Registered number: 03982202 Charity number: 1082016
THE NEW WOLSEY THEATRE COMPANY LIMITED
(A company limited by guarantee)
TRUSTEES' REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
THE NEW WOLSEY THEATRE COMPANY LIMITED
(A company limited by guarantee)
CONTENTS
| Page | |
|---|---|
| Reference and administrative details of the Company, its Trustees and advisers | 1 |
| Trustees' report | 2 - 9 |
| Independent auditors' report on the financial statements | 10 - 13 |
| Consolidated statement of financial activities | 14 |
| Consolidated balance sheet | 15 |
| Company balance sheet | 16 - 17 |
| Consolidated statement of cash flows | 18 |
| Notes to the financial statements | 19 - 45 |
THE NEW WOLSEY THEATRE COMPANY LIMITED (A company limited by guarantee)
REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 MARCH 2024
| Trustees | Sara Corcoran, Chair |
|---|---|
| Charlotte Wormstone (resigned 20 June 2024) | |
| Marc Bradbrook | |
| Catherine Frost | |
| Sarah Sheppard | |
| Alice Hardaker | |
| Vickie Brazier (appointed 28 September 2023) | |
| Wendy Herber (appointed 26 June 2024) | |
| Laura Herbert (appointed 28 September 2023) | |
| Colm Gerard Seeley (appointed 26 June 2024) | |
| Sophie Woolley | |
| Ashley Bowdler (resigned 7 February 2024) | |
| Kimberly Hurd (resigned 2 November 2023) | |
| Matthew Harrison | |
| Company registered number 03982202 Charity registered number 1082016 Registered office The New Wolsey Theatre Civic Drive Ipswich IP1 2AS Company secretary Lucy Parker Chief executive officer Douglas Rintoul Independent auditors Larking Gowen LLP Chartered Accountants 1 Claydon Business Park Great Blakenham Ipswich IP6 0NL Solicitors Birketts LLP Providence House 141-145 Princes Street Ipswich IP1 1QJ |
Page 1
THE NEW WOLSEY THEATRE COMPANY LIMITED
(A company limited by guarantee)
TRUSTEES' REPORT FOR THE YEAR ENDED 31 MARCH 2024
CHAIR'S STATEMENT FOR THE YEAR ENDED 31 MARCH 2024
I am pleased to present this report for the 2023-2024 financial year, a period that continues to see a remarkable resurgence following the challenges posed by the Covid-19 pandemic. It is with immense pride that I share the news that we have not only welcomed back our audiences in impressive numbers—reaching 86% of prepandemic attendance levels—but have also exceeded our financial targets. This is a significant achievement, particularly given the current economic climate.
Under the leadership of our Chief Executive / Artistic Director, now in his second year, the theatre has undergone an invigorating transformation. Douglas has not only preserved the core values and spirit that define our identity but has also significantly enhanced our capacity for data capture and analysis, providing sharper insights into our reach and untapped potential. His leadership has opened new avenues for engagement, attracting a broader and more diverse range of audiences, partners, collaborations, participants, and local artists than ever before. Consequently, the New Wolsey Theatre has further solidified its role as a cornerstone of the Ipswich community and beyond. Our Creative Communities programme now occupies a central position within the organisation, and we are continuously exploring innovative ways to integrate our performance programme with our community engagement work, making both even more cohesive and impactful.
The Board of Trustees is equally thrilled with the theatre’s vibrant and diverse programme, which continues to evolve, embracing and reflecting the rich tapestry of communities we serve.
Our work this year commenced with a stunning revival of Emma Rice’s adaptation of Brief Encounter. This moving production captivated audiences in Ipswich and across the UK, in a co-production with Salisbury Playhouse and a new partner for the theatre, the Yvonne Arnaud Theatre in Guildford. The tour also included performances at the Theatre Royal Bury St. Edmunds and Northern Stage, allowing us to cement and cultivate valuable new partnerships.
In the autumn, we presented a powerful revival of Patrick Marber’s The Red Lion, further reinforcing our reputation for excellence in contemporary drama. Despite attracting smaller audiences than anticipated, the production underscores our commitment to programming modern works and rebuilding appreciation for this genre post pandemic. The play resonated deeply with audiences through its timely exploration of the commercialisation of football and its profound impact on everyday lives. Additionally, the production was livestreamed and toured to the Queen’s Theatre in Hornchurch, London.
Dick Whittington and His Cat—written by Vikki Stone, the first female writer of a pantomime in the Wolsey and New Wolsey’s history—delighted audiences and critics alike, earning five-star reviews and subsequently a nomination for Best Pantomime (under 500 seats) at the UK Theatre Pantomime Awards. This much-loved rock ’n’ roll pantomime returned stronger than ever, with 80 performances attended by 28,500 patrons, including 10 live-streamed events.
Our commitment to educational theatre was superbly showcased in our production of Romeo & Juliet, the second in a newly launched series designed to bring essential school curriculum drama texts to life on stage, in line with teachers' needs. This initiative not only enriches students' learning experiences but also provides crucial opportunities for emerging artists from East Anglia, reinforcing the New Wolsey Theatre as a nurturing hub for local talent. The production was also live-streamed to schools and toured to the Theatre Royal, Bury St Edmunds, reaching a total of 22 schools and 3,266 attendees. Our entire programme at the theatre engaged 80 schools throughout the year.
In addition, we took a charming new production of the much-loved classic Hare and Tortoise to 23 primary schools across Suffolk, introducing many young people to theatre for the first time. The script was rewritten by original playwright Brendan Murray, who enhanced the environmental themes of the show. Evaluations revealed an overwhelmingly positive response from both teachers and students. This marked the first primary school tour since 2019.
Page 2
THE NEW WOLSEY THEATRE COMPANY LIMITED (A company limited by guarantee)
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024
A standout moment of the year was our major revival of Little Shop of Horrors, produced in collaboration with Bolton Theatre Octagon, Theatre by the Lake Keswick, and Hull Truck Theatre. This critically acclaimed production toured the UK, expanding our network of co-producers—an essential strategy as public investment continues to decline in real terms. Additionally, we co-produced with associate artists The Paper Birds and Vamos Theatre, showcasing stories from marginalised voices and resonating deeply with younger audiences.
Our visiting programme has never been stronger, offering something for everyone—from family shows, with an increase in one-night stand-up comedy and live music events to hard-hitting drama and timeless classics. All of this has driven up attendance and reached more diverse new audiences, a testament to the dedication of our Communications, Marketing, and Front of House teams, who ensure that every visitor enjoys an exceptional experience.
Highlights included The Bar at the Edge of Time by New Wolsey favourites Frozen Light, a multisensory spectacle designed for audiences with profound and multiple learning disabilities. The Invincibles, a new contemporary drama by Amanda Whittington, told the inspiring story of the success of women’s football in the early 20th century, shedding light on a previously overlooked chapter of sporting history.
Another standout was Family Tree by ATC, a contemporary piece that explored the life of Henrietta Lacks, one of the most remarkable figures in medical history and one of the most influential Black women of modern times. Additionally, Happy Birthday Sunita from Rifco, a new family comedy, explores aspects of British Asian experience with warmth and humour.
Throughout the year, the theatre hosted more than 300 performances, attracting 77,500 visitors, with an impressive 20% being first-time attendees. Our innovative community ticketing scheme, developed in collaboration with local organisations, enabled us to offer 1% of our tickets at low or no cost, ensuring that the magic of live performance reaches those who need it most. New Wolsey Theatre productions were showcased beyond Ipswich in 48 theatres across the country, reaching 34,700 people nationwide. This not only elevated the theatre's profile but also established Ipswich as a hub of creativity and excellence.
Past co-productions or collaborative productions by the New Wolsey Theatre have gone on to enjoy successful revivals in London or on tour. Notable examples include Original Theatre Company's The Time Machine which was subsequently nominated for an Olivier Award and a new production of The Season, which debuted at the New Wolsey Theatre and has since been reimagined under the new title Two Strangers Carry A Cake Across New York at the Kiln Theatre before a successful West End run all confirming the contribution of the charity’s work to the wider national theatre ecology.
Our digital resources and expertise supported Original Theatre Company and Vamos Theatre to capture and present their work digitally to audiences across the country.
