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2023-03-31-accounts

THE LIVERPOOL AND MERSEYSIDE THEATRES TRUST LIMITED

Company Registration Number 03802476 Registered Charity Number 1081229

THE LIVERPOOL AND MERSEYSIDE THEATRES TRUST LIMITED

(A Company Limited by Guarantee)

ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31[st] MARCH 2023

THE LIVERPOOL AND MERSEYSIDE THEATRES TRUST LIMITED

CONTENTS

TRUSTEES’ ANNUAL REPORT (INCLUDING DIRECTOR’S REPORT AND STRATEGIC REPORT) ................................3 INTRODUCTION ................................................................................................................................................ 3 OBJECTIVES AND ACTIVITIES ............................................................................................................................ 4 PUBLIC BENEFIT ................................................................................................................................................ 5 KEY ARTISTIC ACTIVITIES ................................................................................................................................... 5 STRATEGIC REPORT .......................................................................................................................................... 6 ACHIEVEMENTS AND PERFORMANCE .............................................................................................................. 6 FINANCIAL REVIEW ......................................................................................................................................... 17 STRUCTURE, GOVERNANCE AND MANAGEMENT .......................................................................................... 21 STATEMENT OF TRUSTEES’ RESPONSIBILITIES ............................................................................................... 23 INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF THE LIVERPOOL AND MERSEYSIDE THEATRES TRUST LIMITED .............................................................................................................................................................. 24 CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES ................................................................................... 27 GROUP AND COMPANY BALANCE SHEET........................................................................................................... 28 CONSOLIDATED STATEMENT OF CASHFLOWS ................................................................................................... 29

THE LIVERPOOL AND MERSEYSIDE THEATRES TRUST LIMITED

TRUSTEES’ ANNUAL REPORT (INCLUDING DIRECTOR’S REPORT AND STRATEGIC REPORT)

INTRODUCTION

The 2022/23 Financial Year was our first full year of trading with both theatres fully open since the national lockdowns heavily impacted activity during the Covid pandemic. Suba Das joined as Creative Director at the artistic helm of the organisation. Suba formally worked at Leicester Curve and had most recently been the CEO of Hightide, a writer-centred theatre company based in the East of England.

During the year we were also successful in our application to Arts Council England (ACE) to receive recurrent funding as a National Portfolio Organisation (NPO). This was a significant achievement following four years outside NPO funding as we strengthened the organisation’s leadership and financial resilience. We’d like to thank all staff and Trustees for their continued dedication and commitment to the theatres and contributing to our successful bid to re-enter the NPO on 1 April 2023. We would like to particularly thank our departing Trustees Bren Hutchinson and Caroline Roberts-Cherry for the immense contribution they have made during their time on the Board.

Given the previous financial year was heavily impacted by Covid-related closures, we have seen an increase in audience numbers during the year with attendances up by 57%. While still not quite back at pre-Covid attendance levels, we were pleased to see that audience confidence is returning, especially between November and January which saw the most successful Christmas season to date with the Rock n’ Roll Panto Red Riding Hood , at the Everyman and SIX at the Playhouse.

We were delighted to continue our commitment to new work, premiering Corrina, Corrina, Our Town Needs a Nandos , A Billion Times I Love You , Red Riding Hood and The Beekeeper of Aleppo during the year. This was only made possible through our investment of time and resources in new work development over the past five years and we would like to specifically thank Dr Francesca Peschier, our former New Works Associate, for her phenomenal work in this area.

We continue to partner with a wide range of organisations to realise the work on our stages and we would like to thank 20 Stories High, Bristol Old Vic, Bolton Octagon, Cardboard Citizens, Graeae, Headlong Homotopia, New Earth, New Step Theatre, Nottingham Playhouse, Paperwork, Talawa and Theatre by the Lake for their talent and inspiration. Our visiting work is gaining momentum post-Covid with a wonderful array of companies at both theatres throughout the year. While we are still to see the scale of shows that used to tour pre-Covid, confidence is definitely improving in the sector and we look forward to continuing our role as Liverpool’s only mid-scale touring venue.

Our commitment to Equity, Diversity and Inclusion continued, with our Diversity Action Group meeting regularly. The Group has now widened its focus to include accessibility. We played an integral role in developing the newly adopted Liverpool Arts & Culture Race Equality Manifesto which over 30 organisations have now signed up to. We also project-led Amal’s visit to Liverpool (Amal is a 3-metre-high puppet of a refugee girl), working with a number of Liverpool cultural organisations including the Tate, NML and SOLA. This, coupled with our co-production of The Beekeeper of Aleppo , provided an important focus on the plight of refugees in our city and country.

Finally, we send enormous thanks to ACE, LCC and all our donors for their ongoing support of our activities., particularly in these challenging times. We continue more than ever to be committed to the transformational impact of theatre on people in our region and the positive social change it can deliver.

Andrea Nixon Chair

Mark Da Vanzo Chief Executive

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OBJECTIVES AND ACTIVITIES

The Trustees present their annual report together with the audited financial statements for the year ended 31 March 2023.

The Liverpool and Merseyside Theatres Trust Limited (“the Company”, “the Charity”, “the Trust” or “LMTT”) was incorporated on 8 July 1999 and operates out of its principal offices at the Everyman Theatre, 5-11 Hope Street, Liverpool, L1 9BH. LMTT is a company incorporated in England and Wales. The Company (No.3802476) is limited by guarantee, governed by its Memorandum of Association dated 17 June 1999 (and as amended 22 September 2011, 10 November 2005, 23 February 2005) and is a registered charity (No.1081229).

The financial statements have been prepared in accordance with the accounting policies set out in notes 1 to the financial statements and comply with the Charity's Memorandum and Articles of Association, the Companies Act 2006 and "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)".

This report evidences how LMTT has delivered on its charitable purpose through its activities and the quality of its performance and as a result demonstrates the benefit to the public of the work undertaken by the Trust.

The objects of LMTT as identified in its Memorandum of Association are:

To advance, encourage, promote and improve the cultural and artistic education of the general public by producing quality theatrical productions and other arts.

There is also particular provision for educational, community and training programmes for the people of Merseyside and the nation at large, and to protect, develop and improve the Playhouse.

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PUBLIC BENEFIT

The Trustees confirm that they have complied with the duty in section 4 of the Charities Act 2006 to have due regard to the Charity Commission's general guidance on public benefit, "Charities and Public Benefit".

As described in the review of activities during the year, the Trust has provided public benefit in numerous areas by:

KEY ARTISTIC ACTIVITIES

A key strategic ambition for the year was to transition to a new artistic leadership model under Creative Director Suba Das. Suba took up post on 1 April 2022 and oversaw the full programme of artistic delivery including directing both Red Riding Hood and Top Girls during the year. Suba was supported in this work by the producing and production teams, who did a fantastic job in ensuring both theatres were back up to full speed after the period of Covid closures.

Our commitment to new work continued with five of the seven works produced on the main stage being new writing. We also strengthened our artistic partnerships with a number of organisations to deliver new work. This included 20 Stories High in supporting both TOUCH + ANTHOLOGY and LOOPS during the year. We also enabled Paperwork Theatre’s first mainstage show, Deep Blue , as well as celebrating the writing of Patrick Maguire, Homotopia Playwrighting Award Winner, with a production of A Billion Times I Love You at the Everyman.

While the touring theatre circuit has been slow to rebuild after Covid, we have been pleased to offer a diverse programme at the Playhouse. Highlights included Fantastically Great Women Who Changed the World, Funeral Flowers, The Meaning of Zong, Othello, The Importance of Being Earnest and Noughts and Crosses. We also received SIX the musical over the Christmas period which led to the most financially successful Christmas over the two theatres that the Trust has ever had.

Alongside the work on our stages, we continue to support creative talent through our Playhouse Studio and other performance spaces, a real highlight being DOGS , a new work from New Step Theatre (Joe Ward Munrow and Nathan Powell). Our work with young people and in our local communities continues and we were delighted to appoint Hayley Lindley-Thornhill as our new Head of Young People and Community to head up these areas.

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STRATEGIC REPORT

The description under the headings "Achievements and performance" and "Financial review" meet the company law requirements for the trustees to present a strategic report.

