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2023-03-31-accounts

Company number: 03539597 Charity number: 1069617

Shoreditch Town Hall Trust (A Charity Group) Audited Group Financial Statements and Report of the Trustees for the year ended 31 March 2023

Shoreditch Town Hall Trust

(A Charity Group)

Index to the Financial Statements for the year ended 31 March 2023

Page
Index to the Financial Statements 2
Report of the Trustees 3 - 10
Independent Auditors' Report 11 - 13
Consolidated Statement of Financial Activities 14
Charity Statement of Financial Activities 15
Consolidated and Charity Financial Positions 16
Consolidated and Charity Cash Flows 17
Group Accounting Policies 18 - 19
Notes to the Consolidated Accounts 20 - 27

Page 2

Shoreditch Town Hall Trust (A Charity Group)

Report of the Trustees for the year ended 31 March 2023

The Trustees present their annual report and consolidated financial statements for Shoreditch Town Hall Trust and its subsidiaries for the year ended 31 March 2023. The financial statements comply with applicable accounting standards, the Companies Act 2006 and the Statement of Recommended Practice – Accounting and Reporting by Charities SORP FRS 102.

Reference and Administrative Details

Trustees

The Trustees of Shoreditch Town Hall Trust, who are also directors of the charity company for the purpose of company law, during the year to 31 March 2023 and since that date have been:

Chair: Penny J Wrout (until Oct '22) Emma Stenning (from Oct '22) Vice Chair: Michael D Berg (until Oct '22) Trustees: Heather D Clark Charrington Stephen N Robertson Tania B Harrison Alexandra K M Jeffreys Jesse Jones Jonathan D McShane (until Oct '22) Michael D Berg (until Oct '22) Cllr Stephen Race (until Jun '23) Landen Prescott-Brann Fern Stoner (from Oct '22) Yogeeta Manglani (from Oct '22) Beth Byrne Secretary: Beth Byrne Senior management team: Beth Byrne (Chief Executive Officer) Grant O’Brien (Head of Venue & Events until Nov '22)) Claire Alder (Head of Events from Nov '22) Ida Karimi (Head of Finance & Administration until Aug '22) Eda Nacar (Head of Marketing & Communications) Sam Evans (Head of Production, then Head of Operations from Jan '23) Ellie Browning (Head of Cultural Programme)

Address and Registered Office:

Shoreditch Town Hall, 380 Old Street, London EC1V 9LT

Independent Auditors

Saywer Vincent LLP, Invicta House, 108-114 Golden Lane, London EC1Y 0TL

Bankers

Natwest Bank PLC, Walthamstow Central Branch, 204 High Street, London E17 7LL

Solicitors

Colman Coyle, Wells House, 80 Upper Street, London, N1 0NU.

Structure, governance and management

Governing Document

Shoreditch Town Hall Trust is a company limited by guarantee incorporated on 27 March 1998 and a registered charity governed by its Memorandum and Articles of Association.

Page 3

Shoreditch Town Hall Trust (A Charity Group)

Report of the Trustees for the year ended 31 March 2023

Appointment of Trustees

The directors of the charitable company (“the Trust”) are Trustees for the purpose of charity law and throughout this report are collectively referred to as the Trustees. Nominations for new Trustees are put forward following internal consultation and/or external advertisement, and membership is determined against the Trust’s Governance Policy and the requirements of the Trust on a strictly equal opportunities basis. Potential new Trustees are given the opportunity to observe a meeting of the Board of Trustees in advance of their appointment being confirmed.

Each Trustee is initially appointed for a period of three years. Up to two Trustees may be nominated by Hackney Borough Council.

Trustee induction and training

New Trustees meet with the Chair and CEO who brief them on their legal obligations under charity and company law, the content of the Memorandum and Articles of Association, the committee and decision-making processes, the strategic plan, and the recent financial performance of the charity. New Trustees also have the opportunity to meet with members of the Senior Management Team as part of their induction.

All Trustees are encouraged to attend appropriate external training events where these will facilitate the undertaking of their role.

Organisation

The day-to-day operation of the Trust’s affairs is delegated to the CEO who works with a core team of up to 14 full - and part-time - staff. Financial matters are reported on a monthly basis presented in management accounts with fortnightly updates with the Chair of the Finance, Audit & Risk sub-committee. A Finance, Audit & Risk sub-committee was set up in June 2021 to meet quarterly, a month before each full Board meeting. Four such meetings were held in the year ended 31 March 2023. Strategic and policy matters are presented to, and discussed with, the full board at quarterly Trustee meetings. Reports on cultural programming, learning and community engagement activity, human resources, finance, capital and building development, health and safety issues, and other matters arising are also presented. Four such meetings were held in the year ended 31 March 2023.

Reserves Policy

In accordance with Charity Commission guidelines, Trustees keep reserves under review in order to meet statutory responsibilities and in accordance with its aims of fundraising towards further capital improvements. Reserves have been invested in higher interest accounts at NatWest, which are kept under review to maximise interest earned.

The Trust aims to maintain Reserve Funds of between £130,000 - £180,000, which equates to approximately 8-12 weeks of turnover. It holds £312,565 of free reserves at 31 March 2023.

Strategy 2021-25

Our Vision

To be a leading venue of pioneering contemporary culture at the centre of East London life, helping to amplify marginalised voices within our local community.

Our Mission

To develop our landmark building and animate it with an adventurous programme of cultural and live events, harnessing the Town Hall’s history as a home for its diverse and multicultural community.

Our Driving Values

Page 4

Shoreditch Town Hall Trust (A Charity Group)

Report of the Trustees for the year ended 31 March 2023

Collaboration:

Resilience:

We will develop our business model, income streams, environmental sustainability and good governance in order to strengthen our independence, agility and long-term resilience, ensuring the organisation is enjoyed for generations to come.

