THE ROUNDHOUSE TRUST REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 THE ROUNDHOUSE TRUST Company Limited by Guarantee Registered Charity REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED ST 31 MARCH 2024 Registered Charity Number: 1071487 Company Number: 03572184 THE ROUNDHOUSE TRUST REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 CONTELYrs Page Report of the TNstees Inc4)rpornting the Report of 2 the Directors Why We Exist and What W¢ Do Strategic Report R¢view of the Financial Position io-i i Risk Management 12-13 Key Policy Statements 13-18 Structyre. Governance and Management 18-20 Reference and Administrntiv¢ Detsils 21-22 Trnslees, responsibilities in ￿latiOn Éo the financial 23 statsments Independent Audttor's Report to the Members of 24-26 The Roundhouse Trust Consolidated Statement of Financial Activities 27 Group and Charity Balance sheets 28 Consolidated Cash flow statement 29 Not￿ to tIL¢ financial statements 3(H6 THE ROUNDHOUSE TRUST TRUSTEES, REPORT FOR THE YEAR ENDED 31ST MARCH 2024 Report of the Trustees Incorporating the Report of the Directors The Trustees of the Roundhouse Trust. who are also Dir¢¢tors of lh¢ Company for the purpose of Company Law, are pl¢ased to pr¢s¢nt their Annual Report for th¢ year ended 315t March 2024, ineluding the Directors Report and the Strategic Report Lwder the 2006 Act. The accompanying a¢¢ounts include the con501idated results and balan¢¢ sheet of the Roundhouse Trust 8nd its aclive subsidiary. In r¢vi¢wing ihe plans, results and achievements of th¢ charity, this Trnste¢'5 report eomm¢nts principally on the activities of this group as a whole. The financial statements comply with the Charities Act 2011. th¢ Companies Act 2006, the Memorandum and Articlesof Association, and Accounting and Reporting by Charities.. Stat¢ment of Recomm¢nd¢d Practice appli¢abl¢ to charili¢s pr¢paring their accounts in accordan¢¢ with the Financial Reporting Standard applicable in the UK and Republi¢ of Ir¢land (FRS 102). The Trustees have eonsid¢r¢d the Charity Commission's guidance on publi¢ benefit and have set th¢ annual obj¢¢tiv¢& strategies and activities of the organisation with the aim of delivering the benefits outlined above. Additionally, they have Considered the Commission's guidance on fee charging> allowing the widest possible access to our productions and ¢reative programme is crucial and somdhing w¢ strive for acr055 the full range of our activities. There is & separate note b¢low providing more details on our aeeessible pri¢in8. Why We Exist and What We Do Ive ereot¢ Éo tvan5form The Roundhous¢ is a hub of inspiration where artists and emerging talent create extraordinary work and where young people can grow ereatively a5 individuals. We believe that er¢alivity ¢8n Change lives. By giving young people the chanc¢ lo ¢ngage with the ths through our musi¢. media and perforniance projects, we inspire them lo reach furth¢r, dream btgger And achieve rnore. We do this because w¢ b¢li¢v¢ creativity gives us freedom, hope and has the power to transform. Pow¢ring transformation Every year w¢ host hundreds of gigs, shows and ev¢nts in our Main Space and throughout our building. Every ticket bought. drir& sold and donation from our g¢nerous supporters and partners helps ￿nd th¢ Iransfomiaiional work we do with young people in our Paul Hamlyn Roundhouse Studios and with our community parth¢rs. Charitable aims All of our work is underpinned by three cle8r aims that are linked to goals identified when the charity was s¢t To provide & programming framework, facilities and a supportiv¢ environment in which young people can realise their creative. personal and professional wtential,. To d¢velop a broad 8nd varied artistic programm¢ which pushes artistic boundarie4 bringing new and extraordinary experiences to London'$ audi¢n¢¢s: Ond To care for and cel¢brat¢ our Grade II* listed landmark building. k¢eping the stories of its rich h¢rilage alive and accessible to all. 2021-26 Objectives and Business Plan In 2021, The Roundhous¢ Created a new five-year business plan that r¢fle¢ted the new external landscape as well as our ambilion and growth with our new Cr¢ative Centre having opened in June 2023. It a¢knowl¢dg¢s th¢ new challenges Émd opportunities and affimis our commitment lo b¢ an organisation led by OUT values, and the impact we want lo have over the five year period. Central to this vision is our rinci al su orted b five main ob'eLtivc5- Prin¢ip41 Goal To expand our creative offer, depth of engagement, inclusion and reach 50 that we can further in¢r¢ase the number of young people we work with to over 15,000 a year by 2026. The Roundhouse will commission and pres¢nt engaging and high qu&lity work that pushes boundaries. reflects society, celebrates and develops artists. involves young people, and brings new and extraordinary experiences to audiences. We will champion the voi¢¢ of young people and increase the profile of the Roundhouse's charitable work. We will operate commercially and ¢ffi¢iently to fund our work, support expansion plans, build reserves and maintain our Grade Il* listed building gmd operate as an environmentally sustainable organisation. Objeetive I Objective 2 Objectiv¢ 3 THE ROUIYDHOUSE TRUST TRUSTEES, REPORT FOR THE YEAR ENDED 31ST MARCH 2024 Objeetive 4 We will protect, maintain and upgrade The Roundhouse Estate, while championing Sustainability and d¢liv¢rin8 8¢ quality service. Our most valuable asset is our people. To deliver our ambitious five year goalswe n¢¢d to further develop our tntrepreneurial and innovative culture, ensuring that it is aligned to our overall valu¢s and organisational obje¢tives. Objeetive S A brief look back on 23124 This most recent year saw thc official otxning of our new creative centre, Roundhou5¢ Works, transforniing our off¢r to young p¢oplc and completing uur eslale. The introduction of a third building to our site has meant that this year has been one uf learning and development. introducing new ways of working while continuing progr¢￿tOW￿rdS ambilious targets. Wc hav¢ improvcd our i£ach and offer to young people by introducing new marketing &trategies and tactics to drive membership for Roundhouse Works and hayc alrcady reached oui target number of young people for this programme. We also upgraded our websile in ordcr to dTive commercial income via ticket buokings throughout th year. Wc have al80 invested in our data and improved the usage of dala acn)ss the organisation to inforn dccision making and ¢mbed a data-led CUl￿re. This year we have also reviewed our artisti¢ strategy and ¢mploy¢d for the first time, an Ex¢¢uliv¢ Producer to lead this ¢or¢ part of our eharitable objectives which is set to grow from 202415. Strategic Report In lh¢ s¢¢lions b¢low we have outlined significant events and progres8 w¢ hav¢ made during the year across our prineipal goal and five objectives stated in the 2021-2026 business plan. Prineip41 Coal: Exp8nd our creative offer, depth of engagement, inclusion 8nd reach so that we can furtber increase the number of young people we Trvork with to over 15,000 a year by 2026. 23124 saw the official opening of Roundhouse Works, which included lauttehing our new co-working m¢mbership in which we hit target by March 2024. We are continuing to revi¢w how to best use our new faciliti¢s. working With partner organisaiions who are using the space whilst at the same time seeing gromoh across all our programmes for youn8 people. We engaged 10,226 young people in 23124, which repr¢s¢nls a 35 % increase in engagement of young people since 22123 (from 7,564). wher¢ w¢ ¢x¢¢ed¢d our 23124 targets of engaging 8,000 young people by 280/0. Growth this y¢w has not only been achieved through the opening of Roundhouse Works which has increased our reach to support young people aged 18-30 years. but has b¢¢n across our unique model of engagement, from young people's first intera¢tions with us through to pJDfessional opportunities. Key activiti¢s this year include.. Ciroivth nf SchoD15 & CO￿1￿unIt Pgrtmershi We extended the reach of our education programTn¢ Rehearsal For Life into settings sp¢¢ifi¢ally for young people with %pecidl EduLUtion4LI Needs and Disabilities (SEND). developing ¢ssential skills ihrough a variety of drama- based glunes and creative activities either at the Roundhousc or in schools and colleges. We hav¢ also developed a new offer, Roundhouse Jam.. a high-quality tnteractivc sound and video experience for young pcople. Referencing thc vcnu¢'s psychedelic and avaTht-garde roots in 60s counÉer culture, workshups are designed io share the Roundhouse experience and its radical history with young peopl¢ across London. We also dclivcrcd work fXPErience with Six local sehuols in Camden. which give5 young people a bespokc expcrience of working in a multi arts venue. Our work ex￿rIenCe is intcnded to introduce young peoplc to all the different wtential creative carccr5 thcy could pursue, building a pipeline for futurc crcativc profcssionals. Summcr is alway% the bu81£8t time for our Community programme. and 23124 8aw the Roundhouse with a pwsence at 13 community festivals. with perfomiances from Rcsident Artists- stalls promoting our offcr to young people. and activities that young pcoplc from anywhere within th¢ ¢ommunity. regardless of background, ¢ould participatc in. W¢ worked with 22 community partners this year delivering bespok¢ a¢livities, providing t&5ter creativ¢ sessions, and holding tours of thc Roundhouse Studios. We hav¢ ￿ntInUed to workclosely with the Catnd¢n Youth Offending Team in fulfilling reparations orders for 4 young people, building out this offer so that th¢se young people work with both our youth team our visitor services team. THE RoufsDHOUSE TRUST TRUSTEES? REPORT FOR THE YEAR ENDED 31ST MARCH 2024 Our uni ue Cre#tiv¢ Studios offer & Youth Work Methodolo We continued to grow our Creative Studios Membership ihrough i speeifle youth-led marketing campaign overseen by one of our young traine¢s. to capture the wide variety ofereative activities that take pla¢e. Our Youth Support team is fundamenlal lo the unique way our Creativ¢ Studios function. From their very first intcraction at the front desk, young people are supported by trained youth workers who can Tespond to their needs. lljis includes administering our stsdio Crcdil financial SUp￿rt scheme. conducting individual conversations with young people who may need to aLcess the bchemc. 4LS well as rclcrring th¢m to other setyices outsid¢ of the Roundhouse ifneedEd. This year w¢ havc also undertaken a nuTnber of youth c(Jnsultation events to ensure we are continuing to listcn to thc nceds of young people to inform the design of our projecls É￿d prognlmme as well as our widei pastordl 0￿er. Roundhouse Works & Access To Industr Our new Lreativ¢ ccntre. Roundhouse Works opened in 8umm¢r 2023, with a selection of new programmcs lor ¢￿ative freelancErs and entrcpTcneurs aged 18-30. Since openin& we've aLhieved somc amazing rcsulis.. Our workspace, originally aiming to reach 100 members in on¢ y¢ar, r¢a¢h¢d a ¢apa¢ity of125 m¢mb¢rs in just over six months. Of th0.￿e tnembers.. 78 /0 ratcd their enjoyment of the membership between 8-10110 870/0 abl¢ to ¢stablish a supwTrrt nctwork with your peers 960A would recommend Roundhouse Works Membershtp: "Jalwaysfound it rÉally supporlive to havepeople arozlndme that are on my same boat." "li has been really voluable having a creative community. ￿1￿¥ ablE lo osk pfople Jor odvice. hearing howpeople approach different ckallenges. W¢ held 12 Self Made Online events and 7 Self Made Lives events (which are both a series of events led by creative industry professiona15 providing skills and tips to freeLancers and entrepr¢n¢urs) which r¢ach¢d over 1000 young peopl¢. W¢ also launched our 2024 Accelerator progranune, a fifteen week programme d¢v¢loping the creative entrepreneurs of the future - which culminated in a fmal pitch event and awards ceremony in April 2024. The op¢ning of our new building has enabl¢d us lo offer facilities to partner organisations to make the most of the space. This has in¢lud¢d Artistry Youth Dance Company, Phosphoros Youth Theatre Company. previous Roundhouse Accelerator winner Nyangibo Gallery. CLA, Eric Fest and Camden Steam among other8. Professional Develo ment A key componEIIt of our work is opportunities for young people to develop irt a proftssional setting. This year. our professional developTnent programmes included our regular OnTraek (NEET programm¢). whi¢h providcs young oplc furthest Irom the jub rnark¢t with opportunities to develop their creativE skills 2nd aeeess industry professionals. Our youth programme providES a Tangc of opportunities for young people to develop c￿p10Yabjjlty skills, either within the Creative Industries or beyund. We dclivcrcd two intensives for young people Not in Educalion. Employment or Training (NEET) this year: OnTrack, our music-maksng projcct for NEET young people, took place October to Dece￿ber, culminating in a performance ot'thcir music for an audience of friends and family. Wax Lyrical, our spoken word projeci For NEET young pcoplc, took place from January lo April, with a perfornydnce of their pocms in the Studio-lknealTe We also delivered thc Roundhouse Film Fund in both the Spring and Auturnn of 2023. developing 6 young rilmmakers from applications of hundreds for each round. This ycar Chioma Ejimofo won thc Wiggin EMe￿ing Filmmaker Award, and her film has been distributed to num¢rous national and international film festivals. Following th¢ unique perforniance oppotknities w¢ provided our Music Collective and Voca] Collective to ollaborate with eslablished artist5, Davc Okumu and Guy Garv¢y as part of our In The Round F¢5tival in April 2023. We continued to support th¢iT ongoing developmcnt last year. The Vocal Collectiv¢ p¢rfornied al th¢ music festival. We Out Here with Dave Okumu as well as fealuring on his latest album. The collectives have also worked tog￿￿er again for a p¢rfoTman¢e at In The Round festival irL April 2024. 