Rogistered number: 02848282 Charlty number: 1032846 THE CUSTOMS HOUSE TRUST LIMITED (A Company Llmited by Guarantee) TRUSTEES. REPORT AND CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
THE CUSTOMS HOUSE TRUST LIMITED (A Company Llmlted by Guarant••) CONTENTS Page Referftn and AdmlnistratSve Detalls of the Charitable Company. Its Trustees and Advlsers Trustees. Report Independent Audltors, Report on the Flnanclal Statements Con8olldated Statement of Flnanclal Actlvltles 2-12 13-16 17 Consolidated Balance Sheet 18-19 Charltable Company Balance Sheet Consolidated Stslement of Cash Flows 20-21 22 Notes to the Flnanclal Statements 23-47
THE CUSTOMS HOUSE TRUST LIMITED {A Company Llmlted by Guarnnté•) REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITABLE COMPANY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 MARCH 2024 Trustees M Fay, Chair (resigned 25 November 2024) L G Barrett C E Cooke (resigned 12 November 2023) D G Cottam (resigned 13 November 2023) E Czestochowski K C Dawes l Farrar S Finnon (resigned 25 November 20241 N Laverick {resigned 9 October 20231 S J Mitchell, Chair (appointed as Chair 25 November 2024) M Patterson A Plouviez C N Simmons (resigned 25 November 2024) J Smilh (resigned 19 July 2023} V C Wiggins (resigned 25 November 20241 Company regl8tered number 02848282 Charlty reglstered number 1032846 Reglstored offlce The Customs House Mill Dam South Shields Tyne & Wear NE33 1ES Company secretary K Anders Chlof Exocutlvo Offlcors K And8rs (appointed as Joint CEO 1 April 2024, appointed as CEO 30 September 2024) F Martin (appointed as Joint CEO 1 April 2024, resigned as Joint CEO 30 September 2024) R Spencer (resigned 31 March 2024) Independent audltors Clive Owen LLP Chartered Accountants and Statutory Auditors 140 Coniscliffe Road Darlington Co Durham DL3 7RT Bankers HSBC Bank PIC 110 Grey Street Newcastle upon Tyne NE14AD Sollcltors PGS Law Chambers 22 Denmark Centre Law Court, Fowler St South Shields NE33 2LR Page 1
THE CUSTOMS HOUSE TRUST LIMITED (A Company Llmlted by Guarante•) TRUSTEES, REPORT FOR THE YEAR ENDED 31 MARCH 2024 The Trustees presenl their annual report together with the audited financial statements of the Charitable Company for the period 1 April 2023 to 31 March 2024. The Annual Report seNes the purposes of both a Trustees. report and a directors, report under company law. The Trustees confimi that the Annual Report and financial statements of the charilable company comply with the current ststutory requirements, the requirements of the charitable companys goveming document and the provisions of the Stslement of Recommended Practice (SORP) applicable to charilies preparing their accounts in accordance with the Financial Reporting Stsndard applicable in the UK and Republic of Ireland IFRS102) leffectsve 1 January 2019). Since the group and the Charitable Company qualrfy as small under section 383 of the Companies Act 2008, the Group Strategic Report required of medium and large companies under the Companies Act 2006 (Strategic Report and Directors, Report) Regulations 2013 has been omitted. Objectlves and actlvltles Pollcles and objectlves In setting obj'ectives and planning for activities, the Trustees have given due consideration lo general guidance published by the Charity Commission relating to public benefit, including the guidance 'Public benefit.. running a Charity IP82)'. The Customs House Trust Limited relies on income from fees and charges from the public to cover tts operating costs. together with grants from public and private trusts and organisations. The Trustees give careful consideration to the pricing structure of the fees for those on low incomes in the local and wider community. The Customs House Trust Limrted is a registered Charity and a company limited by guarantee. It has a vtholly owned trading subsidiary, The Customs House Green Room Limited. The Trust has aims. The first relates to cultural activity, the second to managing cultural buildings and specificalty the Customs House.. 1. To promote. maintain, improve, and advance the knowledge, understanding, and appreciation of the arts and popular cumure among the inhabitants of the borough of South Tyneside and its neighbourhood. 2. To establish and to secure the establishment of centres for the arts and popular culture throughout the borough of South Tyneside and, in particular, al the old Customs House building, Mill Dam. South Shields and to equip, maintain, manage, and market the same, together v4ith related capital projects within the Mill Dam area of South Shields. Page 2
THE CUSTOMS HOUSE TRUST LIMITED (A Company Llmlted by Guarant••) TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Objectlves and actlvltles (continued) Strategies for achleving objectives Through a broad, balanced, and sustainable programme of high-quality arts and cultural activities for all, The Customs House has continued to develop Ihe range of our partnerships, the reach of our programming and awareness of our work. We have continued to create and deliver high quality arts and cultural programmes and events that engage and involve participants, enhance the wellbeing of the communities we work with, and encourage new and diverse audiences. Our business model is delivered through the effective implementation and rigorous review of our business plan. Our plan is inclusive of both our key priorities as an organisation, in delivering our strategic aims as a Charity for arts and culture, but also encompassing our need to support the delivery of strategies of both of our major funders, Arts Council England - Let's Create and South Tyneside Council 'Making Waves, cultural strategy. The Customs House is an integral part of South Tyneside's cultural offer. Our local partnership work brings breadth and insight and helps to create a thriving cultural landscape for the Borough of South Tyneside. We have continued to work with the Local Cultural Education Partnership and the South Tyneside Cultural Partnership Group to shape the future of arts and culture in the Borough. Equality, Diversity and Inclusion are at the heart of everything we do at The Customs House. Our Equality, Diversity and Inclusion Strategy ensures that we continue to recognise and embrace the differences between people and ensure that inclusion is at the forefront of our work. This year we have seen many initiatives introduced to allow us to engage more with harder to reach groups within our communities. Working with local organisation, Tailored Leisure, we have undertaken a full access audit of our building and the services we offer. We have built in recommendations from this audit to shape our future plans for Ihe organisation. We have continued to offer relaxed theatre performances throughout the year and have extended this to our cinema audiences. The Customs House remains committed to increasing engagement levels for those least engaged, by understanding the barriers facing our local communities. Our Learning and Participation offer, and utilising Audience Data is key to this work, and we committed additional resource to this from February 2024 thanks to funding from the Sir James Knott Trust. In addition, our pricing strategy has been aligned to ensure Ihat we can provide an affordable and engaging offer in an area that is considered to be of significant social and economic deprivation. Our strategic aim to develop emerging creatives has been enhanced with new policies to engage new entrants into the sector and where possible include opportunities for talent development regardless of age, gender or ethnicity. We continue to develop new ways of engaging with younger more diverse audiences and have made increased efforts to build on our family audiences. Our family theatre audiences have grown through an extended range of theatre programming which was specffically aimed at younger people, and an increased number of in-house pantomime productions throughoul the year. Our in-house work has been further enhanced by working with several notable national organisations, including Boundless Theatre, Northem Broadsides, Blackpool Grand and Barnsley Civic theatres. In April 2023, we commenced the first year of the ACE National Portfolio Organisation funding programme to help deliver the 'Let's Create, strategy. Funding in this round increased from £104K per annum to £204K per annum to allow us to deliver an extended programme of events and provide additsonal staffing resource to support our community engagement work. Page 3
