CHICKENSHED THEATRE CHANGING LIVES Years of Chickenshed ryl YS.l THE CHICKEN SHED THEATRE TRUST ANNUAL REPORT AND FINANCIAL STATEMENTS For the year ended 31 st March 2024 Company Registration Number: 02705172 Charity Number: 1012369
The Chicken Shed Theatre Trust Contents Page Reference and Administrative Details The Chaiman's Summary The Organisation Legal Structure & Objects Govemance Management Risk Assessment Reserves Policy Statement of Public Benefit Fonnat of Accounts Annual Report of th8 Directorsl Achievements and Performance Overview strategies Employed to Achieve Charity's Aims & Objectives Performance Young Company Education Community & Outreach Training & Partnerships Volunteers Financial Results & Commentary Directors Auditors Disclosure of the Infomation to Auditors 10 10 10 statement of Direclors, Responsibilities Independent Auditorfs Report 12 Financial Statemenls 16 Notes to the Financial Statements 19
The Chicken sh Theatre Trust Reference and Administrative Details Directors: Simon Allford Pete Constanti Richard Croft Chris De Pury Martin Gafsen Anthony Gibbon (Chaimian) Kathleen Hall Brendan Kerr The Hon. Natasha Rayne Lady Rayne Lacey Aref Lahharn James Lock Nick Millican Ashley Muldoon Matthew Rose (Treasurer) Theodor Sergiou Prof. Jonathan Shalit OBE Phoebe Vela-Hilchcox Non-Execulive Directors: Dame Judi Dench CH DBE Executive Officers: Louise Perry (Managing Director) Paul Morrall (Director of Education &Training) Honorary Presldents: The Hon. Natssha Rayne (President) The Lady Rayne Lacey (President Emeritus) Ambassadors & Guardlans: Jo Collins MBE (Founder) Mary Ward MBE (Founder) Company Secretary: Daniel Beacock Reglstered Office: Chicken Shed Theatre 290 Chase Side. Southgate, London, N14 4PE Company Registration: Number 02705172 (England and Wales) Reglstered Charity: Number 1012369 Bankers: Barclays Bank plc Media Bank Centre 1st Fli)or. Soho Square London W1 D 3QR Auditors: Alliotts LLP Manfield House 1 Southampton Stet. London WC2R OLR
The Chicken Shed Theatre Trust The Chalmian's Summary For the year ended 31 March 2024 This year we celebrate Chickenshed's 50° Anniversary! A remarkable achievement and one about which we are profoundly proud. We intend to celebrate in a number of ways. most notsbly a gala at the Royal Institute of British Architects (RIBA) in November of this year. I mentioned last year that we were to be supported by the National Lottery Heritage Fund during our 'Golden' year. This has enabled us lo engage with over 6,000 people in heritage and oral history activities and we have commissioned a documentary to highlight the significant milestones during the period and our vision for the next half century. Naturally our intention is to deepen and increase our Partnerships across a wide range of sector5. From a financial perspective, we maintained a healthy financial position and have strengthened our reseNes, a formidable achievement in the light of the many challenges that everybody has faced. A pragmatic yet sensible stance has been adopted and we have been fortunate that our fundraising activities have remained robust. A new Partnership with Inflexion. who have agreed to provide three years of funding to support access and participation for the community, is welcomed and greatly appreciated. The Group's incredible generosity is a testament to Chickenshed's appeal. As ever I must express my thanks to Louise Perry and the Executive Team and to the Trustee Board for their unwavering commitment. Tony Gibbon Chairman, The Chicken Shed Theatre Trust
The Chicken Shed Theatre Trust The Organisation Chickenshed is an inclusive theatre company whose vision is the creation of a society which enables everyone (regardless of background, ability or affluence) to flourish - with the contributions to their communities actively welcomed. Our part in realising that vision. our mission, is to create entertaining and outstanding theatre. which celebrates diversity and inspires p051tive change. Structure, Governance & Management Legal Structure & Objects The Chicken Shed Theatre Trust is a registered charity and a company incorporated by guarantee with no share capital, exempted under Section 5 of the Companies Act 2006 from the requirement to use "Limited" as part of its name. Members of the Board act as Trustees and Directors of the charity and company respectively. The overall objects and powers of the Trust are set out in the Memorandum and Articles of Association. The object for which the company is established is the advanrnent of education in the fields of the arts. principally for the benefit of young people including those who may require help with mobility, communication. behaviour or self-help skills and social development with a view to educating them in these areas and integrating them into the community by assisting them in their development as members of society. Govemance The Board of Directors has full legal responsibility for the corporate governance of the Chicken Shed Theatre Trust. Directorsrrrustees are required to act in accordance with the company's Memorandum and Articles of Association and as required by Statute. Directors 8re appointed on the basis of specific skills and knowledge to enable them to make a contribution to the management of the company. In order to understand their role and current issues facing the organisalion, each new Direclor is provided with specific tailored information, including; copies of Governing Documents, Board Minutes. Annual Accounts and the Charity Commission's booklet "The Essential Twstee.. Whal you need to know". Opportunities are provided for new Directors to engage with the Chairman and Managing Director, as well as meeting with staff working within their own area of specialism. In accordance with the Articles of Association the following Directors retired by rotation at the Annual General Meeting (21 sl June 2023) and. being eligible, sought re-appointrnent- Simon Allford, Matthew Rose. Aref Lahham, James Lock and Nicholas Millican were re-appointed. The Board meet quarterly arid review cross-organisation perfomiance and development. Finance is ihe responsibility of the Finan Committee, which in the year to 31 March 2024. consisted of the TreaSur of the Trust, Head of Finance (who is the Company Secretary) the Managing Director and Board trustees. This Commitlee convenes every two months. It oversees the development of business plans and recommends the Annual Budget to the Board. It reviews progress through the management account and re-forecasting process, tighlly monitors overheads and exerts rigorous control over all outlays. Being responsible for monitoring income delivery is an essential part of the monthly discussions of the Finance Committee. Management The operational running of the theat company is delegated to the Managing Director. supported by the Executive Team and Management Board. All groups meet regularly to discus5 the operations of the company, assessing progress against artistic. education and business plans. Communication within the company, and to the wider Chickenshed community. is facilitated through face-to-face briefings (including departmental, staff and volunteer meetings), complemented by communications via the Sharepoint intranet and bespoke bullelins. Key areas discussed by the Management Board include Health and Safety and Human
Th• Chicken Shed Theatre Trust The Oryanlsatlon (continued) Resourtss. It is important to note that alongside paid staff, Chickenshed welcomes the contribution of over 300 volunteers, who continue to play a vital role in supporting our WOTk. Risk Assessment Systems of internal control within the Trust are designed to provide reasonable reassurance against material mis-statement or loss. These include: Strategic and operational plans and an annual budget Consideration of financial and non-financial results on a re9ular basls Identification and management of risks The Board has overall responsibility for ensuring that risk is managed in a constructive and considered manner and judge that the systems currentty established mitigate the major risks identified and are appropriate for the present size of the charity. The most signrficant risks affecting the Charity are liquidity and cash flow risk. The Finance Committee continues to monitor this aspect of the company's operations on behalf of the Directors, through review of management accounts 8fKI re-forecasting. particularly in relation to income. Reserves Policy The Charity continues its commitment to build meaningful reserves, and this year marked further progress in our steps to achieving this. At the year end the charity had free reserves of £1,629.143 (2023.. £1,551,703). The Board of Truslees have examined the charity's requirements for reserves in light of the main risks to the organisation. It has established a policy whereby the unrestricted funds not committed or invested in tangible fixed assets held by the Charity should be between 3 and 6 months of operational expenditure. At 31 March 2024 the Charity's reserves are within this range. The Trustees review the level of Reserves regularly and the Reserves Policy annually to tske 8ccount of changing circumstances. Statemenl of Public Benefit The Directors confirm that they have complied with the duty in section 4 of the Charities Act 2006 to have due regard to public benefit guidance published by the Commission in detemiining the activities undertaken by the charity. Forniat of Accounts The accounts attached on pages 16 to 34 have been drawn up in compliance with Accounting and Reporting by Charities.. Statement of Recommended Practs'ce applicable to charities preparing their accounts in accordan wsth the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 $1 January 2015), {Ch8rities SORP FRS 102) and. the Companies Act 2006.
