REGISTERED COMPANY NUMBER: |
REGISTERED CHARITY NUMBER: |
Report of the Trustees and |
Unaudited Financial Statements |
for the period |
1st May 2022 to 31st October 2023 |
for |
Kings Theatre Kirkcaldy Limited |
REGISTERED COMPANY NUMBER: |
REGISTERED CHARITY NUMBER: |
Report of the Trustees and |
Unaudited Financial Statements |
for the period |
1st May 2022 to 31st October 2023 |
for |
Kings Theatre Kirkcaldy Limited |
Kings Theatre Kirkcaldy Limited |
Contents of the Financial Statements |
for the period 1st May 2022 to 31st October 2023 |
Page |
Report of the trustees | 1 | to | 3 |
Independent examiner's report | 4 | to | 5 |
Statement of financial activities | 6 |
Balance sheet | 7 | to | 8 |
Notes to the financial statements | 9 | to | 15 |
Kings Theatre Kirkcaldy Limited (Registered number: SC502467) |
Report of the Trustees |
for the period 1st May 2022 to 31st October 2023 |
The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the period 1st May 2022 to 31st October 2023. The trustees have adopted the provisions of 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). |
Objectives and activities |
Objectives and aims |
The Company is set up as a registered charity with the purpose of the advancement of the arts, heritage, culture or science; the advancement of education; the advancement of citizenship or community development; and the provision of recreational facilities with the object of improving the conditions of life for the persons for whom the facilities or activities are primarily intended. |
The charitable objects are: |
to advance the arts and culture by producing high quality theatre, music and arts projects as well as events to connect with communities by creating high quality music and arts experiences; |
to advance education by facilitating workshops in order to increase engagement of the arts by making work that is accessible for a broad range of communities; |
to provide recreational activities through the production of the theatre and arts projects as well as events to create opportunities for, and collaborating with, other artists, organisations and the wider community; |
to advance community and town centre development by increasing the access of the general public to theatre, music and the arts, developing strong relationships with audiences within the theatre space and community; |
to advance the town and region's music, theatre, cultural and arts industries by assisting the quality of events held. |
Achievement and performance |
Charitable activities |
During the period various grant funding was obtained which has allowed us to carry on with our objectives and aims. Significant funding was received from Fife Council which is to be used towards the repairs and maintenance of the building. This has been treated as a restricted fund and the unused balance is held within accruals and deferred income on the Balance Sheet. The Fife Council funding has allowed us to begin upgrading the electrical works on the building and we are very grateful to have received this. |
The unrestricted grant funding has helped massively and as a result there is an overall deficit for the period of £555 (2022 Deficit of £28,198). |
Financial review |
Reserves policy |
As the purpose of the Kings Theatre Kirkcaldy Limited is for the acquisition and renovation of the former cinema, shop and YWCA building, the overall project is expected to cost several million pounds and take several years to reach completion. In order to achieve its aims the charity is submitting applications for grant funding and similar support to a range of government and other funders and supporters of the arts. The work will proceed as funds become available. |
Going concern |
The company has applied, and continues to apply, for funding and receives donations from various sources. The Trustees expect this to continue for the foreseeable future. As the project develops, funding will require to be increased substantially and we are in discussion with alternative funding providers with the view to ensuring future funding requirements are met. The trustees consider there are sufficient sources of funding and that the Kings Theatre Kirkcaldy Limited is a going concern. |
Kings Theatre Kirkcaldy Limited (Registered number: SC502467) |
Report of the Trustees |
for the period 1st May 2022 to 31st October 2023 |
Structure, governance and management |
Governing document |
The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006. |
Organisational structure |