THE CUSTOMS HOUSE TRUST LIMITED (A Company Llmlted by Guarantee) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Objectlves and activities Icontinued) Thanks to grant funding from BIFFA award, received throughout YE2023 and YE2024, we were able refurbish our cinema seats in September 2023 and instsll a fully retractable seating unit in our main auditorium in January 2024. This has given us greater flexibility in how we deliver our creative programme and events. In April 2024 we were able to offer our first music gig with stsnding capacity. Our commitment to environmentsl sustainability has resulted in us achieving bronze accreditation as part of the Investors in the Environment Award. We will bulld on this by working towards our Silver accreditstion from April 2024. We have been supported by our 843 Friends Members, comprising of single, joint and family memberships. We also receive regular donations from our Custodians and players of Unity Lottery. During the year. there were 233 event hires for weddings, celebrations, conferences, community group5 and rehearsals. The Customs House YoL5ng Perfomiers Company, established in January 2022 for young people aged 8-18, has grown from 22 members to 55 members within the first 12 months. From April 2023, we have delivered 34 training sessions wthin term time. The Young Performers Company offers training to young people in dance, drama and singing and they have produced two shows, performed in our main auditorium this year, one being a pantomime (Alice in Wonderland) and the other a Gala Show (When l Grow Up).To ensure this is a programme which is accesible for all, we offer 10 % of the total places as fully or part funded. Our Young People's work continued over the summer months with The Customs House Summer School, an annual 3-week intensive programme of musical theatre training, culminating in 6 performances in our main auditorium. The Production for summer 2023 was Seussical the Musical, involving 30 participants aged 8-18 from across the North East. Following successful delivery in 2022, The Customs House has again been provided grant funding from South Tyneside Council to co-ordinate free holiday activity and food provision (HAF) for children and young people enlilled to benefit-related free school meals. In 202312024 we provided 1,140 places for young people and their families to attend our venue for a meal and access to physical activities and either a visit to our cinema. pantomime. non-verbal theatre show. or Musical production. The total number of tickets sold at TCH in 202312024 increased by 6.5 % from 103,550 to 110,327, with box office increasing from £1,409,685 to £1.603,905113.77 % ). Ticket yield has marginally increased from £13.72 to £14.53. A notable trend was the continued drive towards online purchases which now accounts for 83°/o of our total ticket sales. We continue to grow our social media presence, with our Facebook reach increasing by 40.5DA, Instagram reach by 25.10/0, Facebook visits by I31.5. and Instagram wsits up by 108.4 %. Continuing inflationary pressures throughout the period has created a challenging environment for mainlaining consumer engagement and financial stability resulting in poorer trading conditions and slower growth than anticipated. Ticket sales have increased but only by 6.50/0 and not in line with increasing sts which has resulted in a deficit for 202312024. Page 4
THE CUSTOMS HOUSE TRUST LIMITED (A Company Llmlted by Guarantee) TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Objectives and actlvltles (contlnued) Activities undertaken to achleve objectives Theatre In 202312024, The Customs House presented shows in the main auditorium in a range of art foms such as children's theatre, music, comedy, tribute acts, new writing, musical theatre and dance. The Customs House presented 150 Theatre productions of which 42 were directed toward Children and Young people. This resulted in the sale of 110,094 tickets of which 49,964 were related to our family shows. Highlights of the year saw pantomime grow both in the number of productions offered but also in ticket sales. Aladdin brought an audience of 30,622 compared to 28,439 for Robin Hood the previous year. Our first Easter and Summer Pantomime also brought 9,265 visitors. The under-sevens Christmas show, produced by Treestump Theatre (The Enchanted Snowglobe), had an audience of 4.061 which was shghtly down on the previous year of 4,492, despte an increase in the number of performances within the run. We continue to try and convert the main pantomime visitors to other children's shows throughout the year. The Mini pantomime at Halloween was replaced with a young person's gameshow which attracted 1,147 visitors compared to 2,015 the same time the previous year. The children's Show in February 2024 was sSightly down with 1.593 tickets sold compared to 1,618 the previous year. Productions which were developed from new writing included The Bench, Weamiouth and Grown-up Writing which attracted audiences of 1,338 over a total of 18 performances. In 202312024, we produced 4 relaxed theatre performance of our family shows with 390 people attending. Cinema Cinema programming has been a challenge. as it is across the sector, with a reduction in available product and changes in audience behaviours with the increased availability of home streaming. While we have still been able to increase the number of films available and tickets sold during 202312024, growth has been limited due to these factors. In order to diversify, we have continued our offer of Live Cinema Screenings and have lrialled the use of the cinema for Esports Toumaments. Overall, in 202312024, 48 films were presented over a total of 645 screenings producing a total audience of 20,123 visitors. We have also had 22 Live Cinema screenings which represents 1,078 ticket sales across the period. In February 2023, following a collaborative project with Beacon Films, we introduced our first relaxed cinema screenings. Relaxed screenings have continued throughout 202312024 with 6 different screenings which attracted 350 visitors. To ensure cinema is accessible to all, each relaxed screening is offered on a 'pay what you decid8, basis. Volunteers The Trust continues to be thankful lo those who make a regular effort to support our work. This includes a range of teams who undertake litter picking, stewarding and our 'Takeover' delivery team, all of whom give so generously of their time. Page 5
THE CUSTOMS HOUSE TRUST LIMrrED (A Company Llmlted by Guaranto•> TRUSTEES. REPORT {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Objectives and activities (contlnued Maln actlvities undertaken to further the Charitsble Compan$ purposes for the public benefft We have continued to offer a broad range of arts and cultural activits'es to the people of South Tyneside throughout the year. The Customs House commissioned a piece of theatre without words for Under 7s, vthich was an adaption of The Little Prince. which was perfomied at the venue. and across South Tyneside's parks. The Trust has maintsined The Customs House and tts associated buildings wthich are of significant importance in the history of South Tyneside. It has continued to be available for engagement in cultural pursuits for 323 days of the year. The Tnjst programmed live theatre, cinema, gallery exhibitions and hosted many corporate and private event bookings. The Trust Yrked to offer opportunities for residents to engage in the arts including Youth Theatre, Young Perfomiers Company, Summer Sthool, Commynity Choir, Big Band, Ukuleles, and we_ekly art classes. Wp worked in partnership with many organisats'ons induding Schools. Colleges. Young Carers Association, South Tyneside Participation Team, Compact for Racial Equality in South Tyrteside {CREST), Hindu Nan Sangh, Bright Fulures, Bilton Hall, Hebbum Helps, Hospitality and Hope, Happy at Home, The Cultural Spring and Age Concem South Tyneside to ensure our programme was accessible to all and enhanced the Trusfs reach. Achlevemonts and perforniance Main achievements of the Charltable Company Creatlve Engagement During 2023-24, Our Leaming and Participation Team engaged viith over 24,500 participants in a range of arffomis including theatre, singing, photography, lrfe drawing, e-sports, breakdance and screen-printing, in our venue and across South Tyneside. This was through veklY groups and classes, Holiday Actiwty Fund (HAF), visits from schools. and our community engagement work. We supported c(xnmunity organisations (CREST, oan CA, Bangladeshi Welfare Association. and Ocean Rd Caterers Association) to deliver the Ocean Rd Mela" a celebration of the Bangladeshi communty in South Tyneside. Our Takeover Fests"val vlas supported by The Gillian Dickinson Trust. The Barbour Foundation, The Fidelio Trust, D'o Carte Charitable Trust and The Community Foundation, debuting a new play by 5ff)ung v4riter, Holty Readshaw, as well as workshops, a breakdance jam. visual arts exhibition and a gig night. Our Takeover Team planned and delivered the Festival. yth 67°/0 of the Team from Protected Characteristic Groups. Our annual new vniting initiate returned wth PLAY 3 shovKasing five NE WTiters. with The Peter Lathan Prize for New Writing being awarded to Alan Diment, who said of his achievement, 'it is a valuable incentive to have won and a reminder that age is no barrier to creativity.. We debuted our new initiative First Play Club, an annual initiative which offers creatives of all ages the chance to come together and develop their first professional credit on a new production to be performed at The Customs House. First Play Club pieces Wearmouth by Ben Gettins and Grown Up Writin, by Louise Powell both premiered on our main stage at The Customs Hous• in September 2023. In theatre reviews of Wearmouth, feedback included, 'a staggeringly good first play...uncensored, unapologetic-and totalty sincere., (Norlhem Echo). The Future Creatives (TFC) is our new programme aimed at nurturing emerging artists aged 25 and under across various art fornis. The initiative has been made possible through investment from Arts Council England and will provide opportunities for yY)ung creatives in the North East over the next three years. Page 6
