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2024-03-31-accounts

Registered number: 03995686 Charity number: 1084300

STAGETEXT

(A Company Limited by Guarantee)

UNAUDITED

TRUSTEES' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

STAGETEXT

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CONTENTS

Page
Reference and Administrative Details of the Charity, its Trustees and Advisers 1 - 2
Chair's Statement 3
Trustees' Report 4 - 16
Independent Examiner's Report 17
Statement of Financial Activities 18
Balance Sheet 19 - 20
Statement of Cash Flows 21
Notes to the Financial Statements 22 - 42

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STAGETEXT

REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 MARCH 2024

Trustees Robin Saphra, Chair
Sarah Bradley, Treasurer
Benjamin Glover
Timothy Hardy (resigned 8 November 2023)
Christopher Reid
Jessica Ryan-Ndegwa
Nina Thomas
Rachel Jele (resigned 30 June 2023)
Sally Yarwood
Rebecca Morris (resigned 24 May 2023)
Sophie Ede (appointed 22 May 2024)
Marie-Clare Fenech (appointed 22 May 2024)
Kasia Senyszyn (appointed 22 May 2024)
Company registered
number
03995686
Charity registered
number
1084300
Registered office
Mercury Theatre
Balkerne Gate
Colchester
CO1 1PT
Country of incorporation England and Wales
Company secretary
Elizabeth Hilder
Chief executive officer
Melanie Sharpe
Accountants
Peters Elworthy & Moore
Chartered Accountants
Salisbury House
Station Road
Cambridge
CB1 2LA
Bankers
CAF Bank Ltd
25 Kings Hill Avenue
Kings Hill
West Malling
Kent
ME19 4JQ

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REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

Solicitors

Solicitors Harold Benjamin Hill House 67-71 Lowlands Road Harrow Middlesex HA1 3EQ Independent examiner Fleur Holden FCA Sayer Vincent LLP Chartered Accountants 110 Golden Lane London EC1Y 0TG Insurance brokers Gordon & Co. 2 Sekforde Court 217 St John Street London EC1V 4LY

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CHAIR'S STATEMENT FOR THE YEAR ENDED 31 MARCH 2024

Having secured additional funding from Arts Council England (ACE), Stagetext entered an exciting new era in pursuit of making even more arts and culture accessible to deaf, deafened and hard of hearing people.

As part of ACE’s Transfer Programme, Stagetext had committed to moving its office out of London for the first time. As a national charity, we took this as an opportunity to find new ways to work regionally, focus our efforts on underserved Levelling Up for Culture Places, and ultimately to bring accessible cultural activity closer to where people live.

In the early part of 2023/24, we undertook a rigorous feasibility study to identify where the charity should be based. We wanted to be based within a theatre so that we could embed accessible practices from end-to-end in the production process. We selected a handful of theatres across the country whose inclusive practices, links with touring organisations and environmental credentials made them stand out as a potential new home. Working with consultants Achates Philanthropy, we interviewed each venue and explored the opportunities in each region, ultimately moving to our new home, the Mercury Theatre in Colchester, in September 2023.

Since arriving, we have recruited a new staff member based at the Mercury, and quickly built relationships with people and organisations from across Essex and the South East. The Mercury Theatre has immediately proved to be a strong advocate of our work, leading us to make links with Essex County Council and the other ACE funded organisations in the South East region. An early highlight was live subtitling Colchester’s Big Festive Switch On during Captioning Awareness Week, which reached hundreds of residents who might otherwise have not been able to access the celebrations.

Alongside developing its regional approach, Stagetext continued its role as a national advocate for deaf access, providing a range of services and training to cultural organisations across the UK. Our live theatre captioning service continues to go from strength to strength. With over 410 performances captioned by Stagetext, and a further 800 in-house performances supported through promotion on our website and social media channels, theatre captioning has well and truly bounced back following the pandemic. We remain committed to celebrating great quality captioning, and advocating for theatres to do even more to welcome deaf, deafened and hard of hearing patrons.

Our thanks go to our main funder, ACE, as well as to the Schroder Charitable Trust for their generous grant. Thank you to the Mercury Theatre, as well as to the other theatres that we interviewed in the feasibility study, who all gave so much of their time and energy to the process. Thanks to our audiences, our skilled freelancers, our partners and supporters, and to all of the Stagetext team.

................................................ Robin Saphra Chair

Date:

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TRUSTEES' REPORT FOR THE YEAR ENDED 31 MARCH 2024

The Trustees present their annual report together with the financial statements of the Charity for the year 1 April 2023 to 31 March 2024. The Annual Report serves the purposes of both a Trustees' report and a directors' report under company law. The Trustees confirm that the Annual Report and financial statements of the charitable company comply with the current statutory requirements, the requirements of the charitable company'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 (FRS102) (effective 1 January 2019).

Since the Charity qualifies as small under section 382 of the Companies Act 2006, the Strategic Report required of medium and large companies under the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 has been omitted.

OBJECTIVES AND ACTIVITIES

The charity’s objects are to relieve the needs of people by promoting access to arts and entertainment and, in particular but not exclusively, to relieve the needs of people who are deaf, deafened or hard of hearing by the provision of text generation systems.

Our vision is of a society where deaf, deafened and hard of hearing people have equal access to culture. Our mission is to advocate for and deliver equal access to culture for deaf, deafened and hard of hearing people, in particular (but not exclusively) through high quality captions, live subtitles and digital subtitles.

We use technology to provide deaf audiences with access to arts and culture, and train arts and cultural professionals to welcome deaf audiences to their venues. We advocate for equality of access, and support organisations to make their work accessible through the use of:

OUR ACTIVITIES AND ACHIEVEMENTS DURING 2023/24

2023/24 was the third year of a six-year business planning strategy. The current business plan, “Advocacy for Quality & Equity (part 2)” focuses on 2023/24-2026/27. This four-year plan focuses on widening access provision through the delivery of services, training, raising awareness, and supporting the infrastructure for captioning.

In 2023/24 we moved our offices out of London and to the Mercury Theatre in Colchester, and we are excited to be developing new ways or working regionally to bring accessible culture to towns, cities and villages across the large South East region, as defined by ACE. We continue to work nationally, whilst developing this new model of regional working.

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TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

Within this plan we grouped our activities under four priorities:

  1. Widening access provision.

  2. Developing and understanding our audiences.

  3. Underpinning our work.

  4. Growing our resources.

The development of a new regional model is a new cross-cutting theme, that spans all four of these priorities. This work is being tracked as a separate strand of reporting from 2024/25 onwards so that we can demonstrate our impact. Our first six months in the region have been spent building relationships with local deaf groups and cultural venues, and demonstrating the expertise we bring to the South East region, as well as delivering services.

UNDER OUR FIRST PRIORITY – WIDENING ACCESS PROVISION

In 2023/24 we made 1,119 performances, talks, tours and films accessible and worked directly with 210 cultural organisations. This is broadly in line with 2022/23.

Theatre

We captioned a record 413 theatre performances, a 13% increase year on year. We worked with 116 venues, including 7 that were new to us. 95 captioned performances were staged by touring companies. 38% of performances took place outside of London.

