The Trustees present their annual report and financial statements for the year ended 31 March 2021.
The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the Trust's Memorandum and Articles of Association , the Companies Act 2006 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)".
The Trust's objectives are:
-To conserve and preserve historic buildings and other structures for the benefit of the public, without prejudice to the generality of the foregoing in particular the Royal Court Theatre in Liverpool.
-To advance the education of the public in the arts, including but not exclusively theatre and the performing arts.
-To promote for the benefit of the inhabitants of Merseyside and the surrounding area the provision of facilities for recreation or other leisure time occupation of individuals who have the need of such facilities by reason of their youth, age, infirmity or disablement, financial hardship or social and economic circumstances or for the public at large in the interests of social welfare and with the object of improving the condition of life of the said inhabitants and members of the general public in drama, opera, music and other arts.
The Trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the Trust should undertake.
Chief Executive’s Introduction
2020-2021 was unprecedented with the pandemic creating an environment we have never experienced before. Our survival has been thanks to support from the DCMS Culture Recovery Fund programme administered through Arts Council England. The theatre was forced to close to the public at the end of March 2020 due to the Coronavirus pandemic. Lockdown 1 lasted until the end of October 2020 with a further lockdown at the end of December 2020 lasting until June 2021.
During closure all staff were retained through the CJRS government scheme. Participatory activities including the youth theatre and choir moved online. When restrictions eased in Summer 2020, youth theatre activity took place in a socially distanced manner in the theatre using the auditorium, studio and other public areas to keep groups separate. Vulnerable participants were contacted regularly by freelance staff by phone and email. Box office staff worked throughout rearranging tickets, refunding people for shows that were cancelled or re-scheduled for future months and making sure audiences were kept informed. Box office staff and volunteers phoned more elderly audience members on a regular basis to see how they were coping with the pandemic.
Our head Chef volunteered his time to cook for the local community centre throughout the pandemic to support the most vulnerable people in our neighbouring community of Everton.
Staff were supported with back to work interviews and counselling sessions where required.
The theatre was able to open in early December 2020 for three weeks to present The Royal Court Selection Box. The show employed two separate casts and crew to keep all as safe as possible. The theatre was forced to close again in December 2020 as the government announced a second national lockdown.
Throughout the period 1 April 2020 – 31 March 2021 we delivered:
Youth Theatre
Sessions - 136
Masterclasses - 39
Theatre Visits - 1
Theatre Visit Participants - 22
One to One Work - 817
Mentoring Participants – 45
Youth theatre participants – 2 , 236
Summer school sessions – 144
Summer school participants – 66
Summer school Engagements – 2 , 160
Choir
Choir sessions – 48
Performances - 2
No. of theatre visits/dress – 1
Theatre Visit Participants – 60
Participants - 5 , 301
Performances – 18
Tickets Sold – 4 , 788
YouTube views – 48 , 334
Website pages viewed – 251 , 256
Other activities during this period included running regular Liverpool City Region What Next Sessions for all involved in the cultural sector. These sessions are free to access and in 2020-2021 focussed on the issues arising from the Black Lives Matter movement, the response from the cultural sector and discussions around equality and diversity throughout the sector.
A notable event for the theatre was an online show, The Happiness Show, to mark a new initiative for the city, Doddy Day in memory of the late Sir Ken Dodd. Comedians, performers and musicians from all over the country paid tribute to Sir K en while celebrating the need for happiness throughout the city in these difficult times. The Happiness Show will be repeated in future years and will help the city to celebrate happiness in all its wide forms across all communities and ages. This event was delivered in partnership with The Comedy Trust, Sir Ken Dodd Charitable Foundation and Knotty Ash Productions.
The Trust had total incoming resources in the sum of £1,198,178 (2020: £577,454) and expended £1,107,198 (2020: £576,380) resulting in net income for the year of £90,980 (2020: £1,074).
At the period end the trust had net assets of £7,800,552 (2020: £7,709,572) of which £24,505 (2020: £Nil) was held within restricted funds and £7,209,727 (2020: £7,364,771) within designated funds. The designated fund reflects the net book value of the tangible fixed assets used operationally by the charity.
Activities during the period are in line with expectations.
It is the aim of the Trust that unrestricted funds which have not been designated for a specific use should be maintained at a level equivalent to between three and six month's expenditure. The Trustees consider that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the Trust's current activities while consideration is given to ways in which additional funds may be raised.