THE CUSTOMS HOUSE TRUST LIMITED (A Company Llmlted by Guarante•) TRUSTEES, REPORT (CONTINUED FOR THE YEAR ENDED 31 MARCH 2024 Achlevements and performance (contlnuedl Th8re were four TFC events each year. In November 2023, we shared This is Makina! a piece of gig theatre made in partnership with London based theatre company Boundless Theatre and young people from across South Tyneside. In April 2023, we programmed Grow With The Flow Vol, 2, with our longstanding collaborators Just Jam Intl. which was a platform to Introduce young people to hip hop dance, including a jam for those at the very start of their battling careers. We were delighted to be able to welcome to The Customs House Academy, Indlviduals who have made a major contribution to the world of arts and entertainment and have a significanl connection with South Tyneside including Alfie Joey, Graeme Thompson, Terry Deary, Pete Zulu, and Nigel Begg. We cfrproduced and showcased a new piece of musical theatre called The Audition by Graeme Thompson, and were awarded £8,000 from The Esmee Fairbairn Foundation to support the development of the work. Flnanclal revlew Golng concern After making appropriate enquiries, the Trustees have a reasonable expectailon that the Charitable Company has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoplion of the going concern basis can be found in the accounting policies. Ra8erves pollcy The Board of Trustees, alm Is to malntain a balance of total reserves In excess of £500,000 and free reserves In excess of £150,000 to ensure the normal runnlng of the business in adverse economic conditions. At 31 March 2024 year end reserve5 lotalled £759,665 (2023: £870,196), of which £130,000 is designated12023: £130,000), £92,718 is restflcted (2023.. £126,637) and £536,947 is unrestricted12023'. £613,559). After a number of loss making years in succession, current reserves values have fallen below the policy target levels, however, the 8oard is confident that The Customs House will improve performance sufficiently, after recovery from the pandemic to restore free reserves to the policy levels. The amount of tangible fixed assets stood at £358.076 at 31 March 2024 (of which £358,076 was UnSt¢ted). Page 7
THE CUSTOMS HOUSE TRUST LIMITED (A Company Llmlted by Guarantee) TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Prlnclpal rlsks and uncertainties The Trust maintains a risk register that identifies the major risks the Charity faces. Monthly revIeV monitor risks and controls used to mitigate them and suggests how the Trust would respond shouSd any of the risks materialise. Audiences have still not returned to pre-pandemic levels, and buying habits and a reduction in available disposable income have resulted in a challenging trading environment. The Trust continues to monitor this situation and respond to changes in audiences through its audience development, pricing and marketing strategies. The age of the building, its grade 11 listed status and the increasing costs of Maintenance and repairs required draws heavily on our resources. However, applications for capital funding have been made to several Trusts and Foundations to enable replacement and refurbishment of buildings and equipment. The retirement of the previous Executive Director, which took place in March 2024, proposes a potential risk during the 12 months while new interim management structure is fully embedded and will be closely monitored by the Trustees. Flnanclal rlsk management objectlves and pollcles The Trust estsblished a risk register that identifies the major risks the Charity faces. Monthly reviews monitor risks and controls used to mitigate them and suggests how the Trust would respond should any of the risks materialise. The age of the building and its increasing maintenance and repairs draws heavily on our resources. Loss of public sector funding has remained a risk. However. our partners remain committed to the Trust. Prlncipal funding The Customs House places great value on the financial support provided by Arts Council England and South Tyne5ide Council which enables us to deliver our strategic aims. The Customs House has received further NPO Arts Council funding until March 2026. Structure, governance and management Constitution The Customs House Trust Limited is registered as a Charitable company limited by guarantee and was set up by a Trust deed and is governed by it5 Memorandum and Articles of Association dated 7 November 2006. The directors of the charitable company (the Charity) are its trustees for the purposes of Charity law. The company is limited by guarantee. The trustees have no shreholding, but each undertake to subscribe an amount not exceeding £1 in the event of winding up. Methods of appolntment or electlon of Trustees The management of the Group and the Charitable Company is the responsibility of the Trustees who are elected and co-opted under the terms of the Trusl deed. Page 8
THE CUSTOMS HOUSE TRUST LIMITED (A Company Llmlted by Guarantee) TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Structure, govemance and management (contlnued) Organlsatlonal structure and declslon-maklng pollcles AJI strategic decisions are made at Board level. An annual budget Is set and reviewed by the full Board. Day to day operational issues are delegaled to the Chief Executive Officers. The Trust's terms allow for up to 15 Trustees with a minimum of 11. The current Board consists of 11 Trustees. The maximum term for Trustees is 6 years, however they are eligible for reappointment at the end of the six years. New Board Members who have attended the last five board meetings to be formal appointed at the AGM S Anderson S Corpe A Jackson J Laverick P White The following Board members completed their term of office M Fay, Chair (resigned 25 November 2024) S Finnon (resigned 25 November 20241 C N Simmons (resigned 25 November 2024) V C Wiggins (resigned 25 November 2024) None of the new members or the members who have completed their tem have been actioned on Companies House as they were to be fomially appointedlresigned at the AGM 30 December 2024. Joinl Chief Executive Officers K Anders & F Martin were appoint as joint CEO from 1 April 2024. Flona Martin resigned from CEO'S position on the 30 September 2024 & Kelly Anders became CEO. The Arts Council and South Tyneside Council are observers on the Board. The Board meets every six weeks except in December and meetings are attended by the senior executive team. There are currently four sub committees reporting to the Board: Finance, Staffing and Audit Marketing and Programming Learning and Participation Equality, Diversity and Inclusivity A summary of the committee purposes are given below. Finance Staffin and Audit Monitors and reviews the Trust's financial performance. Discusses staffing issues, audit findings an(J meets monthly. Membership compris8s five Trustee members, including Chair of the Trust plus Chief Executive Officers and Finance Manager. Minutes are circulated to the full Board and a v8rbal report is given each month. Monlhly management accounts are also forwarded to key funding partners. Marketin and Pro rammin Monitors, reviews, and informs the Trust's programmed evenls and develops and oversees delivery of a marketing strategy, meeting monthly. Membership comprises three Trustees together with the Digital Sales and Marketing Manager, Programming & Audience Development Manager, and Chief Executive Officers. Minutes are circulated to the full Board and a verbal update given at Board meetings. Learnin and Partici ation Monitors, reviews and infomis the Trust's cultural development programmes, meeting quarterly. Membership comprises three Trustees together with the Chief Executive Officer (Creativity), Programming & Audience Developmenl Manager & members of the L&P team. E ualit Diversi and Inclusivi Page 9
THE CUSTOMS HOUSE TRUST LIMrrED (A Company Llmited by Guarantee) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Structure, governance and management (continued) MoTrilors, reviews and informs the Trust against the Trust policy and procedures. Membership comprises three Trustees together with. the Chief Executive Officers and the Operations Manager. Other subcommittee5 may be formed at the Board's discretion to oversee specific special projects. Pollcl8s adopted for the Indu¢tlon and tralnlng of Trustees The Charity Terms of Reference for trustees lays out the roles and responsibilities and period of service for all board members. The Charity looks to have a Board which reflects the skills needed to deliver the Charitys aims and objectives and is mindful of gender balance and attempts to reflect the community it serves. Trustees are recruited through an open invitation advertised across a range of mediums. Snterested parties are invited to meet informally with Board members, following which, those individuals identified as being able to contribute to the Charitys work are invited to attend two full Board meetings as observers. With the agreement of a majority of the Board, those still wishing to Join the Board are then invited to do so at their third meeting. The Trustees meet for one or Away Days per year. These events are designed as training and update sessions for Board members as well as a forum for the consideration of strategic policy choices. Pay policy for key management personnel The Board (who are the directors and Trustees of the Trust) determine the pay of senior staff. The joint Chief Execulive Officers are charged by the Board with the management of personnel and directing and controlling, running and operating the Charity on a day today basis within the framework established the Strategic Plan and the Articles of the Trust. All Trustees give their time freely and no Trustee received remuneration in the year. Details of trustees, expenses and related party transactions are disclosed in note 13 and 27 to the accounts. The pay of senior staff is reviewed on a timely basis. Related party relationships The Charity has a wholly owned subsidiary.. The Customs House Green Room Limited, a company registered in England and Wales. The principal activities of The Customs House Green Room Limited during the year were to run the reslauranl and bar and to provide catering for events and conferences at or on behalf of the Customs House. Directors of this company are Chair of Finance and Executive Director. See note 27 for details of transactions with related parties, including Trustees and Key Management Personnel. Trustees. Indemnltles The liability of the members (who are also Trustees) is limited. Every member of the Trust has undertaken to contribute and amount not exceeding £1 to the assets of the Trust in the event of it being wound up while helshe is a member or within one year after helshe ceases to be a member. The Charity has made third party indemnity provisions for the benefit of its Trustees during the year. The provisions remain in force at the reporting period end. Page 10