Shows captioned included:

All performances were captioned in person.

Live subtitling

In 2023/24 we worked with 67 organisations, including 29 new clients, to live subtitle 614 talks and conferences. This is a 22% increase in events live subtitled year on year. The figure includes 94 museum-related events by 16 organisations including National Museums Scotland, Museum of the Order of St John, and The British Museum, and 159 talks at conferences hosted by various organisations including House Theatre, Music Mark, and Ironbridge Gorge Museums Trust. We worked on a wide range of literary events such as providing live subtitles for Durham Book Festival, New Writing North, Huddersfield Literary Festival and Write Idea. We worked with theatres to provide live subtitles for events throughout the year including for the National Theatre, House Theatre, and Marlowe Theatre. We also worked with a number of film-related organisations to provide live subtitles for screenings and live Q&As, such as BAFTA, Reclaim the Frame and Chocolate Films, as well as galleries including the National Gallery, Serpentine Galleries, and Attenborough Centre for Creative Arts.

During 2023/24, the majority of live subtitled events were online, with around half having a hybrid element, including Sheaf Poetry Festival events, the National Trust conference, and the AMA Heritage Compass Symposium. In person talks delivered remotely included a Full Council Meeting for Colchester City Council, a Digital Culture Network event, and Devoted and Disgruntled 2024. The majority of live subtitling services were delivered using remote speech-to-text, but this year we provided live subtitles in person for events including ITV’s Loose Women Deaf Awareness Special, the Colchester Christmas Lights Switch On, and Outspoken at the

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TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

Southbank. We provided live subtitles for tablet tours at Towner Eastbourne, the V&A, and the British Library.

We continue to work with and develop our live speech-to-text services with MyClearText to deliver live subtitles across the arts and cultural sector. This allows Stagetext to focus on securing new clients, raising awareness of our services and advocating for better access in more venues.

Digital

We actively encourage cultural organisations to make their digital work accessible to deaf, deafened and hard of hearing people. We offer support and advice including freely available training to enable venues to subtitle their own short videos on YouTube. Digital work ensures that neither cost nor location present a barrier and can greatly increase reach, as we saw at the height of the pandemic.

Our Digital Programme worked with 27 organisations in 2023/24, to ensure their digital content was accessible to deaf, deafened and hard of hearing viewers. 9 of these organisations were new. We made a total of 92 digital works accessible, comprising 4,988 minutes – a continued decrease on the previous year. The demand for digital subtitling has decreased across all sectors, and we surmise that cultural organisations are focusing on access in-person events, and are offering less recorded work to the public.

Among others, we worked with Birmingham Museums Trust, National Theatre, Orange Tree Theatre, Oily Cart, and Tour De Moon, as well as several independent artists.

Training

In 2023/24 we trained over 370 cultural professionals at 27 organisations in Deaf Awareness, including 130 people in the South East of England. We also worked with our sister charity, VocalEyes, to train over 50 emerging cultural professionals in drama schools.

Client feedback

Feedback from arts and cultural venues helps us to improve and develop our services. Here is a selection of feedback from cultural professionals in 2023/24:

UNDER OUR SECOND PRIORITY – DEVELOPING AND UNDERSTANDING OUR AUDIENCES

Audience Figures

Our audience figures are captured after year end, through collecting information from venues we have worked with during the year. The data is owned by the venues we work with, and we do not always have access to that data. For example, at a captioned performance, not all caption users sit in the allocated seats or book through an access scheme, so while a theatre can supply us with data, it may not reflect the full picture. At the other extreme, one digital video can have millions of subtitled views, and if we receive that data, it will have a

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TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

significant impact on our audience figures. This year we received data on 83% of captioned theatre performances, 80% of live subtitled events, and 46% of digital videos.

In 2023/24, we reached 16% more caption users at theatre performances year on year, building on the postlockdown increases in prior years, and the higher number of performances captioned overall. This data relates to the 413 performances captioned by Stagetext this year; unfortunately, we are unable to collect data for the additional 801 captioned performances we supported, which could easily treble these figures.

Reported audience figures for live subtitled events decreased by 14%, in spite of us delivering more events in 2023/24 compared with 2022/23. We believe this is due to a change in the way we collect data, rather than a trend. This year we collected the data on a quarterly basis rather than annually, which means that views of live subtitled content post-event have not been included.

Estimated audience figures for digitally subtitled content decreased significantly, in part due to the reduction in content subtitled, but primarily due to a change in the way that our clients are sharing their content. There has been a move away from hosting content on YouTube, which provides analytics on known subtitled views, and towards hosting content on organisation’s own websites, on-demand platforms, or from physical installations such as gallery or film screenings. It is more difficult to collect data on known views from these sources, so the data we have on digital views is all estimated this year.

In total, both known and estimated reach were lower than in 2022/23, however we believe this highlights the difficulty of data collection above any other factor. In addition, in 2022/23, audience figures were significantly boosted by our touring exhibition, Captions Speak Louder, which was not on display this year.

Total reach : Based on the available data, in 2023/24, work that we captioned or subtitled had a known audience of 96,797 and an estimated audience of 360,520, giving a total reach of 457,317. This is broken down as follows:

Theatre : There were 4,835 known caption users attending theatre performances, and an estimated audience of a further 264,845, giving total reach of 269,680.

Live Subtitling : There were 91,962 known subtitled views of live subtitled events, with an estimated further 7,165 subtitled views, giving total reach of 99,127.

Digital : There were 88,510 estimated subtitled views of pre-recorded content.

Audience Feedback

Our audience sampling helps us to understand the range of our beneficiaries and the quality of their experience. Here is a selection of feedback from caption users during 2023/24:

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TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

Ambassador Panel:

This year, with the support of the National Lottery Community Fund, we developed our volunteer user panel in a more active Ambassador Panel, and began to widen the membership with a recruitment drive. In particular we were seeking new Ambassadors in the South East region. We now have 25 people on the Ambassador Panel, all of whom are users of Stagetext’s services and the majority of whom are deaf, deafened or hard of hearing. We use the Panel to get feedback on accessible events, to deliver outreach presentations, and to consult on our work.

State of Theatre Access 2023

In 2023/24 we worked with VocalEyes, the Centre for Accessible Environments, and a group of volunteers to undertake a survey of access information available for the UK theatre sector.

The report shows:

The report was the result of data collection by a team of 20 volunteer researchers with lived experience. The volunteers surveyed the websites of over almost 800 professional theatres across the UK.

You can find the report here: https://vocaleyes.co.uk/research/state-of-theatre-access-2023/

Stagetext would like to thank VocalEyes for leading the volunteers and driving the project forwards.

Children and Young People:

We are committed to the provision of captioning and live subtitling, to enable deaf, deafened and hard of hearing children and young people to access arts and culture, alongside their families and peers. Captioning has particular benefits for people for whom English is not their first language, as well as neurodivergent people, and there is evidence of a link between the use of captioning and literacy.

In 2023/24 we captioned 81 theatre shows for children and young people, a continued increase of 21% year on year. These included Snow White and the Seven Dwarfs at Aylesbury Waterside Theatre, The Sound of Music at Chichester Festival Theatre, and The Witches at the National Theatre.

