442
327,853
94,589
422,442
-		 Group
2020
£
99,029
-
99,029
6,645
57,439
266,234
330,318
(245,843)
84,475
183,504
77,069
106,435
183,504
-		 Parent
2021
£
84,824
2
84,826
-
309,380
330,822
640,202
(297,205)
342,997
427,823
333,234
94,589
427,823
-		 Parent
2020
£
99,029
2
99,031
-
173,992
150,950
324,942
(240,469)
84,473
183,504
77,069
106,435
183,504
-

The directors have prepared group accounts in accordance with section 398 of the Companies Act 2006 and section 138 of the Charities Act 2011.

As permitted by section 408 of the Companies Act 2006, the charitable company has not presented its own statement of financial activities and related notes. The charitable company's net surplus for the year was £107,708 (2020 - net surplus of £83,283).

The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st August 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st August 2021 in accordance with Section 476 of the Companies Act 2006.

The trustees acknowledge their responsibilities for:

These accounts are prepared in accordance with the special provisions of Part 15 of the Companies Act relating to small companies and constitute the annual accounts required by the Companies Act 2006 and are for circulation to members of the company.

Page 13

WORCESTER THEATRES CHARITABLE TRUST LIMITED CHARITABLE COMPANY LIMITED BY GUARANTEE

CONSOLIDATED CASH FLOW STATEMENT FOR THE YEAR ENDED 31ST AUGUST 2021

Notes to the
cash flow
statement
Cash flows from operating activities:
Cash generated from operations
1
Net cash provided by operating activities
Cash flows from investing activities:
Purchase of tangible fixed assets
Interest received
Receipt of distribution of profits from subsidiary
Net cash used in investing activities
Change in cash and cash equivalents
in the reporting period
Cash and cash equivalents at the
beginning of the reporting period
Cash and cash equivalents at the end
of the reporting period
NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT		 Group
2021
£
212,376
212,376
(28,080)
132
-
(27,948)
184,428
266,234
450,662		 Group
2020
£
63,376
63,376
(22,194)
242
-
(21,952)
41,424
224,810
266,234		 Parent
2021
£
207,820
207,820
(28,080)
132
-
(27,948)
179,872
150,950
330,822		 Parent
2020
£
(37,952)
77,432
(22,194)
242
38,746
(66,204)
(21,158)
172,108
150,950

1 RECONCILIATION OF NET INCOME/(EXPENDITURE) TO NET CASH FLOW FROM OPERATING ACTIVITIES

Net expenditure for the reporting period
(as per the statement of financial activities)
Adjustments for:
Depreciation charges
Interest received
Receipt of distribution of profits from subsidiary
(Increase)/decrease in stocks
(Increase)/decrease in debtors
Increase/(decrease) in creditors
Net cash provided by operating activities		 Group
2021
£
238,938
42,285
(132)
-
(374)
(122,728)
54,387
212,376		 Group
2020
£
83,283
40,564
(242)
-
3,557
12,244
(76,030)
63,376		 Parent
2021
£
244,319
42,285
(132)
-
-
(135,388)
56,736
207,820		 Parent
2020
£
83,283
40,564
(242)
(38,746)
200
(57,035)
(65,976)
(37,952)

Page 15

WORCESTER THEATRES CHARITABLE TRUST LIMITED CHARITABLE COMPANY LIMITED BY GUARANTEE

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST AUGUST 2021

1 ACCOUNTING POLICIES

General information

The Trust is a charitable company limited by guarantee registered in England and Wales and has no share capital. In the event of the charitable company being wound up, the liability in respect of guarantee is limited to £1 per member of the charitable company.

Basis of preparation

The financial statements of the charitable company, which is a public benefit entity under FRS 102, 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 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention unless otherwise stated.

The accounts are prepared in sterling, which is the functional currency of the group. Monetary amounts in these financial statements are rounded to the nearest £1.