Revenue and capital grants remain the principle sources of funding.
The Trustees have assessed the major risks to which the Trust is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks.
Our risk register is reviewed on a regular basis by the T rustees and senior management. Mitigating actions are taken to minimise the likelihood and impact of all risks. The following are the key risks and uncertainties facing the charity :-
- Funding reductions from our principle sources of income
- Capital development costs exceeding budget
- Unexpected major repair costs
- Non-financial risks arising from fire, health and safety of artists and audience
- Loss of key senior staff and consultants
- The continued impact of the Covid-19 pandemic
The theatre continues to work with other theatres in the region to develop a more strategic approach to the theatre ecology in the region.
Work has continued to develop the key capital projects for the theatre with an update to The Everton Workshop pre-investment study in light of the Covid pandemic. The study concluded that there was more need for a joint theatres resource in the region which will respond to issues of unemployment created by the pandemic, skills shortages and transport issues caused by Brexit and help to reduce the carbon footprint for theatres across the region with a centralised set building facility. A renewed fundraising campaign to raise the £3.5m required to deliver the newly named Everton Mint project will be launched in 2022.
We are still waiting on planning permission for Act V – the extension of theatre back of house facilities over the existing Courtyard structure to join this to the theatre building. Additional backstage facilities including dressing rooms, technical area and staff rooms will enable to the theatre to attract larger touring work to the city. Liverpool City Council Planning Department are experiencing long delays as a result of the Caller Report in May 2021 which made several key recommendations about how the department functioned. It is expected that planning permission will be granted in 2022.
Both capital schemes address recent theatre reviews commissioned by Arts Council England and Liverpool City Council which encourage theatres to work more closely and efficiently to enhance theatre provision across the region.
Throughout 2019/20 the Trust continued to work closely with Liverpool Theatre Management and a report was produced by auditors DSG as to how the two companies might restructure to best serve the theatre going forward to produce a more stable and sustainable business model. The recommendations were agreed by the Board in May 2021 and work continues to restructure the companies. The new company structure will be in place by April 2022.
We plan to continue to develop all of our theatre productions and participation activities going forward and to recover from the effects of the pandemic as best we can. The theatre re-opened in July 2022 with social distancing and has remained open since reverting to full capacity in August 2021. Audience number have been good although not yet back to pre-pandemic levels. A second and third DCMS Culture Recovery grant have been achieved which will help to sustain the theatre through the continuing pandemic.
We continue to be extremely proud of all Board, staff, creatives and audiences involved in the theatre who have worked hard to ensure that the theatre survives and that the local communities it serves are supported during this time of need and uncertainty. We hope to be able to return to full operation during 2022 and beyond.
The Trust is a company limited by guarantee and a registered charity. Its governing document is its Memorandum and Articles of Association as amended by special resolution dated 19 March 2008.
The Trustees, who are also the directors for the purpose of company law, and who served during the year were:
The Board of Trustees govern the policy of the charity. All trustees give of their time freely and no remuneration was paid in the year. The management of the charity is delegated to the Chief Executive Officer, G Miller who is responsible to the board of Trustees for all aspects of the operation of the charity.
New Trustees are elected at a meeting of the board of Trustees and are appointed on merit for their standing in the community and particular skills and success in their own field of work and in relation to the aims and objectives of the Trust.
None of the Trustees has any beneficial interest in the company. All of the Trustees are members of the company and guarantee to contribute £1 in the event of a winding up.
The Trustees have responsibility for setting the pay and remuneration of the charity’s key personnel and this is done on an annual basis, including a formal cost of living review. Salaries are benchmarked with other similar organisations across the sector.
Mr K J Fearon is Chief Executive of Liverpool Theatres Management and Royal Court Limited (not a director), a director of Liverpool Food Company Limited, Simply Tickets Limited and Sightlines Limited, and the husband of G Miller, Chief Executive of the Royal Court Liverpool Trust Limited. Transactions and balances with these entities are disclosed in the notes to the accounts.
In accordance with the company's articles, a resolution proposing that DSG be reappointed as auditor of the company will be put at a General Meeting.
The Trustees r eport was approved by the Board of Trustees.
The Trustees, who are also the directors of Royal Court Liverpool Trust Limited for the purpose of company law, are responsible for preparing the Trustees Report 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 Trust and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that year.