The Chicken Shed Thealrg Trust Report of the Directors- Year ended 3181 March 2024 Overvièw Chickenshed is an inclusive theatre and education provider with a vision to support a society that enables everyone (regardless of background. ability or affluence) lo flourish. Our mission is to develop a unique environment that empowers children, young people and adults to define and seek solutions to their individual, community and social challenges. Through programmes and activities facilitating education. theatre. participation, and professional training. Chickenshed breaks down barriers to inclusion and transforms wellbeing. Chickenshed works with children and young people aged 0 21+ and adults of all ages. Our inclusive ethos means we welcome people from divetse backgrounds, and our community is made up of people from across all of society, including those experiencing social exclusion in mainstream environments for whom we provide additional support, to dismantle the barriers to their inclusion. We empower individuals, bulldlng transferable skills and providing platfomis to reflect Ihese back to their communities: We support the presence, p8rticipation and achievement of all citizens. We provide access to adaptable creative environments. which are defined by the positive contribution of every participant. We support individuals to recognise their existing skills, build new capacities and understand the relevance and transferability of these to other environments. We change hearts and mlnds-introducing new audiences to the positive Impact of Inclusion: We provide effective platfom)s for the lived experience to become a tool for social Change. We challenge reductionism and silo thinking when designing interventions and programmes. Through relocation of resources and leadership responsibility, we reposition power for change back within the community. We transform instltutlons4Jenerating evidenco-based approaches that can lead to societal change: Through our projects and programmes, we estsblish an approach to inclusive practice and policy which can be relevant to other a8$ of arts and education sectors. We seek active partnerships with organisations that challenge the limilations of existing inclusion practice and policy, in or(ler to establish the foundation that sustainable diversity quires. We recognise that a strategy for inclusion should consider the Ihree indicators" access. participation and achievèment. Our Theatre, Education and Participation programme is designed to provide regular, meaningful and high-quality acces5 to inclusive performing arts participation and education for a wide range of ages and backgrounds. On a weekly basis. Chickenshed is home to 700 members of the Children's and Youth Theatre. 170 Further and Higher Education students. 150 adult participants, and 300+ volunteers from the wider community who play an active role in supporting the development of chilrjren, young people and the arts. Our Early Years programme prompts early engagement with 150+ performances per year at our own theatre venue, as well as tours to other Iheatres, nurseries and school5. All of this adds up to provide a continuum of engagement for over 1,000 individuals and their families each week. Across these groups approximately 600/ts would identify as having an additional requirement for support, which creates challenges for them when accessing other community activities. All of these individuals are given regu18r access to high-quality creative arts participation, teaching and production resOUe$.
The Chicken Shed Thealre Trust Report of tha Directors - Year ended 31st March 2024 (Continued) The demand for these activities is evidenced through the retention and continualion rates of our projects, audience numbers and waiting lists for our programme5. Strategies employed to achieve tho Charlty's Alms and Oblectlves In pursuit of our charitsble aim of the advancement of education in the fields of the arts, principally for the benefit of young people, we have continued to reach our beneficiaries through focusing our work in the key strategic areas of Performance, Education & Outreach and Participation. Key activities 8nd achievements are detsiled below. th Chickenshed's 50 Anniversary 2024 marks the 50th year since Chickenshed's Founders, Mary Ward and Jo Collins. met and shad their vision of a theatre space where everyone was welcome. Our half<entury milestone was mark8d in January then we were invited to receive an avrd from The Stage. The Judges, Award, reserved for theatres that have achieved signfficant milestones or made exceptional contributions to the arts and theatre. was presented to Chickenshed by The Stage's Associate Edrtor, Lyn Gardner.. "Chickenshed has, over half a centuryp grown into one of UK theatre's most importont arts organisations while never 105ing it5 core commitment to diverslty ond inclusivity. It 15 an extraordinary and inspiring theatre company and a model of how theatre can work both with andfor its community. Performance Chickenshed offers, through its professional performan programme. opportunities for students and Young Company members to be mentored alongside our professional artistic stsff. thus developing essential transferable skills for the fvture. The creative process includes systematic mixed stakeholder feedback sessions, youth-guided devising workshops and young creator roles embedded within all creative teams of public performances. Our main house theatre space, The Rayne Theatre, has hosted 320 performances across 30 different produclions over the past 12 months. Our artistic strategy and programming are shaped by a team of creative leaders who have emerged from our educalion and participation programmes, supported by Chickenshed's Senior Creative Producers. This approach is highly appreciated and celebrated by both programme participants and extemal reviewers. This yearfs annual Winter production. 'The Toymakers. Child,. received the award for Best Production at the Off West End Awards and also nominated for Best Design for Theatre for Young Audiences. Additionally, our spring production, 'Love From C8men,' has been nominated for Best Performance Ensemble al this year's awards. "The ultimate vindication of The Toymaker's Child is that it's an ode to human Creativity in all its messy, imperfect greatness." Neil Fisher, The Times Young Company - Children's and Youth Theatre Chickenshed's Young Company is built upon participatory. inclusive theatre techniques with youth-guided and youth-led best practice infomiing all strategic planning and activity. The Young Company has a commitment to empower young people to lead exploration of collective peer perspectives on social challenges and particularly issues relevant to inclusion. In devising theatre that reflects this focus- they share this exploration in a way that can effect change within the communities they define as relevant to their access and achievement.
The Chicken Shed Theatre Trust Report of the Directors - Yaar ended 31st March 2024 (Continued) Among the notable activities this ye8r was a co-production with SPID Theatre titled 'Smile.' Written by SPID'S Artistic Director and directed by Chickenshed's Young Company Associate, May8 Nielson, the production was perfomed at both Chickenshed and the Natural History Museum. Education Chickenshed delivers a BTEC Level 3 Natlonal Extended Diploma in Performlng Arts, alongslde a Foundation Degree in Inclusive Performance with the opportunity of a BA {Honsl top- up. Across the 3 education programmes, 170 students attend per year. Chickenshed's recruitment process. involves extensive community Outreach work in secondary schools. This approach ensures access to furth8r, and subsequently higher education is open to individuals previously excluded from full education participation. Chickenshed's inclusive model for education continuously seeks out new ways to support individuals in closing the achievement g8PS that occur between different equality groups. The mentor and peer support model provides an additional resource for every student. A significant proportion of these mentors have been through the FE & HE courses and have lived-experience of the challenges many students face. This wrap-around care complements the teaching team and ensures, no matter how severe or complex, the additional need of each individual can be met. ensuring they succeed in their education joumey. Students steer the development of modules in outreach and professional employability & placement empowering the students to address their communities, challenges. The Inclusive Professional Partnership NeOrk (IPPN) established in 2021, incorporating education, Community and social inclusion organisations, is thriving. achieving more work placements for students and training delivered by Chickenshed's lived experience experts. Members of this IPPN recognise Chickenshed's students. ability to work with them lo improve the lives of the groups they support. Chickenshed's access targets are routinely set between 20% and 45% higher than national averages for higher education organisations, and so are deliberately challenging. These tsrgets included aims for black and global majorily, extemally identified and self-ldentified disabilities. areas identified by Index of Multiple Deprivation (IMD) and students with multiple areas of underrepresentationj interseclions of disadvantage. Chickenshed exceeded underrepresentation access targets for the higher education course, and level with or above these targets for further education intake. The black and global majority figure for the further education intake, exeded national targets by 200/D. Regarding SuccesslAchievement Outcomes for the academic year, our higher education courses pass rates were well above national averages, ranging from 860/0 to 960/0. For High Grades (First or 2.1 Upper Second for Higher Education), Foundation Degree students met national averages for all underrepresented groups except students with disabilities, where outcomes were 3Q/o lower than national benchmarks for 811 students. However, these outcomes were significantly above national benchmarks for students with the disability profiles and multiple underrepresentstions that Chickenshed supports. Foundation Degree students with multiple areas of need and those from Index of Multiple Deprivation backgrounds conlinued to achieve well above or above av8rage levels. BA students performed al national average levels overall, with students with disabilities slightly lower by 30/0 compared to all students. However, for students with multiple areas of need and the specific disability profiles Chickenshec5 setves. achievement outcomes were well above national benchmarks for this target group. "If I didn't come here, I wouldn't have become the person l am today. Chi¢kenshed has made me feel like I have no limits." BA Degree Graduate, 2024.