Our associate artists have been woven through the work we do, taking associate director positions on productions, being given space, mentorship, and support with funding applications, as well as seed funding to develop their work. The theatre secured a prestigious Channel 4 / Peggy Ramsay bursary for playwright Martha Loader to be on attachment at the theatre for a year.
The Board is equally proud of the exceptional work undertaken by our Creative Communities team, who delivered a diverse range of projects, including our Youth Theatre programme, which now boasts 130 members from all parts of Ipswich. This culminated in a main stage production of Metamorphosis featuring a cast drawn from the Young Company—the first time our Youth Theatre has achieved such a milestone. It was a joy to witness the young actors commanding the stage and bringing the story to life with such confidence. This year, we launched several new initiatives that reaffirm our commitment to innovation and community engagement. Notably, our early years projects and pioneering social prescribing initiative have stood out, further solidifying our reputation as leaders in outreach and accessibility. These achievements are particularly significant in light of the impending challenge of a core funding cut from Suffolk County Council from 2025/2026—a challenge we are fully prepared to address.
Page 3
THE NEW WOLSEY THEATRE COMPANY LIMITED (A company limited by guarantee)
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024
NW2 remains a vital community resource, supporting 19 community groups throughout the year, including UnScene Suffolk, Suffolk Artlink, Future Female Society, Suffolk Pride and Suffolk Refugee Support. The Big Afternoon was a particular highlight, bringing together 500 people from across Ipswich for a day of free creativity and entertainment. Additionally, our partnerships with schools, amateur companies, and Suffolk New College have ensured that our spaces are alive with creative expression.
Our commitment to inclusivity and diversity remains a top priority. This year, we have made significant strides in changing our recruitment processes to ensure a wider range of people feel welcome to apply for our vacancies. Our productions are increasingly more representative of the communities we serve, with the pantomime being the most culturally diverse in its history. This inclusive ethos continues to earn recognition at both local and national levels.
Environmental Responsibility has has been a major focus this year as we strive to embed sustainable practices within the company. Our working groups and task forces have driven significant changes within our organisation, resulting in a Carbon Charter Silver Award for our achievements. On behalf of the Board of Trustees, I extend our deepest gratitude to all our funders, particularly Arts Council England, Suffolk County Council, and Ipswich Borough Council. Their essential support has been instrumental in maintaining the theatre’s financial stability.
We also wish to express our heartfelt thanks to the retiring Board Members Kimberly Hurd, Ashley Bowlder and Charlotte Wormstone, whose contributions have been invaluable, and warmly welcome our new trustees Vickie Brazier, Laura Herbert, Wendy Herber and Colm Seeley.
Finally, I would like to pay tribute to our extraordinary management team, staff, and volunteers. Their dedication, passion, and hard work make the New Wolsey Theatre the thriving cultural hub it is today. It is a privilege to work alongside such a remarkable group of individuals.
As we look ahead, we are excited to continue rebuilding and expanding our audience base, community relationships and wider impact in the coming year.
Sara Corcoran Chair Date: 26 September 2023
Page 4
THE NEW WOLSEY THEATRE COMPANY LIMITED (A company limited by guarantee)
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024
TRUSTEES' REPORT (CONTINUED)
The trustees (who are also directors of the charity for the purposes of the Companies Act) are pleased to present their annual report, together with the audited financial statements of the charity and group, for the year ended 31 March 2024. The Trustees confirm that the Annual Report and the financial statements of the charity and the group comply with the current statutory requirements, the requirements of the charity and the group’s governing document and the provisions of the Statement of Recommended Practice (SORP), applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).
The directors along with the members of the Board of Trustees are its trustees for the purpose of charity law and throughout this report are collectively referred to as the trustees.
Structure, Governance and Management
The charity is a company limited by guarantee and its activities are governed by its Memorandum and Articles of Association, and is a registered charity, number 1082016.
The directors who served during the year were:
Sara Corcoran, Chair Vickie Brazier Ashley Bowdler Marc Bradbrook Catherine Frost Alice Hardaker Matthew Harrison Laura Herbert Kimberly Hurd Sarah Sheppard Sophie Woolley Charlotte Wormstone
None of the directors has any beneficial interest in the company. All of the directors are members of the company and agree to contribute £1 in the event of a winding up.
Method of Appointment of Trustees
Each year at the Annual General Meeting, three Board members stand down and, if they so wish, and with the agreement of the other directors, are re-elected. If a vacancy occurs, the Chief Executive / Artistic Director and Board members discuss inviting new director(s) with specific skills or recommendations to join the Board. The skills required are informed by a Board members skills matrix, which is updated annually and as and when Board members reach retirement and is used to highlight the skills areas where recruitment will focus.
Trustee Induction and Training
On appointment, new trustees undergo an induction process with the provision of extensive background literature, including Charity Commission guidelines for trustees and a range of documents concerning the management of the company. New directors also undertake an induction day, co-ordinated by the Head Of People, with senior officers and staff of the company to familiarise themselves with the operation of the charity, including explanation of financial documents, current and future activity and department operations.
Organisational Structure and Decision Making
The business of the company is directed by the Board of Directors who have appointed a Chief Executive / Artistic Director to manage the day-to-day affairs and artistic output of the company in accordance with the company objectives.
Page 5
THE NEW WOLSEY THEATRE COMPANY LIMITED (A company limited by guarantee)
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024
Risk Management
The Board of Directors regularly assess the major risks to which the New Wolsey Theatre is exposed. The current principal risks and uncertainties are economic downturn, cancellation of scheduled performances, performer inability to perform and the impact of related issues that are affecting the theatre industry as a whole. The New Wolsey Theatre details its assessment of these risks in a Risk Register which is periodically reviewed by the Finance and General Purposes Task Group and in turn is reported quarterly to the full Board of Directors to discuss and approve the risk mitigation strategies.
These comprise establishing control procedures such as maintaining flexibility within the business, robust contingency planning, extensive communications with a network of industry contacts and increased provision of understudies in the theatre's produced work. Responsibility for oversight and monitoring each procedure is assigned to members of the senior management team and board as appropriate.
Objectives and Activities
The purposes of the charity are:
To promote, maintain, improve and advance education, particularly by the production of plays and the encouragement of the Arts, including the arts of drama, mime, dance, singing and music, and to formulate, prepare and establish schemes therefore provided that all objects of the Company shall be of a charitable nature.
In order to implement the purposes of the charity, the mission of the New Wolsey Theatre is to create, develop and produce a vital and dynamic programme of theatre, and other live performances and projects, for all the people of Suffolk and surrounding areas. It aims to combine its own productions, projects, collaborations with other partners and touring work to create a programme of the highest quality, maximum diversity and greatest possible accessibility, within a sound and sustainable financial framework.
In planning its activities, the theatre has taken cognisance of the Charity Commission’s guidance on public benefit. The theatre relies on grants and income from box office and other sources to cover its operating costs. In setting the level of ticket prices and other charges for services, the theatre has as a priority maintained an accessible range of prices and concessions to ensure that the theatre’s programme is accessible to those on low incomes.
Page 6
THE NEW WOLSEY THEATRE COMPANY LIMITED (A company limited by guarantee)
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024
Strategies for Achieving Objectives
The strategies employed to achieve the charity’s aims and objectives are:
-
To create a theatre that is welcoming, inclusive and open to all sections of the community
-
To create a theatre which encourages, enables and examines a sense of community identity and place
-
To create work that satisfies and challenges audiences and participants
-
To develop new artists, new work and new ways of working
-
To ensure a diversity of voices, stories and people in all aspects of our work
-
To provide learning and training opportunities in performance, technical and related skills and pathways to employment in the cultural sector, especially for under-represented groups
-
To provide opportunities for people of all ages and backgrounds to explore their own creative potential, learn performance and technical skills and make their own work
-
To develop our business model to ensure that our artistic ambitions are financially viable, flexible and environmentally sustainable
-
To collaborate with other strategic partners to enhance and extend the quality and reach of our activity
-
To develop a national profile for the theatre as a centre of excellence and source of innovation
The chair's report details the programmes of work and achievements in 2023-2024 that relate to the delivery of these objectives.
Public Benefit:
The New Wolsey Theatre’s programme is designed to ensure maximum public benefit, offering a wide and diverse programme that has broad appeal, with a range of ticket prices that are benchmarked to remain competitive and accessible.