THE CUSTOMS HOUSE TRUST LIMrrED (A Company Llmlted by Guarantse) TRUSTEES. REPORT ICONTINUED FOR THE YEAR ENDED 31 MARCH 2024 Plans for future periods The Trust has successfully recruited 6 new Board Members who will replace existing members when they reach the end of their term during 2024-2025. This also include5 the Chair who will be succeeded by the existing Vice Chair. Funding has been secured from the ACE Capitsl Investment Fund (£446,220) to enable us to upgrade facilits'es at our venue by enhancing physical infrastructure which is inclusive and provides an environmentally responsible way to deliver our activities and manage resources. This includes replacing the heating and ventilation system, replacement of our stsge lighting and theatre rigging equipment, refurbishment and improvement of accessibility for public areas, and equipment to allow us to offer captioned performances. The Customs House has also been included in the Levelling up Fund application submitted by South Tyneside Council. This will involve extensive development works to The Customs House site. The Twst is part of work wth South TeSide,5 Cultural Partnership as it delivers UK Prosperity Fund Grant, and ACE Place Based Partnership Fund. The Customs House Green Room Limited has not fully recovered to the level of pre pandemic trading however year on year growth can be seen as the food, beverage and event catering offering is further developed. The Riverside housing development is already taking shape and will grow over the next five years to have 250 homes adjacent to The Customs House along with a riverside walkway which will drive passing trade into our building. Statement of Trustees. r8sponsibilltles The Trustees (who are also the directors of the Charitable Company for the purposes of company law) are responsible for preparing the Trustees. Report and the financial statements in accordance with applicabl8 law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Company law requires the Trustees to prepare financial statements for each financial . Under company law, the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Group and the Charitable Company and of their incoming resources and application of resources, including their income and expenditure, for that period. In preparing these financial ststements, the Trustees are required to: select suitable accounting policie5 and then apply them consistently, observe the methods and principles of the Charities SORP IFRS 102)., make judgements and accounting estimates that are reasonable and prudent; stste whether applicable UK Accounting Standards (FRS 102) have been followed. subject to any material departures disclosed and explained in the financial stalements. prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group will continue in business. The Twstees are responsible for keeping adequate accounting records that are sufficient to show and explain the Group and the Charitable Company's transactions and disclose with reasonable accuracy at any time the financial position of the Group and the Charitable Company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Group and the Charitable Company and hence for taking reasonable steps for the prevenlion and detection of fraud and other irregularities. Page11
THE CUSTOMS HOUSE TRUST LIMITED (A Company Llmlted by Guaranto8) TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Dlsclosure of Inforniatlon to audltors Each of the persons vtho are Trustees at the time when this Tnjstees, Report is approved has confinned that: so far as that Trustee Is aware, there is no relevant audit information of which the charitable group's auditors are unaware, and that Trustee has taken all the steps that ought to have been taken as a Trustee in order to be aware of any relevant audit information and lo establish thal the charitable group's 8uditors are aware of that Informatlon. Audltor8 The auditors, Clive Owen LLP, have indicated their willingness to continue in office. The designated Trustees will propose a motion reappointing the audilors at a meeting of the Truste8S. Approved by order of the mernbers of the board of Truslees on their behalf by; and signed on S J Mltchell Chair Page 12
THE CUSTOMS HOUSE TRUST LIMITED {A Company Llmlted by Guaranteè INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF THE CUSTOMS HOUSE TRUST LIMITED Oplnlon We have audited the financial statements of The Customs House Trust Limited (the 'parent charitable company'> and its subsidiaries (the 'group'l for the year ended 31 March 2024 whSch comprlse the Consolidated Statement of Financial Activities, the Consolidated Balance Sheet, the Charitable Company Balance Sheet, the Consolidated Statemenl of Cash Flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in Iheir preparation is applicable law and United Kingdom Accountlng Standards, including Financial Reporting Standard 102 'The Flnanclal Reporting Standard applicable in the UK and Republic of Ireland, (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements: give a true and fair view of the state of the Group's and of the parent charitable companvs affairs as at 31 March 2024 and of the Group's incoming resources and application of resources, including its income and expenditure for the year then ended., have been properly prepared in accordance with United Kingdom Genorally Accepted Accounting Practice. and have been prepared in accordance with the requirements of the Companies Act 2006 and the Charities Act2011. Ba818 for oplnlon We conducted our audit in accordance with International Standards on Auditing (UK) {ISAs (UK)) and appllcable law. Our responsibilities under those standards are further described in the Auditors, responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements thal are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Slandard. and we have fulfilled our other ethical responsibilitl8s in accordance with Ihese requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basls for our opinion. Concluslons relatlng to golng concorn In auditing the financial statements, we have concluded that the Trustees, use of the going concem basis of accounting in the preparation of the financial slatements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relaling to events or conditions that, individually or collectively, may cast significant doubt on the Group's or the parent charitable companWs ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the Trustees with respect to going concem are described in the relevant sections of this report. Page 13
THE CUSTOMS HOUSE TRUST LIMrrED (A Company Llmltod by Guarant) INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF THE CUSTOMS HOUSE TRUST LIMITED (CONTINUED) Other Infomiatlon The other information comprises the information included in the Annual Report other than the financial statements and our Audrtors, Report thereon. The Trustees are responsible for the other infomiation contained within the Annual Report. Our opinion on the financial statements does not cover the other infomation and. except to the extent otherwise expliolly stated in our report, we do not express any form of assurance condusion thereon. Our responsibility is to read the other informats'on and, in doing so, consider whether the other infomiation is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwse appears to be materialty misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise lo a material misstatement in the financial statements themsefves. If, based on the work we have performed, conclude that there is a rnaterial misstatement of this other infomiats'on, we are required to report that fact. We have nothing to report in this regard. Oplnlon on other matters prescribed by the Companies Act 2006 In our opinion, base(1 on the work undertaken in the course of the audit: the information given in the Trustees. Report for the financial year for which the financial statements are wepared is consistent wth the financial ststements. the Trustees, Report has been prepared in accordance with applicable legal requirements. Matters on which we are required to report by exception In the light of our knoYAedge and understsnding of the charitable company and its environment obtained in the course of the audit, we have not idents'fied material misstatements in the Trustees. Report. We have nothing to report in respect of the folk)wing matters in relation to which Companies Act 2006 requires us to report to YDU rf. in our opinion: the parent charitsble ccxnpany has not kept adequate and sufficient accounting reciyds. or retums adequate for our audit have not been received from branches not visited by us" or the parent charitsble company financial statements are not in agreement *qth the aco)unting records and retums; or certain disclosures of Trustees. rernuneration specffied by law are not made; or we have not received all the infornation and explanab'ons we require for our audit" or the Trustees were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies, exemptions in preparing the Trustees, Report and from the requirement to prepare a Strategic Report. Responsibilities of Trustee¥ As explained more fully in the Trustees, Responsibilities Statement, 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 that they give a true and fair view, and for such intemal control as the Twstees detemine is necessary io enable the preparation of financial statements that are free from material misstatement, whether due lo fraud or error. In preparfng the flnandal statements, the Trustees are responsible for assessing the Group's and the parent charitsble companys ability to continue a5 a going concem, disclosing, as applicable, matters related to going concem and using the going concem basis of accounting unless the Trustees either intend to liquidate the Group or Ihe parent charttable company OT to cease operats'ons, or have no realists'c altemative but to do so. Page 14