88 part of the SotTgs ofJoni A4il¢hell show with established artists including Emeli Sande and Eska. THE ROUNDHOUSE TRUST TRUSTEESY REPORT FOR THE YEAR EIYDED 31ST MARCH 2024 We have delivered approximately 50 paid perforniance opportuniti¢s for the 2023124 Resident Artists cohort, and mor¢ for alumni. In Mar¢h, for instance, thr¢¢ of our eurrent Residents- Amy Gadiagi C¢lin¢ Love and Maureen Onwunali performed at the Roundhouse Gal4 and one of our Alumni. Fran Lobo, supported Tricky in our main space on 14th March. This yeaes Resident Artists have also reached career milestones during their time with us Tife Kusoro bad their new play'G' announced for a 4-week run at the Royal Court this Summer. aThd Naima Adams was a[￿o￿need to play Cross the TrdLks ftStival in Brixton in May. Into work We provide direct opportunities for young people to gain paid ¢xperience of the world of work. In 23124. we continued lo deliver inteTnships and trainees associated with our programtning. including.. We recrnited 2 internships for OUT Rising festival in Autumn 2023 to help deliver the production and marketing Of the festival. Wc rccruitcd an infrrn to work with us on the production ofour In The Round fcstival in ApTiI. Verity de Cal4 our current Trainee Podcasl Producer. released two cpisoiks of a new podcast in March through the Transmission Roundhouse platfonn. Our Icchnic&l apprentices colnpleted their second y¢ar wilh us and our partner Sadlcr'5 Well4 and we are recruiting 2 new apprenticeships in 24125. Objective l - The Roundhouse will commisiion and present ¢ngaeing and hi%h quality work that pu&h¢s Ixbundarie$, reflects sneiety, celebrates and dev¢lop$ &rtblt$, involves yOUDg people, and brings n¢iv and extraordinary extseri¢rt¢¢$ to audienees. Our aim is to r¢pr¢s¢nt th¢ broad diversity of London and we will do this by working with and showcasing art made by our creativ¢ artistic eommunities and through parthership with our intemal broadcast team. Diversil. in our )ro ramme As part of our organisation-wide EDI eommitmenls our Head of Music set out a clear strategic plan for how we aim to diversify our commercial music programme in our Main Spa¢¢ and provide a home for small-scale produ¢¢rs and organisations supporting Bla¢k musi¢ artists and Roundhouse Works. We will continue lo ¢oDsult with our partners and industry ¢xp¢rts in the s¢ctor. Rollndlioust Comed btstival In this period we held & RowidlLOUS¢ Comedy F¢slival- with perforniances from Rose Matafeo. James Acaster. Nish Kumar, Katherine Ryan, Joe Lycett, Kojo Anim and many more. This ex¢¢¢ded ticket sales largets and crucially introduced new audience members to the Roundhouse. Taking place in August 2023, th# Comedy Festival provided a London-based aliernative io th¢ Edinburgh Fringe. Tlie lJASt Ivord festivlll 8nd Pnct $18m In June 2023 we presented our Last Word Festival. The Roundhouse Poetry SlÉun Final was th¢ Cornerstone of the festival. with Ezra England wiuning the Judgcs Award, and with a special perforn)ance from Gcorge the Puct. As part of thc fcstival, the award winning The Receipts podcast recorded a session live with BBC Ixtra and, for the first time and we hosted a series of Long Table Talks. designcd to bring audiences and artists together in conversation. We werc also pl¢ascd to prcmi¢r¢ ncw work frotn Resident Artists including Esme Allen, Abena Essah, Ruth Awolola and welcome back Roundhou&e alumni Jack Rooke and creator of "Big Boys" to lead a panel, "How lo adapt your wriling for-rv. radio and film" 'This long n4p7ning annualpoetry slamforyouKg 5pvken-wordarlists is of ihe hEghligkts of the Rotsndhottse's quolity arts aFTd cultureprogYamme'-lime Out Roundhouse Risiij i estival Rounolhouse Rising Festival was a three-day event on 12th to 14th Odob¢r 2023. W¢ partnered with BBC Introducing throughout the three days. to spotlight thc bcsl n¢w artists and showcase the latest intakc of R(Trundhouse Residcnt Artists in the Studia Theatre. Th¢ programme facilitates and supports th¢ creative 4md professional d¢v¢lopm¢nl of oulslanding ¢m¢rging artists as they transition into building sustainable ¢2r¢¢rs in the crcative industries. THE ROUNDHOUSE TRUST TRUSTEES, REPORT FOR THE YEAR ENDED 31ST MARCH 2024 In addition to live perfortnances from a range of artists, we worked with BBC Introducing Live to deliver a daytime programme of live panels designed lo empower aspiring artists. The day was split into several sessions host¢d by music industry gu¢5ts and included topics such as'B¢ing an Independent Artist, and 'Do you need a r¢¢ord l&bel to make it?? A5 well as BBC presenters, including DJ Target, Jess IszatL Angelle Joseph, Jasmine Takbur, Abbie Mccarthy? and Tom RobinsoN hosted the panels. KAGAMI In D¢¢¢mber 2023 we presented a groundbreaking mixed reality ¢oncert event created by legendary composer and musician th¢ late Ryuichi Sakamoto in collaboration with Tin Dwm.Kagami. A mixed reality presentation, audi¢nces were invited to w¢ar optically transparent devices to view the virtual Sakamoto p¢rfomiing on piano alongside dimensional art aligned with music. Rwiehi Sakamolo sposihumous M￿ed-re￿I1ty gig is a¢hlAgly beauliful. The lale Japanese composer conlimies lo pusk Èhe cpeative boundaries with a one-of-a-kind live installation- *****NME Objeftive 2 - We will chAmpion the voice ofyoung people inerease the profile of the Roundh&use's charitable Our business plan outlines our communications and advocacy plans as follows.. to b¢ known for our unique model of delivertn8 8round-br¢aking youth work inside a world-class venue. to be responding lo, and evidencing our impact in, the local community, to put young people's voices centr¢ stage when it comes to issues that impact their lives. Over the eourse of 23124 there have been various initiatives and proj¢¢ls having b¢¢n launched which have bee in¢redibly impactful in the Roundhouse a¢hi¢ving it$ objective Éo champion the voice of young people. In June 2023. w¢ officially opened Roundhouse Work4 our n¢w ¢r¢atiY¢ Centre for 18-30 year-olds. We were joined by Roundhouse's local MP Sir Keir Siarnier as well as a number of high profil¢ supporters and ambassadors in¢luding Clara Amfo, Tom Odell, Sanj¢¢v Bhaskar. Gary Kemp and Ade Adepitan. We aehieved significant press eoverage of th¢ opening event including fethres in the GuEtrdi ie Sra ¢ and Ivenill Standard and on BBC Radio Londo and Times Radio. Young people's voices were also at the heart of our laun¢h ¢v¢nts with a pan¢1 dis¢ussion led by our alumni at the press l&un¢h as well as young people taking part in media interview4 speeches and hosting the launch events. There was great Ira¢lion online for the launch with hundreds of posts across social media, including huge sUPPOrt for our posts on Linkedln 2nd Insla artd Marcus Dave . RoEindhouse CFO aiid Artlslic Dii'LLtor s hvcct which had over 39,000 impressions. This has all helped spread awareness of our work with young people. In June. we announced & new parth¢rship with Daniel Kaluuya, including the creation of a new youth theatre Cenlre 59, which achieved widespr¢ad PR across press Tinieoiil. Tlie Stage Metro and Evening Standard to name a f¢w) and social media- including being our mosi engaged post ever across all social media platfornis. As a Roundhouse Alumni. having Daniel share his experience and advo¢ating for th¢ importan¢e of 5pa¢e5 such as th¢ Roundhouse in his interview on CBS and in G £azinL has been incredibly impactful in raising awaren¢ss of our work. We also launched our Social Rthm on Investment (SROI) study with Social Change UK. It evidences the phenomenAI impact of our broadcast and digital programm¢. It found for every £1 invested by us in our film projects, we 8ener&t¢ £42.25 of social value, and for every £1 invested in audio proj¢¢ts. £21.88 of so¢ial value is created, generating £2.876m and £0.890m of social value respectively. The methodology used to ¢a]¢ulate this Can be found here. The high result8 2r¢ due to the practical nature of projects in helping young people into the industry as well as the myriad of transferable skills developed through the programmes. Obj¢¢tiv¢3- We will operate commer¢lalty and ¢ffi¢i¢ntly to fund our work, support expansion plans, build reserve$ and malntain our Grade [[* listed building and operate as an ¢thvirortm¢nt*lly $ustainable organi5atlDn. 23124 saw us drive a significantly in¢r¢as¢d ¢ontribulion from ourcommercial activities. We staged l63 oommercial music gigs and ¢vent hires and increased the avera8¢ ¢Olltribution of ea¢h giglevent. We continued to seek improvements to our commercial pro¢¢sses lo better serve our visitors and customers, in particular we improved our us¢ of data io inform business decisions. We also se¢ur¢d major new fundraising partnerships, in particular capitalising on new opportunities in OUT programme and with Roundhous¢ Works to launch bold new partnerships. THE ROUNDHOUSE TRUST TRUSTEES, REPORT FOR THE YEAR ENDED 31ST MARCH 2024 i¥Iu5i£ 4nd C.oThmer¢ial C.- ro In 23124, we h()5ted 108 Lornmercial music gigs , bringing audiert¢¢s from across London and beyond to a huge range ot different genres. Sume highlights from our busy gig programme in 23124 include.. Buma Boy and Victoria Monet, who were lyTrth very successful commcr¢ial gigs and we were abl¢ to use thc% tor cultivation with uur BlaLk music nelwork Orchestra Qawwali. who brought a ncw audicnce to the Roundhouse eist, PJ Harvey and Ellie Goulding all 5UCLessful selloul shows from famous fErnale identifying acts We hostcd major club events froln Four Tc( Floating Points and Anni¢ Mac Last Dinner Party, winners of the BRIT Awards Rising Star Award, perfornied, alongside other up and coming acts Potter Paypcr and Omar Apoll l.ankuTn and The Mary Wallopers brought a lyaditional folk audicncc to the Roundhouse as wcll. Hires An(1 Events ro rllmme Our vcrsatilc space hosted 55 events, frum fashion shows to filtning, and exhibitions to conferenccs. We were d¢light¢d to win Bronze for Most V¢Tsalil¢ London Venue and Silvcr for Be8t VEnue for Large Scale r,.vcnts at the London Venue 2nd Catering Awards. Particular highlights includcd.. BBC New Y¢ar Concert (Ri¢k Astley Rocks New Year's Eve) RolliThg Stone AwaJds Equal Experts Conference Red Bull Conference JWAnderson London Football Awards 14 un(IrAisin 23124 was a challeftging year for fundraising, ultimately ending the year under target by £200k despile a very su¢¢¢ssful gala ¢v¢nt and completing the capital fundraising campaign. We have continued to build Telationships with our long standing partners. This year we introduced the Entr¢pr¢n¢urs' Circle, a new giving circle ihal supports both fjnancially and via volunteering to shar¢ their ¢xp•tise and ski115 in business lo our young creativ¢ ¢ntr¢pr¢rt¢urs. At the satne time, we have continued to build long-lasting relationships with Trust and Foundation supporters, including a new two year grant ￿rIOd with th¢ AKO Foundation and our continuing four Ye￿ granl agreement with the Linbury Trust. whil¢ tllso sl¢wardin8 our capital support¢r5 who h¢lped deliver Roundhous¢ Works this y¢ar. We have compl¢ted our first year under the new NPO agr¢¢m¢nt with Arts Council England. Corporate Partner5hip5.' Ov¢r th¢ pasty¢ar the Roundhouse has launched anumb¢r of new mulii-year partnerships with companies including Inflexion and Taylor Wessing. Our partnerships continu¢ to create positive change and g¢n¢rate meaningful social impact, which has resulted in our partnership with Wiggin being shortlisled for the Business Charity Awards 2024. We have b¢cn d¢lighted to renew multiple partnerships in¢luding a new ihree-y¢ar deal with Wiggin, anoth¢r y¢ar of partnership with Spotify and corpor*t¢ m¢mb¢rships wkth 'llie Foundation and Showsec. Following the opening of Roundhouse Works we arc working clostly with companies across our portfolio to ptolnote volunteering opportLmities. and our ambition IS to build a comprehensivc database of Intere￿ed employees who can support and mentor our young people. "As a metha law firm Committed ¢￿I￿StErIng crealivity. we aye exÉrenzely proud to parlner wilh Éke RoupTdhotsse Film Fundandio c17Un7piov ihe nexl generalinn ofslorytellers. We are delighled fo .fupporl these youngfilmmakers and Inokfonvard Éo monitoring th£ir development onilseeing their newprojects reachfruitiun in ihe nearfulure. - Ch%krles Moore. Senior Partner at Wiggin LLP "I've been getting advice and supporl onprogrEssTngforwardiN my career walking me thro￿gh fvyningmyself inlo a business. - young person who partAcipated in the Spotify mentoring scheme, 2023 FJVtTrts'. The 2024 Rise up for the Roundhouse Gala re￿rned once again and raised an incrodible £1 million. Th¢ ¢vening was hosted by Ade Adcpitan MBE with performances from Melanie C. Amy Gadiaga, Gary Kemp. Simon Le Bon, sha7.nay L¢wis, C'eline Love. Maurecn Onwun21i and the Trevor Hom Band. Wc'rc so grateful for th¢ suprom of ¢veryone who attcnd¢d and those who donated or bought prizes. A huge thank you to our tsvo co-sponsors, Cubitt Hous¢ and David Lloyd Club4 and lo our Gala Committee including Chair Gary Kemp and Vice Chair Lorna Clarke. On Saturday 17 June 2023, Roundhouse took on the YorkshiTe Three Peaks ¢hallenge lo raise funds for our work with young people. Our brave walkers faced a tough challenge with over 1600m of &8eent, 39.2km in distance, all to be accomplished within 12 hours. Thanks to their efforts the ¢vent raised over £200,000. THE ROUNDHOUSE TRUST TRUSTEES, REPORT FOR THE YEAR ENDED 31ST MARCH 2024 Objeetive 4 - We will prote¢t, maintain and upgrade The Rollndbouse Estate, while ehampioning susl*in*bility and d¢liverin% a quality service. We approach this objectiv¥ by splitting il inkn three key themes: Prote£tiii maintaillin andu radiii the estatc Since opening Roundhou￿ Works, we have been reviewing and refining our processes across the eslate to accommodate a brand new building. Roundhouse Works won ' 11)eatre Building of the Year" at the Stage Awards in 2024, alung with being a winning project at ihe 2024 Civic Trust Awards. Our Grade Il* listed building rcquiTes regular maintenance. We continuously deliver work to ensure our spaces are safe and suitabl¢ tor all our activities. We've carried nut a numbcr of major projccts this ycar including.. Repairing and updating our heating, venlilaliow air cooling {IIVAC)-%y8tem8 across the estate to i]nprove efficiency with a longer terni vicw lo rcduc¢ cnergy consumption across site Rolling replacement of fire donr8 across th¢ main space to maintain compliance and continually improvc th¢ fa¢ilitics for audiences and visitors alike The metal ducting bElr>w thc floor of the s￿di0 Theatr¢ was r¢piac¢d whi¢h was a major workstream successfully completed In8tallation of cooling systems within th¢ t¢cl￿1Cal store and Food and Beverage ¢ellar& lo improve working ¢ondilion8, and assist in elongaling th¢ life span of operational equipment and systems Full refvrbishmenl of the Studios upgrading and renewing the facilities for young people Redeveloping the facilities in our dressing rooms, to provide a quality experience for artist5 and acts at the Roundhouse behind the scenes. Introdu¢ing a new facilities management system, which str¢amlin¢8 maint¢nan¢¢ requests, improving operational efficiency and simplifying our processes. R¢moving over half of our on site servers, drastically r¢du¢ing their ¢nvironmental impact while ensuring our operations continue smoothly> ensuring best use of limited spa¢e on our ¢stat¢. The access consultants report for th¢ Roundhouse Works access ramp verified the proposed changes to r¢du¢e the incline of the ramp. introduce a n¢ar flat staging platfom]. and drop the curb. The works will be programmed in the n¢xl quarter. We have fulfilled an EDI eommitment as project Offi￿ l on level 3 has been converted to a prayer I nursing room. A key focus remains on security provislon a¢n)ss the estate, ahead of the legislative Protect Duty considerations that are due to tx published imminently. A detailed review of security proto¢ol$ and pra¢ti¢¢ is underway looking at inforniation flows and pertnissions, systems access and controls. booking prin¢ipl¢s, staffing models and structure4 resilience and readiness. Enhanced security measures were deployed within the last quarter, ineluding the use of dog handlers to ensure a