The average price paid by our customers is lower than the national average (statistics provided by UK Theatre) and many similar sized regional venues. We offer 40 £13 tickets at every performance and a price of £13 or less for anyone aged under 26 (including school groups) and companions assisting patrons with disabilities. We are constantly monitoring our data to ensure our audience reflects our diverse community, ensuring that pricing and product are led by this data.
The New Wolsey Theatre’s continues to offer unsold tickets to charities and community groups.
Volunteers
The New Wolsey Theatre has the support of 102 volunteers who assisted with ushering performances and assisting with marketing activity and we are extremely grateful for their loyalty and support.
Page 7
THE NEW WOLSEY THEATRE COMPANY LIMITED (A company limited by guarantee)
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024
Remuneration
The New Wolsey Theatre has a Finance & General Purposes Task Group, comprising of four Board members, with a remit that covers operational and resource related matters, including the approval of annual pay increases for all staff as well as considering proposals for changes to remunerations and other terms and conditions of employment for personnel. The Task Group are responsible for discussing and approving pay and remuneration decisions for key personnel, with decisions based on industry salary benchmarking and level of responsibility, accountability and expertise required. The theatre operates pay scale bands, and job roles are evaluated to determine where they fit within these scales.
Financial Review
The results of the year and financial position of the charity are as shown in the annexed financial statements.
Turnover in 2023-2024 amounted to £3,322,832 of which 35% (£1,167,728) was received in unrestricted core grants from our major funders, 1% (£32,234) was received in restricted activity project grants with the remaining 64% (£2,122,870) received in income generated by charitable activities (box office, donations, fundraising and investments). Total expenditure was £3,216,461 of which approximately 98% was spent on charitable activities (£3,141,344); £2,303,102 on activities undertaken directly for the operation of the theatre, £833,241 on support functions such as administration and marketing, and £5,001 as part of Ramps On The Moon consortium activities. The remaining 2% expenditure £75,117) was spent on governance and fundraising.
Reserves Policy
The company’s free unrestricted reserves policy is to establish and maintain sufficient reserves to fund its working capital, including that required to cover seasonal and cyclical variations in the operation of the company’s activities, and replace fixed assets essential to its operation.
Designated funds have been disclosed in note 19 to the financial statements, which gives details of the purpose of the designation of unrestricted free reserves.
Having considered the company’s current and projected activities, the Trustees’ current assessment of the target for free unrestricted reserves is £500,000-£600,000. At 31 March 2024, the company had free unrestricted reserves of £815,286 (total unrestricted reserves £2,578,659 less tangible assets £1,171,503 and designated funds £591,870). This value at this point of the year is consistent with the requirement of achieving the target range at the lowest point in the company’s seasonal cycle. The Trustees are pleased with the financial result for the year and that there are sufficient reserves to support the provision of charitable activities by the company.
Material Investments Policy
The charity’s governing document gives the charity the power to invest any monies not immediately required in investments, securities or property as it sees fit.
Future Plans
In 2024-2025 we will update and invigorate our mission by incorporating additional vision and values that reflect our evolving context and ambitious objectives.
Across the strands of our work we will continue to develop mechanisms to listen to voices outside the organisation, continue to expand partnerships to maximise on resource sharing, continue to enhance our data capture capabilities and frameworks to accurately assess impact and guide decision-making, continue to champion equality of opportunity and cultivate an environment conducive to the flourishing of all individuals.
Page 8
THE NEW WOLSEY THEATRE COMPANY LIMITED (A company limited by guarantee)
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024
Our Autumn 2024 productions are Footloose , a co-production with Pitlochry Festival Theatre and the rock’n’roll pantomime Sleeping Beauty , written by Vikki Stone. In Spring 2024 we will produce the classic farce Noises Off , our first international co-production, with Théâtres de la Ville de Luxembourg, Theatre By The Lake and Queens Theatre Hornchurch.
Forthcoming visiting productions include The Highway Man (Ovo Theatre and Norwich Theatre), Pali & Jay’s Ultimate Asian Wedding DJ Roadshow (Rifco), Table Manners (phil&ben productions), After The Act (Breach) and Murder For Two (Chipping Norton Theatre).
The Creative Communities programme will include seven Youth Theatre groups and a range projects, including the utilisation of NW2 by a range of community groups, a community celebration event, a collaboration with the NHS and Ipswich Job Centre Plus, workshops in schools, career pathway initiatives and a revival of Hare & Tortoise that will tour to Suffolk primary schools.
The adoption of the Theatre Green Book best practice to improve the environmental sustainability of our produced work will be a major priority. We will also develop plans for further improvements and upgrades to the infrastructure as we work towards Suffolk Carbon Charter Gold accreditation.
Stakeholders
The Trustees would like to thank our core funders for their significant ongoing financial investment – Arts Council England , Ipswich Borough Council and Suffolk County Council , who have continued to support us during this year. Without their support the theatre could not continue.
We would also like to thank:
The 2023-2024 sponsors
Castons Larking Gowen John Grose St Josephs College
Trusts and Foundations and other organisations who have support various activities throughout the year:
Activities Unlimited Alfred Williams Trust
The Trustees also wish to record their gratitude for the continuing support of the Alfred Williams Trust and all the people who have shown their commitment to the work of the New Wolsey Theatre by becoming Members.
The Public
Enormous thanks to the members of the public who in addition to buying tickets become members of the theatre’s individual donor schemes, or ‘rounded up‘ their ticket purchases to include a donation to the theatres work.
Approved by order of the members of the board of Trustees and signed on their behalf by:
Chair of Trustees Date: 26 September 2024
Sara Corcoran
Page 9
THE NEW WOLSEY THEATRE COMPANY LIMITED (A company limited by guarantee)
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS AND TRUSTEES OF THE NEW WOLSEY THEATRE COMPANY LIMITED
Opinion
We have audited the financial statements of The New Wolsey Theatre Company Limited (the 'parent charitable company') and its subsidiaries (the 'group') for the year ended 31 March 2024 which comprise the Consolidated statement of financial activities, the Consolidated balance sheet, the Company balance sheet, the Consolidated statement of cash flows and the related notes, 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:
-
give a true and fair view of the state of the Group's and of the parent charitable company's affairs as at 31 March 2024 and of the Group's incoming resources and application of resources, including its income and expenditure for the year then ended;
-
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-
have been prepared in accordance with the requirements of the Companies Act 2006 and the Charities Act 2011.
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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council'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 the 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.
Page 10
THE NEW WOLSEY THEATRE COMPANY LIMITED (A company limited by guarantee)
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS AND TRUSTEES OF THE NEW WOLSEY THEATRE COMPANY LIMITED (CONTINUED)
Other information
The other information comprises the information included in the Annual report other than the financial statements and our Auditors' 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 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.
Opinion on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
-
the information given in the Trustees' report for the financial year for which the financial statements are prepared is consistent with the financial statements.
-
the Trustees' report has been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of our knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees' report.
We have nothing to report in respect of the following matters in relation to which Companies Act 2006 requires us to report to you if, in our opinion:
-
the parent charitable company has not kept adequate and sufficient accounting records, or returns adequate for our audit have not been received from branches not visited by us; or
-
the parent charitable company financial statements are not in agreement with the accounting records and returns; or
-
certain disclosures of Trustees' remuneration specified by law are not made; or
-
we have not received all the information and explanations we require for our audit; or
-
the Trustees were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemptions in preparing the Trustees' report and from the requirement to prepare a Strategic report.
Responsibilities of 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 the parent charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the Group or the parent charitable company or to cease operations, or have no realistic alternative but to do so.
Page 11
THE NEW WOLSEY THEATRE COMPANY LIMITED (A company limited by guarantee)
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS AND TRUSTEES OF THE NEW WOLSEY THEATRE COMPANY LIMITED (CONTINUED)
Auditors' 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 Auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
Due to the field in which the company operates, we identified the following areas as those most likely to have a material impact on the financial statements: health and safety; employment law; GDPR, compliance with the UK Companies Act and Charity law.
The specific procedures for this engagement and the extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
-
Enquiry with management regarding any known or suspected instances of non-compliance with laws and regulations, accidents in the workplace and fraud;
-
Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;
-
Challenging assumptions and judgements made by management in their significant accounting estimates; and
-
Auditing the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness, and evaluating the business rationale of significant transactions outside the normal course of business.
There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.
Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' report.