THE CUSTOMS HOUSE TRUST LIMrrED (A Company Llmlted by Guarnnte•) INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF THE CUSTOMS HOUSE TRUST LIMITED (CONTINUED) Auditors. responsibilities for the audlt of the financial statements Our objectives are to obtain reasonable assurance about whether the financial statements as a vthole are free from material misststement, whether due to fraud or error. and to issue an Auditors, Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance wth ISAS (UK) wll always detect a material misstatement vthen it exists. Misstatements can arise from fraud or error and are considered material if. indiwdually or in the aggregate, they could reasonably be expected to influence the economic decisions of users tsken on the basis of these financial statements. Irregularities, induding fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities. induding fraud. The extent to V4hich our procedures are capable of detecting irregularities, including fraud. Our audit must be alert to the risk of manipulation of the finanaal statem8nts and seek to under51and the incentives and opportunities for management to achieve this. We undertake the following procedures to identify and respond to these risks of non-compliance: Understanding the key legal and regulatory frameworks that are applicable to the Group. We communicated identified laws and regulations throughout the audit team and remained alert to any indicators of non- compliance throughout the audit. We determined the most significant of Ihese to be Charty law, company law, taxation law, UK GAAP. health and safety, and GDPR. Enquiry of trustees and management as to policies and procedures to ensure compliance and any known instances of non-compliance. Review of board minutes and correspondence yth regulators. Enquiry of trustees and management as to areas of the financial statements susceptible to fraud and how these risks are managed. Challenging management on key estimates, assumptions and judgements made in the preparation of the financial statements. These key areas of uncertainty are disclosed in the accounting policies. Identity"ng and testing unusual journal entries. with a particular focus on manual joumal entries. Through these procedures, did not become aware of actual or suspected non-compliance. We planned and performed our audit in accordance wth auditing standards but owing to the inherent limitations of procedures required in these areas, there is an unavoidable risk that we may not have detected a material misstatement in the accounts. The further removed non-compliance th laws and regulations is from the events and transactions refiecte(l in the financial statements, the less likely we would becorne aware of it. The risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve concealment. collusion, forgery, misrepresentations. or override of internal controls. We are not responsible for preventing non-compliance and cannot be expected to detect noncompliance with all laws and regulations. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at.. wvM.frc.or .uklauditorsres nsibilities. This description forms part of our Auditors, Report. Page 15
THE CUSTOMS HOUSE TRUST LIMrrED (A Company Llmlt•d by Guarnnt••) INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF THE CUSTOMS HOUSE TRUST LIMrrED (CONTINUED) Use ol our report This report is made solely to the charitable companvs trustees, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006, and to the charitable companls trustees, as a body, Part 4 of the Charities {Accounts and Reports) Regulations 2008. Our audit work has been undertaken 50 that we might state to the charitable companvs trustees those matters we are required to state to them in an Auditors, Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and its members, as a body, for our audit work. for this report, or for the opinions we have formed. Chrlstopher Beaumont BA(Hon$) BFP FCA DChA (Senior Statutory Auditor) for and on behalf of Cllve Owen LLP Chartered Aeeountants and Statutory Auditors 140 Conisclrffe Road Darlington Co Durham DL3 7RT I q >J-y- Date.. Page 16
THE CUSTOMS HOUSE TRUST LIMITED (A Company Llmlted by Guarnnt••) CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES {INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 MARCH 2024 Restrlcted Unrestrlcted funds funds 2024 2024 Total funds 2024 Total funds 2023 Note Income from: Donations and legacies Charitable activities Other trading activitie5 Other income 226,105 32,742 462,887 1,392,604 849,790 16,832 688,992 1,425,346 849,790 16,832 462,996 1.267,096 744,279 30, 769 Total income 258,847 2,722,113 2,980,960 2,505, 140 Expendlture on: Raising funds Charitable activities 217,553 2,581,412 217,553 2,874,178 149,092 2,386, 080 292,766 Total expenditure 292,766 2,798,965 3,091,731 2,535, 172 Net expendlture before taxatlon Taxation (33,919) (76,852) 240 (110,771) 240 (30, 032) 233 Net movement In funds (33,919) (76,612) {110,531) (29, 799) Reconciliatlon of funds: Total funds brought forward Net movement in funds 126,637 (33.919) 743,559 (76,612) 870,196 (110,531) 899,995 (29, 799) Total funds carrled forward 92,718 666,947 759,665 870,196 Page 17
THE CUSTOMS HOUSE TRUST LIMrrED (A Company Llmlted by Guarantee) REGISTERED NUMBER: 02848282 CONSOLIDATED BALANCE SHEET AS AT 31 MARCH 2024 2024 2023 Note Flxed assets Tangible assets 14 358.076 394,198 358,076 394,198 Current assets Stocks Debtors Cash at bank and in hand 16 17 11,998 231,330 803,276 10,999 96,801 1.058,568 1,046,604 7. 166,368 Creditors: amounts falling due wthin one year 18 (644,5281 (689, 643) Net current assets 402,076 476, 725 Total assets less current liabilities 760,152 870,923 Provisions for liabilities (487) (727) Total net assets 759,665 870,196 Charlty funds Restricted funds Unrestricted funds 20 92,718 666,947 126.637 743,559 20 Total funds 759,665 870, 196 The Charitable Cornpany was entitled to exemption from audit under section 477 of the Companies Act 2006. The members have not required th8 entity to obtain an audit for the year in question in accordance with section 476 of th8 Companios Act 2006. However, an audit is required in accordance with section 151 of the Charities Act 2011. The Trustees acknowledge their responsibilities for complying with the requirements of the Charities Act 2011 and Companies Act 2006 with respect to accounting records and preparation of financial slatements. Pago 18
THE CUSTOMS HOUSE TRUST LIMITED (A Company Llmlted by Guarant•o) REGISTERED NUMBER: 02848282 CONSOUDATED BALANCE SHEET (CONTINUED) AS AT 31 MARCH 2024 The financial slalements were approved and authorised for Issu8 by the TNstees and signed on thelr behalf by. SJM Chair tche The notes on pages 23 to 47 form part of these financlal ststements. Page 19
THE CUSTOMS HOUSE TRUST LIMrrED IA Company Llmlted by Guarantw) REGISTERED NUMBER: 02848282 CHARITABLE COMPANY BALANCE SHEET AS AT 31 MARCH 2024 2024 2023 Note Flxed assets Tangible assets Investrnents 14 356,129 100 391,289 100 15 356.229 391,389 Current as¥•t• Debtors Cash at bank and in hand 17 490,506 489,376 511.047 603,374 979,882 1. 114.421 Creditors.. amounts falling due thin one year 18 (620,902) (669. 131) Net current assets 358,980 445.290 Total a8•ets l•ss current Ilabllltles 715,209 836.679 Total net as••t• 715,209 836,679 Charlty funds Restricted funds Unrestricted lunds 20 20 92,718 622,491 126.637 710,042 Total funds 715,209 836,679 The Charitable Companls net movement in funds for the year was £(121,470) (2023 - £(52, 991)). The Charitable Company was entitled to exemption from audil under section 477 of the CompanTres Act 2006. The members have not required the entity to obtsin an audit for the ypar in question in accordance section 476 of the Companios Act 2006. However. an audit is required in accordance with section 151 of the Charities Act 2011. The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accountlng records and preparation of financial statements. The financial statements have been prepared in accordance with the provisions applicable to entlts'es subject to the small companies regime. Page 20
THE CUSTOMS HOUSE TRUST ED (A Company Llmltsd by Guar•irtw REGISTERED NUIABER: 02848282 CHARrrA8LE COMPANY BALANCE 8HEET (CONTINUED) AS AT 31 MARCH 2024 The financial statements apFwied and author5sed for issue by the Tru8t8es .. . . and signed on their b8haK ty. S J Mitchell Chair The notes on pages 23 to 47 fom) part of these financial ststements. Pag8 21