Annual Review 2022/23

During the first three quarters of the financial year, Shoreditch Town Hall demonstrated a nascent recovery: growth in activity, attendance and corresponding income generation as the sector began to recover from the Covid-19 pandemic. Nevertheless, the sector remained volatile (as event cancellations were far from over) and the state of the wider economy, ongoing impact of Brexit on casual staff receruitment and the fuel crisis (exacerbated by the war in Ukraine) created new and difficult financial challenges for the organisation to navigate as inflation and building running costs grew exponentially.

This was the first financial year since 2020 without any emergency funding available to organisations. Considering that, in 21-22, STH relied on £400k of various government grants and consumer appetite was still far from confident, both event hire and audience attendance targets were conservative. Of these, commercial income hit 80% of target whilst cultural event income surpassed its profit target by £40k. Quarter 4 was especially successful for the cultural events team in securing a largescale YouTuber live event hire that livestreamed across the world doubling the booking fees target on one event alone. The bottom line was further supported (£100k) by applying several deposits held on account of 2020 cancelled events which had either re-booked or an agreement was reached not to extend the deposit hold further.

Nevertheless, this growth in income was countered by a significant risk in costs. The fuel crisis lead to renewed contracts for utilities increasing by 300%. Electricity costs rose from £24k-£72k and Gas from £7k-£21k as soon as both came out of contract (September and December accordingly) with no government relief for small businesses. Together with a growing cost of living crisis (that would not fully hit the organisation until 2023-24), inflation grew to 7% by Autumn and 10% by the end of the year. This impacted all building running costs and contracts providers meaning that our building overheads are now over £250k per year - more than double what they were in 2019.

Staffing also became increasingly difficult, especially operationally. With both members of the finance team leaving in the summer of 2022, the decision was reached to outsource our book-keeping and we were fortunate to secure Armstrong & Co (lead by Tony Armstrong) who had previously been our auditor and was therefore already familiar with our operating model and we sourced new auditors in Sayer Vincent. Autumn 2022 saw our Head of Venue, Visitor Experience Manager and General Manager all leave which lead to a larger scale re-structure enabling us to streamline departments under single Heads of Department and fewer hybrid roles which will reap benefits longer term with succession planning.

Temporary and casual staff were also difficult to retain post furlough and then recruit, even despite keeping pace with the significant rise in UK living wages (London Living Wage for all permanent and Duty Management staff), requiring a reliance on agency staff at higher cost.

Despite these challenges, the organisation held firm to its values regarding its programme and offer. Having distilled our vision, mission and driving values, staff spent time operationalising this into their working model in order to deliver upon them effectively. Programming events, both cultural and commercial, with these values at our core, enabled us to diversify our audiences, retain accessibility and provide more work for our local community to participate in such as offering home to the Hackney Carnival postponed event.

A 3 year Report was created to illustrate our resilience and progress in the face of sector challenges which keeps our profile strong with stakeholders and potential funders.

Our total funds position at the end of the financial year sits at £324,054 (of which £312,565 is Unrestricted and £11,489 is Restricted reserves).

Page 5

Shoreditch Town Hall Trust (A Charity Group)

Report of the Trustees for the year ended 31 March 2023

CULTURAL & COMMUNITY PROGRAMME

The cultural and community activity continued to recover audience confidence throughout the year. 82% of our 22 performances reached 90%+ of our target audience, featuring a wide range of events spanning co-produced and presented theatre, gigs, dances, cabaret, comedy, talks, workshops and community events.

In 2022/23, we:

"TalkShow captures a frantic, timely sense of lives unravelling and established systems in collapse – from the ecological to the economic and the deeply personal." - The Stage

"Exposes the dark world of big charities and the hopelessness felt by most people... original and amusing" - North West End

★★★★ "an audacious study of everyday heartbreak" - The Guardian

Page 6

Shoreditch Town Hall Trust (A Charity Group)

Report of the Trustees for the year ended 31 March 2023

“A great act for young children and adults” – Audience feedback

“Profoundly moving... an action-packed celebration of life” - BBC Radio 4

★★★★★ "A phenomenal example of true theatrical magic" - TheatreReview NYC

Page 7

Shoreditch Town Hall Trust (A Charity Group)

Report of the Trustees for the year ended 31 March 2023

★★★★★ "A true masterclass in dance and satire" - The Stage

★★★★ “Riotously funny, meticulously crafted” - The Stage

★★★★ 1/2 “a memorable night, delivering on the promise of ‘variety, splendour and stupidity’” – The Reviews Hub

★★★★★ "an extremely important show, a complete must-see" - Theatre and Tonic

Activities spanning the whole year included: The Majorettes, a 5x Guinness World Record holding troupe, weekly training sessions; a series of Theatre Re open workshops; another year hosting Mountview’s MA in Site-Specific Theatre Practice – the only course of its kind in the UK; and 8x Tea Dances for the older community, including a festive special.

TALENT DEVELOPMENT

Continuing our work supporting the artistic community with free or subsidised space to develop their work and practise, this we offered subsidised space to the following artists/companies:

We also supported the following artists/companies with fully subsidised in-kind residency space in addition to the 26 individual artists who made use of our free Artist WorkSpace:

EVENT HIRES & COMMERCIAL INCOME DEVELOPMENT

Hire income from commercial events totalled £299,542 this year which more than doubled the figure from the previous year, showing a further gradual improvement coming out of the pandemic. Higher level enquiries came from Shelter, Kerrang!, Kraken Rum & Impact Films. 2022-23 saw the re-scheduled events from the initial period of the Covid-19 pandemic finally take place and a good level of filming, bringing in £78.2K of the income for the year.

We are receiving interest from large scale companies and event agencies with good brand contacts. However, due to the economic situation with rising costs, bookings are still moving slowly and confirming at short notice, with several pencils coming out of the diary due to more conservative corporate budgets and postponing of social events.