Page 12
THE NEW WOLSEY THEATRE COMPANY LIMITED
(A company limited by guarantee)
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS AND TRUSTEES OF THE NEW WOLSEY THEATRE COMPANY LIMITED (CONTINUED)
Use of our report
This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006, and to the charitable company's trustees, as a body, Part 4 of the Charities (Accounts and Reports) Regulations 2008. 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 Auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and its members, as a body, for our audit work, for this report, or for the opinions we have formed.
Giles Kerkham FCA DChA (Senior statutory auditor)
for and on behalf of
Larking Gowen LLP Chartered Accountants Statutory Auditors 1 Claydon Business Park Great Blakenham Ipswich IP6 0NL
Date: 27 September 2024
Page 13
THE NEW WOLSEY THEATRE COMPANY LIMITED
(A company limited by guarantee)
CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 MARCH 2024
| Note Income from: Donations and legacies 4 Charitable activities 5 Other trading activities 6 Investments 7 Total income Expenditure on: Raising funds 8 Charitable activities 9 Total expenditure Net income/(expenditure) Transfers between funds 19 Net movement in funds Reconciliation of funds: Total funds brought forward Net movement in funds Total funds carried forward |
Unrestricted funds 2024 £ 28,373 3,203,338 26,283 31,189 3,289,183 26,318 3,121,083 3,147,401 141,782 2,069 143,851 2,434,808 143,851 2,578,659 |
Restricted funds 2024 £ 1,415 32,234 - - 33,649 - 69,060 69,060 (35,411) (2,069) (37,480) 61,524 (37,480) 24,044 |
Total funds 2024 £ 29,788 3,235,572 26,283 31,189 3,322,832 26,318 3,190,143 3,216,461 106,371 - 106,371 2,496,332 106,371 2,602,703 |
Total funds 2023 £ 32,938 3,480,086 29,469 7,396 3,549,889 30,619 3,730,814 3,761,433 (211,544) - (211,544) 2,707,876 (211,544) 2,496,332 |
|---|---|---|---|---|
The Consolidated statement of financial activities includes all gains and losses recognised in the year.
The notes on pages 19 to 45 form part of these financial statements.
Page 14
THE NEW WOLSEY THEATRE COMPANY LIMITED
(A company limited by guarantee) REGISTERED NUMBER: 03982202
CONSOLIDATED BALANCE SHEET AS AT 31 MARCH 2024
| Note Fixed assets Tangible assets 13 Current assets Stocks 15 Debtors 16 Investments 17 Cash at bank and in hand Creditors: amounts falling due within one year 18 Net current assets Total assets less current liabilities Total net assets Charity funds Restricted funds 19 Unrestricted funds 19 Total funds |
8,726 366,907 523,124 1,205,927 2,104,684 (673,484) |
2024 £ 1,171,503 1,431,200 2,602,703 2,602,703 24,044 2,578,659 2,602,703 |
5,746 412,835 1,008,071 492,746 1,919,398 (671,947) |
2023 £ 1,248,881 1,247,451 |
|---|---|---|---|---|
| 2,496,332 | ||||
| 2,496,332 | ||||
| 61,524 2,434,808 |
||||
| 2,496,332 |
The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements.
The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime.
The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:
Sara Corcoran
Chair of Trustees Date: 26 September 2024
The notes on pages 19 to 45 form part of these financial statements.
Page 15
THE NEW WOLSEY THEATRE COMPANY LIMITED (A company limited by guarantee) REGISTERED NUMBER: 03982202
COMPANY BALANCE SHEET AS AT 31 MARCH 2024
| Note Fixed assets Tangible assets 13 Investments 14 Current assets Stocks 15 Debtors 16 Investments 17 Cash at bank and in hand Creditors: amounts falling due within one year 18 Net current assets Total assets less current liabilities Total net assets Charity funds Restricted funds 19 Unrestricted funds 19 Total funds |
8,726 285,618 523,124 1,205,927 2,023,395 (592,296) |
2024 £ 1,171,503 100 1,171,603 1,431,099 2,602,702 2,602,702 24,044 2,578,658 2,602,702 |
5,746 337,232 1,008,071 492,746 1,843,795 (596,444) |
2023 £ 1,248,881 100 |
|---|---|---|---|---|
| 1,248,981 1,247,351 |
||||
| 2,496,332 | ||||
| 2,496,332 | ||||
| 61,524 2,434,808 |
||||
| 2,496,332 |
The Company's net movement in funds for the year was £ 106,370 (2023 - £(211,544)) .
The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements.
The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime.
Page 16
THE NEW WOLSEY THEATRE COMPANY LIMITED
(A company limited by guarantee) REGISTERED NUMBER: 03982202
COMPANY BALANCE SHEET (CONTINUED) AS AT 31 MARCH 2024
The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:
Sara Corcoran
Chair of Trustees Date: 26 September 2024
The notes on pages 19 to 45 form part of these financial statements.
Page 17
THE NEW WOLSEY THEATRE COMPANY LIMITED
(A company limited by guarantee)
CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2024
| Note Cash flows from operating activities Net cash used in operating activities 22 Cash flows from investing activities Purchase of tangible fixed assets Movement in cash investments Net cash provided by/(used in) investing activities Change in cash and cash equivalents in the year Cash and cash equivalents at the beginning of the year Cash and cash equivalents at the end of the year 23 The notes on pages 19 to 45 form part of these financial statements |
2024 £ 305,743 (77,509) 484,947 407,438 713,181 492,746 1,205,927 |
2023 £ (204,683) (16,117) (7,254) (23,371) (228,054) 720,800 492,746 |
|---|---|---|
Page 18
THE NEW WOLSEY THEATRE COMPANY LIMITED (A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
1. General information
The New Wolsey Theatre Company Limited is a registered company, limited by guarantee, and a charity registered with the Charity Commission. The New Wolsey Theatre Company Limited is incorporated in England and Wales, company registration number 03982202 and charity registration number 1082016. The registered office is The New Wolsey Theatre, Civic Drive, Ipswich, IP1 2AS.
2. Accounting policies
2.1 Basis of preparation of financial statements
The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - 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), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.
The New Wolsey Theatre Company Limited meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.
The Consolidated statement of financial activities (SOFA) and Consolidated balance sheet consolidate the financial statements of the Company and its subsidiary undertaking. The results of the subsidiary are consolidated on a line by line basis.
The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of financial activities in these financial statements.
The financial statements are prepared in sterling and rounded to the nearest £.
Page 19
THE NEW WOLSEY THEATRE COMPANY LIMITED (A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
2. Accounting policies (continued)
2.2 Going concern
The Trustees have considered the charity’s position at the time of signing the financial statements.
Core funding from Arts Council England and Ipswich Borough Council is confirmed to 31 March 2026. Arts Council England have announced that the current three-year National Portfolio Organisation (NPO) funding period is being extended by a year to 31 March 2027, subject to application. The charity recently received a low risk rating from Arts Council England which provides a sound basis of confidence that its application for the extension year will be successful. Furthermore, it is expected that Ipswich Borough Council will continue to align its funding cycle to match Arts Council England.
Suffolk County Council are ceasing regular funding, for all organisations currently in receipt of core funding, from 1 April 2025. The charity is eligible to apply to the newly announced Cultural Projects Fund and has identified a strand of existing work that will form the basis of the application. Other plans to minimise the impact of the core funding cut include increasing income from the produced and presented programmes through co-production arrangements and programming choices.
The Trustees have forecast through to 12 months post signing and are confident that the charity will have adequate resources to continue in operational existence for the foreseeable future, being no less than twelve months from the date of approving these accounts.
They continue to adopt the going concern basis of accounting in preparing the financial statements.
2.3 Company status
The charity is a company limited by guarantee. The members of the company are the Trustees named in the Trustees' Report. In the event of the charity being wound up, the liability in respect of the guarantee is limited to £1 per member of the charity.
2.4 Fund accounting
General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Group and which have not been designated for other purposes.
Designated funds comprise unrestricted funds that have been set aside by the Trustees for particular purposes. The aim and use of each fund is set out in the notes to the financial statements.
Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Group for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.
2.5 Income
All income is recognised once the Group has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.
Income from grants is recognised when the charity has entitlement to the funds, any performance conditions attached to the grants have been met, it is probable that the income will be received and the amount can be measured reliably and is not deferred.