THE CUSTOMS HOUSE TRUST LIMITED (A Company Llmlted by Guaranto0) CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2024 2024 2023 Cash flows from operating activities Net cash used in operating actiwties (note 23) (208,239) 155,411 Cash flows from Investlng actlvltles Purchase of tangible fixed assets (47,053) (54,070) Net cash used in investing activities 147.053) (54,070) Cash flows from financlng actlvlties Net cash provlded by financing actlvltles Change In cash and cash equlvalents In the year Cash and cash equivalents at the beginning of the year (255,292) 1.058,568 101,341 957,227 Cash and cash 8qulvalents at the end of the year 803,276 1,058, 568 The notes on pages 23 to 47 fomi part of these financlal statements Page 22
THE CUSTOMS HOUSE TRUST LIMITED (A Company Llmltod by Guaranteo) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 General Inforniation The Customs House Trust Limited is a private company limited by guarantee incorporated in England and Wales. The registered office is The Customs House, Mill Dam. South Shields, Tyne and Wear, NE33 1ES. The charitable companvs principal activities are disclosed in the Trustees. Report. Accountlng pollcles 2.1 8asls of preparatlon of flnancial statements The financial slatements have been prepared in accordance with the Charities SORP (FRS 102) Accounting and Reporting by Charities.. Statemenl of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 102) (effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 1021 and the Companies Act 2006. The Customs House Trust Limited meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise ststed in the relevant accounting policy. In accordance with FRS 102, the Charity has taken advantage of the expemptions from the following disclosure requirements in relation to the Charitys own accounts. Disclosure is still presented on a consolidated basis. The Charitable Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Ststement of Financial Activities in these financial ststements. The Consolidated Statement of Financial Activities (SOFA) and Consolidated Balance Sheet consolidate the financial statements of the Charitable Company and its subsidiary undertaking. The results of the subsidiary are consolidated on a line by line basis. 2.2 Going concern FRS 102 requires that, if appropriate, the charitable companls financial statements are prepared on the going concern basis, which means that the organisation is able to operate for the foreseeable future on the basis of known and porjected resources. Free reserves have decreased as at 31 March 2024. Budgets and cash flow forecasts have been prepared to March 2025 based on prudent assumptions which show the group will have sufficient funds and cash to continue to operate for the next 12 months. On that basis, the Trustees believe that the Charity is well placed to manage its risks successfulty and thus have adopted the going concern basis of accounting. Page 23
THE CUSTOMS HOUSE TRUST LIMrfED IA Company Llmlted by Guafanle•) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENOED 31 MARCH 2024 Accounting pollcies (continued) 2.3 Income All income is recognised once the Charitsble Company has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably. Grants are included in the Consolidated Statement of Financial Actimties on a receivable basis. The balance of income recerved for specrfic purposes but not expended during the period is shown in the relevant funds on Ihe Balance Sheet. Where income is received in advance of entitlement of receipt, its recognition is deferred and inchjded in creditors as deferred income. Where entitlement occurs before income is received. the income 15 accrued. Income from trading activities is recconised as eamed as the related goods and services are provided. Income from charitable a¢tiNllties relats'ng to events is recognised on delivery of the perfonnan¢o, Income is deferred when theatre or cinema sales are received or invoiced in advance of the performances or event to bvtlich they relate. Grant income included in this category provides funding to support performance activits'es as is recognised where there is entitlement, certainty of receipt and the amount can be measured with sufficient reliabilrty. Other income from charitable activities is recognised as eamed, as the related serwces are prowded. Grant income included in this category provides funding to support education activities and is recconised where there is entitlement, certainty of receipt and the amount can be measured with suffiuent reliabilty. 2.4 Expendlture Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third paty, it is probable that a transfer of economic benefits wll be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each acts'vity are made up of the total of direct costs and shared costs, induding support Gosts involved in undertaking each activity. Direct costs attributsbie to a single activity are g110ted directly to that activity. Shared costs 1¢h contribute to more than one activity and support costs which are not attributable to a single activity are apportioned belween those activib'es on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset's use. Expenditure on charitsble actimties is incurred on directly undertaking the acts'vities which further the Group's objectives. as well as any associated support costs. Resources expended are included in the Statement of Financial Activities on an accruals basis inclusive of irrecoverable VAT. Govemance costs include audit and accountancy fees, along with professional indemnity insurance. 2.5 Taxation The Charilable Company is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore il meets the definition of a charitsble company for UK corporation tsx purposes. Accordingly. the Charitable Company is potentially exempt from taxation in respect of income or capital gains ceiVed within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes. Page 24
THE CUSTOMS HOUSE TRUST LIMITED (A Company Llmlt•d by Guarnnt••) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Ac¢ountlng policies (contlnued) 2.6 Tanglble flxed assets and depreclatlon TangibSe fixed assels cosling £100 or more are capitalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably. Tangible fixed assets are initially recognised at cosl. After recognition, under the cost model, tsngible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Al costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost. Depreciation is charged so as to allocate Ihe cost of tangible fixed assets less their residual value over their estimated useful lives. Depreciation is provided on the following bases: Long-term leasehold propety Fixiures and fittings 50 years. straight line 3 or 10 years, straight line Depreciation is not charged on artwork as under normal circumstsnces the residual values are considered to be greater than cost. However, the carrytng values of arfftrk are viewed for impairment if events or changes in circumstances indicate the caryng value may not be recoverable. Gains and losses on disposals are deterniined by comparing the proceeds with the carrying amount and are recognised in the Consolidated Statement of Financial Activities. 2.7 Investments Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance Sheet dale, unless the value cannot be measured reliably in which case it is measured at cost less impairmenl. Investment gains and losses. whether realised or unrealised, are combined and presented as 'Gainsl(Lossesl on investments, in the Consolidated Statement of Financial Activities. Investments in subsidiaries are valued at cost less provision for impairment. 2.8 Stocks Stocks are valued on a first in first out basis and stated at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. 2.9 Debtors Trade and other debtors are recognised at the settlement amount after any trade discount offered. PrepayTnents are valued at the amount prepaid net of any trade discounts due. 2.10 Cash at bank and In hand Cash al bank and in hand includes cash and short-term highly liquid investmenls wilh a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account. Page 25
THE CUSTOMS HOUSE TRUST LIMrrED (A Company Llffllt•d by Guaranto•) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Accountlng policies (continued) 2.11 Llabllltles Liabilities and provisions are recognised when there is an obligation at the Balance Sheet date as a result of a past event. il is probable that a transfer of economic benefit will be required in setuement. and the amount of the settlement can be estimated reliably. LiabilTiie5 are recognised at the amount that the Charrtable Company anticipates rt Varyll pay to settle the debt or the amount it has received as advanced payments for the 9oods or services it must provide. Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of Money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Consolidated Statement of Financial Activities as a finanGe GOSL 2.12 Deferred tsxation Full provision is made for deferred tax assets ar)d liabilities arising from 811 timing differences belween the recognition of gains and losses in the financial statements and recognition in the tax computation. A net deferred tax asset is recognised onty rf it can be regarded as more likely than not thal there will be suitsble taxable surpluses from which the future reversal of the underlying timing differences can be deducted. Deferred tax assets and liabilities are calculated at the tsx rates expected to be effective at the time the timing drfferences are expected to reverse. 2.13 Flnanclal Instruments The Group only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are inilialty recognised at transaction value and subsequently Measured at their settlement value with the exception of bank loans which are subsequently rneasured at amortised cost using the effective interest method. 2.14 Employtt benoffts The costs of short-term employee benefits are recognised as a lialylity and an expense, unless these costs are required to be capitalised as an intangible or tangible fixed asset. Emplo9$ ar• only •ntitlgd to cary foplward unusod holiday gntitl8mgnt in exc8ptional circumstances. and only by agreement WFth management. The cosl of any unused entillement is recognised in the period in which the employee's seprfices are required. Termlnation benefrts Tennination benefits are accounted for when the Group temiinates employment. Amounts are recognised when the Group has communicated its plan of tennination to the affected employees. 2.15 Operatlng leases Rentals paid under operating leases are charged to the Consolidated Statement of Financial Acts'vities on a straight-line basis over the lease term. Page 26
