Company Number: 01956167 Charity Number: 1003677
PILOT THEATRE LIMITED
(A company limited by guarantee)
FOR THE YEAR ENDED 31 MARCH 2023
HPH Chartered Accountants 54 Bootham YORK YO30 7XZ
PILOT THEATRE LIMITED
(A Company limited by guarantee)
Contents of the Financial Statements For the Year Ended 31 March 2023
Page Report of the Trustees 1 to 8 Independent Report 9 to 12 Statement of Financial Activities 13 Balance Sheet 14 Cash Flow Statement 15 Notes to the Financial Statements 16 to 24
PILOT THEATRE LIMITED REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 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 year ended 31 March 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, aims and activities Pilot Theatre is a multi-plafform theatre organisation delivering work regionally, nationally and internationally. Pilol seeks to create a cultural Spa where young adults can encounter, express and interrogale big ideas. We want to tell extraordinary stories that reflecl the internationalism and diversity of Ihe UK and that are powerfully relevant to the lives of young adulls now. We aim to share the possibilities emergent lechnologies have to offer in tems of artistic crealion. aCsS and engagement for Ihe benefit of the arts and civil society. Pilot nurtures new talent and aspiring artists from all walks of life giving them the opportunity to share their Vol and their art with the world. All our work is supported by a range of educational reSoUrS providing an integrated approach to learning and development. The company's principal activity is the provision of live theatrical entertainment to a wide cross section of the community. In setting the objectives and planning the activities of the company the trustees have given serious consideration to the Charity Commission's general guidan on public benefit in particular the advancement of education, arts, and culture. As an Arts Council England National Portfolio Organisalion. Pilot is actively engaged in ensuring that the Investment Principles of Ambition & Quality, Dynamism, Environmental Responsibility and Inclusivity & Relevance are embedded across the activities of the company. ACHIEVEMENT AND PERFORMANCE Review of Developments, Activities and Achievements 2022-2023 was possibly one of Pilot's busiest years to date. Following a return lo real space working we relocated to new offices in the rentlY refurbished York Guildhall. We finished our tour of The Bone Sparrow, produced and ran a 7-month tour of Noughls & Crosses (originally planned for 2020 and supported through an Arts Council England National Project Granll and in the Spring simultaneously delivered the final of our 4 Consortium productions - Run, Rebel by Manjeet Mann. This play text again being published by Nick Hem Books. Our VR project, Monoliths, supported by Creative Europe and XR stories. went from strength to slrength- being shown at various film festivals nationally and intemationally including the BFI London and Melbourne Film Festivals. In addition, as Noughts & Crosses is now a popular text for schools both the novel and our commissioned play version from Sabrina Mahfouz- we reached more young people than ever. In the year we engaged with over 120 education settings, with over 2000 young people participating in a creative activity. Over 50.000 people experienced one of our theatre or VR productions, with over 50% of the audiences being under 25. We were delighted at being successfijl in securing NPO funding for the 2023 -26 period and were
**** the writing, combined with committed performances from the cast, soul-shakingly communicates the truthfulness of the characters’ experiences. The message of Pilot’s production is not just for young adults but for all ages and all times.