clean venue. which has ¢nabl¢d n¢w ways of working to be trained and a(bpted aeross the team. Significant work continues embedding recommendations from the counter terrorism (CT) plans and will subsequently dovetail into the major ineident plans. We havc d¢livcrcd three v¢ry Successful Counter TcTrorism SCAN training sessiunb for 65 Ca￿Ual food and Beverage staff, Visitor Assistsnls and Volunteer5. Training was delivered through our MET colleagucs and was very well received. A notable achievement being the first lime we havc tnanaged to do this in this way, Lt strong cohort, and commendable feedback from the MET irainers as to our engaged staff. We are in the proce55 of replacing th¢ CCTV system upgrading from analogue to digilal, which will bring us more coverage of the site, faLiLtI reLogtiition and a modem digital system which will be fit for purpose. li. 5ll5tAittabilÈtv This year we appointsd A new Vcnue DiTC¢tor. who oversees all the operations of our site, including sustainability- We havc a ¢ross-departmental Green Team, which this ycar has ix¢n included in a wider governance review. Going fonwl all departments will be embedding SUStainabAlity in KPIS to ensure consistency across the RoundlM)use. The sustainability action plan has been transform¢d into a more workable forniaL which included developing key swstainable pillars and within each pi112r SMART pledg¢$ thal can bc irackcd more easily. Moves to digital ticketing, locally sourced produ¢ts in Roundhouse and Café and the introdu¢lion of ¢nvironm¢nlalty friendly ¢leaning products are but a few of our reeent a¢hievemenls. In assoeiation with Julie's Bicycle our roadmap to Carknn net zero for s¢op¢ l & 2 by 2030 wa5 pres¢nt¢d at th¢ Quarterly staff meeting on the 23rd of May. Carbon literacy training has been rolled out across the organisation. This will now be included in the induction process for all n¢w stsrt¢r3 THE ROUIYDHOUSE TRUST TRUSTEES, REPORT FOR THE YEAR ENDED 31ST MARCH 2024 We second¢d our Chief Electrician this year to undertake an energy review Project over a 9 month period, which began with the installation of smart m¢tr¢s across ihe estate. The energy project continues to gain momentum witt] four new Icmp¢ratsre monitors enabling tr¢nds to be identified, and incre05ing ability to reduee energy usag¢ and manag¢ systems in a more data drivEll approach. We also retende￿d our catcring %rvi¢¢& with the invitation to tender centred around our sUStainable approach. W¢ have ieplaLed and improved our bicycle slorage to encouragc grccncr wayb of travel, and we continu¢d to use the lTheatre Green Book to mainlain our commitment to sustainability in all upgrades and refurbishmcDts acro55 the estate. This year, we have joined the Association ol-Event Venues and have a representativc on th¢ir Sustainability Woiking Ciroup. We have a150 trialled a number of solutions to introducc rew%able cups to our operations, and thib work is ongoing to ensure we introduce a suilablc alternativ¢. LED lighting changes have cortllncnced with une corridor complete and now also on scnsnr. this is an ongoing prujeLt is being managed and compleled by or in house elcctrician. We have been through atendcr process with.￿veral companies and have chosen our next waste supplier"First Mile" the key eleTnent% of %eleLtion wer¢ in Ihe savings we can achievc and on thcir sustainability cyedentials. Changeover will take place in November. W¢ have joined ISLA (Industry Sustainability thtough Leadership and A¢lion) as L new member, a not-for-profit organisation focussed on a sustainable future for events which atnongsl sustainabl¢ business principles and frameworks also allows access to a significant level of training opportunities in support of our progr¢ssion pathways. We were delighted that Ingleton Wood (M&E /BREEAM con5ultanlsl re¢ently won the Energy Project orth¢ Year RetaiL Commer¢ial and Industrial award for Roundhouse Works at the Energy Awards 2023. iii. Deliverin ualit scrviee All Oper￿lonal teams from across the Venue Directorate gathered for a Town Hall meeting in January 2024 to set the direction for the year ahead. centring around operational exeellence and ensuring cu5tom¢r focus is always r¢tain¢d. A key driver is compliance and continuous improvement, and good progress has been made in this area as recognised within the Tecent Health and Safety Audit. With a fo¢us on elevating the guest experienc¢. we are developing the collaborative approach across the workforce to strengthen our foundatlOll5 and emp)wer our teams lo impl¢m¢nt ¢ffi¢ien¢y gains. To ensure we are consistently deliveTing a high quality s¢rvi¢¢ to our audiences, we introduced an audi¢nce feedback action group this year. Thi5 group adYis¢s on Changes we ean make in response to audi¢n¢¢ feedback: for example. this year we've begun to ask people about their access needs r￿h¢r than th¢ir disability status- this has improved the specificity of the data we collect, meaning w¢ ¢an ￿spOnd to the needs of audiences, and has led to pogitive feedback from visitors about th¢ ac¢c55ibility ot'the venue (with one visitor saying that'Roundhouse fForn an access point of view is my first choice venue. Wc hav¢ also improvrd fun¢tionality and syeed of purchase for ticket buyers via our website therefore not only improving our custorncr cxperience but our comrnercial revenue by driving morc ticket buyers to our site. It was also the first year with our new seating structure, which was in pl%&Le for the comedy festival this Summer. -I'he installation timc is now down to two days (the pieviolls struLlure required four). This incrcascd etyiciency is enabling to rele&se more dates for coTrmercial sale in 24r25 and 25126. A key focus been held around noise management. both as & duty of care for our staff but also in suptK)rt of our audiences. PPE use has becn traincd rolled out a￿ong￿t relevant teams. In a bid to b¢ a warld leader on noise managemcnt within a tnu.%ic venue, we are also starting to C4)nsider exposure to thc audience, a review of our noi8e monitoring technology and an education piecc in ordcr to rai8e awareness of the risk of hearing damage. This was timed in linc with thc WHO rclcasing the update to their 'Make Listening Safe, campaign in O¢lob¢r 2023. We continue to build and develop our servi¢¢ t¢am4 ¢nsurin8 regular training is conducted, both organisational wid¢ and specific skill sets. Our recent feedback from audience exp¢ri¢n¢¢ has b¢¢n excellent especially from access patrons and outlines the exemplary work our s¢rvi¢e teams deliver. THE ROUNDHOUSE TRUST TRUSTEES, REPORT FOR THE YEAR ENDED 31ST MARCH 2024 Objeetive S - Our most valuable #sset 1$ our people. To deliver our *mbltlou% five year goals we need to further develop our entreprerteurial and innovative eulture, ensuring that it is aligned to our overall v*lues And Oi'gallisation￿] objectives. Diversi nd Inclu510 We are committed to dev¢loping the org8nisation's approach to Equity, Diversity and Inclusion, while also ensuring we are a high-performan¢c organisation that enables slaff to le2￿n and grow. In order lo build an accurate picture of Ihc organisation's learning needs, wc have developed, released and embedded an organisational Compctcncy Fratnewurkthis ycar, outlining the skills championed Ltnd hehavioursencouraged at each job level ofthe Roundhouse in order to inspire self.directed l¢aming, supported by developmental manger-employee conversations across the Roundhouse. We also gathered data on skill gaps across each department and have released a bespokc Icarning and development offcr, while also surveying Sta￿￿ preferrcd Icarning 5tylcs. Our F'.quity, Diversity and Inclusion ambitions arc listed publicly on our web51te. including those rclcvaDt to our workforcc. Currently. the Roundhou%e has set a two-phased workforce demographic targets. The first targct is lo ¢llsure that 40¥0 of our workforce is ethnically diyeise by 2026 moving to 46Yo by 2030 to rcflect London's ethnic demogrdphic. Our in-house EDI Lead and thc People Team are developing our inclusive recruitment strategy. exploring trailling. where we advertise, advertising ag¢nci¢& job do5criptions and the intervicw proccss. W¢ will also be analy.8ing rctcntion timescale of global majority staff and any feedhack from thc exit interviews in order to assess how they f¢¢1 about organisational Cul￿(e, inclusion 8nd b¢longing al th¢ Roundhous¢. Looking ahead to the future Our plans for 24125 will see us launching our new artistic festival in April 2025, and much of the year will be developing this as our flagship Tnomenl - both for our artistic plans and our youtb projects culminating in perforn]ances. Our new partnership with Daniel Kaiuuyo Centre 59, will officially launch with young people in the Summer, wh¢n w¢ will a150 be hosting an 8 week run of Fuerza Bruta's n¢w show. A VEN. We will continue to seek commercial growth through reducing the number of days when our main space is ￿t hired and through improving profit margins. So that the Roundhouse maintains its position in relation to ¢ompelitor v¢nu¢s we aim to deliver a superb visitor experience and operational excellence. This y¢ar will a150 see the introduction of several new systems that will improve our day to day operations. including new finance system and a new HR system. We will continue to embed data-led approaehes acr09S th¢ Roundhous4 io ensure that we are consistently impmvin8 our work across the board for our young people, our audiences and our staff. Revieiv of the Financial Position 1.he Roundhouse has a mixed but integrated financial model. There are a number of key income sourees and activity areas. Income The Roundhous¢ dcrive5 operaling income from these sources.. Rental of the main auditorium space for third paty corEMbraielcharily events and rnusic gigs- vi& thesc renta15 we also earned a tange of secondary incomc such as box office fees, supplier commission and food and beverage income. Fundraising and sponsorship income through a mixturc of donations from individuals, grants from trusts. corp(Trtate sponsorship and income from varlous memberthip SLhemes. There is also a biEnnial fundraising gala Statutory funding via Arts Council England as a National Portfolio Organisation Ticket income from own or co-promotcd artistic perforniances Rental of offLce spa¢¢ ts) third parti¢s Additionally, we have fundraised to extend our buildin8 and facilities through th¢ N¢xl G¢n¢ralion Campaign. Funds raised in the year for this purEx)se are shown separately as Testricted income, under Restricted Capitul Funds. Total R¢venu¢ for the year was £15.3 million (2023: £14.5 million). Revenue from trading activity h8s improved from last year at £5.9 million {2023.. £5.4 million). This was a direct impad of increased commercial activity. 10 THE ROUNDHOUSE TRUST TRUSTEES, REPORT FOR THE YEAR ENDED 31ST MARCH 2024 Incom¢ from ¢haritable activities. donations and inv¢stments for the year (excluding restri¢l¢d capital income) was £9.3 mAllion (2023.. £6.8 million). The r¢stri¢t¢d ¢apital income reeeived in the year of £0. I million {2023- £1.8 million) repr¢senls funds received towards the Roundhouse Works end Seating project. Expenditure On th¢ In¢om¢ and Expendithre Stat¢ment ¢xpenditure is reported undertwo broad ¢ategories' Costs of raising funds and Expendibjre on charitable income. Costs of raising fund5 include cost5 relating lo the trading #divity ond those linked to ￿ndraising. Expenditure for the year for this area was £4.8 million (2023: £4.0 million)- Expenditure on charitable activity was £l1.4 million across the four areas (2023.. £9.4 million). For both years th¢s¢ numbers include an allocation of depreciation link¢d to the initial refurbishment of the building. Excluding d¢pr¢¢iation ¢xpendityr¢ on charitabl¢ &¢livity was £IO.I million (2023.. £8.6 million). Financial results c105ing funds Ov¢rall th¢ ¢onsolidat¢d result for th¢ charity included a surplus on unrestricted fund5 Of £0.3 million (2023: Surplus £3.9 million) after transfers betsveen funds of £0.6 million (2023.. £4.3 million). At 31 March 2024, unrestricted funds carried forward were £15.6million. Th¢ Charity r¢¢¢iv¢d no (2023.. nil) r¢stri¢led funds in the year towards specific non-capital projects. The restricted capital fijnds balance at 31st March 2024 was £18.1 million (2023: £19.2 million). The expense of £0.7 million (2023.. £0.5 million) represents d¢pr¢¢ialion on restricted assets previously capilalised. Th¢ ¢ndowment fund balanee as at 31st March 2024 was £6.9 million (2023: £6.1 million). This represents restricted investments donated in 2011. The drawdown rules of the endowment allow¢d for a £O.I million drawdown in the year. Fin*nei41 Ou¢kbok beyond 31 Mar£h 2024 The oUt1(￿k for th¢ ¢urrenl finan¢ial y¢8r ts now v¢ry different from the one we anticipated when w¢ developed our 5-year business plan four years ago. We have had to reassess every aspect of our operations in order to mitigate the longer-tem] impacts a5 we navigate through th¢ Cost of living pressures. Through 23124 we hav¢ built upon the ¢hang¢s to our d¢livery model and underlyin8 organisational structure that were implemenl¢d in 20121. W¢ hav¢ ¢ontinued to provid¢ young people and audiences a level of ongoing service programme alongside the build-up in our commercial activities. We have a150 ¢nsur¢d that through our staffing decision5 that the Roundhouse remains operationally ready and that we Can ad¢quately support fimdraising and future comm¢r¢ial bookings. There are a number of initiatives underway that aim to stabilise and boost commercial income as we navigate the cost of living pressures. These include developing the use of our data and ¢nhancing reporting* brand refr¢sh, and increased sales and marketing expenditure (￿Ople and advertising spend). We remain confidentthat in the long terni these will have a meaningfvl impact though it is unclear as to what the impact will be this year. We have rigorou5 governance 5tructur¢s in place to control ih¢ Roundhouse's operations and the Executive and Senior Management Team are continually reviewing, revising and reacting to changing sceTLaTi05. Communicatton with the board of TNstees is frequent and a review of our current position and ￿tllre outlook is considered on an on-going basis. THE ROUNDHOUSE TRUST TRUSTEES, REPORT FOR THE YEAR ENDED 31ST MARCH 2024 Risk Management The risks the organisation faces have been reviewed on gn ongoing basis throughout the year by the s¢ftior managcment team emd as part of the process have been reviewed by th¢ Busin¢ss. Audit and Risk Committee with significant risks also considered at the main Boartt A full ￿ fresh of The Roundhouse Trusl's risk & issu¢s log took pla¢¢ this year with all of the organisalion's senior leadership team involved. This review included a change to thc way wc assc5 organi5ational risk5 and issues. as well as a change tu the ttnninalogy wc usc to define them. Our new approach adopts a more nuanced and comprchensive scoring methodolugy, with more prccisc dcfinitions arout)d risk levcl. to assist thc ￿Oring pThTrcess. The new risk and issues log was approved by Éhe Trust's Business Audit and Risk Committee and the