THE CUSTOMS HOUSE TRUST LIMITED (A Company Llmited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Accounting po15cles (continued) 2.16 Penslons The Charitable Company operates a defined contribution pension scheme. Contributions payable to the Charitable Companys pension scheme are charged to the Ststement of Finanrial Activits'es in the period lo which they relate. Drfferences between contributions payable in the year and actually paid are shown in olher creditors. The assets of the scheme are held separately from those of the Charitable Company. 2.17 Fund account5ng General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Group and which have not been designated for other purposes. Designated fvJn¢s rnmprise unrestricted funds that have been set. aside by the Trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements. Restri'cted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Group for parttcular purposes. The costs of raising and administering such funds are charged against the specific furKI. The aim and use of each restricted fund is set out in the notes to the financral statements. Crltlcal accountlng estlmates and areas of Judgement Estimates and judgements are continualty evaluated and are based on historical experience and other faclors, induding expectations of future events that are believed to be reasonab under the circumstances. Critical accounting estimates and assumptions: The Charitai4e Company makes estimates and assumptions conceming the future. The resulting accounting esb'mates and assumptions will, by definition, seldom equal the related actual results. The esb'mates and assumptions that have a significant risk of causing a material adju5trnent to the carying amounts of assets and liabilits'e5 rythIn the next financial year are discussed below. Crits'cal areas of judgement: Revenue recognition - revenue is recognised when the event, e.g. Play. has tsken place. Grant income is recognised upon meeling the relevant condibons. Page 27
THE CUSTOMS HOUSE TRUST LIMrrED (A Company Llmltad by Guarante•) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Income from donatlons and legacie5 Restrlcted Unrestrlcted funds funds 2024 2024 Total funds 2024 Grants South Tyneside Council Arts Council England (NPO) Biffa 177,400 204,000 177,400 204,000 214,585 22.027 214,585 11,520 Other grants 10,507 226,105 391,907 618.012 Donations 70,980 70,980 226.105 462,887 688,992 Restn'cted Unrestricted fvnds fvnds 2023 2023 Tot81 funds 2023 Grants South Tyneside Council Arts Council England (NPO) Biffa Other grants 157,400 102,530 157,400 102,530 144. 140 17,766 144. 140 11,383 6,383 155.523 266,313 421,836 Donations 41,160 41,160 155,523 307,473 462,996 Page 28
THE CUSTOMS HOUSE TRUST LIMrrED (A Company Llrnlt•d by Guaranteol NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Income from charitable activitles Restrfcted Unrestrlcted fund• funds 2024 2024 Total funds 2024 Theatre Cinema Leaming and Paitcipalion 1,256,101 89,028 47,475 1,2S6,101 89,028 80.217 32.742 32.742 1,392,604 1,425,346 Rest17Cted Unrestricted funds funds 2023 2023 rotal funds 2023 Theatre Cinema Leaming and Participation 1,025,096 7T,213 126,640 1,025,096 77,213 I787 38.147 38,147 1,228, 949 1,267,096 Income from other tradlng actlvities Incomo from non charitable trading activities Unrestricted funds 2024 Total funds 2024 Trading income 849,79Q 849,79Q Unrestricted funds 2023 Total funds 2023 Trading income 744.279 744,279 Page 29
THE CUSTOMS HOUSE TRUST LIMITED (A Company Llmlt•d by Guarantse) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Other Incomlng resources Unre$trlct•d funds 2024 Total fund• 2024 Sundry recelpts 16,832 16,832 Unrestricted funds 2023 Total funds 2023 Sundry receipts 30, 769 30, 769 Page 30
THE CUSTOMS HOUSE TRUST LIMITED (A Company Llmlted by Guarantse) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Expenditure on ralsing funds Other tradlng expenses Unrestricted funds 2024 Total funds 2024 Trading expenses 217,553 217,553 Unrestricted funds 2023 Total funds 2023 Trading expenses 149,092 149,092 Analys1$ of expendlture on charltsble actlvltles Summary by fund type Restrlcted Unrestricted funds funds 2024 2024 Total 2024 Theatre shows Cinema Leaming and Participation Marketing CH Own Shows 55,686 1,783,649 89,274 135,410 114,154 458,925 1,839,335 89,274 157,956 328,688 458,925 22,546 214,534 292,766 2,581,412 2,874,178 Page 31
THE CUSTOMS HOUSE TRUST LIMrrED (A Company Llmlted by Guarante•l NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Analysls of expendlture on charftable activitles Icontlnued) Summary by fund type (contlnued) Restncted Unrestricted funds funds 2023 2023 Total 2023 Theatre shov Cinema Leamlng 8nd Particlpation Marketing CH Own Shows 188,116 1.444, 103 72,234 127,230 92,972 383, 051 1.632,219 72,234 165,377 133,199 383,051 38,147 40,227 266,490 2,119,590 2, 386.080 10. Analysls ol expendlturg by 4ctlvltlei Actlvltl•s undertaken dlrectty 2024 Support costs Total funds 2024 2024 Theatre shov Cinema Leaming and Participalion Marketing CH Own Shows 531,343 89,274 157,956 328,688 458,925 1,307,992 1,839,335 89,274 157,956 328,688 458,925 1,566,186 1,307,992 2,874,178 Page 32
THE CUSTOMS HOUSE TRUST LIMrrED (A Company LIMit by Guarant••) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 10. Analysls of oxpendlturo by actlvitles (contlnued) Activities undertak8n directly 2023 Support costs 2023 Total funds 2023 Theatre shov Cinema Leaming and Particlpatlon Marketlng CH Own Shov 514,410 72, 234 165,377 133, 199 383,051 1.117.809 1.632.219 72,234 165,377 133,199 383.051 1,268.271 1,117,809 2,386,080 Anal18 of dlrect costs Loarnlng and Clnema Partlclpatlon 2024 2024 Theatre Shows 2024 Markatlng 2024 Staff costs Depreciation Direct costs 113,265 68,524 349,554 89,274 157,956 328,688 531,343 89,274 157,956 328,688 CH Own Shows 2024 Totsl funds 2024 Staff costs Depreciation Direct costs 113.265 68,524 1,384,397 458,925 458,925 1,566,186 Page 33
THE CUSTOMS HOUSE TRUST LIMITED (A Company Llmlted by Guarants•) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 10. Analysls of expenditure by activities (contlnued) Analysls of direct cosls (continued) Theatre Shows 2023 Le8rning and Cinema Participation 2023 2023 Marketing 2023 Staff costs Depreciation Direct costs Biffa 93.000 56,123 244,677 120,610 72,234 165,377 133,199 514,410 72,234 165,377 133, 799 CH Own Shows 2023 Total funds 2023 Staff costs Depreciation Direct costs Biffa 93,000 56,123 998,538 120,610 383,051 383,051 1,268,271 Page 34
THE CUSTOMS HOUSE TRUST LIMrrED (A Company Llmlted by Guarante•) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 10. Analysis ol expenditure by activities (continued) Analysls of support costs Total funds 2024 Total fvnds 2023 Stsff costs Depreciation Rent, rates and overheads Insurance Utilities 740,533 962 662,525 1,599 24,539 28,868 69,624 6,467 7,249 478 74,682 33,800 110,836 90 Vehicles Postage, stationery & printing Telephones Computer costs Audit and accountancy fees Subscriptions Loss on disposal Repairs and maintenance Finance charges DiSallovble VAT 10,003 542 88,709 24,160 3,304 13,690 96,933 $4,872 31,874 391 4,758 11,396 6,457 85,646 8,400 2.291 101, 133 44,711 56,350 Bad debts Itten off Training Sundry expenses Govemance costs 3,412 9,588 4, 929 1,307,992 1,177,809 11. Audltors, remuneratlon 2Q23 Fees payable to the Group's auditor for the audit of the Group's annual accounts 21,350 16,500 Page 35
ThE CUSTOMS HOUSE TRUST LIMITED (A Company Llmlt•d by Guarante•) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 12. Staff costs Charitable Company 2024 Charitable Company 2023 Group 2024 Gmup 2023 Wages arKI salaries Social security costs Contribution to defined contribution pension schemes 781.391 54,984 705,461 40,091 668,126 54,984 612,461 40,091 17.423 9,973 17,423 9.973 853,798 755,525 740,533 662,525 The average number of persons emplo by the Charitable Company during the year was as follows.. Group 2024 No. Group 2023 No. Employees 59 56 The number of employees whose employee benefits (exduding employEr pension costs) exceeded £60,000 was: Group 2024 No. Gmup 2023 In the band £60,001- £70,000 The total amount of employee remuneration and benefits (including employer national insurance and pension contributions) received by key management personnel for their services lo the Charitable Company was £79.388 (2023: £74.004). 13. Trustees. remuneratlon and expenses During the yEar, no Trustees received any remuneration or other benefits (2023 - £NIL). During the year ended 31 March 2024, travel expenses totalling £1,168 were reimbursed or paid directly to 1 Trustee (2023 - £NIL to Trustees). Page 36