The Chicken Shed Theatre Trust Report of the Dlreclors - Year ended 31st March 2024 (Continued) For further education students, performing arts grades are above national averages for all areas of underrepresentation and above national averages for High Grade Outcomes. Figures for progression Gontinue to be well above national averages. An important statistic is the 'distan¢e Iravelled, story. 97 % of students who did not have the GCSE level of grading to enter a BTEC Level 3 course, achieved a 'pass', with 63Q/o of those indivKluals achieving high grade achievement (merit or distinction) in their final grade. In terms of progression, 90-93 /0 progressed to higher education. which is well above Ihe national averages for furlher education colleges and well above national averages for 6th Form Colleges exceeding national averages by beeen 20 % and 25 % in ternis of entry to higher education. and 35°/0 40 /0 for students with similar profiles of need. disability and disadvantage. Regarding Covid-19. the current feeling among the student group reflects that of the wider society in that the cost of Irving crisis and 'Covid Scarring, (long term pandemic impact) are most affecting progress and aspiration. Part of Chickenshed's response to this has been to maintain the counselling and peer mentoring and hardship fund provision. We consider this to be an important intervention that we need to prioritise. together with other aspects of increased support for day to day living expenses {food and travel). enabling young people who have been particularly affected to remain present, active and purp05eful during this time. In the first and second year, Chickenshed is using this fvnding to provide professional production resources for education projects, increased performance specialism resources and training. wider experiences linked to performance for all students, and a wide range of support interventions and extra enhancement programmes. The combination of initiatives will be tsrgeted at reducing and removing barriers to leaming and development in the areas of access. participation and progression. As an example, Chickenshed has launched the 'Bridge Programme. in response to 'Covid Scarring, and the increased barriers to employment faced by newly graduated stud8nts. This programme guarantees gradu8ting students £500 of paid contracted employment, either external or intemal, to boost graduates with their first paid occupation in employment related to their degree in inclusive performance. Within the successful six-year revalidation cycle by Middlesex University for our Higher Education Degree. assessors acknowledged the program's development. various accreditations, and the positive partnership activities with the universty. The Teaching Ex¢ellonce Framework (TEF) is a national initiative managed by the Office for Students (Ofs), aimed at encouraging higher education providers to enhance and excel in the areas that matter most to students.. teaching. leaming, and achieving positive outcomes from their studies. TEF achieves this by evaluating and rating universities and colleges for excellenGe above a set of minimum quality and standard requirements. Chickenshed has been awarded a Gold Standard ('Outstanding") for Student Outcomes and a Silver Standard ("Very High Qualty.) for the Student Experience. Based on these evaluations. the TEFIOfS Panel has granted Chickenshed an overall Gold TEF Award. This award reflecls a thorough investigation and assessment of Chickenshed's higher education stsndards over the past four years by a TEFIOfS Panel. The key factors identified for Chickenshed achieving the Gold Award were,. Outstanding Student Outcomes and Experience: Targeted efforts to benefit all students in these areas. Support for Underrepresented Students: Consistently providing high-quality knefits to target group of students. many of whom come from underrepresented and disadvantaged backgrounds. Addressing External Barriers: Over the past four years, the signif5canl efforts to mitigate extemal barriers 8ffecling student progress were acknowledged by the panel.
The Chl¢ken Shad Theatre Trust Report of the Directors - Year ended 31st March 2024 (Continued) The Chickenshed community takes great pride in having its approach to higher education recognised in this way. Chickenshed has been awarded Centre of Excellence in Inclusive Education status from the National Incluslon Quality Mark (IQM) organisation. Students were involved at every aspect of this process. Chick8nshed looks forward to sharing best practice with other education professionals seeking to embed inclusion within the education system. COMMUNITY PARTNERSHIPS AND OUTREACH WORKSHOPS Although Chickenshed's participants and audiences travel from across North London and beyond (e.g. Haringey and Waltham Foresl). geographically we straddle Mo large London boroughs: Enfield and Barnet. Both boroughs have areas of very high deprivation, with Enfield assessed as the 4181 most deprived of the 326 local authority areas, and Bamel in the lowest 500/0. Outreach projects in early years, primary and secondary settings have deliberately challenging targets set to deliver 800/0+ of participant and audience work in areas of equality group underrepresentation and multiple disadvantage. Focusing our outreach programme delivery in underserved areas such as Lower Edmonton, Enfield Lock, Freezywater. Dollis Hill Estate, Graham Park and Colindale has resulted in strong levels of involvement in our participatory and education programmes from these areas. reinforced through t8rgeted recruitment. social support agency referrals and funded subsidies. We have a designated post responsible for making links with referral agencies within all our neighbouring boroughs, and continue to focus fundraising efforts towards providing free access and participation places for children, young people and families. Supporting this work, private equty firm Inflexion have pledged lo donate £300,000 over three years, with the first £100,000 instalment reiVed in February 2024. This income is supporting our Access & Participation Fund, enabling greater access to programmes of work including Young Company. Early Years and intergenerydlion projects. TRAINING AND PARTNERSHIPS Chickenshed has developed inclusive arts methodology and practice for the past 50 years. During this time, we have supported the incepiion. development and growth of 16 national, and 4 intemational, inclusive arts organisations. We continue to offer to be a link between these 'Sheds', forming a neOrk of inclusive theatres. Over the past three years we have worked with over 270 partners, spanning the arts, education, youth participation, public service, charity and corporate sectors, These partnerships play a key role in both increasing the impact of our activities and raising awareness of our model of good practice for inclusion locally, nationally and internationally. This yea¢s partners included= AGEUK Barnet Carers Central School of Speech and Drama Child Brain Injury Trust Enfield Carers Centre The Natural History Museum National Children's Bureau Sense 1927 Barbican Centre Bromley By Bow Centre Cenlre for Research in Early Childhood The Children's Society Flourishing Lives New Citizens Gateway The Rudd Centre SPID Theatre We have secured a £50,000 donation from The Thompson Family Charitable Trust which will support yearlong partnerships with 7 charity organisations.
The Chicken Shed Thaatro Trust Report of the Directors - Year ended 31st March 2024 (Continued) As a resutt of this, 500 children, young people and adults who a experiencing social exclusion, disadvantsge or hardship will be given access to positive inclusive community experienc8S. Chickenshed's Diversity and Inclusion training, provided to education, arts and youth sector Partners, has continued to grow a client-base across a variety of sectors. 'PerFORman¢e' is a suite of training. exploring issues related to improving diversity and inclusion strategies. and dismantling systems and practice which exclude individuals from community and social development. Lived Experience Experts from the participant community are at the centre of the training delivery. "Our experience of working with young people who were part of the lived experlence through Social action & systems change pmject, was honestly one of our highlights at the Children's Society. These young people were so klnd, self-aware and COAnpassionate and they understood systems change so welll What a pleasure to be amund such engaged young people. We are so grateful for the continued partnership we have with Chickenshed and all the inspiring young people wee met as a resultl" 50TH ANNIVERSARY HERITAGE PROJECT Echoes,, Chickenshed's 50th-year heritage project fvnded by The National Lottery Herilage Fund. was launched in November 2023. Steering groups, comprised of representatives from the Chickenshed community and our project partners, developed ideas for five Decade Projects that form the core of Echoes. Each project delves into the heritage of its respective era by capturing oral histories, curating the company archive for a borough-wide exhibition, and developing events aimed at re*ngaging former Chickenshed members with current projects and programs. The heritsge of Chickenshed is also being documented through a film that will summarise the significant relationships across the 50 years. the evolution of the inclusive practice and the legacy of this for young people today. Volunteers Chickenshed's remarkable group of 300 volunteers, fulfilling over 45 essential roles across all areas of the organisation. continues to enhance the positive experiences provided to all participants. The contribution of our Trustees & support of senior advisorslprofessionals, (who bring specialist support). was a gift of over 13,000 hours to the organisation. As ever, the contribution of our volunteers is immeasurable -beyond the hours they give. their energy. enthusiasm, dedication and goodwill are vital to Chickenshed. Our volunteers are a precious resource and enable us to deliver the programmes and activities for young people. We are truly indebted to them, Flnanclal Results and Commentary In September 2019 the trust set up a new. wholly owned, trading subsidiary named Chickenshed Trading Limited, as a result of which the financial statements now show the trust and the trading subsidiary as a group. The intent is that all proffts from the trading subsidiary will be donated to the trust through the Gift Aid scheme. The financial perfomiance of the trust alone can be found in Note 4 to the accounts: Financial Perfom)ance of the charlty on page 24 of the accounts. The financial perfomian¢e of the trading subsidiary can be found in Note 6: Income oarned from other activities on page 25 of the arxounts.