Board in March and April 2024 and will be revi¢￿a and utKlated at least every three month& in timc for each of thc C(Trmmittce's quarterly meetings. Maj(tyr risk theme5 rinancial osition Th¢ long-terni viability of The Roundhouse's 18 dependent on our ability to continuc to fund our charitablo activity through a combination of commercial and fundraising in¢om¢. Sustsin¢d high inflation and in¢r¢ases in th¢ ¢osl of living pose risks to our ¢omm¢r¢ial model. both through the reduced ability of the public to afford to spend on leisure. and through rising operational costs to us as an Organisatio￿ particularly due to high energy inflation. In ord¢r to mitigate against volatility in the cost5 of energy we employ forward buying, affording us greater certainty in our budgeting pro¢¢ss. In the long terni we will seek to reduce our energy outputs as part of our 5UStainability commitments, reducing our exposur¢ to flu¢tuutions in the energy market. The environment for fundraising and grants is also challengingy and the government's levelling up agenda ¢ontinues to fo¢u5 money away from London. The Roundhouse faces som¢ high risk moments ovey the n¢xl y¢ar related to the award of key funds from our core suptN)rterslfunders and some significant commercial income targets. In order lo mitigate som¢ of these fmancial risks we have sought to secure multi-Ye￿ contracts with some of our closest partner& and to highlight our work providin8 OPPOrtuniti¢s for young peopl¢ both across London and outside th¢ Capital. We were delighted to open our new Roundhous¢ Works building in summer last year. helping us to meet our goal of in¢r¢asing significantly the number of young people we work with annually and ¢xpanding the programm¢s and support we ean offer. This hag been the most major construction project the Roundhouse Trust has undertaken since its initial refurbishment of the Roundhouse building between 2004-2006, 9￿d as su¢h has b¢¢n a major financial investmenl. llie fmal account% pioccss to clos¢ out this project is underway, with a number of sums of oney to be finalised. W¢ hav¢ been pleased to work with a strong leam of Lon&ultants from ihe pyoject's inception, and continue to benefit from their support during this final process. or intcrnational events Thc continuing global conflicts around the world are highly ¢motiv¢ and distrcs5ing. At Ihc Roundhousc vrfc havc ne¢dcd to ￿a¢t fast to these world event4 with the Pri￿{￿ Focus of t1￿urIng the Safety and wellbeing of our staff, the young people who acccss our scrvice& and the public. As a venue we Are aculely aware of our responsibilily to protect our patrons, something that will likcly bc enhanccd should the current draft Tertorism {Protcction of Prcmiscs) Bill be passed by Parliament. Thereforc we will continue to cnhancc our s¢curity, upgrading our CCTV system, providing continued staff training. sharing infomiation and ideas wilh other venues through networks, and closely following the development of the anticipated Tcrrorism (Protection of Premises) Bill, in ordcr lo be ready to implement its r¢quir¢m¢nls. Thes¢ confli¢ts have &lso prompted us to review our linked decision making policies in relation to the acceptan¢e of funds by donation, and the private hir¢ a¢livity. in order that we havc clear processes, and that these documents hclp us to navigate these complex chall¢ng¢s with an obje￿1Ve s¢t of standard5. 12 THE ROUIYDHOUSE TRUST TRUSTEES? REPORT FOR THE YEAR ENDED 31ST MARCH 2024 Goveniance and accouiitabilitv At the Roundhouse being a¢countable is one of our Central values, aad as part of a review of the way we work we have recognised that there is more that we ¢an do in this are& We initiated a project to review our rewirting and governance in August 2023, and a5 a result we have been working to improv¢ the quality of our reporting to our Board of Trustees and its sub eortllnittees. We are also seekin8 to improve our transpar¢n¢y and ensure our staff understand our governance structure, this is being done through a Rview and update of all our tern)s of reference for our committ¢¢s, working groups. staff gmup& and executive groups, and with the publication of a governance guide for our staff. 2024 is also the year when w¢ will be preparing our n¢xt major orgllnigation strategy ahead of our ¢urffnt 5 year busines5 plan drawing to a close at the end of the financial year (Mareh 2025). This off¢r5 an important ￿0￿￿ertt to take slock ofthe challenges we face as an organisation. and to set an exciting ncw strategy for how we will continue to support and transform thc livcs of young peoplc, and to strcnglhen our urganisatLOn. Key Policy Statements Investment Policy The investment policy is set by the TTUStees and reviewed annually. In Mawh 2013, the charity appoinl¢d JO Hambros. lal¢r renamed Waverton Investment Management. to manage the investment of the £5m Paul Hamlyn Foundation Cndowmcnt fund in a mix OF inv¢stmenls within specificd cthi¢al guidelines. An Investment Committec was set up comprising Tr￿￿te¢s, Paul Hamlyn officials and invcstmcnt ¢xperts to monitor the fund. An investtnenl poli¢y has b¢¢n 5¢t by th¢ Trnsl¢¢s targeting an annual total return of CPI plus with an emphasis on ethical guidelines. For the financial year ending 31 March 2024 the CPl+4Q/o ben¢hmark equated to 6.6 %,' against which the portfolio r¢tum¢d 18Vo. Th¢ portfolio is managed with a long-terni view, since inception the CPI + 4Q/o ha5 been 990h against which the portfolio has retsrned 147 %. Surplus cash is invested in low risk, high interest deposit accounts or on the money market to achieve as high a return as possible whi15t not risking th¢ Capital funds. The Company does not act as eustodian TrLtstee on behalf of others. Fundraising The Roundhouse has a professional fundraising department led by the Partnerships and Impa¢t Director. The frarn is responsible for fundraising from individuals, ¢v¢nts, ITUSt and foundAtions and businesses and works within th¢ guid¢lin¢s s¢t out by th¢ Fundraising Regulator and Code of Fundraising Practice. The Roundhous¢'s fundraising is supported by volunteer ¢ommittees ineluding a Gala Cornmittee who help with the organisation of the biemiial Gala. A new Development Board, chaired by a Trustee, was formed in 2018 with clear ternJs and conditions centTed on fundrnising for the Roundhouse's annual targets and ¢apital campaign. The Roundhouse annually reviews and updates its ethical policy and fomied art F.thic$ committee, which was made up of asubsetof the Board to enable the ex¢culive tcam and Board of Trustees on decision making around signilicant gifts. 'I'he Roundhouse does not engage any external partners or fundraising ag¢ncics to carry out fundraising on its bchalf. Nor do we engage in ￿ndraiSIng activities that would place vuln¢rablc pcoplc at risk. The Rollndhouse sub5Lribes to the Fundrdising Regul&tDf 2)nd signed up to the Fundraising PTcfeTence Service. In Ihe 23124 year there were no complaints received by the Funding Regulator. Thc Partnerships and Impact Director and the Associate Director for Devclopment arc ixTrth tncmb¢rs of thc Institute of Fundraising. Access for all Ouryouth prografftmes span a rang¢ of art fornis lo ¢x¢il¢. inspir¢ and captivate young people from all backgrounds. We offer opportunities in music. theatre. circus, swken word. and broadcast and digitil, with a focus on dcvcloping skills and building confidence. One of our kcy tolcs is to cngagc young people who mighi not othenvise havc acc¢ss tt) thc arts, and to ¢hallEnge the growing dividc in social mobility belw¢¢n different socio.economic groups. Acc¢ssibl¢ ti¢k¢ts We provide 16-25s access to £5 tickets for selected gigs and shows through the GET rN membership scheme. In addition to this we offered fr¢e li¢k¢ts to all our open dress rehearsals. This allowed those who would not otherwise have been abl¢ lo attend to experience ihe Show. 13 THE ROUNDHOUSE TRUST TRUSTEES? REPORT FOR THE YEAR ENDED 31ST MARCH 2024 Pastoral support Our Infomi81ion & Advice Base, led by experienced Youth Support Workers, offers pastoral support on issues su¢h as housing, employm¢nL mental health. training? education and other arts opportunities Tailored a￿]VitieS for We reach thos¢ who ar¢ most in need by offering taster and regular sessions to schools target groups and Community groups and providing intensive pro8rammes for young peopl¢ not in education, employment or training. Ring-fenced places We set asid¢ pla¢es for young people from our targeted pro8rammes or supported by our on projeets ommunity network partners for our op¢n a¢¢¢ss projects. Th¢ pla¢es are held until thortly b¢fore the project starts to give these young peopl¢ th¢ best possible ¢hance of aceess. Bursaries Our bursary scheme provid¢s a¢¢¢ss lo proj¢cts for young peopl¢ who cannot afford to pay themselves. A travel bursary is also available. SubsTdies Our proje¢ts are affordable and heavily subsidised through our mixed economy business model. Young people tell us there is nowhere in London that off¢rs sp#¢es and projects at such good value. Volunteers Th¢ Roundhouse relies heavily on a community of volunt¢¢rs. They are a vital part of the visitor's services team ensuring audiences have an enjoyable visit. Disabilities in the workplace As an employer we undertak¢ a policy not to discriminate against anyone. We conduct individual risk ass¢ssm¢nts for ¢v¢ry appli¢ant, employee or volunteer with a disability. This identifies any reasonable adjustments that need to be mad¢. Partnerships The Roundhouse works with a range of partners and networks to share exiKrtise, learning and knowl¢dge. Th¢se in¢lude the Creative Industries F¢d¢ration. Music Venues T￿￿t and the Concert Promoters Association (CPA). the 360 d¢gre¢ network, A New Direction, London Youth and a range of local community organisations. In 2020 we joined the Youth Employment Group which Wds a coalition of youth Charities s¢t up in r¢sp)nse to Covid 19 and the impact on young people's jobs prospe¢ts. Stakeholder management Our primary stak¢holders are our young people that lak¢ part in OUT ¢r¢ative programme. We employ numerous tutors on a freelan¢¢ basis to deliver our youth programme who reeeive r¢gular training and supp)rt. Our youih programme's outcomes are evaluated through our evaluation committee on ll monthly basis. We host our Roundhous¢ Youth Advisory Board (RYAB) which is made up of up to 20 young people each year. RYAB meet monthly and advis¢ on every aspect of the Roundhouse's work forour creative programme with young p¢ople, ourorganisational values and our proposed n¢w Campus building. Two members of RYAB sit on our fornial board of Ttusle¢s. Reserves Policy A5 at 31￿ March 2024, the total unr¢stri¢t¢d reserves were £15.6 million (see note 17). Of this £12.1 million represents amounts inv¢st¢d in r￿ed assets, £2.0 million has be¢n d¢signat¢d for sp¢¢ifi¢ purpos¢s. After taking these amounts into ¢onsid¢ration there remains £1.6 mtllion of free r¢s¢rves. The Trustees have detem)ined th￿ th¢ Roundhouse needs unrestricted free reserves to allow the organisation to manage a range of potential operational risks, including fluctuating in¢om¢ from ¢omm¢rcial a¢tiviti¢s, significant changes to voluntary and donat¢d income, and the costs of emergency buildlng repairs. The reserves 18yget is in excess of th¢ minimum level that would be required for an orderly winding up of the charity- 14 THE ROUNDHOUSE TRUST TRUSTEESY REPORT FOR THE YEAR ENDED 31ST MARCH 2024 The target for the level of Free R¢serv¢s 15 £1.8 million, the Trustees consider that £1.6 million remains an appropriat¢ level of Fr¢¢ Reserves in light of the charity's size. operations. and the financial risks to which it 1$ exposed. This will be rebuilt over the coming year ba¢k up lo the £1.8million target. Th¢ Trustees all committed that if Free Res¢rv¢s are further eroded in the Coming years that these are rebuilt as a priority. Any unrestrict¢d r¢s¢rves in excess of the free reserves target will Ix designated into the Capital Renewal fund representing amounts set aside to ensure ongoing renewal and r¢plkeement of the building infrastrncture. Over the coming years the Trustees will look lo maintain this r¢serve currently £0.85 million. Golng Concern The Trustees have assessed Th¢ Roundhouse's ability to continue as a going ¢on¢¢rn. They have considered several factors when forniing iheir ¢on¢lusion os to whether the use of the going Concern basis is appropriate when preparing thes¢ finatt¢i811 stat¢m¢nts including a review of updated forecasts and cash flow to March 2026. and a ¢onsid¢ration of key risks, that could negatively affect th¢ ¢hariry as well as the succ¢$5 of mitigatin8 factors that have been implemented. Our core unrestricted reserves are funded from a Combination of fundraising income and comm¢r¢ial ineome. As noted in the reserves policy abov¢. the level of unrestricted reserves stands at £1.6 million at the end of March 2024. The key risks in our financial model are described in more d¢tsil in the Risk Management section on page I l. Of particular relevance to going concern is the risk link¢d to maintaining financial strength and sustainability. Alongsid¢ the ¢K¢CUtiY¢ the Trustees are reviewing the financial wsition clos¢ly on a regular basis, and updating ¢xp¢¢t¢d futyre scenarios based on the actual monthly Tesults and any ¢honging external factors. We have setout above a review of The Roundhouse Trust's financial perforn)ance and the general reserves position. Our planning pro¢¢sses, including financial projections, have taken into consideration the current economi¢ ¢limale and its pol¢ntial impact on the various Sources of income and planned ¢xp¢nditt)re. We have a reasonable exp¢ctation that we have adequate resources to continue in operalional ¢xisi¢nc¢ forthe foreseeable future. W¢ believe that there are no ￿￿¢rIal un¢¢rtainties that call into doubt The Trust's ability to continu¢ lo operate. Accordingly, the a¢¢ounts have been prepared on the basis that The Roundhouse Trust is a going concern. Trustee duties in relation to Section 172 of the Companies Act The Board of Trustee5 is aware of its duty under S¢ction 172 of the Companies Act 2006 to act in a way th￿ 15 considered to be in th¢ int¢re8ts of stakeholders when promoting the su¢¢ess of the company. The Trustees ￿1 in accordan(E with this requirement and in doing so have regard to: I'he likel Iiences oran decision in thc lon conse -t¢rtn. We have in place a rolling fiv¢-y¢ar business plan that maps out our prioriti¢s and ambitions across our thr¢¢ haritabl¢ goals. The plan includes a robust set of financial and 0￿ratIOnal objectives. This 15 a key tool kgainst which we continually monitor our progress and perforn)an¢¢. Alongside this, we have a comprehensive risk management programme, which id¢ntifies risks of us reaching these goals. On pages I1-12 of this report, you will find more d¢tails of risk management process and the key risks w¢ are actively managing. The intere515 ofthe com "S¢Tn CCS. Our staff are the most ilnportant part of us achieving our stated goals. We ar¢ ¢ommitt¢d to ensuring everyone who works at th¢ Roundhouse understands our core purpose and the valu¢$ that underpin the delivery of our obj¢etives. Their health, safety and wellbeing is also parJrnount and ihis is always a key part of all plaTJning processes. MoTe about our staff engagement strategy is included in ihe section below on page 16 (Engagem¢nt with Employees) The nEed lo foster the 's bu8iness relationshi s with su litrs c slomers and o(hers. om an Core lo the Roundhouse's business model is the strength ofour partnerships. We work with a wide range of people and organisations from both an operating and funding perspective. To ensure that we are eonsislent with our approa¢h w¢ hav¢ a polieies and operating procedures in place and always strive to follow best pra¢ti¢¢. We choose our suppliers carefully and ensure that they collaborat¢ with us a¢ross all areas including their approach to diversity and inclusion and sustainability. Th¢ im a¢t of the com an eralions on t e communi and th¢ Ejvimnment. Our youth 8md artistic programmes are centred on th¢ Camd¢n and London community. We work closely with all the local community including Camden Council and involve them with many of our important decisions through regular m¢¢tings and communications. Environmentally we are part of the local &dvisory groups and work across a range of are&s to improve our impact on ihe ¢nvironm¢nt. More on our key sustainability goals ¢an be found on page 17. 