The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

Group financial statements

These consolidated financial statements incorporate the accounts of Worcester Theatres Charitable Trust Limited and its wholly owned subsidiary Arts Enterprises Worcester Limited on a line by line basis. Both Worcester Theatres Charitable Trust Limited and Arts Enterprises Worcester Limited prepare their individual company financial statements adopting accounting policies not considered different from those of these consolidated financial statements and prepared to a year end of 31st August 2021. All intra-group transactions and balances are eliminated on consolidation.

Going concern

The trustees have assessed whether the use of the going concern basis is appropriate and have considered the impact of the COVID-19 pandemic as well as other possible events or conditions that might cast significant doubt on the ability of the charitable company to continue as a going concern. The trustees have made this assessment for a period of at least one year from the date of approval of the financial statements.

Following the government lifting of lockdown restrictions in June 2021, the charitable company has recommenced trading and various COVID-19 related grants, including several Arts Council England grants, the trustees consider the charitable company to have sufficient reserves to continue operating. Therefore the trustees have a reasonable expectation that the charitable company has adequate resources to continue operating for the foreseeable future.

Income recognition

All incoming resources are included in the Statement of Financial Activities (SoFA) when the charitable company is legally entitled to the income after any performance conditions have been met, the amount can be measured reliably and it is probable that the income will be received.

For donations to be recognised the charitable company will have been notified of the amounts and the settlement date in writing. If there are conditions attached to the donation and this requires a level of performance before entitlement can be obtained then income is deferred until those conditions are fully met or the fulfilment of those conditions is within the control of the charitable company and it is probable that they will be fulfilled.

No amount is included in the financial statements for volunteer time in line with Charities SORP (2020). Further detail is given in the Trustees’ Annual Report.

Page 16

WORCESTER THEATRES CHARITABLE TRUST LIMITED CHARITABLE COMPANY LIMITED BY GUARANTEE

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST AUGUST 2021 (Continued)

1 ACCOUNTING POLICIES (Continued)

Legacies are recognised when probate is granted and there is sufficient information to measure them. Where there is insufficient information to reliably measure any outstanding legacies, these are instead treated as contingent assets (and details of any such legacies will be disclosed in the notes to these financial statements).

Income from trading activities includes income earned from fundraising events and trading activities to raise funds for the charitable company. Income is received in exchange for supplying goods and services in order to raise funds and is recognised when entitlement has occurred. Fundraising and trading income received during the period, but which relates to services provided during the next period are treated as being deferred income and has been included in creditors as receipts in advance.

Investment income is included in the statement of financial activities on a receivable basis.

Donated services

The charitable company benefits from the rent free use of both the Swan Theatre and Huntington Hall. Due to the unique nature of these two buildings, it is considered impractical to estimate a reasonable value of the donated services provided to the charitable company in regard to these arrangements and no income not expenditure in regard to these arrangements have been included in the statement of financial activities.

Expenditure recognition

All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Expenditure is recognised where there is a legal or constructive obligation to make payments to third parties, it is probable that the settlement will be required and the amount of the obligation can be measured reliably. It is categorised under the following headings:

Irrecoverable VAT is charged as an expense against the activity for which expenditure arose.

Operating leases

Rentals payable and receivable under operating leases are charged to the SoFA on a straight line basis over the period of the lease.

Pensions

The parent company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the group in an independently administered fund. Contributions payable for the year are charged in the profit and loss account.

Staff termination costs

Staff termination costs are recognised when there is a commitment to either terminate the employment of an employee before the normal retirement date or as a result of an offer made in order to encourage voluntary redundancy. A commitment for termination is only recognised when there is a detailed formal plan for termination and there is no realistic possibility of withdrawal from that plan. Termination costs are measured as the best estimate of expenditure required to settle the obligations of the plan for termination.

Taxation and deferred taxation

The charitable company is an exempt charity within the meaning of schedule 3 of the Charities Act 2011 and is considered to pass the tests set out in Paragraph 1 Schedule 6 Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes.