ACHIEVEMENTS AND PERFORMANCE

A full list of the work we produced, received and supported:

In-House Work

Corrina, Corrina

A co-production with Headlong

17 May to 4 June 2022, Everyman

Written by Chloë Moss

Directed by Holly Race Roughan

Cast included James Bradwell, David Crellin, Laura Elsworthy, Mike Noble, Angelo Paragoso, Martin Sarreal

★★★★★ "You won’t see a better piece of theatre" Liverpool Echo ★★★★ "Holly Race Roughan’s production has a balletic intensity” The Stage

Our Town Needs A Nandos

23 June to 2 July 2022, Everyman

Written by Samantha O’Rourke

Directed by Ameera Conrad

Cast included Nadia Anim, Chloe Hughes, Mali O’Donnell, Kalli Tant, Jada-Li Warrican

★★★★ "A funny, touching and riotous showcase of what it’s like to be a teenager" Liverpool Echo ★★★★ "Exciting emerging talent" The Stage

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One Man, Two Guvnors

A co-production with Bolton Octagon and Theatre By The Lake

29 June to 16 July 2022, Playhouse

Written by Richard Bean

Directed by Lotte Wakeham

Cast included Siobhan Athwal, Alexander Bean, Matthew Ganley, Laurie Jamieson, Polly Lister, Qasim Mahmood, Rodney Matthew, Javier Marzan, Jordan Pearson, Karl Seth, Lauren Sturgess

★★★★★ "An absolute riot" Arts City Liverpool

★★★★★ "Full-throated belly laughs from beginning to end" The Stage

A Billion Times I Love You

27 September to 8 October 2022, Everyman

Written by Patrick Maguire

Directed by Jessica Meade

Cast included Mary Higgins, Melissa Lowe

★★★★★ " This is certainly a story for everyone, but telling it from the perspective of these two women is of huge importance” Good News Liverpool

★★★ "Maguire’s writing has plenty of relatable moments and some great comic lines” The Stage

Red Riding Hood

25 November 2022 to 14 January 2023, Everyman

Written by Peter Rowe

Directed by Suba Das

Cast included Aminita Francis, Keaton Guimaraes-Tolley, Jennifer Hynes, Damien James, Rebecca Levy, Robert Penny, Adam Keast, Paislie Reid, Ben Welch

★★★★★ "Christmas in Liverpool just isn’t Christmas without the Rock ‘n’ Roll panto" The Guide ★★★★ "Joyfully communal, entirely daft fun” The Stage

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The Beekeeper of Aleppo

A co-production with Nottingham Playhouse and UK Productions Ltd

1 to 11 March 2022, Playhouse

Adapted for the stage by Nesrin Alrefaai and Matthew Spangler

From the acclaimed novel by Christy Lefteri

Cast included Alfred Clay, Lily Demir, Roxy Faridany, Daphne Kouma, Jospeh Long, Elham Mahyoub, Aram Mardourian, Nadia Williams, Fanos Xenofós

★★★★★ "A truly eye-opening must-see production" The Reviews Hub ★★★★ "Sparklingly assured" The Telegraph

Top Girls

3 to 25 March 2023, Everyman

Written by Caryl Churchill

Directed by Suba Das

Cast included Nadia Anim, Saffron Dey, Alicya Eyo, Sky Frances, Tal Gouveia, Alisa Joy, Lauren Lane, Natalie Thomas

★★★★ "delivered with top-notch timing from the nine strong ensemble cast" St Helen’s Star ★★★★ "Caryl Churchill’s feminist classic still packs a punch ” The Daily Telegraph

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Supported Work

Footsteps to Change: Abolition & Activism

12 to 14 May 2022

Walking Tour commissioned in support of The Meaning of Zong , visiting the Playhouse from Bristol Old Vic

Swing Sister Swing

By Natasha Brown

10 to 11 June 2022, Everyman

DOGS

Created by New Step Theatre

12 to 15 October 2022, Playhouse Studio

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Deep Blue

Created by Paperwork

20 to 22 October 2022, Everyman

TOUCHY + ANTHOLOGY

Created by 20 Stories High

3 to 4 November 2022, Everyman

Queercore Showcase: Try Something New

Collaboration with Homotopia

5 November 2022, Playhouse Studio

LOOPS

Created by 20 Stories High

February 2023, toured schools and community settings

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Visiting Work

Fantastically Great Women Who Changed the World Sheila's Island The Tiger Who Came to Tea Funeral Flowers John Shuttleworth is Back Lou Saunders: One Word: WOW Animal Farm Count Arthur Strong Craig Revel Horwood The Meaning of Zong The Rise and Fall of Little Voice As You Like It Zog and the Flying Doctors A Lovely Word Poetry Festival The Choir With No Name: The Big Gig Drunk Women Solving Crime Melanie C In Conversation Russell Brand: 33 Joanne Mc Nally: Prosecco Express The King of Reggae Kiri Pritchard McLean: Home Truths Jarvis Cocker: Good Pop, Bad Pop Othello The Importance of Being Earnest The Smartest Giant in Town An Audience with The Scaffold Brown Girls Do It Too David O'Doherty: whoa is me Flo & Joan: Sweet Release Mark Thomas: Black and White Les Dawson: Flying High Noughts and Crosses SIX The Musical

Guz Kahn Live Death Drop: Back in the Habit The Very Hungry Caterpillar Danny Beard LIVE Magical Bones: Soulful Magic The One Like Judi Love The Best Exotic Marigold Hotel

25 March to 3 April 2022 Playhouse 5 to 9 April 2022 Playhouse 12 to 16 April 2022 Playhouse 13 to 14 April 2022 Everyman 20 April 2022 Playhouse 23 April 2022 Playhouse 26 to 30 April 2022 Playhouse 4 May 2022 Playhouse 5 May 2022 Playhouse 10 to 14 May 2022 Playhouse 16 to 21 May 2022 Playhouse 24 to 28 May 2022 Playhouse 2 to 4 June 2022 Playhouse 5 to 9 July 2022 Everyman 9 September 2022 Everyman 10 September 2022 Everyman 14 September 2022 Everyman 6 to 7 October 2022 Playhouse 22 October 2022 Playhouse 16 September 2022 Playhouse 17 September 2022 Playhouse 30 September 2022 Playhouse 4 to 8 October 2022 Playhouse 11 to 15 October 2022 Playhouse 25 to 29 October 2022 Playhouse 29 October 2022 Everyman 4 November 2022 Playhouse 11 November 2022 Playhouse 12 November 2022 Playhouse 16 to 17 November 2022 Playhouse 18 to 19 November 2022 Playhouse 22 to 26 November 2022 Playhouse 6 December 2022 to 8 Playhouse January 2023 28 January 2023 Playhouse 7 to 11 February 2023 Playhouse 14 to 18 February 2023 Playhouse 23 February 2023 Playhouse 17 March 2023 Playhouse 18 March 2023 Playhouse 21 to 25 March 2023 Playhouse

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Young Everyman & Playhouse (YEP)

Save the Night devised by the YEP company

13 to 14 April 2022, Everyman

YEP Directors Festival 2022

4 to 14 July 2022, Everyman

YEP Graduate Projects

Silent Cicada 28 to 29 October 2022

Sorry You’re Not A Winner 11 to 12 November 2022

Service: That week with the Rats Screening 25 November 2022 Playhouse Studio

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Young Everyman Playhouse (YEP)

Our Young Everyman Playhouse (YEP) had another busy year with activity running across six strands: Acting, Directing, Marketing, Producing, Technical and Writing. A real feature of the year was the engagement of external creative practitioners to assist with the delivery of the YEP strands including:

YEP’s proud tradition of staging a large, devised show continued

with Save the Night – an offbeat cabaret celebration with moments of real poignancy, heart and political resonance. Our commitment to providing opportunities for YEP members to work on main stage shows also continued with Mel Ratcliffe being employed as second director on Our Town Needs a Nando’s , her first professional directing credit. Our Producers brought us FEMME , a studio project with a fresh take on some of classical literature's scorned heroines. Former YEP Technician Kieran Singh now leads our Base Techs alongside YEP Mentor Robert Awork, in supporting YEP activities throughout the year .

Over the summer period we led four weeks of Summer School which ran at capacity with four groups in total. This was followed by two 2nd year productions in the Playhouse Studio – Silent Cicada , written and directed by Lorna McCoid and Sorry, You’re not a Winner directed by Mel Ratcliffe.

Alongside the successful appointment of Hayley Lindley-Thornhill as our new Head of Young People and Community, we also have a newly appointed Young People & Community Producer, Helen Webster. Hayley had most recently worked in the community department at Storyhouse and Helen has worked for the theatres since 2013 in a variety of roles. With YEP in such demand, partly due to the fact that it is free to join, Hayley and Helen are taking time to consider how best to ensure YEP is reaching those young people with the greatest need. They are also ensuring that YEP is joined up with the other areas of the theatre and provides as many opportunities for young people as possible.

