The Old Vic Theatre Trust 2000 ANNUAL REPORT AND CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022 Registered Charlty No. 1072590 Company No. 03667822 The Old Vic Theatre Trust 2000 Rewstered Charity No. 1072590 Company ND. 03667822 Tvujtres rina Alexandrou Sheila Atim Robert Bourne NithOl85 Ciarry jcnairj Paviia Cooper Geeta Gopa an David Hender50n John jenkins Peter John Gavin Lewis Annie Plesheiie Murphv Secretsry Caroline Bèrber Rentsteied Addre55 The Old Vic 103 The Cul London SE18NB IDdependÈrtt Audltor Moore Kineston 5rnith ILP 6th Floor, 9 Appold Streei Lonéon EC2* 2AP H58C Oank PIC S¢)uthwark 28 Borou8h High Stre London SEI IYO The Old Vic Theatre Trust 2000 CONTENTS P4Ke Report of the Tru5tee5 Independent au¢Jitor'5 report 12 Con501idèted siaiement ol financial activitie5 13 Cons01idèted bèlancÈ Sheet 14 P•rent Charity balance Sheet 15 Con501i(lateé statement of cash flows 16 Note5 10 the finoncial stèternenis 17 The Old Vic Theatre Trust 2000 TRusfEES' REPORT For the year ended 31 Au8llSt 2022 The Trustees present their annual reporr and con501idated financial statements of theiharity and Its subsidiaries for the year endÈd 31 August 2022 which are a150 prepared 10 meet the requiremenis for a directorf5 report, strategic report énd financial siatements lor Companies Act purtK55es. The fin3ntlal stdtlTrTIViIIS LUFTiyly willi Ilie Clidlll1*5 ALI 201J. the Coinp3nies Act 200G, the Memorandum Jnd ArtiiII5 01 A5SOClation ènd Accounting and Reporting by Chèrilies Statoment of Re£ommendp.d Praiticc applicablp to chariiies Pfeparing their fintncièl statements In aciordancE with Ihe Financial Roporting Standard applicable in the UK and Ireland IFR51021 IFffe(Iive l January 20161. Objectives and artivltks The trbietis of the charity, as Set oul in the Article5 of A5SOtiation, afe io promote arr. culture and heritage and to promote. maintain, improwe and advaDie edutaiion by rhe encoura8ernent of tbe arts. The Old Vic fulfi15 It5 objectives primarily IhroJRh the operètion of The Old VK Th￿atre Public benefit Tne Trus¢ee5 alwoys ensure thèt the prograrnrnc5 we undertake are in line Wilh the thèrity's objec15 and with Iheii pvwer5 and responsibilities ès deièiled in rhe 8ovefnin8 dotumeni and under chariiy law. In 5etlin¥ the chariTy'5 objectivÈs and plannin8 115 a£tiVltie5 the Trustees have considered ihe Chafily Commission's guidanrp nfi public benefil, IDLluding the gui(Janceon public benelir and feech3Tgin8. The Iheèrre relics on boih pbilanthiopic donations and Incotne frorn tickTri sale5 to cover Its optraiion cosis,- in seiting rhc level of tirkei prices the Trusrees give carelul cansiderarion to en5L4rin8 the ac¢e551biliiy of the tneèire. Charity alms To achitve Ils aim5 The Old Vit's obiecrives èfe. Ar¢lstit.' To securc the idenrilv nl Thtr ljd Vic as a fesilieni independeni Ihèaire and secure It'5 ideniiiy as 81obal cultural hub.. èn aTlistic powernou5C Vlllh an In¢ernètional reputation atyé a sirorg social mission defflu8rèphically is more refle(live ol the diversecommunity in whith we work, our narion41 reach and oui internaiionèl èudience To ensure Ihai we art £ollaborèiive. Ihou6hilul •nd inclusive. Dl8ltal.. To Uiilisè. Ihe power ol di8iial iechnolo8Y to make new work and reèch new audience5, and to suppoit èll aspec15 01 the. IheaTre'5 work. EniaiemeTht: To engagt in person and online. throu8h free odutation, community and social rnobility projects. to P05ili¥ely impact life skills. enhance arts and education and increase employment or05pecis. Sustainability.. To revitalise and luiurtspiool tbe physical buildin8 for ihe next IDO yeafs, creaiinK spacc ihat is modern. vibrant, envirorlmenially constious. tommercially productive. non-excludirg. actessible In evcry 5erTrsp. available to usable by eVery￿e Wellbeini: To coniribuie. Ihrough our work on siage and Our leèrnin8 and participation projects. To ihe wellbein8 and health of all who eDRage wilh us to Positively Impèct life skills. ernployment pr05pe¢ts aiid happiness of Jll who pne8ge With u5 artisti. audienceJ. Llarticipantr and t13ff. Page I The Old Vic Theatre Trust 2000 TRUSTEES, REPOR T For the year ended JI Au8USt 2022 Vision and Missioh The Old Vil 15 an independent Ireative powerhotsse for entertainment an(f education. A not for profit thÈatre, proud to be a charity- our mis51011 IS to Invieoraie. inspire and open doors ihrou8h worldss Lafflbeih. includin8 Pop Brixton. Souihbank Cenife. Strearham Space Projeit. Aeaconslield CDnternoorary Art. The Africa Centfe and The Old Vic. As well a5 on the job fTainin8, the pro8ramme Iniluded a CV v￿rkShOp. exploring the skills p3rricipanr5 have dcvcloped and bow to apply them io nexi step5. In addition. particip?nig benefited from a networking 5È5$10D W1th indusiry professionals and pr05pecrive employer5. Page 3 The Old Vic Theatre Trust 2000 TAUSTEES. REPORT For the year ended 31 August 2022 Front Line Facilitator5 15 our highly succe55ful creative practitioner proÈramme for people è8ed 18+, offÈrin6 a(J¥anced hands-on exporience in creative facilitation and rhe chance to develop key transferable skills. The programme aim5 to ive participant5 With no or limited experience In facilitating rhe skills and experiences io help thern with their next creative steps and connect rhern 10 neiworks enabliD8 atCE55 to job5 ané creative opportunities. Ovef 12 se55ions. parricipant5 experieftce practical faciliiaiion trainin8 from The Old Vii Education & Cornrnunity teatn and guest creative pracritioners as Ihey learn aboui different workshop delivery pracliie5. Schools Club aim5 to offer seconéary schools across London supwrteé ètte55 to theatre. It IS Intended to develop confidence In drama skills For 141-18-yeèr-old studÈnt5 aDd ihÈir teachers. along with an uplifi In regard for drama In sthools and an uplift In studÈnts studying draffla in schools. Forty schoo15 are Inviieé ro lake pari In rhis free pruiect, and arp offered four perloTmanies. four studenr workshops. and four Continuous Professional Development 5es510n5 for teacher5 Over one academil year. Take rhe lead Is a free programme fof Stuéents ID Yea15 11- 13 ihai uses Iheaire ierhnioue5 and creaiive workshops 10 develop live core skills thèi support employabiliiy 50Iial mobiliry.. sell-be5ief. communication. teamwork, problem- . 