Page 8

Shoreditch Town Hall Trust (A Charity Group)

Report of the Trustees for the year ended 31 March 2023

TOWN HALL TENANTS

The Town Hall continued to lease office and restaurant space in the building to five tenants throughout 2022/23, namely:

One office on the second floor has remained vacant despite advertising across the cultural sector. Whilst we have secured business rates relief whilst it remains vacant, should we be unable to secure a new tenant, this will hold a future risk of £15k plus the potential addition of business rates. We have also been forced to implement and increase service charges for our tenants in line with the increases to our operational costs which have largely been met with understanding.

In early 2022 we re-configured our administrative offices and re-purposed another vacant first floor office (vacated during the pandemic). Decorated by staff and utilising donated furniture, this has improved the working environment for staff and enabled us to re-purpose the old Director’s office as a permanent Quiet Space for any staff or visitors with extra sensory needs.

We have also made permanent our Artist Work Space programme setting it up in the front office which has offered increased hive activity as staff also use the ancillary space and 76 individual artists have now benefitted from this affordable work space.

CAPITAL & BUILDING DEVELOPMENT

Work continued in planning for the Town Hall’s next major building development project focusing on opening up the building, improving perception, and removing physical and psychological barriers to better engage visitors, and strengthen the Town Hall’s civic responsibility for communities in Shoreditch and beyond.

The aim is to raise funds for these works via securing a share of proceeds from a commercial lease re-gear with one of the Town Hall’s annexed properties on Rivington Place leased by The Office Group. The re-gear looks set to complete in 23-24 which would allow works to take place in Summer 2024. The cost plan for which has been drawn up by Project Managers, Northcote, discussed with the Board and included within the 2024-25 budget noting confirmed income and sums yet to be raised.

All building development activity continues to be supported by Reed Watts Architects.

Cyclical maintenance and refurbishment works continued throughout the financial year.

A NOTE ON RISK MANAGEMENT and EXTERNAL RISKS (primarily Cost of Living, Covid-19 and Brexit)

The Trustees regularly review major risks to which the Trust is exposed, through the presentation of a Risk Register at every Finance, Audit & Risk sub-committee meeting. The Trustees are satisfied that there are adequate systems to mitigate risks as identified.

Trustees remain very aware of the continued challenges facing the Town Hall relating to the cost of living (including fuel prices), the ongoing Covid-19 pandemic which is still affecting performers, participants and staff, and effects that are now becoming more visible of reduced freedom of movement affecting the ongoing recruitment of casual staffing and procurement issues related to Brexit. The Town Hall has taken prudent steps to ensure financial stability and long-term viability, including significant cost-cutting across the organisation, diversification of income streams, reduction of risk across the cultural programme, and securing additional funding where possible. Acknowledgement and thanks to all staff members (both permanent and casual) for their continued commitment to the organisation and its future whilst often in challenging circumstances are recorded by Trustees and thanks to the leadership team in helping to steer the business during difficult times without losing sight of the organisation’s driving values.

GOING CONCERN

Whilst there is no doubt that further challenges lie ahead in future years of slow and, often, volatile recovery, Trustee hold the reasonable expectation of no material uncertainties to ascertain that the Town Hall has adequate resources to continue operating for at least the next 12 months.

Page 9

Shoreditch Town Hall Trust (A Charity Group)

Report of the Trustees for the year ended 31 March 2023

Statement of Public Benefit

Shoreditch Town Hall has continued to invest in a significant historic and community asset, a Grade II listed building previously at risk, to the tune of £2.4m since 2013. These works have made the building more physically accessible than at any point in its history and allowed it to operate freely as a place of public entertainment, enabling 30,000 people a year – many of whom are first-time visitors – to enjoy and participate in a world-class cultural, live events and community programme in Hackney that prides itself on accessibility, inclusivity and quality. None of these audiences, participants and community groups were previously engaging with the building in the way that they are now, simply because the artistic and community programmes we now offer never used to exist. This is creating a significant legacy in terms of long-term engagement with the building, creative learning and cultural understanding, social cohesion, and civic pride.

Trustees' Responsibilities in relation to the Financial Statements

The Trustees (who are also directors of Shoreditch Town Hall Trust for the purposes of company law) are responsible for preparing the Trustees Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Practice).

Company law requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and the group, and of the incoming resources and application of resources, including the income and expenditure, of the charitable group for that period.

In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006 and charity law and regulations. They are also responsible for safeguarding the assets of the charitable company and the group and hence for taking reasonable steps for the prevention of fraud and other irregularities.

Statement as to disclosure of information to auditors

In so far as the Trustees are aware, there is no relevant audit information of which the charitable company's auditor is unaware, and the trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditor is aware of that information.

Auditor

The statutory auditor has been proposed and approved by Trustees as Sayer Vincent. They have indicated willingness to be proposed for re-appointment in accordance with Section 485 of the Companies Act 2006 for the following year.

The Trustees have determined that the charitable company be audited under the Companies Act 2006. The charitable company is not required to be audited under charities legislation for the year ended 31st March 2023.

This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

The Trustees acknowledge and confirm their responsibilities for preparing the financial statements and providing appropriate information to the auditors as detailed above.

This report was approved by the Board of Trustees and signed on their behalf on 11 December 2023 by:

Emma Stenning Chair of Trustees

Page 10

(A Charity Group)

AT Shoreditch Town Hall Trust

Independent Auditor's Report to the Members of Shoreditch Town Hall Trust

We have audited the financial statements of Shoreditch Town Hall (the ‘parent charitable company’) and its subsidiaries (the ‘group’) for the year ended 31 March 2023 which comprise the consolidated statement of financial activities, the group and parent charitable company balance sheets, the consolidated statement of cash flows and the notes to 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 Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the group 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 statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on Shoreditch Town Hall's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the trustees’ annual report, than the group financial statements and our auditor’s report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the group financial statements does not cover the other information, and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the group financial statements or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the group financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinion on other matter prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent charitable company and their environment obtained in the course of the audit, we have not identified material misstatements in the trustees’ annual report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 and Charities Act 2011 requires us to report to you if, in our opinion:

Page 11

AT Shoreditch Town Hall Trust (A Charity Group)

Independent Auditor's Report to the Members of Shoreditch Town Hall Trust

Responsibilities of trustees

As explained more fully in the statement of trustees’ responsibilities set out in the trustees’ annual report, the trustees (who are also the directors of the parent 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 internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the group’s and the parent charitable company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the group or the parent charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

We have been appointed auditor under the Companies Act 2006 and section 151 of the Charites Act 2011 and report in accordance with those Acts.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud are set out below.