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‘I thought the visuals, music and poems were beautiful and I found it very moving – particularly the story about the sea. I liked that the stories managed to personify something beyond our imagination, and I loved the idea that the sea leaves gifts from people that will help them in their lives. Katie, 14’
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PILOT THEATRE LIMITED REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2023 Wortd premiere- Re.'Publica festival Berfin June 2022 Sheffield Doc fest (June) ', Melbourne International Festival (August) - BFI London Film Festival {Oclober) ,' Aesthetica Short Film Festival (November) ', York Residents Festival (January) - Wales Millenium Centre, Cardiff (March} Estimated Audiences: 5,200 INTERNATIONAL PLAY ONI International Work Our production of Traitor was re-worked to be presented by a partner Play On! theatre, Kolibri. in Budapest, Hungary in Summer 2022. HOPE- this was a 2, online Conferen held April 4- 6th 2022. exploring the ways in which the publiclvirtual Spa can be opened for theatre and ils audiences. Guest speakers from across the world shared examples of creative uses of different technologies. We helped support a group of University ofyork Students lo be part ofthe group going to Krakow, for the Digital campus workshops and hosted partners from 8 European countries for the Play Onl meeting at the Guildhall from November 22- 26. Our partner, the University of York, ran a series of workshops for participants covering use of XR and immersive technologies and their possible applications in storytelling looking to inform and influence the next productions, including audio, VR, geolocation. Play Onl partner meetings were also held in Berlin, Linz. and Krakow during the year. A selection of Play On! productions will be showcased at the Theatre Olympics Festival in Hungary including Monoliths in May 2023. CREATIVE LEARNING & ENGAGEMENT LAB- Learning Advisory Board 13 education professionals joined Pilot in a voluntary capacity as education consultants. The LAB met three limes during ihe year online to advise us on our artistic programme and support us in improving our creative learning offers to secondary schools. colleges and universities. Creative Connections We continued our creative wellbeing project for York-based sancluary-seekers project with SBC Theatre Company and York Explore to deliver creative activities for local sanctuary-seeker families with local arts practitioners in York. This was the second half of the programme of six sessions, mostly taking place at York Explore, who are also partners. The focus of the project is to develop the health and wellbeing of the participants through creative activities. The sessions take place in English, Arabic and Turkish and now Ukrainian with people arriving from Ukraine expanding the sanctuary-seeker communities in York. Other Engagement activity Beyond our work with schools, colleges and universities, we also provide creative opportunities and experiences for disadvanlaged young people in York and other areas in Yorkshire. We also ran a series of workshops for Saturday Club at York St John University.
Noughts and Crosses
The Bone Sparrow Run, Rebel Noughts & Crosses
Songs & Stories Under A Redcar Sky
A Song For Ella Grey
Monoliths
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PILOT THEATRE LIMITED REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2023 Development of Mary, by Maureen Lennon. A QFproduclion with Hull Truck Theatre. FINANCIAL REVIEW Reserves policy The unrestricted fund balan totals £493.158 {2022'. £446,299) all of which is held in general reserves. The policy is to hold a reserve for working capital of at least 12 months of core and management expenditure. which is budgeted to be £508.554 for the year ending 31 March 2024. The Trustees consider this amount appropriate to help manage the risks connected with the current financial and operating environment. and to further provide longer term resilien and means for us to manage change. The reserves policy is regularly reviewed by the Board. and considered in relation to the risks fad the charity, the way that we are funded and our strategy and plans for future periods. Financial review The Statement of Financial Activities shows a total net deficit of £187,963 {2022.' surplus £283,299). This total is made up of an unrestricted funds surplus of £46,859 and a restricted funds deficit of £234,822. The deficit, and movement on restricted funds, primarily reflects the recognition of Arts Council funding to support the Noughts and Crosses revival tour in the prior year accounts, with £230,494 of restricted funds brought forward utilised against costs in the current year. Total reserves stand at £506,158 {2022: £629.941) The budget for the year ending 31 March 2024 anticipates a deficit of £25,544. STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document Pilot Theatre Limited is a charitable company limited by guarantee. The company was incorporaled on 8 November 1985 and registered as a charityon 30 July 1991. The company was established under a Memorandum and Arlicles of Association amended by a special resolution on 28 June 1990, 18 June 1991 and 28 November 2013. In theevent oflhe company being wound up members are required to contribute an amount not exceeding £5. Recruitment and appoinlment of new trustees Existing trustees, led by the chair. consult with the Joint Chief Execulives, to select members of the trustee board. The trustees constantly review the composition of the board to aim for a diverse and inclusive body of trustees who cover as many professional and sector skills as possible. The trustees meet quarterly plus one longer session to review strategy, performance, planning and to set budgets. Key management remuneration The remuneration of each of our key management personnel is set at contract stage and then reviewed and agreed by the Finance and Personnel Sub committees of the Board of Trustees. Pay and remuneration is benchmarked and set compelitively with olher subsidised theatre companies and buildings.