Page 17

WORCESTER THEATRES CHARITABLE TRUST LIMITED CHARITABLE COMPANY LIMITED BY GUARANTEE

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST AUGUST 2021 (Continued)

1 ACCOUNTING POLICIES (Continued)

Tangible fixed assets

Tangible fixed assets are stated at cost less depreciation. Assets costing up to £2,000 are written off to revenue.

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life as follows:

Fixtures, fittings and equipment : 20% on cost Motor Vehicles : 33% on cost Swan Theatre : 10% on cost

Impairment reviews are carried out annually.

Investments

In the parent charitable company's individual financial statements, the investment in the subsidiary is measured at cost less any accumulated impairment losses.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

Stocks

Stock is valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Cash at bank

Cash at bank 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.

Financial instruments

The charitable company has elected to apply the provisions of Section 11' Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments. Financial instruments are recognised when the charitable company becomes party to contractual provisions of the instrument.

Financial assets are offset, with the net amounts presented in the accounts where there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic Financial Assets

Basic financial assets, which include trade and other receivables and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Basic Financial Liabilities

Basic financial liabilities, including trade and other payables, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of future receipts, discounted at a market rate of interest. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of the operations from suppliers. Accounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade payables are recognised initially at transaction cost.

Page 18

WORCESTER THEATRES CHARITABLE TRUST LIMITED CHARITABLE COMPANY LIMITED BY GUARANTEE

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST AUGUST 2021 (Continued)

1 ACCOUNTING POLICIES (Continued)

Restricted funds

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the charitable company for particular purposes. The cost of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.

Unrestricted funds

Unrestricted funds are available for use at the discretion of the trustees in furtherance of the general objectives of the charitable company and which have not been designated for other purposes.

Significant judgements and key sources of estimation uncertainty

In the application of the group's accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying value of assets and liabilities that are not readily apparent from other sources. These estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

The most significant judgement that has had the most significant effect on the amounts recognised in the financial statements are the setting of depreciation policies for tangible fixed assets (which are stated in the accounting policies). The net book value and movements in the year of tangible fixed assets are disclosed in note 7 of the financial statements.

There are not considered to be any key estimates or assumptions which give raise to significant risk of causing material adjustments to the carrying value of assets or liabilities.

Page 19

WORCESTER THEATRES CHARITABLE TRUST LIMITED CHARITABLE COMPANY LIMITED BY GUARANTEE

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST AUGUST 2021 (Continued)

2 OPERATING SURPLUS

Group Group Parent Parent
2021 2020 2021 2020
£ £ £ £
The operating surplus is stated after charging:
Operating leases 22,535 22,535 22,535 22,535
Independent examiner - Independent examiner fees 5,280 - 2,580 -
Independent examiner - audit fees (3,300) 19,360 (3,300) 14,760
Independent examiner - other services 3,536 6,347 3,493 6,347
Depreciation 42,285 40,564 42,285 40,564

Independent examiner fees are stated inclusive of irrecoverable input VAT. The audit fee for 2021 relates only to the reversal of an over-accrual of the 2020 audit fees.

3 STAFF COSTS, TRUSTEE REMUNERATION AND EXPENSES

Gross salaries
Employer's N.I.
Pension costs
Total average employees		 Group
2021
£
220,967
13,455
5,105
239,527
14		 Group
2020
£
290,756
12,674
6,012
309,442
23		 Parent
2021
£
220,967
13,455
5,105
239,527
14		 Parent
2020
£
290,756
12,674
6,012
309,442
23

Included in gross salaries are staff redundancy costs of £nil (2020 - £1,151).

No employees had emoluments (excluding employer's N.I. and pension costs) in excess of £60,000, in either the current or previous financial years.

The trustees were not paid nor received any other benefits from employment with the Trust or its subsidiary in the year (2020 - £nil) neither were they reimbursed expenses during the year (2020 - £nil).