10 The Chicken Shed Theatre Trust Report of the Dlrectors - Year ended 31st March 2024 {Continuedl The surplus on unrestricted funds for the group for the year ended 31 st March 2024 amounted to £77,440 (2023.. £441,077). Total income was 3.3% lower than the previous year at £3.81m, and overall costs also increased by 5.9 % generating a net surplus (including depreciation) of £158,014 (2023.. £490.1941. Depreciation charged in the year through the restricted and unrestricted funds amounted to £181,113 {2023.' £164,699). Management continued with the underlying principles of the business plan, approved by the Trustees. in growing income and tightly controlling costs. Cost control remains the main objective ensuring that the Trust only delivers projects that are fully funded so enabling the Trust to improve its reserves position and ensure sustainability going forwards. Staff numbers remained largely unchanged Compared to 2022-23. Directors The directors who held office during the period and up to the date of signature of the financial statements were as follows.. Simon Allford Pete Constanti Richard Croft Chris De Pury Martin Gafsen Anthony Gibbon Kathleen Hall Brendan Kerr The Hon. Natasha Rayne Lady Rayne Lacey Aref Lahham James Lock Nick Millican Ashley Muldoon Matthew Rose Theodor Sergiou Prof. Jonathan Shalit OBE Phoebe Vela-Hilchcox Audltors The auditors, Alliotts LLP, are willing to continue in offi. A resolution for their reappointment and authorising the directors to fix their remuneration will be submitted to the Annual General Meeting. Dlsclosure of information to audltors Each of the persons who are directors at the time when this report is approved confirms that: (a) so far as each director is aware, there is no relevant audit information of which the charitable company's auditors are unaware,. and (b) each director has taken all the steps that ought to have been taken as a director, including making appropriate enquiries of fellow directors and of the company's auditors for that purpose, in order to be aware of any infomiation needed by the Company's auditors in connection with preparing their report and to establish that the company's auditors are aware of that infomiation. 2810812024 The Report of the Directors was approved and signed on behalf of the trustees on . By Order of the Board TONY GIBBON
11 The Chicken Shed Theatre Trust Statement of Dlrectors, Responsibilities - Year ended 31st March 2024 The Directors of the Company are spOnsible for Preparing the Directors. 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 directors to prepare financial ststements for each financial year which give a true and fair view of the state of affairs of the charitable company and the group. Directors must also be satisfied with the incoming resources and application of reSoUes, including the income and expenditure, of the charitable group for that period. In preparing these financial statement5. the directors are required to: select suitable accounting policies and then apply them consistently. observe the methods and principles in the Charities SORP (FRS 102). make judgements and estimates that are reasonable and prudent,. state whether applicable UK accounting standards have been followed. subject to any differences disclosed and explained in the financial statements- prepare the financial statements on the going concem basis unless it is inappropriate to presume that the group will continue in business. The directors are responsible for keeping proper and adequate accounting records that disclos8 with reasonable accuracy at any time the financial position of the charitable company and the group. The financial statements Should comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and the group, and henc8 for taking reasonable steps for the prevention and detection of fraud and other irregularities.
12 The Chicken Shed Theatre Trust Independent Auditor's Report to th• Members of The Chicken Shod Theatre Trust Year ended 31st March 2024 Opinion We have audited ttte financial 5t8tements of The Chicken Shed Theatre Trust {the 'parent charitable company'} and its subsidiaries (the 'group'} for the year ended 31 March 2024, which comprise Ihe Consolidated Statement of Financial Activities. Consolidated Balance Sheet, Consolidaled Cash Flow Sialemenl and notes lo the financial statements, including a summary of 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 Irelan¢J' (United Kingdom Generally Accepted Accounting PraGlice}. In our opinion the financial slalements.. give a true and fair view of the state of the group's and parent Gharilable company's affairs as at 31 March 2024 and of group's and the parent charitable company's incoming resources and application of resources, including ils income and expenditure, for the year then ended. have been properly prepared in accordance wlth Unlted Kingdom Generally Accepled Accounting Practice., and have been prepared in accordance with the requirements of the Companies Act 2006. Basis for opinion We have been appointed as auditor under the Companies Act 2006 and report in accordance with regulations made under that Act. We conducted our audlt In accordance with Inlemational Slandards on Auditing {UK} {ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities tor the audit of the financial statements section of our report. We are independent of the group and parent charitable company in accordance with the ethical requirements that are relevant to our audit of the financial stalements in the UK, including the FRC'S Ethical Standard, and we have fulfilled our ethical responsibilities in accordance wlth these quIrernents. Wè believe Ihal the audil evidence we have obtained is sufficient and appropriale to provide a basis for our audit opinion. Concluslons relatlng to golng concern In auditing the financial statements, we have concluded that the trustees, use of the going concern basis of acwunting in the preparation of the financial statements is appropriate. Based on the work we have performed. we have not identif1 any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Group's and of the Company's ability to continue as a going concern for a period of at least e1ve months from when the financial statements 8re authorised for issue. Our responsibilities and the responsibilities of the tru5tees' wilh respect to going concem are described in the relevant sections of this report. Other Informallon The trustees are responsible for the other Infomiation. The other infomiation comprises the infomation 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 the other information and, except to the extent olhemise explicitly staled in our report, we do not express any form of assurance or (y)nclusion thereon. In connection with our audit of the financial slatements. our responsibility is to read the other infomation and, In doing so, consider whether Ihe olher information is materially inconsislenl with the financial stalemenls or our knowledge obtained in the audit or othemise appears lo be materially misslaled. If we identify such material inconsistencies or apparent material mlsstatemenls, we are required to delermine whether there is a material misstatement in the financial statements or a matarial
13 The Chicken Shed Theatre Trust Independent Auditorfs Report to the Members of The Chicken Shed Thgatro Trust (Gontinued) Year onded 3151 March 2024 misslatement of the other infomiation. If. based on the work we have performed, we ¢onclude that there is a material misstatement of this other infomiation, we are reqUId to report that fact. We have nothing io report in this regard. Opinlons on other matters prescribed by the Companies Act 2006 In our opinion. based on the work undertaken in the course ofthe audlt: the information given in the DireGtors' Annual Report for the financial year for which the financial statements are prepared is consistent with the financial statements., and the Directors, Annual Report has been prepared in accordance with applicable legal requirements. Opinion on other matters prescribed by the Offlce for Students. Accounts Direction In our opinion, in all material respects- fvnds from whatever source administgred by the group and charitab18 company for speci purposes have been property applied to those purposes and managed in accordance with relevant legislation., fvnds provided by the Offic8 for Sbjdents, UK Research and Innovation (including Research England), the Education and Skllls Fundlng Agency and Department for Education have been applied in accordance wlth the relevant temis and conditii)ns: and the requirements of the offi for Students, accounts direction for the relevant yearfs financial statements have been met. Matters on which wo are roquired lo report by 8xcèpti<Jn In the light of the knowledge and understsnding of the group and parent charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Directors. Annual report. We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: adequate accounting records have nol been kept by the parent charitable company, or retums adequate for our audit have not been received from branches not visited by us-, or the parent charitable company's financial statements are not in agreement with the accounting records and retums: or certain disdosures of trustees, remuneration specified by law are not made., or we have not réceived all the Informatlon and explanations we require for our audit. We have nothing to report in respect of the following matters where the OffiGe ftir Students, a¢nIS direction requires us lo report to you if= the group and parent charitable company's grant and fee incorne, as disclosed in the note to the accounts, has been materially misstated.