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Attendances

2022/23 saw attendances increase by 57% compared to 2021/22 with 112,043 seats sold compared to 71,343 in the previous year. This is however only 81% of pre pandemic sales for 2019/20. Despite some further cancelled shows and projects due to COVID, there was an increase in audience confidence with a 58% increase in bookers compared to 2021/22. This remains 8% lower than pre-pandemic levels and was driven by a very strong performing Christmas at the Playhouse which attracted a significant number of new ookers, and visitors from outside the Liverpool City Region. New bookers at the Playhouse were 38% and at the Everyman 35% of overall audiences, while bookers from outside Liverpool City Region were 24% at the Everyman and 35% at the Playhouse; higher than the 2021/22 figure of 28%.

Average ticket yield increased by 13% from £16.92 in 2021/22 to £19.19. We continued to offer discounted tickets to schools and education groups (6,707 tickets), with 1,161 tickets to Young Everyman Playhouse members, 1,232 tickets to community groups and 2,183 to support accessibility. Thanks to our partnership with Edge Hill University, we were once again able to share the Rock ‘n’ Roll panto Red Riding Hood digitally to patients, families and staff at Alder Hey Children’s Hospital.

We hosted regular free and paid events downstairs at the Everyman which included Drag Cabaret, A Lovely Word, DBY Murder Mysteries, Mellowtone music nights and Reel Tours Movie Quiz. We tested film screenings at the Playhouse, working with Reel Tours, showing Hocus Pocus and Encanto for families, and cult movies The Blues Brothers and John Carpenter’s The Fog .

Community

Under the oversight of our new Head of Young People and Community, we have been rethinking the way the Everyman and Playhouse works with its communities, seeking to build on our successful partnerships with established grassroots organisations. It was encouraging to see the return of some of our community audiences (i.e. those eligible to buy a community rate ticket) to productions post-Covid, with 698 tickets booked through our community links for the Rock ‘n’ Roll Panto Red Riding Hood .

Activities included:

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Our Commitment to Equity, Diversity & Inclusion

We strive to be an organisation that understands what it means to be a welcoming and safe space for all. We aim to reflect the diversity of our communities through the work on our stages, our workforce, those we partner with, our engagement activities and by ensuring our buildings are as accessible as they can be.

We have listened to our freelance community, practitioners and ex-staff members as they have generously shared their past experiences of working with us. Through these conversations we are aware that we hadn't done enough in the past and are committed to listening, learning and acting, both now and in the future. We currently have a particular focus on ethnic diversity, undertaking a series of positive actions to bring about the change we wish to see in our organisation, with the ultimate goal of engaging and reflecting our ethnically diverse communities, stories and artists.

We have acknowledged the impact of institutional racism in our sector and are working hard to ensure that we are an anti-racist organisation and that our initiatives do not perpetuate inequality.

Our established Diversity Action Group (DAG) made up of staff, board

members and paid external co-opted members to agree measurable targets in the short, medium and long-term and monitor our progress on the journey. We have adopted the Anti-Racism Touring Rider and implemented our own code of conduct and safes spaces charter. We have also signed up to the Liverpool Arts & Culture Race Equality Manifesto alongside 30 other cultural organisations.

We truly want everyone who comes through our doors to feel welcome and safe, regardless of their background or means. We are taking some immediate positive actions but are committed to profound ongoing change.

Our Commitment to the Environment

LMTT is committed to lessening its impact on the environment, as evidenced by its approach to building the new Everyman and subsequent initiatives since.

We are committed to minimising our negative impacts on the environment and reducing our carbon footprint in the following ways:

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FINANCIAL REVIEW

The financial results for the year are set out from page 27 onwards. Our financial result for the year, after depreciation, was a deficit of £685k (2022: £562k deficit). Our in-year depreciation costs were £676k (2022: £678k). The result for the year prior to the depreciation charge was a deficit of £9k (2022: £116k surplus). The total deficit for the year after depreciation of £685k comprised a deficit on restricted funds of £623k and a deficit on unrestricted funds of £62k. The unrestricted funds deficit is made up of a surplus on operating funds of £15k after budgeted expenditure of £77k from designated funds. Prior to the depreciation charge, the deficit for the year of £9k comprised a surplus on restricted funds of £31k and a deficit on unrestricted funds of £40k.

This closing position and fund balance itemised below is key to underpinning our financial resilience as we face continuing box office uncertainty and the rising costs of living.

Reserves policy

The Trustees maintain reserves in order to ensure the Trust can plan effectively, ensure the sustainability of the organisation and offset the impact of any unforeseen events which may have a detrimental effect on operating cash flows. The Trustees have considered it desirable to maintain unrestricted operating funds above £500k (2023: £612k 2022: £604k, 2021: £570k) and free reserves above £250k, and also hold designated funds for:

The value of designated funds at 31 March 2023 was £987k (2022: £1,064k) made up of:

In the current economic climate, the Trustees recognise that should the need arise, the £650k designated risk fund may be used to offset future short-term operating deficits.

The value of free reserves on the 31[st ] March 2023 was £303k (2022: £317k). Free reserves are unrestricted operating funds that have not been used to purchase fixed assets, don’t include designated funds and are available for use by the Trust to fund activity:

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Unrestricted funds: Operating
Unrestricted Fixed Assets
Free Reserves		 2023
£'000
619
(316)
303		 2022
£'000
604
(287)
317

The Charity does not budget on the basis of achieving a large surplus year on year, it does ensure that adequate uncommitted contingency is built into plans. The board will take a view annually on how it commits any unused contingency for future periods

Investment policy

The Charity takes a low-risk approach to investments, with cash required for working capital held in bank current accounts. Surplus cash can be placed on short-term deposit (no more than three months’ fixed-term). Such arrangements have a high level of asset security and liquidity is planned for in advance.

Principal risks and uncertainties

The Trustees examine major strategic, business and operational risks which the Charity faces on an ongoing basis, confirming that systems have been established to mitigate and lessen these risks. A risk register is closely monitored and formally reviewed by Trustees annually. Over the past year, identified risks have been allocated to the appropriate governance structure for monitoring. Operational risks are addressed through line management and budget control systems, with comprehensive and regularly reviewed policies in relation to key issues such as safeguarding and health and safety.

A report from the Health and Safety Committee is considered by the Trustees at each of their meetings. Financial risks are addressed through regular monitoring by the Finance and Audit Committee and full Board, with the overall budget receiving a full reappraisal on at least a quarterly basis. Where appropriate, insurance cover complements and supports other risk reduction mechanisms. External risks and questions of compliance are addressed by maintaining a strong relationship with key funders and regular contact with support and regulation agencies, and by promoting positive PR about the Trust and its programme.

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The principal risks and uncertainties faced by LMTT (as identified in the current risk register) are:

Risk Category Risk
External factors adversely impact organisation's ability to operate (e.g. pace of post-
External COVID economic recovery, Ukraine invasion, audience confidence, cost of living and
energy increases)
Operational Retention/recruitment of key staff, inability to recruit core capabilities following staff
departures or long-term sick leave. Loss of institutional knowledge, low staff morale.
Financial Insufficient reserves to ensure long-term future viability of the organisation and
its Going Concern status
Financial Retain LCC level of funding; fulfil the terms required by ACE and LCC funding
agreements; or meet fundraising budgetary targets
Operational A critical part of the Playhouse or Everyman building infrastructure, or piece of
equipment, fails which needs urgent and costly repair/replacement

Arts Council England (ACE) are currently providing funding as a member of their NPO portfolio for 2023-26. We have secured Liverpool City Council (LCC) funding through the Culture and Arts Investment Programme through to 2026, which is confirmed by the LCC Cabinet on an annual basis. We continue to manage funding risk by maintaining a positive relationship with both funders and by making a visible contribution to the City's profile and its social and economic wellbeing.

The economic climate poses a continued threat and it is hard to predict how long it will take consumer confidence to return. Pressures on public funders, especially local authorities, remains a constant concern. All opportunities are taken to maximise and diversify income; to secure income for the medium as well as shortterm, and to retain a degree of flexibility in order to revise plans in response to any financial shocks.

Our business plan to March 2024 aims to carefully balance the risks we have identified and build back audience confidence in returning to our theatres.

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The Future

Our application to re-join Arts Council England’s National Portfolio of arts organisations was successful, providing certainty of funding through to 2026. Our business plan now fully incorporates ACE’s Investment Principles and sets out how we will continue to fulfil our charitable objectives and deliver to the outcomes of ACE’s Let’s Create and the Liverpool City Council’s Cultural Strategy. Through the active management of costs and planned application of funds, our future planning is underpinned by a financial strategy that recognises the rising costs of inflation and risk still inherent in the current operating climate.