Total remuneration (including employer's N.I. and pension costs) paid to key management personnel was £38,207 (2020 - £33,658) during the year.

The charitable company contributes to occupational and individual pension schemes which are defined contribution pension schemes and the amounts charged to the income and expenditure accounts for the year are as stated above

4 INTEREST RECEIVABLE AND SIMILAR INCOME

Group
2021		 Group
2020		 Parent
2021		 Parent
2020
Bank interest received £
132		 £
242		 £
132		 £
242

5 TAXATION

The parent charitable company is a registered charity and not liable to corporation tax. The subsidiary company did not have a taxable profit.

Page 20

WORCESTER THEATRES CHARITABLE TRUST LIMITED CHARITABLE COMPANY LIMITED BY GUARANTEE

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST AUGUST 2021 (Continued)

6 COMPARATIVES FOR THE CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES

INCOME AND ENDOWMENTS FROM:
Donations and legacies
Charitable activities
Other trading activities
Investments
TOTAL INCOME AND ENDOWNMENTS
EXPENDITURE ON:
Raising funds
Charitable activities
TOTAL EXPENDITURE
NET INCOME (EXPENDITURE)
TOTAL FUNDS BROUGHT FORWARD
TOTAL FUNDS CARRIED FORWARD
7
TANGIBLE FIXED ASSETS
Swan Theatre &
Fixtures,
Huntingdon Hall Fittings &
Improvements Equipment
£
£
COST
At 1 September 2020
320,664
368,131
Additions
-
28,080
Disposals
-
-
At 31 August 2021
320,664
396,211
DEPRECIATION:
At 1 September 2020
233,094
356,672
Charge for the year
32,032
10,253
At 31 August 2021
265,126
366,925
NET BOOK VALUE:
At 31 August 2021
55,538
29,286
At 31 August 2020
87,570
11,459		 Unrestricted
Fund
£
326,814
675,301
158,932
242
1,161,289
58,996
1,020,391
1,079,387
81,902
(4,833)
77,069
Motor
Vehicles
£
24,282
-
-
24,282
24,282
-
24,282
-
-		 Restricted
Fund
£
58,547
-
-
-
58,547
-
57,166
57,166
1,381
105,054
106,435
Group
Total
£
713,077
28,080
-
741,157
614,048
42,285
656,333
84,824
99,029		 Total
2020
£
385,361
675,301
158,932
242
1,219,836
58,996
1,077,557
1,136,553
83,283
100,221
183,504
Parent
Total
£
713,077
28,080
-
741,157
614,048
42,285
656,333
84,824
99,029

Page 21

WORCESTER THEATRES CHARITABLE TRUST LIMITED CHARITABLE COMPANY LIMITED BY GUARANTEE

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST AUGUST 2021 (Continued)

8 FIXED ASSET INVESTMENTS

COST
At 1 September 2020
and 31 August 2021
NET BOOK VALUE:
At 31 August 2021
At 31 August 2020		 Unlisted
investmen
ts
£
2
2
2

The company's investments at the Balance Sheet date in the share capital of companies include the following:

Arts Enterprises Worcester Limited

Registered company number: 02827118

Registered office: Huntingdon Hall, Crowngate, Worcester, Worcestershire, WR1 3LD Nature of business: running of a bar, sale of merchandise and the licencing of a restaurant.

Worcester Theatres Charitable Trust Limited owns the whole of the issued share capital in a trading company, Arts Enterprises Worcester Limited. This consists of two ordinary shares of £1 each.