14 The Chicken Shed Theatre Trust Independent Audito8 Report to the Members of The Chicken Shed Theatre Trust l¢ontlnued> Year ended 318t March 2024 Responsibilltles of trustees As explained more fully in the trustees, responsibilities Statement set out on page 11, the trustees (who are also Ihe directors of the charitable company for the purposes of company lawl ar8 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 ta enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the tnjstees are responsible for assessing the group and parent charitable company's ability to continue as a going concem. disd05ing, as applicable, matters related to going concern and using the going concern basis of accounting unless Ihe trustees either intend to liquidate the charitable company or to cease operations, or have no realistic altemative but to do so. Auditor's responsibilities for the audit of the financial statements Our objectives are to obtain reasonable assurance about wh8ther the financial ststements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditof s report that Includes our opinion. Reasonable assuran 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 misslatem8nt when it exists. Misststements can arise from fraud or error and are considered material if, individually or in the aggregate, they Could reasonably be expected to influ8nc8 the economic decisions of users tsken on the basis of these financial ststementS. Irregularities, including fraud, are instances of nonwcompliance with laws and regulations. We design procedures in line with our responsibilities. outlined above, to detect malerial misstatements in respect of irregularities. including fraud. The extent to which our procedure5 are capable of detecting irregularities, including fraud, is delailed below. Our approach to identifying and assessing the risks of mat8rial misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows: the engagement partner ensured that the engagement team collectively had the 8ppropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations. we identrfied the laws and regulations applicable to the company through discussions with directors and other management. and from our commercial knowledge and experience of the charity sector ', we focused on specific laws and regulations which we considered may have a direct material effecl on the financial stalements or the operations of the company, including the safeguarding, preventlprotect, Ofsted, health and safety legislation. taxation legislation, data protection, anti- bribery, employment, environmental and charity and company legi51ation', we assessed the extent of compliance with the law5 and regulations identified above through making enquiries of management and inspecting legal and regulatory correspondence - and identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-Gompliance throughout the audit. We assessed the susceptibilily of the company's financial statements to material misstatement. including obtaining an understanding of how fraud might occur. by: making enquiries of management as to where they considered there was susceptibility to fraud. their knowledge of actual. suspected and alleged fraud., understanding the design of the company's remuneration policies. To address the risk of fraud through management bias and override of controls, we: perfomied analytical procedures to identify any unusual or unexpected relationships.
15 The Chicken Shed Theatre Trust Independent Auditorfs Report to the Members of The Chith¢n Shad Theatre Trust {contlnued) Year endod 316t March 2024 . tested joumal entries to idenlify unusual transactions. investigated the rationale behind significant or unusual transactions. In response to the risk of irregularities and non-complian with laws and regulations. we designed procedures which included. but were not limited to: agreeing financial statement disclosures to underlying supporting documentation. and enquiring of management as to actual and potential litigation and claims. There are inherent limitations in our audit procedures described above. The more removed that laws and gUlationS are from financial transactions, the less likely it 15 that we would become aware of non-compliance. Auditing stsndards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence. rf any. Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate Goncealment or collusion. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Councils website at: wrnw.frc.org.uklauditorsresponsibilities. This description forms part of our audrtorfs 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 stste 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. Christopher Mantel (senior statutory auditor) For and on behalf of Alliotts LLP, Statutory Auditor Alliotts LLP Manfield House 1 Southampton Street London WC2R OLR Date". 2810812024 Alliotts LLP is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006
16 The Chicken Sh•d Theatre Trust Consolldated Statement of Financial Activities expenditure account) (Incorporating consolidated Income and For the ear ended 31st March 2024 Unrestricted Restricted 2024 Unrestricted Total Re51ricle(I 2023 Note Inc<xne from: Donatlons and legacies 255,001 35.179 290,180 267,503 26,393 293,896 Charitsbl• adivltl•s: Grants ProduGb"ons Subscripiions Education Agency, royalties and other income Merchandising 75,168 S40,370 246,564 1,339,422 771,765 846.933 540.370 246,564 1.339.422 144,353 529,140 234,736 1.264,360 848,222 992.575 529,140 237.195 1.266.520 2,459 2,160 50,297 942 50,297 942 39,104 396 39.104 396 Other trading activitie5: Fundraising evenis and activities Commerdal tradlng 253.222 221,116 253,222 221,116 315.844 225,557 315,844 225,557 Investments 21.098 21.098 3.744 3,744 Other Operating in¢om¢'. Government Grants 35,763 35.763 Total Income 3,003.2 806.944 3,810.144 3,060,500 879,234 3,939,734 Exptndliure on: Raising funds.. Fundraising, marketing and promotional Cotnffler¢ial trading Charitable activitie5 Other 638.881 214,476 1.986,002 86.401 11,658 650,539 214,476 2.7,713 86,402 545,358 185,674 1,812,505 75,886 11.698 557,056 185.674 2,630,815 75.995 714,711 818,310 109 Total Resources Expended 10 2,925.760 726.370 3.652,130 2,619.423 830,117 3,449.540 Net Incomel(expenditur•l 77.440 80,574 158,014 441.077 49,117 490.194 Fund balance brought forward al 1° April 2023 1.551,703 2.618,185 4,169,888 1,110,626 2.569.C68 3,679.694 Fund balance carried forward 8131" March 2024 £ 1,629.143 £ 2,698.759 £ 4.327.902 £ 1,551,703 £ 2.618.185 £ 4,169.888 All sour(x of income are from continuing OpetK)nS. The financial perfomance of Iho Irusl on its own can be found on note 4.