Capability of the audit in detecting irregularities

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures included the following:

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Page 12

(A Charity Group)

AT Shoreditch Town Hall Trust

Independent Auditor's Report to the Members of Shoreditch Town Hall Trust

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 and section 144 of the Charities Act 2011 and regulations made under section 154 of that Act. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an auditor’s 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.

Judith Miller (Senior statutory auditor)

Date: 11 December 2023

for and on behalf of Sawyer Vincent LLP, Statutory Auditor Invicta House, 108-114 Golden Lane, LONDON, EC1Y 0TL

Sayer Vincent LLP is eligible to act as auditor in terms of section 1212 of the Companies Act 2006

Page 13

Shoreditch Town Hall Trust

(A Charity Group)

Consolidated Statement of Financial Activities

incorporating an income and expenditure account for the year ended 31 March 2023

Notes
Income from:
Donations and legacies
3
Charitable activities
4
Other trading activities
5
Investments
6
Other income
7
Total income
Expenditure on:
Raising funds
8
Charitable activities
9
Total expenditure
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Total funds carried forward		 2023
2022
Total Funds
Total Funds
£
£
385
-
140,924
469,215
844,130
487,922
2,198
55
134,768
6,628
1,122,405
963,820
49,212
19,005
1,084,059
988,708
1,133,271
1,007,713
(10,866)
(43,893)
334,920
378,813
324,054
334,920
Unrestricted
Funds		 Restricted
Funds
£
385
140,924
844,130
2,198
134,768		 £
-
-
-
-
-
-
-
5,448
5,448
(5,448)
16,937
11,489
1,122,405
49,212
1,078,611
1,127,823
(5,418)
317,983
312,565

The statement of financial activities incorporates an income and expenditure account. The accompanying accounting policies and notes form an integral part of these financial statements.

Page 14

(A Charity Company Limited by Guarantee, company number 03539597)

Shoreditch Town Hall Trust

Charity Statement of Financial Activities

incorporating the income and expenditure account

for the year ended 31 March 2023

Notes
Income from:
Donations and legacies
3
Charitable activities
4
Other trading activities
5
Investments
6
Other income
7
Total income
Expenditure on:
Raising funds
8
Charitable activities
9
Total expenditure
Reconciliation of funds:
Total funds brought forward
Total funds carried forward
Net movement in funds		 2023
2022
Total Funds
Total Funds
£
£
385
-
140,924
469,062
783,430
474,150
2,198
55
134,768
6,628
1,061,705
949,895
18,136
12,007
1,078,748
1,011,373
1,096,884
1,023,380
(35,179)
(73,485)
341,407
414,892
306,228
341,407
Unrestricted
Funds		 Restricted
Funds
£
385
140,924
783,430
2,198
134,768		 £
-
-
-
-
-
-
-
5,448
5,448
(5,448)
16,937
11,489
1,061,705
18,136
1,073,300
1,091,436
(29,731)
324,470
294,739

The statement of financial activities incorporates an income and expenditure account. The accompanying accounting policies and notes form an integral part of these financial statements.

Page 15

(A Charity Company Limited by Guarantee, company number 03539597)

Shoreditch Town Hall Trust

Consolidated and Charity Financial Positions

as at 31 March 2023

as at 31 March 2023
Notes
Fixed assets
Tangible fixed assets
11,12
Investments
13,14
Current assets
Stocks
15
Debtors
16
Cash at bank and In hand
21
Creditors: falling due within one year
17
Net current assets/(liabilities)
Net assets
The funds of the charity
Unrestricted funds
Restricted funds
23
Total charity funds
19,21		 The Group The Charity
2023 2022
£
10,082
-
10,082
3,620
149,106
558,218
710,944
386,106
324,838
334,920
317,983
16,937
334,920		 2023 2022
£
7,705
-
7,705
6,136
84,580
412,072
502,788
186,439
316,349
324,054
312,565
11,489
324,054		 £
7,705
4
7,709
-
120,781
359,952
480,733
182,214
298,519
306,228
294,739
11,489
306,228		 £
10,082
4
10,086
-
158,709
552,054
710,763
379,442
331,321
341,407
324,470
16,937
341,407

This report was approved by the Board of Trustees and signed on their behalf on 11 December 2023 by:

Emma Stenning Chair of Trustees

The notes on pages 18 to 27 form part of these accounts.

Page 16

(A Charity Group)

Shoreditch Town Hall Trust

Consolidated and Charity Cash Flows

for the year ended 31 March 2023

Adjustments for:
Depreciation charges
Dividends, interest and rents from investments
(Increase)/decrease in stocks and work in progress
(Increase)/decrease in debtors
Increase/(decrease) in creditors
Net cash provided by/(used in) operating activities
Cash flows from investing activities:
Dividends, interest and rents from investments
Purchase of property, plant and equipment
Net cash provided by/(used in) investing activities
Change in cash and cash equivalents in the reporting period
Cash and cash equivalents at the beginning of the reporting period
Cash and cash equivalents at the end of the reporting period
Analysis of cash and cash equivalents
Cash in hand
Total cash and cash equivalents
Net income/(expenditure) for the reporting period (as per the
statement of financial activities)		 2023
£
(10,866)
2,377
(2,198)
(2,516)
64,526
(199,667)
(148,344)
2,198
-
2,198
(146,146)
558,218
412,072
2023
£
412,072
412,072		 2022
£
(43,893)
2,343
(55)
504
(94,299)
96,370
(39,029)
55
(10,884)
(10,829)
(49,858)
608,076
558,218
2022
£
558,218
558,218

Page 17

(A Charity Group)

Shoreditch Town Hall Trust

Group Accounting Policies for the year ended 31 March 2023

Accounting Convention

The financial statements have been prepared under the historical cost convention and in accordance with:

a) Applicable UK accounting standards, including Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)".

b) Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2015) - (Charities SORP FRS 102);

c) the Companies Act 2006. d) the Charities Act 2011.