The financial results of Arts Enterprises Worcester Limited for the year were as follows:

Turnover
Other income
Expenditure
(Loss) / profit for the year
Gift aid distribution to Worcester Theatres Charitable Trust Limited
Retained earnings for the year
Aggregate capital and reserves		 2021
£
11,167
-
(16,547)
(5,380)
-
(5,380)
(5,578)		 2020
£
102,744
549
(64,547)
38,746
(38,746)
-
2

9 STOCK

Goods held for resale Group
2021
£
7,019
7,019		 Group
2020
£
6,645
6,645		 Parent
2021
£
-
-		 Parent
2020
£
-
-

Page 22

WORCESTER THEATRES CHARITABLE TRUST LIMITED CHARITABLE COMPANY LIMITED BY GUARANTEE

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST AUGUST 2021 (Continued)

10 DEBTORS: AMOUNT FALLING DUE WITHIN ONE YEAR

Trade debtors
Amount due from subsidiary:
- Arts Enterprises Worcester Limited
Social security and other taxes
Other debtors
Prepayments and accrued income		 Group
2021
£
3,844
-
29
2,821
173,473
180,167		 Group
2020
£
10,128
-
-
14,196
33,115
57,439		 Parent
2021
£
3,844
131,584
-
2,821
171,131
309,380		 Parent
2020
£
10,128
118,505
-
14,196
31,163
173,992

11 CREDITORS: AMOUNT FALLING DUE WITHIN ONE YEAR

Trade creditors
Payments received on account
Social security and other taxes
Other creditors
Accruals
Payments received on account
Balance at 1 September 2020
Opening creditor released to revenue
Received during the current year relating to future years
Balance at 31 August 2021		 Group
2021
£
46,419
219,393
10,720
1,355
22,343
300,230
Group
2021
£
151,714
(151,714)
219,393
219,393		 Group
2020
£
65,270
151,714
4,170
830
23,859
245,843
Group
2020
£
195,414
(195,414)
151,714
151,714		 Parent
2021
£
45,194
219,393
10,720
1,355
20,543
297,205
Parent
2021
£
151,714
(151,714)
219,393
219,393		 Parent
2020
£
65,131
151,714
3,535
830
19,259
240,469
Parent
2020
£
195,414
(195,414)
151,714
151,714

Payments received on account represents sale of tickets prior to 31 August 2021 for performances to take place after the balance sheet date, amounting to £216,094 (2020 - £150,714). The remaining receipts in advance relate to subscriptions, sponsorships and funding.

12 PENSION COMMITMENTS

The parent company operates a defined contribution pension scheme. The assets of that company are held separately from those of the parent company, in an independently administered fund. Pension costs of £5,105 (2020 - £6,012) representing contributions payable by the company to the fund, were charged to the profit and loss account. At the year end creditors included an unpaid pension creditor of £1,355 (2020 - £830).

Page 23

WORCESTER THEATRES CHARITABLE TRUST LIMITED CHARITABLE COMPANY LIMITED BY GUARANTEE

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST AUGUST 2021 (Continued)

13 OPERATING LEASE COMMITMENTS

The following payments are committed to be paid within one year:

Expiring:
Less than one year
Between two and five years
More than five years		 Group
2021
£
24,172
17,267
-
41,439		 Group
2020
30,017
31,439
-
61,456		 Parent
2021
£
24,172
17,267
-
41,439		 Parent
2020
£
30,017
31,439
-
61,456

Annual rent payable in regard to Huntingdon Hall, under an agreement that runs until 2023, is dependent on the financial results of the charitable company for the previous financial period, up to a maximum of £10,000 per year. Included in the above operating lease commitment disclosure is £10,000 (2020 - £10,000) payable within less than one year that relates to the rent of Huntingdon Hall. Future amounts of rent payable in regard to Huntingdon Hall have been excluded from the above operating lease commitment disclosure, on the basis that the amounts payable cannot be reliably measured.

No rent is payable in regard to the Swan Theatre, although the lease is currently in the process of being renegotiated.

14 RELATED PARTY TRANSACTIONS

Total donations and sponsorship income received in the year from trustees amounted to £2,210 (2020 - £7,240).

John Yelland, a trustee of the charitable company, is also a trustee of The Bransford Trust. During the year the charitable company recognised grant income of £15,000 (2020 - £20,000) receivable from The Bransford Trust.