The structure of the company consists of the trustees who are also the company's directors and members and comprise the Board. The Board has important powers under the constitution, takes decisions on changes to the constitution itself, holds regular meetings and generally controls the activities of the company; for example without prejudice to the generality of the foregoing, the Board is responsible for monitoring and controlling the financial position of the company. |
Reference and administrative details |
Registered Company number |
Registered Charity number |
Registered office |
Trustees |
Independent Examiner |
Gillian Adamson BSc (Hons) CA CTA |
Rennie Welch LLP |
Academy House |
Shedden Park Road |
Kelso |
Roxburghshire |
TD5 7AL |
Statement of trustees' responsibilities |
The trustees (who are also the directors of Kings Theatre Kirkcaldy Limited 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 |
- | select suitable accounting policies and then apply them consistently; |
- | observe the methods and principles in the Charity SORP; |
- | make judgements and estimates that are reasonable and prudent; |
- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business. |
Kings Theatre Kirkcaldy Limited (Registered number: SC502467) |
Report of the Trustees |
for the period 1st May 2022 to 31st October 2023 |
Statement of trustees' responsibilities - continued |
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. |
Approved by order of the board of trustees on |
Independent Examiner's Report to the Trustees of |
Kings Theatre Kirkcaldy Limited (Registered number: SC502467) |
Independent examiner's report to the trustees of Kings Theatre Kirkcaldy Limited ('the Company') |
I report to the charity trustees on my examination of the accounts of the Company for the period 1st May 2022 to 31st October 2023. |
Responsibilities and basis of report |
As the charity's trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act'). |
Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity's accounts as carried out under Section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under Section 145(5) (b) of the 2011 Act. |
Independent Examiner's Report to the Trustees of |
Kings Theatre Kirkcaldy Limited (Registered number: SC502467) |
Independent examiner's statement - matters of concern identified |
Since your charity's gross income exceeded £250,000 your examiner must be a member of a listed body. I can confirm that I am qualified to undertake the examination because I am a member of the Institute of Chartered Accountants of Scotland, which is one of the listed bodies. |
I have completed my examination. |
The matter that has come to my attention is that, in the course of my examination of the accounting records of the charity, the records relating to the receipt of income from charitable events surrounding bar sales and cash expenses could not be confirmed as complete. Cash sales from the bar have been used for cash expenditure but there is insufficient records to show the amounts in the accounts separately in the financial statements. In addition, the opening balance position did not have supporting records to check, this being the first year that we have examined the charities records. There has subsequently been a change in the trustees and the remaining trustees are aware of the importance of maintaining full records of such transactions going forward to avoid these errors arising. |
I confirm that no other matters have come to my attention in connection with the examination giving me reasonable cause to believe that in any material respect: |
1. | accounting records were not kept in respect of the Company as required by Section 386 of the 2006 Act; or |
2. | the accounts do not accord with those records; or |
3. | the accounts do not comply with the accounting requirements of Section 396 of the 2006 Act other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination; and |
4. | the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)). |
I confirm that there are no other matters to which your attention should be drawn to enable a proper understanding of the accounts to be reached. |
Gillian Adamson BSc (Hons) CA CTA |
Rennie Welch LLP |
Academy House |
Shedden Park Road |
Kelso |
Roxburghshire |
TD5 7AL |
30th January 2025 |
Kings Theatre Kirkcaldy Limited |
Statement of Financial Activities |
for the period 1st May 2022 to 31st October 2023 |
Period |
1.5.22 |
to | Year ended |
31.10.23 | 30.4.22 |
Unrestricted | Restricted | Total | Total |
funds | funds | funds | funds |
Notes | £ | £ | £ | £ |
Income and endowments from |
Charitable activities |
Other trading activities | 3 |
Investment income | 4 |
Total |
Expenditure on |
Raising funds |
Charitable activities |
Total |
NET INCOME/(EXPENDITURE) | ( |
) | ( |
) | ( |
) |
Reconciliation of funds |
