REGISTERED COMPANY NUMBER: SC502467 (Scotland)

REGISTERED CHARITY NUMBER: 045793

Report of the Trustees and

Unaudited Financial Statements

for the Year Ended 31st October 2024

for

Kings Theatre Kirkcaldy Limited

Page

Report of the trustees

1

to

3

Independent examiner's report

4

Statement of financial activities

5

Balance sheet

6

to

7

Notes to the financial statements

8

to

14

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 year ended 31st October 2024. 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 long term 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.

In the shorter term, the purpose of the Kings Theatre Kirkcaldy Ltd is to transform the old MGM/ABC Cinema on Kirkcaldy High Street which closed for business in December 2000 along with associated premises at 262 High Street and 9 Esplanade. The current business surrounds progress and development of 9 Esplanade as a trading concern due to no funding for premises elsewhere

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.

Achievements and performance

Charitable activities

This year was primarily concerned with developing the Esplanade as a bar and venue. We continued to pursue grant funding for the capital works and engaged with a Project manager, a Fund-Raising specialist and several local advisers.

As a live venue more investment in the sound and lighting we invested in has seen a significant rise in bookings with regular live band nights, comedy nights with Barefoot Comedy and Contrived Cabaret.

The community cinema which we crowdfunded last year has had regular evenings and matinées with limited success even at the low entry fee of £5. Following public acclaim, positive reviews and good sales, the Kings commissioned another pantomime written and directed by Jonathan Stone who had previous experience with these at Adam Smith Theatre in the town. The Adult Only nights were most popular and sold out all performances. As before heating was a major problem over the winter period with electrical generators hired at huge expense plus our constant but welcoming log fire in the foyer.

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.

Future plans

Our plans are still of primarily survival with a core of hard-working trustees and associated volunteers and paid staff. With safe and approved electrics and decor we can now let some rooms on the first floor to small businesses in the creative and arts world while fulfilling our community objectives With public acclaim for the Pantomime, we would consider this again although not in profit it certainly fulfils our community engagement objectives. Working with Love Kirkcaldy, Kirkcaldy Strong, Love Oor Lang Toun, Adam Smith Global Foundation, Nourish and Linton Lane Centre we plan to engage in more partner projects.

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

SC502467 (Scotland)

Registered Charity number

045793

Registered office

9 Esplanade

Kirkcaldy

Fife

KY1 1HR

Trustees

Ms A J Hunter

J Murray

G A Proudfoot

Independent Examiner

Gillian Adamson BSc (Hons) CA CTA

Rennie Welch LLP

Academy House

Shedden Park Road

Kelso

Roxburghshire

TD5 7AL

Approved by order of the board of trustees on 3rd November 2025 and signed on its behalf by:

J Murray - Trustee

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 year ended 31st October 2024.

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 statement

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. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:

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; or

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 have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order 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

3rd November 2025

Period

1.5.22

Year ended

to

31.10.24

31.10.23

Unrestricted

Restricted

Total

Total

funds

funds

funds

funds

Notes

£

£

£

£

Income and endowments from

Charitable activities

Grants

-

42,123

42,123

135,109

Donations

29,118

-

29,118

-

Other trading activities

3

182,504

-

182,504

154,307

Investment income

4

5

-

5

20

Total

211,627

42,123

253,750

289,436

Expenditure on

Raising funds

166,672

-

166,672

162,486

Charitable activities

Fundraising activities

11,836

-

11,836

-

Grants

7,603

39,623

47,226

127,505

Total

186,111

39,623

225,734

289,991

NET INCOME/(EXPENDITURE)

25,516

2,500

28,016

(555

)

Reconciliation of funds

Total funds brought forward

91,329

-

91,329

91,884

Total funds carried forward

116,845

2,500

119,345

91,329

2024

2023

Unrestricted

Restricted

Total

Total

funds

funds

funds

funds

Notes

£

£

£

£

Fixed assets

Tangible assets

8

516,584

-

516,584

609,745

Current assets

Debtors

9

366

7,500

7,866

-

Cash at bank and in hand

10,466

-

10,466

108,976

10,832

7,500

18,332

108,976

Creditors

Amounts falling due within one year

10

(69,571

)

(5,000

)

(74,571

)

(197,479

)

Net current assets

(58,739

)

2,500

(56,239

)

(88,503

)

Total assets less current liabilities

457,845

2,500

460,345

521,242

Creditors

Amounts falling due after more than one year

11

(341,000

)

-

(341,000

)

(341,000

)

Accruals and deferred income

13

-

-

-

(88,913

)

NET ASSETS

116,845

2,500

119,345

91,329

Funds

14

Unrestricted funds

116,845

91,329

Restricted funds

2,500

-

Total funds

119,345

91,329

The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st October 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st October 2024 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.

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 3rd November 2025 and were signed on its behalf by:

J Murray - Trustee

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

-

Nil

Improvements to property

-

4% on cost

Plant and machinery

-

20% on reducing balance

Lighting and stage

-

25% on reducing balance

Café and bar

-

25% on reducing balance

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.