We live subtitled 26 talks and events aimed at children and young people, including Cap-A-Pie (Protecting Insects and Nature), Edinburgh Book Festival (Charms and Curses with Elle McNicoll), and WOW (Young Leaders Convening).

We also subtitled CYP focused videos for LEEDS 2023.

UNDER OUR THIRD PRIORITY – UNDERPINNING OUR SERVICES

Deaf Awareness Week 2023

2023/24 was the first year we took part in the national Deaf Awareness Week campaign, which takes place each May. This year the theme was ‘Access to Communication’.

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TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

We put together two webinars on deaf audience experience aimed at cultural professionals, which were hugely popular: 99 people attended the ‘Deaf Awareness Training’ session, and a further 37 attended the session on ‘How subtitles improve visitor experience’.

A media highlight was providing live subtitles for the audience during the filming of an ITV Loose Women Deaf Awareness special episode, which featured Rose Ayling-Ellis. In addition, ITV’s The Chase featured a question relating to our 2021 research which found that 80% of 18-24 year olds use subtitles some or all of the time at home.

Captioning Awareness Week 2023

This year, the target of the Captioning Awareness Week campaign was to engage with the public and venues through the South East region, from our new home in Colchester.

The campaign had both national and regional strands. National PR was driven by our latest research, which shows that the main reason people use subtitles at home is for concentration, while a webinar on subtitling in online spaces was delivered to 38 cultural professionals across the country. Theatres and venues across the country showed their support for Captioning Awareness Week by putting on 22 captioned performances, using our promotional toolkits, and engaging on social media. Stagetext Ambassadors, board members and staff attended events to help promote the campaign.

Our regional approach included the live subtitling of the Colchester Christmas Lights switch on, outside our new home, the Mercury Theatre, and a drinks reception for key stakeholders across the South East. Both events heralded our arrival in the area and marked the start of new relationships.

We asked some members of the public what they thought of the subtitles at the Big Festive Switch On event:

The event reached over 800 people in person and over 900 people online.

Feedback from the webinar included:

UNDER OUR FOURTH PRIORITY – GROWING OUR RESOURCES

Infrastructure

Stagetext is committed to supporting and maintaining the infrastructure that enables theatre captioning to take place. This includes working with a pool of skilled freelance captioners, and ensuring that access to caption units and software is available. The majority of this infrastructure is the legacy of the DCMS funded See A Voice project in 2006.

IPSO funding and transfer programme

2023/24 was the first year of regular funding from the Arts Council as an Investment Principles Support Organisation (IPSO). Our role as an IPSO is to support arts organisations with the Inclusion and Relevance Investment Principle i.e. to help them deliver and embed deaf access in their organisations.

In addition, Stagetext is part of the Arts Council’s transfer programme, which meant we had to move out of

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STAGETEXT

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TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

London before October 2024. Following a feasibility study, Stagetext moved to the Mercury Theatre in Colchester in September 2023. Having completed the transfer, we will need to apply to the Arts Council to continue our funding as part of the portfolio in 2025/26 and 2026/27.

Professional development

We are committed to supporting professional development by ensuring each member of staff has access to both internal and external training. Staff members have individual training plans, which are collated and monitored to ensure equal engagement. Development tools have included mentorship, external training courses and internal progression routes. All staff are encouraged to attend events that Stagetext supports, in order that staff members can advocate for Stagetext, across the spectrum of arts delivery.

OUR AIMS FOR THE NEXT YEAR 2024/25

Under our first priority – widening access provision – we will:

Under our second priority – developing and understanding our audiences – we will:

Under our third priority – Underpinning our Services – we will:

Under our fourth priority – Growing our Resources – we will:

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TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

sponsorship.

Public benefit statement

We have referred to the Charity Commission’s general guidance on public benefit when reviewing our aims and objectives and in planning our future activities. In particular, the trustees consider how planned activities will contribute to the aims and objectives they have set.

Stagetext’s work benefits people who are deaf, deafened and hard of hearing.

The trustees have considered this matter and concluded:

  1. That the aims of the organisation continue to be charitable.

  2. That the aims and the work done give identifiable benefits to the charitable sector and both directly and indirectly to individuals in need.

  3. That the benefits are for the public, are not unreasonably restricted in any way and certainly not by any ability to pay; and

  4. That there is no detriment or harm arising from the aims or activities.

FINANCIAL REVIEW

Stagetext reports overall income of £950,306 in 2023/24 compared to £877,786 in 2022/23. The overall result for the year reports net incoming resources of £29,656 (2022/23 net outgoing resources of £37,917) as shown in the charity’s Statement of Financial Activities (SoFA). The overall financial performance reflects the following key aspects:

Fee income in respect of our services of £538,261 increased in 2023/24 compared to £516,077 in 2022/23.

The financial performance from Theatre captioning and speech-to-text (STTR) services generated income of £327,410 compared to £283,168 in 2022/23.

The financial performance from non-theatre captioning and STTR services (Live Subtitling) generated income of £186,156 compared to £194,431 in 2022/23.

The financial performance from Digital subtitling services generated income of £21,928, a decrease compared to £37,208 in 2022/23.

During the year Stagetext secured a total of £402,133 of core and specific project income grants from trusts and foundations. This included a restricted grant to undertake a feasibility study on where to move to.

Stagetext received £3,691 from donations and gifts including individual donors compared to £6,010 in 2022/23. We continue to develop this area of fundraising to support our general programme.

Total expenditure attributed to generating new voluntary and charitable funds was £26,607 compared to £42,142 in 2022/23.

Total expenditure attributed to governance costs associated with meeting the charity’s strategic administration and statutory requirements was £16,352 compared to £10,039 in 2022/23.

Overall funds stand at £281,578 at 31 March 2024 which is an increase from £251,922 at 31 March 2023. Restricted reserves stand at £Nil (£6,330 at 31 March 2023).

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STAGETEXT

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

Overall financial performance comprises separate funds, and further details on the financial position can be gained by reference to the balance and movements on each fund which are described in the reserves policy.

PRINCIPAL FUNDING SOURCES

During the year Stagetext continued to be funded by Arts Council England (ACE) with 2023/24 being the first year of a new funding period 2023-27. As well as ACE core funding, we received a grant from ACE for feasibility activities relating to our move out of London. Other successes included securing a core grant from Schroder Charitable Trust.

Stagetext’s income continues to come from a range of sources, including earned income from its captioning, STTR and digital services. This is supported by grants from statutory bodies, charitable trusts and foundations, and donations from individuals and corporate supporters.

INVESTMENT POLICY

The trustees have decided that the current policy of holding funds in UK deposit accounts should continue. The charity continues to keep its investments into two deposit accounts to improve the rate of interest it receives on some of its reserves whilst also making it easier to be flexible if necessary. Apart from retaining a prudent amount in reserves each year, most of the charity’s funds are required in the short term so there are few funds available for long term investment. As and when funds become available the Board of Trustees will seek professional advice on the most appropriate and financially beneficial policy.