Total funds brought forward |
Total funds carried forward | 91,884 |
Kings Theatre Kirkcaldy Limited (Registered number: SC502467) |
Balance Sheet |
31st October 2023 |
2023 | 2022 |
Unrestricted | Restricted | Total | Total |
funds | funds | funds | funds |
Notes | £ | £ | £ | £ |
Fixed assets |
Tangible assets | 8 |
Current assets |
Cash at bank |
Creditors |
Amounts falling due within one year | 9 | ( |
) | ( |
) | ( |
) | ( |
) |
Net current assets | ( |
) | ( |
) | ( |
) |
Total assets less current liabilities |
Creditors |
Amounts falling due after more than one year | 10 | ( |
) | ( |
) | ( |
) |
Accruals and deferred income | 12 | ( |
) | ( |
) |
NET ASSETS |
Funds | 13 |
Unrestricted funds | 91,884 |
Total funds | 91,884 |
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 31st October 2023. |
The members have not required the company to obtain an audit of its financial statements for the period ended 31st October 2023 in accordance with Section 476 of the Companies Act 2006. |
The trustees acknowledge their responsibilities for |
(a) | ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company. |
Kings Theatre Kirkcaldy Limited (Registered number: SC502467) |
Balance Sheet - continued |
31st October 2023 |
These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime. |
The financial statements were approved by the Board of Trustees and authorised for issue on |
Kings Theatre Kirkcaldy Limited |
Notes to the Financial Statements |
for the period 1st May 2022 to 31st October 2023 |
1. | Statutory information |
Kings Theatre Kirkaldy Limited is a company limited by guarantee and accordingly does not have a share capital. The company's registered number and registered office address can be found in the report of the trustees. |
2. | Accounting policies |
Basis of preparing the financial statements |
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. |
Income |
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably. |
Expenditure |
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost relating to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources. |
Tangible fixed assets |
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. |
Freehold property | - |
Improvements to property | - |
Plant and machinery | - |
Office equipment | - |
Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses. |
Taxation |
The charity is exempt from corporation tax on its charitable activities. |
Fund accounting |
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees. |
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes. |
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements. |
Leasing commitments |
Rentals paid under operating leases are charges to the Statement of Financial Activities on a straight line basis over the period of the lease. |
Kings Theatre Kirkcaldy Limited |
Notes to the Financial Statements - continued |
for the period 1st May 2022 to 31st October 2023 |
2. | Accounting policies - continued |
Financial instruments |
The following assets and liabilities are classified as financial instruments - trade creditors, other creditors, accruals and other loans. |
Trade creditors , other creditors, accruals and other loans are measured at the undiscounted amount of the cash or other consideration expected to be paid or received. |
Financial assets that are measured at amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the statement of financial activities. |
Provisions |
Provisions are set up only where it is probable that a present obligation exists as a result of an event prior to the balance sheet date and that a payment will be required in settlement that can be estimated reliably. Where material, provisions are calculated on a discounted basis. |
Going concern |
The trustees have considered the charitable company's financial position for a period of 12 months from the date of signing these financial statements and have reasonable expectation that the charitable company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing these financial statements. |
3. | Other trading activities |
Period |
1.5.22 |
to | Year ended |
31.10.23 | 30.4.22 |
£ | £ |
Fundraising events |
Facility lets | 6,108 | - |
Income from other trading activities all relates to the unrestricted fund. |
4. | Investment income |
Period |
1.5.22 |
to | Year ended |
31.10.23 | 30.4.22 |
£ | £ |
Interest receivable - trading | 20 | - |
Investment income relates to the unrestricted fund. |
Kings Theatre Kirkcaldy Limited |
Notes to the Financial Statements - continued |
for the period 1st May 2022 to 31st October 2023 |
5. | Net income/(expenditure) |
Net income/(expenditure) is stated after charging/(crediting): |