501vin8 and 5oll.rnana8crncnt. The pro8ramme works with up to 40 8roups across London and supporis stud@Trts take their nexi step5 ￿nI0 ihe worl(J ol work or hi8her education. M•tinet Idols ha5 been set up io rreate opportuniries for The Old Vic ro en8a8e locally with people over 50. makin8 Iheaire niore acce55ible to those Irom a divefse range of socio.economi¢ ethnic back8round5. For participant5 the aims are for them io (onnect wirh Others. reducing feelin85 of Fsolarion and loneliness, and 10 learn new skills. Communlty Club. previov51y known a5 Curtain Up which. since 2019. ha5 workeLI vliih cornmuryily gioups viilh limit¢d cce5S to the art5. providin8 Ihem with freethcaire lickeis. a freedrama workshop and bespoke Access suppon Through Ih15 project The Old Vic Is committed 10 removin8 bèrrier5 which rnay ordinarily exclude people Irorn accessing Ihcatrc. In response to the COVID.19 pandemic The Old Vit extended Curtain Up from a one-oN en8agement to a four-monih programme. Throu8h regular workshop5 and acre55 10 Old Vil oroduclions. the pro8famrne allowed 8roup5 to remain connecTed tD ￿a(fv other Jnd develop their creaiivily. whilsi supportin8 their mental heairh and well-being during the national l¢xkdowD. The Cornmunily Club alms io offer pènicipanis consistency during a time ol cttan8e and unceilainlv. The Lon8 COVID Wellness Pfoket Investl8aiÈd rhè benefits of en8a8ill8 With the arts 10 5UPPOrt those with lon8 COVIO- 19. This resèarch-bè5ed, parliiipatory Ireaii¥e lnie￿en1i0n worked Wilh specia1151 movemeni and voice praciitioners to create a six-week prtsgrarnme Wofkine Wilh 20 adults wilh lon8 COVID 19. The weekly se5510ns focused on usin8 moverncni. breaihin8 and Iheatre iechnique$ 10 svppori sympiom5 ané wellbeing. Page 4 The Old Vic Theatre Trust 2000 TRUSTEÉS. REPORT For the year ended 31 August 2022 Post Bolonce Sheet Events Season 8 hay seen audiences return 10 pre-pandeTniC leve15. 11 Includes Eureka Day. A Chri5trna5 Carol 7, Sylvia and GroundhoÉ Day Vjith all financial target5 Sel to be exiEeéed ènd seated capacify on track 10 achieve between 85Yo and 90% lull. The ambition lor the season was to bring people back Into Ihe theatre. WÈ gfaielul to our supporters and donors foT their coniinued contribution which enables The Old Vic to present entÈrtaining and challen8ing works on our stage and provide irs educètion ènd community prograrnTllQ As a indepeiidenl r.harily V4iih no ieEJlaT public fundin8. we are éependenr on ongoing philanthropy. However. the or8ani5ation is exposed to inflation on Its cost5 and is locussed on 5rrengthenin8 Ilk financièi p051tion ènd busine$5 model for the lon8 term. Fil￿n(l￿1 Review This was 6 year of finanfial reoiiation. Ihc chJrily h3: the power to make any inveslrnent which the Trust8•s see fil. Siiucturei ioverTh4n¢e and maha8ement Thc charily 15 a iompany IimiTed Dy guarantee and was set up by memorèndum and drticles of a550Clation dated 10 November 1998 None of the Irustces hèvp any benefirial Interesi In the cornpany. Thp liahility r)f thp mpmber5 is Iirniied o Fl upon windin8 up. The Tru5tee5, who are also Ihe direiiors lor Ihe purpose uf company law, who secved durini the year were. T Alexandrou S Afim R A Oourne G Gopèlan S A Greene D Henderson K V Horton Iresi8ncd 9 Decernbet 20211 l H fj Jenkins lappoinied 21 Septernbef 20211 Pclohn G Lewis APMurphy I C Powe11 Ir¢si8neé 31 May 20211 One new Trustee wa5 appoiftieé In September 2021. 4nd Iwo re5i8ne(J. Wo aim to recruit up to two new Trustee5 in the Ctrrnin8 financial year. New Trustee5 undergo an Of[entat￿n period to brief rheffl on their legal obli8ation5 undef charity and cornp3ny law. the conieni of the Arriiles of Asso¢ièirf>n. Ihe cornmiiiee and deci510n-rnakin& processos. Ihe busiiiess plan and recent financial performanie of the chority. DuriTrg rhe induction perioé. rhey fflÈÈt key employee5 and other Trustees Trustees are encouraged 10 ?Itend approprLatÈ external event5 Y4here these Will facilitate the undertakin8 of their fole. The Trusi is governed by a Board of Trustees of up to fifteen mernbers. plus Iwo obse￿er Trustee5, who meei re8ularlv. There is a Finance & Risk Comtnittee dealing wirh finanie 4nd risk. The day-to-day operations of the charity dre. rnanaged by managemerTrt teatn with delEgated auihoriiy frorn iheTru51ees. to whotn it report% P3ge 7 The Old Vic Theatre Trust 2000 TRUSTEES. REPORT For the year ended 31 August 2022 The chariiy ha5 two wholly.owped subsidiary companie5. rogistered and operating in Éngland and Wale5 The Old Vic Theaire Company (The Cull Limiied (commercial Iraoing activitiesl and The 01(1 Vic Service5 Company Limired Iiheètre production) All available profit5 of rhe subsidiary companies are gill aided ro The Old