17 The Chicken Shed Theatra Trust Consolldated Balance Sheet As at 31 March 2024 Group 2024 Group 2023 Trust 2024 Trust 2023 Note Flxed assets Tangible assets Investment 12 13 2,171,816 2.246.151 2.161.273 2,239.679 2.171.816 2,248.151 2,161.274 2,239.680 Current Assets Stocks- goods for resale Debtors Bank and cash balances 10.671 927,549 1.800,548 2.738.768 5,089 800,485 1,465,056 2,270,630 14 924,958 1.759,026 2.683,984 798,469 1.394,437 2.192.906 Creditors, amounts falllng due within one year 15a (582,682) (346,893) {523,106) (302.536) Net Current assets 2,156.086 1,923,737 2,160.878 1,890.370 Totsl Assets less Current Liabilities 4.327,902 4.169.888 4,322,152 4.130.050 Creditors. amounts falling due after more than one year 15b Net Assets £ 4,327,902 £ 4.169,888 £ 4,322,152 £ 4,130,050 Funds Restricted Unrestricted 16 16 2.698,759 1,629,143 2,618,185 1,551,703 2,698,759 1.623.393 2.618.185 1.511.865 £ 4,327,902 £ 4,169,888 £ 4,322,152 £ 4.130,050 The trustees have prepared group 8¢counts in accordance with section 398 of the Companies Act 2006 and section 138 of the Charities Act 2011. These accounts are prepared in accordance with the special provisions of Part 15 of the Companies Act relating to small companies and constitute the annual accounts required by the Companies Act 2006 and are for circulation to members of the company. These financial statements were approved by the Board of Directors and authorised for issue on 2810812024.. and are signed on their behalf by: is MAThHEW ROSE Director LOUISE PERRY as OFS Accountable Offlcer Company Registration number.. 02705172
18 The Chicken Shed Theatre Trust Consolidated Cash Flow Statement For the year ended 31st March 2024 Group 2024 Group 2023 Trust 2024 Trust 2023 Note Nel Cash Inflowl(Outtlow} From Operating Activities 421,170 157,773 444.901 148.302 Returns on Investment and Servicing of Finance Interest Received 21,098 3,744 21.098 3,744 Capital Expenditure Purchase of tangible fixed assets (106,772) (192,777) 1101,408) (191.249) Investments {Decrease)nncrease in cash £ 335,496 {£31,260) £ 364,591 (£39,203) Reconciliation of Net Outgoing Resources to Net Cash (Oufflow)Ilnflow from Operating Activities Group 2024 Group 2023 Trust 2024 Trust 2023 Net In¢omingl(Outgoingl Resources Interest Received Depreciation Donated Assets Decreasel(Increasel in stock (Increase)IDecrease in debtors (Decreaseylncrease in creditors 158,013 (21,098) 181.113 490.194 192,102 (3,744) 121,098) 184,699 179,814 (15,000) {5,582) 3,804 1127.064) (392,714) (126,488) (3W),650) 235.788 89,468 220,571 56.382 450,311 (3,744) 163,767 (15.000) Net cash Inflowl(Ouffiow) from Operating activities £ 421,170 £ 157,773 £ 444,901 £ 148,302 Analysis of Net Cash Grou Trust Cash at bank and in hand- at 1S1 April 2023 £ 1,465,052 £ 1,394.435 (Decreaseylncrease in cash during the year £ 335,496 364,591 Cash at bank and in hand- at 3151 March 2024 £ 1,800,548 £1,759,026
19 The Chlcken Shed Theatre Trust Notes to the Financlal Statements For tho year ended 31st March 2024 Background The Chicken Shed Theatre Trust (also refeed to as Chickenshed) is a registered charity and a company incorporated by guarantee with no share capital, exempted under Section 5 of the Companies Act 2006 from the requirement to use "Limited. as part of its name. It is incorporated in England and Wales under registration number 02705172 and its regISted office is Chicken Shed Theatre. 290 Chase Side. Southgate, London N14 4PE. Principal Accounting Policies (8) Basis of preparation The financial statements 8re prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practtce applicable to Gharities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1st January 2015), (Charities SORP FRS 102) and. the Companies Act 2006. The financial statements are prepared in sterling, which is the functional currency of the company. Monelary amounts in these financial statements are rounded to the nearest £. The financial slatemenls have been prepared under the historical cost convention. The principal activities are set out below. The Chicken Shed Theatre Trust meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or eslimated fair value in respect of gifted assets. (b) Going concem The ability of the company to undertake its activities is largely dependent upon the receipt of donations, gtft5 and grants. and revenue from fund raising evenls and activities. Those revenues cannot be guaranteed and are heavily dependent upon the efforts and contributions of volunteers, staff, the Executive and the Trustees. The Trust continues to commit to the delivery of only fully funded projects with processes in place to explore opportunities for new projects which could evidence viability. The approach we take to maintaining stsbility needs to embrace the uncertainty of the time and the changing priorities of our stakeholders (both the community and funders). Forbjnately cash levels remained buoyant during the year and the latest cash flow projections considered by the trustees indicate the group has sufficient resources availabl8 lo meet its liabilities as they fall due for at least 12 months from the date of signing the financial statement and hence they continue to prepare the accounts on a going conrn basis.
20 The Chicken Shed Theatre Trust Notes to the Financial Statements For the year ended 31st March 2024 (continued) Prlnclpal Accounting Policles (Continued) (c) Tangible fixed assets Fixed assets are stated at cost, or at estimated value in the ease of assets donated. Depreciation is calculated with the intention to wrile off the cost or valuation of fixed assets on a straight line basis over their expected useful lives at the following rates per annum: Leasehold propety Theatre equipment Fixtures, fittings and other equipment 2 per cent 10-20 percent 10-20percent {d) Income Subscriptions, grants, donations. legacies and gifts are recognised in the period in which the charity is entitled to the funds, any performance conditions attached lo an award have been met, it is probable that income will be received and the amount can be measured reliably. Income is deferred if reiVed in advance of entitlement. Entillement to income is deemed to be the date when the service is provided or an event takes place. All income is ststed net of VAT. Donated services and goods are recognised as income when the economic benefit can be measured reliably. General volunteer time is not recognised as income. (e) Allocation of expenditure Expenditure on raising funds includes all costs incurred in respect of activities lo rais8 voluntary income. Expenditure on Charitable activities includes all costs incurred to enable the charity to meet its charitable objective5. Other costs represent those costs incurred relating to strategy, complian. constitutional and regulatory matters. General overheads. which includes management and administration costs are allocated in proportion to salary cost and direct costs. RestrictedlUnreslrict8d Funds Income recorded within rgstri¢ted funds represents funds that can only be utilised for a project specified by the donorlgrantor. Income received for a designated purpose that is part of the integrated seNice provld8d by the Charity is considèred to be an unrestricted fund. Costs allocated against restricled funds indude direct wsts and an allocation of overheads.
21 The Chlcken Sh•d Theatre Trust Notes to the Financial Statements For tha year ended 31sl March 2024 (continued) Principal Accounting Pollcles (Contlnued) Unrestricted funds represent fijnds received which are expendable at the discretion of the trustees in furtherance of the charity's objectives. (g) Pension c05t5 Contribution5 to a defined contribution scheme are charged as incurred. {h) Operating leases The costs of operating leases are charged to the profit and loss account as incued. Financial instruments The Charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at trans8Ction v8lue 8nd subsequently measured at their settlement value. ') Criti¢al accounling estimat8s and areas of judgement Estimates and judgements are continually evaluated and are based on historical experience and other factors. including expectations of future events that are believed to be reasonable under the circumstances. Critlcal accounting estimates and assumptions The Charity makes estimates and assumptions Concerning the future. The sUIting accounling estimates and assumptions will. by definition. seldom equal the lated actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below. Income 15 accrued and deferred based upon estimates of future income entitlement and the timing of when activities will tske place. Fixed assets are depreciated over their expected lives. (k) Group financial statements The financial statements consolidate the results of the charity and its wholly owned subsidiary Chickenshed Trading Limited on a line-by-line basis. A separate Statement of Financial Activities and Income and Expenditure Account for the charity has not been presented because the Twst has taken advantage of the exemption afforded by section 408 of the Companies Act 2006.