FUNDRAISING

Most of Stagetext’s income comes from statutory and major grants with small amounts coming from Trusts and donations. We undertake very little public fundraising. This year we didn’t work with any professional fundraisers. Stagetext observes and complies with the relevant fundraising regulations and codes. During the year there was no non-compliance with these regulations and codes and Stagetext has received no complaints relating to its fundraising practices.

RESERVES POLICY AND GOING CONCERN

The reserves policy and position are reviewed by the Board on a regular basis. Strategic reviews are developed, and the financial and funding position is monitored to ensure that sufficient reserves are held and sustained on an on-going basis.

The Board of Trustees have reviewed the general reserves policy in light of increased staffing costs, and has agreed to update the general reserves policy to £140,000, which is three months of key operating costs.

The trustees have reviewed financial budgets over the next 12 months and are confident that Stagetext is a going concern and financially viable up to that date and beyond. Budgets are set in advance of the financial year and the forecast is updated periodically.

Restricted funds: these funds represent grants provided to fund specific expenditure in agreed areas of delivery. Restricted funds at 31 March 2024 were £Nil.

Unrestricted funds: it is the policy of the charity that unrestricted funds which have not been designated for a specific use should be maintained at a level equivalent to three month’s expenditure. The trustees consider that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the charity’s current activities while consideration is given to ways in which additional funds may be raised. This level of reserves has been maintained throughout the year.

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TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

Designated funds: these are funds which the Board of Trustees has designated to meet future risks and commitments as part of their strategic vision and risk assessment for sustainability. The funds include a strategic business development fund for development activities to ensure our long-term viability and sustainability and are held as follows: tangible fixed assets (£3,128); intangible fixed assets (£21,990); strategic business development (£42,510); delivery support for our talks programme (£20,000); advocacy strategy & implementation (£17,000); dilapidations (£10,000); and technical initiatives (£25,000). The balance of these funds at the end of the year was £139,628 (2022/23: £88,021).

General funds: these funds represent the free reserves available to the charity which can be used for any purpose within its charitable objects. These costs can include programme delivery, income generation, management and administration costs as well as any shortfalls in restricted fund activity if required. The balance of these funds at the end of the year was £141,950 (2022/23 £157,571).

RISK MANAGEMENT

The Board is required to assess the major risks to which the charity is exposed and establish systems to mitigate these risks. The Board is also required to ensure the charity complies fully with the law and eliminates all risk of breaching the law. Stagetext has a risk management and legal compliance strategy that comprises identification of risks, evaluation of their potential impact, design of risk management and legal compliance programmes followed by implementation and review points. The Senior Management team reviews progress regularly and a comprehensive risk register is maintained which is reviewed at each meeting of the Board of Trustees. The register includes both strategic and operational risks. The trustees have assessed the major risks to which the charity is exposed and are satisfied that systems are in place to mitigate exposure to the major risks.

EMPLOYEES

The people employed by Stagetext are the most valuable assets of the organisation and the successful organisation is the one able to secure the maximum potential of its employees. Underpinning the aims which are designed to achieve the vision of Stagetext, there are a number of values we seek to promote.

We want to ensure there is an overriding ethos by which everyone is influenced. This means we want to ensure there are the same standards and expectations of trustees, staff and volunteers.

The ethos of Stagetext is derived from the following characteristics of the organisation:-

Both office staff and freelance personnel must demonstrate their commitment to the ethos of Stagetext by being qualified, or by undertaking training in deaf awareness, communication tactics, British Sign Language, SignSupported English, lip-speaking and similar skills as required. Office staff and freelance personnel will similarly be expected to show their commitment to a relationship of mutual respect between hearing and deaf, deafened and hard of hearing people. Stagetext is committed to thinking laterally and imaginatively as to how it may recruit trustees, staff, freelance personnel and volunteers who demonstrate its ethos.

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STAGETEXT

(A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

Stagetext is committed to equal opportunities and making it happen in practice. As an example, we advertise posts widely and ask applicants to complete an anonymous equal opportunities form so that we can ensure that our job opportunities are reaching all sectors of our community.

Stagetext believes in continuing professional development for all staff. We endeavour to ensure that all employees receive appropriate training both at the start of their job and during their continuing employment with us. We regularly review the performance of all our employees. They receive supervision from their line manager on a quarterly basis and a formal appraisal once a year. We undertake this exercise to maximise the potential of all employees and to highlight areas for development and training.

None of the trustees has any beneficial interest in the company. All of the trustees are members of the company and guarantee to contribute £1 in the event of a winding up.

Trustees are recruited through an open application process, with recruitment drives targeted for a specific skill requirement or sector knowledge where needed. Candidates are supplied with a recruitment pack which includes full details on the organisation, what the role of Trustee entails, and the commitment required. Shortlisted candidates are initially interviewed by a small group of Trustees and the CEO, and then recommended to the Board for appointment. All Trustees receive deaf awareness training following appointment.

The CEO is supported by the Head of Insight and Development (Deputy CEO), the Head of Advocacy and Engagement, the Head of Theatre and Training, and the Head of Systems and Services. The CEO manages this senior management team, and the Head of Advocacy and Engagement manages the Marketing and Administration Coordinator. The Head of Systems and Services manages the Live Subtitling Manager, and at present the two Theatre Programme Managers, while the Head of Theatre and Training is on maternity leave. Each programme manager manages a pool of highly experienced and specialist freelancers to deliver our programme of work. Our finance delivery is outsourced to PEM.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Stagetext is a registered charity and company limited by guarantee, governed by its Memorandum and Articles of Association, incorporated on 17 May 2000 and amended by special resolution on 30 November 2000, 31 July 2006 and 29 April 2009.

Stagetext was founded to increase access to the arts for people who are deaf, deafened or hard of hearing. The founding trustees were Peter Pullan, Merfyn Williams and Geoff Brown and despite none of its founding Trustees still serving on its board, Stagetext remains a deaf-led organisation with six of its ten trustees being deaf, deafened or hard of hearing.

The trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were:

Robin Saphra (Chair) Sarah Bradley (Treasurer) Benjamin Glover Christopher Reid Jessica Ryan-Ndegwa Nina Thomas Sally Yarwood Sophie Ede (appointed 22/05/24) Marie-Clare Fenech (appointed 22/05/24) Kasia Senyszyn (appointed 22/05/24) Rebecca Morris (retired 24/05/23) Rachel Jele (retired 30/06/23) Tim Hardy (retired 08/11/23)

Page 14

STAGETEXT

(A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

In June 2023, Rachel Jele resigned as a trustee and, following an open recruitment process, was offered the position of Head of Advocacy and Engagement at Stagetext. Rachel Jele had no involvement in the decision to create the role or in the recruitment process; and she did not lobby for the post or otherwise identify herself as the most suitable candidate, so the Charity Commission’s guidance stated that Stagetext did not require its permission to proceed. Trustees were satisfied that the recruitment process was in the best interests of the charity and that potential conflicts of interest were managed.