THE CUSTOMS HOUSE TRUST LIMITED (A Company Llmlt•d by Guarant••) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 14. Tanglble fixed assets Group Leasehold Flxtures and improvements fittings Total Cost or valuatlon At 1 April 2023 Additions 299,387 653,469 47,053 (56,650) 952,856 47,053 (56,650) Disposals At 31 March 2024 299,387 643,872 943,259 Depreclation At 1 April 2023 Charge for the year On disposals 69,908 5,985 488,750 63,500 (42,9601 558,658 69,485 (42,960) At 31 March 2024 75,893 509,290 585,183 Net book value At 31 March 2024 223,494 134,582 358,076 At 31 March 2023 229,479 164,719 394,198 Charitable Company Leasehold Fixtures and improvements frttings Totsl Cost or valuation At 1 April 2023 Additions Disposals 299.387 605,551 47,053 (56,650) 904,938 47,053 {56,650) At 31 March 2024 299,387 595,954 895,341 Page 37
THE CUSTOMS HOUSE TRUST LIMrrED (A Company Llmlted by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 14. Tangible fixed assets (continued) Charltsble Company (contlnued) Leasehold Improvemen Fixtures and rittings Total Depreclatlon At l April 2023 Charge for the year On disposals 69,908 5,985 443,741 62,538 (42,960) 513,649 68,523 (42,960) At 31 March 2024 75,893 463,319 539,212 Net book value At 31 March 2024 223,494 132,635 356,129 At 31 March 2023 229,479 161,810 391,289 15. Fixed asset investments Investments in subsidiary companies Charftable Company Cost or valuation At 1 April 2023 100 At 31 March 2024 100 Net book value At 31 March 2024 100 At 31 March 2023 100 Page 38
THE CUSTOMS HOUSE TRUST LIMrrED (A Company Llmltod by Guarnnt•o) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 15. Fixed asset Investments (contlnued) Prlncipal subsldiaries The following was a subsidiary undertaking of the Charitable cornpan. Name Company number Reglstered offlce or prfnclpal Prlnclpal activlty place of buslness The Customs House Green Room Lirnited 05812339 The Customs House, Mill Dam, The running of a cafe South Shields. Tyne & Wear, bar and the NE33 1 ES organisation of events and conferences at The Customs House Class of shares Holdlng Included in consolidation Ordinary loo) Yes The financial results of the subsidiary for the period were: Name Income Expenditure Profit for the year Not assots The Customs House Green Room Limited 436,492 (425.553) 10,939 44.556 16. Stocks Group 2024 Group 2023 Finished goods and goods for resale 11,998 10,999 Page 39
THE CUSTOMS HOUSE TRUST LIMITED (A Company Umlt•d by Guarants•) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 17. Debtors Charltable Company 2024 Ch8ritable Company 2023 Group 2024 Group 2023 Due wlthln one year Trade debtors Amounts owed by group undertakings Prepayynents and accrued income 44,778 47.938 44,778 259,326 186,402 47,938 414,246 48,863 186,552 48.863 231,330 96.801 490,506 511,047 Page 40
THE CUSTOMS HOUSE TRUST LIMITED (A Company Llmlt•d by Guaranto•) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 18. Crodltors: Amounts lalllng duo wlthln one year Charltab Gmup Company 2023 2024 Charitable Company 2023 Group 2024 Trade creditors Other taxatlon and social security Other creditors Accruals and deferred income 106,742 25,305 50,907 461,574 81.617 20,361 28,856 558.809 91,236 25,305 50,907 453,454 66,470 20,361 28, 856 553,444 644,528 689, 643 620,902 669, 131 Charltabl• Company 2024 Charitable Company 2023 Group 2024 Group 2023 Deferred income at 1 Apn'l 2023 Resources deferred during the ypar Amounts released from previous periods 509,647 387,355 {509,647) 267, 066 509, 647 (267,066) 509,647 387,355 (509,647) 267,066 509,647 (18. 724) 387.355 509, 647 387.355 757,989 19. D•forr•d taxatlon Group 2024 2023 At the beginning of the period Accelerated capital allowances 727 (240) 960 (233) 487 727 The deferred lax liabilty is made up as follo¥vs: Group 2024 Group 2023 Accelerated capitsl albwances 1487) (727) (487) (727) Page 41
THE CUSTOMS HOUSE TRUST LIMrrED (A Company Llmlted by Guarnnt••) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 20. Statement of funds Statement of funds • current yèar Balance at 31 March 2024 Balance at 1 April 2023 Incomo Exp•ndltur• Unrnstrleted funds Deslgnatod funds Designated funds 130,000 130,000 General funds G8noral funds 613,559 2,722,113 12,798,725 536.947 Total Unrestrlcted funds 743,559 2,722,113 (2,798,725) 666,947 R•8trlct•d funds Leasehold improvements Other actsvities Garfield Weston Leaming and Participation 8iffa $6,327 (55,566) 761 11,521 46,710 10,196 23,530 11,521 46,780 (70) (22,$46) (214,5841 32,742 214,584 23,530 126,637 258,847 (292,766) 92,718 Total of funds 870,196 2,980,960 (3,091,491) 759,665 Page 42
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THE CUSTOMS HOUSE TRUST LIMITED IA Company Umlt•d by Guarant••) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 20. Statom•nt of funds Icont5nued) Funds Descriptions: Unrestricted funds - free resepies after alknmng for restricted funds. Designated funds - £110,000 designated for building improvement works and £20,000 for planned drama development work. Leasehold improvements - funding from South Tyneside Council and Northem Rock Foundation towards the capital redevelopment. Costs incurred were capilalised and depreciation is charged annually to the fund. Other activities - monies received for ts'cket income and spend on the cost of various projects such as UKES. Garfiekl Weston - grant received to make alterations to the building and pay for a community worker. Leamlng and participatlon - grants and invoice inc(xne from varlous grant funding sources 4thich Include The Arts Council plus earned income from the Community and Education Programmes. Biffa - grants received towards improved staging. Page 43
THE CUSTOMS HOUSE TRUST LIMrrED (A Company Llmltod by Guaranlo•) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 20. Statement of fund8 (contlnued) Statement of funds - prlor year Balance al 3t March 2023 Balanc8 al 1 April 2022 Income Expenditure Unrestrlcted funds Deslgnated funds Designated funds 130,000 130,000 General funds General funds 570,538 2,311,470 (2,268,449) 613,559 Total Unr•8trlct•d funds 700,538 2,311,470 (2,268,449) 743, 559 R•strlcted funds Leasehold improvements Other activities Garfield Weston Leaming and Participation 8iffa 112,450 (56, 123) (17,383) (40,227) (38, 147) (120,610) 56,327 11,383 87,007 46, 780 38, 147 144,140 23, 530 199,457 193,670 (266,490) 126,637 Total of fund8 899, 995 2, 505, 740 (2, 534, 939) 870,196 Page 44
THE CUSTOMS HOUSE TRUST LIMITED (A Company Llmlted by Guarant••) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 21. Summary of funds Summary of funds - currant year Balance at 31 March 2024 Balance at 1 Aprll 2023 Income Expendlture Designated funds General funds Restricted funds 130,000 613,559 126,637 130,000 536,947 92,718 2,722,113 (2,798,725) 258,847 {292,766) 870,196 2,980,960 (3,091,491) 759,665 Summary of funds . prfor year Balance at 31 March 2023 8818nce at l April 2022 Incorne Exp8ndlture Designated funds General funds 130,000 570,538 199,457 130,000 613,559 126,637 2,311,470 (2,268,449) 193,670 (266,490) Restricted funds 899,995 2,505, 140 (2,534,939) 870,196 22. Analysls ol net a•sets betweon funds Analysls of net assets between funds - Current perlod R•strlctod Unre8lrlct•d funds funds 2024 2024 Total funds 2024 Tangible fixed assets Current assets Creditors due within one year Provisions for liabilities and charges 358,076 358,076 953,886 1,046,604 (644,528) 1644,528 (487) {487 92,718 Totsl 92,718 666,947 759,665 Page 45
THE CUSTOMS HOUSE TRUST LIMITED (A Company Llmited by Guarante•> NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 22. Analysis of net assets betW88n funds (contlnued) Analysls of net assets botween funds - prior period Restncted Unrestricted funds funds 2023 2023 Total funds 2023 Tangible fixed assets Current assets Creditors due within one year Provisions for liabilities and charges 206,948 187,250 394, 198 1,166,368 1. 166,368 (609,332) (689,643) (727) (727) (80,311) Total 126.637 743,559 870, 196 23. Reconclliatlon of net movement In funds to net cash flow from operatlng activitles Group 2024 Group 2023 Net expenditure for the period (as per Statement of Financial Actiwties) {110,531) (29, 799) Adjustments for". Depreciation charges Taxation 69,485 57,722 (233) Loss on the sale of fixed assets Decreasel{increase) in stocks Increase in debtors 13,690 {999) (134,529) (45,355 691 (75,866) 202,896 Increasel(decrease) in creditors Net cash provlded byl(used In) operatlng actlvltles 1208,239) 155.411 24. Analysls of cash and cash equlvalents Group 2024 Group 2023 Cash at bank and in hand 803,276 1.058.568 Totsl cash and cash equlval8nts 803,276 7,058,568 Page 46
THE CUSTOMS HOUSE TRUST LIMrrED (A Company Llmlted by Guarante•) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 25. Analysis of changes in net debt Al 1 April 2023 Cash flows At 31 March 2024 Cash at bank and in hand 1,058,568 (255,292) 803,276 1,058,568 (255,292) 803,276 26. Operatlng lease commltments At 31 March 2024 the Group and the Charitable Company had commitments to make future minimum lease payments under non-cancellable operating leases as follows: Charitable Company 2024 Charitable Company 2023 Group 2024 Group 2023 Not later than 1 year Later than 1 year and not later than 5 years 1,700 3,400 1,700 1,700 3.400 1,700 1,700 5,100 1,700 5,100 27. Related party transactlons During the year, R Spencer (Executive Director up to 31 March 2024) was paid £16,722 (2023.. £13,177) in total for his services (as a writer, director and performer) for the pantomime. R Spencer was also paid £102 for travel and subsistence. l Farrar also had reimbursed subsistence of £1,168. The £1,168 was still outstanding at year end (2023.. £nil). Page 47