Page 24

WORCESTER THEATRES CHARITABLE TRUST LIMITED CHARITABLE COMPANY LIMITED BY GUARANTEE

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST AUGUST 2021 (Continued)

15 INCOMING RESOURCES

Donations and legacies
Grants received - Worcester City Council
Grants received - Bransford Trust
Grants received - Friends of The Swan / Huntingdon Hall
Grants received - COVID-19 related
Grants received - other
Donations received from individuals
Patron scheme
Legacies
Charitable activities
Performance income
Performance sponsorship
Hall hiring fees
Youth Theatre
Rent - Elgar School of Music
Holiday activities & food programme
Other trading activities
Raffle
100 Clubs
Commission
Sundry
Advertising
Box office booking fees
Sale of food, drinks and merchandise
Investment income
Bank interest
TOTAL INCOMING RESOURCES		 Unrestricted
Funds
2021
£
118,300
15,000
2,000
379,462
6,748
10,124
2,365
135,791
669,790
81,943
2,080
24,807
4,363
5,000
5,568
123,761
164
3,315
54
1,340
4,558
13,880
11,167
34,478
132
828,161		 Restricted
Funds
2021
£
-
-
-
9,730
34,480
514
-
-
44,724
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
44,724		 Total
Funds
2021
£
118,300
15,000
2,000
389,192
41,228
10,638
2,365
135,791
714,514
81,943
2,080
24,807
4,363
5,000
5,568
123,761
164
3,315
54
1,340
4,558
13,880
11,167
34,478
132
872,885		 Total
Funds
2020
£
109,739
20,000
1,500
138,990
54,461
52,978
2,897
4,796
385,361
613,060
4,629
46,283
6,329
5,000
-
675,301
5,903
4,315
1,023
2,418
2,603
39,926
102,744
158,932
242
1,219,836

Page 25

WORCESTER THEATRES CHARITABLE TRUST LIMITED CHARITABLE COMPANY LIMITED BY GUARANTEE

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST AUGUST 2021 (Continued)

16 EXPENDITURE

Raising funds
100 Club prizes
Cost of food, drinks and merchandise held for resale
Charitable Activities
Direct Costs
Wages and salaries
Subcontractors
Artist fees and other event expenses - general
Artist fees and other event expenses - pantomime
Technical expenses
Youth Theatre
Holiday activities & food programme
Swan Theatre School
Performing Rights Society fees
Depreciation
Support Costs
Wages and salaries
Administration subcontractors
Credit card charges re ticket sales
Brochure and ticket printing
Advertising
Telephone
Postage and stationery
Photocopier
Repairs and renewals
Sundry expenses
Insurance
Water
Electricity and gas
Gas
Bank charges
Professional fees
Bad debts
Auditors remuneration
Auditors remuneration for non audit work
TOTAL EXPENDITURE		 Unrestricted
Funds
2021
£
-
9,021
9,021
93,581
889
89,801
-
2,480
5,384
3,933
-
372
6,043
202,483
142,201
20,405
5,579
6,247
8,946
2,958
20,897
8,595
73,562
2,274
6,549
2,952
34,530
-
1,432
5,639
15,240
1,980
3,536
363,522
575,026		 Restricted
Funds
2021
£
-
-
-
3,745
400
6,905
-
-
-
-
-
-
36,242
47,292
-
-
-
-
-
-
-
-
11,629
-
-
-
-
-
-
-
-
-
-
11,629
58,921		 Total
Funds
2021
£
-
9,021
9,021
97,326
1,289
96,706
-
2,480
5,384
3,933
-
372
42,285
249,775
142,201
20,405
5,579
6,247
8,946
2,958
20,897
8,595
85,191
2,274
6,549
2,952
34,530
-
1,432
5,639
15,240
1,980
3,536
375,151
633,947		 Total
Funds
2020
£
1,880
57,116
58,996
129,541
6,823
274,514
150,112
18,927
9,634
-
-
16,104
40,564
646,219
179,901
6,100
11,954
30,963
19,869
7,429
7,142
8,640
67,361
5,483
8,372
2,789
23,165
16,723
2,521
5,511
1,708
19,360
6,347
431,338
1,136,553