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

Year ended

to

31.10.24

31.10.23

£

£

Fundraising events

172,191

148,199

Facility lets

10,313

6,108

182,504

154,307

Income from other trading activities all relates to the unrestricted fund.

4.	Investment income

Period

1.5.22

Year ended

to

31.10.24

31.10.23

£

£

Interest receivable - trading

5

20

Investment income relates to the unrestricted fund.

5.	Net income/(expenditure)

Net income/(expenditure) is stated after charging/(crediting):

Period

1.5.22

Year ended

to

31.10.24

31.10.23

£

£

Depreciation - owned assets

10,238

9,585

Hire of plant and machinery

-

5,723

6.	Trustees' remuneration and benefits

There were no trustees' remuneration or other benefits for the year ended 31st October 2024 nor for the period ended 31st October 2023.

Trustees' expenses

There were no trustees' expenses paid for the year ended 31st October 2024 nor for the period ended 31st October 2023.

7.	Comparatives for the statement of financial activities

Unrestricted

Restricted

Total

funds

funds

funds

£

£

£

Income and endowments from

Charitable activities

Grants

31,350

103,759

135,109

Other trading activities

154,307

-

154,307

Investment income

20

-

20

Total

185,677

103,759

289,436

Expenditure on

Raising funds

162,486

-

162,486

Charitable activities

Grants

23,746

103,759

127,505

Total

186,232

103,759

289,991

NET INCOME/(EXPENDITURE)

(555

)

-

(555

)

Reconciliation of funds

Total funds brought forward

91,884

-

91,884

Total funds carried forward

91,329

-

91,329

8.	Tangible fixed assets

Improvements

Freehold

to

Plant and

property

property

machinery

£

£

£

Cost

At 1st November 2023

399,605

187,998

14,002

Additions

-

-

-

Disposals

-

(88,913

)

-

At 31st October 2024

399,605

99,085

14,002

Depreciation

At 1st November 2023

-

-

7,324

Charge for year

-

3,963

1,340

At 31st October 2024

-

3,963

8,664

Net book value

At 31st October 2024

399,605

95,122

5,338

At 31st October 2023

399,605

187,998

6,678

Lighting

Café and

and stage

bar

Totals

£

£

£

Cost

At 1st November 2023

17,575

4,695

623,875

Additions

3,235

2,755

5,990

Disposals

-

-

(88,913

)

At 31st October 2024

20,810

7,450

540,952

Depreciation

At 1st November 2023

5,272

1,534

14,130

Charge for year

3,487

1,448

10,238

At 31st October 2024

8,759

2,982

24,368

Net book value

At 31st October 2024

12,051

4,468

516,584

At 31st October 2023

12,303

3,161

609,745

9.	Debtors: amounts falling due within one year

2024

2023

£

£

Trade debtors

366

-

Prepayments and accrued income

7,500

-

7,866

-

10.	Creditors: amounts falling due within one year

2024

2023

£

£

Bank loans and overdrafts (see note 12)

-

100,947

Trade creditors

25,752

42,023

VAT

1,960

11,309

Other creditors

40,259

31,200

Accrued expenses

6,600

12,000

74,571

197,479

Other creditors of £40,259 (2023- £31,200) represent funds paid in by trustees to assist with cashflow.

11.	Creditors: amounts falling due after more than one year

2024

2023

£

£

Other loans (see note 12)

341,000

341,000

12.

Loans

An analysis of the maturity of loans is given below:

2024

2023

£

£

Amounts falling due within one year on demand:

Bank overdrafts

-

100,947

Amounts falling between one and two years:

Other loans - 1-2 years

341,000

341,000

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.

13.	Accruals and deferred income

2024

2023

£

£

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.

14.	Movement in funds

Net

At

movement

At

1.11.23

in funds

31.10.24

£

£

£

Unrestricted funds

General fund

83,726

33,119

116,845

Unrestricted Grants

7,603

(7,603

)

-

91,329

25,516

116,845

Restricted funds

Fife Council Grant

-

2,500

2,500

TOTAL FUNDS

91,329

28,016

119,345

Net movement in funds, included in the above are as follows:

Incoming

Resources

Movement

resources

expended

in funds

£

£

£

Unrestricted funds

General fund

211,627

(178,508

)

33,119

Unrestricted Grants

-

(7,603

)

(7,603

)

211,627

(186,111

)

25,516

Restricted funds

Fife Council Grant

42,123

(39,623

)

2,500

TOTAL FUNDS

253,750

(225,734

)

28,016

Comparatives for 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

91,884

(555

)

91,329

TOTAL FUNDS

91,884

(555

)

91,329

Comparative 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

31,350

(23,747

)

7,603

185,677

(186,232

)

(555

)

Restricted funds

Fife Council Grant

68,809

(68,809

)

-

AHF Grant

20,000

(20,000

)

-

Theatres Trust Grant

14,950

(14,950

)

-

103,759

(103,759

)

-

TOTAL FUNDS

289,436

(289,991

)

(555

)

15.	Related party disclosures

Information regarding related party transactions is disclosed in note 9 to these financial statements.