PILOT THEATRE LIMITED REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2023 Risk management The trustees have a duty to identify and review the risks to which the charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error. The trustees periodically conduct a review of the major risks to which the charity is exposed and are satisfied that there are procedures in pla to mitigate any risks to which the charity may be exposed. REFERENCE AND ADMINISTRATIVE DETAILS Registered Company number 01956167 {England and Wales) Registered office The Guildhall St Martin's Courtyard Coney Street York Y019QL Registered Charity number 1003677 Auditors HPH 54 Bootham York Y030 7X Trustees T Halder- Co-chair T Wright- Co-chair S Buckley G Burrow D Collins C Dartsch J Killeya E Manners L Marchant S Mason M Modha J Mensah {Resigned 1 September 2023) T Mosley H Patten-chaffield (Resigned 13 December 2022) E Richardson (Joint CEO) A J Smilh (Joint CEO) J R Wilkinson C Wright In accordance with the Articles of Association, S Buckley, S Mason, T Wright, D Collins are the council members retiring by rotstion. Being eligible they offer themselves for reelection. Bankers Handelsbanken AB FL 2, Maple House Clifton Park Shipton Road York Y030 5PB Barclays Bank plc Business Banking PO Box 6539 Leicester LE87 2BB
PILOT THEATRE LIMITED REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2023 Aldermore Bank plc Block B, Western House Lynch Wood Peterborough PE2 6FZ Shawbrook Bank Ltd Lutea House Warley Hill Business Park The Drive Brentwood CM13 3BE STATEMENT OF TRUSTEES RESPONSIBILITIES The trustees {who are also the directors of Pilot Theatre Limited for the purposes of company lawl are responsible for preparing the Report of the Truslees and the financial statements in accordan with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practi). 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 reSoUrs. including the income and expenditure, of the charitable company for that period. In preparing those financial statements, the trustees are required to selecl suitsble accounting policies and then apply them consistenlly., observe the melhods 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. 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 irregularilies. The truslees are responsible for the Maintenan and integrrty of the corporate and financial Informalion included on the charitable company's website. Legislation in the United Kingdom goveming the preparation and dissemination of financial statements may differ from legislation in other jurisdictions. This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies. Approved by order of the board of trustees on 4 December 2023 and signed on its behalf by T Wright- Trustee
PILOT THEATRE LIMITED (A company limited by guarantee) Independent Auditorfs Report to the members of Pilot Theatre Limited Opinion We have audited the financial statements of Pilot Theatre Limited for the year ended 31 March 2023 which comprise the Slalement of Financial Activities. Balan Sheet, Cash Flow Statement and 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 Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting PractiTr). In our opinion the financial statements.. give a Irue and fair view of the state of the charitable company's affairs as at 31 March 2023 and of its incoming reSoUrS and application of reSoUrs, including ils income and expenditure for the year then ended- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice" and have been prepared in accordan with the requirements of the Companies Acl 2006. Basis for opinion We conducted our audil 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 slalements section of our report. We are independent of the charitable company in accordan with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC'S Ethical Slandard. and we have fulfilled our other elhical responsibilities in accordan wilh Ihese requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions relating to going concern In auditing the financial statements, we have concluded that the trustees, use of the going concern basis of accounling in the preparation of the financial statements is appropriate. Based on the work we have perfomed. we have not identtfied any material uncertainlies relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period ofat least twelve months from when the financial slatemenls are authorised for issue. Our responsibilities and the responsibilities of the trustees with respect lo going concem are described in the relevant sections of this report.