Stagetext aims to comply with the Charity Governance Code as endorsed by the National Hub of Expertise in Governance. We aim to ensure that Stagetext policy, practice and procedures satisfy the principles that underpin the Code. The trustees regularly review the make-up of the Board to identify skills that are needed. New trustees undergo an induction and training programme which includes experience of Stagetext service delivery in action and written information designed to prepare them for effective participation on the Board.

The Finance & General Purposes Committee is a formal committee of the Board of Trustees of Stagetext set up to advise the Chief Executive and the Board of Trustees on financial, personnel and legal matters and to ensure that Stagetext is run on a sound and business-like basis. The committee meets quarterly.

A working group on Equity, Diversity and Inclusion is open to all Trustees and staff to support and drive forward our EDI work.

The Chief Executive is responsible for the day-to-day management of Stagetext’s operations and for the implementation of policies agreed by the Board. A working group of trustees is responsible for the evaluation of the Chief Executive’s performance. Expenditure above £5,000 is signed off by the Board.

All staff are paid above the London living wage. Any salary increases for staff, including the Chief Executive are reviewed and set by the Board on an annual basis. All increases are in line with inflation rates and cultural sector salaries.

STATEMENT OF RESPONSIBILITIES OF THE TRUSTEES

The trustees (who are also directors of Stagetext for the purposes of company law) are responsible for preparing the trustees’ annual report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing these financial statements, the trustees are required to:

The trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company 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

Page 15

STAGETEXT

(A Company Limited by Guarantee)

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

included on the charitable company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies’ regime.

Approved by order of the members of the board of Trustees and signed on their behalf by:

................................................ Robin Saphra Chair

Date:

Page 16

STAGETEXT

(A Company Limited by Guarantee)

INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 MARCH 2024

INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF STAGETEXT ('the Charity')

I report to the charity Trustees on my examination of the accounts of the Charity for the year ended 31 March 2024.

RESPONSIBILITIES AND BASIS OF REPORT

As the Trustees of the Charity (and its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act').

Having satisfied myself that the accounts of the Charity are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of the Charity's accounts carried out under section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.

INDEPENDENT EXAMINER'S STATEMENT

Since the Charity's gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of the Institute of Chartered Accounts in England and Wales, which is one of the listed bodies.

I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:

  1. accounting records were not kept in respect of the Charity as required by section 386 of the 2006 Act; or

  2. the accounts do not accord with those records; or

  3. the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a 'true and fair' view which is not a matter considered as part of an independent examination; or

  4. the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities.

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.

This report is made solely to the Charity's Trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. My work has been undertaken so that I might state to the Charity's Trustees those matters I am required to state to them in an Independent Examiner's Report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the Charity and the Charity's Trustees as a body, for my work or for this report.

Signed: Dated:

Fleur Holden FCA

Sayer Vincent LLP, 110 Golden Lane, London, EC1Y 0TG

Page 17

STAGETEXT

(A Company Limited by Guarantee)

STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 MARCH 2024

Note
INCOME FROM:
Grants, donations and gifts
3
Charitable activities
4
Investments
5
Other income
6
TOTAL INCOME
EXPENDITURE ON:
Raising funds
8
Charitable activities
7,8
TOTAL EXPENDITURE
NET MOVEMENT IN FUNDS
RECONCILIATION OF FUNDS:
Total funds brought forward
Net movement in funds
TOTAL FUNDS CARRIED FORWARD		 Restricted
funds
2024
£
35,415
-
-
-
35,415
-
41,745
41,745
(6,330)
6,330
(6,330)
-		 Unrestricted
funds
2024
£
370,409
538,261
6,158
63
914,891
26,607
852,298
878,905
35,986
245,592
35,986
281,578		 Total
funds
2024
£
405,824
538,261
6,158
63
950,306
26,607
894,043
920,650
29,656
251,922
29,656
281,578		 Total
funds
2023
£
343,990
516,077
2,165
15,554
877,786
42,142
873,561
915,703
(37,917)
289,839
(37,917)
251,922

The Statement of Financial Activities includes all gains and losses recognised in the year.

The notes on pages 22 to 42 form part of these financial statements.

Page 18

STAGETEXT (A Company Limited by Guarantee) REGISTERED NUMBER: 03995686

BALANCE SHEET AS AT 31 MARCH 2024

Note
FIXED ASSETS
Intangible assets
12
Tangible assets
13
CURRENT ASSETS
Debtors
14
Cash at bank and in hand
Creditors: amounts falling due within one
year
15
NET CURRENT ASSETS
TOTAL NET ASSETS
CHARITY FUNDS
Restricted funds
16
Unrestricted funds
16
TOTAL FUNDS		 110,625
232,254
342,879
(86,419)		 2024
£
21,990
3,128
25,118
256,460
281,578
-
281,578
281,578		 106,187
208,450
314,637
(76,066)		 2023
£
7,330
6,021
13,351
238,571
251,922
6,330
245,592
251,922

The Charity was entitled to exemption from audit under section 477 of the Companies Act 2006.

The members have not required the company to obtain an audit for the year in question in accordance with section 476 of Companies Act 2006.

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 19

STAGETEXT (A Company Limited by Guarantee) REGISTERED NUMBER: 03995686

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:

................................................ ................................................ Robin Saphra Sarah Bradley Chair Treasurer

Date:

The notes on pages 22 to 42 form part of these financial statements.

Page 20

STAGETEXT

(A Company Limited by Guarantee)

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2024

Note
CASH FLOWS FROM OPERATING ACTIVITIES
Net cash generated from/(used in) operating activities
18
CASH FLOWS FROM INVESTING ACTIVITIES
Interest from investments
Proceeds from the sale of tangible fixed assets
Purchase of intangible assets
Purchase of tangible fixed assets
NET CASH 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
19		 2024
£
33,373
6,158
265
(14,660)
(1,332)
(9,569)
23,804
208,450
232,254		 2023
£
(65,554)
2,165
-
(7,330)
(3,224)
(8,389)
(73,943)
282,393
208,450

The notes on pages 22 to 42 form part of these financial statements

Page 21

(A Company Limited by Guarantee)

STAGETEXT

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

1. GENERAL INFORMATION

Stagetext is a private company limited by guarantee and is incorporated in England and Wales. The registered office address is Mercury Theatre, Balkerne Gate, Colchester, CO1 1PT. The liability of each member in the event of a winding up is limited to £1.

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.

Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy or note.

In applying the financial reporting framework, the trustees have made a number of subjective judgements, for example in respect of significant accounting estimates. Estimates and judgements 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 nature of the estimation means the actual outcomes could differ from those estimates. Any significant estimates and judgements affecting these financial statements are detailed within the relevant accounting policy below.

Stagetext 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.

2.2 GOING CONCERN

After making appropriate enquiries, the Trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the accounting policies.

The trustees consider that there are no material uncertainties about the Charity's ability to continue as a going concern.

Page 22

(A Company Limited by Guarantee)

STAGETEXT

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

2. ACCOUNTING POLICIES (CONTINUED)

2.3 INCOME

All income is recognised once the Charity 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 government and other grants, whether ‘capital’ grants or ‘revenue’ 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.

Income received in advance of the provision of a specified service is deferred until the criteria for income recognition are met.