Suba Das stepped down from his position as Creative Director in August 2023 and the Board are working with ACE and LCC to assess our artistic leadership model going forwards whilst we work with a number of artistic advisors and associate companies. Any future model will continue to grow our partnerships with other creative organisations, who align with our values, to work together in delivering to the communities we serve and achieving the aims of our Business Plan and the outcomes of our charitable objectives and those of our funders.

We will continue to develop our Diversity Action Group, with its widened remit to focus on other areas of inclusion, informed by the protected characteristics defined in the Equalities Act 2010. We will also continue to support a Youth Advisory Group to inform our practice and initiatives with Young People.

While it is still very hard to predict audience patterns following Covid, which in turn make it difficult to programme and budget with certainty, we will continue being a creative beacon for our city, region and country. We thank ACE and LCC for their ongoing support.

Related parties and co-operation with other organisations

On 1 April 2020, our Chief Executive was appointed to the board in accordance with the revised Memorandum and Articles of the Charity. During his appointment, he will continue to receive his usual salary payments and to reclaim approved expenses incurred wholly in his roles as an employee. This is disclosed in Note 23.

No other Trustees received remuneration from their work with the Charity.

LMTT is the sole shareholder of two subsidiary companies as follows:

The Trust decided to wind down LEPP Production company and TTR claims will be made in future through the parent Charity’s accounts. LEPP was dormant in the period.

Key management personnel pay policy

The remuneration of key management personnel is determined by the Trustees of the Charity. The Trustees consider the seniority of the post, the expertise and experience of the post holder, the local market conditions and sector market conditions for remuneration, and benchmarking information from similar organisations in determining the remuneration of key management personnel.

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Fundraising Standards

The Charity contracts fundraising professionals to manage the relationships with education partners, corporate sponsors and individual givers and donors. They also develop and submit funding applications to Trust and Foundations in line with our Ethical Fundraising Policy. We are registered with the Fundraising Regulator and follow its code of practice.

Organisation

The Board is ultimately accountable for ensuring the financial probity and strategic direction of the Charity. It is the responsibility of the Trustees, in consultation with the Executive, to determine policy, to set strategic policy targets, to implement monitoring and reporting procedures that will ensure their fulfilment, and to approve and monitor annual budgets and business plans.

The Board normally meets six times a year to set and review strategic policy and monitor the financial health of the organisation. The scrutiny of detail is undertaken by suitably skilled subsidiary companies (LEPT and LEPP) or sub-committees of the board, each of which report to the main board.

STRUCTURE, GOVERNANCE AND MANAGEMENT

The Governance Code

The LMTT board believes that good governance in charities is fundamental to their success. The Charity Governance Code is a practical tool to help charities and their Trustees develop high standards of governance as it enables and supports a charity’s compliance with the law and relevant regulations. It also promotes a culture where everything works towards fulfilling the Charity’s vision. Through ensuring each element of the Code is met, Trustees hope to both improve the transparency and breadth of reporting and demonstrate exemplary leadership and governance on behalf of staff, stakeholders and supporters.

Directors

The Directors of the Charity are its Trustees for the purposes of charity law and throughout this report are collectively referred to as the Trustees. Except as noted below, the Trustees of the Charity who served during the year and up to the date of this report are listed below:

Current Directors/Trustees

A Nixon (Chair) P Evans P Bibby (Vice Chair) P Fahey (appointed 17 May 2023) J Bierman (appointed 22 November 2022) J Jones H Blakeman C Mankabady A Causley N M Russell M Clarke C Sanger-Davies M Da Vanzo A Smith

Former Directors/Trustees

B Hutchinson (retired 22 November 2022) C Roberts-Cherry (resigned 29 March 2022)

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Board Composition

Trustees' service is for up to two consecutive terms of three years. A board evaluation and skills audit is delivered annually. This is a method of assessing the organisation's changing needs and reviewing the need for additional skills and expertise on the board. All appointments are publicly advertised and proposed board members are considered for their suitability before being interviewed and a proposal being put to the full board for decision.

Note 23 Related Party Disclosures, details any Trustee interest in the Charity or any of its group companies (together “the Group”), including the Chief Executive who was appointed to the board in accordance with the revised Memorandum and Articles of the Charity.

The board may make new appointments within the above parameters at any time, with any such appointees being re-elected at the next Annual General Meeting. Induction of new Trustees includes the issuing of current financial statements and projections, forthcoming artistic programme details, and guidelines for good practice (such as those published by the Charities Commission), in the context of an explanatory meeting with the Company Secretary. All Trustees undertake a programme of induction upon commencement and Trustee training is provided on relevant topics at various times in the year. All Trustees are covered by the Charity’s directors and officers insurance.

Company Secretary

M Da Vanzo

Reference and Administrative Details

Registered office Bankers Auditor Everyman Theatre Lloyds Bank DSG 5-11 Hope Street Merchant's Court, Castle Chambers Liverpool 2 - 11 Lord Street 43 Castle Street Merseyside Liverpool Liverpool L1 9BH L2 1TS L2 9TL

22

THE LIVERPOOL AND MERSEYSIDE THEATRES TRUST LIMITED

REVIEW OF ACTIVITIES

STATEMENT OF TRUSTEES’ RESPONSIBILITIES

The Trustees who are also directors of The Liverpool and Merseyside Theatres Trust Limited for the purposes of company law are responsible for preparing the Strategic report, the report of the Trustees and the financial statements in accordance with applicable law and regulations.

Company law requires the Trustees to prepare financial statements for each financial year. Under that law the trustees must prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable Company and the Group and of the incoming resources and application of resources, including the income and expenditure, of the charitable Group for that period.

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

The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charitable company’s transactions and disclose with reasonable accuracy at any time the financial position of the charitable Company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable Company and the 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 the corporate and financial information included on the charitable Company's website.

Auditor

In accordance with the company's articles, a resolution proposing that DSG be reappointed as auditor of the company will be put at a General Meeting.

Statement of Disclosure to Auditors

So far as the Directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the Company's Auditors are unaware, and each director has taken all the steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the Company's Auditors are aware of that information.

The trustees' report, including the strategic report, was approved by the Board of Trustees on 23 November 2023.

Andrea Nixon

Chair

23

THE LIVERPOOL AND MERSEYSIDE THEATRES TRUST LIMITED

REVIEW OF ACTIVITIES

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF THE LIVERPOOL AND MERSEYSIDE THEATRES TRUST LIMITED

Opinion

We have audited the financial statements of The Liverpool and Merseyside Theatres Trust Limited (the ‘parent charitable company’) for the year ended 31st March 2023 which comprise the Consolidated Statement of Financial Activities (including Consolidated Income and Expenditure Account), the Group and Company Balance Sheet, the Consolidated Statement of Cash Flows and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

Basis for opinion

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

Conclusions relating to going concern

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

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

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

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the

24

THE LIVERPOOL AND MERSEYSIDE THEATRES TRUST LIMITED

REVIEW OF ACTIVITIES

other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

Matters on which we are required to report by exception

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

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

Responsibilities of trustees

As explained more fully in the trustees’ responsibilities statement the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

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

Auditor’s responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise

25

THE LIVERPOOL AND MERSEYSIDE THEATRES TRUST LIMITED

REVIEW OF ACTIVITIES

from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

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

Capability of the audit in detecting irregularities, including fraud

Based on our discussions with the Group and parent charitable company’s management and the Trustees, we identified that the following laws and regulations are significant to the Group and parent charitable company:

These matters were discussed amongst the engagement team at the planning stage and the team remained alert to non-compliance throughout the audit.

Audit procedures undertaken in response to the potential risks relating to irregularities (which include fraud and non-compliance with laws and regulations) comprised of: inquiries of management and the Trustees as to whether the entity complies with such laws and regulations; enquiries with the same concerning any actual or potential litigation or claims; inspection of relevant legal correspondence; review of Trustee

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

Use of our report

This report is made solely to the charitable company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Andrew Moss BA FCA (Senior Statutory Auditor)

For and on behalf of DSG Chartered Accountants, Statutory Auditor

Castle Chambers

43 Castle Street

Liverpool L2 9TL

23 November 2023

26

THE LIVERPOOL AND MERSEYSIDE THEATRES TRUST LIMITED

REVIEW OF ACTIVITIES

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES

(INCLUDING CONSOLIDATED INCOME AND EXPENDITURE ACCOUNT)

For the year ended 31[st] March 2023

Note
INCOME
Donations and Legacies
Charitable Activities
2,4
Other Trading Activities
2,6
Investments
TOTAL INCOME
EXPENDITURE
Raising Funds
7
Charitable Activities
8
TOTAL EXPENDITURE
NET INCOME / (EXPENDITURE)
RECONCILIATION OF FUNDS
Total funds brought forward
18
Net Income / (Expenditure)
Transfer Between Funds
TOTAL FUNDS CARRIED FORWARD		 Unrestricted
funds
£'000
125
4,995
541
-
5,661
(437)
(5,286)
(5,723)
(62)
1,668
(62)
-
1,606		 Restricted
funds
£'000
-
137
-
-
137
-
(760)
(760)
(623)
19,130
(623)
-
18,507		 Total funds
2023
£'000
125
5,132
541
-
5,798
(437)
(6,046)
(6,483)
(685)
20,798
(685)
-
20,113		 Total funds
2022
£'000
126
4,495
290
-
4,911
(203)
(5,270)
(5,473)
(562)
21,360
(562)
-
20,798

The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.