Page 26

WORCESTER THEATRES CHARITABLE TRUST LIMITED CHARITABLE COMPANY LIMITED BY GUARANTEE

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST AUGUST 2021 (Continued)

17 RESTRICTED FUNDS

Swan Studio & Huntingdon Hall project
Automatic screen and satellite dish
New equipment
Outdoor projector and screen
Lighting
Restoration fund
Accessibility fund
Robert Wilson youth projects
George Nield
Kildare Trust
Emerging Artists
Worcester Fringe - Bransford Trust
Worcester Fringe - University of Worcester
COVID-19 response		 As at 1
September
2020
56,755
29,997
8,550
1,200
1,748
3,000
5,000
185
106,435		 Income
6,000
3,000
514
12,380
5,000
8,100
9,730
44,724		 (27,530)
(4,924)
(1,641)
(1,218)
(929)
(1,714)
(185)
(5,000)
(6,050)
(9,730)
(58,921)
Expenditure		 Transfers
From
Unrestricted
Reserves
618
90
1,643
2,351		 As at 31
August
2021
29,225
25,691
6,909
4,872
3,714
-
1,748
3,000
5,000
-
12,380
-
2,050
-
94,589

The Swan Studio and Huntingdon Hall project fund relates to fixed assets held originally purchased by funding provided by (among others) The Foundation for Sport and the Arts for the renovation and improvement works to the existing Swan Theatre and Huntingdon Hall. Expenditure for the year relates to depreciation of the fixed assets purchased with these funds.

The automatic screen and satellite dish fund relates to grant funding received from the Foyle Foundation and the Roger & Douglas Turner Charitable Trust to fund installation equipment at the Swan Theatre to allow live broadcasts to be viewed there. Expenditure for the year relates to depreciation of the fixed assets purchased with these funds.

The new equipment fund relates to fixed assets held originally purchased by funding provided for the purchase of a stair lift, new lights and a new stage. Expenditure for the year relates to depreciation of the fixed assets purchased with these funds.

The outdoor projector and screen fund relates to fixed assets held originally purchased by funding provided by The Kildare Trust for the purchase of an outdoor projector and screen. Expenditure for the year relates to depreciation of the fixed assets purchased with these funds.

The lighting fund relates to fixed assets held originally purchased by funding provided by the Rowlands Trust for the purchase of theatre lighting. Expenditure for the year relates to depreciation of the fixed assets purchased with these funds.

The restoration fund relates to various grants and donations received to fund ongoing renovation work at the venues operated by the charitable company.

Accessibility fund relates to funding received from Action Deafness in regard to a project to make performances more assessable to audience members with disabilities. Due to COVID-19 it was not possible to use this funding in the current financial year.

Page 27

WORCESTER THEATRES CHARITABLE TRUST LIMITED CHARITABLE COMPANY LIMITED BY GUARANTEE

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST AUGUST 2021 (Continued)

17 RESTRICTED FUNDS (Continued)

Robert Wilson youth projects fund relates to funding received from Robert Wilson to fund youth projects. Due to COVID-19 it was not possible to use this funding in the current financial year.

The George Nield fund relates to income received to organising a performance of Waite and Simone show (which has been delayed due to COVID-19 until after the year end).

Kildare Trust fund relates to grants received from the Kildare Trust to finance PAT testing and uncapitalised equipment upgrades.

Emerging Artists fund relates to Arts Council England funding received to assist in organising performances of new artists. This grant was received in July 2021 and no qualifying performances took place prior to the year end.