Page 20
THE NEW WOLSEY THEATRE COMPANY LIMITED
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
2. Accounting policies (continued)
2.5 Income (continued)
Donated services or facilities are recognised when the charity has control over the item, any conditions associated with the donated item have been met, the receipt of economic benefit from the use of the charity of the item is probable and that economic benefit can be measured reliably. In accordance with the Charities SORP (FRS 102), the general volunteer time of the Friends is not recognised and refer to the Trustees' report for more information about their contribution.
On receipt, donated professional services and donated facilities are recognised on the basis of the value of the gift to the charity which is the amount the charity would have been willing to pay to obtain services or facilities of equivalent economic benefit on the open market; a corresponding amount is then recognised in expenditure in the period of receipt.
Income from the Ramps on the Moon project is recognised when the charity has entitlement to the project funds. Release of stage payments by Arts Council England is conditional on satisfaction of monitoring requirements and in practice this revenue is recognised as restricted income upon receipt.
Income from rentals is recognised in the period to which they relate.
Investment income is recognised on a receivable basis.
Income from theatre admission tickets is included in the period in which the relevant show takes place. Income received in advance of shows is deferred.
Bar and catering income is recognised in the period in which the transaction occurs. Till sales are recognised when they are made and any advance sales are carried forward and recognised when the service is provided.
2.6 Expenditure
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use.
Support costs include central functions and have been allocated to activity cost categories on a basis consistent with the use of resources. Governance costs are those incurred in connection with administration of the Group and compliance with constitutional and statutory requirements.
Costs of generating funds are costs incurred in attracting voluntary income, and those incurred in trading activities that raise funds.
Expenditure relating to the Ramps on the Moon project is recognised as follows: Costs of delivery of productions or activities by consortium members are recognised when the production or activity budget is sanctioned by the project steering group. Administration costs of the charity as lead
Page 21
THE NEW WOLSEY THEATRE COMPANY LIMITED
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
2. Accounting policies (continued)
2.6 Expenditure (continued)
project partner are recognised as incurred.
The cost of the theatre's productions consists of direct costs excluding internal labour. These costs are carried forward until written off on the occasion of the first performance to a paying public audience.
Non-recoverable VAT has been included with the relevant expenditure.
Expenditure on charitable activities is incurred on directly undertaking the activities which further the Group's objectives, as well as any associated support costs.
2.7 Interest receivable
Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the Bank.
2.8 Tangible fixed assets and depreciation
A review for impairment of a fixed asset is carried out if events or changes in circumstances indicate that the carrying value of any fixed asset may not be recoverable. Shortfalls between the carrying value of fixed assets and their recoverable amounts are recognised as impairments. Impairment losses are recognised in the Statement of financial activities.
Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives.
Depreciation is provided on the following bases:
- Leasehold property Over the life of the remaining lease period - Leasehold improvements and 10 - 25% straight line or length of the lease, equipment whichever is shorter
2.9 Investments
Fixed asset investments represent investments in subsidiaries are valued at cost less provision for impairment.
Current asset investments represent term deposits with a maturity period of greater than three months from the date of acquisition or opening of the deposit or similar account.
2.10 Stocks
Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks.
2.11 Debtors
Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
Page 22
THE NEW WOLSEY THEATRE COMPANY LIMITED
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
2. Accounting policies (continued)
2.12 Cash at bank and in hand
Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
2.13 Liabilities and provisions
Liabilities are recognised when there is an obligation at the Balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably. Liabilities are recognised at the amount that the charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide. Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised within interest payable and similar charges.
2.14 Financial instruments
The Group only has financial assets and financial 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 with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.
2.15 Operating leases
Rentals paid under operating leases are charged to the Consolidated statement of financial activities on a straight-line basis over the lease term.
2.16 Pensions
The charity operates a defined contribution pension scheme and the pension charge represents the amounts payable by the charity to the fund in respect of the year.
3. Critical accounting estimates and areas of judgment
Estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
The Company makes estimates and assumptions concerning the future. The resulting accounting estimates and assumptions will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below.
Page 23
THE NEW WOLSEY THEATRE COMPANY LIMITED
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
4. Income from donations and legacies
| Unrestricted funds 2024 £ Donations Bookings - box office/website 9,108 Bucket collections 14,144 Alfred Williams Trust 1,000 Gift Aid 4,121 Pay It Forward - 28,373 Donations Bookings - box office/website Bucket collections Alfred Williams Trust Cancelled performances Gift Aid Carers' Big Night In |
Restricted funds 2024 £ - - - - 1,415 1,415 Unrestricted funds 2023 £ 12,590 15,985 1,000 (174) 2,322 1,215 32,938 |
Total funds 2024 £ 9,108 14,144 1,000 4,121 1,415 29,788 Total funds 2023 £ 12,590 15,985 1,000 (174) 2,322 1,215 32,938 |
|---|---|---|
Page 24
THE NEW WOLSEY THEATRE COMPANY LIMITED
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
5. Income from charitable activities
| Unrestricted funds 2024 £ Operations of Theatre 1,591,402 Grants receivable 1,167,728 Ancillary trading (Front of House) 253,699 Theatre tax relief 190,509 Total 2024 3,203,338 Unrestricted funds 2023 £ Operations of Theatre 1,590,066 Grants receivable 1,167,728 Ancillary Trading (Front of House) 262,230 Theatre tax relief 316,663 Total 2023 3,336,687 |
Restricted funds 2024 £ - 32,234 - - 32,234 Restricted funds 2023 £ - 143,399 - - 143,399 |
Total funds 2024 £ 1,591,402 1,199,962 253,699 190,509 |
|---|---|---|
| 3,235,572 | ||
| Total funds 2023 £ 1,590,066 1,311,127 262,230 316,663 |
||
| 3,480,086 |
Page 25
THE NEW WOLSEY THEATRE COMPANY LIMITED
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
| Grants receivable - restricted Arts Council England Ramps on the Moon Sub total Suffolk County Council Activities Unlimited Health & Wellbeing Activity TIE Tour Holiday Activities Fund Suffolk Family Focus Sub total Ipswich Borough Council Community Resilience Fund Sub total Other Suffolk Community Foundation Arts & Culture Fund East Of England Co-op Warm Hub Fund DWP Kickstart Total |
2024 £ 15,184 15,184 6,000 8,550 - - 1,500 16,050 1,000 1,000 - - - 32,234 |
2023 £ 105,184 |
|---|---|---|
| 105,184 | ||
| 6,000 - 15,000 1,320 3,250 |
||
| 25,570 | ||
| 1,350 | ||
| 1,350 | ||
| 1,000 1,955 8,340 |
||
| 143,399 |
Page 26
THE NEW WOLSEY THEATRE COMPANY LIMITED
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
| Grants receivable - Unrestricted Core funders Arts Council England annual grant Suffolk County Council annual grant Ipswich Borough Council annual grant Total |
2024 £ 953,328 122,400 92,000 1,167,728 |
2023 £ 953,328 122,400 92,000 |
|---|---|---|
| 1,167,728 |
| 6. | Income from other trading activities |
|---|---|
| Income from fundraising events |