Donations of gifts, services and facilities

Donated professional services and donated facilities are recognised as income when the charity has control over the item or received the service, any conditions associated with the donation have been met, the receipt of economic benefit from the use by the Charity of the item is probable and that economic benefit can be measured reliably. In accordance with the Charities SORP (FRS 102), volunteer time is not recognised so refer to the trustees’ annual report for more information about their contribution.

On receipt, donated gifts, 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.

2.4 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 institution with whom the funds are deposited.

2.5 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 Charity 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 designated 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 Charity 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.

Investment income, gains and losses are allocated to the appropriate fund.

Page 23

(A Company Limited by Guarantee)

STAGETEXT

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

2. ACCOUNTING POLICIES (CONTINUED)

2.6 EXPENDITURE

Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably. Expenditure is classified under the following activity headings:

Costs of raising funds relate to the costs incurred by the Charity in inducing third parties to make voluntary contributions to it, as well as the cost of any activities with a fundraising purpose.

Expenditure on charitable activities includes the costs of delivering services, exhibitions and other educational activities undertaken to further the purposes of the charity and their associated support costs.

Other expenditure represents those items not falling into any other heading.

All expenditure is inclusive of any irrecoverable VAT.

2.7 ALLOCATION OF SUPPORT COSTS

Resources expended are assigned to the particular activity where the cost relates directly to that activity.

Support and governance costs that cannot be directly attributed to a particular activity are allocated in proportion to the income generated by that activity, as follows:

Theatre captioning & STT services 61% Non-theatre captioning & STT services 35% Digital subtitling 4% Training & consultancy 1%

Where information about the aims, objectives and projects of the Charity is provided to potential beneficiaries, the costs associated with this publicity are allocated to charitable expenditure.

Where such information about the aims, objectives and projects of the Charity is also provided to potential donors, activity costs are apportioned between fundraising and charitable activities on the basis of area of literature occupied by each activity.

Governance costs are the costs associated with the governance arrangements of the Charity. These costs are associated with constitutional and statutory requirements and include any costs associated with the strategic management of the Charity’s activities.

2.8 RESEARCH AND DEVELOPMENT

Development costs are capitalised within intangible assets where they can be identified with a specific product or project anticipated to produce future benefits, and are amortised on the straight line basis over the anticipated life of the benefits arising from the completed product or project.

Deferred research and development costs are reviewed annually, and where future benefits are deemed to have ceased or to be in doubt, the balance of any related research and development is written off to the Statement of Financial Activities.

Page 24

(A Company Limited by Guarantee)

STAGETEXT

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

2. ACCOUNTING POLICIES (CONTINUED)

2.9 OPERATING LEASES

Rental charges are charged on a straight line basis over the term of the lease.

2.10 TANGIBLE FIXED ASSETS AND DEPRECIATION

Items of equipment are capitalised where the purchase price exceeds £500. Depreciation costs are allocated to activities on the basis of the use of the related assets in those activities. Assets are reviewed for impairment if circumstances indicate their carrying value may exceed their net realisable value and value in use.

Where fixed assets have been revalued, any excess between the revalued amount and the historic cost of the asset will be shown as a revaluation reserve in the balance sheet.

Depreciation is provided at rates calculated to write down the cost of each asset to its estimated residual value over its expected useful life.

Depreciation is provided on the following bases:

2.11 INTANGIBLE ASSETS AND AMORTISATION

Intangible assets costing £500 or more are capitalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably.

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

2.12 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.

2.13 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.

Page 25

(A Company Limited by Guarantee)

STAGETEXT

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

2. ACCOUNTING POLICIES (CONTINUED)

2.14 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 in the Statement of Financial Activities as a finance cost.

2.15 FINANCIAL INSTRUMENTS

The Charity 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.

2.16 PENSIONS

The charity makes payments to defined contribution pension schemes on behalf of employees. The assets of the schemes are held separately from those of the charitable company in independently administered funds. The pension cost charge represents contributions payable to the funds during the year. The charity has no liability under the schemes other than the payment of those contributions.

3. INCOME FROM GRANTS, DONATIONS & GIFTS

Arts Council England
Schroder Charitable Trust
ACE Cultural Recovery Fund
Donations and gifts		 Restricted
funds
2024
Unrestricted
funds
2024
£
£
35,000
363,718
-
3,000
415
-
-
3,691
35,415
370,409		 Total
funds
2024
£
398,718
3,000
415
3,691
405,824

Page 26

(A Company Limited by Guarantee)

STAGETEXT

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

Restricted
funds
2023
£
Arts Council England
-
Garfield Weston Foundation
-
National Lottery Heritage Fund
23,455
National Lottery Community Fund
10,000
ACE Cultural Recovery Fund
807
Donations and gifts
-
Donated services
-
34,262
4.
INCOME FROM CHARITABLE ACTIVITIES
Unrestricted
funds
2024
£
Theatre captioning & STT services
327,410
Non-theatre captioning & STT services
186,156
Digital subtitling
21,928
Training & consultancy
2,767
538,261		 Unrestricted
funds
2023
£
273,718
30,000
-
-
-
5,110
900
309,728
Total
funds
2024
£
327,410
186,156
21,928
2,767
538,261		 Total
funds
2023
£
273,718
30,000
23,455
10,000
807
5,110
900
343,990
Total
funds
2023
£
283,168
194,431
37,208
1,270
516,077

In the prior year, all income from charitable activities was unrestricted.

5. INVESTMENT INCOME

Unrestricted
funds
2024
£
Interest receivable
6,158
In the prior year, all investment income was unrestricted.		 Total
funds
2024
£
6,158		 Total
funds
2023
£
2,165

Page 27

(A Company Limited by Guarantee)

STAGETEXT

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

6. OTHER INCOMING RESOURCES

Gain on sale of tangible fixed assets
Management fees
Honorarium attendee fees		 Unrestricted
funds
2024
£
63
-
-
63		 Total
funds
2024
£
63
-
-
63		 Total
funds
2023
£
-
15,421
133
15,554

In the prior year, all other incoming resources was unrestricted.

7. ANALYSIS OF EXPENDITURE ON CHARITABLE ACTIVITIES

Theatre captioning & STT services
Non-theatre captioning & STT services
Digital subtitling
Training & consultancy
Theatre captioning & STT services
Non-theatre captioning & STT services
Digital subtitling
Training & consultancy
Equipment sales, hires & maintenance		 Restricted
funds
2024
Unrestricted
funds
2024
£
£
32,172
481,952
5,349
299,301
4,204
49,969
20
21,076
41,745
852,298
Restricted
funds
2023
Unrestricted
funds
2023
£
£
17,841
401,448
8,172
301,488
1,872
134,613
47
7,455
-
625
27,932
845,629		 Total
funds
2024
£
514,124
304,650
54,173
21,096
894,043
Total
funds
2023
£
419,289
309,660
136,485
7,502
625
873,561