Worcester Fringe - Bransford Trust fund relates to funding received from Bransford Trust to support the charity's Worcester Fringe event held in July & August of this year.

Worcester Fringe - University of Worcester fund relates to funding received from University of Worcester with an element relating to specific technical support undertaken at the charity's Worcester Fringe event held in July & August of this year and an element to by used either to generally support either the Worcester Fringe event or to supplement the Emerging Artists fund.

COVID-19 response fund relates to national Lottery funding received to support the charity's activities during COVID-19 lockdown.

COMPARATIVE ANALYSIS OF RESTRICTED FUNDS

Swan studio and Huntingdon Hall project
New equipment
Satellite dish and screen
Repair fund
Pantomime
Access to all performance
Youth projects
Waite and Simone show support		 As at 1
September
2019
84,285
12,953
-
316
4,000
3,500
-
-
105,054		 Income
-
-
32,000
18,547
-
-
3,000
5,000
58,547		 (27,530)
(4,403)
(2,003)
(17,478)
(4,000)
(1,752)
-
-
(57,166)
Expenditure		 As at 31
August
2020
56,755
8,550
29,997
1,385
-
1,748
3,000
5,000
106,435

Page 28

WORCESTER THEATRES CHARITABLE TRUST LIMITED CHARITABLE COMPANY LIMITED BY GUARANTEE

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST AUGUST 2021 (Continued)

18 ANALYSIS OF GROUP NET ASSETS BETWEEN FUNDS

Unrestricted
Funds
2021
£
FIXED ASSETS
Tangible fixed assets
14,413
CURRENT ASSETS
Stocks
7,019
Debtors
180,167
Cash at bank and in hand
421,428
LIABILITIES
Amounts falling due within one year
(300,230)
NET CURRENT ASSETS
322,797
COMPARATIVE ANALYSIS OF GROUP NET ASSETS BETWEEN FUNDS
Unrestricted
Funds
2020
£
FIXED ASSETS
Tangible fixed assets
17,715
CURRENT ASSETS
Stocks
6,645
Debtors
51,369
Cash at bank and in hand
247,182
LIABILITIES
Amounts falling due within one year
(245,843)
NET CURRENT ASSETS
77,068		 Restricted
Funds
2021
£
70,411
-
-
29,234
-
99,645
Restricted
Funds
2020
£
81,314
-
6,070
19,052
-
106,436		 Total
Funds
2021
£
84,824
7,019
180,167
450,662
(300,230)
422,442
Total
Funds
2020
£
99,029
6,645
57,439
266,234
(245,843)
183,504

Page 29

WORCESTER THEATRES CHARITABLE TRUST LIMITED CHARITABLE COMPANY LIMITED BY GUARANTEE

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST AUGUST 2021 (Continued)

19
ANALYSIS OF CHARITABLE COMPANY'S NET ASSETS BETWEEN FUNDS
Unrestricted
Restricted
Funds
Funds
2021
2021
£
£
FIXED ASSETS
Tangible fixed assets
14,413
70,411
Investments
2
-
CURRENT ASSETS
Debtors
309,380
-
Cash at bank and in hand
301,588
29,234
LIABILITIES
Amounts falling due within one year
(297,205)
-
NET CURRENT ASSETS
328,178
99,645
COMPARATIVE ANALYSIS OF CHARITABLE COMPANY'S NET ASSETS BETWEEN FUNDS
Unrestricted
Restricted
Funds
Funds
2020
2020
£
£
FIXED ASSETS
Tangible fixed assets
17,715
81,314
Investments
2
-
CURRENT ASSETS
Debtors
167,922
6,070
Cash at bank and in hand
131,898
19,052
LIABILITIES
Amounts falling due within one year
(240,469)
-
NET CURRENT ASSETS
77,068
106,436		 Total
Funds
2021
£
84,824
2
309,380
330,822
(297,205)
427,823
Total
Funds
2020
£
99,029
2
173,992
150,950
(240,469)
183,504

Page 30