| Unrestricted funds 2024 £ Sponsorship and other fundraising income 26,283 Investment income Unrestricted funds 2024 £ Bank interest 31,189 |
Total funds 2024 £ 26,283 Total funds 2024 £ 31,189 |
Total funds 2023 £ 29,469 |
|---|---|---|
| Total funds 2023 £ 7,396 |
7. Investment income
Page 27
THE NEW WOLSEY THEATRE COMPANY LIMITED
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
8. Expenditure on raising funds
Costs of raising voluntary income
| Unrestricted | Total | Total | |
|---|---|---|---|
| funds | funds | funds | |
| 2024 | 2024 | 2023 | |
| £ | £ | £ | |
| Allocated centrally incurred fundraising and governance | |||
| costs | 26,318 | 26,318 | 30,619 |
9. Analysis of expenditure by activities
| Operations of Theatre Ancillary trading Ramps on the Moon Generating grants |
Activities undertaken directly 2024 £ 2,067,764 232,290 3,048 - 2,303,102 |
Grant funding of activities 2024 £ - - 5,001 - 5,001 |
Support costs 2024 £ 818,202 - 39,842 23,996 882,040 |
Total funds 2024 £ 2,885,966 232,290 47,891 23,996 |
|---|---|---|---|---|
| 3,190,143 |
Page 28
(A company limited by guarantee)
THE NEW WOLSEY THEATRE COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
9. Analysis of expenditure by activities (continued)
| Operation of Theatre Ancillary trading Ramps on the Moon Generating grants |
Activities undertaken directly 2023 £ 2,378,817 219,935 35,932 - 2,634,684 |
Grant funding of activities 2023 £ - - 222,693 - 222,693 |
Support costs 2023 £ 742,231 - 105,738 25,468 873,437 |
Total funds 2023 £ 3,121,048 219,935 364,363 25,468 |
|---|---|---|---|---|
| 3,730,814 |
Analysis of direct costs
| Staff costs Depreciation Own productions Visiting productions Artist Development Creative Communities Premises Operational overheads Other ancillary trading costs Other Ramps on the Moon costs |
Operation of theatre 2024 £ 805,787 146,848 456,683 386,515 500 76,204 145,607 49,620 - - 2,067,764 |
Ancillary trading 2024 £ 124,519 3,366 - - - - - - 104,405 - 232,290 |
ROTM direct activities 2024 £ - - - - - - - - - 3,048 3,048 |
Total funds 2024 £ 930,306 150,214 456,683 386,515 500 76,204 145,607 49,620 104,405 3,048 |
|---|---|---|---|---|
| 2,303,102 |
Page 29
(A company limited by guarantee)
THE NEW WOLSEY THEATRE COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
9. Analysis of expenditure by activities (continued)
Analysis of direct costs (continued)
| Staff costs Depreciation Own productions Visiting productions Artist Development Creative Communities Premises Operational overheads Major refurb / upgrades Other ancillary trading costs Other Ramps on the Moon costs Analysis of support costs Staff costs Depreciation Other Operations of Theatre Other Generating grants Other ROTM Governance costs |
Operation of theatre 2023 £ 933,831 145,575 661,427 332,079 (3,010) 102,819 142,068 55,648 8,380 - - 2,378,817 |
Ancillary trading 2023 £ 120,348 2,832 - - - - - - - 96,755 - 219,935 |
ROTM direct activities 2023 £ 383 - - - - - - - - - 35,549 35,932 Total funds 2024 £ 554,394 4,672 237,742 1,500 34,933 48,799 882,040 |
Total funds 2023 £ 1,054,562 148,407 661,427 332,079 (3,010) 102,819 142,068 55,648 8,380 96,755 35,549 2,634,684 Total funds 2023 £ 472,082 5,915 273,559 1,500 79,691 40,690 873,437 |
|---|---|---|---|---|
Page 30
THE NEW WOLSEY THEATRE COMPANY LIMITED
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
| 10. | Auditors' remuneration | ||
|---|---|---|---|
| 2024 | 2023 | ||
| £ | £ | ||
| Fees payable to the Group's auditor for the audit of the Group's annual | |||
| accounts | 12,940 | 12,200 | |
| Fees payable to the Group's auditor in respect of: | |||
| Non-audit services | 5,675 | 2,195 |
11. Staff costs
| Wages and salaries Social security costs Contribution to defined contribution pension schemes |
Group 2024 £ 1,419,913 91,024 22,998 1,533,935 |
Group 2023 £ 1,462,195 85,019 21,329 1,568,543 |
Company 2024 £ 1,419,913 91,024 22,998 1,533,935 |
Company 2023 £ 1,462,195 85,019 21,329 |
|---|---|---|---|---|
| 1,568,543 |
Total redundancy payments for the year amounted to £Nil (2023: £Nil).
The average number of persons employed by the Group during the year was as follows:
| Group | Group | |
|---|---|---|
| 2024 | 2023 | |
| No. | No. | |
| Employees | 60 | 63 |
Page 31
(A company limited by guarantee)
THE NEW WOLSEY THEATRE COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
11. Staff costs (continued)
The average headcount expressed as full-time equivalents was:
| Admin Marketing Technical FOH management, sales and box office Community and education Premises Performers, stage management and stage crew |
Group 2024 No. 6 6 7 7 4 2 9 41 |
Group 2023 No. 7 4 8 8 4 2 12 |
|---|---|---|
| 45 |
The number of employees whose employee benefits (excluding employer pension costs) exceeded £60,000 was:
| Group | Group | ||
|---|---|---|---|
| 2024 | 2023 | ||
| No. | No. | ||
| In the band £60,001 | - £70,000 | 1 | - |
The key management personnel of both the parent charity and the group comprise the trustees, the Chief Executive / Artistic Director, the Executive Director, the Head of Creative Communities and the Head of Marketing. The total employee benefits of key management personnel of the parent charity of the group were £224,761 (2023 - £222,706) .
12. Trustees' remuneration and expenses
During the year, no Trustees received any remuneration or other benefits (2023 - £NIL) .
During the year ended 31 March 2024, travel and subsistence expenses totalling £ 184 were reimbursed or paid directly to 1 Trustee (2023 - £31 to 1 Trustee) .
Page 32
THE NEW WOLSEY THEATRE COMPANY LIMITED (A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
| 13. Tangible fixed assets Group and Company Cost or valuation At 1 April 2023 Additions Disposals At 31 March 2024 Depreciation At 1 April 2023 Charge for the year On disposals At 31 March 2024 Net book value At 31 March 2024 At 31 March 2023 14. Fixed asset investments Company Cost or valuation At 1 April 2023 At 31 March 2024 |
Leasehold improvement and equipment £ 2,571,373 77,509 (15,448) 2,633,434 1,322,492 154,887 (15,448) 1,461,931 1,171,503 1,248,881 Investments in subsidiary companies £ 100 100 |
|---|---|
Page 33
THE NEW WOLSEY THEATRE COMPANY LIMITED (A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
Principal subsidiaries
The following was a subsidiary undertaking of the Company:
Name Company Registered office or principal Principal activity number place of business New Wolsey Theatre Productions 09249160 New Wolsey Theatre, Civic Theatre production Limited Drive, Ipswich, Suffolk, IP1 2AS
Holding Included in consolidation
100% Yes
The financial results of the subsidiary for the year were:
| Name New Wolsey Theatre Productions Limited 15. Stocks Goods for resale 16. Debtors Due within one year Trade debtors Amounts owed by group undertakings Other debtors Prepayments and accrued income Tax recoverable Grants receivable |
Group 2024 £ 8,726 Group 2024 £ 12,848 - 23,846 131,154 190,509 8,550 366,907 |
Income £ Expenditure £ 850,038 850,038 Group Company 2023 2024 £ £ 5,746 8,726 Group Company 2023 2024 £ £ 16,949 12,848 - 109,220 137 23,846 78,086 131,154 316,663 - 1,000 8,550 412,835 285,618 |
Net assets £ 100 Company 2023 £ 5,746 |
|---|---|---|---|
| Company 2023 £ 16,949 241,060 137 78,086 - 1,000 |
|||
| 337,232 |
Page 34
THE NEW WOLSEY THEATRE COMPANY LIMITED
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
17. Current asset investments
| Group | Group | Company | Company | |||
|---|---|---|---|---|---|---|
| 2024 | 2023 | 2024 | 2023 | |||
| £ | £ | £ | £ | |||
| Term deposits (greater than | 3 | months) | 523,124 | 1,008,071 | 523,124 | 1,008,071 |
18. Creditors: Amounts falling due within one year
| Trade creditors Other taxation and social security Other creditors Accruals and deferred income Deferred income at 1 April 2023 Resources deferred during the year Amounts released from previous periods Deferred income at 31 March 2024 |
Group 2024 £ 116,341 25,248 59,810 472,085 673,484 Group 2024 £ 256,650 355,949 (256,650) 355,949 |
Group 2023 £ 56,063 36,090 214,885 364,909 671,947 Group 2023 £ 177,951 256,650 (177,951) 256,650 |
Company 2024 £ 39,671 25,248 55,292 472,085 592,296 Company 2024 £ 256,650 355,949 (256,650) 355,949 |
Company 2023 £ 56,063 36,308 152,444 351,629 |
|---|---|---|---|---|
| 596,444 | ||||
| Company 2023 £ 177,951 256,650 (177,951) |
||||
| 256,650 |
Deferred income due within one year comprises advance ticket sales, advance sponsorships, unredeemed vouchers and advance memberships.