Vic Theaire Trust 2000 by a Rift aid donation which 15 paid in the following financial yeac. Please refer to note 22 of the financial siatements for further Information Including rhe resJlrs for rhe ¥ear under feview. In the final srep toward 5implifyine ihe Trusi'5 corporate strucrvre. we InTended ro wind up our subsidiary The Old Vic ThÈatro Liwited Itomtnertièl trading atlivitips) sintÈ it was not Currently trading and had not traded durifig ihe year under re¥iew. Thi5 work was delayed slighiiy but completed in February 2023 11 was announced in April 2022 that Laura Steven50n wDuld 5ucieed Kare Vafah who left the theatre after 12 years, seven years a5 Execurive Direcrof. to take up the position of Executive Diredor ai ihe National Theètre. Laufa, whD jDIDpd The Old Vit In July. 15 an expeTience(J arts leader whose previous role5 Include Executiwe Direiior ol Sadle¢5 We115. Deputy Oirector of the Hayward Gallery and. In receni years. senior emecutive positions al the Royèl Opera House and the RDyal 5hake5peare Company. Audltors Moore Kin8sEon Smith LLP were appoinTeLI as auditors 10 ihe company ané in accordance with seciiun 485 of tho Companies Aci 2006. a resolutbon that IhÈy be re-appoinied Will be put at a General Meerin8. Disrlosure of information to auditgrs Each ol Ihe Trusiee5 ha5 conl rmed Ihat Ihere 15 informatioD of which ihey Are aware which 15 relevant to the audit. but Df which ihe auditor 15 unaware. Thry have lunherronfirmod thai they have iakon appropriate steps to identify such relevant inforrnaiiorTr and ro e51ablish ihai ihc au¢Jiior 15 4ware ol such information Stitefflent of Tru5tEes' Responsibilities The trustees Iwho are algo directors of The Old Vic Theatre Trust for rhc PUfpose% of company lèwl ère responsible for preparin8 che Trustees, Report and the finèncial sièiements In accordaoce with applicable law and United Kiii8dorn ccouniing standards IUt)iied Kingdom Generally Atcepieil ktoun¢in8 Pra¢¢icel int1vdin8 FRS 102 'Thc Financixl Reportin8 Standard applicable in ihe UK Rep￿bIll of li￿an4' Cornpany law require5 Irugiees to pie)are financial siaiemcnis lor each linanci31 year which giwe a trve and fair view ol the state of affairs of the chèritable group ènd company, and of the incoming resources and apolitation of resouries, Including the Income and è.xpendilure, of the £haritable company for that perio¢. In preparing the financial 51atefflenls, Ihe Tru51ep5 are required io.. select suitable accountin8 policies and ihen apoly thern consistently.. observe the meihods and principles In the Charities SORP-. make iud8ement5 and estimates that ale reasonable anLt prudent. 51aie whether applicable UK AccountinB siandards have been lolk)wed, subject to aDy material éepartures di5close¢J and explaineé In the financial statements. and prepare the financial statements on the8oing Concern basis unless it is Inappropriète ta presurTie rhot the charitable company will continue in business. The trustee5 are responsible for keeping adequaie accounting records ihai disclose with reasonable accuracy ai any time the linafflci31 p051tion of the chariiable cornpany and to enable ihern to ensure that the financial statement5 comply with the CDmpaTries Act 2006. They area150 rE5ponsible for5ale8uardiDg the asset5 of the charitablecornpany and hencetiking reasonable st for the Pfevontion and detocrion of fraud and other Irregulaflties. On bch8lf of the board rustPÈ5 N J Clarry- Director and Trustee Ichalrl Date I ql L111 Page 8 The Old Vic Theatre Trust 2000 Independent Audltor's Report to the Members of The Old Vic Theatre Trust 2000 For the year ended 31 Au8llSt 2022 Opinion We have audited the financial statements of The Old Vic Theatre Trust 2000 and it5 subsidiaries far the year ended 31 August 2022 which iompri5e the Group Slatement of Finan£ial Acriyi:ie5, Ihe Group and Parent Charitable Company Balance Sheets, the Group C3sh Flow Statement and notes ro the finèncial statements, Intludin8 a 5Urnrnary Df significant aciounting poliiie5 The linancial reparting framework that bas been Èppliod in IbÈir oreparatlon IS applicable law and Ufjited KingdoFTTr Accouniing StaDdafds (United Kingdom Generally Accepied Accouniin8 Pratticèl including fRS 102 'The Financial Reporting Standard Applicable in the UK and Ireland.. In our opinion the financial statements.. Give a irue and fèir view of Iht state of the group's and the paront charitable company's affairs a5 31 31 August 2022 and of the Eroup's Incomin8 resources and appliiation of re50urcos. Including 115 Income and expenditiJTe, for the year then ended. have been proporly prepared in accordance wirh United Kingdom Generally Accepted Accounting Practice,. and have. been prepared in accordance wilh the. requirements of The Companies Act 2006. Basis lor oplnion We conducTed our a￿￿￿¢ in accordènce with Iniernoiional Siandaré5 on Audiiine IUKI11SAslUKII ané applicèble lè¥v. Our responsibilities undef those siandards ère furiher de51ribpd In Ihe Auditor's Re5ponsibilitie5 fof the audit of IinanciAI statements section of our rewrt We are Independenr of Ihe charitable company In accordance with the cthical reouirements that ère relevant 10 Our a￿dit ol Ihe financial sialcrnen(5 in the UK. pncluding ihe FRC'S Ethical standard. and we have fulfilled Duf Other e¢hical respon51biliiies in accordance with these requirements. We bdipve that the audit evidence we hève obi3ineé is suffi¢i¢ni and appropriate lo provide a basis lor our opinion. Contluslons relatln8 to ioing concern In