The notes on pages 30 to 50 form part of these financial statements.

27

THE LIVERPOOL AND MERSEYSIDE THEATRES TRUST LIMITED

Company Registration Number: 03802476

GROUP AND COMPANY BALANCE SHEET

AS AT 31[ST] MARCH 2023

Note
FIXED ASSETS
Tangible assets
12
Investments
13, 26
CURRENT ASSETS
Stocks
14
Debtors- due in less than one year
15
Cash in bank and in hand
CURRENT LIABILITIES
Creditors: falling due within one year
16
NET CURRENT ASSETS
NET ASSETS
FINANCED BY:
Unrestricted funds: Operating
18
Unrestricted funds: Designated
18
TOTAL UNRESTRICTED FUNDS
18
Restricted funds
18
TOTAL FUNDS		 Group
2023
£'000
18,686
-
18,686
19
1,086
1,541
2,646
(1,219)
(1,219)
1,427
20,113
619
987
1,606
18,507
20,113		 2022
£'000
19,314
-
19,314
19
704
2,018
2,741
(1,257)
(1,257)
1,484
20,798
604
1,064
1,668
19,130
20,798		 Company
2023
£'000
18,686
-
18,686
-
1,012
1,543
2,555
(1,219)
(1,219)
1,336
20,022
528
987
1,515
18,507
20,022		 2022
£'000
19,314
-
19,314
-
703
1,963
2,666
(1,250)
(1,250)
1,416
20,730
536
1,064
1,600
19,130
20,730

As permitted by Section 408 of the Companies Act 2006, a separate statement of financial activities for The Liverpool and Merseyside Theatres Trust Limited is not presented. The unrestricted fund loss for the financial period of the Company was £85k. The restricted fund loss for the period (including depreciation) was £623k. Therefore, the combined loss for the financial period of the Company was £708k (31 March 2022: £614k loss).

The notes on pages 30 to 50 form part of these financial statements.

These financial statements were approved and authorised for issue by the board of Directors on 23 November 2023. Signed on behalf of the Trustees

P Bibby Director

A Nixon Chair

28

THE LIVERPOOL AND MERSEYSIDE THEATRES TRUST LIMITED

CONSOLIDATED STATEMENT OF CASHFLOWS

For the year ended 31[st] March 2023

Note
NET CASH FROM OPERATING ACTIVITIES
24
INVESTING ACTIVITIES
Purchase of tangible fixed assets
NET CASH USED IN INVESTING ACTIVITIES
NET CHANGE IN CASH AND CASH EQUIVALENTS
Cash and cash equivalents at beginning of year
CASH AND CASH EQUIVALENTS AT END OF YEAR
Cash and cash equivalents consist of:
Cash at bank and in hand
CASH AND CASH EQUIVALENTS AT END OF THE YEAR		 2023
£'000
(429)
(48)
(48)
(477)
2,018
1,541
1,541
1,541		 2022
£'000
352
(7)
-
(7)
345
1,673
2,018
2,018
2,018

29

THE LIVERPOOL AND MERSEYSIDE THEATRES TRUST LIMITED

1. ACCOUNTING POLICIES

General information

The Liverpool and Merseyside Theatres Trust Limited (“the Company”, “the Charity” or “LMTT”) was incorporated on 8th July 1999 (Company Registration No. 03802476). It is a private company limited by guarantee and it is governed by its Memorandum of Association dated 17th June 1999 (and as amended 22nd September 2011, 10th November 2005, 23rd February 2005). LMTT is a registered charity (No.1081229) and is domiciled and incorporated in England and Wales.

The address of the Company’s registered office is included on page 22 and its principal place of business is at this address with a secondary place of business at the Playhouse Theatre, Williamson Square, Liverpool, L1 1EL.

The Group consists of Liverpool and Merseyside Theatres Trust Limited, Liverpool Everyman and Playhouse Productions Limited and Liverpool Everyman and Playhouse Trading Limited.

Basis of accounting

The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standards applicable in the UK and Republic of Ireland (FRS 102) (effective 1st January 2015) – (Charities SORP) (FRS 102), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

The Company meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy note(s).

Monetary amounts in these financial statements are rounded to the nearest whole £1,000, except where otherwise indicated.

A summary of the more important Group accounting policies, which have been applied consistently throughout the current and prior financial periods, is set out below.

Going Concern

We concluded 2022/23 in a reasonably strong position, including a favourable post year-end adjustment of £56k relating to our TTR claim. During the 2023/24 year, we have been able to programme a full season of work at both houses. Despite experiencing a difficult start to 2023/24 with two shows underperforming at Box Office and the departure of our Creative Director and associated unbudgeted costs, we are confident that through a continued focus on cost control and prudent use of designated reserves, we will be able to effectively mitigate the position and still deliver a small surplus.

Looking forward to the 2024/25 financial year, we are reassured by our recurrent funding as a National Portfolio Organisation (NPO) of Arts Council England (ACE) alongside ongoing revenue funding from the Liverpool City Council (LCC) through their Cultural Arts Investment Programme (CAIP).

Current Situation ACE

In November 2022, Arts Council England (ACE), confirmed a three-year grant of £5.4m in support of the LMTT’s activities for the period 1 April 2023 to 31 March 2026.

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THE LIVERPOOL AND MERSEYSIDE THEATRES TRUST LIMITED

Current Situation LCC

In February 2023, LCC notified us that our application for CAIP funding for the period 2023-26 had been successful and confirmed £500k of funding for 2023/24. While the grant has been awarded on a recurring basis, LCC Cabinet still confirms grant funding annually in March of each year.

In light of the uncertainty presented by the current economic climate, the Trustees have carefully considered the financial projection and reserves position to satisfy themselves of the financial resilience of the organisation, with no material uncertainty existing over that period. The Trustees have considered ongoing support from Arts Council England (ACE) and Liverpool City Council (LCC), together with cash reserves and level funds held, the expected level of income, expenditure, and projected cash flows over this period. ACE and LCC have confirmed that a continued funding commitment is likely into the next financial year. The trustees have considered these matters and have concluded that the level of reserves and liquidity for the Group and Charity are sufficient to enable the organisation to continue trading for a period of at least 12 months from the date of approving the financial statements, and the Trustees do not believe there is a material uncertainty in regards of going concern. Therefore, the financial statements have been prepared on a going concern basis.

Reduced disclosures

In accordance with FRS 102, the Company has taken advantage of the exemptions from the following disclosure requirements;

Basis of consolidation

The consolidated financial statements incorporate those of The Liverpool and Merseyside Theatres Trust Limited and all of its subsidiaries (i.e. entities that the Group controls through its power to govern the financial and operating policies so as to obtain economic benefits). All financial statements are made up to 31st March 2022.

All intra-group transactions, balances and unrealised gains on transactions between Group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the Group.

Functional and presentational currencies

The consolidated financial statements are presented in sterling which is also the functional currency of the Company and the Group

31

THE LIVERPOOL AND MERSEYSIDE THEATRES TRUST LIMITED

Income

Income is recognised when the Charity has entitlement to the funds, any performance conditions attached to the item(s) of income have been met, it is probable that the income will be received and the amount can be measured reliably. Ticket income relating to shows is recognised in the financial period the show closes, and is held within advanced sales until that time.

Income is measured at the fair value of consideration receivable, less any discounts and VAT deductions.

Donations and legacies

Donations and legacies are recognised as income when the Charity is entitled to the income, the receipt of economic benefit from the use by the Charity of the item is probable and that economic benefit can be measured reliably.

Grants received

Income from government and other grants, whether ‘capital’ or ‘revenue’ grants, is recognised when the Charity has entitlement to the funds and has met any performance conditions attached to the grant. And where it is probable that the income will be received and the amount can be measured reliably.

In some instances, multi-year funding agreements which result in funds being paid over two years or longer are procured. Provided no conditions attach to the receipt of contributions scheduled to be received in future years, the charity SORP requires the Charity to recognise income from restricted grants in the period in which they are secured rather than the period they are received. If conditions do attach, the charity recognises the income in the year it is received. Grants held within restricted revenue funds are released against expenditure in the period or periods that grant restrictions are met, including requirements for defrayment.