Page 35
THE NEW WOLSEY THEATRE COMPANY LIMITED
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
19. Statement of funds
Statement of funds - current year
| Balance at 1 April 2023 £ Unrestricted funds Designated funds Artistic Projects Fund 228,002 Infrastructure Needs Fund 239,522 467,524 General funds General Funds 1,967,284 Total Unrestricted funds 2,434,808 |
Income £ Expenditure £ 16,345 (10,357) - (6,730) 16,345 (17,087) 3,272,838 (3,130,314) 3,289,183 (3,147,401) |
Transfers in/out £ - 125,088 125,088 (123,019) 2,069 |
Balance at 31 March 2024 £ 233,990 357,880 |
|---|---|---|---|
| 591,870 | |||
| 1,986,789 | |||
| 2,578,659 |
Page 36
THE NEW WOLSEY THEATRE COMPANY LIMITED
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
19. Statement of funds (continued)
| Balance at 1 April 2023 £ Restricted funds Esmee Fairbairn Foundation 4,993 Telethon donations 1,567 Secondary Schools Tour 3,295 Early Years 904 Ramps On The Moon phase 2 32,591 Holiday Activities Fund 287 Creative Learning Work 1,880 Ian McKellen (Creative Learning) 14,201 Youth Theatre Squared - Suffolk Family Focus 1,806 Health & Wellbeing Activity - Community Meals - Pay It Forward - 61,524 Total of funds 2,496,332 |
Income £ Expenditure £ - (1,152) - - - (3,295) - (904) 15,184 (47,775) - - - (1,209) - (7,494) 6,000 (6,000) 1,500 (1,231) 8,550 - 1,000 - 1,415 - 33,649 (69,060) 3,322,832 (3,216,461) |
Transfers in/out £ - - - - - - - - - (2,069) - - - (2,069) - |
Balance at 31 March 2024 £ 3,841 1,567 - - - 287 671 6,707 - 6 8,550 1,000 1,415 |
|---|---|---|---|
| 24,044 | |||
| 2,602,703 |
Page 37
(A company limited by guarantee)
THE NEW WOLSEY THEATRE COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
19. Statement of funds (continued)
Designated funds :
Artistic Projects Fund - The directors have designated money from unrestricted funds along with ongoing income from the theatre’s Friends & Membership schemes to create specific funding to support parts of the theatre’s artistic and community programmes that are not commercially viable, the theatre’s talent development programme and the work of smaller scale theatre companies. During the year the fund was used to support a talent development showcase and Vamos Theatre’s production of ‘Boy On The Roof’. Plans for 2024/25 include a main stage production of ‘Bindweed’, further talent development showcases, commissioning a new musical theatre script and producing a ‘Theatre In Education’ schools tour of ‘Hare And Tortoise’ in Spring 2025.
Infrastructure Needs Fund - The directors have designated money from the theatre’s unrestricted reserves towards the cost of major projects needed to maintain and improve various aspects of the theatre’s infrastructure. During the year money was used for an upgrade of the theatre’s fire alarm system, the replacement of fire exit doors and the replacement of key items of production related technical equipment. An extensive upgrade to the internal fire doors commenced in July 2024. Further projects planned include continuing to upgrade / replace key items of production related technical equipment. The fund will also be used as ‘match funding’ for applications for major capital works over the next three years.
Restricted funds:
Esmee Fairbairn foundation - The Esmee Fairbairn Foundation fund is money provided by the Esmee Fairbairn Foundation towards a programme of work that aims to increase the presence of deaf and disabled people in theatre as artists, participants and audience members. The first grant awarded contributed to the costs of a major coproduction and tour of "The Threepenny Opera" and establishing the Agent For Change programme. This was instrumental in enabling the formation of the Ramps On The Moon consortium and the associated funding from Arts Council England. The theatre was also awarded a second grant from the foundation towards the cost of continuing the Agent For Change programme. During the year funds were used to support the access requirements of the associate director for 'The Red Lion'.
Telethon donations - The Telethon Donations fund is money from donations, both one-off and regular, from supporters of the theatre following a fundraising campaign to raise money for 'New Talent' (Pulse, Young Associates, Creative Learning), 'New Access' (support for disabled artists and provision of access performances for deaf, hard of hearing, blind and visually impaired audience members) and 'New Theatre' (commissioning and creation or new written / produced shows).
Secondary Schools Tour - The Secondary Schools Tour fund is money provided by locality grants from ten Suffolk County Councillors and a grant from Suffolk County Council's Drug And Alcohol Recovery Grant Scheme to develop and tour a new production, 'Who To Follow', in autumn 2017 as part of the Morpheus Project, a multi-agency intervention scheme. The production presented four independent stories concerning drugs misuse, each relating to a young person's experience, but from different perspectives. An edited film of the project was subsequently produced. The balance of the fund was put towards the cost of a schools tour of ‘Hare & Tortoise’ in Spring 2024.
Ramps On The Moon phase 2 - The Ramps On The Moon Phase 2 fund is money provided by Arts Council England towards the cost of continuing a collaborative project, coordinated and managed by the New Wolsey Theatre, between itself and six other producing theatres. The project's aim is to improve the public and industry profile of deaf/disabled artists working in theatre and the disability access practices of producing theatres. The project centred upon the annual production and presentation at
Page 38
THE NEW WOLSEY THEATRE COMPANY LIMITED
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
19. Statement of funds (continued)
each consortium member's theatre of a large-scale show fully integrating deaf/disabled artists with their non-disabled colleagues. This core aim was enhanced and supported by an ongoing programme of shared training and development initiatives for freelance artists and members' staff, built around the engagement of appropriately skilled Agents for Change. The project finished at the end of April 2023.
Creative Learning Work - The Creative Learning Work fund is money donated by various individuals and associations to support the Youth Theatre and Young Company groups run by the theatre. During the year some of the fund was used to buy equipment and materials that can be used by all the groups. The balance will be used to buy similar items as the need arises.
Ian McKellen (Creative Learning) - The Ian McKellen (Creative Learning) fund is money received in connection with 3 special fundraising performances at the theatre by actor Ian McKellen. Money was raised from ticket sales, programme sales and donations collected at the end of each performance. The fund was used in the year to cover the cost of the theatre's 'The Big Afternoon 2023', a free community event. The balance will be put towards the cost of 'The Big Afternoon 2024'.
Youth Theatre Squared - The Youth Theatre Squared fund is money provided from the Activities Unlimited department of Suffolk County Council's Health, Wellbeing and Children’s Services to cover the cost of running a youth theatre group known as YT² (Youth Theatre Squared) for a year. The group provides an opportunity for young people aged 11-20 with physical, sensory, communicative, behavioural or learning disabilities to explore all aspects of theatre-making within a supportive and engaging environment and to build their skills and confidence.
The Suffolk Family Focus fund - The Suffolk Family Focus Fund is money from Suffolk County Council, as part of its Suffolk Family Focus project, to provide free tickets for performances at the theatre to disadvantaged families in the Ipswich area.
Holiday Activities Fund - The Holiday Activities Fund is money from a grant from Suffolk County Council (SCC) to deliver a programme of activities, to children and young people identified by SCC, for three days during the Christmas 2022 school holidays.
Early Years Fund - The Early Years fund is money from Suffolk Community Foundation’s Arts And Culture Fund to provide 12 weekly free ‘Let’s Play!’ sessions, delivered in partnership with local primary school, St. Matthew’s C of E, for children 3-4 years old along with their parents/carers. The aim of the sessions was to improve school readiness, strengthen parent-child bonds, foster community cohesion, and develop relationships between parents, the school and their local cultural organisation. The sessions took place during the period April to July 2023.
Community Meals Fund - The community meals fund is money from Ipswich Borough Council’s Community Resilience Fund to provide food and drink for those in need. It was used to offer, in partnership with Ipswich Borough Council’s Housing Team, four lunchtime clubs for those who are homeless or at risk of homelessness. Across four weeks in May 2024, there was a total of 73 participations.
Pay It Forward Fund - The Pay It Forward fund is donations received from customers to enable the theatre to provide free pantomime tickets to people who do not have the means to buy them.
Health And Wellbeing Activity Fund - The Health And Wellbeing Activity fund is money received from Suffolk County Council to support West Ipswich residents and address their unmet needs around sleep, community, movement and food and drink. The fund will be used as part of a wider partnership with Jobcentre Plus, supporting their customers with their wellbeing and confidence through creative activity, which is expected to take place during the period August 2024 to March 2025.
Page 39
(A company limited by guarantee)
THE NEW WOLSEY THEATRE COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
19. Statement of funds (continued)
Transfer descriptions:
The Directors have designated £200,000 from the theatre’s free unrestricted reserves to the ‘Infrastructure Needs’ fund.