auditing cne l-nincial Sldternenrs, wp have Concl￿¢￿ rhar the éirecror5' use of thegoinA concefn basis of •C¢OUfjlin8 In the preparaiion ol ihe finaniial 51I1emen15 15 appropriale. Based on Ihe work VIÈ h•ve performed. we have not Identified any mèterial uncertainties relaiind lu events orconditi0fi5 that. indivi¢ually or collectively. rnay casi signilicani doL4bt en the 8roup's and pareni ¢¢mpany'5 ability 10 continue as oin6 concefn lor a period ol at leasr iwelve months Itom when ihe finoncial 5taiernents are aJthorised for 15sue. Our responsibilities and the fesponsibilities of the Éirecrors with respeci to 8oini toncefn are described in the relevant Other inlormailon The oihEf Information comprises the Inforrnèiion Iniluded in Ihe annual report, other IhaD the financièl statement5 our 3uditor's report thefeon The trusttes are resry)nsible for Ihe other Information Our opinion on the finèntial Statements does not cover rhe Olhef inlormaiion ond. exceoi 10 Ihe e¥tent otherwise explicitly stated in our report. ¥vc do not exprcss any fofm ol assurance contlusion rhereon. Our re5POn5ibiliry is to re3é Ihe. oiher information and. In doing so, consider whether ttre oiher informJiioTr is maierially incon5I51ent with Ihe financial statement5 or our knowledge obtained in the course of The Audit. or oifverwise appears to be materially misstèted. If wt identify suth Fnaterial inconsi51encies or appareni matefial misstatements, we are required to determiTrp whether this gives rise io a maierial misstatement in the financial statemÈnis them5el¥es. If, ba5cd on ltte work we have performed. we Conclude that there Is a mattrial mi5Statefflent of this other inforrnation. we are required to report that fact. We have nothin8 to report in this re83rd. Page 9 The Old Vic Theatre Trust 2000 Independent Auditor's Rep(Kt to the Member5 of The Old Wic Theatre Trust 2000 Icontinuedl For the year ended 31 Au&u5t 202Z Opinlonson other rnatters prescrkni ed bytheCompaDie5 Art 21h)6 In nur opinion. baseo OT the WDrk underraken In *he course of the audit.- the Information Eiven In rhe trustee5' annual report for ihe financial year for whiih the finanti31 staiements are prep3rpd Is 1(Fns151ent wilh ihe Financial starement5.' and the tfU5tee5' annual report have been prepared In aciordaDIt Trmth applicèble le831 requirernents. Matters on which we are rEquired to report by excemion In the I18ht ol the kDowled8e énd understanding ol the Broup and pèrent charitable company and Its onviranTDent obtained in the iotsr5e of the audii, we hève not illeniifbed moterial rni55taletnents In the trustees. annual repori. We have nothin8 10 ieport in iespect of the following matter5 where thecompanies Act 2LN)6 reouife5 k15 to report to the parent charitèble compèny hès not kept adequate and Sufficient èttounting records. or reiufns adequale for our audii have nor been received from branches not ¥lSlTed by u5. or the parent Ih3riièble company s Iinancia1 5iaiefflents are not In a8f#ement wifh rhe accounting reccrds and returns. or tertain disclusure5 of tru5tee5' rernuneraiioD specified by law are not rnade.. or we have not received dll the information and explanations we require for our audit,- or ResponslbllftSes01 tru5tee5 As explained more fully irt the trusteès. responsibiliries 51aternen¢ sei out on p68È 8. the Ifusiees (who ère a150 thc os tle cb.3 3ble company fcr Ihc pu'poses ol co￿panY lèwl are responsible lor the prep>rJiinn of th linancial statement5 anrj lor bÈin8 satisfied thai Ihe¥ gi¥c a irue and fail view. and for such Inrernal control a5 rhe trustees determine is nece55ary 10 cnable the p¢oparaiion ol linancial 5raternent5 that are Irec from mèterial misstaiement. whether due 10 liaud or erroc In prepr?rin8 the finèntial srèiemenis. the Iru51ee5 3re resw)n51ble for assessirtg the 8fOUP and parent charitable company's èbiliiy 10 continue as a 8oin8 concern. disclosin8. as applicable. matters rtlaied lu ¥uing conLefn and usin6 the 80in8 ioncern basis ol accountinE unless rhe irusieÈs eirher intend to Iiqui¢Jare tne Eroup or pareni cfiaritatyie compony or to cea%c operations. or have no realistic airernoiive bui 10 Oo $0. Audltoff s respon51bilitiÈs for tht audit of the Ilrlancial statefflentS Our obiectives are 10 obrain rea50?able èssuronct aboul whclher ihe financial statements as 3 wholo aro Irce from rnatprial misslètemeni. whether (Jue 10 Iraud or error, and 10 Isgue an audiiof'5 rèport rhat includes our opinion. ea50nable a55urante Is a hi8h level of assurance. but is nol a guarantee ihai an audit conducied in accorLJance with ISAS IUKI will always deiÈct a material misstatement when ir exisrs. missiatemè.nts tan arise Iforn fraud or errL)r dnd aro iofjsidered material Il, individually or In aggregère, rhey could reasonably be expected to Innuence the ettsnomic decisiofjs of Dsers taken on the bè5is of these financial 5Iatements. As part of an audit in accordance with ISAS IUKI we emercise profe55ion31 judgernent and maintain professional sieptitism Identify Bnd èssess the risks of material missiaietnen¢ ol the finantial statements. vlhether due to fraud or error, design dnd perforrn audir protÈdu￿S resportslve ro Thoge rlsks. and obtaln a￿dIt evldence thdl 15 sufliLietll rjll appropriate 10 provide a basis for Our Opinion. The risk ol not deieciing a mèierial fni55taiement re5ultln8 from fraud 15 higher than for one resuliing frorn error, a5 fraud may invDlve collusion. forgery. inreniional omi55iDn5. misreprosentalions. or the overrioe of intornal