15 THE ROUNDHOUSE TRUST TRUSTEES, REPORT FOR THE YEAR ENDED 31ST MARCH 2024 The desii'abili of Lhe com aintainin are utation for li standar s ot bu5inc8 onduct This is paramount to the success of our 51rategy. Ov¢r the last 4 year4 we have worked hard to embed our core values through a range of initiatives. These are supwrted through a wid¢ rang¢ of organisational wlicies that ensure that they are applied on a day-to-day basis. The necd to act f&iTI between memberg of the c In an Everyone including all Trusl¢es go through a rigorous induction pro¢¢ss. We maintain a record of other compani¢& charities and businesses that our Board and senior managernent team are involved with., this is fornially reviewed on an annual basis. Conflicts of interest are de¢lared at the start of all board meetings. Engagement with Employees As a creative organisation it is our people who are the engine of what we do and what we can achieve. Oyer the last two y¢ars we ran cross-organisational workshops to Ikvelop a set of Roundhouse Values. These ￿r¢ launched fomially in late 2020 and they will be embedded in our trdining, performance manag¢m¢nt. recruitment and induction programmes going forward. Our primary communication ¢hannel on matter5 of concern to them as employees is through their line management chain within their direetorates. W¢ have monthly staff me¢tings to disseminate highlights from our programm¢ and activity as well as deliver any key messages relating to health and safety and operational guidan¢¢. W¢ host an internal intranet site where we share poli¢i¢s and procedures as well as staff r¢sour¢¢s and well-being information. Since April 2020 we have provided weekly update8 via email from Marcus Davey our CEO 2nd Artistic Dir¢ctor. During 2022, we set up a new Cross organisation team call One Team, On¢ Organi5ation. The focus of this group is to listen to improve cross team collaboration and working iMTrih on a social and operationa] level. In 2023124 this group m¢¢ls with all employees to listen to concerns and instigate solutions to these. M¢tnb¢rs of the senior management te9m. who in turn meet regularly with CEO lo discuss parti¢ular topic5, chair this group. During 2023, we set up a new subcommittee of the Board ¢all¢d the People Cornmittee. This group's remit is to review significant people matters and advis¢ on th¢ annual remuneration changes. Our ability to recruit and retain high quality staff is critical to the sueeess of our charity. It is our p)licy to pay competitive and fair salaries in all parts of our organisalion. W¢ evaluate ￿1 jobs via & biennial external benclunarking exercise. Further deiails of our directors, salari¢& key management personnel can be found in note 10. The charity has a well- established recruitment pro¢¢ss which gives full consideration to all applications free from any bia5. We understand the strength in diversity and welcome appllcations from all Suitably qualified and experieneed candidates irrespective of their age, long terni health ¢ondilions OT disability, age, gender or gender reas8Lgnm¢nt, sex. sexual ori¢ntalion or marital statu4 t￿. religion or belief. We are committed to Diversity and Inclusion as an organisation and run a monthly Diversity and Inclusion working group mad¢ up of representatives across th¢ organisation. Through 2024 we reviewed all of ourpolicies and pra¢ti¢¢s and have made a eonllnitmenl to further improving the diversity ofour workfor¢¢. specifLcally setting targets around rac¢ ¢quity and disability. Opportunities are available to all employees for training and career development. All of our peopl¢ are tr¢ated fairly. with respect and dignity. We do not tolerate discrimination, vi¢titnisalion or harassment of any kind. Busine&s relationships Th¢ Trustees recognise the importance of both inlemal and external stskeholders. The Truste¢5 are comtnitted to forniing strong r¢lation5hips with the young peopl¢ w¢ supporL They are mindful that success depends on our ability to engage effectively, work together, and make these stakeholders, views ¢¢niral to the developmenl of our services. Young p¢opl¢ are represented on the Board of Tntstees with the Roundhouse appointing at least two Trusl¢¢s who are under 25. They serve for a period of on¢ y¢ar and act as a key voice for young people at board level on all matt¢rs these individuals are participants of Roundhouse Youth Programmes and members of the Roundhouse Youth Advisory Board. 16 THE ROUNDHOUSE TRUST TRUSTEES, REPORT FOR THE YEAR ENDED 31ST MARCH 2024 The Trustees regularly engage with our youth programm¢ with one of our Trustees being a tutor on a number of projects for young people. In iddition on¢ of our Trustees has specific responsibility for safeguarding, and regularly attends review meetings to discuss issues and concerns relating lo safeguarding children, young p¢ople at)d adults at risk. One of our Trustees also 5115 on the Evaluation Committee to Support the d¢velopment of strategies and methodologies to assess the impact of activity relat¢d lo the Roundhouse's work with young people. Alongsid¢ this all of our Trustee$ regularly attend perforniances and slJowcas¢ opp)rtunities to support and ¢elebrate the achievements of young people. The Trustees rc¢civc regular LornmefLial, operational, communication& fundraising und policy updates. This gives thcm an undcrstanding of the i￿PaCt our JLtivili¢s have and the views of our stakrholders. The Trustccs also review, t their bi-monthly board meetings, financial and operational performanct. They are responsiblc for establishing and maintaining an effectlvc System of internal controls to provide maximum effcctivEnes5 in the detection. prcvcntion and tnatmgcmcnt ot. risks. They are also responsible for reviewing Icgal and regulatory complianc¢. Streamlined energy and carbon reporting (SECR) SinLe complelion of the ESOS reporting and in linc with newreporting requirements impl¢m¢nted by the Department for Business, Energy and Industrial Stratcgy (BEIS) th¢ following ￿rther refined ¢nvironm¢nlal impact and energy onsumption fKgur¢s 2r¢ set out for the Roundhouse. Th¢ methodology us¢d in calculating this disclosure is based on th¢ Gr¢¢nhouse Gas Protocol Corporation Standard (GHG Protocol). Electricity and gas data for this collected from monthly invoice infomiation provided by our utility suppliers Energy Consumption April 2023- MAreh 2024 (kwh) April 20232 - March 2023 (kwh) Energy Us¢ Ga$ 1,022,081 1,059,196 Assoclated Greenhouse ga5 emlssions ITonnes C02 equivalent) 207 215 Intensity ratio Emissions per Person Employed** 0.66 0.75 Energy Use Electricity 1,449,494 1,721,066 Associated Greenhouse gas emissions ITonnes C02 equlvalentl 3LK) 356 Intensity ratio Emissions per Person Employed** 0.95 1.24 Totsl 2.471,$75 2,780262 Associated Greenhouse ga5 emissions (Tonnes C02 equivalentl 507 571 Intensity ratio Emissions per Person Employed** 1.61 1.99 *Gr¢enhou$e gas emissions are based on Ikwh electricity usage producing 0.2071kg of C02 and Ikwh gas usage producing 0.2027kg of C02 (frotn Department for Energy Security and Net Zero 2023) **Average employee numb¢r8 as per Note 10 17 THE ROUNDHOUSE TRUST TRUSTEES, REPORT FOR THE YEAR ENDED 31ST MARCH 2024 The Roundhous¢ has worked with Julie's Bicycle in updating the sustsinability policy and action plan along with assessment of our full carbon footprint (including s¢ope 3). Julie's Bicycle are a150 exploring in tand¢m with the Roundhouse on how we ¢ontinue lo develop our climate justice work especially with young people along with engagement with artists and performers and connecling to ihe Green Touring work that Julie'5 Bi¢y¢l¢ is heavily involved in. The Roundhouse ha8 also ¢ommitted to the four following sustainable development goals. SDG 4- Quality Education - The Roundhouse s¢¢ks to edueal¢ its staff, ￿rromi¢rs, audiences and young people on climate change and sustainable performan¢¢. SDG I l.. Sustainabl¢ Cities and Communities The Roundhouse is involved in its community, working in partnership to create a healthier and greenei Camd¢n. SDG 12: Responsible Consumption and Production - As a perfomianee venue. the Roundhouse aims to house sustainable productions and work with suppliers to green its supply chain. SDG 13.. Climate Action- The Roundhous¢ is committ¢d to ensuring a just transition to net zero emissions by 2030 in part by switching to renewable solar energy. To achieve the aknv¢ h¢re ar¢ some of the things we aT¢ working on though the Green team and our Strdtegi¢ sustainability committee. We have collated rnany ideas and ore currently implementin8 or have already implemented the following. Redu¢ing eN¢rgy consumption by setting regimes across the site. moving more to LED lighting and censored lighting. ensuring solar panels are maintained properly to be eificient. Edueating P¢opl¢ . With green riders, sustainability guides given to touring parties, carbon literucy training* weekly google tips of reducing energy and prolonging ihe life of equipment. Signage around the building as well as touring parties advised to bring reusable bottles. Protecting the environment- Trials have b¢¢n ¢ompleted on r¢usabl¢ cups, the plan is to retnove all single use ploSti¢s shortly. We plan to implement this is this finan¢ial y¢ar. A complete sit¢ wide recycling and waste reduction plan is in progress, and we are Tnoving lo First Mile, who has a much better 5UStainable approach, water coolers installed in partnership with Christian Aid, minimising paper usag¢ a¢ross the sifr. We are about lo report on our first y¢ar's data of our travel monitoring policy to help reduce our carbon emissions and offer more optionslfacilities to ¢n¢ourage more green travel. Plant based foodl milk offers for eventsl staff and customers are being investigated. Working with touring eompani¢8 and in house teams to produce more sustainable productions Bulldingl plant- Our new office building is complete and is in the top IOO/o of sustainable building in the county, we also are set to r¢¢eiv¢ BREAM eKcellence. We are currently looking at air SOUTc&I ground source heat pumps as part of our route to carbon net zero, with an aim to install in 25126. Structure, Governance and Management Governing document and constilulion The governing document of the charity ¢ompris¢s its Memorandum Articles of Association. The ¢ompany is limited by guarantee not having ashare capital, and possesses a licence issued by the Department of Trade perniitting the omission of the word "limil¢d" froTn its name. G¢neral Govermance including Trustee recruilmenl. indueliort und iraining Strong governan¢¢ and management are critical to our success and reputation. We have & Board of Trustees that takes overall responsibility for the Charity and our work. Il is responsible for ensuring we ar¢ effe¢liv¢ly and properly run and that w¢ meet our goa15 as a Charity. As part of our eontinuous learning process, periodically we intemally review board perfonnance against the criteria set out in the code. The latest review was completed in May 2019. the outcome of which was very positiv¢. Sin¢e then w¢ hav¢ seen a nutnberof Changes to the board with furth¢r ¢hang¢s in ¢xp¢¢t¢d in 2024 as we reshape the board in line with our next business plan. W¢ ar¢ planning the next Board perfomiance review lo take place through th¢ latter part of 2024 once this new group has settled. A full list of board members can be found on Pa8e 21. This includes young Trnst¢¢s who provid¢ an important voice for our key stakeholder group on all matters. 18 THE ROUNDHOUSE TRUST TRUSTEES, REPORT FOR THE YEAR ENDED 31ST MARCH 2024 The Board appoints TNstees to setve on the People Committee, whose role it is to keep under review the strU¢￿re, size and composition of the Board. As vacancies arise, potential candidates are approached on individual, targeted basis. Ensuring Board diversity is a key consideration when making these Appointments. For some positions, ineluding Chair, we appoint se￿Ch agents and advertise widely. Trust¢es ar¢ appointed for an initial period of three years and typically can s¢rv¢ for a further three yeaTS beyond this. New TrusteES are inducted inlo the workings of-l'he Koundhousr Trust via varii)us aclivities including bricfings from the Chainnan, Chicf F,.xc¢utive and other staff as appropriale, a Ttustee Induction Pack znd tour of th Roundhouse site and offi¢cs. Ongoing training is provided to Truslees as required. ive board members of the Board hav¢ scry¢d longcr than 6 years. f%larcus Davey L5 on the Board by virtue of his position as Chicf r.xccutivc Officer. Caspar Norman represents the NonnaD Tru51 who were founders of th¢ Roundhouse Trust and own the underlyit]g lease for the Roundhouse sit¢. Nick Allott is an industry specialist who has provided important continuity across many areas. In addition, Ella Bennelt, a HR specialist and Johnson Etienne an artist with wide expcricncc of working with young people h*Lve had iheir tenn5 exteDd¢d. A Charity govemAnce code, endorsed by the Charlty Commission and other industry bodies, was publishcd in 2020. Wilh our TLUStees we have ensured wc are substantially compliant with the code. The code asks charities to "apply or cxplain" The following ar¢as wh¢r¢ w¢ hav¢ not applied the code's provisions and why we have taken that At the year end The Charity had 14 serving T￿Sle¢s. a larger Board sizc than the 12 recommended by the code. For The Roundhous¢ th¢ number of board"members is impacted by two fa¢lors'. Youn Trust¢es As t]ighlight¢d on pag¢ 20, ea¢h year th¢ Roundhouse appoints at least two Trustees who are under the age of 25. They nornially s¢ry¢ for a period of one year and act as a key voice for young people at board level on all matters. We have appointed three Young Trustees in Sepl¢mb¢r and October of 2023 Brcadth of 4ctivi A key strength for the Roundhouse is the versatility of its operating model which 15 undeTPitw¢d by a variety of activities. In an ever-changing ¢nvironm¢n¢ it is essential thal we have the right mix of skills across the Trustees group. A wider range of exwtise and experience to drnw on is enabled by a larger Board. During 2022123, a number of Truste¢ positions cam¢ to the end of their terni and a numb¢r will also come to an end in 24125. As part of th¢ r¢cruitment of new Trustee4 a detailed exer¢is¢ was carried out to review the skills requirement versus our 5 year business plan and this inforni¢d the recruitment crileria. On page 21 you will see a note covering the recent appointments and ￿sIgnatIons. Due to the recruitment Process, detailed above. th¢ fornial review of the board performance has been delayed until lakr in 2024. A board away day takes place annually to ¢onsid¢r areas of change and to review performance against our five- year ambitio￿ Extemal rcvicw eycry thrce year.8 as recnlnrnended in the code will bc considered in 2024 once th¢ ¢urrcnt of cohort of Trustees have had lime to embed. Diversity consideration sits at the heart of all Roundhouse activity and is always embedded and supportcd by our Floard of Trustccs. Wc hav¢ considcraETrly diver%ified our Board over the last year and have now met the gender parity and global majority targets stated in our busine&s pla OrganisationulslrMclHre Thc Board of Tru.8tees meets formally 4 times ayear tr) review all the activitics of the charity 2nd to Provide stratcgic dir¢ction and guidance to the Executive team. As a Trustce, thc Chi¢f Ex¢¢utiv¢ all¢nds all Board mccting5 along with the other members of the Executivc Icam. In addition to the main Board of Trustee& there ate Board committ¢es whi¢h work with the Executive team to r¢vi¢w and provide expertise and guidance on specific aTeas of the charity's activities. These compri5¢ the Busines4 Audit nd Risk Committee, the People Committee (includll]g duties previously covered by the Nominations Committee), th¢ Inv¢stm¢nt Committee and the Ethics Committee. 