PILOT THEATRE LIMITED (A company limited by guarantee) Independent Auditorfs Report to the members of Pilot Theatre Limited Other infom)ation The trustees are responsible for the other infomiation contained within the annual report. The other infomiation comprises the infomiation included in the annual report, other than the financial statements and our auditor's report thereon. Our opinion on the financial statements does not cover Ihe olher infomiation and, exp1 to the extent otheiSe explicitly stated in our report, we do not express any fomi of assurance conclusion thereon. Our responsibility is to read the other infomiation and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audil or otherwise appears to be materially misststed. If we identify such material inconsistencies or apparent malerial misstatements, we are required lo 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. reporl. which includes the directors, 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 directors, report included within the trustees, report have been prepared in accordance with applicable legal requirements. Matters on which we are required to report by exception In light of Ihe knowledge and underslanding of the charitable company and its environment obtained in the course of the audit, we have not identified malerial misstatements in the directors, report included within the trustees, report. 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 retums adequate for our audil have nol been received frorn branches not visited by us: or the financial statements are nol in agreement with the accounting records and retums,. or certain disclosures of trustees, remuneration specified by law are not made., or we have not reiVed all the information and explanations we require for our audit., or if the small companies regime has been used the trustees were not enlitled to prepare the financial statements in accordan with the small companies regime and take advantage of the small companies exemption in preparing the trustees, report. 10
PILOT THEATRE LIMITED (A company limited by guarantee) Independent Auditorfs Report to the members of Pilot Theatre Limited Responsibilities of trustees As explained more fully in the trustees. responsibilities statement set out on page 8, the trustees {who are also the directors of the charitable company for the purposes of company law} are responsible for the preparation of the financial statements and for being satisfied thal Ihey give a true and fair view, and for such intemal 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 charitable company s abilily to conlinue as a going COnM. disclosing. as applicable, matters related lo going concern and using the going conrn 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. Auditorfs responsibilities for the audit of the financial statements Our objectives are to obtain reasonable assurance about whether the financial stalemenls as a whole are free from material misstatement. whether due to fraud or error, and lo issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is nol a guarantee that an audit conducted in accordan 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 Influen the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instan$ of non-complian with laws and regulations. We design procedures in line with our responsibilities. outlined above. to detect material misstatements in respect of irregularities, induding fraud. The extent to which our procedures are capable of detecting irregularities. including fraud is detailed below.. We obtained an understanding of the legal and regulatory frameworks within which the company operales, focusing on those laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements. The laws and regulations we considered in this context were the Companies Act 2006 together with the Charities SORP {FRS102). We assessed the required compliance with these laws and regulations as part of our audit proc£dures on the related financial statement items. In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but Complian with which might be fundamental lo the charitable company's ability to operate or to avoid a material penalty. The laws and regulations we considered in this context were Health and Safety legislation, Employment legislation, Charity Commission regulations and General Data Protection Regulation {GDPR). Auditing standards limit the required audit procedures to identfy non-compliance with these laws and regulations to enquiry of the Trustees and other management and inspection of regulatory and legal corresponden, rf any.