In preparing these financial statements, the Trustees are required to:
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles in the Charities SORP;
- make judgements and estimates that are reasonable and prudent;
- state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Trust will continue in operation.
The Trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the Trust and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Trust and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Opinion
We have audited the financial statements of Royal Court Liverpool Trust Limited (the ‘Trust’) for the year ended 31 March 2021 which comprise the statement of financial activities, the balance sheet, the statement of cash flows and the notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" (United Kingdom Generally Accepted Accounting Practice) .
In our opinion, the financial statements:
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the Trust in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
In auditing the financial statements, we have concluded that the Trustees use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Trust’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report.
Other information
The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The Trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and , except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit:
the information given in the Trustees r eport, which includes the d irectors ' r eport prepared for the purposes of company law, for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the d irectors ' r eport included within the Trustees r eport has been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the Trust and its environment obtained in the course of the audit, we have not identified material misstatements in the d irectors ' r eport included within the Trustees r eport.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
we have not received all the information and explanations we require for our audit; or
the Trustees were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies ' exemptions in preparing the Trustees r eport and from the requirement to prepare a s trategic r eport.
As explained more fully in the s tatement of Trustees r esponsibilities, the Trustees, who are also the directors of the Trust for the purpose of company law, are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the Trustees are responsible for assessing the Trust’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below .
Based on our discussions with the charity’s management and the Trustees, we identified that the following laws and regulations are significant to the entity:
Those laws and regulations considered to have a direct effect on the financial statements include UK financial reporting standards and Charity Law.
Those laws and regulations for which non-compliance may be fundamental to the operating aspects of the charity and therefore may have a material effect on the financial statements include compliance with the charitable objectives, public benefit, fundraising regulations, safeguarding and health and safety legislation.
These matters were discussed amongst the engagement team at the planning stage and the team remained alert to non-compliance throughout the audit.
Audit procedures undertaken in response to the potential risks relating to irregularities (which include fraud and non-compliance with laws and regulations) comprised of: inquiries of management and the Trustees as to whether the entity complies with such laws and regulations; enquiries with the same concerning any actual or potential litigation or claims; inspection of relevant legal correspondence; review of Trustee meeting minutes; testing the appropriateness of journal entries; and the performance of analytical review to identify unexpected movements in account balances which may be indicative of fraud.
No instances of material non-compliance were identified. However, the likelihood of detecting irregularities, including fraud, is limited by the inherent difficulty in detecting irregularities, the effectiveness of the entity’s controls, and the nature, timing and extent of the audit procedures performed. Irregularities that result from fraud might be inherently more difficult to detect than irregularities that result from error. As explained above, there is an unavoidable risk that material misstatements may not be detected, even though the audit has been planned and performed in accordance with ISAs (UK).
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
Use of our report
This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company’s members as a body, for our audit work, for this report, or for the opinions we have formed.
Royal Court Liverpool Trust Limited is a private company limited by guarantee incorporated in England and Wales. The registered office is Royal Court Theatre, 1 Roe Street, Liverpool, L1 1HL.
The financial statements have been prepared in accordance with the Trust's Memorandum and Articles of Association, the Companies Act 2006 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)". The Trust is a Public Benefit Entity as defined by FRS 102.
The financial statements are prepared in sterling , which is the functional currency of the Trust . Monetary a mounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
As part of assessing the potential impact of the ongoing COVID 19 virus situation management have prepared revised financial forecasts for the charitable company. These forecasts indicate that the charitable company will continue to generate cash over the period considered by them in their assessment of the appropriateness of adopting the going concern basis in the preparation of these financial statements. Management has also considered the impact of potential operational challenges posed by COVID 19 and have concluded that any operational pressures caused directly by the COVID 19 situation are unlikely to have a material impact on the charitable company. On this basis the trustees consider it appropriate to prepare these financial statements on a going concern basis.
Unrestricted funds are available for use at the discretion of the Trustees in furtherance of their charitable objectives.
Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.
Cash donations are recognised on receipt. Other donations are recognised once the Trust has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.
Income from Government and other grants, whether capital grants or r evenue grants, is recognised when the charity has entitlement to the funds, any performance conditions attached to the grants have been met, it is probable that the income will be received and the amount can be measured reliably and is not deferred. In respect of the furlough grant; all conditions, with respect to the eligible costs being claimed, need to be met.
Expenditure is accounted for on an accruals basis.
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities .
Depreciation is not charged on assets under construction.
At each reporting end date, the Trust reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any ) .
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
The Trust 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 in the Trust 's balance sheet when the Trust becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when 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, which include debtors 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. Financial assets classified as receivable within one year are not amortised.
Financial assets, other than those held at fair value through income and expenditure, are assessed for indicators of impairment at each reporting date. Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected.
If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in net income/(expenditure) for the year.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in net income/(expenditure) for the year.
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the Trust transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
Basic financial liabilities, including creditors are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future p aymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts 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 creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Financial liabilities are derecognised when the Trust ’s contractual obligations expire or are discharged or cancelled.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the Trust is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
In the application of the Trust’s accounting policies, the Trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The 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.
Grant income
Charitable rental income
Other income
Marketing and publicity
Rent, rates and utilities
Insurance
Workshops
Sundry expenses, hospitality and travel
Programme delivery
Printing, postage and stationery
Youth Theatre
Repairs and renewals
Legal, professional and consultancy
Chief Executive fees
Operating support costs
Governance costs include payments to the auditors of £5,275 (2020: £5,075) in respect of audit fees.
The average monthly number of employees during the year was:
No employees receive total employee benefit of over £60,000.
Liverpool City Council and The Arts Council of England have a legal charges over the goodwill, property and all other assets of the charity.
In 2019 restricted capital funds of £7,411,175 were released into general unrestricted funds as the Trustees believe that the terms of these gifts, which were the funding of the build and renovation of the tangible fixed asset and purchase of an adjacent building have been met.
The National Lottery Community Fund was a grant towards was for the Youth Theatre Summer School 2020 which ran in the Community College during August 2021.
Difference Matters- funding in respect of the project Cured.
The Charities Trust grant was a grant from Barclays Bank to support front of house staff while the theatre was closed in 2020.
The Hemby Trust grant was a grant toward the Youth Theatre.
Culture Recovery Fund - An award from a grants programme to protect the UK's culture and heritage sectors from the economic impacts of Covid-19. The grant was to support the reopening of the Theatre, either fully or partially, or operate on a sustainable, cost-efficient basis until able to reopen at a later date. The terms of the funding include items of expenditure incurred by related entities Royal Court Limited , Liverpool Food Company Limited and Simply Tickets Limited which have been recharged to the charity.
Duchy of Lancaster funding is a digital project grant.
Public Health England funding was a grant toward the Community Choir project.
BBC Children in Need represents funds awarded to our Youth Theatre. This enabled us to run workshops, masterclasses, our summer show on the main stage and residential trip for per mentors.
Arts Admin - Grant for Cured by Laurence Clark
The Alchemy Foundation - Grant to provide opportunities for work to disadvantaged young people
Other funding in 2020 was funding was received from the estate of Professor E. Rex Makin for the sum of £2,500 to support a student through training at Rare Studios.
In order to accurately show the reserves tied up in fixed assets held by the charity, a designated tangible fixed asset fund has been created. The fun d reflects the net book value of the tangible fixed assets used operationally by the charity.
At the reporting end date the Trust had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
The Trust may be required to repay funding if it fails to comply with conditions laid down by funding providers. Liverpool City Council and The Arts Council of England have a legal charge s over the goodwill, property and all other assets of the charity.
The remuneration of key management personnel is as follows.
During the period the company incurred expenditure and recharges of £213,921 (2020: £93,807) with Royal Court Limited and received income of £30,000 (2020: £125,817).
During the period the company received income of £nil (2020: £69,095) from Liverpool Food Company Limited and incurred recharges of £322,265 (2020: £nil).
During the period ticket levy income of £nil (2020: £133,730) and box office income of £nil (2020:£4,518) was collected on behalf of the company by Simply Tickets Limited and £139,846 (2020: £nil) of costs were recharged to the company by Simply Tickets Limited.
At the period end the company owed £25,392 (2020: (£104,552) ) to Royal Court Limited.
At the period end the company owed £253,170 to Liverpool Food Company Limited (2020: was owed £69,095)
At the period end the company was owed £78,475 (2020: £118,322) by Simply Tickets Limited.
Mr K J Fearon is Chief Executive of Royal Court Limited (not a director), a director of Liverpool Food Company Limited, and Simply Tickets Limited and the husband of G Miller, Chief Executive of the Royal Court Liverpool Trust Limited.
The Trust had no debt during the year.