Group financial statements

These financial statements consolidate the results of the charity and its wholly-owned subsidiaries, Shoreditch Town Hall Trading Limited and Ditch Productions Limited on a line by line basis.

These consolidated accounts include the trading accounts, assets and liabilities of the group subsidiary companies.

Public benefit entity

The charity meets the defination of a public benefit entity under FRS 102.

Going concern

The group's income is derived from both non self-generated sources, such as grants, service level agreements and other governmental or NGO sources and self-generated sources, such as bar income, hire income etc. The trustees consider that there are no material uncertainties about the likelihood that this support will continue, and accordingly, the accounts have been prepared on a going concern basis.

Restricted Funds

Restricted funds are to be used for specified purposes as laid down by the funder. Direct and support expenditure which meets these criteria are identified to the fund together with a fair allocation of other costs.

Commercial trading activities

Income from commercial trading activities (bar income, tickets sales etc.) is included in the period in which the group is entitled to receipt. Incoming resources include the trading receipts of the subsidiary company, excluding vat.

Income recognition

Income is recognised when group companies have a contractual or other right to its receipt, it is probable that the income will be received and that the amount can be measured reliably. Income with conditions attached to its receipt is recognised when those conditions have been fulfilled.

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the bank.

Revenue grants

Revenue grants are credited to incoming resources on the earlier of when they are received or when they are due. If they relate to a specified future period they are deferred.

Deferred income

Income received which is contractually or otherwise not expendable until a future period is deferred.

Page 18

(A Charity Group)

Shoreditch Town Hall Trust

Group Accounting Policies for the year ended 31 March 2023

Expenditure recognition

Expenditure is accrued as soon as a liability is considered probable, and the amount of obligation can be measured reliably. The charity is registered for VAT and accordingly expenditure excludes VAT where appropriate.

Expenditure included in Raising Funds includes amounts incurred in obtaining grants and other donations.

Charitable expenditure includes those costs expended in fulfilling the charity’s principal objects, as outlined in the Report of the Trustees. These include grants payable, governance costs and an apportionment of support costs.

Costs are allocated directly to projects where they can be identified as relating solely to that project. Other costs are allocated between the funds based on staff time spent on the fund activities or other appropriate criteria.

Operating Lease

The building occupied by the charity, is rented from the London Borough of Hackney. Rents payable under operating leases are charged to the Statement of Financial Activities as incurred over the term of the lease(s).

Tangible Fixed Assets

Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Technical equipment - 20% on cost
Fixtures & fittings - 10% on cost
Office equipment - 25% on cost

Items of technical equipment are only capitalised where the purchase price exceeds £2,000. Items of fixtures & fittings are only capitalised where the purchase price exceeds £10,000. Items of equipment are only capitalised where the purchase price exceeds £1,000.

Investments

Investments in subsidiaries are held at cost.

Stocks

Stock is valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Page 19

Shoreditch Town Hall Trust

Notes to the Consolidated Accounts

for the year ended 31 March 2023

The incoming resources and surplus are attributable to the principal activities of the charitable group

2
Net incoming resources
Net incoming resources are stated after charging:
Auditor's fees - audit services
Auditor's fees - other services
Depreciation - owned assets
Trustees' emoluments		 2023
2022
£
£
12,683
7,600
-
3,220
2,378
2,343
-
-
Group		 2023
2022
£
£
8,683
1,850
-
3,220
2,378
2,342
-
-
Charity		 2023
2022
£
£
8,683
1,850
-
3,220
2,378
2,342
-
-
Charity
-

Emoluments include salaries, fees, bonuses, expense allowances and estimated non-cash benefits receivable. All trustees serve in a voluntary capacity and do not receive payment for their services.

3
4
5
6
7		 Donations and legacies
Unrestricted
£
General donations
385
385
Charitable activities
Unrestricted
£
Grant income
26,855
Ticket & community income
78,506
Ticket booking fees
25,115
Merchandise sales
643
Box office commissions
9,805
Ditch Productions Limited
Ticket sales
-
140,924
Other trading activities
Unrestricted
£
Office rentals & service charges
200,171
Hall & room hires
527,202
Artistic hire income - Recharges
56,057
Shoreditch Town Hall Trading Limited
Bar income
60,700
844,130
Investments
Unrestricted
£
Bank interest received
2,198
2,198
Other income
Unrestricted
£
Miscellaneous income
76
Staff cost contribution
14,672
Advance payments surrendered
99,225
Damage deposits forfeited
20,795
Insurance claim
-
134,768		 Restricted
£
-
-
Restricted
£
-
-
-
-
-
-
-
Restricted
£
-
-
-
-
-
Restricted
£
-
-
Restricted
£
-
-
-
-
-
-		 2023
Total
£
385
385
2023
Total
£
26,855
78,506
25,115
643
9,805
-
140,924
2023
Total
£
200,171
527,202
56,057
60,700
844,130
2023
Total
£
2,198
2,198
2023
Total
£
76
14,672
99,225
20,795
-
134,768		 Unrestricted
£
-
-
Unrestricted
£
375,707
56,678
3,085
85
-
153
435,708
Unrestricted
£
206,871
248,217
19,062
13,772
487,922
Unrestricted
£
55
55
Unrestricted
£
-
-
-
-
6,628
6,628		 Restricted
£
-
-
Restricted
£
33,507
-
-
-
-
-
33,507
Restricted
£
-
-
-
-
-
Restricted
£
-
-
Restricted
£
-
-
-
-
-
-		 2022
Total
£
-
-
2022
Total
£
409,214
56,678
3,085
85
-
153
469,215
2022
Total
£
206,871
248,217
19,062
13,772