PILOT THEATRE LIMITED (A company limited by guarantee) Independent Auditorfs Report to the members of Pilot Theatre Limited We also considered the opportunities and inntiveS that may exist within the charitable company for fraud. We identified the greatest risk of material impact on the financial statements from irregularities, including fraud. to be the override of controls by management and income recognition. In response to the risk of irregularities and non-compliance with laws and regulalions and risk of fraud, we designed prOdureS which included but were not limited to.. sample testing on the posting of journals, timing of recognition of income, review of trustee's minutes and any Corresponden with regulators. Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. We are nol responsible for preventing non-complian and cannot be expected to delect non-compliance with all laws and regulations. These inherent limitations are particulady significant in the case of misstatement resulting from fraud as this may involve sophisticated schemes designed to avoid detection, including deliberate failure to record transactions. collusion. or the provision of intentional misrepresentations. We are nol responsible for preventing fraud and cannot be expected to delect all fraud. A further description of our responsibilities for the audit of the financial statements is located on thé Financial Reporting Council's website at= www.frc.or .uklauditorsres onsibilities. This description forms part of our auditor's report. Use of our report This report is made solely lo the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 ofthe Companies Act 2006. Our audit work has been undertaken so that we might stale to the charitable company s members those matters we are required to state lo them in an auditor's report and for no other purpose. To the fullest extent pemiitted 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. Date: 4 Dernber 2023 Adrian Rodaway, FCA, BEP. DChA {Senior Statutory Auditor) For and on behalf of HPH. Statutory Auditor HPH, Chartered Accountants 54 Bootham YORK Y030 7XZ 12
PILOT THEATRE LIMITED (A company limited by guarantee) STATEMENT OF FINANCIAL ACTIVITIES (INCOME AND EXPENDITURE ACCOUNT) YEAR ENDED 31 MARCH 2023 Unrestrided funds Restrithd funds Totsl 2023 Totsl 2022 Note INCOME Donations and legacies Charitable aclivi(ies 347,226 148,779 496,005 721,484 348.199 548.066 896,265 227,886 Investments 1,757 1,757 846 TOTAL INCOME 697.182 696.845 1,394.027 950,216 EXPENDITURE Charitable activities 647.676 934,314 1,581.990 666,917 TOTAL EXPENDITURE 647.676 934,314 1,581,990 666,917 Net Ideficitllincorne before transfers 49.506 {237,469} 2.647 (187,9631 283,299 Transfers between funds 15 (2,647) Net movement in funds 46.859 {234.8221 (187,9631 283,299 Reconciliation of funds Total funds brought forward 15 446.299 247.822 694,121 410,822 Total funds carried forward 15 £ 493,158 £ 13.000 £ 506,158 £ 694,121 All activities derive from continuing operations. The notes on pages 16 to 24 fomi part of the accounls. 13
PILOT THEATRE LIMITED (A company limited by guarantee) BALANCE SHEET AS AT 31 MARCH 2023 Company registration number: 01956167 Note 2023 2022 FIXED ASSETS Tangible Assets CURRENT ASSETS Debtors Cash at Bank and in hand 12 17 639.828 294.111 303,056 508,483 933.939 811,539 LIABILITIES: amounts falling due within one year 13 {427.782) {117,4191 CURRENT ASSETS 506,157 694.120 TOTAL ASSETS LESS CURRENT LIABILITIES 506,158 694,121 ASSETS £ 506,158 £694,121 THE FUNDS OF THE CHARITY Restricted Funds Unrestricted Funds General Funds 15 13,000 247,822 15 493,158 446,299 TOTAL FUNDS £ 506,158 £694,121 The financial statements have been prepared in accordan hth the special provisions relating to companies subject to the small companies regime with Part 15 of the Companies Act 2006. The notes on pages 16 to 24 fomi part of the accounts. These financial statements were approved by the DirectorsnIsteeS on 4 December 2023 and signed on their behalf Thomas Wright IC(FChair) Director 14
PILOT THEATRE LIMITED (A company limited by guarantee) STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2023 2023 2022 Note Net cash provided by l {used inl operating activities 16 {216,1291 {17,270} Cash flov from investing activities Interest received 1.757 Net cash provided by investing activities 1.757 846 Change in cash and ush equivalents in the year {214.3721 {16,424} Cash and cash equivalents al beginning of the year 508.483 524,907 Cash and cash equivalents at end of Ihe year £294.111 £ 508.483 15