The Suffolk Family Focus fund was used to provide free tickets for disadvantaged families in the Ipswich area to attend performances at the theatre. An amount equal to the value of the tickets issued has been transferred to unrestricted reserves following the relevant performances.
A transfer of £74,912 from the Infrastructure Needs designated fund to unrestricted reserves represents the purchase of fixed assets where the cost was allocated from funds previously designated for that purpose and the designation is therefore no longer needed.
Statement of funds - prior year
| Unrestricted funds Designated funds Miss Dowsing Legacy Artistic Projects Fund Infrastructure Needs Fund Refurbishment General funds General Funds Total Unrestricted funds Restricted funds Esmee Fairbairn Foundation Telethon donations Secondary Schools Tour Bradbury Platform Early Years |
Balance at 1 April 2022 £ 1,373 142,950 34,446 35,385 214,154 2,098,827 2,312,981 5,593 6,967 3,295 54 - |
Income £ - 15,052 - - 15,052 3,391,438 3,406,490 - - - - 1,000 |
Expenditure £ (1,373) - - (8,381) (9,754) (3,277,046) (3,286,800) (600) (5,400) - - (96) |
Transfers in/out £ - 70,000 205,076 (27,004) 248,072 (245,935) 2,137 - - - (54) - |
Balance at 31 March 2023 £ - 228,002 239,522 - |
|---|---|---|---|---|---|
| 467,524 | |||||
| 1,967,284 | |||||
| 2,434,808 | |||||
| 4,993 1,567 3,295 - 904 |
Page 40
(A company limited by guarantee)
THE NEW WOLSEY THEATRE COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
19. Statement of funds (continued)
Statement of funds - prior year (continued)
| Ramps On The Moon phase 2 Holiday Activities Fund Creative Learning Work Ian McKellen (Creative Learning) Youth Theatre Squared Warm Spaces Suffolk Family Focus CAE/DWP Kickstart Health & Wellbeing Activity Half Term Community Project Total of funds |
Balance at 1 April 2022 £ 291,170 - 1,880 34,020 - - - - 51,340 576 394,895 2,707,876 |
Income £ 105,184 1,320 - - 6,000 3,305 3,250 8,340 15,000 - 143,399 3,549,889 |
Expenditure £ (363,763) (394) - (19,819) (6,000) (3,305) - (8,340) (66,340) (576) (474,633) (3,761,433) |
Transfers in/out £ - (639) - - - - (1,444) - - - (2,137) - |
Balance at 31 March 2023 £ 32,591 287 1,880 14,201 - - 1,806 - - - |
|---|---|---|---|---|---|
| 61,524 | |||||
| 2,496,332 |
Page 41
THE NEW WOLSEY THEATRE COMPANY LIMITED
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
20. Summary of funds
Summary of funds - current year
| Balance at 1 April 2023 £ Designated funds 467,524 General funds 1,967,284 Restricted funds 61,524 2,496,332 Summary of funds - prior year Balance at 1 April 2022 £ Designated funds 214,154 General funds 2,098,827 Restricted funds 394,895 2,707,876 |
Income £ Expenditure £ 16,345 (17,087) 3,272,838 (3,130,314) 33,649 (69,060) 3,322,832 (3,216,461) Income £ Expenditure £ 15,052 (9,754) 3,391,438 (3,277,046) 143,399 (474,633) 3,549,889 (3,761,433) |
Transfers in/out £ 125,088 (123,019) (2,069) - Transfers in/out £ 248,072 (245,935) (2,137) - |
Balance at 31 March 2024 £ 591,870 1,986,789 24,044 |
|---|---|---|---|
| 2,602,703 | |||
| Balance at 31 March 2023 £ 467,524 1,967,284 61,524 |
|||
| Summary of funds - prior year | |||
| Designated funds General funds Restricted funds |
|||
| 2,496,332 |
21. Analysis of net assets between funds
Analysis of net assets between funds - current period
| Unrestricted funds 2024 £ Tangible fixed assets 1,171,503 Current assets 2,080,640 Creditors due within one year (673,484) Total 2,578,659 |
Restricted funds 2024 £ - 24,044 - 24,044 |
Total funds 2024 £ 1,171,503 2,104,684 (673,484) |
|---|---|---|
| 2,602,703 |
Page 42
(A company limited by guarantee)
THE NEW WOLSEY THEATRE COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
21. Analysis of net assets between funds (continued)
Analysis of net assets between funds - prior period
| Tangible fixed assets Current assets Creditors due within one year Total |
Unrestricted funds 2023 £ 1,248,881 1,779,805 (593,878) 2,434,808 |
Restricted funds 2023 £ - 139,593 (78,069) 61,524 |
Total funds 2023 £ 1,248,881 1,919,398 (671,947) 2,496,332 |
|---|---|---|---|
22. Reconciliation of net movement in funds to net cash flow from operating activities
| Net income/expenditure for the period (as per Statement of Financial Activities) Adjustments for: Depreciation charges Residual value of assets written off Decrease/(increase) in stocks Decrease in debtors Increase/(decrease) in creditors Net cash provided by/(used in) operating activities |
Group 2024 £ 106,371 154,887 - (2,980) 45,928 1,537 305,743 |
Group 2023 £ (211,544) 154,323 1,347 1,089 311,870 (461,768) (204,683) |
|---|---|---|
23. Analysis of cash and cash equivalents
| Cash in hand Total cash and cash equivalents |
Group 2024 £ 1,205,927 1,205,927 |
Group 2023 £ 492,746 492,746 |
|---|---|---|
Page 43
THE NEW WOLSEY THEATRE COMPANY LIMITED (A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
24. Analysis of changes in net debt
| Cash at bank and in hand Liquid investments |
At 1 April 2023 £ 492,746 1,008,071 1,500,817 |
Cash flows £ 713,181 (484,947) 228,234 |
At 31 March 2024 £ 1,205,927 523,124 |
|---|---|---|---|
| 1,729,051 |
25. Pension commitments
The group operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the group in an independently administered fund. The pension cost charge represents contributions payable by the group to the fund and amounted to £22,998 (2023 - £21,329) . Contributions totalling £5,275 (2023 - £4,446) were payable to the fund at the balance sheet date.
26. Operating lease commitments
At 31 March 2024 the Group and the Company had commitments to make future minimum lease payments under non-cancellable operating leases as follows:
| Not later than 1 year Later than 1 year and not later than 5 years Later than 5 years |
Group 2024 £ 12,217 47,988 508,623 568,828 |
Group 2023 £ 14,987 45,968 519,430 580,385 |
Company 2024 £ 12,217 47,988 508,623 568,828 |
Company 2023 £ 14,987 45,968 519,430 |
|---|---|---|---|---|
| 580,385 |
Of the total future minimum lease payments under non-cancellable operating leases due after more than 5 years, £507,993 (2023 - £519,430) relates to the lease of the Wolsey Theatre which expires in September 2073. The annual commitment for this lease is £11,437.
Page 44
THE NEW WOLSEY THEATRE COMPANY LIMITED (A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
27. Related party transactions
During the year, the charity provided free use of space within the Theatre to the spouse of a member of key management to deliver ‘Wolsey Writers’ (community projects). The charity charged £27 for the service of processing the income for each session. As at 31 March 2024, the charity owed £233 in respect of matured sales less charges. In the prior year, the charity incurred costs of £3,221 for the delivery of ‘Wolsey Writers’ related projects.
During the year the charity incurred costs of £1,939 (2023 - £Nil) from Birketts LLP in respect of legal fees. Charlotte Wormstone is a designated member of the LLP.
During the year the charity incurred costs of £3,600 (2023 - £13,426) from Hornby And Mason Ltd for the provision of podcasts. A member of key management is a director of Hornby And Mason Ltd.
During the year the charity incurred costs of £653,188 (2023 - £869,669) from New Wolsey Theatre Productions Limited. The charity also received fees of £849,093 (2023 - £1,132,895) and payroll reimbursement costs of £922 (2023 - £93,765) from New Wolsey Theatre Productions Limited. The balance owing from New Wolsey Theatre Productions Limited at the year end is £109,220 (2023 - £241,060) . New Wolsey Theatre Productions Limited is a wholly owned subsidiary of the charity, with further information included in note 14.
Page 45