Bar income
Investments
Bank interest received
Other income
Miscellaneous income
Staff cost contribution
Advance payments surrendered
Damage deposits forfeited
Insurance claim
487,922
2022
Total
£
55
55
2022
Total
£
-
-
-
-
6,628
6,628

Page 20

Shoreditch Town Hall Trust

Notes to the Consolidated Accounts

for the year ended 31 March 2023

8 Raising funds
Misc hire recharge costs
Graphic & website design
Advertising & promotion
Shoreditch Town Hall Trading Ltd
Personnel costs
Merchant fees
Purchases
Ditch Productions Limited
Production costs
Other costs		 Unrestricted
£
13,446
2,980
1,710
13,896
1,798
18,104
-
(2,722)
49,212		 Restricted
£
-
-
-
-
-
-
-
-
-		 2023
Total
£
13,446
2,980
1,710
13,896
1,798
18,104
-
(2,722)
49,212		 Unrestricted
£
6,253
5,000
754
6,046
-
557
314
81
19,005		 2022
Restricted
Total
£
£
-
6,253
-
5,000
-
754
-
6,046
-
-
-
557
-
314
-
81
-
19,005
9
Charitable activities
Property project costs
Community project expenses
Cultural programme costs
Premises operating costs
Personnel costs
Other personnel costs
Administration expenses
Repairs & maintenence
Board meetings
Auditors fees		 Unrestricted
£
-
6,289
100,289
275,187
527,201
6,367
89,489
60,513
593
12,683
1,078,611		 Restricted
£
5,448
-
-
-
-
-
-
-
-
-
5,448		 2023
Total
£
5,448
6,289
100,289
275,187
527,201
6,367
89,489
60,513
593
12,683
1,084,059		 Unrestricted
£
-
120
106,170
163,716
426,199
8,254
82,041
44,480
105
10,820
841,905		 2022
Restricted
Total
£
£
109,881
109,881
-
120
-
106,170
-
163,716
33,507
463,121
-
8,254
-
82,041
-
44,480
-
105
-
10,820
143,388
988,708
10
Staff costs
Staff salaries
Staff social security
Staff pensions		 2023
2022
£
£
444,253
426,261
35,917
32,337
19,391
7,708
499,561
466,306
Group		 2023
2022
£
£
435,167
416,800
35,917
32,337
19,391
7,708
490,475
456,845
Charity		 2023
2022
£
£
435,167
416,800
35,917
32,337
19,391
7,708
490,475
456,845
Charity
456,845

The charity considers its key management personnel to be the trustees and the executive director. The total employment benefits of the executive directors is detailed below.

No remuneration was paid to any trustee or their associates for services as a trustee during the year ended 31 March 2023 nor to 31 March 2022.

Key management personnel
Average number of executive directors in year
Staff salaries
Staff social security
Staff pensions
Average number of (non-casual) employees during the year was:
Employees paid in excess of £60,000 during the current year and
previous year:		 None
13		 None
12		 £
1.0
46,096
4,380
11,859
62,335
None
13		 £
1.2
59,373
6,770
1,147
67,290
None
12

Page 21

Shoreditch Town Hall Trust

Notes to the Consolidated Accounts

for the year ended 31 March 2023

11
Tangible fixed assets: Group
Heritage
assets
Gallery
£
£
Cost
As at 1 April 2022
-
-
As at 31 March 2023
-
-
Depreciation
As at 1 April 2022
-
-
Charge for the year
-
-
As at 31 March 2023
-
-
Net book value
As at 31 March 2023
-
-
As at 31 March 2022
-
-
12
Tangible fixed assets: Charity
Tangible 1
Tangible 2
£
£
Cost
As at 1 April 2022
-
-
As at 31 March 2023
-
-
Depreciation
As at 1 April 2022
-
-
Charge for the year
-
-
As at 31 March 2023
-
-
Net book value
As at 31 March 2023
-
-
As at 31 March 2022
-
-
13
Investments
Market Value
As at 1 April 2022
As at 31 March 2023		 Technical
equipment
Fixtures &
fittings
£
£
17,878
15,401
17,878
15,401
11,802
15,401
1,376
-
13,178
15,401
4,700
-
6,076
-
Technical
equipment
Fixtures &
fittings
£
£
17,878
15,401
17,878
15,401
11,802
15,401
1,376
-
13,178
15,401
4,700
-
6,076
-
2023
2022
£
£
-
-
-
-
Group		 Office
equipment
Total
£
£
19,131
52,410
19,131
52,410
15,125
42,328
1,001
2,377
16,126
44,705
3,005
7,705
4,006
10,082
Office
equipment
Total
£
£
19,131
52,410
19,131
52,410
15,125
42,328
1,001
2,377
16,126
44,705
3,005
7,705
4,006
10,082
2023
2022
£
£
4
4
4
4
Charity		 Total
£
52,410
52,410
42,328
2,377
44,705
7,705
10,082
Total
£
52,410
52,410
42,328
2,377
44,705
7,705
10,082

Page 22

Shoreditch Town Hall Trust

Notes to the Consolidated Accounts

for the year ended 31 March 2023

14 Investments in subsidiary: Charity

The results of Shoreditch Town Hall Trading Limited are shown below:

At 31 March 2023, the aggregate share capital and reserves of Shoreditch Town Hall Trading Limited amounted to a surplus of £17,834 (2022: deficit £4,508) and an operating surplus before tax for the year of £22,342 (2022: deficit £504). Shoreditch Town Hall Trading Limited is wholly owned by the Charity and operates a licenced bar. It has been valued at cost in the accounts of the charity.