Page 28

STAGETEXT

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

8. ANALYSIS OF EXPENDITURE (CURRENT YEAR)

Theatre Non-theatre Equipment
captioning captioning sales, hires
& STT & STT Digital Training & & Raising Support
services services subtitling consultancy maintenance **funds ** Governance costs 2024 total 2023 total
£ £ £ £ £ £ £ £ £ £
Staff costs 75,810 64,476 14,200 19,541 - 26,607 4,317 100,826 305,777 359,821
Captioner fees &
expenses 190,611 - - - - - - - 190,611 164,990
Technical fees &
expenses 82,225 935 - - - - - - 83,160 73,382
Speech-to-text fees
& expenses 1,401 150,468 - - - - - - 151,869 168,900
Digital subtitling - - 17,884 - - - - - 17,884 27,551
Marketing,
advocacy &
promotions - - - - - - - 26,837 26,837 36,845
Training &
consultancy 22,775 4,001 4,001 455 - - - - 31,232 622
Equipment - - - - - - - 52 52 407
Development costs 825 - - - - - - - 825 1,765
Premises & office
running costs 10,403 10,762 9,327 - - - - 1,522 32,014 32,566
Other staff related
costs - - - - - - 1,454 15,944 17,398 6,868
IT support - - - - - - - 8,949 8,949 4,649

Page 29

STAGETEXT

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024		 NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024		 NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024		 NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
Legal & professional
fees		 - - - - - - 240 9,460 9,700 741
Accountancy
services		 - - - - - - 3,000 26,520 29,520 12,500
Insurance - - - - - - - 3,281 3,281 2,918
Independent
examiner		 - - - - - - 4,450 - 4,450 4,150
Board expenses,
access &
recruitment		 - - - - - - 2,891 - 2,891 2,698
Fundraising costs - - - - - - - - - 6,050
Depreciation 120 120 58 - - - - 3,725 4,023 8,126
Miscellaneous - - - - - - - 177 177 154
384,170 230,762 45,470 19,996 - 26,607 16,352 197,293 920,650 915,703
Support costs 120,007 68,233 8,037 1,015 - - - (197,293) - -
Governance costs 9,947 5,655 666 84 - - (16,352) - - -
Total expenditure
2024		 514,124 304,650 54,173 21,095 - 26,607 - - 920,650 915,703

Page 30

STAGETEXT

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

ANALYSIS OF EXPENDITURE (PRIOR YEAR)

Theatre Non-theatre Equipment
captioning captioning sales, hires
& STT & STT Digital Training & & Raising Support
services services subtitling consultancy maintenance **funds ** Governance costs 2023 total
£ £ £ £ £ £ £ £ £
Staff costs 65,717 64,698 89,752 6,669 - 36,092 - 96,893 359,821
Captioner fees & expenses 164,365 - - - 625 - - - 164,990
Technical fees & expenses 72,139 1,243 - - - - - - 73,382
Speech-to-text fees & expenses 3,830 165,070 - - - - - - 168,900
Digital subtitling - - 27,551 - - - - - 27,551
Marketing, advocacy & promotions - - - - - - - 36,845 36,845
Training & consultancy 192 34 34 362 - - - - 622
Equipment - - - - - - - 407 407
Development costs 1,765 - - - - - - - 1,765
Premises & office running costs 5,473 5,662 4,907 - - - - 16,524 32,566
Other staff related costs - - - - - - 451 6,417 6,868
IT support - - - - - - - 4,649 4,649
Legal & professional fees - - - - - - 240 501 741
Accountancy services - - - - - - 2,500 10,000 12,500
Insurance - - - - - - - 2,918 2,918
Independent examiner - - - - - - 4,150 - 4,150
Board expenses, access &
recruitment - - - - - - 2,698 - 2,698

Page 31

STAGETEXT

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

Fundraising costs - - - - - 6,050 - - 6,050
Depreciation 961 961 464 - - - - 5,740 8,126
Miscellaneous - - - - - - - 154 154
314,442 237,668 122,708 7,031 625 42,142 10,039 181,048 915,703
Support costs 99,339 68,209 13,053 447 - - - (181,048) -
Governance costs 5,508 3,782 724 25 - - (10,039) - -
Total expenditure 2023 419,289 309,659 136,485 7,503 625 42,142 - - 915,703

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(A Company Limited by Guarantee)

STAGETEXT

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

9. INDEPENDENT EXAMINER'S REMUNERATION

The independent examiner's remuneration amounts to an independent examiner fee of £4,450 (2023 - £4,150).

10. STAFF COSTS

Wages and salaries
Social security costs
Contribution to defined contribution pension schemes		 2024
£
252,086
20,897
32,794
305,777		 2023
£
306,087
28,268
25,466
359,821

The average number of persons employed by the Charity during the year was as follows:

2024 2023
No. No.
Employees 7 8

No employee received remuneration amounting to more than £60,000 in either year.

Key management personnel comprises the Trustees, Chief Executive and Head of Insight and Development. The total employee benefits (including pension contributions and employer's national insurance) of the key management personnel were £111,454 (2023: £117,478).

11. TRUSTEES' REMUNERATION AND EXPENSES

During the year, no Trustees received any remuneration or other benefits (2023 - £NIL).

During the year ended 31 March 2024, expenses totalling £390 were reimbursed or paid directly to 4 Trustees (2023 - £NIL). Expenses related to travel and subsistence.

Page 33

STAGETEXT

(A Company Limited by Guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

12. INTANGIBLE ASSETS

COST
At 1 April 2023
Additions
At 31 March 2024
NET BOOK VALUE
At 31 March 2024
At 31 March 2023		 Intangible
assets under
development
£
7,330
14,660
21,990
21,990
7,330

As the intangible assets are still under development, no amortisation has been charged.

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(A Company Limited by Guarantee)

STAGETEXT

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

13. TANGIBLE FIXED ASSETS

Leasehold
improvements
£
COST
At 1 April 2023
9,713
Additions
-
Disposals
(9,713)
At 31 March 2024
-
DEPRECIATION
At 1 April 2023
8,256
Charge for the year
1,457
On disposals
(9,713)
At 31 March 2024
-
NET BOOK VALUE
At 31 March 2024
-
At 31 March 2023
1,457
14.
DEBTORS
DUE WITHIN ONE YEAR
Trade debtors
Other debtors
Prepayments and accrued income		 Office &
computer
equipment
£
30,825
1,332
(9,829)
22,328
26,261
2,566
(9,627)
19,200
3,128
4,564
2024
£
66,268
6,580
37,777
110,625		 Total
£
40,538
1,332
(19,542)
22,328
34,517
4,023
(19,340)
19,200
3,128
6,021
2023
£
47,912
10,972
47,303
106,187

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(A Company Limited by Guarantee)

STAGETEXT

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

15. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Trade creditors
Other taxation and social security
Accruals and deferred income
Deferred income at 1 April 2023
Resources deferred during the year
Amounts released from previous periods		 2024
£
48,329
26,776
11,314
86,419
2024
£
435
60
(435)
60		 2023
£
38,815
22,956
14,295
76,066
2023
£
14,089
-
(13,654)
435

Deferred income comprises fees received for services to be provided in 2024/25.