iantrol. Obtain an understanding of internèl conirol relevant to the a￿￿11 in order to dEsign audit procedures th81 are appropriète in the circumstances. but not tor the purposes of expressing an opinion on the offectivenE55 cf the group and parent charitable company's internal iontrol. Page 10 The Old Vic Theatre Trust 2000 Independent Auditor's Report to the Members of The Old Vic Theaire Trust (Continuedl For the year ended 31 August 2022 Evaluate the appropriateness of accouniing policies used and ihe reasonableness of iccouniinE esiimaie5 and related disclosure5 made by rhe irustee5. Conclude on the appropriatene55 of the tru5tee5' USE of the 80ing coniern ba515 of accounting and. based on the audit evidence obtained. whether a material uncertainly exiS15 relaied to ovenis or conditions that may cast signilicani doubt on ihe group and parent chariiable company s ability to coniinue as a gving concern. If ¥ve conclude thai a material uncertainly exists, we aTe reouired to draw èiiention in our auditor's report 10 the reiaied disilosuFes in the financial 51aiefflent5 Of, Il such d15(105ures are Inadequate. to modify OUT opinion. Our conclusion5 arc b45ed an the audit evidence obiained uo to rhe date of Our audiior's reporr However. fuiure events of condilions may cause the group oi parent £hariiable company io cease to Continue as a going concern. Evaluate the overall pre5enration, 5trucrure and conieni of Ihe financial statements. including the disc105ures, and whether the financial 5taiernents represenr the underlyin8 rransacrion5 and events in a manner thai achieves Obiain sulliciont appropriaie aulit evidence re8ar(Jin8 the Iinancial inforrnaiion of ihe entilie5 ur busine55 actlVlTies within thegroup ro expre$5 an opinion on The consolidated financial siatemenis. We èfe fesponsible for the direction, supervision and perloffnance of ihe group audit. We remain solely resN)rsible for 0￿r audit report. Wo tornmufjicate with rhose thargod with govemance re8ardin8. amon8 oihor rna¢rer5, the planned scope and limin8 of the audit and st8nili£anl abdit findin85. includin8 any $18nilicant deficiencies in iniefnal conirol thai we identify durin6 our auéit. Explanation as to what extent the audit was Con￿oe1¢d capable ol deteetini irre8ularlti¢s, Inrludlnl fraud Ir Jji¢LI rnaterials and, where applicable. diroit labour 10515 diid Ihose overheads ihot have been incurred in brin8in8 the stock to Its present location and condirion. Jr t.,C ',OW¥, of repl- t and cc: diusred whereapplicablefor èny loss of service potential.At Each reporling dète, an assessmentis made for Impairment. Any exie55 of the carryiftg amount of stock over lis esiimaied selling price le$5 COSt5 to IOTNplete and sell Is recognised as an Impairfflont1055 in the statemeni of finaniial attiyit1Ès. Reversals ol irnpairment1055es are also recognised In the 1.10 Cash at Bank and in hand Cash at boiik artd In hand are ba51c Iinaniial assets ènd Include cash in hand. deposits held at call with banks, other 5hort-term liquid invesimenis with original maturitie5 of thrte months or less. and bank overdr4ft5. 8ank over(Jrofis are shown within borrowin85 ID c￿rrent Iiabililies. 1.11 Flnantial Instruments The iumpany has only basir financial instrumenTS meèsvred at amortised cosi. with no financial instruments classified as other, o. b3511 InStrum¢nis measlbred at fair voluE 1,12 Ernplovee benpfits The cost5 of 5hDrt trrTll employee benefi15 are reco8nised as a liability and an expense. Unless ih05e c05t5 arc rcquirod 10 be reco8nised as port of thc r05t ol stock or fixed 355ei5. The cost of any unused loliday cntiilerneni Is feco8niseé in the period in which the employee's service5 are received. Terrnina¢ion bÈnelilS are reco8n15ed irnrnedioiely as an expense when the Eroup 15 demonstrably committed 10 iermlnate the ernplo¥meni of an employee or io proviée ierrninaiiofi benefils 1.13 Retirement benellts Plyirenis to delined coniriburion retir•m*nr benelil srhernes are char8eLI a5 an expense as fhey fall due. 1.14 Leases Rentals payable under operating leases, includin8 any lease inceniiVÈS tecetved, are char8ed to incornc on a 51faight line basis over the term of the felevani lease except where another more systematic ba515 15 more repftseniative of ihe time p31tern in which economic benefit5 from Ihe leased are consumed. 1.15 Fund a¢¢ouNtin8 Genp.ral funds are unrestricted lund9 which arÈ available for use ai ihe di5creiion of Ihc Trusree5 in furnherance of ihe 8enÈral obieciives ol Ihe cornpony and which have noi been desi8nated for other purposcs. De5i8natÈd funds comprise unre51ricied funds that have been set aside by the Trustees for particular purposes. The aim and use of each desi8nated fund is sei out in the notes to Ihe financial statemen15. Restricted funds are fundg which are to be used in accordance With 5pecifi£ re5rrictions imposed by donors or which have been raised by the comDany for pariicular purpD5e5 The cos15 of raisinÉ and adTninisiering 5u¢h fuDd5 are charged è8ain5t the specific fund. The aim and use ol each restsicted fund 15 Sei oui in the note5 to the financial staiemeni5. Inve51rnent income. gain5 and losses ère allwated 10 the appropriato fund. 1.16 Government Eranis GovÈrnmeni gran15 arp reiogn15ed whtn there Is reasonable ¥55urance that the 8rènt conditions will be met and the grant5 will be reieived. Page 20 The Old Vic Theatre Trust 2000 NOTES TO THE FINANCIAL 5TATEMENT5 For the year ended 31 Au8USt 2022 I. ACCOUNTING POLICIÉS Icontinuedl A Erallt thai Specifies perform3nce conditions is recoEnised in income when the performance tonditlOn5 are rnet. Where è grani does not speciFy performance conditions, it is reiognised In incorne when the proceeds are fKeived or receivable. A grani received before the recognrtion criteria are satisfied is retO8ni5ed a5 a liability. 