Period |
1.5.22 |
to | Year ended |
31.10.23 | 30.4.22 |
£ | £ |
Depreciation - owned assets |
Hire of plant and machinery | 5,723 | - |
6. | Trustees' remuneration and benefits |
There were no trustees' remuneration or other benefits for the period ended 31st October 2023 nor for the year ended 30th April 2022. |
Trustees' expenses |
There were no trustees' expenses paid for the period ended 31st October 2023 nor for the year ended 30th April 2022. |
7. | Comparatives for the statement of financial activities |
Unrestricted | Restricted | Total |
funds | funds | funds |
£ | £ | £ |
Income and endowments from |
Other trading activities |
Expenditure on |
Raising funds |
Charitable activities |
Total |
NET INCOME/(EXPENDITURE) | ( |
) | ( |
) |
Reconciliation of funds |
Total funds brought forward | 120,082 | - |
Total funds carried forward | 91,884 | - | 91,884 |
Kings Theatre Kirkcaldy Limited |
Notes to the Financial Statements - continued |
for the period 1st May 2022 to 31st October 2023 |
8. | Tangible fixed assets |
Improvements |
Freehold | to | Plant and |
property | property | machinery |
£ | £ | £ |
Cost |
At 1st May 2022 |
Additions |
At 31st October 2023 |
Depreciation |
At 1st May 2022 |
Charge for year |
At 31st October 2023 |
Net book value |
At 31st October 2023 |
At 30th April 2022 |
Fixtures |
and | Office |
fittings | equipment | Totals |
£ | £ | £ |
Cost |
At 1st May 2022 |
Additions |
At 31st October 2023 |
Depreciation |
At 1st May 2022 |
Charge for year | ( |
) |
At 31st October 2023 |
Net book value |
At 31st October 2023 |
At 30th April 2022 | ( |
) |
Kings Theatre Kirkcaldy Limited |
Notes to the Financial Statements - continued |
for the period 1st May 2022 to 31st October 2023 |
9. | Creditors: amounts falling due within one year |
2023 | 2022 |
£ | £ |
Bank loans and overdrafts (see note 11) |
Other loans (see note 11) |
Trade creditors |
Tax |
VAT | 11,309 | - |
Other creditors |
Accrued expenses |
Other creditors of £31,200 represent funds paid in by trustees to assist with cashflow. |
10. | Creditors: amounts falling due after more than one year |
2023 | 2022 |
£ | £ |
Other loans (see note 11) | 11,000 |
11. | Loans |
An analysis of the maturity of loans is given below: |
2023 | 2022 |
£ | £ |
Amounts falling due within one year on demand: |
Bank overdrafts |
Other loans | - | 330,000 |
Amounts falling between one and two years: |
Other loans - 1-2 years |
Other loans represents funds borrowed from two local businessmen to acquire the former MGM cinema property and subsequently the YWCA property and unpaid interest accrued accordingly. |
These loans are secured by way of a standard security over the properties. |
12. | Accruals and deferred income |
2023 | 2022 |
£ | £ |
Deferred government grants | 88,913 | - |
Deferred government grants represent unused grant monies received from Fife Council. As the repairs to the building are ongoing the funds will be released to the Statement of Financial Activities as and when the costs arise. |
Kings Theatre Kirkcaldy Limited |
Notes to the Financial Statements - continued |
for the period 1st May 2022 to 31st October 2023 |
13. | Movement in funds |
Net |
movement | At |
At 1.5.22 | in funds | 31.10.23 |
£ | £ | £ |
Unrestricted funds |
General fund | 91,884 | (8,158 | ) | 83,726 |
Unrestricted Grants | - | 7,603 | 7,603 |
(555 | ) |
TOTAL FUNDS | (555 | ) | 91,329 |
Net movement in funds, included in the above are as follows: |
Incoming | Resources | Movement |
resources | expended | in funds |
£ | £ | £ |
Unrestricted funds |
General fund | 154,327 | (162,485 | ) | (8,158 | ) |
Unrestricted Grants | 31,349 | (23,746 | ) | 7,603 |
( |
) | (555 | ) |
Restricted funds |
Fife Council Grant | 68,809 | (68,809 | ) | - |
AHF Grant | 20,000 | (20,000 | ) | - |
Theatres Trust Grant | 14,950 | (14,950 | ) | - |
( |
) | - |
TOTAL FUNDS | ( |
) | (555 | ) |
Comparatives for movement in funds |
Net |
movement | At |
At 1.5.21 | in funds | 30.4.22 |
£ | £ | £ |
Unrestricted funds |
General fund | 120,082 | (28,198 | ) | 91,884 |
TOTAL FUNDS | 120,082 | (28,198 | ) | 91,884 |
Comparative net movement in funds, included in the above are as follows: |
Incoming | Resources | Movement |
resources | expended | in funds |
£ | £ | £ |
Unrestricted funds |
General fund | 208,876 | (237,074 | ) | (28,198 | ) |
TOTAL FUNDS | 208,876 | (237,074 | ) | (28,198 | ) |
Kings Theatre Kirkcaldy Limited |
Notes to the Financial Statements - continued |
for the period 1st May 2022 to 31st October 2023 |
14. | Related party disclosures |
Information regarding related party transactions is disclosed in note 9 to these financial statements. |