PILOT THEATRE LIMITED (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR YEAR ENDED 31 MARCH 2023 GENERAL INFORMATION The Charitable Company is a prrvate company limrted by guarantee, which is incorporated and registered in England and Wales Ino.019561671. It was registered as a Charity on 30 July 1991. The Charity number is 1003677. The address of its registered Offi is The Guildhall. St Martin's Courtyard, Coney Street, York, England, Y01 9aL. ACCOUNTING POLICIES 2.1 Basis of preparation of accounts The financial statements of the charitable company. which is a public benefit enttty under FRS 102, have been prepared in accordance with the Charities SORP IFRS 102)'Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in accordan with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 (effective 1 January 20191,, Financial Reporting Standard 102 'The Finanal 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. 2.2 Going Concem policy Having considered fulLJre planned activities and the reserves available lo the charity, the Irustees are satisfied that the financial statements should be prepared on a going conrn basis. 2.3 Limited by guarantee Each memberfs liability is limited to £5 in the case of winding up of the Charitable Company. 2.4 Fund accounting The Trustees have a defined policy for identification of different types of income- al Designated funds are unrestricked funds but are specifically eamiarked by the Trustees for a particular purpose. bl Restricted funds are only lo be used for the specific purpose laid down by the donor. Expenditure which meets this criteria is charged lo the fvnd. Perf0Mian and other income generated in respect of reslricled grant funded projects are also included under restricted funds. cl Unreslricled funds are the residue of incoming resour$ receivable or generated from the objects of the Charity without further specified purposes and are available as general funds. 2.5 Income All income is re¢ognised in the statemenl of financial a¢tivilies when Ihe conditions for receipt have been met and there is reasonable assurance of receipt. Except for the following.. Grants receivable Grants for immediate expenditure are accounted for when they become receivable. Grants received for specific purposes are Irealed as restricted funds. Grants which are received for a future accounting period are deferred and recognised in those peri(MJs. Donated serrflS These services are included in the statement of financial activities at the value the charity estimates il would pay for these services in the open market. 2.6 Expenditure Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity the that expenditure. it is probable that a Iransfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. 16
PILOT THEATRE LIMITED (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR YEAR ENDED 31 MARCH 2023 ACCOUNTING POLICIES (continued) 2.6 Expenditure (continued) Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost lo the category. Where costs cannot be directly attributed to particulaf headings they have been allocated to activities on a basis consistent with the use of resources. 2.7 Tangible fixed assets and depreciation Fixed assets for the Charitable Company to use are cakytalised at cost, for items above £2,500. Donated assets are valued at market value on donation. They are stated in the accounts at cosvoriginal value less depreciation. Depreciation is calculated to write off the cost or valuation of fixed assets. less their estimated residual value, over their expected useful lives on the followng bases= Touring equipment 20Yo- 33Y• straight line basis 2.8 Taxation The Charitable Company is exempt from corporation tax on its charitable adivities. Credit receivable by the Charitable Company under Theatre Tax Relief is recognised in the period that the qualifying production look place to the extenl that the reIpl and value of the claim are reasonably assured, and is included in incoming resources from tharitable activiti.es. 2.9 Debtors Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid after taking account of any trade discounts due. 2.10 Cash at bank and in hand Cash and cash equivalents comprise cash on hand and call deposits. and other short-lerm highly liquid investments that are readily converbble to a known arnount of cash and are subject to an insignificant risk of change in value. 2.11 Creditors Creditors are recognised where the Charitable Company has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditor5 are normally recognised at their settlement arnounl after allowing for any trade discounts due. 2.12 Financial Instruments The Charitable Company only has financial assets and finanryal liabilities of a kind that quality as basic financial instruments. Basic financial instruments are initially recognised al transaction value and subsequently measured al their settlement value. 2.13 Pension costs The Charitable Company operates a defined conlribulion pension scheme. Contributions are charged in the Statement of Financial Activities as they become payable in accordance with the rules of the scheme. 2.14 Foreign currencies Assets and liabilities in foreign currencies are translated into sterfing al the rates of exchange ruling al the balance sheet dale. Transactions in foreign currencies are Iranslaled into sterfing at he monthly European Union rale of exchange ruling at the dale of the transaction. Exchange dIfferenS are taken into account in arriving at the operating results. 17