Balance sheet at 31 March:
Profit and loss account
Tangible fixed assets
Cost of sales
Gross profit
Turnover
Retained profit/(loss) brought forward
Retained profit/(loss) carried forward
Retained profits
Administration expenses
Current liabilities: due within one year
Current assets
Represented by:
Net profit/(loss) for year
Share capital		 2023
£
-
58,274
58,274
(40,440)
17,834
2
17,832
17,834
60,700
(33,102)
27,598
(5,256)		 2022
£
-
9,060
9,060
(13,568)
(4,508)
2
(4,510)
(4,508)
13,772
(9,461)
4,311
(3,807)
22,342
(4,510)
17,832		 504
(5,014)
(4,510)

The results of Ditch Productions Limited are shown below:

At 31 March 2023, the aggregate share capital and reserves of Ditch Productions Limited amounted to £Nil (2022: deficit £1,972) and an operating surplus before tax for the year of £1,972 (2022: Surplus £29,088).

Ditch Productions Limited is wholly owned by the Charity and operates a production house. It did not trade during the year and is dormant. It has been valued at cost in the accounts of the charity.

Balance sheet at 31 March:

Profit and loss account

Tangible fixed assets
Current assets
Retained profits
Current liabilities: due within one year
Represented by:
Share capital
Turnover
Administration expenses
Gross profit
Net profit/(loss) for year
Retained profit/(loss) brought forward
Retained profit/(loss) carried forward		 2023
£
-
-
-
-
-
2
(2)
-
-
-
1,972		 2022
£
-
720
720
(2,692)
(1,972)
2
(1,974)
(1,972)
153
153
28,935
1,972
(1,974)
(2)		 29,088
(31,062)
(1,974)

15 Stocks

Goods for resale

2023
2022
£
£
6,136
3,620
6,136
3,620
Group		 2023
2022

£
£
-
-
-
-
Charity

Page 23

Shoreditch Town Hall Trust

Notes to the Consolidated Accounts

for the year ended 31 March 2023

16
17
18
19		 Debtors: amounts falling due within one year
Trade debtors
Other debtors
Accrued income
Intercompany account - STHTrading Limited
Prepayments
Creditors: amounts falling due within one year
Trade creditors
Deposits held
Sundry creditors
VAT liability
Payroll taxes
Pension funds
Accruals
Deferred income
Deferred income reconciliation
Balance as at 1 April 2022
Amount released to income earned from charitable activities
Amount deferred in year
Balance as at 31 March 2023		 2023
2022
£
£
62,532
78,315
404
-
-
53,400
-
-
21,644
17,391
84,580
149,106
2023
2022
£
£
36,882
74,766
44,304
57,296
2,283
-
6,680
10,187
9,922
9,553
2,637
2,469
34,966
17,404
48,765
214,431
186,439
386,106
2023
2022
£
£
214,431
126,611
(212,887)
(126,611)
47,221
214,431
48,765
214,431
Group
Group
Group		 2023
2022
£
£
62,532
78,315
404
-
-
53,400
-
-
21,644
17,391
84,580
149,106
2023
2022
£
£
36,882
74,766
44,304
57,296
2,283
-
6,680
10,187
9,922
9,553
2,637
2,469
34,966
17,404
48,765
214,431
186,439
386,106
2023
2022
£
£
214,431
126,611
(212,887)
(126,611)
47,221
214,431
48,765
214,431
Group
Group
Group		 2023
2022
£
£
62,532
78,315
429
-
-
53,400
36,176
9,603
21,644
17,391
120,781
158,709
2023
2022
£
£
35,973
73,863
44,304
57,296
2,283
-
6,719
10,187
9,922
9,553
2,637
2,469
31,611
11,643
48,765
214,431
182,214
379,442
2023
2022
£
£
214,431
126,611
(212,887)
(126,611)
47,221
214,431
48,765
214,431
Charity
Charity
Charity		 2023
2022
£
£
62,532
78,315
429
-
-
53,400
36,176
9,603
21,644
17,391
120,781
158,709
2023
2022
£
£
35,973
73,863
44,304
57,296
2,283
-
6,719
10,187
9,922
9,553
2,637
2,469
31,611
11,643
48,765
214,431
182,214
379,442
2023
2022
£
£
214,431
126,611
(212,887)
(126,611)
47,221
214,431
48,765
214,431
Charity
Charity
Charity
214,431
Deferred income, summarised below, consists of amounts received
the current accounting period and so do notqualifyto be treated as		 in advance for events or performances that begin after
income in the currentyear.
The funds of the group: current year
Opening
balance
£
Restricted funds
Restricted income funds
16,937
Total restricted funds
16,937
Unrestricted funds
General funds
317,983
Total unrestricted funds
317,983
334,920
Room hirerental income received in the current year for hire
periods beginning after the balance sheet date.
Ticket salesreceived in the current year for performances
beginning after the balance sheet date.
Event:Hello Again Hackney income received in the year for
event in subsequent year.		 £
38,466
10,299
-
48,765
Resources
arising
£
-
-
1,122,405
1,122,405
1,122,405		 £
199,834
4,633
9,964
214,431
Resources
utilised
£
(5,448)
(5,448)
(1,127,823)
(1,127,823)
(1,133,271)		 £
38,466
10,299
-
48,765
Other
movements
£
-
-
-
-
-		 £
199,834
4,633
9,964
214,431
Closing
balance
£
11,489
11,489
312,565
312,565
324,054