19 THE ROUNDHOUSE TRUST TRUSTEES? REPORT FOR THE YEAR ENDED 31ST MARCH 2024 The Chairnian of the Board and the Chief Executive m¢¢t andlor speak regularly and the Chairman of lh¢ Business. Audit and Risk Committee has regular ¢ommuni¢ation with the Finance & Business Perforn)ance Director. Th¢ Board and Executive team work tog¢ther to establish and develop th¢ ¢harity's overJr¢hing obj¢¢lives and strategie dir¢¢tion. Responsibility for th¢ day to day operations of The Roundhouse Tn]st has been deleg￿ed by the Board to the Chief Ex¢¢utiv¢. who, with the Exeeutiv¢ l¢am, works within the strategic framework, operational paramel¢rs and control environm¢nt established by the Board. The Dire¢tOTS' Group ¢ompris¢s th¢ organisation's Chief Executive & Artistic Director, Venue Dir¢¢tor. Partnerships and Impact Director, Finance & Business Perfomiance Director. and Comrnercial Director. This group tn¢¢ls at least monthly? receives feedback from all other organisational meetings and responds directly to the Board. Th¢r¢ is a monthly staff meeting to disseminat¢ important company information and reeeive eomments and feedback from staff. SMbsldlarie5 The fmancial results of the trading subsidiaries are consolidaled into those of the Roundhouse Trust in these statements. Rel&t¢dparlies and co-operalioA wlih oiher organisalions Any c4)nnection b¢tween a Trustee or senior manager of the charity with a contractor, consultant, production company. contracted artist, p¢rFom¢r or exhibitor must be disclosed to th¢ full Board of the Trustees in the same way as any other contractual relationship wilh a related party. Note 21 details the related party Iransa¢tions r¢wrt¢d in the year. We would like to highlight here the following: The Norman Trust holds an endowm¢nt (or the benefit of the Roundhouse. Caspar Nornian is a Trustee of both The Roundhouse Trust and Th¢ Norman TrusL Further details of th¢ relationship between these two entAties are presented in Note 21 to the accounts. None ofour Trustees re¢¢ive remuneration or other b¢n¢fit$ from their work as Trnstees. Marcus Davey, who is a Trustee, receives remuneration for his role as Chief Executive and Artisti¢ Direclor. In addition to this Johnson Etienne received r¢numeration for his work as a Youth Artistic Fteelance Tutor. further details are provided in Nol¢ I I to the accounts. Pay Policyfor Ereeuliwe Team The Board has dele8al¢d the responsibility along with the n¢wly formed People's Committee, for deciding on the salary of the Chief Exe¢utiv¢ and his leadership team {the Ex¢¢utive team) lo the Chair and subset of Trustees. Outside of th¢ Executive team a committ¢¢ ¢omprising the Executive directors and th¢ H¢ad of HR are responsible for setting pay a¢ross the organisation. 20 THE ROUIWHOUSE TRUST TRUSTEES, REPORT FOR THE YEAR ENDED 31ST MARCH 2024 Reference and Administrative Details Charity nurn￿r: Cornp¥ny number: Registered Office: 1071487 03572184 Th¢ Roundhouse. Chalk FÉ￿ Road Lortdort NWI 8EH Th¢ Roundhouse Trust is incorporated and domiciled in thc UK. The charity also makes it5rlf known as The Roundhouse. l-rustccs of The Roundhouse Trust The following havc bccn Trustees throughout the period to the datc of report, unless otherwisc stat¢d. S Tumer- Chairman N Allott N Bellan-white E Bennett L Clarke M Davey- Chief Executiv¢ & Artistic Director S Dzinoreva J Freeman E Jollljson RALuff R Naik C J Norn]8 K O Marfo L Wyndham A Adepitan {resigned May 2023) S Bhaskar (resigned May 2023) P Tambling (passed away Decembei 2023) Each y¢ar the Roundhouse appoints at least two TTusl¢es who Are under 25. They Serve for a period of one year and act as a key voice for young people at board level on all matters. Over this period the Young Trustees w¢re'. Chlo¢ Bingham (resigned October 2023) Oriana Jemide (resigned October 2023) Elizabeth Sitek (r¢signed October 2023) Kenya Juma {appoint¢d September 2023) Ra'eesah (appointed October 2023) Demi Adesoye (appointcd Octobrr 2023) Cotllpany ￿eretary Philip Watkins Key management personnel for The Roundhollse Trust and its subsidiary T]ic Rtsundhouse-I'rusL Èxecutive'l eam at the date tlie re roved rtwas Marcus Davey- Chief Executive & Artistic Director MichAela Greene- Partnerships and Impact Dir¢¢tor Michael Dixon- Finance and Busincss Performan¢¢ Dir¢¢tor Charlic Wijcralna- Commercial Director Rowan Kit¢hing- Venue Director Executive tram for Roundhouse TrLdin Limited i the ale the re ortwa5a ved Marcus Davey - Dire¢tor Caspar Nornian - Director Michael Dixon - Director 21 THE ROUNDHOUSE TRUST TRUSTEES, REPORT FOR THE YEAR ENDED 31ST MARCH 2024 Our Advisors Audilors Crowe U.K. LLP 55 Ludgate Hill, IA)ndon EC4M 7JW Baukers Barclays Bank Soho Square Br8nch 27 Soho Square London WID 3QR Waverton Investment Mana8em¢nt Limited 21 St Jam¢s's Square London, SWIY4HB Sol¥c¥lor Withers LLP 20 Old Bail¢y London EC4M 7AN 22 THE ROUNDHOUSE TRUST TRUSTEES, REPORT FOR THE YEAR ENDED 31ST MARCH 2024 Trustees, responsibilities in relation to the financial statements The Trustees (who are also the directors of The Roundhouse Tn￿t for th¢ purposes of company law) are Tesp)nsible for preparing the Trustees. Report and the fmancial statements in accordan¢¢ with applicable law and United Kingdom Gen¢rally A¢eepted Accounting Standards (United Kingdom Accounting Standards). Company law requires the Trustees to prcparc fjnancial statelnents for eaLh Fjnancial year which givc a true and fair vicw of th¢ slatc of affairs of thc charitable cornpany and gmup and of the incoming rEsoufces and application of resource4 including the inLome and expenditure, of the charitable company llnd the group for thal pcriod. In preparing these fmancial 5tatement5 thc Trustees rcquired to: Select suitable accounling policies and then apply th¢m consisfrntly; Observe the methods and prin¢ipl¢s in thc Charitie.8 SORP. Make judgements and cstimate.% that are rea50nable and prudent. statc whether applicable UK Accounting slandards have been followed, subject to any material d¢par￿Te5 diselosed and explained in the fjnancial slatements. PrepaTC thc financi￿ statement8 on the going concern basis ut]less it is inappropriate lo presume that the haritable coTnpany will ¢onlAnu¢ in business. The Trustees are responsible for keeping proper accounting r¢¢ords that disclose with reasonable accuracy at any time the financial position of the ¢haTilabl¢ wmpany and group and enable them to ensur¢ that the financial 5tat¢ments comply with th¢ Companies Act 2006. They are also responsibl¢ for safeguarding the assets of th¢ charitable company gmd group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. The Trustees are responsible for the maintenance and integrity of th¢ eorporate and financial informtllion included on the charitable company's website. Legislation in th¢ United Kingdom goveming the pr¢payation and diss¢mination of financial statements may differ from legislation in other juri5di¢tions. Statement as to the disclosure to our auditoys In so far as w¢ ar¢ aware.. there is no relev8nt audit inforniation, being infornialion needed by the auditor in ¢onnection with preparing their r¢port, of which the group's auditor is unaware. and the Trustees, having made enquiries of fellow directors and th¢ wup'8 auditor that ihey ought lo have individually take￿ have each iaken all steps that helshe is obliged to take as a director in order to make themselves awar¢ of any r¢l¢vant audit infornydtion and to establish that the auditor is aware of that inforniation. Th¢ annual r¢port and a¢¢ount$, including the strategic report, was approved by the BoaTd of Trustecs and signed on their behalf by.. Marcus Dav¢y (Trustc¢) Date 23 THE ROUNDHOUSE TRUST CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31ST MARCH 2024 Independent Auditor's Report to the Members of The Roundhouse Trust Opinion We have audited the financial statem¢nts of Th¢ Roundhouse T￿st ('the charitable company,) and its subsidiaries ('the group,) for the year endcd 3 1 March 2024 which comprise the Consolidated st￿teM¢nt of Financial ALtivitie4 the Group and Charity Balance Shccts, th¢ Consolidated Cash blow Statement and notes to the ljnancial Statements, including signifieant accounting policies. The findncial rcporting framework that has been applied in their prcparation is applicable law and United Kingdom Accounting Standards. including financial Reporting Standard 102 The Financial Reporling Standard applicablt in the UK and Rcpublic of Ireland (Unitcd Kingdum Generully AEceptEd ALcoiintillg Praclice). In our opinion thc financial statemenls.. give a truc and fair view of the state of the group's and the charitable company's affairs as at 31 March 2024 and of the group's incoming rc50urccs and application of resourL'e4 inLluding iL8 incorne and cxpenditure for the year then ended- have properly prepared in accordance with United Kingdom Generally Accepted Accounting Practicc- and have been preparcd in accordance with the requiremenL8 ofthe Companics Act 2006 Basis for opinion We conducted our audit in a¢¢ordanoe with International Standards on Auditing (UK) (ISAS (UK)) and applicable law. OUT responsibilities under thosc standards are further described in th¢ Auditor's re.8pon8ibilitics for th¢ audit af the financial statements s¢¢lion of OUT report. We are independent of the group in a¢¢ordan¢e with the ethical TequireTnentw that are r¢l¢vant to our audit of the financial slal¢m¢nt5 in the UK including the FRC'S Ethical Standard, and we have fvlfilled our other ethical responsibilities in accordance with th￿¢ r¢quir¢ments. We believe that the audit evidence we have obtained is su￿1Clent and ippropriate lo provide a basis for our opinion. Conelusions rtiating to going ¢on¢ern In auditing the finamcial statements, we hav¢ ¢on¢lud¢d that the Iruslee's use of the going concern basis of accounting in the preparation of th¢ fmancial statements is appropriate. Based on the work we have perfornied, w¢ have not identified any material uncertainties relating to events or conditions thaL individually or collectively? may cast significant doubt on the charitable company's ability to continue as a going concern for a period of al least hvelve Tnonihs from when the financial st&tem¢nts are authoris¢d for issue. Our responsibilities and the responsibilities of the trustees with respect to going concem are described in the relevant s¢¢liorts of this report. Other information The Irustees are responsible for th¢ other infornjation contained within the at]nual report. The other inforniation comprises the infonnation included in the annual report, oth¢r than the financial statements and our auditor's report thereon. Our opinxon on the financial $tat¢tnent5 does not cover the other infomhation and. ¢xc¢pt to th¢ extent oth¢TWig¢ expli¢itly slated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is Éo read the other Information an￿ in doing so, consider whether the other infornialion is materially inconsistent with th¢ financial statemenls or our knowlcdgc oblaincd in the audit or otherwise appears to be materially misslaled. If we identify 5u¢h tnaterial inconsistencies or apwdrent ￿aterIal misstafrmcnts, w¢ aTC rcqul￿d to dctcrniinc whcihcr this gives rise to a material mi55t%Lternent in the financial statements themselves. If, based on the work we have pCrforniC￿ we conclude that ihetE is a material misstatemcnt of this other infom￿tiOll, we are required to rewrt that fact. We have nothing to rcport in this regard. Opinions on other matters prescribed by the Companies Aet 2006 In our opinion based on the work undertaken in the coursc of our audit the information given in the trustees. reporL which includcs the directors, report and the strategic report prepaTed for the purposes of company law. for the fjnancial year for which thc financial statcmcnts arc prepa￿d is consistcnt with the financi&l 8tatcment5' and the strat¢gi¢ r¢port and the directors, report included within th¢ Irust¢¢5' report hav¢ been prepared in accordance with applicable legal requir¢m¢nls. Matters which we are required to report by exception In light of th¢ knowledge and understanding of the charitable company and their environment obtained in the course of the audit, we have not id¢ntified material misstatements in the strategic r¢p)rt or th¢ dir¢¢tors' report included within the trustees, report. 