PILOT THEATRE LIMITED (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR YEAR ENDED 31 MARCH 2023 Unrestricted Funds 2023 Restricted Funds 2023 Total Funds 2023 Total Funds 2022 3 DONATIONS AND LEGACIES Donations Grants 27 347.199 27 495.978 2,100 719,384 148.779 £ 347.226 £ 148,779 £ 496,005 £ 721,484 Restricted donations and legacies in 2022 was £375.237. Grants reived, included in the above, are as follows= 2023 2022 Arts Council England City of York Council European Union PLATFORM shift+ Arts Council England Touring Grants Other Grants 335.787 5.250 335,786 3,100 10,619 310,882 58,997 130,000 24,941 £ 495,978 £ 719,384 Unrestricted Funds 2023 Restricted Funds 2023 Totsl Funds 2023 Totsl Funds 2022 4 INCOME FROM CHARITABLE ACTIVITIES Perf0Mian fees Royalties Workshop fees Other income Theatre lax credit 215,919 3.227 1.423 81,525 46,105 420.048 61.105 3.867 25,046 38,000 635,967 64,332 5,290 106,571 84,105 70,606 3,369 4,892 84,742 64,277 £ 348,199 £ 548.066 £ 896,265 £ 227,886 Other income includes livestreaming income of £65,691 12022.. £80,026) Restricted income from charitable activities relates to reslricled grant lunded tours and projects. Restricted income from charitable activities in 2022 was £17,604. 5 INCOME FROM INVESThIENT INCOME Bank interest receivable 1,757 1.757 846 £ 1,757 £ 1,757 £846 Restricted income from investment income in 2022 was £nil. 18
PILOT THEATRE LIMITED (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR YEAR ENDED 31 MARCH 2023 6 ANALYSIS OF TOTAL EXPENDITURE Unrestricted Restrtcted Funds Funds 2022 2022 Total Funds 2022 Total Funds 2021 6.1 Perfonnance related aetivities Direct costs of charitable activities {note 6.2) Support costs Inole 6.3} G0Veman Inote 6.41 415.008 224.461 8.207 934,314 1,349.322 224,461 8,207 395,912 264,098 6,907 £ 647,676 £ 934,314 £ 1,581,990 £ 666,917 6.2 Direct costs of charitable activities Wages and professional fees Costumes and stage props Tour costs Royalties Postage, printing, stationery and advertising International, educational and development projects 87.833 225,469 61.449 1.555 25,196 13,506 419.666 41,575 318,711 65,570 63.779 25,013 507,499 267,044 380,160 67,125 88,975 38,519 189,599 83,882 79,208 100 27,155 15,968 £ 415.008 £ 934,314 £ 1,349,322 £ 395,912 Restricted expenditure in 2022 was £155 486 6.3 Support costs Administration salaries Pension costs Rent and rates Insurance Telephone Postage, printing and stationery General expenses Subscriptions and course fees Research. marketing and advertising Fundraising Computer costs Motor and travelling expenses 137,130 11,601 27.004 6.402 4.426 958 2.894 137,130 11,601 27,004 6,402 4,426 958 2.894 208,892 10,328 7,117 6,616 2,615 166 4,662 J.]] 2.965 551 11,767 14,908 3.855 2,965 551 11,767 14,908 3,855 2,705 1,471 7,560 10,923 1,043 £ 224.461 £ 224.461 £ 264,098 Restricted expendtture in 2022 was £nil. 6.4 Governance costs Trustees expenses Bank interest and charges Independent ex8minerfs fees Audit fee Professional fees 702 945 702 945 1,090 967 956 3,994 2.566 3,994 2,566 3,894 £ 8.207 £ 8,207 £ 6,907 Restricted expenditure in 2022 was £nil. 19
PILOT THEATRE LIMITED (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR YEAR ENDED 31 MARCH 2023 2023 2022 7 TOTAL STAFF COSTS Wages and salaries Social security costs Other pension costs 234,524 25,265 11,739 203,786 19,804 10,190 £271,528 £ 233.780 No employee eamed £60,000 per annurn or more in the year12022- none). Number of employees 2023 2022 The average number of full time employees during the year was as follows= Artistic staff Administrative staff Technical staff Actors 14 The total employee benefits of the three employees classified as key management rsonnel, inclusive of pension and employerfs national Insuran costs were £166.08212022- £139.6181. 8 TRUSTEES. REMUNERATION AND BENEFITS There were no trustees. remuneration or other beneffts for the year ended 31 March 2023. {2022..None} The Joint Chief Executives have a place on the trustee board but no additional remuneration in respect of their roles. Trustges. gxpensos Trustees, expenses of £70212022.. £1.090) were paid in the year. In accordance with normal commer(ial practice the Charitable Company has purchased insurance to protect trustees from claims arising from negligent acts. errors or omissions occutring whilst on the charitable compafiy's business. The annual premium is £36512022.. £365.) RELATED PARTIES Details of trustees, expenses and key personnel remuneration are set out in notes 8 above. There were no related party transactions during the year. 10 NET INCOMEIIEXPENDITURE) 2023 2022 Nel incomellexpenditurel is slated after tharging{crediting}'. Independent examinerfs fee Audit fee 956 3,995