22 The Chicken Shed Theatre Trust Notes to the Financial Statomants For the year ended 31st March 2024 Icontlnued) Grant Analysis Grants received during the year include the following- 2024 2023 For Children's and Youth Theatre: BBC Children in Need Boris Karloff Charitable Foundation The Childhood Trust Enfield Local Fund The Foyle Foundation The Inflexion Foundation The Mackintosh Foundation The Mer¢ers' Company The Rosemarie Nathanson Charitable Trust Young Barnet Foundation The Thistle Twst 86,520 49,328 1,000 10.500 10,500 5,173 17,000 1QO,000 5,000 13,000 5,000 486 15,000 Young Creators scham8: EBM Charitable Trust 15.000 15,000 For Education: The Greater London Authority - Young Londoners Fund John Horniman's Childrens Trust Office for Students The Redhill Trust Enfield New Deal 31.578 2,000 347,210 2,500 30,000 351,351 3,500 Herltage Project.. The National Lottery 245.000 For building, facilities & equipment: HSBC Foundation The Story of Christmas The Greenoaks Charitable Trust 15,000 45,000 5.000 For Outreach projects: The D'oyly Carte Charitable Trust Mazars Charitable Trust John Lyon's Charity London Borough of Enfield London Community Response Fund The National Lottery MK Rose Charitable Trust The Thomson Family Charitable Trust 5,376 15.000 33.000 5,000 26,255 49,711 5.000 4,000 50,000
23 The Chlcken Shed Theatre Trust Notes to the Flnanclal Ststements For the year ended 31st March 2024 (continued) Grant Analysis (continued) General: American Friends of Chickenshed The Andor Charitable Trusl The Basil Samuel Charitable Twst The Bemard Gold Foundation Capital Group Chapman Charitable Trust Christos Lazari Foundation The Greenoaks Charitable Trust Intemational Music and Art Foundation London Youth The Madison Foundation Mazars Charitable Trust MK Rose Charitable Trust Peter Deer Associates The Sheldonia Charitable Trust The Worshipful Company of Builders, Merchants Anonymous 17,853 5.000 10.000 5,000 20.000 1,000 29.500 2.000 3,000 20,000 3,000 36.000 5,000 10,000 1,000 15,000 5,000 3,000 3,168 3.000 2.000 10.000 10,000 Total Grants £ 846,933 £ 992,575 All grants have been recorded within unrestricted funds in accordance with note 2(fj of principal accounting policies. with the exception of grants received for projects that are not part of the integrated service provided by the Charity. totalling £771,765 {2023. £848,222). which have been recorded within restricted funds. 3a. Total Grant and Fee Incomè Grant and Fee income achieved by the Trust during the year bak8 down as follows: 24 2023 Grant income from the Office for Students Grant income from other bodies 347.210 499.723 351,351 641,224 Total Grant Income £ 846.933 £ 992,575 Fee income for taught awards (excl of VAT) Fee income for research awards (excl of VAT) Fee income from non-qualifying courses (excl of VAT) 433,500 450.500 426.088 443.636 Total Fee income £ 859.588 £ 894,136 Total Grant and Fee income £ 1,706,521 £ 1.886,711
24 The Chick•n Shed Theatre Trust Notes to the Financial Statements For the year ended 31st March 2024 (contlnued) 4. Financial Perfonnance of the charlty The consolidated statement of financial activities includes the results of the charty's wholly owned subsidiary, Chickenshed Trading Ltd. which operates the trading arm of the trust and the in-house calering facilities. The summary financial perf0mlan of the charitable company alone is: 2024 2023 Income 3,629,757 3.714.177 Totsl Income 3,629,757 3,714,177 Expenditure on: Raising Funds Charitable Activities Olher 650,539 2.700,713 86,402 557.056 2,630.815 75.995 Total Resources Expended 3,437.654 3.263,866 Net income 192,103 450,311 Totsl funds brought forward 4,130,050 3.679.738 Totsl funds carried forward 4,322,153 4,130,049 Represented by.. Restricted funds Unrestricted funds 2,698,759 1,623,394 2,618.185 1,511.865 4,322,153 4,130,050
25 The Chicken Shèd Theatre Trust Notes to the Financial Statements For the year ended 31st March 2024 (continued) Expenditure on raising funds 2024 2023 Wages Promotion and public relations 242.991 213,458 Other expense5 - Event Costs - Promotional costs - Depreciation (Restricted Fund) 49.413 63.415 11.645 48.316 29.779 10,117 124,473 88,212 Allocation of support costs 283,074 255,386 650,538 557,056 Income earned from other activities The wholly owned trading subsidiary, Chickenshed Trading Ltd, was incorporated in the UK (company number 12173455) in 2019 and intends to donate all of its profits eamed to the charity under the gift aid scheme. Since becoming aclive Chickenshed Trading Ltd has operated the in-house catering facilities and all commercial trading operations carried on at the Chicken Shed Theatre Trust. as well as some major events held at extemal locations. The summary of the financial performan of the subsidiary alone is: 2024 2023 Turnover Total Income 221.116 221.116 225,557 225,557 Cost of sales and administration costs 214,476 185,674 Net (lossyprofit 6.640 39.883 Amount gift aided to the trust Retained in subsidiary 40,729 34,089 39,883 The assets arKI liabilities of the subsidiary were: Current assets Current liabilities Total n8t assets 91,115 85.366 5.749 116,023 76.184 39,839 Share capital and reserves £ 5,749 £ 39,839
26 The Chicken Shed Theatre Trust Notes to the Flnancial Statements For the year ended 31 st March 2024 (continued) Expenditure on Charitable Activities 2024 2023 Wages National Development and Training Programme Produclion and Artistic Direction - Front of Hous8 and Box Office Education 293,326 304.869 400.781 137,239 805,796 434,068 130,545 717,690 1,637,142 1,587,172 Other direcl expenses - Production and Workshops Education Merchandise Depreciation (Restricted Fund) 106,277 160.922 57 78,455 153.023 141,437 75.228 345,711 369.688 Allocation of support costs 717,860 673,955 £ 2,700.713 £ 2,630.815 The costs of employing stsff are allocated beeen the headings set out above on the basis of estimated time allocation but also recognise that many employees are multifunctional. Costs allocated to the restricted fund include depreciation of £78,455 {2023.. £75,228}, and wages & direct expenses of £847,915 {2023: £743,082). Other costs 2024 2023 Wages Audit Allocation of support costs 40,600 28,000 17,802 40.171 19,000 16,824 86,402 £ 75,995
.27 The Chicken Shed Thgotre Trust Notss to the Financial Statements For the year ended 31 st March 20241contlnued} 9. Support costs 2024 2023 Wages Depreciation Rent Light and heat Cleaning Maintenance Insurance Legal fees Consultancy Fees Telephone Postage Printing, stationery and computer costs Travel and Motor Miscellaneous Loan interest Irrecoverable VAT Bad Debt Expense Training and recruitment Currency Variance 402.584 89,714 20,000 85,134 48,047 108.526 65,500 406.845 78.423 17.500 71.365 41.740 92.720 53.886 2,500 2,050 13,434 478 30,215 6,695 45,390 2.550 11.179 522 27.711 6,994 50,975 1233) 90,815 80,359 7,101 1,618 5.110 {2,545) £ 1,018.737 £ 946.165 Support cost5 allocated to the restricted fund are in respect of Kensington & Chelsea and amount to £45 (2023: £245). Allocation5 are based upon the proportion of direct expenses with weighting given to direct payroll charge to= 2024 2023 Charitsble expenditure Raising funds Other costs 717,860 283,075 17,802 673.955 255.386 16,824 £ 1.018.737 946,165 10. Net Incomel{exponditure) (a) Net incomel{expenditure) is stated after charging.. 2024 Depreciation - restricted fund unrestricted fund ).100 91.013 25,410 20.000 85,345 79,353 25,400 17.500 Audit fees Operating leases- land and buildings
28 The Chlcken Sh•d Theatre Trust Notes to the Financial Statements For the year ended 31st March 2024 (contlnued) 11. Staff Costs Staff costs during the year were as follows.. Group 2024 Group 2023 Trust 2024 Trust 2023 Wages and salaries Social security costs Other pension costs Contract slaff 2.135.736 183.316 52.758 22.240 2.044,802 176.983 52.480 32,940 2,064,992 181,252 54,834 22,240 1.986.796 175.617 52,294 32.940 £ 2,394,050 £ 2,307,205 £ 2.323,318 £ 2,247,647 The average monthly number of persons, full and part time, employed by the charity during the year was.. Group 2024 Group 2023 Trust 2024 Trust 2023 Administration and finance Artistic and education Fund raising and publicity Production General management.. Front of house Box office Building maintenance Catering 58 12 107 102 95 95 The staff numbers above include 43 full time staff (2023: 42) and 64 part time (2023: 60). but exdude a pool of over 200 regular volunteers. None of the directors received any remuneration in respect of services provided, neither were they reimbursed expenses incurred on behalf of the charity. Remuneration to key management personnel, who are Considered to be the executive officers amounted to £111,516 {2023: £110,308}. No employee (2023- nil) eamed more than £60,000 in the band £60,CNJO - £70,000. Managing Directorfs Remuneration was as follows.. 2024 Salary Pension C05tS £ 54,133 £1,624 £ 53,562 £1,592
29 The Chicken Shed Theatre Trust Notes to the Flnanclal Statements For the year ended 31st March 2024 (continued) The Managing Director's basic salary is 2.21 times the median pay of staff, where the median pay is calculated on a full-time equivalent basis for the salaries paid by the Trust to its staff. The justification for the remuneration package for the Managing Director is set by the Board of Trustees and is benchmarked across similar sized organisalions within the charity sector. In future the TTUSt will be passing this responsibility to a new Remuneration Committee within the Board that will be tasked wth the development of a robust remuneration management framework for the Trust. with the aim of ensuring that the Trust is well staffed with suitable qualified and experienced staff within an agreed bJd98t. Perfomance of the Manging Director role will be carried out through an annual appraisal by a member of the Trustee Board. Pension costs: The charity contributes to a defined contribution scheme. The charge to the profit and loss account was £52.758 (2023.. £52.480) and at the year*nd there were outstanding contributions of £11,317 (2023.. £11,157), 12. Tangible Fixed Assets- for the Group Fixtures, Fittings and other ment Leasehold Pro Theatre E ui ment Total Cost or valuation At 1st April 2023 Additions Disposals 3,458,160 990,851 35.776 69.718 1,133,638 70,998 131.960 5.582,649 106.772 201,678 At 31sI March 2024 £ 3,458.160 £ 956,909 £ 1,072,676 £ 5,487.745 Depreciation At 1st April 2023 Charge for the year Disposals 1,665,812 69.165 851,624 30.941 69,718 819,058 81,007 131,960 3.336.494 181.113 201,678 At 31st March 2024 £ 1,734.977 £ 812.847 £ 768.106 £ 3,315.929 Net book value At 3191 March 2024 £ 1.723.183 £ 144,062 £ 304,571 £ 2.171,816 At 31st March 2023 £ 1.792,348 £ 139.227 £ 314,580 £ 2.246,155
30 The Chicken Shed Theatre Trust Notes to the Financlal Ststements For the yoar ended 31st March 2024 (continued} 12. Tangible Flxed Assets (continued) For the Charitable company Fixtures. Fittings and other ment Leasehold Theatre ment Totsl Cost or valuation At 1S1 April 2023 Additions Disposals 3,458,160 990,851 35,776 69,718 1,124,895 65,632 131,960 5,573.906 101,408 201,678 At 3151 March 2024 3.458.160 £ 956,909 £ 1.058.567 £ 5,473,8 Depreciation At 1 st April 2023 Charge for the year Dispos81s 1.665,812 69,165 851,624 30,941 69,718 816.791 79,708 131,960 3.334,227 179.814 201,678 At 31 Sl March 2024 1,734,977 £ 812,847 £ 764,539 £ 3.312,363 Net book value At 3151 March 2024 1,723,183 £ 144,062 £ 294,028 £ 2.161.273 At 31sl March 2023 £ 1.792,348 £ 139,227 £ 308,104 £ 2.239,679 The net carrying value of langible fixed assets for the group and charity company includes the following in respect of assets held under finance leases or hire purchase contracts.. £7,657 {2023'. £15,314). Depreciation charge for the year in respect of leased items was £7,657 (2023.. £7.657). 13. Investments In 2019 Chicken Shed Theatre Trust invested in 1 ordinary share of £1 in its wholly owned trading subsidiary Chickenshed Trading Limited {company number 12173455), which is incorporated in England and Wales with registered address 290 Chase Side, Southgate, London. N14 4PE. This is the only share allotted, called up and fully paid, The activities and results ofthe subsidiary are summarised in note 6.