1.17 Taxallon The Cofflpany 15 a registered charity ané as such 15 eniirled to exemption from taxation on its chariiable activities under Ihe Corporaiion f4x Act 2010. 2. Donatlons 2022 2021 Voluntary incorne Membership. Clubs and Friend Income Gran¢s 3,043,D70 1.482.824 1.283.450 5,An9.344 4,055.SIA 440.758 4.7S2.853 9.249.729 The split of donations be.Iwttn restricted and unrestricied is E3.993.201 El,816.143 re5pectivelv 12021. £8,205,103 and £1,044.t261. 3. lfitomlni resource5 from charltable 2022 2021 Uftfestiirted Funds 8ox office gross Income Theatre hire eic. Oiher Incornc 4,541.480 2,461.540 27,512 721.154 52 4. Commefclal tradlnl operations Income and expenditure Is Irom the operèiions of the charity'5 trading 5ubsidiarie5, excludin8 the costs rcl3te(J to credlin8 and Tunning the Theatrical productions. Further details ènd ttadin8 results of the subsidiaries are pro￿l￿e￿ In note22. Sufflmary oliroyp tvadinl result5'. 2022 2021 Turnover Coronavirus Job RÈrention Scheme intome lincluded wilhin 8rant illtomel 1,080,082 18.6341 1,692,161 Corporatp event costs Serviies 10515 1112.5661 1570,3011 184,8791 1188,7441 11.301,0201 189,3771 Administrative expenses 303.702 113.Q20 Page 21 The Old Vic Theatre Trust 2000 NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 August 2022 S. FundralslnR Costs 2012 2021 Gener41 event cosis 227,394 590.105 497.906 The split of fundrai5inE lOSts between resiricted and unre5trKied E2.227 antl £815,272 respectively 12021 £492.322 an(115.5841 6. Direct ¢05ts ot operation oltheatre 2011 2021 Olred cosis of operaiion of theatre Produciion 105t5 Produciion salary c05f5 2,478,103 1,612.783 4,571.760 656,583 893.274 165.182 336,93? 249,601 47,284 439.Bll 387,359 283,429 3,299,720 594.d42 2.575.634 62.312 634,353 273,190 116.021 542,766 45 436,336 72,093 108,104 d,119 Offitt costs Insurances ConTultarycy Fee3 Cornputer costs Depreciarion Irrecoverable VAT 8ank charges Exchange r•te10sg 12,108,375 5S,691 7,719,135 3￿,815 Share of io¥eran¢e costs Costs of operatlon of theatre 12.164,1)66 7,757950 The splii ol direct 183.7401 49.866 39,131 3U.6b7 8).964 50.153 19.[ Id64 J.384 11.6851 10.847 26.12) 29.664 10.847 'hoatrc PO.4*crs yrt41rt U 1.420 16.foj 47SO i3.￿1 '.3,061 Wor 5pEchl Ptojecis 8l.21r4 19.928 6￿.? 2ZO.132 27fj,tsXg I182.r￿1 I rd4wrn*ni p•tu1￿$ IrKDw•yahts 5l4.4l .789.8411 Srhpmo I E05.W5 11.505.WS1 71 6.945.954 5(XTr.( S.959 Genpral Funo a.63?.294 5.22x339 1fy.690.F771 ?.773.7( Hevdludt or Ititi¥ 6.196U5 161,3fNJI 6.735.145 13.4JO.441 14.216.095 Page 30 The Old Vic Theatre Trust 2000 NOTE5TO THE FINANCIAlSfATEMEWTS Forthe yeareTh1Èd31 A￿u￿t 2022 16. ConSohlatedJtstemEntOfhkn￿1¢DnE1￿￿J 1 5tptombÈr Inrarn EKppnditure Oiher •hidkns5es￿Vj￿knd lain5 Hestii(ttd Fwds.. 743.119 FO1￿0￿10n & CuffjffluDI'.y DEDartment l?2.P64 23.791 17&681 1178.1401 2.459 T￿1￿ LDllg COVIDWolrw PrOI*CI Pak￿ Ihe Ltod 37Q .661 lio.( 31.497 1120.1271 20.14D 2.4?4 23 778 Thc 0.047 JD.LW ooml LommutlltyCl￿b Ipievknuis¥CuP.Èin IL.J4UJ J.i>u Aluiyini l)leyiOultyCtsnneLtI 13.067 3.750 J6. 16.625 1&0301 7.97U lev3'.e Vroiect3 738.20S 622.191 109. 1.82&757 59.Cb)) IS.5B5 112Q.JUYI 119,L¥X) 1.708,448 98.C60 405.998 14?.981 4fy).JJ) 24.885 169.997 65.622 2R&220 144.riJ6 (421.￿0 Ind1¥bd￿oI plo￿ttl PuDb*F￿￿d 11.3JO) ICil.673 122.4fA) .Y74 Téieot Ueveloprntn.. IFovmoiwOldVk 14.( 352.LLK) 1l4.wl 237.094 3W.O 40.077 I16&7￿1 AAOV Commi55ionln8 iufjdetr*dl Othor Untei¢rk¢edFwds'. .600.￿D 6.936 526 5W.(XX) An￿￿ *und 166Q2 F.525.867 ¢10.2t)2.2471 1.989.807 6.735.:45 19.431J76 1.525.867 io 24 591rn Toialfunds .587.IdQ I.Q90.178 P3ge 31 The Old Vic Theatre Trust 2000 NOTES TOTHE FifiANCIAL5TATEMÉNTS Foribe yeJr erthd JI AuKu5L2OII l& COr￿Ik13¢e￿5t￿1¢i￿ThtO1 lur4s IIDntinLYdl Isept￿ther 1020 Inrorn EN￿altUre nd ltsssÈsr•wni%ed 8ains Tranifer5 31 Auiust 2021 Restricted Fynds'.- bijlldlne. 733.3IB 9.gJF 743.119 Eéucatlon Ind cornm¥n￿¥'. Education & Cumrnunitv Depèrift)eTht C0515 o.y4y ,iJJ 195.249 16.266 3.492 6.792 15.L 61.036 BI.VA S0.I93 63.151 1109.7851 172.764 23.791 39.331 30,661 5￿MmPr Sihool Gvt Goifi Thke Ih(* Lèad 9.345 49.866 IA3.7401 1104.1671 35.Q14 14.920 19.0 34,6411 Arti5tif DVVC￿prnQn1 301 lQ.847 1.384 11.68SI The Hub 26.121 29.664 10.Y47 1.420 16. 13J,ORAI Curtain Up 3.750 13.(K¥7 L9.150 13.OG7 12.840) ?,840 Worl EKpoiienco Spètlll *ohrti'. 81.209 1277.9191 279,699 738.205 En#owmeni reiuTTrs Incomo dlU.132 Il¥2.IWI 514.415 3.423,183 3.LW.COJ 1.264,381 11.F89.8471 IMAC Coiyn4virui Job J4J.IlJA ¥rhprn Urtr•5tiid•d Fund5'. I.6￿.rI 6.936.)26 1.600,0 6.936.52S soo.0 Ann¥¥ lund Gènotai Fund 665.01 4 169.947 13.994.426) 2.779,6QS 1.660.205 6.7%.445 161,300 6.735,145 41 .9x426 19,431,8 Total funds 18.101.011 11.112.4LI 11,517,140 P3gÈ 32 The Old Vic Theatre Trust 2000 NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 Au8USt 2022 16. Con501idated Statement of fvr￿S Icontinuedl Re51rittEd luTrd5 Maintenance of bulldln8 ,unds reldle5 to funds re5trirted tothe building improvements whicl were spent in the 2018119 finanrial year. Restoration levy fund5 are restricre¢J 10 OrtÉoinR renovation work requrred to preserve the theatre for futUfP genÈrations. Eduration and communilv The Old Vic's sreadfast commiiment to education. cornrnunrty