Page 24

Shoreditch Town Hall Trust

Notes to the Consolidated Accounts

for the year ended 31 March 2023

20
21
22
23		 The funds of the group: prior year
Restricted funds
Restricted income funds
Total restricted funds
Unrestricted funds
General funds
Total unrestricted funds
The funds of the charity: current year
Restricted funds
Restricted income funds
Total restricted funds
Unrestricted funds
General funds
Total unrestricted funds
The funds of the charity: prior year
Restricted funds
Restricted income funds
Total restricted funds
Unrestricted funds
General funds
Total unrestricted funds
Property project costs
Restricted funds: group and charity - current
year		 Opening
balance
£
166,937
166,937
211,875
211,875
378,812
Opening
balance
£
16,937
16,937
324,470
324,470
341,407
Opening
balance
£
166,937
166,937
247,954
247,954
414,891
Opening
balance
£
16,937
16,937		 Resources
arising
£
33,507
33,507
930,313
930,313
963,820
Resources
arising
£
-
-
1,061,705
1,061,705
1,061,705
Resources
arising
£
33,507
33,507
916,388
916,388
949,895
Incoming
resources
£
-
-		 Resources
utilised
£
(143,388)
(143,388)
(864,324)
(864,324)
(1,007,712)
Resources
utilised
£
(5,448)
(5,448)
(1,091,436)
(1,091,436)
(1,096,884)
Resources
utilised
£
(143,388)
(143,388)
(879,991)
(879,991)
(1,023,379)
Resources
expended
£
5,448
5,448		 Other
movements
£
(40,119)
(40,119)
40,119
40,119
-
Other
movements
£
-
-
-
-
-
Other
movements
£
(40,119)
(40,119)
40,119
40,119
-
Transfers &
adjustments
£
-
-		 Closing
balance
£
16,937
16,937
317,983
317,983
334,920
Closing
balance
£
11,489
11,489
294,739
294,739
306,228
Closing
balance
£
16,937
16,937
324,470
324,470
341,407
Closing
balance
£
11,489
11,489

Page 25

Shoreditch Town Hall Trust

Notes to the Consolidated Accounts

for the year ended 31 March 2023

24
Property project costs
Backstage Trust Grant
Coronavirus Job Retention Scheme
Grant - (CJRS)
Restricted funds: group and charity - prior year		 Opening
balance
£
16,937
150,000
-
166,937		 Incoming
resources
£
-
-
33,507
33,507		 Resources
expended
£
-
109,881
33,507
143,388		 Transfers &
adjustments
£
-
(40,119)
-
(40,119)		 Closing
balance
£
16,937
-
-
16,937

Restricted funds (continued)

Projects financed by restricted funds are supported by unrestricted funding where necessary. This occurs where the funding is in arrears or the incidence of expenditure on the project occurs disproportionately at the beginning of the project compared to the income flows. Where restricted projects end the year with a deficit, this is met by after year-end restricted income or transfers from unrestricted funds.

Fund name Purpose of restricted funds
Property project costs Funding the maintenance and improvement programme.
Backstage Trust Grant Funding the maintenance and improvement programme.
Coronavirus Job Retention
Scheme Grant - (CJRS)		 The CJRS was introduced to help employers who cannot maintain their current
workforce because their operations are affected by the COVID-19 outbreak. The
amount relates to the furlough claims made to HMRC during the year. All the
amounts received from the claims have been paid to the employees who the claims
relate to.
25
Net assets attributable to funds: group - current year
Tangible fixed assets
Current assets
Current liabilities
Net assets represented by funds
26
Net assets attributable to funds: charity - current year
Tangible fixed assets
Current assets
Current liabilities
Net assets represented by funds
27
Net assets attributable to funds: group - prior year
Tangible fixed assets
Current assets
Current liabilities
Net assets represented by funds
28
Net assets attributable to funds: charity - prior year
Tangible fixed assets
Current assets
Current liabilities
Net assets represented by funds		 Unrestricted
funds
£
7,705
491,299
(186,439)
312,565
Unrestricted
funds
£
7,709
469,244
(182,214)
294,739
Unrestricted
funds
£
10,082
694,007
(386,106)
317,983
Unrestricted
funds
£
10,086
693,826
(379,442)
324,470		 Restricted
funds
£
-
11,489
-
11,489
Restricted
funds
£
-
11,489
-
11,489
Restricted
funds
£
-
16,937
-
16,937
Restricted
funds
£
-
16,937
-
16,937		 Endowment
funds
£
-
-
-
-
Endowment
funds
£
-
-
-
-
Endowment
funds
£
-
-
-
-
Endowment
funds
£
-
-
-
-		 Total
£
7,705
502,788
(186,439)
324,054
Total
£
7,709
480,733
(182,214)
306,228
Total
£
10,082
710,944
(386,106)
334,920
Total
£
10,086
710,763
(379,442)
341,407

Page 26

Shoreditch Town Hall Trust

Notes to the Consolidated Accounts

for the year ended 31 March 2023

29 Taxation

The holding company is a registered charity and does not trade or undertake non-charitable activities and therefore is exempt from tax under UK taxation law.

Shoreditch Town Hall Limited is a trading company and is taxed on its profits at the prevailing small companies rate. Where funds allow Shoreditch Town Hall Limited donates its profits to Shoreditch Town Hall Trust.

Ditch Productions Limited is a trading company and is taxed on its profits at the prevailing small companies rate. Where funds allow Ditch Productions Limited donates its profits to Shoreditch Town Hall Trust.

30 Pension commitments

The charitable company contributes to employee defined contribution (DC) stakeholder pension schemes. The assets of the schemes are held separately from those of the charity in independently administered funds.

31 Other financial commitments

Total operating lease commitments

At 31 March 2023, the charity had total commitments of under non-cancellable operating leases as detailed below:

Land & building
99 year lease from 30 August 2002		 2023
2022
£
£
3,160,000
3,200,000
3,160,000
3,200,000

32 Related parties transactions

During the year the charity paid £Nil (2022: £12,034) to James Pidgeon, a trustee who resigned on 11 June 2021. The payments were made under his terms of employment contract with the charity. The services were provided at arms length and were approved by the trustees in accordance with Charity Commission guidance. No payments were made in respect of his usual activities as a trustee.

During the year the charity paid £46,096 (2022: £47,339) to Elisabeth Byrne, a trustee. The payments were made under her terms of employment contract with the charity. The services were provided at arms length and were approved by the trustees in accordance with Charity Commission guidance. No payments were made in respect of her usual activities as a

33 Holding company status

The holding company is limited by guarantee and has no share capital. The guarantors liability in the event the company is wound up is restricted to a maximum of £1 each.

Page 27