Investment income

Investment income comprises bank interest. Interest income is accrued on a time apportioned basis by reference to the principal invested at the effective interest rate.

Expenditure

Expenditure net of associated theatre tax credits is charged on an accruals basis and is allocated between:

Expenditure net of associated theatre tax credits in respect of productions is held within debtors and is released to the income and expenditure account in the year in which the performances closes.

Support costs

Support costs are those functions that assist the work of the Charity but do not directly undertake charitable activities, and include building running costs, fundraising and administration costs.

Governance costs include expenditure on administration of the Charity and its subsidiaries and compliance with constitutional and statutory requirements.

Co-production income and costs

For productions which are undertaken as co-productions with other theatre companies, where set-up costs are shared, production costs which are wholly incurred by the Charity may be recharged to the co-producing company depending on the nature of the specific agreement. Any recharged costs are recognised as income related to the production.

32

THE LIVERPOOL AND MERSEYSIDE THEATRES TRUST LIMITED

Operating leases

Rentals paid under operating leases are charged to the statement of financial activities on a straight-line basis over the period of the lease.

Pension costs

The pension costs charged to the Statement of Financial Activities represent the amount of the contributions payable to defined contribution schemes in respect of the accounting period.

Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of a production where the final performances falls in the following financial year or are capitalised as a tangible fixed asset.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received. Termination benefits are recognised immediately as an expense when the Group is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Tangible fixed assets

Tangible fixed assets are stated at cost, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, excluding freehold and long leasehold land, at rates calculated to write off the cost, less estimated residual value, of each asset on a straight-line basis over its expected useful life as follows:

Residual value is calculated using prices prevailing at the reporting date, after estimated cost of disposal, for the asset as if it were at the age and in the condition expected at the end of its useful life.

Impairments of fixed assets

An assessment is made at each reporting date of whether there are indications that a fixed asset may be impaired or that an impairment loss previously recognised has fully or partially reversed. If such indications exist, the Group estimates the recoverable amount of the asset.

Shortfalls between the carrying value of fixed assets and their recoverable amounts, being the higher of fair value less costs to sell and value-in-use, are recognised as impairment losses. All other impairment losses are recognised in the statement of financial activities.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Reversals of impairment losses are recognised in the statement of financial activities. On reversal of an impairment loss, the depreciation or amortisation is adjusted to allocate the asset’s revised carrying amount (less any residual value) over its remaining useful life.

33

THE LIVERPOOL AND MERSEYSIDE THEATRES TRUST LIMITED

Fixed asset investments

In the separate accounts of the Company, interests in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

Interests in subsidiaries are assessed for impairment at each reporting date. Any impairments losses or reversals of impairment losses are recognised immediately in the statement of financial activities.

Stock

Stock is included at the lower of cost or selling price less costs to complete and sell. Net realisable value is based upon estimated selling price less further costs expected to be incurred to completion and disposal. Provision is made for obsolete and slow-moving items.

At each reporting date, the Group assesses whether stocks are impaired or if an impairment loss recognised in prior periods has reversed. Any excess of the carrying amount of stock over its estimated selling price less costs to complete and sell is recognised as an impairment loss in the statement of financial activities.

Reversals of impairment losses are also recognised in the statement of financial activities.

Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments that are immediately accessible, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

Financial instruments

The charity only has financial assets and liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

Restricted Funds

Restricted funds relate to grants and other incoming resources which must be expended on specific activities of the Charity, including the acquisition of tangible fixed assets, as laid down by the donors of the funds.

Unrestricted Funds

The unrestricted fund represents the funds to provide, at the discretion of the Trustees, for the working capital of the Charity and for the purchase of tangible fixed assets which are not funded by restricted funds.

Designated Funds

Designated Funds are unrestricted funds that have been set aside by the Trustees for specific purposes. More details are found in note 18 to the financial statements.

Judgments and key sources of estimation uncertainty

In the application of the Group’s accounting policies, the Trustees are required to make judgments, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised, if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods

34

THE LIVERPOOL AND MERSEYSIDE THEATRES TRUST LIMITED

2. INCOME

Donations and Legacies
Charitable Activities
Other Trading Activities		 Unrestricted
funds
£'000
125
4,995
541
5,661		 Restricted
funds
£'000
-
137
-
137		 2023
£'000
125
5,132
541
5,798		 Unrestricted
funds
£'000
126
3,727
290
4,143		 Restricted
funds
£'000
-
768
-
768		 2022
£'000
126
4,495
290
4,911

3. EXPENDITURE ON ACTIVITIES

Raising Funds
Charitable Activities		 Unrestricted
funds
£'000
(437)
(5,338)
(5,775)		 Restricted
funds
£'000
-
(708)
(708)		 2023
£'000
(437)
(6,046)
(6,483)		 Unrestricted
funds
£'000
(203)
(3,495)
(3,698)		 Restricted
funds
£'000
-
(1,775)
(1,775)		 2022
£'000
(203)
(5,270)
(5,473)

4. INCOME FROM CHARITABLE ACTIVITIES

Unrestricted
Box office income
Income from co-productions
Education and literary income
Membership
Restricted and Unrestricted
Grant income (note 5)		 2023
£'000
735
1,947
30
5
2,717
2,415
5,132		 2022
£'000
1,269
45
12
5
1,331
3,164
4,495

35

THE LIVERPOOL AND MERSEYSIDE THEATRES TRUST LIMITED

5. GRANTS RECEIVABLE

Unrestricted
Arts Council England
Liverpool City Council
Other
Restricted
Capital
Revenue
Total grants receivable		 2023
£'000
1,680
589
9
2,278
-
137
137
2,415		 2022
£'000
1,680
589
127
2,396
-
768
768
3,164

In 2022 Other unrestricted grants include £78k of support received through the Coronavirus Job Retention Scheme, with the corresponding expenditure in unrestricted expenditure on charitable activities.

6. OTHER TRADING ACTIVITIES

Unrestricted
Catering, events and bars
LMTT Retail
Total trading activities income		 2023
£'000
541
-
541		 2022
£'000
280
10
290

7. RAISING FUNDS

Unrestricted
Catering, events and bars
LMTT Retail		 2023
£'000
(437)
-
(437)		 2022
£'000
(202)
(1)
(203)

36

THE LIVERPOOL AND MERSEYSIDE THEATRES TRUST LIMITED

8. COSTS OF CHARITABLE ACTIVITIES

Activities undertaken directly
Artistic
Technical
Theatre Tax Credits
Support costs
Operations & commercial
Administrative & building
expenses
Marketing & sales
Depreciation & Impairment
Governance Costs
Audit fees
Other fees to auditors		 Unrestricted
£'000
2,404
924
(434)
2,894
1,169
576
600
22
2,367
22
3
25
5,286		 Restricted
£'000
106
-
-
106
-
-
-
654
654
-
-
-
760		 2023
£'000
2,510
924
(434)
3,000
1,169
576
600
676
3,021
22
3
25
6,046		 Unrestricted
£'000
1,129
892
(278)
1,743
1,156
25
527
21
1,729
20
3
23
3,495		 Restricted
£'000
1,118
-
-
1,118
-
-
-
657
657
-
-
-
1,775		 2022
£'000
2,247
892
(278)
2,861
1,156
25
527
678
2,386
20
3
23
5,270

37

THE LIVERPOOL AND MERSEYSIDE THEATRES TRUST LIMITED

9. EMPLOYEE INFORMATION

Wages and salaries
Social security costs
Other pension costs		 2023
£'000
2,422
200
45
2,667		 2022
£'000
2,127
172
42
2,341

The average number of employees during the period was as follows:

Theatre activities
Engagement, Training & Artistic Development
Catering		 2023
229
8
14
251		 2022
210
8
27
245

The average number of full-time equivalent employees during the period was as follows:

Theatre activities
Engagement, Training & Artistic Development
Catering		 2023
76
5
6
87		 2022
70
5
6
81

The following table shows remuneration bands of senior employees:

£60k - £70k
£70k - £80k
£80k - £90k
£90k - £100k		 2023
1
2
-
-
3		 2022
1
1
-
-
2

Pension contributions totalling £4,611 were paid in respect to these staff into a defined contribution scheme (2022: £3,799).

One employee was a Trustee during the current year and continued to receive their usual salary payments. See note 23 for further information.

The key management personnel of the parent Charity and of the Group is defined as the Trustees together with a Management Group, led by the Executive. The total employee benefits of the key management personnel of the trust were £540k (2022: £447k). Other than the Chief Executive as explained in note 23, no other Trustee received any remuneration or expenses.