31 The Chicken Shed Theatre Trust Notes to the Financial Statements For the year ended 31st March 2024 (continued) 14. Debtors Group 2024 Group 2023 Trust 2024 Trust 2023 Trade debtors Accrued income Prepayments Amount due from subsidiary Other debtors 223.508 569.799 112.627 87.758 602,088 86.207 220.915 569.799 112.629 85,742 602,088 86,207 21,615 24.432 21.615 24.432 £ 927.549 £ 800.485 £ 924.958 £ 798.469 15a. Creditors. amounts falling due within ono year Group 2024 Group 2023 Trust 2024 Trust 2023 VAT, payroll taxes and social security payable Deferred income Accruals Amount due to subsidiary Other creditors 58.064 264.495 83,718 49,250 54,322 115.267 {12,984) 264.495 83,716 25,790 162.090 {2.777} 54,322 109,518 31.826 109.647 176.407 128,054 £ 582,682 £ 346,893 £ 523.106 £ 302,536 Income has been deferred vthere it is considered that conditions relating to the recognition of income have not been met or where income specifically relates to an activity that will take pla subsequent to the year end. All income deferred in the prior year was recognised in the current period. Income deferred at year end includes £250,250 relating to a 501h Anntversary Gala event to be held in November 2024.
32 The Chicken Shad Theatre Trust Notss to the Financlal Ststements For the year ended 31st March 2024 (continued) 15b. Creditors, amounts falling due after more than one year Group 2024 Group 2023 Trust 2024 Trust 2023 Loans Hire purchase agreement Assets purchased under HP are secured against the liabilty due. 16. Analysis of Net Assets Between Funds Restricted Funds Unrestricted Funds 2023: Group Total Fixed assets Net current assets 1.864.691 753,494 381,460 1.170,243 2.246,151 1,923,737 £ 2.618,185 £ 1,551,703 £ 4,169,888 Restricted Funds Unrestricted Funds 2023: Charitabl• Company Total Fixed assets Net current assets 1,864,691 753,494 374,989 1.136,876 2.239,680 1.890,370 £ 2,618.185 £ 1.511,865 £ 4.130,050 Restricted Fund Unrestricted Funds 2024: Group Fixed assets Net current assets 1.846,130 852,629 325,686 1,303,457 2.171,816 2,156,086 2,698,759 £ 1,629,143 £ 4.327.902 Restricted Funds Unrestricted Funds 2024: Charitable company Total Fixed assets Net current assets 1.846.130 852,629 315,144 1,308,249 2,161,274 2,160.878 £ 2,698,759 £ 1,623.393 £ 4.322.152
33 The Chicken Shod Theatre Trust Notes to the Financial Statements For the year ended 31st March 2024 (continued) Group and charitablè company Restrlcted funds (conllnued) Brought Forward In¢omlng Outgoing Resou$ Resourc88 Carrled Foard National lottery Building & Facllllles Artistic programme Chickenshed Kensington & Chelsea Children & Youth thèatre Programm8 Education programm8 Educatlon programme- Equipment Outreach programme National Lottery Heritsge Project AVIIT & theatre equipment Studio theatre development Young Creators prcgramme Kltchen Refurbishment Rayne Theatre Flooring Equipm8nt & Repalrs Referral Prc¥3ramm8 Access & Participation The Wendy House Project Children Connecting Communilies 1,760.196 60.000 51.316 8,014 45,428 143,240 30,829 105,469 245,000 40,841 27,865 7,025 31,872 5,180 (69,165) 1,691,031 {8,871) 51.129 (23.332) 27.984 {8,014) (26,268) (348,252) 12,731 } {48,012) {102,269) 11,917) {899) 115,118) 14,104) 12,580) (2,285) {1,680) 133,980) 40,486 349,710 59,646 144,698 28.098 137.006 142,731 38.924 26,966 6,907 27.768 2.580 57,715 84,840 141.699 29.037 79,549 15,000 60.000 86.520 175,679 29,037 26,893 (26,893> £2,618,185 £ 806,944 £ (726,370> £ 2.698,759 National Lottery funding is restricted to the costs of the constnjction and fumishirvJ of the theatre building, and depreciation of thos8 costs, over the period of the lease. 17. Taxatlon The charitable parent Gompany is éxempt from taxatlon of income and gains falling within Section 478 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992 to th8 extent they are applied to lis charitsble objects. During the year to 31 March 2024 the trading subsidiary generated 8 surplus, will have exceeded its prior year cumulatSv8 d8ficii, and intends to make a gfft aid donation to The Chicken Sh8d Theatre Trust within 9 months of 31 March 2024. The combination of a donation from reseNes plus brought forward tax losses in the subsidiary shoukl ensure no liability arises from this year. 18. Lease and capltal Commitrnents Totsl lease C¢Jnmitm8nts in respect of operating lease rentsls which expire: Land and Buildin 2023 20,OC(I 80.000 180.000 Due within 1 year Within 2-5 years S years + 20,000 £ 80,000 £ 160,000 £ All lease rental costs exclude VAT. the cost of which is mostly i10verable. During the year the lease that The Chicken Shed Theatre Trust has wlth The Chick8n Shed Propety Company was revised, along wilh the changes to the head lease that The Chicken Shed Propety Company has with th8 London Borough of Enfield.
The Chicken Shed Theatre Trust Notes to the Financial Statoments For the year ended 31st March 2024 (continued) 19. Related Party Transactlons The Chicken Shed Theatre Trust rents a property from The Chicken Shed Property Company on which an annual rent of £20,00012023: £20,CKIO) is payable. There are other transactions between the companles and amounts disbursed by The Chicken Shed Th8atre Trust on behalf of The Chicken Shed Propety Company and overall at 31" March 2024 The Chicken Shed Propety Company owed The Chicken Shed Theatre Trust £21.615 (2023: £24,405).