24 THE ROUNDHOUSE TRUST CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31ST MARCH 2024 We have nothing to report in respect of the following matt¢rs in r¢laiion to whi¢h the Companie5 A¢t 2006 requires us to report to you if, in our opinion.. the parent company has not kept adequat¢ accounting records. or the parent company finallcial statement5 are not in agreement with the accounting r¢¢ords and retsrns; or ¢rtain dis¢losur¢s of tW8tees' r¢muneration specified by law are not made. or we have not r¢¢¢ived all the infomiation and explanations we requir¢ for our audit. Responsibilities of trustees As explained more fully in the trustees, r¢spoDsibilities statement [set out on page 241, the trustees (who are also th¢ dir¢¢lors of the charitable company for the pu￿SeS of company law) ar¢ r¢sponsible for the preparation of the financial statements and for being satisfied that they give a tru¢ and fair view, and for such internal control as the trustees deterniin¢ is nec&w to enable the preparation of financial siat¢m¢nts that are free from material misstat¢m¢nt, whether due to fr&ud or ¢rror. In preparin8 the flnancial statements, the trustees are responsible for a8s¢ssing the charitable company's ability to continue as a going concem, disclosing> as appli¢abl¢, matters related to going concern and using the goin8 concern basis of accounting unless the truste¢s either intend to liquidate the charitable company or to cease operations, or have no r¢alistic alt¢rnativ¢ bul to do so. Auditor's respon5ibilitie5 for the audit of the fin&n¢i41 $tatemellts Our obj¢¢tiv¢$ ar¢ to obtain reasonable assurance about whether the finan¢ial ststements as a whole are free from material misstat¢m¢nL wh¢ther due to fraud or error, and to issue an auditor's report that includes our opillion. Reasonable assurarkce is a high level of assurance. but is not a guarantee that an fdudit conducted in accordance with ISAS (UK) will always d¢t¢¢t a Tnaterial misstst¢ment when it exists. Misstatements can arise from fraud or error and are considered mai¢rial if, individually or in the aggregate, they could reasonably be exp¢¢t¢d lo influence the economic de¢isions of users taken on the basis of these financial statements. Detsils of th¢ extent to which the audit was considered capable of detecting irr¢gularities, including fraud and non- complianee with laws and regulation5 ue set oul below. A further d¢8cription of our responsibilities for the audit of the finarAcial ￿atr￿entS is located on the Financial Rep)rting Council's website at.. www.frc.or .ukJauditorsres ibililics. This description forms part of our auditor's rep)rt. Extent to which the audit wa& ¢on$ideved ¢*p•ble of deteeting irregularities, including fraud Irregularities, in¢luding fraud, are instances of non-compliance wilh laws and r¢gul2lions. We identifLed and ass¢ssed the risks of material misstatement of the Financ?&1 stalem¢nts from irr¢gularilies. whether due to fraud or ¢rror, and discussed these between our audit team members. We then designed and perfomied audit procedures responsive to those ris including obtaining audit evid¢nc¢ sufficient and appropriate to provide a basis for our opinion. W¢ obiain¢d An understanding of the leg&1 and regulatory frameworks within which the charitable company and group operates, focusing on those laws and regulations that have a direct effect on the detertninatiot] of material amounts and di￿lOSure$ in th¢ financial statements. The laws and regulations we consider¢d in this ￿ntext were: Charities Act 2011 CoTnpanies Act 2006 Charities SORP W¢ assessed the required compliance with these laws and regulations as part of our audit procedur¢$ on th¢ related fmancial sÉatement items. In addition. w¢ ¢onsid¢red provisions of other laws gnd regulations that do not have a direct effect on the financial statements but compliance with which might be nec¢ssary io th¢ ¢haritable comp8ny's and the group's ability to operate or to avoid a material penalty. We also Considered th¢ Oppor￿nItIeS and incentives that may ¢xist within the charitable company and th¢ group for fraud. The laws and regulations we considered in this eontext for the UK operations were.. Charity Commission regulations General Data Protection R¢gulation (GDPR) Anti-frnud, bribery and corruption legislation Health and safety l¢gislation Employment legislation Safeguarding legislation Auditing standards limit the required audit procedures to identify non-complian¢¢ with these laws and regulations to enquiry of th¢ Trustee8 and other management and inspeclion of regulatory and legal COTresponden¢¢, if any. 25 THE ROUNDHOUSE TRUST CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31ST MARCH 2024 W¢ identified th¢ gr¢at¢st risk of material impact on the financial statements from irregularities, including fraud, to be withtn th¢ timing and recognition of grant income and donations, compl￿¢￿eSS of trading in¢oTne and th¢ overrid¢ of controls by management. Our audit procedures to respond to these risks includ¢d ¢nquiries of management and the Business, Audit & Risk Committee about th¢ir own identification and assessment of the risks of irregulaTitie4 sample testing on income and the posting of joumals, reviewing accounting ¢stitnat¢s for biases, reviewing regulatory CorreSpond¢n￿ with the Charity Commission, and Teading minutes of meetings of those charged with gov¢rnan¢¢. Owing to the inherent limitations of an audit, Ih¢r¢ is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we hav¢ prop¢rly planned and performed our audit in accordance with auditing standards. For example, the further removed non-complian¢¢ with laws and regulations (ittegularities) is from th¢ events and transactions reflected in the fll)ancial slat¢m¢nts, the less likely the inherently limited procedures required by auditing standards would identify it. In addition, as with any audit, th¢r¢ r¢mained a higher risk of non-dete¢tion of irregulariti¢4 as these may involve Collusion, forgery* intentional omissions, misrepresentations, or the override of internal controls. We are not r¢sponsible lor preventing non-compliance and cannot be expected to deteet non-eomplianc¢ with all laws and regulations. Use Of our r¢port This report is mad¢ solely to the charitable company's member4 as a body. in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertak¢n so thtlt w¢ might state to the charitable company's members those mAtt¢rs we aTe required to state to them in an auditor's report and for no other purpos¢. To the fullest ext¢nt permitted by law, we do not ac¢¢pt or assume responsibility to anyone other than the charitable company and the charitV¢ble ompany's members as a body. for our audit work, for this report, or for the opinions we have fornied. Jayne Row¢ Senior Sth￿tory Auditor For ond on behalf of Crowe U.K. LLP Statutory Auditor London Date.. 16th December 2024 26 THE ROUNDHOUSE TRUST CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31ST MARCH 2024 u￿reStri¢l¢d Funds R¢strl¢tsd Programme Fundy £000 Restricted Capltal Fulld5 £0 Endowment Funds Total Funds 2024 £000 Tot&l FDnd5 2023 £Doo £000 Income DoDati0tt5 1202 13 1215 1.294 Intorne from charitable attivity 7.355 7.528 7530 Income from attivities: Commeriial tradin8 actlVLties other trading 6.146 6.146 5,459 Jllvestmellt incomt 405 405 236 TotAI Imtomt 15,109 96 90 15395 14.519 Eipenditure Cost of r4ising funds 4.752 35 4.787 4.006 Expellditure aetiviti¢s Roundhouse Cr¢ativ¢ PTogr8mme for Young People Roundhouse Productions Music Hire5 Maintainin8 & imPToving the Buildin8 cbaritable 4,126 2.731 2.635 96 4222 2.731 2,635 3.330 2,031 2,502 1,097 720 1.817 1.577 Sulj iothl 10,589 96 720 11.405 9.440 Total expenditure 15.341 96 720 35 16.192 13.446 Optratlng Sllrplusl{deficitl 12321 1630) 1351 1897) 1,073 {LA>S911 Galn 00 Inve$tm¢nts 14 980 980 (441 Net ltteomtl(txpendlturel (232) (6301 945 83 J.029 Transfer between 17 574 (4721 1102) Ntt mov¢mcnt in funds 342 (1,1021 843 83 1.029 Reconciliatioll of funds Total Funds brought forwaTd 15.304 10 19.249 6.076 40.638 39.609 Tolal furtds tarritd forward 17 15,646 io 1&147 6.919 40,722 40.638 All transactions ar¢ deTiYed from ¢ontinuin8 a¢tivitie$, All recognised 8ains and losses are included in the statement of financial activiti￿. The notes on pages 28 to 46 forni part of the5¢ r)nanciaJ 5tat¢ments. 27 THE ROUNDHOUSE TRUST GROUP AND CHARITY BALANCE SHEETS AS AT 31ST MARCH 2024 2024 Group 2024 ChArity £000 2023 Grollp 21123 Chfirity £000 Notes FIXED ASSETS [￿tan￿ble fLxed &8sets Tangibl¢ fixed assets Investments 12 13 14 198 30.026 6.919 198 30.026 6.919 213 30218 6,076 213 30218 6.076 Total fixed Assets 37.143 37,143 36.507 36,507 CURREIYT ASSETS Stock Trade and otherdebtOTS Cash at bank and in hand 97 3270 7.317 85 2,653 7,655 15 4,898 3.365 3.810 4,691 Totsl Current assets 10,684 8263 10,393 8.501 Creditors: Amouats falling du¢ TpA¢hln one yur 16 17.105) (4.684) {6262) {4,370) NET CURRENT ASSETS 3.579 3.579 4.131 4.131 TOTAL ASSETS LESS CURREt+rr LIABILITIES 40.722 40.722 40,638 40,638 TOTAL NET ASSETS 40,722 40,722 40,638 40,638 FUNDS AND RESERVES Endowment ￿ndS Restricted income fvnds Re$tri¢led ¢apikil Mnds Ullrethct￿ fvrKis 17 17 17 17 6,919 10 18.147 15,646 6,919 10 18.147 15,646 6,076 10 19.248 15,304 6.076 10 19.248 15,304 TOTAL FUNDS AND RESERVES 40,722 40,722 40,638 40.638 The notes on pa8¢8 28 to 46 fomi part of these financiaj statements. I'lie financial state t% were approved and authorisd for Lssue by the Board ofTrust¢¢s and werc SI￿¢d on their behaif by.. Marcus Davey (frusteel 11 December 2024 Company Number.. 03572184 28 THE ROUNDHOUSE TRUST CONSOLIDATED CASH FLOW STATEMENT FOR THE YEAR ENDED 31ST MARCH 2024 Notes 2024 £000 496 2023 £o(M) (589) N¢1 c98h provided by operating itlivl¢le$ Ca$h flows from IDvts¢lng 4etivitle$ Interest income Purchase of tangible & intsngibl¢ fixed a55ets Withdrawals and inv¢5tments fees 256 11,377) 287 {5,723) 291 Net ¢#sh used ith Inve$¢lng a¢tivitie$ 1834) (SJ14) CA5b flow5 from fin#Deing aetivitit$ Cash outflow fmm repayment of knrrowin8S Net CA8h used by fiD*nciD% activities ChAng¢ in casb #nd taih equivalettts in the r¢por¢lDg p¢rhod 1338} 15,9031 Cash aDd t#sb equivalettts at the beginning of the reportiDg ye9r 7.655 13,558 Total Cash aod ca5b tquiv*leDts at the end ofthe reporti￿ yegr 7,317 7,655 2024 £0 2023 £000 Rteoneiliation of net movem¢n¢ fvnd$ from opergting Activities Net ltteom¢ for ¢h¢ r¢porllng perlod As rtporttd on the stst¢meDt of 9etivitie5 83 1.029 Add b￿k depT¢¢iaiion Charge {GainyLo$s on investments Income sl￿W￿ in investing activitle5 Gainl{Los5} on Disposal of Fi￿d A55ets IIncrease)IDecrease in stock Iln¢rease)IDecr¢ase in d¢btors In¢rea$¢l{D¢cre&8e) in ¢reditors 1.585 19801 (4051 887 43 {236) 36 {12) 1617) 842 11.1431 Net f provided by operating Attivitie8 496 ADalysis of easb #Dd ta5h equivalents Cash in hand Notice detx)sits (less than 3 months) 7.317 6,639 1.016 Tolal ¢ash •nd ush equivolents 7,317 7,655 29 THE ROUNDHOUSE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2024 ACCOUNTING POLICIES Basis of prepArAdoD The flnanctal statements have been PTepared in accordance wth Accounting and Reportin8 by Charitics." Slatemeni of Recommended Practice applicable to charilies preparing their occounts in accordanc¢ wth Financial Reporting Standards applicable in th¢ UK and Republic of Ireland IFRS1021 effective l Jonuary 2019) . (Charity SORP {FRS102)X the Finan¢io1 Rewrting Standard applicable in the UK and Republic of ITeland {FRS 102} and the Companies Act 2006. The charity mttts the definition of a public bentfitentity underFRS 102. Assets and liabilities are initialty reco8fti5ed at historicaj cost or trans￿tion va]u¢ unless otheThvis¢ stated in the Televant accounting policy not¢5. Pre￿ratIon of the i¢eounts on a going roDcern ba815 Havin8assessed the charity's fIn￿claI position, its plan5 forthe foreseeable future, the risks to which it is exposed and the d¢tailed c&sh foreeasts for a period of at least 12 months from the date of signing, the Trustees are satisfied that it remain5 appTopriat¢ to prepare the financial stat¢rnents on agoing concern basis. LtgAI St4tu$ of the Trust Th¢ Roundhous¢ Trust (Charity Number 1071487, Company Number 03572184) is aeompany limited by guarantee T¢￿'stered in England and Wale8 and has no share capitsl. In the event of the ¢harity being wound up, the liability in respect of the guarantee 15 limited to £10 per member of the ch￿"ty. Tr Trust's address 15 The Roundhouse, Chalk Farn Road, London. NWI 8EH. BAsi5 of ¢on80lid8tiotL Th¢ group financial 5tatement5 con501idate the financial statements of the charitable company and its active subsidiary. Roundhouse Trading Limit¢d. on a line by line basi3. As pemlitted by Section 408 of the Companie5 Act 2006 the income and expenditure of the charity is not presented aspartof these aceounts. The profit and loss ￿cOUnt for the tr￿ing subsidiary is presented sepaTat¢ly in Note 4. The parent charity has taken advanta8e of the disclosure ¢xemption y￿ler FRS 102 to separately di8c108e categories of fir)atKial instruments and items of income, expenses. gains or losses Telating to insttuments as these have been presented on a group basis in the notes to the account5 and froln a150 prepaiing a paTententity Ollly cash flow statement. The group financiql statements have also been prepared ort a 80ing concern basis. The 8Olll8 con¢em statement in the Trustees report provides more detail on th15 aT Crltieal 8eCOUllting judgements And key 50uree ofestimAtion uncertAiDties In the application ofthe Charity's accountin8 policies, Trustees are required to make judgements, estimates and asswnptions about th¢ carying values of assets and liabilities that ate not readily appaTent from other sources. The estimates a￿1 underlying assumptions based on historical experierKe and other factors that ar¢ ¢onsidered to be relevant. Actual results may diffeT from these ¢stimat¢s, The estimates and underlyin8 assumptions are reviewed on an on-8oi08 basis. Revision5 to accowitin8 estimates are reco8nised in the peri￿ in which the e5timats 15 TCVi5ed if the revision afftcts only that P¢Tiod or in the period of the ievision and fu￿[¢ peTi￿lS if the Tevi510n affects the current and fil￿re periods, In the viewof the TTUStee8 the only significant estimations are those linked to the allocation of support costs across ourchaTltable arKi non-charltable activities. Allocations of this natur¢ inherently ￿qUIre estimation of time spent on ¢¢rtain activities, space used and oth¢r resources use judgcments. Note 8 provides moTe infoTTnation on the allocation methodology. Income All income is reeogn15ed when the charity has entitlement to funds, any perfomiance conditions have been met, it is piobabl¢ that the income will be received and the amouni of the ]r¢eipt C8th be measured with reasonable accuracy. Grant incom¢ is a¢counted for wh¢n the charity Is entitltd to ￿Cognise th¢ monies. and is d¢f¢Tred if there arr PT¢¢onditions for use. Income fiom Yenu¢ hires and trading activities are accounted for on a rec¢ivable basis. Incom¢ from ticket 3ale8, included within th¢ Artistic Programme, is def¢rred if the perfornionce tskes place in the next accounting P¢T](￿. Production costs And Income Pre-production Costs incurred in res￿ct of a theatre production are rel¢￿ed to the Statement of Financial Activities over its run. ex¢ept when it 15 anticipated that future production income will Ee insufficient to cover these costs. Similarly, production 8pecific income or grants received in advance are aL80 carried forward and released over the peTiod of the production n￿. Douated 5eThices gnd facilltles Gifts and services received In kind are i￿lUded within donations athj ¢h8rged to the respe¢tive expenditure headin8 Wjthin the Statement of Financial Activitie5 at the best estimate of their open market value or their value to the chaT)ty. In accordance with ¢h¢ Charities So1￿ IFRS102) the volunteer tim¢ is not re¢ognised in finAn¢iaJ ternis. See pa8e 14 of ihe Trustee's annual rEPOrt foi more infornation about thi5 valuable contribution. 