38

THE LIVERPOOL AND MERSEYSIDE THEATRES TRUST LIMITED

10. ANALYSIS OF EXPENDITURE

10.
ANALYSIS OF EXPENDITURE
2023
£'000
Depreciation - owned assets
676
Fixed asset Impairment
Hire of plant and machinery under operating leases
Hire of other assets under operating leases
2
Fees payable to the Company’s auditor for
the audit of the Company’s annual
financial statements
22
Fees payable to the Group’s auditor for the
audit of the Subsidiaries annual financial
statements
-
Fees payable to the Group’s auditors for non-audit services:
- taxation services
3
Total non-audit fees
3		 2022
£'000
678
8
20
-
3
3

Fees payable to the company’s auditor for the audit of the company’s financial statements include an amount that covers the subsidiaries, thus the subsidiaries audit fees are paid for by the parent.

11. TAX ON PROFIT ON ORDINARY ACTIVITIES

No provision is made for taxation as the Charity is entitled to the various exemptions afforded by the Corporation Tax Act 2010.

39

THE LIVERPOOL AND MERSEYSIDE THEATRES TRUST LIMITED

12. TANGIBLE FIXED ASSETS

Group and Company
Cost
At 1 April 2022
Additions
At 31 March 2023
Depreciation
At 1 April 2022
Charge for the period
At 31 March 2023
Net book value
At 31 March 2023
At 31 March 2022		 Freehold
land and
buildings
£'000
20,769
20,769
3,753
415
4,168
16,601
17,016		 Long-
leasehold
land and
buildings &
buildings
Improvem'ts
£'000
3,500
3,500
1,567
87
1,654
1,846
1,933		 Fixtures
and
fittings
£'000
840
16
856
729
53
782
74
111		 Vehicles and
production
office and
computer
equipment
£'000
2,064
32
2,096
1,810
121
1,931
165
254		 Total
£'000
27,173
48
27,221
7,859
676
8,535
18,686
19,314

Freehold land and buildings consist of the land and building at the Everyman Theatre, 5-11 Hope Street, Liverpool. Leasehold buildings is in respect of the Playhouse Theatre, Williamson Square, Liverpool.

13. FIXED ASSET INVESTMENTS

Cost and net book amount:
Subsidiary undertakings		 2023
£
2		 2022
£
2

Details of investments of the Company in its principal subsidiary undertakings at 31 March 2023 are given in note 26.

40

THE LIVERPOOL AND MERSEYSIDE THEATRES TRUST LIMITED

14. STOCKS

14.
STOCKS
Consumables 2023
2022
£'000
£'000
19
19
Group		 2023
2022
£'000
£'000
-
-
Company
-

15. DEBTORS

Amounts falling due within one year:
Trade debtors
Other debtors
Amounts owed by Group undertakings
Prepayments
Social Security and Other Taxes		 2023
£'000
26
261
-
226
573
1,086		 2022
£'000
31
224
-
74
375
704		 2023
£'000
26
261
(74)
226
573
1,012		 2022
£'000
31
224
345
74
29
703

16. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Trade creditors
Taxation and social security
Accruals
Deferred income		 2023
2022
£'000
£'000
155
292
48
47
744
443
272
475
1,219
1,257
Group		 2023
2022
£'000
£'000
155
292
48
47
744
440
272
471
1,219
1,250
Company		 2023
2022
£'000
£'000
155
292
48
47
744
440
272
471
1,219
1,250
Company
1,250

41

THE LIVERPOOL AND MERSEYSIDE THEATRES TRUST LIMITED

Deferred income relates to advanced ticket sales income received in one year which relates to performances that will take place in the following year.

Group Group Company Company
2023 2022 2023 2022
£'000 £'000 £'000 £'000
Deferred production income brought forward 475 285 471
(19)
(180)		 277
Amounts deferred in year
Amounts released from previous years		 (23)
(180)		 331
(141)		 331
(137)
Deferred production income carried forward 272 475 272 471

17. FINANCIAL INSTRUMENTS

The carrying amounts of financial instruments as at 31 March 2023 were:

The carrying amounts of financial instruments
at 31 March were:
Financial assets:
Debt instruments measured at amortised cost
Financial liabilities:
Measured at amortised cost		 2023
2022
£'000
£'000
287
255
899
735
Group		 2023
2022
£'000
£'000
213
600
899
732
Company		 2023
2022
£'000
£'000
213
600
899
732
Company
732

Financial assets consist of trade and other debtors. Financial liabilities consist of trade creditors and accruals.

42

THE LIVERPOOL AND MERSEYSIDE THEATRES TRUST LIMITED

18. MOVEMENT IN FUNDS

Group
Unrestricted funds: Operating
Unrestricted funds: Designated
Total unrestricted funds
Capital grants
Playhouse refurbishment (LCC/ERDF)
Playhouse refurb (English Partnership)
Playhouse Acquisition (LCC)
Everyman Redevelopment
11 Hope street (Art council)
5-9 Hope Street (ACE/NWDA)
Playhouse refurbishment (LCC)
Production Equipment (CRF)
Revenue grants
Total restricted funds
Total funds
Comprising:
LMTT
LEPP (see note 26)
LEPT (see note 26)
Elimination of consolidation entries		 As at 1
April 2022
£'000
604
1,064
1,668
810
212
255
14,708
890
1,645
452
55
19,027
103
19,130
20,798
20,730
-
68
-
20,798		 Income
£'000
5,661
5,661
-
137
137
5,798
5,266
-
532
-
5,798		 Expenditure
£'000
(5,646)
(77)
(5,723)
(28)
(7)
(9)
(498)
(25)
(44)
(28)
(18)
(657)
(103)
(760)
(6,483)
(5,975)
-
(508)
-
(6,483)		 Transfer
/ Gift Aid
£'000
-
-
-
-
-
-
-
-
-		 As at 31
March 2023
£'000
619
987
1,606
782
205
246
14,210
865
1,601
424
37
18,370
137
18,507
20,113
20,021
-
92
-
20,113

43

THE LIVERPOOL AND MERSEYSIDE THEATRES TRUST LIMITED

MOVEMENT IN FUNDS (CONTINUED)

Group
Unrestricted funds: Operating
Unrestricted funds: Designated
Total unrestricted funds
Capital grants
Playhouse refurbishment (LCC/ERDF)
Playhouse refurb (English Partnership)
Playhouse Acquisition (LCC)
Everyman Redevelopment
11 Hope street (Art council)
5-9 Hope Street (ACE/NWDA)
Playhouse refurbishment (LCC)
Production Equipment (CRF)
Revenue grants
Total restricted funds
Total funds
Comprising:
LMTT
LEPP (see note 26)
LEPT (see note 26)
Elimination of consolidation entries		 As at 1
April 2021
£'000
570
653
1,223
838
219
264
15,206
915
1,689
480
73
19,684
453
20,137
21,360
21,344
-
16
-
21,360		 Income
£'000
4,143
4,143
-
768
768
4,911
4,621
1,959
290
(1,959)
4,911		 Expenditure
£'000
(3,957)
(3,957)
(28)
(7)
(9)
(498)
(25)
(44)
(28)
(18)
(657)
(859)
(1,516)
(5,473)
(5,235)
(1,959)
(238)
1,959
(5,473)		 Transfer
/ Gift Aid
£'000
(152)
411
259
-
(259)
(259)
-
-
-
-
-
-		 As at 31
March 2022
£'000
604
1,064
1,668
810
212
255
14,708
890
1,645
452
55
19,027
103
19,130
20,798
20,730
-
68
-
20,798

44

THE LIVERPOOL AND MERSEYSIDE THEATRES TRUST LIMITED

MOVEMENT IN FUNDS

Company
Unrestricted funds: Operating
Unrestricted funds: Designated
Total unrestricted funds
Capital grants
Playhouse refurbishment (LCC/ERDF)
Playhouse refurb (English Partnership)
Playhouse Acquisition (LCC)
Everyman Redevelopment
11 Hope street (Art council)
5-9 Hope Street (ACE/NWDA)
Playhouse refurbishment (LCC)
Production Equipment (CRF)
Revenue grants
Total restricted funds
Total funds		 As at 1
April 2022
£'000
536
1,064
1,600
810
212
255
14,708
890
1,645
452
55
19,027
103
19,130
20,730		 Income
£'000
5,661
5,661
-
137
137
5,798		 Expenditure
£'000
(5,669)
(77)
(5,746)
(28)
(7)
(9)
(498)
(25)
(44)
(28)
(18)
(657)
(103)
(760)
(6,506)		 Transfer
/ Gift Aid
£'000
-
-
-
-		 As at 31
March 2023
£'000
528
987
1,515
782
205
246
14,210
865
1,601
424
37
18,370
137
18,507
20,022