ané emerÉinE ralenr is jusl as imporiènt as the work that Kaes an stage. Through a range of pro8rammes. we aim to inspire young people and wdcome and diverse audiences to The Old Vic. To bring rhi5 to fruition, The Old Vic delivers the followin8 projects-. Education 14-1 ofl Our flaEship Schools Pro8ramme. Working In partnership With 40 London school from areas of London vlith PDor arts prov15ion. Scheols Club welcomes up ro 1.200 vounl people io The Old Vic each year The yeèr-long programrne SUPPOTt5 ar15 ID schoo15 by oflering free Iheaife lickers, bespoke workshops, b•ck5rage rour5 and a ran8e of educational re50urce5 T k he Leid.. For 51udents in Years 11-13 Theatre-based work5hoos that support Social mobiliiy and build on live lore ernployability skills.. communication self mana8erreni, self belief. teèmwork and problern 5DIving. Drawing on The Old Vic's emiensive exoerience as a Iheairjral Insiilulion. Ihi$ progromme works with up 10 40 8roup5 across London and SUPPOfls studen15 lake their next steps into the world ul work or hi8her edwalion. Open to young people in London aged 16-25 who. ai the lime ol applyin8, were not in Èducaiion. employment or Irainin8 INF ETS) The pro8ramme ran in Autumn 2021, offering paid plaiemenis ai culiural or8anisations ècfoss Larnbeth, Includin8 POD 8,ixion. Southban* Centrt, 51reatharn Space Projeci, Beaconsfield Contemporèry Art, The Africa Centre and The Old Vic. As well ès on Ihe job irainin8. the programme commenced wilh an induction workshop and tulminaied in g CV workshop. exploring the skills participants have developed Ènd how io apply rhem to next steps. In addition. pariicipants benefited from a networking se5$1(pn wirh industry profes5ion315 and prospective ernployers. le Fropt Line al Thp. Old Vic gives paid placements in our Front of House teams 10 youn8 people aged 16-Z5. Throu8h £reaiive workshops antl viorking alon85i¢e our slalf. pariicip4ntS 8ain viial on-lhe-job learning opporlLJllilies and are 5uDported to develop key einpl¢yabiliry skills ioaid Iheirfururecareer5. Sincethe proiect bo8an In 2015. we hawe worked with 210 youn8 people. making Front Line one of our longesi runninE and most suc£e55ful proie£ts. Page33 The Old Vic Theatre Trust 2000 NOTE5 TO THE FINANCIAL STATEMENTS ForthE year ended 31 Augu# z022 16. Consolidated statement of lurwJ5 Icortinued Education Iconlinuedl IB+ OfferinK adv3nced hand5.on expEfience In creaiwe facilitati￿ an(5 the chante to dtrvelop key iransferab1e ski115. The programfDe •nA cnDnprl thvm tn ¥n.IblLny AtrfÈ%¥ Ill ii>h% hiid rrpatiVP Qnnort￿nltle5 c￿Er 12 se$510n5: Qarticipanis ekDerience practical facilitation rrainin8 from The Ohl Vic fducaiion & Community team and guestcreatwe pra{rit￿nerS as they Ih re M kers.. For oun Theatre M8kpr& Is a free Six-month prograrnme lor 18-25 year olds offering participant5 OPPOrtuniliÈs 10 develop creative conncciions and cieaie a toolkit tD 015CU5s and make rheaire in the midst of our changing sotiety The 2021 project Involved working wlth 22 young theatre makers IhrrJu8h a serie5 of workshops and masierclosse5 With ihe supwrt of a professional dirpctnr. partlfipAnt% conceprualised and planned the IvlUTe of theatre oloftgside Qiher vouns creative5. workinK In colléboraiioil With some ol the UK'S leading proleSSbpnal IheatTe makeis The proiecr C￿lminated in a 5how¢os* In Decembei 2021 Participai115 ISL) fprpivpd frpp iirkpis in Iw¢> Qld Vir p*rformances.- A Christmas Carol and A Nurnber. The Hub Tae Education provKles Ifee online ie50vrces lor teachers. studenis. o•renis home Khoolin8. Youn8 rreotives of Ihe futufe Communbty Al The Old Vii we are p455i0nate abour the benelils Ot participation In the tTeatl¥P afTS. which can unlock the Imazination and broèden horbions for PCOPie of ali ages. Obr NommbnrÉy oro8fJrnmc* arc de51ifitd its cngJ£c pcoplc tle work Ol T*e Old VIE beth on and off 5ta8e and support Improved wellbein8 of our lo￿1 £ummuoitvès. Open 10 ènyono oged SO. the sthème IS flee io join and InCl￿deStICke¢ di5counlS for matinee perfoimances, pre.show even15 and an oppurlJnii¥ to so(ral￿e, meet new peop￿ and IEaD rnore abou( The Old Vic and sho¥Ys. Communit¥ Club. preyioJ%ly known as Curtain up wh*h. sI￿t 2019. has worked iomwunily 8¢ouos Vlittt limiicd acress tn the arts, oroviding the￿ With Iiee theatrc lickeis. a free dlarna workshop and oesooke access support Through rh15 pfoj@tf The Old Vic is cumffliited Tts removing barriers which may OTdinaiily exclude pwple frr>m acces5in8 theaiie. In response ro the COVID- 19 pandtmi¢ The 01¢ Vic extended Cuitain up from a one•ll engagement to a four-monrh Pfoiromme Through regular workshops 4niJ access to Oltt Vic productions. the piolramme al￿We￿ iroups te remain connected to each other and dcvEIop the.lr creativlty. whi151 SUQOOrtin8 therf menial healib and well being during tbe naiiothai lockdown. Ihis ntWVQfslon of Curiain Up has theielore Oimed io oller parti£ipants consistenc¥ dufin8a time of changè and uncenaintv. Th Tho ionÈLOVID Wt,Iness Pioiect In¥e5ligattd ihe benefrts olen8a8in8wiih theartslo StsPPOrt those with lonKCOVID Th15 iesearch- based, participarory creative Inteiventiun worked Vliih 5pecNalist mDvement and ¥0￿e practitioverstotreate a six-weok proiramme working With 20 adults V4ilh COWD. The weekw ges5ions focused on using movement. breathing and theatre klVlcP PIByYdfi&ht ITainin£ progratnmclor six emei8inewrtiers118 and ovetl The pro8famme 4ncludes. 