30 THE ROUIYDHOUSE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2024 Expenditure Expenditure includin8 irrecoverable VAT is charged to the Statemeni of Financial Activities on an accruals basis. Costs of generating funds are those costs incuffed to raise voluntary incom4 the costs of tr￿Illg activities for the purrM)se of Taising funds atxi investment maTMgement fees. Costs of ￿tivitieS in further￿¢¢ of chaTitable obje¢tives r¢present th¢ direct costs of each activity tog¥th¢r with an allocation of support costs. The allocalion of sw)tK)rt costs is made on the basis of a proportion of expenditurc inCUtT￿ in that aGtivity or h¢adcount wh1¥￿v￿r Is th¢ tnvr¢ [elevp￿t cost driver Gvvemani¢ Gosts aTe incurr￿1 In m(*ting the a)nsLilutional and statutory requirements of the eharity. On occasion. maTwmcnt dccidcs to make [edU[￿ancY OT tet]nitMtion paytn¢nts. for operational Tcasons. 'Ibese are expensed in the SOFA on an rt cost5 by area. These costs are apportioned using the basis summarised Etlow across the charitsble aciiviiies undeEtsken. fundraisingactivities and the commercial operdtions, The 8ov¢rnance costs are a subset of each aTea and have been identified by Consideration of the costs in eaeh category and are ajlocated on the same basi5 as the suppori costs. D¢preciation is bein8 shown separately due to the signifjcant effect it has on the overall apportionm¢nt. Due to the integrated nature of OUT SUPfM)rt function the basis of allo¢ati¢)n uses a number of assumptions and estimates. G¢Deral Support Costs Totil 2024 £000 Totsl 2023 Basis for Allocation £000 Governance £000 Senior management OV¢I51ght Finalre 64 31 185 All￿ated on lim¢ 388 Allocat￿ on ￿tiVity Itime 553 Allocatd on limr 665 Allocated on activityltiTne 299 Allocated 01] timc 90 327 577 706 309 105 358 577 706 309 105 HR IT support Ticketing SeTvices Visitors servi¢¢s and g¢n¢ral security Building operations. maintenanc & cleaning Administration otYi¢e Te¢hni¢al mHnagement 5UPFQrt Allocated on time 1,403 1.410 1.452 Allocat¢d pn activity 297 Fstimate of spac¢ used 185 Allocated on auditorium activity 340 205 340 205 Total support COSts excl￿dIng depreciafioo {s¢e Column A in table below) 4,089 102 4,191 4,114 Totsl Depreciation 1.585 1,585 887 Estimate of space IAsset use Total SupwJr¢ Co$ts 5,674 102 5,776 5,001 34 THE ROUNDHOUSE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2024 rtRnd tk CCIAiion Coms alloeation tabl¢ Th¢ oix>v¢ Support and depre¢iation costs w¢r¢ allocated a¢ross the following areas General Depretlatlon s¥p￿rt Costs {Column A) £000 1,167 Totgl 2024 Total 2023 {Column B) £IN)o 1.373 In support of ¢ommer¢ia] tradin8 operations (see Note 6) In Support of fimdrai$in8 and publi¢ity IS¢¢ Note 61 It) Supp)rt of ¢haritable activities (See No¢e 7) 206 1.176 112 85 197 123 2.912 1,293 4,206 4.191 ST16 5,001 NET INCOMING RESOURCES AIYD EXPEND￿uRE FOR THE YEAR 2024 £000 2023 Thi# i* Jlated #fttr thirgltsg: Depreciation & Amortisotion Amortisation of lease Auditors. remurtration- auditsetviees Trust¢¢ Ind¢mnity Insur8nc¢ 1585 31 31 856 31 24 io. ANALYSJS OF sfAFF COSTS STAFF NUMBERS AND THE COSTS OF KEY MANACEMENT PERSONNEL 2024 2023 £000 Staff tosts durlDE the yeAr were a$ follows: Wages and salaries So¢ial s¢¢wity costs Othet pen81¢)n costs 6,524 247 560 5539 207 495 7,331 6,241 Pension Costs #re allockted to ￿tivItIeS in line with the r¢lated stsffing ¢03ts and are vALolly charged to unrestri¢t¢d fiJtMIs. £6.471 in r¢dundarKy paym¢nts w¢r¢ made durin8 the year (2023.. nil). No ¢x-gratia paymetts were made in theyeAr (2023.. nil). The number of employees earnins over £60.000 p¢r annum urre 2024 Number 2023 Number £60.(K>I - £70,000 £70.(K)1- £80.000 £80,¢J)1- £90.000 £90.IM)i - £IOO,000 £Iw,Tr)I - £I10.(KJO £I10.IX)1- £120.￿0 £120,IM)1- £130,IX)O £I30.L￿1 . £140.IJ)O £140,Th)1- £1S0,IMX) £150.IJ)1- £160.(xx) Thirteen employees {2023.. Twelve) receiving Temuneration of £60.000 or mor¢ partLCLpated in the Charity's pension s¢hem¢. 35 THE ROUNDHOUSE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST IIIARCH 2024 The total employer contribution for them in the year wos £64.43512023." £96.071). The av¢rag¢ numkr of employees durin8 the year w¢r¢'. 2024 12 68 84 61 43 2023 Fundraising Creative Progr8mm¢ & Production Food & Beverage & Events Technical & Build S¢rvices Visitors Services Capital Proje¢t Other Support staff 54 86 47 35 48 57 316 287 The kcy management ￿[sOnnel of the group and the Charity Comprise th¢ Trusttts and the Executive Directors_ The iotsl value or the ¢mployee knefits of the k¢y management personnel for the year were £626,132 (2023.. £580,036). TRUSTELS, REMUNEIL4TION AND EXPENSES In accordance with the auihority contained in clause 4 (b) of the charity's Memorandum and Artic1¢5 of Association, one Trustee who is also an employee of the company received remuneration during the year. D¢iails of the amount paid are set out below. Salary and benefi15 2024 2023 P¢D$lon CoDtrlbution$ 2024 2023 £000 £000 £000 £00 M J Davey 154 148 26 26 £138 were paid in ¢xp¢ns¢s for this employee tN8tee while ¢aryin8 Out their duties as an ¢mploy¢¢. £3.437 ¢xpenses were paid in 2022123. Johnson Etientte received renumeration of £11740 for iheir work os a fre¢laTwe artist tutor with the Roundhouse in 2023ll4 {£6,365 in 2022ll31. INTANGIBLE FIXED ASSETS Group & ¢harity System Software Cost £000 At 1° April 2023 Additions 360 51 At 31" March 2024 Amorti8atio At I. April 2023 Amortisation foTyear 147 Ai 31" March 2024 213 Ntt Book Value At 31" March 2024 198 At 1° April 2023 213 36 THE ROUNDHOUSE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2024 13. TANGIBLE FIXED ASSETS Groyp *knd ¢h*rlty 1*95ehold Rellovatio FurDltllre & Assets under Equlpment Construetio Property Othtr Buildittg Cost8 Total £000 Cost £000 At 1° April 2023 Additions Disposals Ttansfrr 3,100 29.475 743 3,623 584 .397 44,595 1.326 8,167 230 18,397) At 31. March 2024 3,100 38385 4,437 4S,922 Deprt¢lotlo At I. April 2023 Depre¢iation for year Disposals 626 10,682 1.175 3,069 313 14.377 1,519 At 31" March 2024 657 11,857 3,382 15,896 Net Book Value At 31° March 2024 2.443 2($28 1,055 30,026 At 1° April 2023 2,474 18,793 sss 8 J97 30,218 All fixed as￿t5 are used for charitable puryose4 apart from assets relating to barand cateThng equipment at￿ those relatiT)g to the con$lru¢tion ond fit-out of the café. The c05t and net book values of these are £202,186 and £9,615 rc8peetively. In addition to the interest held in thc Roundhouse by The Norman Trus4 four funding bodies have 1¢8al tharges over the Roundhouse. 14. It+4VESTMENTS 2024 £wo 6.076 2023 £000 6292 Market Value at l April Withdrawals Reinvested investment incovne Inv¢sim¢nt fees GainslLoss on investrri¢nts in yeai (2511 150 (351 980 1256) 1351 1431 Market Value at 31 March 6.919 6,076 UK Fi￿d Interest UK Equities Overseas Equities Ov¢rseas Fixed Interest C&sh held for inv¢stm¢rtt 1,016 227 5,184 386 875 482 4.223 397 99 Market Valu¢ at 31 March 6.919 6,076 Historic Cost at 31 March 5)21 5.153 No individual investment held is greater than 5/0 of the 10t￿ portfolio. 37 THE ROUNDHOUSE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2024 TRADE ATr4D OTHER DEBTORS Croup 2024 Ch9rity 2024 £000 Grfj￿p 2023 £000 Cbarity 1023 £000 Trade debtors Du¢ from trading subsidiary A¢cru¢d income arwj prepaym¢nts Other d¢btors VAT recoverable 1.730 521 3211 847 319 1,109 136 1,983 1,124 149 418 868 672 1.130 291 123 3270 4.898 2,653 3,810 Amounts due from the subsidiary r¢pres¢nts the amount payable due to the gift aid donation of £3.210.605 (2023.. £1.983J9). Not¢ 4 provid¢s mor¢ detail on the amount doTMted under gift aid. 16. CREDrroRS,. Imounts fAIIiuK due within one yeBr Group 2024 £000 Charity 2024 £000 Group 2023 £000 Ch*rity 2023 £000 Trade creditors Amountdue tg trading subsidiary Oth¢r cr¢ditQTS Othert&Kes and social security Accrual$ and d¢f¢rr¢d in¢ome VAT Payable 555 422 1288 1.120 3,027 155 2.863 505 2,738 155 1203 166 2,016 145 2,813 1,770 145 l J35 7.105 4.684 6262 4.370 Def¢rr¢d in¢om¢ eompriges ojnounts received or billed for vknich the service, proj¢¢t or expenditur¢ rKcurs in a firture financial year details of whi¢h &8 follows. Group 2024 Cblrity 2014 Group 2023 Charity 2023 Deferred Income £OLbD £0 £000 £000 Opening Bala￿¢ as at I'April D¢ferr¢d i￿0￿¢ Te¢ogni5ed in th¢ year DefeTred iTh the year 1.834 420 1,672 623 Iijio) (3481 11,470) (573) 1.789 638 1.632 370 Cl¢)sin8 Balan¢eas at 31° March 2.313 710 1.834 420 38 THE ROUNDHOUSE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEARENDED 31ST MARCH 2024 17. ANALYSIS OF FUPIDS TrAll$f¢rs Betwee Futtds £000 ST l April 2023 £000 In¢omlDg Resour¢e$ Resollrtes Expended £000 Gaitt ott IAvestment 31" March 2024 00 £000 Unrestri¢led fijnds.. Gert¢ral r¢seTV¢ Otherfunds.. Desi8nal¢d fixed as8ets D¢signal¢d capital fund tk5igtMted campus fvnd Designatrd funds othcr 15,107 (15,341) 34 1.600 11,565 650 428 861 512 200 13001 128 12.077 850 128 991 Total unrestrict￿ fund5 15.304 15.110 (15.3411 574 15,646 Restricted funds.. Pro8ramm¢ fund Endommertt fvnd Restricted capital thnds.. Campus Proj¢¢t RestTlCted capital fuTuts'. O¢h¢r io 6,076 382 96 196) 1351 10 6.919 980 1102) 1472) 90 18.867 {7201 18,147 40,638 15,296 (16.1921 980 40.722 neral reserve The unrestricted general reserve ￿nd is available io m¢ei the targets set out in the Reserves Policy as described in the Thjstees Report on page 14. The transfer betwEen funds value is the net of the tTan5fers (toyfrom the following fvnd8'. Transfer Itoyfrom desi8nated fixed a&8et fund Transfer Itoyfrom desi8nated funds other TTansfer Itoyfrom designat6d eapital fund Transfer Itoyfrom endownent fund Transfer Itoyfrom designated Campus Project fund Transfer Itoyfrom restricted Campus Project fund {512) 1128) 12001 102 300 472 J4 An explanation of these transfers is provided underthe rel¢vant headin8s below. ed fixed The unrestricted designated fixed asset fund repr¢sentsthe portion of unr¢$tricted funds which has been invested inthe Roundhouse tangible and intangiblc assets net of related outstanding loaTts. It has been ¢a]culai¢d as follows.. Nole 12 13 See Ixlow Total Net Value of Intangible Fixed a85et5 Total Net Value of Tangible fixed a58ets Less Va]￿ covered by Re5trict¢d Capital Fund (see below) 198 30,025 (18,146) 12,077 De8 nalcd ca ital tund £850,000 has been d¢$i￿ated iiito a Capital RenEwal fimd representing 8mounts set aside to ensure on8oin8 renewal atyj replacement of th¢ building irtfra5tru¢ture. De51 nated catn lis fund As hi8hli8ht¢d in the strategic r￿Ort, The Round[￿USe is currentty adding additio1￿] fa¢ilities to its Camden site that ca]lin8 the Campus project. Funds have been desi8nated to cover psrt of the anticipated costs linked to this. The value of this de8ignated fund at the 31 March 2024 w&8 £128.080. 39 THE ROUIYDHOUSE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2024 llalcd funds oth¢r The balance in designated funds other at the end of ih¢ year is as follows". £000 Nicola Thorold ￿lld Building and infTasttUC￿rc projccts (a) Ib) 56 927 983 a) Ov¢r th¢ last frw years. we r¢¢¢ived a range ofunre5kncttd doDations in memory of a mu¢h-loved ¢oll¢a8ue who passed away in 2017. Thes¢ amounts hav¢ becn aTnalgamated iT)to a sin8le desi8nated fur￿. This fund will be used to support a seri¢s of project5 and funds in h¢T m¢(nory. b) There ￿Te several building improvement and infraStn￿ttjre projects thich either spanned or were being devtloped at the year-end. Funds have been designated to cover th¢ remaiThler of the costs ￿l￿ted to these, None of these amounts had been committed at the yeaT end. eted arn e tund The iestiicted progTamme fund5 fCPleSCllted funds rcceived specifically for certain creative programm¢5 and oth¢r operational aspects of the ROUndh￿se. There WVT¢ £IQ,OQO vf unsp¢nt pTOgra￿rne furNJ5 as at 31 MaTch 2024. Endowmcnt fvnd The Endowtnent fund rtpr¢5ent5 amouTht5 OTiginally Teceived from The Paul Ilatnlyn I,oundation.'Ih¢se ate invested In awrtfolio mat)aged by Waverton Investrncnt Management in ordcr to m&ximisc incomc to bc applicd to thc Roundhousc's creatlV¢ PTograTnm¢s for young people. Under the ongoing drawd()wn rul¢$ of IhE endowrynent £250.000 was made avail&bl¢ for the R()undhouse's charitsblc activitic £149.860 was earned directly from investment income with the r¢maind¢r transferred throu8h reserves. (see asso Note 14) und. Carn -I'he rtslTiCted capital Campus fund Tepres¢nts &mount$ r¢ceived that ar¢ restricted to ¢xpendithr¢ on the building for which we rffeived plannin8 permission in 2018. £472.091 transferred to 8eneraI reserves to offset allowable expendi￿re. The remaining balance at the Yearrt ¢osts {See Note 8- Support and Depreciatiim eost allocation table) Share of depreciation (See Note 8 - Support and Deprcciation cost all(K&tion table) 21 309 1541 29 35 571 49 96 10 31 102 50 344 3,337 417 379 325 88 255 101 315 541 367 224 315 19 44 92 88 20 39 36 109 50 251 2,030 56 32 139 *** 341 1,097 608 2.892 *** 123 61 515 810 803 Total 3?30 2,031 I￿01 1.577 9,440 6,902 27. ANALYSIS OF COVERNANCE AIYD SUPPORT cO￿s FOR YEAR ENDED 31 MARCH 2023 The table below details the Roundhouse's support costs by aTea. Thes¢ Costs ar¢ apportioned using the basis summarised below a¢TOSS the charitable activities undertaken. fi￿draISIn8 activities atNJ the commercial operations. The 8ov¢rnanc¢ costs are asubs¢t of ¢ach area and have been Identifi￿ by consideiation of the costs in ¢ach eate80ry and are allocated on the same basis as the support costs. Depre¢iation is b¢ing shown separately due to the significant effect it has on the overall apportiot)n)ent. Dw to th¢ integTat¢d nature of our support function the basis of allocation uses a nurnber of a55umptions and estimates. GeDer*l Support Costs Total 2023 Total 2022 B4$1$ for allocfillon Covern#n¢t Senior rllallag¢tnent ovcrsight Finance 106 364 553 665 299 79 24 185 388 553 665 299 90 L51 Allocat¢d on time 298 Allocated on activity him¢ 496 Allocated on time 399 Allocated on actsvityltime 226 Allocated on time 60 HR IT support Ticketing Se￿Ie¢s Visitors seryiees and general security Building operations. maint¢nanc¢ & cleaning Administration office Technical management support Allocated on time 1.446 1.452 950 Allocated on activity 163 Estimate of sp&¢e used 145 Allocated on auditorium activity 297 185 297 185 Tot41 $uppor¢ Costs ¢x¢luding deprteiatioD Ise¢ column A in tabl¢ below) 4.005 109 4,114 2,888 Totsl Depreciation 887 887 883 Estimate of sp￿¢ IAsset use Totll Support Costs 4,892 109 3,771 45 THE ROUNDHOUSE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2024 27. {cortdnu¢d) ANALYSIS OF GOVERNANCE AND SUPPORT COSTS FOR YEAR ENDED 31 MARCH 2023 The aix)v¢ Suptth omd d¢pT¢¢iation costs w¢r¢ allocated a¢ross the followin8are8S General Dtprt¢l#tloo Support Cost$ (ColLm)n A) TotAI 2023 Totsl 2022 (Colwnn Bl In support of Commer¢1￿ trading operations (see Note 6). In supp)rt of fimdNsing and publicity (See Nots 6)" In Support of charitable actLVlties (See Nots 7) *** 1.117 59 1.176 847 105 18 123 2.892 810 3.702 2.832 4,114 887 s.ooi 3,771 46