45

THE LIVERPOOL AND MERSEYSIDE THEATRES TRUST LIMITED

MOVEMENT IN FUNDS (CONTINUED)

Company
Unrestricted funds: Operating
Unrestricted funds: Designated
Total unrestricted funds
Capital grants
Playhouse refurbishment (LCC/ERDF)
Playhouse refurb (English Partnership)
Playhouse Acquisition (LCC)
Everyman Redevelopment
11 Hope street (Art council)
5-9 Hope Street (ACE/NWDA)
Playhouse refurbishment (LCC)
Production Equipment (CRF)
Revenue grants
Total restricted funds
Total funds		 As at 1
April 2021
£'000
554
653
1,207
838
219
264
15,206
915
1,689
480
73
19,684
453
20,137
21,344		 Income
£'000
3,853
3,853
-
768
768
4,621		 Expenditure
£'000
(3,719)
(3,719)
(28)
(7)
(9)
(498)
(25)
(44)
(28)
(18)
(657)
(859)
(1,516)
(5,235)		 Transfer
/ Gift Aid
£'000
(152)
411
259
-
(259)
(259)
-		 As at 31
March 2022
£'000
536
1,064
1,600
810
212
255
14,708
890
1,645
452
55
19,027
103
19,130
20,730

Previously capital grants have been received from a number of funders including Arts Council England, Liverpool City Council, English Partnerships, Northwest Development Agency and ERDF, for a number of refurbishment and redevelopment projects at the Charity’s two theatres in Liverpool: the Everyman Theatre and the Liverpool Playhouse. Capital grants are treated as incoming resources in the year of receipt.

Capital grants expenditure includes £657k (2022: £657k) in relation to depreciation of tangible fixed assets acquired with restricted funds in prior years.

Restricted revenue grants of £137k were recognised in the year from various funders including Garfield Weston, The Foil Foundation and The Ken Dodd Foundation to support specific activity undertaken by the Theatres. Restrictions vary by funder and targeted areas such as operating during the Covid pandemic, the support of YEP and various engagement work. The closing £137k of restricted revenue funds, is represented by £137k cash.

46

THE LIVERPOOL AND MERSEYSIDE THEATRES TRUST LIMITED

19. ANALYSIS OF CONSOLIDATED NET ASSETS BETWEEN FUNDS

Fund balances at 31 March 2023 are represented by:

Group
Tangible fixed assets
Cash at bank and in hand
Grants within other debtors
Other current assets
Current liabilities
Company
Tangible fixed assets
Cash at bank and in hand
Grants within other debtors
Other current assets
Current liabilities		 Restricted
funds
£'000
18,370
137
-
-
-
18,507
18,372
138
18,510		 Unrestricted
funds
£'000
316
1,404
210
895
(1,219)
1,606
314
1,405
210
802
(1,219)
1,512		 2023
£'000
18,686
1,541
210
895
(1,219)
20,113
18,686
1,543
210
802
(1,219)
20,022		 Restricted
funds
£'000
19,027
103
-
-
-
19,130
19,027
103
19,130		 Unrestricted
funds
£'000
287
1,915
210
512
(1,257)
1,667
287
1,860
210
492
(1,250)
1,599		 2022
£'000
19,314
2,018
210
513
(1,257)
20,798
19,314
1,963
210
493
(1,250)
20,730

20. OTHER FINANCIAL COMMITMENTS

The total future minimum lease payments under non-cancellable operating leases of the Group are as follows:

Group and Company
Amounts due:
- within one year
- between two and five years
- over five years		 Land and
buildings
2023
£'000
27
84
559
670		 Other
2023
£'000
7
2
-
9		 Total
2023
£'000
34
86
559
679		 Land and
buildings
2022
£'000
22
102
539		 Other
2022
£'000
7
9
-
16		 Total
2022
£'000
29
112
539
663 680

The lease payments due over five years of £559k relate to the long-term lease of the Playhouse Theatre, Williamson Square, Liverpool, due to expire 2126.

21. CONTINGENT LIABILITIES

Company

A condition of grants received of £6.2m for the purchase of numbers 5 – 11 Hope Street is made up of fixed and floating charges on the property. In addition, certain grants from the Arts Council and NWDA are repayable in the event of the sale of the property or the liquidation of the Company. The Everyman Theatre redevelopment was part-funded by £5.9m grant from ERDF. A proportion of this grant could become repayable should there be a change in the proportion of the building used for commercial activity.

47

THE LIVERPOOL AND MERSEYSIDE THEATRES TRUST LIMITED

22. CAPITAL COMMITTMENTS

22.
CAPITAL COMMITTMENTS
Group and Company
Contracted but not provided for in the
financial statements		 2023
£'000
-		 2022
£'000
-

23. RELATED PARTY DISCLOSURES

Transactions involving directors

On 1 April 2020 M Da Vanzo was appointed to the board as Chief Executive. He received salary payments and reclaimed approved expenses in their roles as employees, including reimbursement of travel and hospitality costs. There were no balances outstanding at the end of the year.

Transactions during the period
Gross salary
Employer pension contributions
Reimbursement of expenses
Balance at end of period 31st March 2023		 2023
M Da Vanzo
Executive
Director
£
78,795
3,621
-
-		 2022
M Da Vanzo
Executive
Director
£
76,500
3,799
521
-

Helen Blakeman, Trustee received payment for a commission of new writing. This expenditure was preapproved by the Board:

New Writing Commission
Balance at end of period 31st March 2023		 2023
£
-
-		 2022
£
2,350
-

48

THE LIVERPOOL AND MERSEYSIDE THEATRES TRUST LIMITED

Transactions and Balances with Trading Subsidiaries

Transactions during the period
Liverpool Everyman and Playhouse
Productions Limited
Production services provided to LMTT
Production services provided by LMTT
Liverpool Everyman and Playhouse Trading
Limited
Donation to LMTT
Payroll recharges from LMTT
Service and overhead charges from LMTT
Recharge of cost of sales from LMTT
Balances at end of period
Liverpool Everyman and Playhouse
Productions Limited
Liverpool Everyman and Playhouse Trading
Limited		 2023
£'000
-
-
(192)
(144)
(172)
-
(74)		 2022
£'000
1,681
(1,959)
-
(79)
(18)
-
(346)
(1)
  1. RECONCILIATION OF NET OUTGOING RESOURCES TO NET CASH USED IN OPERATIONS
Net Expenditure
Adjustments for:
Depreciation
Increase in stocks
Increase in debtors
Increase/(Decrease) in creditors
Cash absorbed by operations		 2023
£'000
(685)
676
-
(382)
(38)
(429)		 2022
£'000
(562)
678
(11)
(128)
375
352

49

THE LIVERPOOL AND MERSEYSIDE THEATRES TRUST LIMITED

25. RETIREMENT BENEFITS

The Company contributes to defined contribution pension schemes for the benefit of the employees. The assets of the scheme are administered by Trustees in funds independent from those of the Charity.

Pension costs are allocated to activities according to where the related staffing costs have been incurred.

26. SUBSIDIARY UNDERTAKINGS

The subsidiary undertakings consolidated at 31[st] March 2023 were as follows:

Name of Principle Registered Shareholding Class of Country of
undertaking activity office and voting rights shares incorporation
Liverpool Everyman Management of 5-11 Hope Street 100% Ordinary Great
and Playhouse Trading commercial activities Liverpool Britain
Limited (‘LEPT’) for the Charity L1 9BH
Liverpool Everyman Provision of 5-11 Hope Street 100% Ordinary Great
and Playhouse Productions production services Liverpool Britain
Limited(‘LEPP’) for the Charity L1 9BH

In the year ended 31[st] March 2023, the cumulative profits of LEPT have been retained by LEPT to support the trading arm should the Covid pandemic impact profitability in 2023/24.

In the year ended 31[st] March 2023, LEPP made neither profit nor loss.

The trading results and net assets of LEPP and LEPT for the year ended 31[st] March 2023 were as follows:

Turnover
Operating expenses
Operating profit
Tax credit on ordinary activities
Profit for the financial period
Net assets		 2023
2022
£'000
£'000
-
1,681
-
(1,959)
-
(278)
-
278
-
-
-
-
LEPP		 2023
2022
£'000
£'000
532
290
(508)
(238)
24
52
-
-
24
52
92
68
LEPT		 2023
2022
£'000
£'000
532
290
(508)
(238)
24
52
-
-
24
52
92
68
LEPT
52
-
52
68

LEPP Company Registration Number: 09231907 LEPT Company Registration Number: 08287910

50