PILOT THEATRE LIMITED (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR YEAR ENDED 31 MARCH 2023 11 TANGIBLE FIXED ASSETS Touring equipment Total Cost Al 1 April 2022 Additionslldisposals) 9,882 9,882 At 31 March 2023 9,882 9,882 Depreciation At 1 April 2022 Charge for year 9,881 9,881 Al 31 March 2023 9,881 9,881 Net Book Amounts Al 31 March 2023 Al 31 March 2022 12 DEBTORS 2023 2022 Trade debtors Prepayments Accrued income VAT Other debtors 223,593 16,649 394.348 15,552 19,468 244,378 19,099 4,559 5,238 £ 639.828 £ 303,056 21
PILOT THEATRE LIMITED (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR YEAR ENDED 31 MARCH 2023 2023 2022 13 LIABILITIES: Amounts falling due within ong year Trade creditors Taxation and social security Accruals and deferred income Other creditors 239,190 12,146 174.463 1,983 76,627 5,577 35,215 £ 427,782 £ 117,419 Deferred income Balan brought forward Amount released in the year Amount deferred in the year 3,617 13,6171 160,122 (160,1221 3,617 Balan carried fotward £ 3,617 At the balan sheet date a balance of £nil has been reiVed in advan by the Charitable Company. 14 ANALYSIS OF NET ASSETS BETWEEN FUNDS Unrestricted Undesignated Funds Designated Funds Restricted Funds Totsl Funds Current year Tangible fixed assets Current assets Current liabilib-es 920,939 {427.782} 13,000 933,939 (427,7821 At 31 March 2023 £493.158 £ 13.000 £ 506,158 Unrestricted Undesignated Funds Designated Funds Restricted Funds Total Funds Comparative year Tangible fixed assets Current assets Current liabilities 563,717 {117,419) 247,822 811,539 {117,4191 At 31 March 2022 £446,299 £ 247,822 £ 694,121
PILOT THEATRE LIMITED (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR YEAR ENDED 31 MARCH 2023 15 FUNDS Balance at 1 April 2022 Balance at 31 March 2023 Income Expenditure Transfers Restricted Funds Noughls and Crosses Northem Girls Play OnlXR Stories Listening Project Noughls and Crosses Spring 2023 Ovingdean Hall Foundalion 230,494 274,890 (511,3901 13011 129,4861 {2,1681 6,006 301 7,928 9,400 27.326 5,768 7,232 387.850 6.779 (384.1901 {6,7791 13,660) 247,822 696.845 {934,3141 2,647 13,000 Unrestricted Funds Free reserves 446,299 697.182 (647,6761 12,6471 493,158 Totsl Unrestricted Funds 446,299 697,182 (647,6761 12,647} 493,158 Total Funds £694,121 £ 1.394,027 £11.581.9901 £ 506,158 Balance at 1 April 2021 Balance at 31 March 2022 Income Expenditure Transfers Restricted Funds Noughts and Crosses Northem Girls Play OnlXR Stories Listening Project 232,395 107,586 42.960 9.900 {1.9011 (118,0531 135,0321 15001 230,494 10,467 7,928 9,400 392.841 (155.4861 10,467 247,822 Unrestricted Funds Free reserves 410,822 557,375 {511,4311 {10,467) 446,299 Total Unrestricted Funds 410,822 557.375 (511.4311 {10,467} 446,299 Total Funds £ 410,822 £ 950,216 £ {666,9171 £ 694,121 Restricted Funds Play OnlXR Stories - Grants were awarded from the University of York, as well as European Union funding. PlayOnlXR Stories project. Northem Girls - Grants were received from Arts Council England. National Lottery Community Funding and Tees Valley Community Funding," as well as donations from York Common Good Trust, York BID, Redcar Rotary Club and The B O Davies Charitable Trust. for the production and performance costs of Northern Gids. 23
PILOT THEATRE LIMITED (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR YEAR ENDED 31 MARCH 2023 15 FUNDS {continuedl Noughts and Crosses - Money was re(Eived from Arts Council England for the production costs of Noughts and Crosses. Listening Project - Money was received from Two Ridings Communty Foundation for 'DedIng Together" project. Ovingdean Hall Foundation - Grant reIVed to run two project in the North of England for deaf young people focusing on the touring production in 202312024. 16 RECONCILIATION OF CASH FLOWS FROM OPERATING ACTIVITIES 2023 2022 Net Ideflcit)lincomel for the reportlng perlt)d Adjustments for.. Interest reiVed Loss from sale of fixed assets Ilncreaselldecrease irb trade and other debtors Increaselldecrease) in trade and other creditors {187.9631 283,299 11.7571 {846} {336,7721 310,363 1238,0531 (61,671) Net cash provlded by l {used Inl operating a¢tivlties £ {216.1291 £117,270) 17 ANALYSIS OF CASH AND CASH EQUIVALENTS Cash in hand 294.111 508,483 Total cash and cash equivalents £294,111 £ 508,483 18 ANALYSIS OF CHANGES IN NET DEBT At 0110412022 At 3110312023 Cash flows Cash at bank and in hand 508.483 {214.3721 294,111 £ 508,483 £ {214,3721 £294,111 24