Page 36

(A Company Limited by Guarantee)

STAGETEXT

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

16. STATEMENT OF FUNDS

STATEMENT OF FUNDS - CURRENT YEAR

UNRESTRICTED FUNDS
DESIGNATED FUNDS
Tangible fixed assets
Intangible fixed assets
Strategic business
development
Talks programme
Advocacy strategy &
implementation
Dilapidations fund
Technical initiatives
GENERAL FUNDS
General fund
TOTAL UNRESTRICTED
FUNDS
RESTRICTED FUNDS
National Lottery Community
Fund
ACE Culture Recovery Fund
ACE Feasibility Study
TOTAL OF FUNDS		 Balance at 1
April 2023
£
6,021
7,330
27,670
20,000
17,000
10,000
-
88,021
157,571
245,592
6,330
-
-
6,330
251,922		 Income
£
-
-
-
-
-
-
-
-
914,891
914,891
-
415
35,000
35,415
950,306		 Expenditure
£
-
-
-
-
-
-
-
-
(878,905)
(878,905)
(6,330)
(415)
(35,000)
(41,745)
(920,650)		 Transfers
in/out
£
(2,893)
14,660
14,840
-
-
-
25,000
51,607
(51,607)
-
-
-
-
-
-		 Balance at
31 March
2024
£
3,128
21,990
42,510
20,000
17,000
10,000
25,000
139,628
141,950
281,578
-
-
-
-
281,578

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(A Company Limited by Guarantee)

STAGETEXT

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

16. STATEMENT OF FUNDS (CONTINUED)

Designated Funds

Tangible and intangible fixed assets

Funds to support the net book value of fixed assets. Transfers reflect movements in the net book value of these assets.

Strategic business development

Funds of £42,510 have been designated to explore new ventures and activities to improve Stagetext's resilience and ensure its long-term viability.

Talks programme

Funds of £20,000 have been designated to support this area as required.

Advocacy Strategy & Implementation

Funds of £17,000 have been designated to support the development of an advocacy strategy and its implementation together with additional consultancy or staff requirements as necessary.

Dilapidations fund

Funds of £10,000 to cover the cost of dilapidations.

Technical initiatives

This fund has been established to provide funding for various planned technical initiatives, such as the purchase of new IT equipment.

Restricted Funds

National Lottery Community Fund

This funding is for a project to expand and upskill our user engagement panel. The goal was to double the panel’s membership over 12 months, particularly focusing on recruiting members outside London, and to upskill existing and new members to be able to raise awareness of captioned culture.

ACE Culture Recovery Fund

This Government fund, distributed by Arts Council England, supported Stagetext to return staffing to full capacity and cover some core costs during the pandemic, as well as reflating reserves. The grant has been fully completed. The funds shown related to depreciation of IT equipment.

ACE - Feasibility study

ACE funding towards the cost of commissioning an independent study into where to relocate. The funding also enabled the Charity to move to cloud-based systems in order to facilitate its relocation.

Page 38

(A Company Limited by Guarantee)

STAGETEXT

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

16. STATEMENT OF FUNDS (CONTINUED)

STATEMENT OF FUNDS - PRIOR YEAR

UNRESTRICTED FUNDS
DESIGNATED FUNDS
Tangible fixed assets
Intangible fixed assets
Strategic business
development
Talks programme
Access adaptations
Advocacy strategy &
implementation
Dilapidations fund
GENERAL FUNDS
General Fund
TOTAL UNRESTRICTED
FUNDS
RESTRICTED FUNDS
National Lottery Heritage Fund
National Lottery Community
Fund
ACE Culture Recovery Fund
TOTAL OF FUNDS		 Balance at
1 April 2022
£
10,923
-
30,000
20,000
15,000
55,000
-
130,923
158,916
289,839
-
-
-
-
289,839		 Income
£
-
-
-
-
-
-
-
-
843,524
843,524
23,455
10,000
807
34,262
877,786		 Expenditure
£
-
-
-
-
-
-
-
-
(887,771)
(887,771)
(23,455)
(3,670)
(807)
(27,932)
(915,703)		 Transfers
in/out
£
(4,902)
7,330
(2,330)
-
(15,000)
(38,000)
10,000
(42,902)
42,902
-
-
-
-
-
-		 Balance at
31 March
2023
£
6,021
7,330
27,670
20,000
-
17,000
10,000
88,021
157,571
245,592
-
6,330
-
6,330
251,922

Page 39

(A Company Limited by Guarantee)

STAGETEXT

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

17. ANALYSIS OF NET ASSETS BETWEEN FUNDS

ANALYSIS OF NET ASSETS BETWEEN FUNDS - CURRENT PERIOD

Unrestricted
funds
2024
£
Tangible fixed assets
3,128
Intangible fixed assets
21,990
Current assets
342,879
Creditors due within one year
(86,419)
TOTAL
281,578		 Total
funds
2024
£
3,128
21,990
342,879
(86,419)
281,578

ANALYSIS OF NET ASSETS BETWEEN FUNDS - PRIOR PERIOD

Tangible fixed assets
Intangible fixed assets
Current assets
Creditors due within one year
TOTAL		 Restricted
funds
2023
£
-
-
6,330
-
6,330		 Unrestricted
funds
2023
£
6,021
7,330
308,307
(76,066)
245,592		 Total
funds
2023
£
6,021
7,330
314,637
(76,066)
251,922

Page 40

(A Company Limited by Guarantee)

STAGETEXT

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

18. 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
Interest from investments
(Profit)/loss on the sale of fixed assets
(Increase)/decrease in debtors
Increase/(decrease) in creditors
NET CASH PROVIDED BY/(USED IN) OPERATING ACTIVITIES
19.
ANALYSIS OF CASH AND CASH EQUIVALENTS
Cash in hand
TOTAL CASH AND CASH EQUIVALENTS
20.
ANALYSIS OF CHANGES IN NET DEBT		 2024
£
29,656
4,023
(6,158)
(63)
(4,438)
10,353
33,373
2024
£
232,254
232,254		 2023
£
(37,917)
6,639
(2,165)
1,487
19,644
(53,242)
(65,554)
2023
£
208,450
208,450
Cash at bank and in hand At 1 April
2023
£
208,450
208,450		 Cash flows
£
23,804
23,804		 At 31 March
2024
£
232,254
232,254

Page 41

(A Company Limited by Guarantee)

STAGETEXT

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

21. PENSION COMMITMENTS

The assets of the Scheme are held separately from those of the Charity in a fund independently administered by Aviva. The pension cost charge represents contributions payable by the Charity to the Scheme and amounted to £32,794 (2023: £25,466). At the year end, contributions amounting to £3,857 were owed to the Scheme (2023: £3,016).

22. OPERATING LEASE COMMITMENTS

At 31 March 2024 the Charity had commitments to make future minimum lease payments under noncancellable operating leases as follows:

2024 2023
£ £
Not later than 1 year 4,000 17,985

The following lease payments have been recognised as an expense in the Statement of Financial Activities:

2024 2023
£ £
Operating lease rentals 22,874 24,960

23. RELATED PARTY TRANSACTIONS

The Charity has not entered into any related party transactions during the year, nor are there any outstanding balances owing between related parties and the Charity at 31 March 2024 (31 March 2023: no related party transactions and balances).

Page 42