51udying previously written pIèy5, hearty tsebate ￿V¢r whaL ihewell-made bi8 play 15. and wril1fi8 exeicises aimed atdevclopin8dramatur8ical skills Writers can Alumni NeT¥York IpTeviou5ty Corlnectl Throughout Our hiSIDry darirtg arti515 have been at the forefront of The Old Vic's pioneeiing vision. rhe Alumni Network brinKs together aur talented alumni. invitiDE them balk Irrto our icon* buiklinE for on8(Nngprofes51cnal Llevelaptnfnt. £IOtirkc15 to s Work Ex A week10Tr8 woik iraining pro8rafflme for up to 20 14- 18 yearolds. learning tDoo at¢vt The Oil Vic and producing theairo, especially for thuse with little or no attesgtothe arts. S t￿1 and Indhhlual GI2TItS wh th are ntended to 5UPPOrt the commi￿loni￿g of newv4ork. the Bay1155 direcior and addbtional projects or Inrti3ti¥es ouLSide of noTmal operations such astapitsl projects. Page 34 The Old Vic Theatre Trust 2000 NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 Augusi 2022 16. Con501idaied swemeni ol fvnd5 IcoThiinuedl Grants which are In:onced 10 5UPPOrt the COrnFniSSiODingof nev4 work. rhe Bayli55 director and addition31 projects or Initiatives outside of normal operations suih a5 capital projoits. DesiEnated fvnd5 The Trustees have designate(I funos a5 follows-. Praduction fund The Production funé represents monie5 Sel aside to support the reopening of the thearre. 8uildin fund The buildinE fund represents ihe monies spent on purchasing the buildin8 and any 5ub5equeni development work Ihat Annex fLJnd This fund represents money desi8nèied by ihe boèré of trusiees to enable Ibe developwent of the Annex proieit. The Afjnex is 3 propeny which 15 bein8 developed as a learnin8 and community space adièceni to the ttteitre buildin6. 17. Analysls ol net assets between fvnds Restrlrted lunds 2022 General Designated tunds lunos 2022 t 2021 É Total funds 2022 Tan8ible fixed assets Current è55elS Croditors due within one year 1.724.033 2,019,870 17,139,956 2.lQO,000 IIID,8421 14.880.98LI 18,B63,989 16.516.305 15,825,305) 14.880.981> 12,396.435 15.71114631 3.743.903 6.681.972 14,248,133 24.674,008 Grou 15 01 ncl a55els beivieen luThJs" wior ear Total fundi 2021 Restrlrttd funds 2021 General fund5 Oe51inated 1021 £ fvThds 2021 £ 6.735.145 9.500,456 5,939,363 9,D36.526 15.087.130) 1123,7651 14.929.8641 Tin6iblo fixed assets Current assets Crcéitors due within one year 738,205 2.417.ISg 16,973,806 17,393.048 15,210.8951 111,925,864) 3,155.364 7.587,378 13.483,353 24,226,095 S￿9 01 net assets between Funds. curreni ear Restricted funds Geneial lund5 2022 Desiinated lund5 202Z Tot•1 nd% 2022 2022 Tan8ib'e fiMed assets Fixed assÈt Invostments Curreni asseis Crediiof5 duc within one year 1.724.033 17,137,466 18,861,499 2.019.870 6.933,409 13.832.479> 2,IW.000 1110.8421 14.880.981) 11,053,279 13.943,3211 14.880,9811 3,743.903 3.]￿.932 14.245.643 21,090,478 The Old Vic Theatre Trust 2000 NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 Au8LlSt 2022 17. Analys15 of net as￿1$ between funds Icontinuedl Charit ana 150fn nfvnds- Restrbcted lunds ID21 General Designated lunds lunds IU21 zu21 Total funds 1021 Tan8ible fixÈd bsseis Fixed a$5Ct investmenis Current a55ets Creditors due Wilhin one year 738.205 6,735,145 9,494,499 16,967.8419 2.417.159 5,090,547 15,871.2161 9.036.526 1123.7551 14.929.8S41 16.544.232 15.994.981 14.929,864 3.155,364 5.954.480 13,4?7.396 22.587,240 18. Pon5ion commitments 2022 IQ21 Charge lo the staiemenr of financial aclivilies In respeci of defined coniribution schemes Il7.444 83.911 A defined contribution pension scheme is operated for all qualifyin8 ernployees. Tho 05sels of the 51heme are held sepèraiely from those If the iroup in an Independeniiy adrninlstered fund Included wiihin Other Creditor5 are outstanding . 19. Optr•tin8 lease OI cornprj5Ln8 E500,CN)O payable to one ot rhe TrJstees and £5￿.C4)0 payable io a tfusi sei up by Ihat Trustee. Tho103n has been provided unsecured and intefest free. Included within Old Vic Ser¥ices Company knmited other debtors is an amount due to Sally Greene, a tru51ee for £195 12021.. £1951- One of the Trustees son Is a director of Granseèl Limited Gfènseal limited have and continuE to provide the Use of ofFice space in Ihe year èrtd posi year end ¢lose io The Old Vic theatre whilst the refurb15fvrnent work5 Oll the bank of house are ongoing. The office space is provided in exchange for tickers in wilh a value of £580. PèBe 39 The Old Vic Theatre Trust 2000 NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 August 2022 24. Trustees Plone of the Trustee5 lor any peT50ll5 conneited wrth them) received any remuneration or benefit5 ffoFn the Iharity durin8 the Current or prior year. No Trustee5 rec•ved any reimbursed expen5e5 during the iurrent or prior year 25. Compaiaii¥e 50FA Restrirted unrestiirted Funds Funds 2021 Income from: Oonaiion5 8.205.103 1,044,126 9,249,229 Operation of theatre 2.489,052 2.4¥9.052 CoTnrnercial tradin8 ooeraiions Invesrmenr income 1,692,161 1,692,161 Total In¢¢me expenditure on.. Fundra151ng Costs Commercial trèdin8 operation5 492.322 1,162,638 5.584 416.503 497,906 1,579,141 Oporaiion ol Iheèrre Educarion and cornrnuniiy progfamme 1,553,420 554.106 6,204.530 7,757,950 554,106 ?7Tr Q10 17) 010 Interest payable and similar charges 72,160 72,160 Total Empendlturc ,698,7 Net inrome Other rero8nised 8)in5- the•ire tèx reliel 351,111 351.111 Gross iran5fers between funds 12.718.365) 1,718,365 Net movement in funds RetDncllSation of funds.. Fund balances brou8nt forward 1,704.031 19,474,693 21,178.724 Fund balance5 carried forward 3.155.364 21,070,731 24.226,095 P38e 40